Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 01, 2015 | Aug. 21, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 1, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BURL | |
Entity Registrant Name | BURLINGTON STORES, INC. | |
Entity Central Index Key | 1,579,298 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 75,362,079 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Current Assets: | |||
Cash and cash equivalents | $ 27,231 | $ 25,349 | $ 29,291 |
Restricted cash and cash equivalents | 27,800 | 27,800 | 32,100 |
Accounts receivable—net of allowance for doubtful accounts | 38,979 | 49,716 | 43,678 |
Merchandise inventories | 802,341 | 788,708 | 711,510 |
Deferred tax assets | 34,446 | 37,229 | 14,172 |
Prepaid and other current assets | 106,226 | 58,681 | 107,822 |
Total Current Assets | 1,037,023 | 987,483 | 938,573 |
Property and equipment—net of accumulated depreciation and amortization | 986,395 | 970,419 | 932,566 |
Tradenames | 238,000 | 238,000 | 238,000 |
Favorable leases—net of accumulated amortization | 254,250 | 266,397 | 279,349 |
Goodwill | 47,064 | 47,064 | 47,064 |
Other assets | 110,892 | 115,206 | 119,750 |
Total Assets | 2,673,624 | 2,624,569 | 2,555,302 |
Current Liabilities: | |||
Accounts payable | 590,498 | 621,682 | 564,531 |
Other current liabilities | 278,593 | 310,268 | 270,475 |
Current maturities of long term debt | 1,340 | 1,167 | 1,250 |
Total Current Liabilities | 870,431 | 933,117 | 836,256 |
Long term debt | 1,349,950 | 1,249,276 | 1,371,819 |
Other liabilities | 270,575 | 273,767 | 258,241 |
Deferred tax liabilities | $ 223,305 | $ 234,360 | $ 229,132 |
Commitments and contingencies (Notes 2, 9, 10, and 11) | |||
Stockholders’ Deficit: | |||
Preferred stock, $0.0001 par value: authorized: 50,000,000 shares; no shares issued and outstanding at August 1, 2015, January 31, 2015 and August 2, 2014 | |||
Common stock, $0.0001 par value: authorized: 500,000,000 shares at August 1, 2015, January 31, 2015 and August 2, 2014; Issued: 76,491,839 shares at August 1, 2015, 75,925,507 shares at January 31, 2015 and 74,809,682 shares at August 2, 2014 Outstanding: 75,362,744 shares at August 1, 2015, 75,254,682 shares at January 31, 2015 and 74,158,072 shares at August 2, 2014 | $ 7 | $ 7 | $ 7 |
Additional paid-in-capital | 1,385,804 | 1,370,498 | 1,354,363 |
Accumulated deficit | (1,389,860) | (1,426,454) | (1,487,105) |
Accumulated other comprehensive loss | (2,541) | (1,744) | |
Treasury stock, at cost | (34,047) | (8,258) | (7,411) |
Total Stockholders' Deficit | (40,637) | (65,951) | (140,146) |
Total Liabilities and Stockholders' Deficit | $ 2,673,624 | $ 2,624,569 | $ 2,555,302 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Statement Of Financial Position [Abstract] | |||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred Stock, Authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred Stock, Issued | 0 | 0 | 0 |
Preferred Stock, Outstanding | 0 | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Stock, Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 76,491,839 | 75,925,507 | 74,809,682 |
Common Stock, Shares Outstanding | 75,362,744 | 75,254,682 | 74,158,072 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
REVENUES: | ||||
Net sales | $ 1,144,218 | $ 1,043,581 | $ 2,327,276 | $ 2,171,850 |
Other revenue | 7,355 | 7,545 | 15,215 | 15,134 |
Total Revenue | 1,151,573 | 1,051,126 | 2,342,491 | 2,186,984 |
COSTS AND EXPENSES: | ||||
Cost of sales | 695,915 | 645,027 | 1,408,845 | 1,343,488 |
Selling, general and administrative expenses | 381,606 | 350,026 | 759,285 | 697,047 |
Costs related to debt amendments, secondary offerings and other | (12) | 917 | 247 | 1,341 |
Stock option modification expense | 335 | 963 | 795 | 1,791 |
Depreciation and amortization | 41,746 | 40,549 | 83,901 | 81,757 |
Impairment charges-long-lived assets | 188 | 829 | 1,903 | 848 |
Other income—net | (1,389) | (1,968) | (2,462) | (3,864) |
Loss on extinguishment of debt | 649 | 3,681 | ||
Interest expense (inclusive of gain (loss) on interest rate cap agreements) | 14,598 | 25,546 | 29,401 | 52,098 |
Total Cost and Expenses | 1,132,987 | 1,061,889 | 2,282,564 | 2,178,187 |
Income (Loss) Before Income Tax Expense (Benefit) | 18,586 | (10,763) | 59,927 | 8,797 |
Income tax expense (benefit) | 7,686 | (4,293) | 23,332 | 3,493 |
Net Income (Loss) | $ 10,900 | $ (6,470) | $ 36,595 | $ 5,304 |
Net income (loss) per common stock - basic | $ 0.14 | $ (0.09) | $ 0.49 | $ 0.07 |
Net income (loss) per common stock - diluted | $ 0.14 | $ (0.09) | $ 0.48 | $ 0.07 |
Weighted average number of common stock - basic | 75,181 | 73,966 | 75,081 | 73,806 |
Weighted average number of common stock - diluted | 76,511 | 73,966 | 76,506 | 75,585 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 10,900 | $ (6,470) | $ 36,595 | $ 5,304 |
Interest rate cap contracts: | ||||
Unrealized losses, net of related tax benefit of $1.1 million and $0.5 million for the three and six months ended August 1, 2015 | (1,722) | (821) | ||
Amount reclassified into earnings, net of related taxes of less than $0.1 million for the three and six months ended August 1, 2015 | 24 | 24 | ||
Other comprehensive (loss), net of tax: | (1,698) | (797) | ||
Total Comprehensive Income (Loss) | $ 9,202 | $ (6,470) | $ 35,798 | $ 5,304 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - Aug. 01, 2015 - USD ($) $ in Millions | Total | Total |
Unrealized losses on Interest Rate Cap Contracts, Tax Benefit | $ 1.1 | $ 0.5 |
Maximum | ||
Amount reclassified into earnings on Interest Rate Cap Contracts, Tax | $ 0.1 | $ 0.1 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | ||
OPERATING ACTIVITIES | |||
Net income | $ 36,595 | $ 5,304 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 83,901 | 81,757 | |
Impairment charges-long-lived assets | 1,903 | 848 | |
Amortization of deferred financing costs | 1,452 | 4,384 | |
Accretion of long-term debt instruments | 410 | 1,100 | |
Deferred income tax (benefit) | (7,740) | (14,273) | |
Non-cash loss on extinguishment of debt—write-off of deferred financing costs and original issue discount | 649 | 2,521 | |
Non-cash stock compensation expense | [1] | 5,258 | 3,152 |
Non-cash rent expense | (12,182) | (10,122) | |
Deferred rent incentives | 16,936 | 13,807 | |
Excess tax benefit from stock based compensation | (8,386) | (4,023) | |
Changes in assets and liabilities: | |||
Accounts receivable | 1,902 | (8,266) | |
Merchandise inventories | (13,633) | 8,541 | |
Prepaid and other current assets | (47,546) | (24,811) | |
Accounts payable | (31,184) | 21,544 | |
Other current liabilities | (30,564) | (32,076) | |
Other long term assets and long term liabilities | 512 | 1,846 | |
Other | 1,011 | 346 | |
Net Cash (Used in) Provided by Operating Activities | (706) | 51,579 | |
INVESTING ACTIVITIES | |||
Cash paid for property and equipment | (81,935) | (94,569) | |
Proceeds from sale of property and equipment and assets held for sale | 136 | 136 | |
Net Cash Used in Investing Activities | (81,799) | (94,433) | |
FINANCING ACTIVITIES | |||
Proceeds from long term debt—ABL Line of Credit | 797,800 | 275,000 | |
Principal payments on long term debt—ABL Line of Credit | (647,400) | (275,000) | |
Principal payments on long term debt—Holdco Notes | (58,000) | ||
Proceeds from sale of interest rate cap contracts | 1,169 | ||
Repayment of capital lease obligations | (597) | (486) | |
Purchase of treasury shares | (25,782) | (3,086) | |
Proceeds from stock option exercises | 1,492 | 929 | |
Excess tax benefit from stock based compensation | 8,386 | 4,023 | |
Deferred financing costs | (1,090) | (264) | |
Other | 409 | ||
Net Cash Provided by (Used in) Financing Activities | 84,387 | (60,839) | |
Increase (decrease) in cash and cash equivalents | 1,882 | (103,693) | |
Cash and cash equivalents at beginning of period | 25,349 | ||
Cash and cash equivalents at end of period | 27,231 | 29,291 | |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 30,022 | 49,528 | |
Income tax payments - net | 54,023 | 73,177 | |
Non-Cash Investing Activities: | |||
Accrued purchases of property and equipment | 28,664 | 25,082 | |
Acquisition of capital lease | 5,302 | ||
Term B-3 Loans | |||
FINANCING ACTIVITIES | |||
Principal payments on long term debt | $ (50,000) | ||
Term B-2 Loans | |||
FINANCING ACTIVITIES | |||
Principal payments on long term debt | $ (3,955) | ||
[1] | For the three and six month periods ended August 1, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.3 million and $2.0 million, respectively. For the three and six month periods ended August 2, 2014, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.7 million and $1.3 million, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 01, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | ERROR: Could not retrieve Word content for note block |
Long Term Debt
Long Term Debt | 6 Months Ended |
Aug. 01, 2015 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 2. Long Term Debt Long term debt consists of: (in thousands) August 1, January 31, August 2, 2015 2015 2014 $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,176 $ 1,161,541 $ — $1,000,000 senior secured term loan facility (Term B-2 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, redeemed in full on August 13, 2014 — — 825,828 $450,000 senior notes, 10%, redeemed in full on August 13, 2014 — — 450,000 $350,000 senior notes, 9% / 9.75%, redeemed in full on August 13, 2014 — — 69,226 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, expires August 13, 2019 213,700 63,300 — Capital lease obligations 25,414 25,602 28,015 Total debt 1,351,290 1,250,443 1,373,069 Less: current maturities (1,340 ) (1,167 ) (1,250 ) Long term debt, net of current maturities $ 1,349,950 $ 1,249,276 $ 1,371,819 Term Loan Facility On August 13, 2014, BCFWC entered into Amendment No. 4 (the Fourth Amendment) to the Term Loan Credit Agreement (as amended by the Fourth Amendment, the Amended Term Loan Credit Agreement) governing its senior secured term loan facility (the Term Loan Facility). The Fourth Amendment, among other things, (i) increased the available incremental amount to $400.0 million plus unlimited amounts so long as BCFWC’s pro forma consolidated secured leverage ratio does not exceed 3.50 to 1.00 and (ii) gave BCFWC and its restricted subsidiaries additional flexibility to make investments, restricted payments (including dividends), incur additional debt, grant liens and otherwise comply with its covenants under the Amended Term Loan Credit Agreement. The interest rate margin applicable under the Amended Term Loan Credit Agreement is 3.25% in the case of loans drawn at LIBOR and 2.25% in the case of loans drawn under the prime rate (as determined by the Term Loan Facility Administrative Agent). The Fourth Amendment removed the variable pricing mechanism that was formerly in place, which was based on BCFWC’s pro forma consolidated secured leverage ratio. The Term Loan Facility is collateralized by a first lien on our favorable leases, real estate and property & equipment and a second lien on our inventory and receivables. The Term B-3 Loans outstanding under the Term Loan Facility mature on August 13, 2021. Mandatory quarterly payments of $3.0 million were payable as of the last day of each quarter, beginning with the quarter ended July 29, 2017. The Company elected to make a prepayment of $50.0 million on May 1, 2015, which offset the mandatory quarterly payments through May 1, 2021. In accordance with ASC Topic No. 470-50, “Debt Modifications and Extinguishments” (Topic No. 470), the Company recognized a non-cash loss on the partial extinguishment of debt of $0.6 million, representing the write-off of $0.4 million and $0.2 million in deferred financing costs and unamortized original issue discount, respectively, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Condensed Consolidated Statements of Operations. Interest rates for the Term Loan Facility are based on: (i) for LIBOR rate loans for any interest period, at a rate per annum equal to the greater of (x) the LIBOR rate, as determined by the Term Loan Facility Administrative Agent, for such interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement) and (y) 1.00% (the Term Loan Adjusted LIBOR Rate), plus an applicable margin; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal funds rate in effect on such date plus 0.50% per annum, and (c) the Term Loan Adjusted LIBOR Rate for the applicable class of term loans for one-month plus 1.00%, plus, in each case, an applicable margin. At August 1, 2015, the Company’s borrowing rate related to the Term Loan Facility was 4.25%. ABL Line of Credit On August 13, 2014, BCFWC also entered into Amendment No. 1 (the ABL Amendment) to the Second Amended and Restated Credit Agreement, dated September 2, 2011 (as amended, supplemented and otherwise modified, the Amended ABL Credit Agreement) governing BCFWC’s existing senior secured asset-based revolving credit facility (the ABL Line of Credit). The ABL Amendment, among other things, provided BCFWC and certain of its subsidiaries with additional flexibility to make investments, restricted payments (including dividends), incur additional debt, grant liens and otherwise comply with its covenants under the Amended ABL Credit Agreement. The Company believes that the Amended ABL Credit Agreement provides the liquidity and flexibility to meet its operating and capital requirements over the remaining term of the ABL Line of Credit. Further, the calculation of the borrowing base under the amended and restated credit agreement has been amended to allow for increased availability, particularly during the September 1st through December 15th period of each year. The ABL Line of Credit matures on August 13, 2019. The aggregate amount of commitments under the Amended ABL Credit Agreement is $600.0 million and, subject to the satisfaction of certain conditions, the Company can increase the aggregate amount of commitments up to $900.0 million. Interest rate margin applicable under the Amended ABL Credit Agreement in the case of loans drawn at LIBOR is 1.25% - 1.50% (based on total commitments or borrowing base availability), and the fee on the average daily balance of unused loan commitments is 0.25%. The ABL Line of Credit is collateralized by a first lien on the Company’s inventory and receivables and a second lien on the Company’s real estate and property and equipment. At August 1, 2015, the Company had $329.6 million available under the Amended ABL Line of Credit and $213.7 million of outstanding borrowings. The maximum borrowings under the facility during the three and six month periods ended August 1, 2015 amounted to $280.0 million. Average borrowings during the three and six month periods ended August 1, 2015 amounted to $215.5 million and $164.4 million, respectively, at average interest rates of 1.5% and 1.6%, respectively. The Company had outstanding borrowings under the Amended ABL Line of Credit of $63.3 million as of January 31, 2015. At August 2, 2014, the Company had $447.6 million available under the ABL Line of Credit and no outstanding borrowings. The maximum borrowings under the facility during the three and six month periods ended August 2, 2014 amounted to $60.0 million and $75.0 million, respectively. Average borrowings during the three and six month periods ended August 2, 2014 amounted to $15.9 million and $12.4 million, respectively at average interest rates of 1.9%. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Aug. 01, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 3. Derivative Instruments and Hedging Activities The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815 “Derivatives and Hedging” (Topic No. 815). Topic No. 815 provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments, (ii) how the entity accounts for derivative instruments and related hedged items, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by Topic No. 815, the Company records all derivatives on the balance sheet at fair value and adjusts to market on a quarterly basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company uses interest rate cap contracts to manage interest rate risk. The fair value of the Company’s interest rate cap contracts is determined using the market standard methodology of discounted future variable cash flows. The variable cash flows are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps in conjunction with the cash payments related to financing the premium of the interest rate caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. In addition, to comply with the provisions of ASC Topic No. 820, “Fair Value Measurements” (Topic No. 820), credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In accordance with Topic No. 820, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. There is no impact of netting because the Company’s only derivatives are interest rate cap contracts that are with separate counterparties and are under separate master netting agreements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of August 1, 2015, January 31, 2015 and August 2, 2014, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies its derivative valuations in Level 2 of the fair value hierarchy. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. On August 19, 2014, the Company entered into four interest rate cap contracts which were designated as cash flow hedges (the Previous Interest Rate Cap Contracts). On April 24, 2015 the Company terminated and sold the Previous Interest Rate Cap Contracts. The Company received $1.2 million in cash in connection with the termination and sale of the Previous Interest Rate Cap Contracts. As a result of these transactions, the amount of loss previously deferred in accumulated other comprehensive loss related to these caps was $2.0 million, net of taxes of $1.3 million. As the hedged transactions associated with the Previous Interest Rate Cap Contracts are still probable of occurring, the Company will amortize this loss from accumulated other comprehensive loss into interest expense over the original life of each respective cap through April 2019. Also on April 24, 2015, the Company entered into two new interest rate cap contracts (the New Interest Rate Cap Contracts) which were designated as cash flow hedges. The Company financed the cost of the New Interest Rate Cap Contracts, which will be amortized through the life of the caps. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in the line item “Accumulated other comprehensive loss” on the Company’s Condensed Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six month period ended August 1, 2015, such derivatives were used to hedge the variable cash flows associated with existing (or anticipated) variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company did not record any hedge ineffectiveness in its earnings during the three or six month periods ended August 1, 2015. Amounts reported in accumulated other comprehensive loss related to the New Interest Rate Cap Contracts will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the three and six month periods ended August 1, 2015, the Company reclassified less than $0.1 million out of accumulated other comprehensive loss into interest expense. As of August 1, 2015, the Company estimates that approximately $0.9 million will be reclassified into interest expense during the next twelve months. As of August 1, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Cap Rate Effective Date Maturity Date Interest rate cap contracts Two $ 800.0 million 1.0% May 29, 2015 May 31, 2019 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements or the Company elected not to designate these derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company had two interest rate cap contracts which limited our interest rate exposure to 7.0% on our first $900.0 million of borrowings under our variable rate debt obligations that expired on May 31, 2015. As of August 1, 2015, the Company no longer has any outstanding derivatives that were not designated as hedges in qualifying hedging relationships. Tabular Disclosure The tables below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments Asset Derivatives August 1, 2015 January 31, 2015 August 2, 2014 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts Other $ 101 Other assets $ 1,572 Other assets $ — (in thousands) Fair Values of Derivative Instruments Liability Derivatives August 1, 2015 January 31, 2015 August 2, 2014 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts Other $ 110 Other $ — Other $ — The tables below present the amounts of losses recognized in other comprehensive loss net of taxes, and the classifications and amounts of losses reclassified into earnings of the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Amount of Losses Recognized in Other Comprehensive Loss Related to Derivatives Derivatives Designated as Three Months Ended Six Months Ended Hedging Instruments August 1, 2015 August 2, 2014 August 1, 2015 August 2, 2014 Interest rate cap contracts $ (1,722 ) $ — $ (821 ) $ — (in thousands) Amount of Loss Reclassified from Other Comprehensive Loss into Earnings Related to Derivatives Derivatives Designated as Three Months Ended Six Months Ended Component of Hedging Instruments August 1, 2015 August 2, 2014 August 1, 2015 August 2, 2014 Earnings Interest rate cap contracts $ 24 $ — $ 24 $ — Interest The table below presents the classifications and amounts of losses recognized within our statements of operations for the Company’s derivative instruments not designated as hedging instruments for each of the reporting periods. (in thousands) Amount of Loss Recognized in Earnings Location of Loss Recognized in Earnings Three Months Ended Six Months Ended Derivatives Not Designated as Hedging Instruments Related to Derivatives August 1, 2015 August 2, 2014 August 1, 2015 August 2, 2014 Interest rate cap contracts Interest expense $ — $ — $ — $ 1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Aug. 01, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 4. Accumulated Other Comprehensive Loss Amounts included in accumulated other comprehensive loss are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive loss: (in thousands) Derivative Instruments Total Balance at January 31, 2015 $ 1,744 $ 1,744 Unrealized losses arising during the period, net of related tax benefit of $0.5 million for the six months ended August 1, 2015 821 821 Amount reclassified into earnings, net of related taxes of less than $0.1 million for the six months ended August 1, 2015 (24 ) (24 ) Balance at August 1, 2015 $ 2,541 $ 2,541 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 01, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The Company accounts for fair value measurements in accordance with Topic No. 820, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. Topic No. 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price), and classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Pricing inputs that are unobservable for the assets and liabilities and include situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. Financial Assets The Company’s financial assets as of August 1, 2015, January 31, 2015 and August 2, 2014 included cash equivalents and interest rate cap contracts. Refer to Note 3, “Derivative Instruments and Hedging Activities,” for further discussion regarding the Company’s interest rate cap contracts. The fair values of the Company’s financial assets and the hierarchy of the level of inputs are summarized below: (in thousands) Fair Value Measurements at August 1, January 31, August 2, 2015 2015 2014 Assets: Level 1 Cash equivalents (including restricted cash) $ 28,104 $ 28,094 $ 32,338 Long-Lived Assets Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of Topic No. 820. The fair value of the Company’s long-lived assets is generally calculated using discounted cash flows. During the six month period ended August 1, 2015, the Company recorded impairment charges of $1.7 million, primarily related to declines in revenues and operating results for two stores, which was recorded in the line item “Impairment charges – long-lived assets” in the Company’s Condensed Consolidated Statements of Operations. During the three and six month periods ended August 1, 2015, the Company also recorded impairment charges for capital expenditures for previously impaired stores of approximately $0.2 million. One of the stores impaired during the six month period ended August 1, 2015 was fully impaired and therefore had zero fair value as of August 1, 2015, and would be categorized as Level 3 in the fair value hierarchy described above. The table below sets forth, by level within the fair value hierarchy, the fair value of the remaining, partially-impaired store, subsequent to impairment charges as of August 1, 2015: (in thousands) Quoted in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Un- Observable Inputs (Level 3) Total Total Impairment Losses Leasehold improvements $ — $ — $ 396 $ 396 $ 766 Building/Building Improvements — — — — 12 Furniture and fixtures — — 343 343 645 Other assets — — 242 242 320 Other property and equipment — — 21 21 160 Total $ — $ — $ 1,002 $ 1,002 $ 1,903 Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) August 1, 2015 January 31, 2015 August 2, 2014 Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,176 $ 1,114,011 $ 1,161,541 $ 1,150,410 $ — $ — $1,000,000 senior secured term loan facility (Term B-2 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, redeemed in full on August 13, 2014 — — — — 825,828 822,029 $450,000 senior notes, 10%, redeemed in full on August 13, 2014 — — — — 450,000 490,793 $350,000 senior notes, 9% / 9.75%, redeemed in full on August 13, 2014 — — — — 69,226 70,437 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, expires August 13, 2019(a) 213,700 213,700 63,300 63,300 — — Total debt $ 1,325,876 $ 1,327,711 $ 1,224,841 $ 1,213,710 $ 1,345,054 $ 1,383,259 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value because the interest rate is variable and reflects current market rates due to its short term nature (borrowings are typically done in 30 day increments). (b) Capital lease obligations are excluded from the table above. The fair values presented herein are based on pertinent information available to management as of the respective period end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy. Although management is not aware of any factors that could significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these Condensed Consolidated Financial Statements since August 1, 2015, and current estimates of fair value may differ from amounts presented herein. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 01, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Net deferred taxes are as follows: (in thousands) August 1, January 31, August 2, 2015 2015 2014 Current deferred tax asset $ 34,446 $ 37,229 $ 14,172 Non-current deferred tax liability 223,305 234,360 229,132 Net deferred tax liability $ 188,859 $ 197,131 $ 214,960 Current deferred tax assets consisted primarily of certain operating costs and inventory-related costs not currently deductible for tax purposes. Non-current deferred tax liabilities primarily relate to rent expense, intangible assets, and depreciation expense where the Company has a future obligation for tax purposes. As of August 1, 2015, January 31, 2015 and August 2, 2014, valuation allowances amounted to $6.2 million, $6.1 million and $5.7 million, respectively, primarily related to state tax net operating losses and state tax credit carry forwards. The Company believes that it is more likely than not that a portion of the benefit of the state tax net operating losses will not be realized. As of August 1, 2015, the Company has $7.4 million of deferred tax assets recorded for state net operating losses of which $5.6 million will expire between 2015 and 2025. In addition, management also determined that a full valuation allowance of $5.1 million, $4.5 million and $3.8 million were required against the tax benefit associated with Puerto Rico deferred tax assets as of August 1, 2015, January 31, 2015 and August 2, 2014, respectively. |
Capital Stock
Capital Stock | 6 Months Ended |
Aug. 01, 2015 | |
Capital Stock [Abstract] | |
Capital Stock | 7. Capital Stock Treasury Stock The Company accounts for treasury stock under the cost method. During the six month period ended August 1, 2015, the Company acquired 8,270 shares of common stock from employees for $0.4 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards. These shares are considered treasury shares which are available for reissuance under the 2006 Management Incentive Plan. Share Repurchase Program On June 9, 2015, the Company announced that its Board of Directors had authorized the repurchase of up to $200 million of its common stock. The repurchase program will be funded using the Company’s available cash and is expected to be executed through June 2017. The Company is authorized to repurchase shares of its outstanding common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. During the second quarter of Fiscal 2015, the Company repurchased 450,000 shares of its common stock for $25.4 million under its share repurchase program, which was recorded in the line item “Treasury stock” on the Company’s Condensed Consolidated Balance Sheet. As of August 1, 2015, the Company had $174.6 million available for purchase under its share repurchase program. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Aug. 01, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 8. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares outstanding. Dilutive net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares and potentially dilutive securities outstanding during the period using the treasury stock method. (in thousands, except per share data) Three Months Ended Six Months Ended August 1, August 2, August 1, August 2, 2015 2014 2015 2014 Basic net income (loss) per share Net income (loss) $ 10,900 $ (6,470 ) $ 36,595 $ 5,304 Weighted average number of common shares – basic 75,181 73,966 75,081 73,806 Net income (loss) per common share – basic $ 0.14 $ (0.09 ) $ 0.49 $ 0.07 Diluted net income (loss) per share Net income (loss) $ 10,900 $ (6,470 ) $ 36,595 $ 5,304 Shares for basic and diluted net income (loss) per share: Weighted average number of common shares – basic 75,181 73,966 75,081 73,806 Assumed exercise of stock options and vesting of restricted stock 1,330 — 1,425 1,779 Weighted average number of common shares – diluted 76,511 73,966 76,506 75,585 Net income (loss) per common share – diluted $ 0.14 $ (0.09 ) $ 0.48 $ 0.07 Approximately 121,000 and less than 100,000 options to purchase shares of common stock and unvested restricted stock awards were excluded from diluted net income (loss) per share for the three and six month periods ended August 1, 2015, respectively, since their effect was anti-dilutive. Less than 100,000 options to purchase shares of common stock and unvested restricted stock awards were excluded from diluted net income (loss) per share for the six month period ended August 2, 2014, since their effect was anti-dilutive. |
Stock Option and Award Plans an
Stock Option and Award Plans and Stock-Based Compensation | 6 Months Ended |
Aug. 01, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option and Award Plans and Stock-Based Compensation | 9. Stock Option and Award Plans and Stock-Based Compensation As of August 1, 2015, there were 10,125,258 shares of common stock authorized for issuance under the 2006 Management Incentive Plan (the 2006 Plan) and 6,000,000 shares of common stock authorized for issuance under the 2013 Omnibus Incentive Plan (the 2013 Plan and, together with the 2006 Plan, the Plans). Stock Options The Company accounts for awards issued under the Plans in accordance with ASC Topic No. 718, “ ” In order to mitigate the impact of the $336.0 million dividend paid in connection with the issuance of the Holdco Notes in February 2013, the Company’s Board of Directors in May 2013 approved a modification to all then outstanding options through a combination of exercise price reductions and cash payments to option holders. The modification did not affect the existing vesting schedules. The Company recorded $0.3 million and $0.8 million of incremental compensation expense during the three and six month periods ended August 1, 2015, respectively, of which less than $0.1 million and $0.2 million, respectively, will be paid in cash. The Company recorded $1.0 million and $1.8 million of incremental compensation expense during the three and six month periods ended August 2, 2014, respectively, of which $0.2 million and $0.4 million, respectively, was paid in cash. These costs were recorded in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. As of August 1, 2015, the Company expects to recognize $1.3 million of incremental compensation expense to be recorded over the remaining vesting periods through the fiscal year ended February 3, 2018, of which $0.2 million will be paid in cash. During the second quarter of Fiscal 2013, the Company made a special one-time grant of options to purchase shares of common stock under the 2006 Plan to certain members of its management team. These one-time grants vest 20% on each of the first five anniversaries of the Trigger Date. The Trigger Date is defined as the date after the vesting of all other options held by the grantee which were granted to the grantee prior to May 2013 and remain outstanding and unvested as of the date of the one-time grant. With the exception of the special one-time grants made during Fiscal 2013, all options awarded pursuant to the 2006 Plan become exercisable upon a change of control as defined in the Stockholders Agreement. The vesting of special one-time grants will not be accelerated in the event of a change of control, provided, however, that in the event that within two years after a change of control, the grantee’s employment is terminated without cause or the grantee resigns with good reason, then an incremental 20% of the special one-time grants shall be deemed vested as of the date of termination of grantee’s employment, but in no event more than the total number of special one-time grants granted to such grantee. Unless determined otherwise by the plan administrator, upon cessation of employment, the majority of options that have not vested will terminate immediately (subject to the potential acceleration of special one-time grants in the event of a change of control, as described above) and unexercised vested options will be exercisable for a period of 60 days. The final exercise date for any option granted is the tenth anniversary of the grant date. Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended Six Months Ended August 1, August 2, August 1, August 2, Type of Non-Cash Stock Compensation 2015 2014 2015 2014 Restricted stock issuances (a) $ 1,733 $ 212 $ 2,951 $ 281 Stock option grants (a) 1,104 758 1,665 1,471 Stock option modification (b) 302 815 642 1,400 Total (c) $ 3,139 $ 1,785 $ 5,258 $ 3,152 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. (b) Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan which is included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. (c) For the three and six month periods ended August 1, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.3 million and $2.0 million, respectively. For the three and six month periods ended August 2, 2014, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.7 million and $1.3 million, respectively. As of August 1, 2015, the Company had 2,930,881 options outstanding to purchase shares of common stock, all of which are service-based awards issued under the 2006 Plan. As of August 1, 2015, no options were outstanding under the 2013 Plan. Stock option transactions during the six month period ended August 1, 2015 are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Options outstanding, January 31, 2015 3,218,845 $ 4.93 Options granted 408,094 52.30 Options exercised (a) (433,747 ) 3.46 Options forfeited (262,311 ) 4.30 Options outstanding, August 1, 2015 2,930,881 $ 11.80 (a) Options exercised during the six month period ended August 1, 2015 had a total intrinsic value of $23.0 million. The following table summarizes information about the stock options vested and expected to vest during the contractual term as of August 1, 2015: Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Vested and expected to vest 2,534,290 7.60 $ 11.44 $ 110.5 million The fair value of each stock option granted during the six month period ended August 1, 2015 was estimated using the Black Scholes option pricing model using the following assumptions: Six Months Ended August 1, 2015 Risk-fee interest rate 1.81 % Expected volatility 36.0 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0.0 % Weighted average grant date fair value of options issued $ 19.99 The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Since the Company completed its initial public offering in October 2013, it does not have sufficient history as a publicly traded company to evaluate its volatility factor. As such, the expected stock price volatility is based upon the historical volatility of the stock price over the expected life of the options of peer companies that are publicly traded. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. For grants issued during the six month period ended August 1, 2015 and August 2, 2014, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. This methodology was utilized due to the short length of time our common stock has been publicly traded. Restricted Stock Awards Under the 2006 Plan, the Company also has the ability to grant shares of restricted stock. All shares of restricted stock granted to date under the 2006 Plan are service-based awards that cliff vest at the end of the requisite service period that typically ranges from three to four years. Following a change of control, all unvested shares of restricted stock shall remain unvested, provided, however, that 100% of such shares shall vest if, following such change of control, the employment of the recipient is terminated without cause or the recipient resigns with good reason. Restricted stock transactions during the six month period ended August 1, 2015 are summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Awards Non-vested awards outstanding, January 31, 2015 392,178 $ 38.56 Awards granted 170,986 52.06 Awards vested (23,542 ) 27.79 Awards forfeited (38,401 ) 13.48 Non-vested awards outstanding, August 1, 2015 501,221 $ 45.57 The fair value of each share of restricted stock granted during the six month period ended August 1, 2015 was based upon the closing price of the Company’s common stock on the date of grant. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Aug. 01, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 10. Other Liabilities Other Liabilities Other liabilities primarily consist of deferred lease incentives, the long term portion of self-insurance reserves, the excess of straight-line rent expense over actual rental payments and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with Topic No. 740. Deferred lease incentives are funds received or receivable from landlords used primarily to offset the costs incurred for remodeling of stores. These deferred lease incentives are amortized over the expected lease term including rent holiday periods and option periods where the exercise of the option can be reasonably assured. Amortization of deferred lease incentives is included in the line item “Selling, general and administrative expenses” on the Company’s Condensed Consolidated Statements of Operations. At August 1, 2015, January 31, 2015 and August 2, 2014, deferred lease incentives were $170.4 million, $176.3 million and $158.8 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 01, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal The Company establishes accruals relating to legal claims, in connection with litigation to which the Company is party from time to time in the ordinary course of business. The aggregate amount of such accruals were $14.7 million, $12.9 million and $3.6 million as of August 1, 2015, January 31, 2015 and August 2, 2014, respectively. Like many retailers, the Company has been named in class or collective actions on behalf of various groups alleging violations of federal and state wage and hour and other labor statutes, and alleged violation of state consumer and/or privacy protection statutes. In the normal course of business, we are also party to various other lawsuits and regulatory proceedings including, among others, commercial, product, product safety, employee, customer, intellectual property and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. In the matter of Burlington Coat Factory Song Beverly Cases Separately, on May 19, 2015, the First Appellate District, Division Three, of the California Court of Appeal handed down a decision in the case of Harrold v. Levi Strauss & Co Harrold Notwithstanding the adjournment, the Superior Court expressed its tentative view that the Harrold decision was distinguishable from the Song Beverly cases pending against the Company, and thus would not warrant a reversal of the finding of liability against the Company Harrold The accrual for this matter is included in the $14.7 million legal accrual discussed above. To determine the likelihood of a loss and/or the measurement of any loss can be complex. Consequently, we are unable to estimate the range of reasonably possible loss in excess of amounts accrued. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but the assessment process relies heavily on estimates and assumptions that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. The ultimate outcome of the case could have a material adverse effect on the Company’s results of operations. Lease Agreements The Company enters into lease agreements during the ordinary course of business in order to secure favorable store locations. The Company’s minimum lease payments for all operating leases are expected to be $144.6 million for the remainder of Fiscal 2015 and $301.9 million, $289.1 million, $264.3 million, $219.3 million and $1,009.5 million for the fiscal years ended January 28, 2017, February 3, 2018, February 2, 2019, February 1, 2020 and all subsequent years thereafter, respectively. Total future minimum lease payments include $88.4 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $350.1 million of minimum lease payments for 32 stores that the Company has committed to open or relocate. Letters of Credit The Company had letters of credit arrangements with various banks in the aggregate amount of $50.7 million, $48.1 million and $47.9 million as of August 1, 2015, January 31, 2015 and August 2, 2014, respectively. Among these arrangements as of August 1, 2015, January 31, 2015 and August 2, 2014, the Company had letters of credit in the amount of $35.3 million, $33.4 million and $29.6 million, respectively, guaranteeing performance under various insurance contracts and utility agreements. In addition, the Company had outstanding letters of credit agreements in the amounts of $15.4 million, $14.7 million and $18.3 million at August 1, 2015, January 31, 2015 and August 2, 2014, respectively, related to certain merchandising agreements. Based on the terms of the credit agreement related to the ABL Line of Credit, the Company had the ability to enter into letters of credit up to $329.6 million, $386.9 million and $447.6 million as of August 1, 2015, January 31, 2015 and August 2, 2014, respectively. Purchase Commitments The Company had $896.5 million of purchase commitments related to goods that were not received as of August 1, 2015. Death Benefits In November of 2005, the Company entered into agreements with three of the Company’s former executives whereby upon each of their deaths the Company will pay $1.0 million to each respective designated beneficiary. |
Related Parties
Related Parties | 6 Months Ended |
Aug. 01, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | 12. Related Parties The brother-in-law of one of the Company’s Executive Vice Presidents is an independent sales representative of one of the Company’s suppliers of merchandise inventory. This relationship predated the commencement of the Executive Vice President’s employment with the Company. The Company has determined that the dollar amount of purchases through such supplier represents an insignificant amount of its inventory purchases. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation As of August 1, 2015, Burlington Stores, Inc. and its subsidiaries (the Company), a Delaware Corporation, through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 546 retail stores, inclusive of an internet store. These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015 (Fiscal 2014 10-K). The balance sheet at January 31, 2015 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2014 10-K. Because the Company’s business is seasonal in nature, the operating results for the three and six month periods ended August 1, 2015 are not necessarily indicative of results for the fiscal year ending January 30, 2016 (Fiscal 2015). Accounting policies followed by the Company are described in Note 1 to the Fiscal 2014 10-K, “Summary of Significant Accounting Policies.” In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration included in the transaction price and allocating the transaction price to each separate performance obligation. At its July 9, 2015 meeting, the FASB affirmed its proposal to defer the effective date of this ASU for reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. The effective date of this ASU for the Company is February 4, 2018. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability. This ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company intends to adopt this ASU during the fiscal year beginning on January 31, 2016. The Company does not expect this standard to have a significant effect on the Company’s Consolidated Financial Statements. There were no other new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements during the three and six month periods ended August 1, 2015, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of August 1, 2015 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective. |
Secondary Offering | Secondary Offering On April 7, 2015, the Company closed a secondary public offering of 12,490,154 shares of its common stock (the Secondary Offering). All of the shares sold in the Secondary Offering were offered by selling stockholders. The Company did not receive any of the proceeds from the Secondary Offering. The Company incurred $0.2 million in offering costs related to the Secondary Offering, which are included in the line item “Costs related to debt amendments, secondary offerings and other” on the Company’s Condensed Consolidated Statements of Operations. |
Long Term Debt (Tables)
Long Term Debt (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long term debt consists of: (in thousands) August 1, January 31, August 2, 2015 2015 2014 $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,176 $ 1,161,541 $ — $1,000,000 senior secured term loan facility (Term B-2 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, redeemed in full on August 13, 2014 — — 825,828 $450,000 senior notes, 10%, redeemed in full on August 13, 2014 — — 450,000 $350,000 senior notes, 9% / 9.75%, redeemed in full on August 13, 2014 — — 69,226 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, expires August 13, 2019 213,700 63,300 — Capital lease obligations 25,414 25,602 28,015 Total debt 1,351,290 1,250,443 1,373,069 Less: current maturities (1,340 ) (1,167 ) (1,250 ) Long term debt, net of current maturities $ 1,349,950 $ 1,249,276 $ 1,371,819 |
Derivative Instruments and He22
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification | The tables below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments Asset Derivatives August 1, 2015 January 31, 2015 August 2, 2014 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts Other $ 101 Other assets $ 1,572 Other assets $ — (in thousands) Fair Values of Derivative Instruments Liability Derivatives August 1, 2015 January 31, 2015 August 2, 2014 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate cap contracts Other $ 110 Other $ — Other $ — The tables below present the amounts of losses recognized in other comprehensive loss net of taxes, and the classifications and amounts of losses reclassified into earnings of the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods. (in thousands) Amount of Losses Recognized in Other Comprehensive Loss Related to Derivatives Derivatives Designated as Three Months Ended Six Months Ended Hedging Instruments August 1, 2015 August 2, 2014 August 1, 2015 August 2, 2014 Interest rate cap contracts $ (1,722 ) $ — $ (821 ) $ — (in thousands) Amount of Loss Reclassified from Other Comprehensive Loss into Earnings Related to Derivatives Derivatives Designated as Three Months Ended Six Months Ended Component of Hedging Instruments August 1, 2015 August 2, 2014 August 1, 2015 August 2, 2014 Earnings Interest rate cap contracts $ 24 $ — $ 24 $ — Interest The table below presents the classifications and amounts of losses recognized within our statements of operations for the Company’s derivative instruments not designated as hedging instruments for each of the reporting periods. (in thousands) Amount of Loss Recognized in Earnings Location of Loss Recognized in Earnings Three Months Ended Six Months Ended Derivatives Not Designated as Hedging Instruments Related to Derivatives August 1, 2015 August 2, 2014 August 1, 2015 August 2, 2014 Interest rate cap contracts Interest expense $ — $ — $ — $ 1 |
Derivatives Designated as Hedging Instruments | |
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships | As of August 1, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Cap Rate Effective Date Maturity Date Interest rate cap contracts Two $ 800.0 million 1.0% May 29, 2015 May 31, 2019 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following table details the changes in accumulated other comprehensive loss: (in thousands) Derivative Instruments Total Balance at January 31, 2015 $ 1,744 $ 1,744 Unrealized losses arising during the period, net of related tax benefit of $0.5 million for the six months ended August 1, 2015 821 821 Amount reclassified into earnings, net of related taxes of less than $0.1 million for the six months ended August 1, 2015 (24 ) (24 ) Balance at August 1, 2015 $ 2,541 $ 2,541 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Assets and Hierarchy of Level of Inputs | The fair values of the Company’s financial assets and the hierarchy of the level of inputs are summarized below: (in thousands) Fair Value Measurements at August 1, January 31, August 2, 2015 2015 2014 Assets: Level 1 Cash equivalents (including restricted cash) $ 28,104 $ 28,094 $ 32,338 |
Fair Value of Remaining, Partially-Impaired Store, Subsequent to Impairment Charges | The table below sets forth, by level within the fair value hierarchy, the fair value of the remaining, partially-impaired store, subsequent to impairment charges as of August 1, 2015: (in thousands) Quoted in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Un- Observable Inputs (Level 3) Total Total Impairment Losses Leasehold improvements $ — $ — $ 396 $ 396 $ 766 Building/Building Improvements — — — — 12 Furniture and fixtures — — 343 343 645 Other assets — — 242 242 320 Other property and equipment — — 21 21 160 Total $ — $ — $ 1,002 $ 1,002 $ 1,903 |
Fair Values of Financial Liabilities | The fair values of the Company’s financial liabilities are summarized below: (in thousands) August 1, 2015 January 31, 2015 August 2, 2014 Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) Carrying Amount (b) Fair Value (b) $1,200,000 senior secured term loan facility (Term B-3 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, matures on August 13, 2021 $ 1,112,176 $ 1,114,011 $ 1,161,541 $ 1,150,410 $ — $ — $1,000,000 senior secured term loan facility (Term B-2 Loans), LIBOR (with a floor of 1.0%) plus 3.25%, redeemed in full on August 13, 2014 — — — — 825,828 822,029 $450,000 senior notes, 10%, redeemed in full on August 13, 2014 — — — — 450,000 490,793 $350,000 senior notes, 9% / 9.75%, redeemed in full on August 13, 2014 — — — — 69,226 70,437 $600,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, expires August 13, 2019(a) 213,700 213,700 63,300 63,300 — — Total debt $ 1,325,876 $ 1,327,711 $ 1,224,841 $ 1,213,710 $ 1,345,054 $ 1,383,259 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value because the interest rate is variable and reflects current market rates due to its short term nature (borrowings are typically done in 30 day increments). (b) Capital lease obligations are excluded from the table above. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Income Tax Disclosure [Abstract] | |
Net Deferred Taxes | Net deferred taxes are as follows: (in thousands) August 1, January 31, August 2, 2015 2015 2014 Current deferred tax asset $ 34,446 $ 37,229 $ 14,172 Non-current deferred tax liability 223,305 234,360 229,132 Net deferred tax liability $ 188,859 $ 197,131 $ 214,960 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted per Common Share | Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares outstanding. Dilutive net income (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares and potentially dilutive securities outstanding during the period using the treasury stock method. (in thousands, except per share data) Three Months Ended Six Months Ended August 1, August 2, August 1, August 2, 2015 2014 2015 2014 Basic net income (loss) per share Net income (loss) $ 10,900 $ (6,470 ) $ 36,595 $ 5,304 Weighted average number of common shares – basic 75,181 73,966 75,081 73,806 Net income (loss) per common share – basic $ 0.14 $ (0.09 ) $ 0.49 $ 0.07 Diluted net income (loss) per share Net income (loss) $ 10,900 $ (6,470 ) $ 36,595 $ 5,304 Shares for basic and diluted net income (loss) per share: Weighted average number of common shares – basic 75,181 73,966 75,081 73,806 Assumed exercise of stock options and vesting of restricted stock 1,330 — 1,425 1,779 Weighted average number of common shares – diluted 76,511 73,966 76,506 75,585 Net income (loss) per common share – diluted $ 0.14 $ (0.09 ) $ 0.48 $ 0.07 |
Stock Option and Award Plans 27
Stock Option and Award Plans and Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Non-Cash Stock Compensation Expense | Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended Six Months Ended August 1, August 2, August 1, August 2, Type of Non-Cash Stock Compensation 2015 2014 2015 2014 Restricted stock issuances (a) $ 1,733 $ 212 $ 2,951 $ 281 Stock option grants (a) 1,104 758 1,665 1,471 Stock option modification (b) 302 815 642 1,400 Total (c) $ 3,139 $ 1,785 $ 5,258 $ 3,152 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. (b) Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan which is included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. (c) For the three and six month periods ended August 1, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.3 million and $2.0 million, respectively. For the three and six month periods ended August 2, 2014, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.7 million and $1.3 million, respectively. |
Stock Option Transactions | Stock option transactions during the six month period ended August 1, 2015 are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Options outstanding, January 31, 2015 3,218,845 $ 4.93 Options granted 408,094 52.30 Options exercised (a) (433,747 ) 3.46 Options forfeited (262,311 ) 4.30 Options outstanding, August 1, 2015 2,930,881 $ 11.80 (a) Options exercised during the six month period ended August 1, 2015 had a total intrinsic value of $23.0 million. |
Stock Options Vested and Expected to Vest | The following table summarizes information about the stock options vested and expected to vest during the contractual term as of August 1, 2015: Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value Vested and expected to vest 2,534,290 7.60 $ 11.44 $ 110.5 million |
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted | The fair value of each stock option granted during the six month period ended August 1, 2015 was estimated using the Black Scholes option pricing model using the following assumptions: Six Months Ended August 1, 2015 Risk-fee interest rate 1.81 % Expected volatility 36.0 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0.0 % Weighted average grant date fair value of options issued $ 19.99 |
Award Grant and Vesting Transactions | Restricted stock transactions during the six month period ended August 1, 2015 are summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Per Awards Non-vested awards outstanding, January 31, 2015 392,178 $ 38.56 Awards granted 170,986 52.06 Awards vested (23,542 ) 27.79 Awards forfeited (38,401 ) 13.48 Non-vested awards outstanding, August 1, 2015 501,221 $ 45.57 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) | Apr. 07, 2015USD ($)shares | Aug. 01, 2015Store |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of stores | Store | 546 | |
Secondary Offering | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Shares issued | shares | 12,490,154 | |
Proceeds from the sale of shares | $ 0 | |
Offering cost | $ 200,000 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 25,414 | $ 25,602 | $ 28,015 |
Total debt | 1,351,290 | 1,250,443 | 1,373,069 |
Less: current maturities | (1,340) | (1,167) | (1,250) |
Long term debt, net of current maturities | 1,349,950 | 1,249,276 | 1,371,819 |
senior notes, 10%, redeemed on August 13, 2014 | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 450,000 | ||
senior notes, 9% / 9.75%, redeemed on August 13, 2014 | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 69,226 | ||
ABL senior secured revolving facility | |||
Debt Instrument [Line Items] | |||
Long Term Debt | 213,700 | 63,300 | |
senior secured term loans | Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long Term Debt | $ 1,112,176 | $ 1,161,541 | |
senior secured term loans | Term B-2 Loans | |||
Debt Instrument [Line Items] | |||
Long Term Debt | $ 825,828 |
Long-Term Debt (Parenthetical)
Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | Jan. 31, 2015 | |
Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2021 | ||
senior notes, 10%, redeemed on August 13, 2014 | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, face amount | $ 450,000 | ||
Long-Term Debt, redemption date | Aug. 13, 2014 | ||
Long-Term Debt, interest rate | 10.00% | ||
senior notes, 9% / 9.75%, redeemed on August 13, 2014 | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, face amount | $ 350,000 | ||
Long-Term Debt, redemption date | Aug. 13, 2014 | ||
ABL senior secured revolving facility | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2019 | ||
Long-Term Debt, face amount | $ 600,000 | $ 600,000 | |
Long-Term Debt, expiration date | Aug. 13, 2019 | Aug. 13, 2019 | |
senior secured term loans | Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2021 | Aug. 13, 2021 | |
Long-Term Debt, face amount | $ 1,200,000 | $ 1,200,000 | |
senior secured term loans | Term B-2 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, face amount | $ 1,000,000 | ||
Long-Term Debt, redemption date | Aug. 13, 2014 | ||
London Interbank Offered Rate Floor | senior secured term loans | Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 1.00% | 1.00% | |
London Interbank Offered Rate Floor | senior secured term loans | Term B-2 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) | senior secured term loans | Term B-3 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 3.25% | 3.25% | |
London Interbank Offered Rate (LIBOR) | senior secured term loans | Term B-2 Loans | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 3.25% | ||
Senior Notes One | senior notes, 9% / 9.75%, redeemed on August 13, 2014 | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 9.00% | ||
Senior Notes Two | senior notes, 9% / 9.75%, redeemed on August 13, 2014 | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, interest rate | 9.75% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | May. 01, 2015 | Aug. 13, 2014 | Jul. 29, 2017 | Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||||||||
Loss on Extinguishment of Debt | $ (649,000) | $ (3,681,000) | ||||||
Term B-3 Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt, date of first installment | Jul. 29, 2017 | |||||||
Long-Term Debt, frequency of periodic payment | Mandatory quarterly payments of $3.0 million were payable as of the last day of each quarter, beginning with the quarter ended July 29, 2017. | |||||||
Long-Term Debt, maturity date | Aug. 13, 2021 | |||||||
Long-Term Debt, payment | $ 50,000,000 | |||||||
Mandatory quarterly payments due date | May 1, 2021 | |||||||
Loss on Extinguishment of Debt | $ (600,000) | |||||||
Write-off in deferred financing costs | 400,000 | |||||||
Write-off unamortized original issue discount | $ 200,000 | $ 200,000 | ||||||
Term B-3 Loans | Scenario, Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan facility, quarterly payments | $ 3,000,000 | |||||||
Senior Secured Term Loan Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing, interest rate | 4.25% | 4.25% | ||||||
Senior Secured Term Loan Facilities | Adjusted London Interbank Offered Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 1.00% | |||||||
Senior Secured Term Loan Facilities | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 0.50% | |||||||
Senior Secured Term Loan Facilities | One Month Adjusted London Interbank Offered Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 1.00% | |||||||
ABL senior secured revolving facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-Term Debt, maturity date | Aug. 13, 2019 | |||||||
Line of Credit Facility, maximum amount outstanding during period | $ 600,000,000 | $ 280,000,000 | $ 60,000,000 | $ 280,000,000 | 75,000,000 | |||
Line of Credit Facility, amount available | 329,600,000 | 447,600,000 | 329,600,000 | 447,600,000 | ||||
Line of Credit Facility, amount outstanding | 213,700,000 | 0 | 213,700,000 | 0 | $ 63,300,000 | |||
Line of Credit Facility, Average borrowings | $ 215,500,000 | $ 15,900,000 | $ 164,400,000 | $ 12,400,000 | ||||
Line of Credit Facility, Average interest rate | 1.50% | 1.90% | 1.60% | 1.90% | ||||
Amended ABL senior secured revolving facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | |||||||
Line of Credit Facility, unused loan commitments | 0.25% | |||||||
London Interbank Offered Rate (LIBOR) | Amended ABL senior secured revolving facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 1.25% | |||||||
London Interbank Offered Rate (LIBOR) | Amended ABL senior secured revolving facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 1.50% | |||||||
Fourth Amendment | Amended Term Loan Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||||||
Line of Credit Facility, maximum consolidated secured leverage ratio | 3.50% | |||||||
Fourth Amendment | London Interbank Offered Rate (LIBOR) | Amended Term Loan Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 3.25% | |||||||
Fourth Amendment | Prime Rate | Amended Term Loan Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, interest rate | 2.25% |
Derivative Instruments And He32
Derivative Instruments And Hedging Activities - Additional Information (Detail) | Apr. 24, 2015USD ($)Derivative | Aug. 01, 2015USD ($)Derivative | Aug. 01, 2015USD ($)Derivative | Aug. 19, 2014Derivative |
Derivative [Line Items] | ||||
Proceeds from termination of Previous Interest Rate Cap Contracts | $ 1,169,000 | |||
Unrealized losses, net of related tax benefit of $1.1 million and $0.5 million for the three and six months ended August 1, 2015 | $ (1,722,000) | (821,000) | ||
Amount of loss previously deferred in accumulated other comprehensive loss related to caps, tax | (1,100,000) | (500,000) | ||
Accumulated other comprehensive loss reclassified to interest expense | $ 24,000 | $ 24,000 | ||
Derivatives Not Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Number of Instruments | Derivative | 2 | 2 | ||
Interest Cap Rate | 7.00% | 7.00% | ||
Aggregate Notional Principal Amount | $ 900,000,000 | $ 900,000,000 | ||
Maturity Date | May 31, 2015 | |||
Interest rate cap | ||||
Derivative [Line Items] | ||||
Interest rate cap contracts, number | Derivative | 2 | 4 | ||
Proceeds from termination of Previous Interest Rate Cap Contracts | $ 1,200,000 | |||
Unrealized losses, net of related tax benefit of $1.1 million and $0.5 million for the three and six months ended August 1, 2015 | 2,000,000 | |||
Amount of loss previously deferred in accumulated other comprehensive loss related to caps, tax | $ 1,300,000 | |||
Loss amortization period | 2019-04 | |||
Ineffective portion of change in fair value of derivatives | 0 | $ 0 | ||
Amounts reported in Accumulated Other Comprehensive Loss to be reclassified to interest expense, during the next twelve months | 900,000 | |||
Interest rate cap | Maximum | ||||
Derivative [Line Items] | ||||
Accumulated other comprehensive loss reclassified to interest expense | $ 100,000 | $ 100,000 |
Outstanding Interest Rate Deriv
Outstanding Interest Rate Derivatives in Qualifying Hedging Relationships (Detail) - Aug. 01, 2015 - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Cap Contract One | USD ($)Derivative |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of Instruments | 2 |
Aggregate Notional Principal Amount | $ | $ 800,000,000 |
Interest Cap Rate | 1.00% |
Effective Date | May 29, 2015 |
Maturity Date | May 31, 2019 |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Detail) - Interest rate cap - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Asset at Fair Value | $ 101 | $ 1,572 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value | $ 110 |
Amounts of Losses Recognized in
Amounts of Losses Recognized in Other Comprehensive Loss Net of Taxes and Classifications and Amounts of Losses Reclassified Into Earnings (Detail) - Aug. 01, 2015 - Derivatives Designated as Hedging Instruments - Interest rate cap - USD ($) $ in Thousands | Total | Total |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Other Comprehensive Income Related to Derivatives | $ (1,722) | $ (821) |
interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Reclassified from Other Comprehensive Loss into Earnings Related to Derivatives | $ 24 | $ 24 |
Classifications and Amounts Of
Classifications and Amounts Of Losses Recognized Of Derivative Instruments Not Designated as Hedging Instruments (Detail) $ in Thousands | 6 Months Ended |
Aug. 02, 2014USD ($) | |
Derivatives Not Designated as Hedging Instruments | Interest rate cap | interest expense | |
Derivative [Line Items] | |
Derivative Not Designated as Hedging Instruments Interest Rate Cap Contracts, (Gain) Loss Recognized | $ 1 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss (Detail) - Aug. 01, 2015 - USD ($) $ in Thousands | Total | Total |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 1,744 | |
Unrealized losses arising during the period, net of related tax benefit of $0.5 million for the six months ended August 1, 2015 | $ 1,722 | 821 |
Amount reclassified into earnings, net of related taxes of less than $0.1 million for the six months ended August 1, 2015 | (24) | (24) |
Ending Balance | 2,541 | 2,541 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,744 | |
Unrealized losses arising during the period, net of related tax benefit of $0.5 million for the six months ended August 1, 2015 | 821 | |
Amount reclassified into earnings, net of related taxes of less than $0.1 million for the six months ended August 1, 2015 | (24) | |
Ending Balance | $ 2,541 | $ 2,541 |
Changes in Accumulated Other 38
Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - Aug. 01, 2015 - USD ($) $ in Millions | Total | Total |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized losses on Interest Rate Cap Contracts, Tax Benefit | $ 1.1 | $ 0.5 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized losses on Interest Rate Cap Contracts, Tax Benefit | 0.5 | |
Maximum | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount reclassified into earnings, Tax | $ 0.1 | 0.1 |
Maximum | Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount reclassified into earnings, Tax | $ 0.1 |
Fair Values of Financial Assets
Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Fair Value, Inputs, Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents (including restricted cash) | $ 28,104 | $ 28,094 | $ 32,338 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015USD ($)Store | Aug. 02, 2014USD ($) | Aug. 01, 2015USD ($)Store | Aug. 02, 2014USD ($) | |
Fair Value Measurements [Line Items] | ||||
Impairment charges-long-lived assets | $ 188 | $ 829 | $ 1,903 | $ 848 |
Number of stores that primarily contributed to impairment charges | Store | 2 | 2 | ||
Currently Impaired Stores | ||||
Fair Value Measurements [Line Items] | ||||
Impairment charges-long-lived assets | $ 1,700 | |||
Previously Impaired Stores | ||||
Fair Value Measurements [Line Items] | ||||
Impairment charges-long-lived assets | 200 | |||
Fair Value, Inputs, Level 3 | ||||
Fair Value Measurements [Line Items] | ||||
Asset fair value | $ 0 | $ 0 |
Fair Value of Remaining, Partia
Fair Value of Remaining, Partially-Impaired Store, Subsequent to Impairment Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset Impairment charges | $ 188 | $ 829 | $ 1,903 | $ 848 |
Fair Value, Inputs, Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 1,002 | 1,002 | ||
Asset Impairment charges | 1,903 | |||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 1,002 | 1,002 | ||
Fair Value, Measurements, Nonrecurring | Leasehold Improvements | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 396 | 396 | ||
Asset Impairment charges | 766 | |||
Fair Value, Measurements, Nonrecurring | Leasehold Improvements | Fair Value, Inputs, Level 3 | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 396 | 396 | ||
Fair Value, Measurements, Nonrecurring | Building/Building Improvements | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset Impairment charges | 12 | |||
Fair Value, Measurements, Nonrecurring | Furniture and Fixtures | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 343 | 343 | ||
Asset Impairment charges | 645 | |||
Fair Value, Measurements, Nonrecurring | Furniture and Fixtures | Fair Value, Inputs, Level 3 | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 343 | 343 | ||
Fair Value, Measurements, Nonrecurring | Other Assets | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 242 | 242 | ||
Asset Impairment charges | 320 | |||
Fair Value, Measurements, Nonrecurring | Other Assets | Fair Value, Inputs, Level 3 | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 242 | 242 | ||
Fair Value, Measurements, Nonrecurring | Other Property and Equipment | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | 21 | 21 | ||
Asset Impairment charges | 160 | |||
Fair Value, Measurements, Nonrecurring | Other Property and Equipment | Fair Value, Inputs, Level 3 | Partially-Impaired Store | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Asset fair value | $ 21 | $ 21 |
Fair Values of Financial Liabil
Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | $ 1,325,876 | $ 1,224,841 | $ 1,345,054 |
Long-Term Debt, Fair Value | [1] | 1,327,711 | 1,213,710 | 1,383,259 |
senior notes, 10%, redeemed on August 13, 2014 | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | 450,000 | ||
Long-Term Debt, Fair Value | [1] | 490,793 | ||
senior notes, 9% / 9.75%, redeemed on August 13, 2014 | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | 69,226 | ||
Long-Term Debt, Fair Value | [1] | 70,437 | ||
ABL senior secured revolving facility | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1],[2] | 213,700 | 63,300 | |
Long-Term Debt, Fair Value | [1],[2] | 213,700 | 63,300 | |
senior secured term loans | Term B-3 Loans | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | 1,112,176 | 1,161,541 | |
Long-Term Debt, Fair Value | [1] | $ 1,114,011 | $ 1,150,410 | |
senior secured term loans | Term B-2 Loans | ||||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | ||||
Long-Term Debt, Carrying Amount | [1] | 825,828 | ||
Long-Term Debt, Fair Value | [1] | $ 822,029 | ||
[1] | Capital lease obligations are excluded from the table above. | |||
[2] | To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value because the interest rate is variable and reflects current market rates due to its short term nature (borrowings are typically done in 30 day increments). |
Fair Values of Financial Liab43
Fair Values of Financial Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | Jan. 31, 2015 | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Borrowings increments number of days | 30 days | ||
senior notes, 10%, redeemed on August 13, 2014 | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, face amount | $ 450,000 | ||
Long-Term Debt, redemption date | Aug. 13, 2014 | ||
Long-Term Debt, interest rate | 10.00% | ||
senior notes, 9% / 9.75%, redeemed on August 13, 2014 | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, face amount | $ 350,000 | ||
Long-Term Debt, redemption date | Aug. 13, 2014 | ||
senior notes, 9% / 9.75%, redeemed on August 13, 2014 | Interest Rate Cap Contract One | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 9.00% | ||
senior notes, 9% / 9.75%, redeemed on August 13, 2014 | Interest Rate Cap Contract Two | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 9.75% | ||
ABL senior secured revolving facility | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2019 | ||
Long-Term Debt, face amount | $ 600,000 | $ 600,000 | |
Long-Term Debt, expiration date | Aug. 13, 2019 | Aug. 13, 2019 | |
Term B-3 Loans | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2021 | ||
Term B-3 Loans | senior secured term loans | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, maturity date | Aug. 13, 2021 | Aug. 13, 2021 | |
Long-Term Debt, face amount | $ 1,200,000 | $ 1,200,000 | |
Term B-3 Loans | senior secured term loans | London Interbank Offered Rate Floor | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 1.00% | 1.00% | |
Term B-3 Loans | senior secured term loans | London Interbank Offered Rate (LIBOR) | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 3.25% | 3.25% | |
Term B-2 Loans | senior secured term loans | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, face amount | $ 1,000,000 | ||
Long-Term Debt, redemption date | Aug. 13, 2014 | ||
Term B-2 Loans | senior secured term loans | London Interbank Offered Rate Floor | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 1.00% | ||
Term B-2 Loans | senior secured term loans | London Interbank Offered Rate (LIBOR) | |||
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |||
Long-Term Debt, interest rate | 3.25% |
Net Deferred Taxes (Detail)
Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Income Tax Disclosure [Abstract] | |||
Current deferred tax asset | $ 34,446 | $ 37,229 | $ 14,172 |
Non-current deferred tax liability | 223,305 | 234,360 | 229,132 |
Net deferred tax liability | $ 188,859 | $ 197,131 | $ 214,960 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 | |
Income Tax Disclosure [Line Items] | |||
Full valuation allowance | $ 5.1 | $ 4.5 | $ 3.8 |
State and local jurisdiction | |||
Income Tax Disclosure [Line Items] | |||
Valuation allowances | 6.2 | $ 6.1 | $ 5.7 |
Deferred tax asset for net operating loss | 7.4 | ||
Deferred tax assets subject to expire | $ 5.6 | ||
State and local jurisdiction | Minimum | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses subject to expiration year | 2,015 | ||
State and local jurisdiction | Maximum | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses subject to expiration year | 2,025 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2015 | Aug. 01, 2015 | Jun. 09, 2015 | Jan. 31, 2015 | Aug. 02, 2014 | |
Statement Equity Components [Line Items] | |||||
Shares Used for Tax Withholdings (in shares) | 8,270 | ||||
Shares Used for Tax Withholdings | $ 400,000 | ||||
Common stock repurchased, value | $ 34,047,000 | 34,047,000 | $ 8,258,000 | $ 7,411,000 | |
2015 Stock Repurchase Program | |||||
Statement Equity Components [Line Items] | |||||
Stock repurchase program, authorized amount | $ 200,000,000 | ||||
Common stock repurchased, shares | 450,000 | ||||
Common stock repurchased, value | $ 25,400,000 | 25,400,000 | |||
Remaining authorized repurchase amount | $ 174,600,000 | $ 174,600,000 |
Computation of Basic and Dilute
Computation of Basic and Diluted per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Basic net income (loss) per share | ||||
Net income (loss) | $ 10,900 | $ (6,470) | $ 36,595 | $ 5,304 |
Weighted average number of common shares – basic | 75,181 | 73,966 | 75,081 | 73,806 |
Net income (loss) per common share – basic | $ 0.14 | $ (0.09) | $ 0.49 | $ 0.07 |
Diluted net income (loss) per share | ||||
Net income (loss) | $ 10,900 | $ (6,470) | $ 36,595 | $ 5,304 |
Weighted average number of common shares – basic | 75,181 | 73,966 | 75,081 | 73,806 |
Assumed exercise of stock options and vesting of restricted stock | 1,330 | 1,425 | 1,779 | |
Weighted average number of common shares – diluted | 76,511 | 73,966 | 76,506 | 75,585 |
Net income (loss) per common share – diluted | $ 0.14 | $ (0.09) | $ 0.48 | $ 0.07 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - Maximum - shares | 3 Months Ended | 6 Months Ended | |
Aug. 01, 2015 | Aug. 01, 2015 | Aug. 02, 2014 | |
Stock Option | |||
Earnings Per Share [Line Items] | |||
Awards excluded from diluted earnings per share | 121,000 | 100,000 | 100,000 |
Restricted Stock Issuances | |||
Earnings Per Share [Line Items] | |||
Awards excluded from diluted earnings per share | 121,000 | 100,000 | 100,000 |
Stock Option and Award Plans 49
Stock Option and Award Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 28, 2013 | Aug. 01, 2015 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 01, 2015 | Aug. 02, 2014 | Feb. 03, 2018 | Jan. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Payment of Dividends | $ 336 | |||||||
Incremental compensation expense from modification | $ 0.3 | $ 1 | $ 0.8 | $ 1.8 | ||||
Stock option modification paid | 0.2 | 0.4 | ||||||
Stock option modification payable | $ 0.2 | $ 0.4 | ||||||
Options outstanding | 2,930,881 | 2,930,881 | 3,218,845 | |||||
Restricted Stock Issuances | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested if change in control | 100.00% | |||||||
Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock option modification paid | $ 0.1 | $ 0.2 | ||||||
Stock option modification payable | $ 0.1 | $ 0.2 | ||||||
Maximum | Restricted Stock Issuances | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Service-based awards, service period | 4 years | |||||||
Minimum | Restricted Stock Issuances | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Service-based awards, service period | 3 years | |||||||
Scenario, Forecast | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Incremental compensation expense from modification | $ 1.3 | |||||||
Stock option modification paid | 0.2 | |||||||
Stock option modification payable | $ 0.2 | |||||||
2006 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, Authorized for issuance | 10,125,258 | 10,125,258 | ||||||
Options granted, exercise price lower range | $ 51.81 | $ 27.40 | ||||||
Options granted, exercise price upper range | $ 55.75 | $ 31.81 | ||||||
Unexercised vested options, exercisable period | 60 days | |||||||
2006 Plan | One Time Grant | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Options granted, percentage vested | 20.00% | |||||||
Options vesting period | 2 years | |||||||
2006 Plan | Employee Stock Option | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Options outstanding | 2,930,881 | 2,930,881 | ||||||
2006 Plan | Share Based Compensation Award Tranche One | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Service-based awards granted subsequent to offering vesting percentage on each of the first four anniversaries of the grant date | 25.00% | |||||||
2013 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, Authorized for issuance | 6,000,000 | 6,000,000 | ||||||
2013 Plan | Employee Stock Option | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Options outstanding | 0 | 0 |
Non-Cash Stock Compensation Exp
Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [1] | $ 3,139 | $ 1,785 | $ 5,258 | $ 3,152 |
Restricted Stock Issuances | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | 1,733 | 212 | 2,951 | 281 |
Stock Option Grants | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [2] | 1,104 | 758 | 1,665 | 1,471 |
Stock Option Modification | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-Cash Stock Compensation | [3] | $ 302 | $ 815 | $ 642 | $ 1,400 |
[1] | For the three and six month periods ended August 1, 2015, the tax benefit related to the Company’s non-cash stock compensation was approximately $1.3 million and $2.0 million, respectively. For the three and six month periods ended August 2, 2014, the tax benefit related to the Company’s non-cash stock compensation was approximately $0.7 million and $1.3 million, respectively. | ||||
[2] | Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations. | ||||
[3] | Represents non-cash compensation related to the modification of outstanding stock options granted under the 2006 Plan which is included in the line item “Stock option modification expense” in the Company’s Condensed Consolidated Statements of Operations. |
Non-Cash Stock Compensation E51
Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Non-Cash Stock Compensation tax benefit | $ 1.3 | $ 0.7 | $ 2 | $ 1.3 |
Stock Option Transactions (Deta
Stock Option Transactions (Detail) - 6 months ended Aug. 01, 2015 - $ / shares | Total | |
Number of Shares | ||
Options Outstanding at Beginning of Period | 3,218,845 | |
Options Granted | 408,094 | |
Options Exercised | [1] | (433,747) |
Options Forfeited | (262,311) | |
Options Outstanding at End of Period | 2,930,881 | |
Weighted Average Exercise Price Per Share | ||
Options Outstanding at Beginning of Period | $ 4.93 | |
Options Granted | 52.30 | |
Options Exercised | [1] | 3.46 |
Options Forfeited | 4.30 | |
Options Outstanding at End of Period | $ 11.80 | |
[1] | Options exercised during the six month period ended August 1, 2015 had a total intrinsic value of $23.0 million. |
Stock Option Transactions (Pare
Stock Option Transactions (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Aug. 01, 2015USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share based compensation option exercised total intrinsic value | $ 23 |
Stock Options Vested and Expect
Stock Options Vested and Expected to Vest (Detail) - Aug. 01, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, vested and expected to vest | 2,534,290 |
Weighted Average Remaining Contractual Life (Years) | 7 years 7 months 6 days |
Weighted Average Exercise Price | $ 11.44 |
Aggregate Intrinsic Value | $ 110.5 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) - 6 months ended Aug. 01, 2015 - $ / shares | Total |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-fee interest rate | 1.81% |
Expected volatility | 36.00% |
Expected life (years) | 6 years 3 months |
Contractual life (years) | 10 years |
Expected dividend yield | 0.00% |
Weighted average grant date fair value of options issued | $ 19.99 |
Award Grant, Vested and Forfeit
Award Grant, Vested and Forfeiture Transactions (Detail) - 6 months ended Aug. 01, 2015 - Non Vested Restricted Stock - $ / shares | Total |
Number of Shares | |
Non-Vested Awards Outstanding at Beginning of Period | 392,178 |
Awards Granted | 170,986 |
Awards Vested | (23,542) |
Awards Forfeited | (38,401) |
Non-Vested Awards Outstanding at End of Period | 501,221 |
Weighted Average Grant Date Fair Value Per Awards | |
Non-Vested Awards Outstanding at Beginning of Period | $ 38.56 |
Awards Granted | 52.06 |
Awards Vested | 27.79 |
Awards Forfeited | 13.48 |
Non-Vested Awards Outstanding at End of Period | $ 45.57 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Other Liabilities Disclosure [Abstract] | |||
Deferred lease incentives | $ 170.4 | $ 176.3 | $ 158.8 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Aug. 01, 2015USD ($)Store | Jan. 31, 2015USD ($) | Aug. 02, 2014USD ($) | Nov. 30, 2005USD ($) |
Commitments And Contingencies Disclosure [Line Items] | ||||
Accruals relating to legal claims | $ 14.7 | $ 12.9 | $ 3.6 | |
Minimum lease payments for operating leases January 30, 2016 | 144.6 | |||
Minimum lease payments for operating leases January 28, 2017 | 301.9 | |||
Minimum lease payments for operating leases February 3, 2018 | 289.1 | |||
Minimum lease payments for operating leases February 2, 2019 | 264.3 | |||
Minimum lease payments for operating leases February 1, 2020 | 219.3 | |||
Minimum lease payments for operating leases thereafter | 1,009.5 | |||
Letters of credit, outstanding amount | 50.7 | 48.1 | 47.9 | |
Purchase commitments related to goods or services | 896.5 | |||
Death benefits | $ 1 | |||
Guarantee Performance Under Insurance And Utility Agreement | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | 35.3 | 33.4 | 29.6 | |
Merchandising Agreement | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | 15.4 | 14.7 | 18.3 | |
Letter of Credit | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Letters of credit, outstanding amount | $ 329.6 | $ 386.9 | $ 447.6 | |
Other Capitalized Property Plant and Equipment | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Number of stores committed to be opened | Store | 32 | |||
Options to Extend Lease Terms | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments | $ 88.4 | |||
New Stores | Other Capitalized Property Plant and Equipment | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Minimum lease payments | $ 350.1 |