Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Feb. 02, 2019 | Mar. 27, 2019 | Aug. 03, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Ollie's Bargain Outlet Holdings, Inc. | ||
Entity Central Index Key | 0001639300 | ||
Current Fiscal Year End Date | --02-02 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 3.7 | ||
Entity Common Stock, Shares Outstanding | 63,192,389 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 2, 2019 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Consolidated Statements of Income [Abstract] | |||||||||||
Net sales | $ 393,934 | $ 283,606 | $ 288,098 | $ 275,739 | $ 356,669 | $ 238,116 | $ 254,645 | $ 227,602 | $ 1,241,377 | $ 1,077,032 | $ 890,315 |
Cost of sales | 743,726 | 645,385 | 529,904 | ||||||||
Gross profit | 156,729 | 115,422 | 112,624 | 112,876 | 140,497 | 97,989 | 100,226 | 92,935 | 497,651 | 431,647 | 360,411 |
Selling, general and administrative expenses | 312,790 | 278,174 | 242,891 | ||||||||
Depreciation and amortization expenses | 11,664 | 9,817 | 8,443 | ||||||||
Pre-opening expenses | 11,143 | 7,900 | 6,883 | ||||||||
Operating income | 162,054 | 135,756 | 102,194 | ||||||||
Interest expense, net | 1,261 | 4,471 | 5,935 | ||||||||
Loss on extinguishment of debt | 150 | 798 | 0 | ||||||||
Income before income taxes | 160,643 | 130,487 | 96,259 | ||||||||
Income tax expense | 25,630 | 2,893 | 36,495 | ||||||||
Net income | $ 49,894 | $ 24,817 | $ 29,848 | $ 30,454 | $ 70,054 | $ 18,862 | $ 19,712 | $ 18,966 | $ 135,013 | $ 127,594 | $ 59,764 |
Earnings per common share: | |||||||||||
Basic (in dollars per share) | $ 0.79 | $ 0.40 | $ 0.48 | $ 0.49 | $ 1.13 | $ 0.31 | $ 0.32 | $ 0.31 | $ 2.16 | $ 2.08 | $ 0.99 |
Diluted (in dollars per share) | $ 0.76 | $ 0.38 | $ 0.45 | $ 0.46 | $ 1.07 | $ 0.29 | $ 0.30 | $ 0.29 | $ 2.05 | $ 1.96 | $ 0.96 |
Weighted average common shares outstanding: | |||||||||||
Basic (in shares) | 62,568 | 61,353 | 60,160 | ||||||||
Diluted (in shares) | 65,905 | 64,950 | 62,415 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 51,941 | $ 39,234 |
Inventories | 296,407 | 255,185 |
Accounts receivable | 570 | 1,271 |
Prepaid expenses and other assets | 9,579 | 7,986 |
Total current assets | 358,497 | 303,676 |
Property and equipment, net of accumulated depreciation of $60,433 and $50,076, respectively | 119,052 | 54,888 |
Goodwill | 444,850 | 444,850 |
Trade name and other intangible assets, net of accumulated amortization of $2,160 and $1,825, respectively | 232,304 | 232,639 |
Other assets | 4,300 | 2,146 |
Total assets | 1,159,003 | 1,038,199 |
Current liabilities: | ||
Current portion of long-term debt | 238 | 10,158 |
Accounts payable | 77,431 | 74,206 |
Income taxes payable | 7,393 | 6,035 |
Accrued expenses and other | 65,934 | 46,327 |
Total current liabilities | 150,996 | 136,726 |
Revolving credit facility | 0 | 0 |
Long-term debt | 441 | 38,835 |
Deferred income taxes | 55,616 | 59,073 |
Other long-term liabilities | 9,298 | 7,103 |
Total liabilities | 216,351 | 241,737 |
Stockholders' equity: | ||
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued | 0 | 0 |
Common stock - 500,000 shares authorized at $0.001 par value; 63,015 and 62,007 shares issued, respectively | 63 | 62 |
Additional paid-in capital | 600,234 | 583,467 |
Retained earnings | 342,441 | 213,019 |
Treasury - common stock, at cost; 9 shares | (86) | (86) |
Total stockholders' equity | 942,652 | 796,462 |
Total liabilities and stockholders' equity | $ 1,159,003 | $ 1,038,199 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Assets | ||
Property and equipment, accumulated depreciation | $ 60,433 | $ 50,076 |
Trade name and other intangible assets, accumulated amortization | $ 2,160 | $ 1,825 |
Stockholders' equity: | ||
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 63,015 | 62,007 |
Treasury - common stock (in shares) | 9 | 9 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at Jan. 30, 2016 | $ 59 | $ (86) | $ 536,315 | $ 25,661 | $ 561,949 |
Beginning balance (in shares) at Jan. 30, 2016 | 58,807 | ||||
Beginning balance (in shares) at Jan. 30, 2016 | (9) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | $ 0 | $ 0 | 6,685 | 0 | 6,685 |
Proceeds from stock options exercised | $ 2 | $ 0 | 13,302 | 0 | 13,304 |
Proceeds from stock options exercised (in shares) | 1,949 | 0 | |||
Excess tax benefit related to exercises of stock options | $ 0 | $ 0 | 9,559 | 0 | 9,559 |
Net income | 0 | 0 | 0 | 59,764 | 59,764 |
Ending balance at Jan. 28, 2017 | $ 61 | $ (86) | 565,861 | 85,425 | 651,261 |
Ending balance (in shares) at Jan. 28, 2017 | 60,756 | ||||
Ending balance (in shares) at Jan. 28, 2017 | (9) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | $ 0 | $ 0 | 7,413 | 0 | 7,413 |
Proceeds from stock options exercised | $ 1 | $ 0 | 10,412 | 0 | 10,413 |
Proceeds from stock options exercised (in shares) | 1,231 | 0 | |||
Vesting of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Vesting of restricted stock (in shares) | 27 | 0 | |||
Common shares withheld for taxes | $ 0 | $ 0 | (219) | 0 | (219) |
Common shares withheld for taxes (in shares) | (7) | 0 | |||
Net income | $ 0 | $ 0 | 0 | 127,594 | 127,594 |
Ending balance at Feb. 03, 2018 | $ 62 | $ (86) | 583,467 | 213,019 | 796,462 |
Ending balance (in shares) at Feb. 03, 2018 | 62,007 | ||||
Ending balance (in shares) at Feb. 03, 2018 | (9) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative effect of adopting ASU 2014-09 (Note 2) | ASU 2014-09 [Member] | $ 0 | $ 0 | 0 | (5,591) | (5,591) |
Stock-based compensation expense | 0 | 0 | 7,291 | 0 | 7,291 |
Proceeds from stock options exercised | $ 1 | $ 0 | 10,178 | 0 | 10,179 |
Proceeds from stock options exercised (in shares) | 968 | 0 | |||
Vesting of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Vesting of restricted stock (in shares) | 52 | 0 | |||
Common shares withheld for taxes | $ 0 | $ 0 | (702) | 0 | (702) |
Common shares withheld for taxes (in shares) | (12) | 0 | |||
Net income | $ 0 | $ 0 | 0 | 135,013 | 135,013 |
Ending balance at Feb. 02, 2019 | $ 63 | $ (86) | $ 600,234 | $ 342,441 | $ 942,652 |
Ending balance (in shares) at Feb. 02, 2019 | 63,015 | ||||
Ending balance (in shares) at Feb. 02, 2019 | (9) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 135,013 | $ 127,594 | $ 59,764 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property and equipment | 14,008 | 11,923 | 10,291 |
Amortization of debt issuance costs | 482 | 640 | 746 |
Amortization of original issue discount | 5 | 17 | 25 |
Loss on extinguishment of debt | 150 | 798 | 0 |
Amortization of intangibles | 335 | 338 | 377 |
Gain on disposal of assets | (48) | (29) | (4) |
Deferred income tax provision (benefit) | (1,568) | (30,323) | 1,867 |
Deferred rent expense | 1,590 | 1,920 | 1,369 |
Stock-based compensation expense | 7,291 | 7,413 | 6,685 |
Excess tax benefit related to exercises of stock options | 0 | 0 | (9,559) |
Changes in operating assets and liabilities: | |||
Inventories | (41,222) | (45,078) | (19,499) |
Accounts receivable | 701 | (970) | (118) |
Prepaid expenses and other assets | (4,163) | (4,424) | (1,264) |
Accounts payable | 3,564 | 22,955 | (1,822) |
Income taxes payable | 1,358 | 1,487 | 10,005 |
Accrued expenses and other liabilities | 8,583 | 1,675 | 8,225 |
Net cash provided by operating activities | 126,079 | 95,936 | 67,088 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (74,178) | (19,285) | (16,438) |
Proceeds from sale of property and equipment | 330 | 128 | 15 |
Net cash used in investing activities | (73,848) | (19,157) | (16,423) |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 1,321,343 | 1,142,888 | 946,683 |
Repayments on revolving credit facility | (1,321,343) | (1,142,888) | (946,683) |
Repayments on term loan and capital leases | (49,001) | (146,422) | (5,104) |
Proceeds from stock option exercises | 10,179 | 10,413 | 13,304 |
Common shares withheld for taxes | (702) | (219) | 0 |
Excess tax benefit related to exercises of stock options | 0 | 0 | 9,559 |
Net cash provided by (used in) financing activities | (39,524) | (136,228) | 17,759 |
Net increase (decrease) in cash and cash equivalents | 12,707 | (59,449) | 68,424 |
Cash and cash equivalents at the beginning of the period | 39,234 | 98,683 | 30,259 |
Cash and cash equivalents at the end of the period | 51,941 | 39,234 | 98,683 |
Cash paid during the period for: | |||
Interest | 807 | 3,806 | 5,179 |
Income taxes | 26,112 | 31,949 | 24,859 |
Non-cash investing activities: | |||
Accrued purchases of property and equipment | $ 5,735 | $ 1,925 | $ 1,009 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 02, 2019 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | (1) Organization and Summary of Significant Accounting Policies (a) Description of Business Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referenced to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked and closeout merchandise from manufacturers, wholesalers and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories. Since the first store opened in 1982, the Company has grown to 303 retail locations in 23 states as of February 2, 2019. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and West Virginia. (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer January 31 of the following calendar year. References to the fiscal year ended February 2, 2019 refer to the 52-week period from February 4, 2018 to February 2, 2019 (“2018”). References to the fiscal year ended February 3, 2018 refer to the 53-week period from January 29, 2017 to February 3, 2018 (“2017”). References to the fiscal year ended January 28, 2017 refer to the 52-week period from January 31, 2016 to January 28, 2017 (“2016”). (c) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions have been eliminated in consolidation. (d) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three‑level hierarchy used in measuring fair value, as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect the Company’s assumptions. Ollie’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. (f) Cash and Cash Equivalents The Company considers cash on hand in stores, bank deposits, credit card receivables, and all highly liquid investments with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within one to two business days of the original sales transaction. (g) Concentration of Credit Risk A financial instrument which potentially subjects the Company to a concentration of credit risk is cash. Ollie’s currently maintains its day‑to‑day operating cash balances with major financial institutions. The Company’s operating cash balances are in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. From time to time, Ollie’s invests temporary excess cash in overnight investments with expected minimal volatility, such as money market funds. Although the Company maintains balances which exceed the FDIC insured limit, it has not experienced any losses related to this balance, and Ollie’s believes the credit risk to be minimal. (h) Inventories Inventories are stated at the lower of cost or market determined using the retail inventory method on a first-in, first-out basis. The cost of inventories includes the merchandise cost, transportation costs, and certain distribution and storage costs. Such costs are thereafter expensed as cost of sales upon the sale of the merchandise. Inherent in the retail inventory method are certain management judgments and estimates including, among others, merchandise markups, the amount and timing of permanent markdowns, and shrinkage, which may significantly impact both the ending inventory valuation and gross margin. Factors considered in the determination of permanent markdowns include inventory obsolescence, excess inventories, current and anticipated demand, age of the merchandise and customer preferences. Pursuant to the retail inventory method, permanent markdowns result in the devaluation of inventory and the resulting gross margin reduction is recognized in the period in which the markdown is recorded. (i) Property and Equipment Property and equipment are stated at original cost less accumulated depreciation and amortization. Depreciation and amortization are calculated over the estimated useful lives of the related assets, or in the case of leasehold improvements, the lesser of the useful lives or the remaining term of the lease. Expenditures for additions, renewals, and betterments are capitalized; expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on the straight-line method for financial reporting purposes. The useful lives for the purpose of computing depreciation and amortization are as follows: Software 3 years Automobiles 3 years Computer equipment 5 years Furniture, fixtures, and equipment 7-10 years Buildings 40 years Leasehold improvements Lesser of lease term or useful life (j) Goodwill/Intangible Assets The Company amortizes intangible assets over their useful lives unless it determines such lives to be indefinite. Goodwill and intangible assets having indefinite useful lives are not amortized to earnings, but instead are subject to annual impairment testing or more frequently if events or circumstances indicate that the value of goodwill or intangible assets having indefinite useful lives might be impaired. Goodwill and intangible assets having indefinite useful lives are tested for impairment annually in the fiscal month of October. The Company has the option to evaluate qualitative factors to determine if it is more likely than not that the carrying amount of its sole reporting unit or its nonamortizing intangible assets (consisting of a tradename) exceed their implied respective fair value and whether it is necessary to perform a quantitative analysis to determine impairment. As part of this qualitative assessment, the Company weighs the relative impact of factors that are specific to its sole reporting unit or its nonamortizing intangible assets as well as industry, regulatory and macroeconomic factors that could affect the inputs used to determine the fair value of the assets. If management determines a quantitative goodwill impairment test is required, or it elects to perform a quantitative test, the test is performed by determining the fair value of the Company’s sole reporting unit. Fair value is determined based upon the Company’s public market capitalization. The quantitative test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after the allocation is the implied fair value of the reporting unit’s goodwill. For 2018, 2017 and 2016 the Company completed an impairment test of its goodwill and determined that no impairment of goodwill existed. If management determines a quantitative analysis of intangible assets having indefinite useful lives is required, the test is performed using the discounted cash flow method based on management’s projections of future revenues and an estimated royalty rate to determine the fair value of the asset, specifically, the Company’s tradename. An impairment loss is recognized for any excess of the carrying amount of the asset over the implied fair value of that asset. For 2018, 2017 and 2016, the Company completed an impairment test of its tradename and determined that no impairment of the asset existed. Intangible assets with determinable useful lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. (k) Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. (l) Stock-Based Compensation The Company measures the cost of employee services received in exchange for stock-based compensation based on the grant date fair value of the employee stock award. For stock option awards, the Company estimates grant date fair value using the Black-Scholes option pricing model. For restricted stock unit awards, grant date fair value is determined based on the closing trading value of the Company’s stock on the date of grant. In both cases, stock-based compensation is recorded on a straight-line basis over the vesting period for the entire award. (m) Cost of Sales Cost of sales includes merchandise costs, inventory markdowns, shrinkage and transportation, distribution and warehousing costs, including depreciation. (n) Selling, General and Administrative Expenses Selling, general and administrative expenses (“SG&A”) are comprised of payroll and benefits for stores, field support and support center employees. SG&A also include marketing and advertising expense, occupancy costs for stores and the store support center, insurance, corporate infrastructure and other general expenses. (o) Advertising Costs Advertising costs primarily consist of newspaper circulars, email campaigns, media broadcasts and prominent advertising at professional and collegiate sporting events and are expensed the first time the advertising occurs. Advertising expense for 2018, 2017 and 2016 was $36.7 million, $32.4 million and $28.0 million, respectively. (p) Operating Leases The Company generally leases its store locations, distribution centers and office facilities. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions – or some combination of these items. For leases of store locations and the store support centers, the Company recognizes rent expense in SG&A. For leases of distribution centers, the Company recognizes rent expense within cost of sales. All rent expense is recorded on a straight-line basis over the accounting lease term, which includes lease renewals determined to be reasonably assured. Additionally, the commencement date of the accounting lease term reflects the earlier of the date the Company becomes legally obligated for the lease payments or the date the Company takes possession of the building for initial construction and setup. The excess rent expense over the actual cash paid for rent is accounted for as deferred rent. Leasehold improvement allowances received from landlords and other lease incentives are recorded as deferred rent liabilities and are recognized in SG&A on a straight-line basis over the accounting lease term. (q) Pre-Opening Costs Pre-opening costs (costs of opening new stores and distribution facilities, including grand opening advertising costs, payroll expenses, travel expenses, employee training costs, rent expenses, and store setup costs) and store closing costs (insurance deductibles, rent and store payroll) are expensed as incurred. (r) Debt Issuance Costs and Original Issue Discount Debt issuance costs and original issue discount are amortized to interest expense using the effective interest method over the life of the related debt. As of February 2, 2019 and February 3, 2018, debt issuance costs, net of accumulated amortization, were $0.8 million and $1.5 million, respectively, and original issue discount, net of accumulated amortization, was $0 and $15,000, respectively. The amortization expense for debt issuance costs was $0.5 million, $0.6 million and $0.7 million and the amortization expense for the original issue discount was $5,000, $17,000 and $25,000 for 2018, 2017 and 2016, respectively. The write-off of unamortized debt issuance and original issue discount costs recorded in loss on extinguishment of debt on the consolidated statements of income totaled $0.2 million, $0.8 million and $0.0 million for 2018, 2017 and 2016, respectively. (s) Self‑Insurance Liabilities Under a number of the Company’s insurance programs, which include the Company’s employee health insurance program, its workers’ compensation and general liability insurance programs, the Company is liable for a portion of its losses. (t) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Ollie’s files consolidated federal and state income tax returns. For tax years prior to 2015, the Company is no longer subject to U.S. federal income tax examinations. State income tax returns are filed in various state tax jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three to four years depending on the state. (u) Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units. The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Net income $ 135,013 $ 127,594 $ 59,764 Weighted average number of common shares outstanding – Basic 62,568 61,353 60,160 Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units 3,337 3,597 2,255 Weighted average number of common shares outstanding – Diluted 65,905 64,950 62,415 Earnings per common share – Basic $ 2.16 $ 2.08 $ 0.99 Earnings per common share – Diluted $ 2.05 $ 1.96 $ 0.96 The effect of the weighted average assumed exercise of stock options outstanding totaling 100,183, 126,899 and 81,616 as of February 2, 2019, February 3, 2018 and January 28, 2017, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. The effect of weighted average non-vested restricted stock units outstanding totaling 6,800, 10,169 and 0 as of February 2, 2019, February 3, 2018 and January 28, 2017, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. (v) Recent Accounting Pronouncements Stock Compensation In March 2016, the Financial Accounting Standards Board (“ Accounting Standards Update (“ASU”) Improvements to Employee Share-Based Payment Accounting Leases In February 2016, the FASB issued ASU 2016-02, Leases Substantially all of the Company’s store locations and distribution centers are subject to operating lease arrangements. Information under existing lease guidance with respect to rent required under non-cancelable operating leases, including option renewal periods that are reasonably assured, that have an initial or remaining lease term in excess of one year is included in Note 8. Pursuant to the adoption of the new standard, the Company has elected the practical expedients upon transition that do not require it to reassess existing contracts to determine if they contain leases under the new definition of a lease, or to reassess historical lease classification or initial direct costs. The Company also expects to adopt the practical expedient to not separate lease and non-lease components for new leases after adoption of the new standard. In addition, the Company applied a policy election to exclude leases with an initial term of 12 months or less from balance sheet recognition. The Company did not adopt the hindsight practical expedient and, therefore, expects to continue to utilize lease terms determined under existing lease guidance. The Company adopted ASU 2016-02 as of February 3, 2019 using the modified retrospective transition method, including the option to not restate comparative periods. Adoption of the standard is expected to result in recognition of additional right-of-use assets and lease liabilities for operating leases between approximately $260 million and $275 million. The Company does not expect the adoption of the guidance to have a material impact on its consolidated statements of income, stockholders’ equity or cash flows. |
Net Sales
Net Sales | 12 Months Ended |
Feb. 02, 2019 | |
Net Sales [Abstract] | |
Net Sales | (2) Net Sales Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. Adoption of ASU 2014-09, Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgments than prior guidance. The Company adopted ASU 2014-09 as of February 4, 2018 using the modified retrospective transition method. Results for reporting periods beginning after February 4, 2018 are presented pursuant to the requirements of the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under prior guidance. The Company recorded a net reduction to the opening balance of retained earnings of $5.6 million as of February 4, 2018 due to the cumulative impact of adopting ASU 2014-09, with the impact primarily related to the changes in revenue recognition associated with the Company’s customer loyalty program and gift card breakage. The cumulative effect of changes to the Company’s consolidated February 4, 2018 balance sheet for the adoption of ASU 2014-09 was as follows (in thousands): Balance at February 3, 2018 Adjustments Due to ASU 2014-09 Balance at February 4, 2018 Assets Inventories $ 255,185 $ 339 $ 255,524 Liabilities Accrued expenses and other 46,327 7,853 54,180 Deferred income taxes 59,073 (1,923 ) 57,150 Equity Retained earnings 213,019 (5,591 ) 207,428 The Company determined the adoption of ASU 2014-09 changed the presentation for the following: ● Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards which are issued upon the achievement of specified point levels are valid for a maximum of 90 days from the date of issuance. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consisted of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands): Balance at February 3, 2018 $ 8,321 Revenue deferred 12,180 Revenue recognized (11,446 ) Balance at February 2, 2019 $ 9,055 ● Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards rather than when redemption of the gift card was considered remote. Ollie’s gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consisted of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands): Balance at February 3, 2018 $ 1,223 Gift card issuances 4,561 Gift card redemption and breakage (4,336 ) Balance at February 2, 2019 $ 1,448 ● Sales return allowance is recorded on a gross basis on the consolidated balance sheet as a refund liability and an asset for recovery rather than as a net liability. Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Beginning balance $ 339 $ 339 $ 247 Cumulative effect of adopting ASU 2014-09 339 - - Provisions 46,049 39,421 34,995 Sales returns (45,929 ) (39,421 ) (34,903 ) Ending balance $ 798 $ 339 $ 339 The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated income statement and statement of cash flows for 2018. As a result of the adoption of ASU 2014-09, the Company’s balance sheet at February 2, 2019 reflected an additional liability of $9.1 million related to the Ollie’s Army loyalty program which would not have been recorded prior to adoption. Other changes to the consolidated balance sheet at February 2, 2019 were not significant. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Feb. 02, 2019 | |
Property and Equipment [Abstract] | |
Property and Equipment | (3) Property and Equipment Property and equipment consists of the following (in thousands): February 2, 2019 February 3, 2018 Land $ 27,010 $ 2,103 Building 1,518 1,255 Furniture, fixtures, and equipment 106,647 87,800 Leasehold improvements 16,791 11,829 Automobiles 1,999 1,977 Construction in progress 25,520 - 179,485 104,964 Less: Accumulated depreciation and amortization (60,433 ) (50,076 ) $ 119,052 $ 54,888 Depreciation and amortization expense of property and equipment was $14.0 million, $11.9 million and $10.3 million for 2018, 2017 and 2016, respectively, of which $11.7 million, $9.8 million and $8.4 million is included in the depreciation and amortization expenses for 2018, 2017 and 2016, respectively, on the consolidated statements of income. The remainder, as it relates to the Company’s distribution centers, is included within cost of sales on the consolidated statements of income. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Feb. 02, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | (4) Goodwill and Other Intangible Assets Goodwill and other intangible assets consist of the following (in thousands): February 2, 2019 February 3, 2018 Non-amortizing intangible assets: Goodwill $ 444,850 $ 444,850 Tradename 230,559 230,559 Amortizing intangible assets: Favorable leases 3,905 3,905 Accumulated amortization: Favorable leases (2,160 ) (1,825 ) $ 677,154 $ 677,489 Amortization expense for 2018, 2017 and 2016 was $0.3 million, $0.3 million and $0.4 million, which was charged to rent expense. Estimated amortization expense of favorable leases during the next five fiscal years and thereafter is shown below (in thousands): Fiscal year ending: February 1, 2020 $ 310 January 30, 2021 281 January 29, 2022 237 January 28, 2023 226 February 3, 2024 189 Thereafter 502 Total remaining amortization $ 1,745 Favorable lease intangible assets are being amortized on a straight-line basis over their respective lease terms plus assumed option renewal periods (weighted average remaining life of approximately 7.3 and 7.9 years as of February 2, 2019 and February 3, 2018, respectively). |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Feb. 02, 2019 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | (5) Accrued Expenses Accrued expenses consist of the following (in thousands): February 2, 2019 February 3, 2018 Compensation and benefits $ 16,438 $ 14,181 Deferred revenue 10,503 - Insurance 6,159 2,768 Advertising 5,678 5,523 Freight 4,496 3,836 Real estate related 3,748 4,019 Sales and use taxes 3,464 3,865 Other 15,448 12,135 $ 65,934 $ 46,327 |
Debt Obligations and Financing
Debt Obligations and Financing Arrangements | 12 Months Ended |
Feb. 02, 2019 | |
Debt Obligations and Financing Arrangements [Abstract] | |
Debt Obligations and Financing Arrangements | (6) Debt Obligations and Financing Arrangements Long-term debt consists of the following (in thousands): February 2, 2019 February 3, 2018 Term loan, net $ - $ 48,530 Capital leases 679 463 Total debt 679 48,993 Less: Current portion (238 ) (10,158 ) Long-term debt $ 441 $ 38,835 The Company’s credit facilities (“Credit Facilities”) consist of a $200.0 million term loan (“Term Loan Facility”) and a $100.0 million revolving credit facility (“Revolving Credit Facility”), which includes a $25.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans. Loans under the Credit Facilities mature on January 29, 2021. The interest rates for the Credit Facilities are not subject to a floor and are calculated as the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or the Eurodollar Rate plus 1.0%, plus the Applicable Margin, or, for Eurodollar Loans, the Eurodollar Rate plus the Applicable Margin. The Applicable Margin will vary from 0.75% to 1.25% for a Base Rate Loan and 1.75% to 2.25% for a Eurodollar Loan, based on reference to the total leverage ratio (total debt to adjusted EBITDA, as defined in the agreement). The Company made voluntary prepayments under the Term Loan Facility totaling $48.8 million during 2018, paying the balance in full. In connection with these prepayments, $0.1 million of debt issuance cost and $10,000 of original issue discount were accelerated and included in loss on extinguishment of debt for 2018. The Company made voluntary prepayments under the Term Loan Facility totaling $146.3 million during 2017. In connection with these prepayments, $0.7 million of debt issuance cost and $0.1 million of original issue discount were accelerated and included in loss on extinguishment of debt for 2017. As of February 3, 2018, the amounts outstanding under the Term Loan Facility were net of unamortized original issue discount of $15,000 and deferred financing fees of $0.2 million. Under the terms of the Revolving Credit Facility, as of February 2, 2019 the Company could borrow up to 90.0% of the most recent appraised value (valued at cost, discounted for the current net orderly liquidation value) of its eligible inventory, as defined, up to $100.0 million. As of February 2, 2019, the Company had no outstanding borrowings under the Revolving Credit Facility, with $98.9 million of borrowing availability, letter of credit commitments of $0.8 million and $0.3 million of rent reserves. The Revolving Credit Facility also contains a variable unused line fee ranging from 0.250% to 0.375% per annum. The Company incurred unused line fees of $0.2 million in 2018 and $0.3 million in each of 2017 and 2016. The Credit Facilities are collateralized by the Company’s assets and equity and contain financial covenants, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreements. The financial covenants include a consolidated fixed charge coverage ratio test of at least 1.1 to 1.0 and total leverage ratio test of no greater than 3.50 to 1.0. The Company was in compliance with all terms of the Credit Facilities during and as of the fiscal year ended February 2, 2019. The provisions of the Credit Facilities restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of February 2, 2019, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions party to the Company’s Credit Facilities, subject to certain exceptions. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 02, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | (7) Income Taxes On December 22, 2017, new U.S. federal tax legislation, the Tax Cuts and Jobs Act (the “2017 Tax Act”) was enacted. The new legislation was a significant modification of existing U.S. federal tax law and contained a number of provisions which impacted the tax position of the Company in 2017 and 2018. Among other things, the 2017 Tax Act permanently lowered the federal corporate tax rate to 21% from the existing maximum rate of 35%, effective for tax years including or commencing January 1, 2018. The components of income tax provision (benefit) are as follows (in thousands): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Current: Federal $ 20,804 $ 27,817 $ 29,280 State 6,394 5,399 5,348 27,198 33,216 34,628 Deferred: Federal (901 ) (29,851 ) 1,829 State (667 ) (472 ) 38 (1,568 ) (30,323 ) 1,867 Income tax expense $ 25,630 $ 2,893 $ 36,495 A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal year ended February 2, 2019 February 3, 2018 January 28, Statutory federal rate 21.0 % 33.7 % 35.0 % State taxes, net of federal benefit 2.8 2.5 3.6 Impact from 2017 Tax Act 0.2 (23.7 ) - Excess tax benefits related to stock-based compensation (7.4 ) (9.9 ) - Other (0.6 ) (0.4 ) (0.7 ) 16.0 % 2.2 % 37.9 % Deferred income taxes reflect the effect of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the carrying amounts used for income tax reporting purposes. Significant components of deferred tax assets and liabilities are as follows (in thousands): February 2, 2019 February 3, 2018 Deferred tax assets: Inventory reserves $ 1,134 $ 990 Deferred rent 2,957 2,034 Stock-based compensation 4,175 3,722 Deferred revenue 2,316 - Other 2,642 1,539 Total deferred tax assets 13,224 8,285 Deferred tax liabilities: Tradename (58,946 ) (58,954 ) Depreciation (9,450 ) (7,408 ) Prepaid expenses - (466 ) Leases (444 ) (530 ) Total deferred tax liabilities (68,840 ) (67,358 ) Net deferred tax liabilities $ (55,616 ) $ (59,073 ) In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income and the scheduled reversal of deferred liabilities over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences as of February 2, 2019 and February 3, 2018. Ollie’s has no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s consolidated balance sheets as of February 2, 2019 or February 3, 2018, and has not recognized any material uncertain tax positions or interest or penalties related to income taxes in the consolidated statements of income for 2018, 2017 or 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Ollie’s generally leases its stores, offices, and distribution facilities under operating leases that expire at various dates through 2033. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a percentage of annual sales. A majority of the Company’s leases also require a payment for all or a portion of insurance, real estate taxes, water and sewer costs and repairs, the cost of which is charged to the related expense category rather than being accounted for as rent expense. Most of the leases contain multiple renewal options, under which Ollie’s may extend the lease terms for five years. Minimum rents on operating leases, including agreements with step rents, are charged to expense on a straight-line basis over the lease term. Rent expense on all operating leases consisted of the following (in thousands): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Minimum annual rentals $ 49,413 $ 43,791 $ 36,970 Contingent rentals 78 67 110 $ 49,491 $ 43,858 $ 37,080 The following is a schedule by year of future minimum rental payments required under non-cancelable operating leases, including option renewal periods that are reasonably assured, that have initial or remaining lease terms in excess of one year as of February 2, 2019 (in thousands): Fiscal year ending: February 1, 2020 $ 60,804 January 30, 2021 56,106 January 29, 2022 49,226 January 28, 2023 42,724 February 3, 2024 34,876 Thereafter 65,218 Total minimum lease payments $ 308,954 On November 29, 2018, the Company acquired a 58-acre parcel of land in Lancaster, TX for the construction of its third distribution center. Construction of the planned 615,000 square foot facility has commenced and the building is expected to be operational by the first quarter of fiscal 2020. The Company anticipates investing a total of $45 million to $50 million in the project over the course of the construction period and has spent $6.7 million in 2018. Ollie’s is subject to litigation in the normal course of business. The Company does not believe such actions, either individually or collectively, will have a significant impact on Ollie’s financial position or results of operations. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Feb. 02, 2019 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | (9) Equity Incentive Plans During 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering (the “IPO”), no additional equity grants will be made under the 2012 Plan. In connection with the IPO, the Company adopted the 2015 equity incentive plan (the “2015 Plan”), pursuant to which the Company’s Board of Directors may grant stock options, restricted shares or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of February 2, 2019, there were 3,464,826 shares available for grant under the 2015 Plan. Stock Options The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. A summary of the Company’s stock option activity and related information follows for 2016, 2017 and 2018 (in thousands, except share and per share amounts): Number of options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value Outstanding at January 30, 2016 6,991,825 $ 8.04 Granted 518,277 20.37 Forfeited (135,390 ) 9.09 Exercised (1,948,752 ) 6.83 Outstanding at January 28, 2017 5,425,960 9.62 Granted 357,222 32.64 Forfeited (93,867 ) 16.06 Exercised (1,230,928 ) 8.46 Outstanding at February 3, 2018 4,458,387 11.65 Granted 279,629 58.96 Forfeited (23,069 ) 42.02 Exercised (968,525 ) 10.51 Outstanding at February 2, 2019 3,746,422 15.29 5.4 $ 239,986 Exercisable at February 2, 2019 2,387,429 8.96 4.3 $ 168,041 The intrinsic value of stock options exercised for 2018, 2017 and 2016 was $59.4 million, $42.7 million and $43.9 million, respectively. The weighted average grant date fair value per option for options granted during 2018, 2017 and 2016 was $18.78, $10.68 and $6.47, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table: Fiscal Year Ended February 2, 2019 February 3, 2018 January 28, 2017 Risk-free interest rate 2.70 % 2.20 % 1.72 % Expected dividend yield — — — Expected life (years) 6.25 years 6.25 years 6.25 years Expected volatility 25.85 % 28.29 % 28.52 % The expected life of stock options is estimated using the “simplified method,” as the Company does not have enough historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Restricted Stock Units (“RSUs”) RSUs are issued at a value not less than the fair market value of the common stock on the date of the grant. RSUs granted to date vest ratably over one to four years or cliff vest in four years. Awards are subject to employment for vesting and are not transferable other than upon death. A summary of the Company’s RSU activity and related information for 2016, 2017 and 2018 is as follows: Number of shares Weighted average grant date fair value Nonvested balance at January 30, 2016 — $ - Granted 137,458 20.36 Forfeited (740 ) 20.26 Nonvested balance at January 28, 2017 136,718 20.36 Granted 97,472 32.71 Vested (26,665 ) 20.37 Forfeited (179 ) 31.45 Nonvested balance at February 3, 2018 207,346 26.15 Granted 64,511 58.93 Vested (51,657 ) 26.19 Forfeited — - Nonvested balance at February 2, 2019 220,200 35.75 Stock Based Compensation Expense The compensation cost for stock options and RSUs which has been recorded within SG&A related to the Company’s equity incentive plans was $7.3 million, $7.4 million and $6.7 million for 2018, 2017 and 2016, respectively. As of February 2, 2019, there was $13.1 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.4 years. Compensation costs related to awards are recognized using the straight-line method. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 02, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (10) Employee Benefit Plans Ollie’s sponsors a defined contribution plan (“the Plan”), qualified under Internal Revenue Code (“IRC”) Section 401(k), for the benefit of employees. An employee becomes eligible to participate in the Plan upon attaining at least 21 years of age and completing three months of full-time employment. An employee may elect to contribute annual compensation up to the maximum allowable under the IRC. The Company assumes all administrative costs of the Plan and matches the employee’s contribution up to 25% of the first 6% of their annual compensation. The portion that the Company matches is vested ratably over six years. The employer matching contributions to the Plan were $0.2 million in each of 2018, 2017 and 2016. In addition to the regular matching contribution, the Company may elect to make a discretionary matching contribution. Discretionary contributions shall be allocated as a percentage of compensation of eligible participants for the Plan year. There were no discretionary contributions in 2018, 2017 or 2016. |
Common Stock
Common Stock | 12 Months Ended |
Feb. 02, 2019 | |
Common Stock [Abstract] | |
Common Stock | (11) Common Stock Common Stock The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 par value per share; to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for using the cost method. Secondary Offerings On February 18, 2016, the Company completed a secondary offering for certain selling shareholders of 7,873,063 shares of common stock, of which 1,152,500 shares were sold by certain directors, officers and employees upon the exercise of stock options in connection with the offering. In addition, on February 19, 2016, the underwriters exercised their option to purchase an additional 1,180,959 shares of the Company’s common stock from certain selling stockholders. As a result, 9,054,022 shares of common stock were sold by certain selling stockholders at a price of $19.75 per share in this secondary offering. The Company did not sell any shares in or receive any proceeds from this secondary offering, except for $7.5 million of proceeds from the exercise of stock options. The Company incurred expenses of $0.6 million related to legal, accounting and other fees in connection with the secondary offering, which are included in SG&A in the consolidated statement of income for 2016. On June 6, 2016, the Company completed a secondary offering for certain selling shareholders of 12,152,800 shares of common stock. In addition, on June 10, 2016, the underwriters exercised their option to purchase an additional 1,822,920 shares of the Company’s common stock from certain selling stockholders. As a result, 13,975,720 shares of common stock were sold by certain selling stockholders at a price of $25.00 per share in this secondary offering. The Company did not sell any shares in or receive any proceeds from this secondary offering. The Company incurred expenses of $0.6 million related to legal, accounting and other fees in connection with this secondary offering, which are included in SG&A in the consolidated statement of income for 2016. On September 6, 2016, the Company completed a secondary offering for certain selling shareholders of 13,725,798 shares of common stock. The shares were sold by certain selling stockholders at a price of $26.07 per share in this secondary offering. The Company did not sell any shares in or receive any proceeds from this secondary offering. The Company incurred expenses of $0.6 million related to legal, accounting and other fees in connection with this secondary offering, which are included in SG&A in the consolidated statement of income for 2016. |
Transactions with Affiliates an
Transactions with Affiliates and Related Parties | 12 Months Ended |
Feb. 02, 2019 | |
Transactions with Affiliates and Related Parties [Abstract] | |
Transactions with Affiliates and Related Parties | (12) Transactions with Affiliates and Related Parties The Company has entered into five non-cancelable operating leases with related parties for office and store locations that expire at various dates through 2033. The annual lease payments are between $0.9 million and $1.3 million for the next five years and the total remaining payments after the next five years are $4.1 million. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Feb. 02, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | (13) Segment Reporting For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment. The following table summarizes the percentage of net sales by merchandise category for each year presented: Fiscal Year Ended February 2, 2019 February 3, 2018 January 28, 2017 Housewares 15.1 % 13.7 % 12.7 % Food 11.0 11.9 12.7 Bed and bath 10.1 10.5 10.1 Books and stationery 9.4 10.0 10.6 Floor coverings 7.8 7.7 8.0 Electronics 6.8 6.9 6.7 Toys 6.8 5.5 5.2 Health and beauty aids 5.6 5.5 4.1 Other 27.4 28.3 29.9 100.0 % 100.0 % 100.0 % |
Quarterly Results of Operations
Quarterly Results of Operations and Seasonality (Unaudited) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Results of Operations and Seasonality (Unaudited) [Abstract] | |
Quarterly Results of Operations and Seasonality (Unaudited) | (14) Quarterly Results of Operations and Seasonality (Unaudited) The following table reflects quarterly financial results for 2018 and 2017 (in thousands, except for per share data). Each quarterly period listed below consisted of a 13-week period with the exception of the fourth quarter of 2017, which was a 14-week period. The sum of the four quarters for any given year may not equal annual totals due to rounding. 2018 2017 Fourth Quarter Third Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter First Net sales $ 393,934 $ 283,606 $ 288,098 $ 275,739 $ 356,669 $ 238,116 $ 254,645 $ 227,602 Gross profit 156,729 115,422 112,624 112,876 140,497 97,989 100,226 92,935 Net income 49,894 24,817 29,848 30,454 70,054 18,862 19,712 18,966 Basic earnings per common share $ 0.79 $ 0.40 $ 0.48 $ 0.49 $ 1.13 $ 0.31 $ 0.32 $ 0.31 Diluted earnings per common share $ 0.76 $ 0.38 $ 0.45 $ 0.46 $ 1.07 $ 0.29 $ 0.30 $ 0.29 The fourth quarter of 2017 includes a tax benefit of $30.9 million pursuant to the 2017 Tax Act. See Note 7, “Income Taxes.” The Company’s business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the holiday sales season. To prepare for the holiday sales season, Ollie’s must order and keep in stock more merchandise than is carried during other times of the year and generally engage in additional marketing efforts. The Company expects inventory levels, along with accounts payable and accrued expenses, to reach their highest levels in the third and fourth fiscal quarters in anticipation of increased net sales during the holiday sales season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the year. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Feb. 02, 2019 | |
Subsequent Event [Abstract] | |
Subsequent Event | (15) Subsequent Event Share Repurchase Authorization On March 26, 2019, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of the Company’s common stock. The shares to be repurchased may be purchased from time to time in open market conditions (including blocks or in privately negotiated transactions). The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the market price of the Company’s shares, general market, economic, and business conditions, and other corporate considerations. Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Repurchases are expected to be funded from cash on hand or through the utilization of the Company’s revolving credit facility. The repurchase authorization does not require the purchase of a specific number of shares, has a two-year term, and is subject to suspension or termination by the Company’s Board of Directors at any time. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) | 12 Months Ended |
Feb. 02, 2019 | |
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) [Abstract] | |
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) | Schedule I - Condensed Financial Information of Registrant Ollie’s Bargain Outlet Holdings, Inc. (parent company only) Condensed Balance Sheets (In thousands) February 2, 2019 February 3, 2018 Assets Total current assets $ - $ - Long-term assets: Investment in subsidiaries 942,652 796,462 Total assets $ 942,652 $ 796,462 Liabilities and stockholders’ equity Total current liabilities $ - $ - Total long-term liabilities - - Total liabilities - - Stockholders’ equity: Common stock 63 62 Additional paid-in capital 600,234 583,467 Retained earnings 342,441 213,019 Treasury stock, at cost (86 ) (86 ) Total stockholders’ equity 942,652 796,462 Total liabilities and stockholders’ equity $ 942,652 $ 796,462 See accompanying notes. Schedule I - Condensed Financial Information of Registrant Ollie’s Bargain Outlet Holdings, Inc. (parent company only) Condensed Statements of Income (In thousands) Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Net sales $ - $ - $ - Cost of sales - - - Gross profit - - - Selling, general and administrative expenses - - - Depreciation and amortization expenses - - - Pre-opening expenses - - - Operating income - - - Interest expense, net - - - Income before income taxes and equity in net income of subsidiaries - - - Income tax expense - - - Income before equity in net income of subsidiaries - - - Net income of subsidiaries 135,013 127,594 59,764 Net income $ 135,013 $ 127,594 $ 59,764 See accompanying notes. Schedule I - Condensed Financial Information of Registrant Ollie’s Bargain Outlet Holdings, Inc. (parent company only) Notes to Condensed Financial Statements 1. Basis of presentation In the parent-company-only financial statements, Ollie’s Bargain Outlet Holdings, Inc.’s (“the Company”) investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The parent-company-only financial statements should be read in conjunction with the Company’s consolidated financial statements. A condensed statement of cash flows was not presented because Ollie’s Bargain Outlet Holdings, Inc. had no cash flow activities during 2018, 2017 or 2016. 2. Guarantees and restrictions Ollie’s Bargain Outlet, Inc., a subsidiary of the Company, . Under the terms of the Term Loan Facility, Bargain Parent, Inc., subsidiary of the Company, guaranteed the payment of all principal and interest. In the event of a default under the Term Loan Facility, Bargain Parent, Inc. will be directly liable to the debt holders. As of February 2, 2019, Ollie’s Bargain Outlet, Inc. also had $98.9 million available for borrowing under its Revolving Credit Facility. Bargain Parent, Inc. has guaranteed all obligations under the Revolving Credit Facility. In the event of default under the Revolving Credit Facility, Bargain Parent, Inc. will be directly liable to the debt holders. The Revolving Credit Facility matures on January 29, 2021. The credit facilities are collateralized by the Company’s assets and equity and contain financial covenants, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of such agreements. The Company was in compliance with all terms of such agreements during and as of the fiscal year ended February 2, 2019. The provisions of the credit facilities restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of February 2, 2019, from being used to pay any dividends or make other restricted payments without prior written consent from the lenders under the credit facilities, subject to certain exceptions. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 02, 2019 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Fiscal Year | (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer January 31 of the following calendar year. References to the fiscal year ended February 2, 2019 refer to the 52-week period from February 4, 2018 to February 2, 2019 (“2018”). References to the fiscal year ended February 3, 2018 refer to the 53-week period from January 29, 2017 to February 3, 2018 (“2017”). References to the fiscal year ended January 28, 2017 refer to the 52-week period from January 31, 2016 to January 28, 2017 (“2016”). |
Principles of Consolidation | (c) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions have been eliminated in consolidation. |
Use of Estimates | (d) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Disclosures | (e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three‑level hierarchy used in measuring fair value, as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect the Company’s assumptions. Ollie’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents The Company considers cash on hand in stores, bank deposits, credit card receivables, and all highly liquid investments with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within one to two business days of the original sales transaction. |
Concentration of Credit Risk | (g) Concentration of Credit Risk A financial instrument which potentially subjects the Company to a concentration of credit risk is cash. Ollie’s currently maintains its day‑to‑day operating cash balances with major financial institutions. The Company’s operating cash balances are in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. From time to time, Ollie’s invests temporary excess cash in overnight investments with expected minimal volatility, such as money market funds. Although the Company maintains balances which exceed the FDIC insured limit, it has not experienced any losses related to this balance, and Ollie’s believes the credit risk to be minimal. |
Inventories | (h) Inventories Inventories are stated at the lower of cost or market determined using the retail inventory method on a first-in, first-out basis. The cost of inventories includes the merchandise cost, transportation costs, and certain distribution and storage costs. Such costs are thereafter expensed as cost of sales upon the sale of the merchandise. Inherent in the retail inventory method are certain management judgments and estimates including, among others, merchandise markups, the amount and timing of permanent markdowns, and shrinkage, which may significantly impact both the ending inventory valuation and gross margin. Factors considered in the determination of permanent markdowns include inventory obsolescence, excess inventories, current and anticipated demand, age of the merchandise and customer preferences. Pursuant to the retail inventory method, permanent markdowns result in the devaluation of inventory and the resulting gross margin reduction is recognized in the period in which the markdown is recorded. |
Property and Equipment | (i) Property and Equipment Property and equipment are stated at original cost less accumulated depreciation and amortization. Depreciation and amortization are calculated over the estimated useful lives of the related assets, or in the case of leasehold improvements, the lesser of the useful lives or the remaining term of the lease. Expenditures for additions, renewals, and betterments are capitalized; expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on the straight-line method for financial reporting purposes. The useful lives for the purpose of computing depreciation and amortization are as follows: Software 3 years Automobiles 3 years Computer equipment 5 years Furniture, fixtures, and equipment 7-10 years Buildings 40 years Leasehold improvements Lesser of lease term or useful life |
Goodwill/Intangible Assets | (j) Goodwill/Intangible Assets The Company amortizes intangible assets over their useful lives unless it determines such lives to be indefinite. Goodwill and intangible assets having indefinite useful lives are not amortized to earnings, but instead are subject to annual impairment testing or more frequently if events or circumstances indicate that the value of goodwill or intangible assets having indefinite useful lives might be impaired. Goodwill and intangible assets having indefinite useful lives are tested for impairment annually in the fiscal month of October. The Company has the option to evaluate qualitative factors to determine if it is more likely than not that the carrying amount of its sole reporting unit or its nonamortizing intangible assets (consisting of a tradename) exceed their implied respective fair value and whether it is necessary to perform a quantitative analysis to determine impairment. As part of this qualitative assessment, the Company weighs the relative impact of factors that are specific to its sole reporting unit or its nonamortizing intangible assets as well as industry, regulatory and macroeconomic factors that could affect the inputs used to determine the fair value of the assets. If management determines a quantitative goodwill impairment test is required, or it elects to perform a quantitative test, the test is performed by determining the fair value of the Company’s sole reporting unit. Fair value is determined based upon the Company’s public market capitalization. The quantitative test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after the allocation is the implied fair value of the reporting unit’s goodwill. For 2018, 2017 and 2016 the Company completed an impairment test of its goodwill and determined that no impairment of goodwill existed. If management determines a quantitative analysis of intangible assets having indefinite useful lives is required, the test is performed using the discounted cash flow method based on management’s projections of future revenues and an estimated royalty rate to determine the fair value of the asset, specifically, the Company’s tradename. An impairment loss is recognized for any excess of the carrying amount of the asset over the implied fair value of that asset. For 2018, 2017 and 2016, the Company completed an impairment test of its tradename and determined that no impairment of the asset existed. Intangible assets with determinable useful lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Impairment of Long-Lived Assets | (k) Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Stock-Based Compensation | (l) Stock-Based Compensation The Company measures the cost of employee services received in exchange for stock-based compensation based on the grant date fair value of the employee stock award. For stock option awards, the Company estimates grant date fair value using the Black-Scholes option pricing model. For restricted stock unit awards, grant date fair value is determined based on the closing trading value of the Company’s stock on the date of grant. In both cases, stock-based compensation is recorded on a straight-line basis over the vesting period for the entire award. |
Cost of Sales | (m) Cost of Sales Cost of sales includes merchandise costs, inventory markdowns, shrinkage and transportation, distribution and warehousing costs, including depreciation. |
Selling, General and Administrative Expenses | (n) Selling, General and Administrative Expenses Selling, general and administrative expenses (“SG&A”) are comprised of payroll and benefits for stores, field support and support center employees. SG&A also include marketing and advertising expense, occupancy costs for stores and the store support center, insurance, corporate infrastructure and other general expenses. |
Advertising Costs | (o) Advertising Costs Advertising costs primarily consist of newspaper circulars, email campaigns, media broadcasts and prominent advertising at professional and collegiate sporting events and are expensed the first time the advertising occurs. Advertising expense for 2018, 2017 and 2016 was $36.7 million, $32.4 million and $28.0 million, respectively. |
Operating Leases | (p) Operating Leases The Company generally leases its store locations, distribution centers and office facilities. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions – or some combination of these items. For leases of store locations and the store support centers, the Company recognizes rent expense in SG&A. For leases of distribution centers, the Company recognizes rent expense within cost of sales. All rent expense is recorded on a straight-line basis over the accounting lease term, which includes lease renewals determined to be reasonably assured. Additionally, the commencement date of the accounting lease term reflects the earlier of the date the Company becomes legally obligated for the lease payments or the date the Company takes possession of the building for initial construction and setup. The excess rent expense over the actual cash paid for rent is accounted for as deferred rent. Leasehold improvement allowances received from landlords and other lease incentives are recorded as deferred rent liabilities and are recognized in SG&A on a straight-line basis over the accounting lease term. |
Pre-Opening Costs | (q) Pre-Opening Costs Pre-opening costs (costs of opening new stores and distribution facilities, including grand opening advertising costs, payroll expenses, travel expenses, employee training costs, rent expenses, and store setup costs) and store closing costs (insurance deductibles, rent and store payroll) are expensed as incurred. |
Debt Issuance Costs and Original Issue Discount | (r) Debt Issuance Costs and Original Issue Discount Debt issuance costs and original issue discount are amortized to interest expense using the effective interest method over the life of the related debt. As of February 2, 2019 and February 3, 2018, debt issuance costs, net of accumulated amortization, were $0.8 million and $1.5 million, respectively, and original issue discount, net of accumulated amortization, was $0 and $15,000, respectively. The amortization expense for debt issuance costs was $0.5 million, $0.6 million and $0.7 million and the amortization expense for the original issue discount was $5,000, $17,000 and $25,000 for 2018, 2017 and 2016, respectively. The write-off of unamortized debt issuance and original issue discount costs recorded in loss on extinguishment of debt on the consolidated statements of income totaled $0.2 million, $0.8 million and $0.0 million for 2018, 2017 and 2016, respectively. |
Self-Insurance Liabilities | (s) Self‑Insurance Liabilities Under a number of the Company’s insurance programs, which include the Company’s employee health insurance program, its workers’ compensation and general liability insurance programs, the Company is liable for a portion of its losses. |
Income Taxes | (t) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Ollie’s files consolidated federal and state income tax returns. For tax years prior to 2015, the Company is no longer subject to U.S. federal income tax examinations. State income tax returns are filed in various state tax jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three to four years depending on the state. |
Earnings per Common Share | (u) Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units. The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Net income $ 135,013 $ 127,594 $ 59,764 Weighted average number of common shares outstanding – Basic 62,568 61,353 60,160 Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units 3,337 3,597 2,255 Weighted average number of common shares outstanding – Diluted 65,905 64,950 62,415 Earnings per common share – Basic $ 2.16 $ 2.08 $ 0.99 Earnings per common share – Diluted $ 2.05 $ 1.96 $ 0.96 The effect of the weighted average assumed exercise of stock options outstanding totaling 100,183, 126,899 and 81,616 as of February 2, 2019, February 3, 2018 and January 28, 2017, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. The effect of weighted average non-vested restricted stock units outstanding totaling 6,800, 10,169 and 0 as of February 2, 2019, February 3, 2018 and January 28, 2017, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. |
Recent Accounting Pronouncements | (v) Recent Accounting Pronouncements Stock Compensation In March 2016, the Financial Accounting Standards Board (“ Accounting Standards Update (“ASU”) Improvements to Employee Share-Based Payment Accounting Leases In February 2016, the FASB issued ASU 2016-02, Leases Substantially all of the Company’s store locations and distribution centers are subject to operating lease arrangements. Information under existing lease guidance with respect to rent required under non-cancelable operating leases, including option renewal periods that are reasonably assured, that have an initial or remaining lease term in excess of one year is included in Note 8. Pursuant to the adoption of the new standard, the Company has elected the practical expedients upon transition that do not require it to reassess existing contracts to determine if they contain leases under the new definition of a lease, or to reassess historical lease classification or initial direct costs. The Company also expects to adopt the practical expedient to not separate lease and non-lease components for new leases after adoption of the new standard. In addition, the Company applied a policy election to exclude leases with an initial term of 12 months or less from balance sheet recognition. The Company did not adopt the hindsight practical expedient and, therefore, expects to continue to utilize lease terms determined under existing lease guidance. The Company adopted ASU 2016-02 as of February 3, 2019 using the modified retrospective transition method, including the option to not restate comparative periods. Adoption of the standard is expected to result in recognition of additional right-of-use assets and lease liabilities for operating leases between approximately $260 million and $275 million. The Company does not expect the adoption of the guidance to have a material impact on its consolidated statements of income, stockholders’ equity or cash flows. |
Net Sales (Policies)
Net Sales (Policies) | 12 Months Ended |
Feb. 02, 2019 | |
Net Sales [Abstract] | |
Net Sales | Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Useful Lives of Property and Equipment | The useful lives for the purpose of computing depreciation and amortization are as follows: Software 3 years Automobiles 3 years Computer equipment 5 years Furniture, fixtures, and equipment 7-10 years Buildings 40 years Leasehold improvements Lesser of lease term or useful life |
Earnings per Common Share | The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Net income $ 135,013 $ 127,594 $ 59,764 Weighted average number of common shares outstanding – Basic 62,568 61,353 60,160 Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units 3,337 3,597 2,255 Weighted average number of common shares outstanding – Diluted 65,905 64,950 62,415 Earnings per common share – Basic $ 2.16 $ 2.08 $ 0.99 Earnings per common share – Diluted $ 2.05 $ 1.96 $ 0.96 |
Net Sales (Tables)
Net Sales (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Net Sales [Abstract] | |
Cumulative Effect of Changes to Consolidated Balance Sheet for Adoption of ASU 2014-09 | The cumulative effect of changes to the Company’s consolidated February 4, 2018 balance sheet for the adoption of ASU 2014-09 was as follows (in thousands): Balance at February 3, 2018 Adjustments Due to ASU 2014-09 Balance at February 4, 2018 Assets Inventories $ 255,185 $ 339 $ 255,524 Liabilities Accrued expenses and other 46,327 7,853 54,180 Deferred income taxes 59,073 (1,923 ) 57,150 Equity Retained earnings 213,019 (5,591 ) 207,428 |
Reconciliation of Liabilities for Ollie's Army Loyalty Program, Gift Cards and Sales Return Allowance | ● Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards which are issued upon the achievement of specified point levels are valid for a maximum of 90 days from the date of issuance. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consisted of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands): Balance at February 3, 2018 $ 8,321 Revenue deferred 12,180 Revenue recognized (11,446 ) Balance at February 2, 2019 $ 9,055 ● Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards rather than when redemption of the gift card was considered remote. Ollie’s gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consisted of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands): Balance at February 3, 2018 $ 1,223 Gift card issuances 4,561 Gift card redemption and breakage (4,336 ) Balance at February 2, 2019 $ 1,448 ● Sales return allowance is recorded on a gross basis on the consolidated balance sheet as a refund liability and an asset for recovery rather than as a net liability. Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Beginning balance $ 339 $ 339 $ 247 Cumulative effect of adopting ASU 2014-09 339 - - Provisions 46,049 39,421 34,995 Sales returns (45,929 ) (39,421 ) (34,903 ) Ending balance $ 798 $ 339 $ 339 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Property and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): February 2, 2019 February 3, 2018 Land $ 27,010 $ 2,103 Building 1,518 1,255 Furniture, fixtures, and equipment 106,647 87,800 Leasehold improvements 16,791 11,829 Automobiles 1,999 1,977 Construction in progress 25,520 - 179,485 104,964 Less: Accumulated depreciation and amortization (60,433 ) (50,076 ) $ 119,052 $ 54,888 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets consist of the following (in thousands): February 2, 2019 February 3, 2018 Non-amortizing intangible assets: Goodwill $ 444,850 $ 444,850 Tradename 230,559 230,559 Amortizing intangible assets: Favorable leases 3,905 3,905 Accumulated amortization: Favorable leases (2,160 ) (1,825 ) $ 677,154 $ 677,489 |
Estimated Amortization Expense of Intangible Assets | Estimated amortization expense of favorable leases during the next five fiscal years and thereafter is shown below (in thousands): Fiscal year ending: February 1, 2020 $ 310 January 30, 2021 281 January 29, 2022 237 January 28, 2023 226 February 3, 2024 189 Thereafter 502 Total remaining amortization $ 1,745 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following (in thousands): February 2, 2019 February 3, 2018 Compensation and benefits $ 16,438 $ 14,181 Deferred revenue 10,503 - Insurance 6,159 2,768 Advertising 5,678 5,523 Freight 4,496 3,836 Real estate related 3,748 4,019 Sales and use taxes 3,464 3,865 Other 15,448 12,135 $ 65,934 $ 46,327 |
Debt Obligations and Financin_2
Debt Obligations and Financing Arrangements (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Debt Obligations and Financing Arrangements [Abstract] | |
Long-term Debt | Long-term debt consists of the following (in thousands): February 2, 2019 February 3, 2018 Term loan, net $ - $ 48,530 Capital leases 679 463 Total debt 679 48,993 Less: Current portion (238 ) (10,158 ) Long-term debt $ 441 $ 38,835 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Income Taxes [Abstract] | |
Income Tax Provision (Benefit) | The components of income tax provision (benefit) are as follows (in thousands): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Current: Federal $ 20,804 $ 27,817 $ 29,280 State 6,394 5,399 5,348 27,198 33,216 34,628 Deferred: Federal (901 ) (29,851 ) 1,829 State (667 ) (472 ) 38 (1,568 ) (30,323 ) 1,867 Income tax expense $ 25,630 $ 2,893 $ 36,495 |
Reconciliation of Statutory to Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal year ended February 2, 2019 February 3, 2018 January 28, Statutory federal rate 21.0 % 33.7 % 35.0 % State taxes, net of federal benefit 2.8 2.5 3.6 Impact from 2017 Tax Act 0.2 (23.7 ) - Excess tax benefits related to stock-based compensation (7.4 ) (9.9 ) - Other (0.6 ) (0.4 ) (0.7 ) 16.0 % 2.2 % 37.9 % |
Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): February 2, 2019 February 3, 2018 Deferred tax assets: Inventory reserves $ 1,134 $ 990 Deferred rent 2,957 2,034 Stock-based compensation 4,175 3,722 Deferred revenue 2,316 - Other 2,642 1,539 Total deferred tax assets 13,224 8,285 Deferred tax liabilities: Tradename (58,946 ) (58,954 ) Depreciation (9,450 ) (7,408 ) Prepaid expenses - (466 ) Leases (444 ) (530 ) Total deferred tax liabilities (68,840 ) (67,358 ) Net deferred tax liabilities $ (55,616 ) $ (59,073 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies [Abstract] | |
Rent Expense on Operating Leases | Rent expense on all operating leases consisted of the following (in thousands): Fiscal year ended February 2, 2019 February 3, 2018 January 28, 2017 Minimum annual rentals $ 49,413 $ 43,791 $ 36,970 Contingent rentals 78 67 110 $ 49,491 $ 43,858 $ 37,080 |
Future Minimum Rental Payments Required under Non-cancelable Operating Leases | The following is a schedule by year of future minimum rental payments required under non-cancelable operating leases, including option renewal periods that are reasonably assured, that have initial or remaining lease terms in excess of one year as of February 2, 2019 (in thousands): Fiscal year ending: February 1, 2020 $ 60,804 January 30, 2021 56,106 January 29, 2022 49,226 January 28, 2023 42,724 February 3, 2024 34,876 Thereafter 65,218 Total minimum lease payments $ 308,954 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Equity Incentive Plans [Abstract] | |
Stock Option Activity | A summary of the Company’s stock option activity and related information follows for 2016, 2017 and 2018 (in thousands, except share and per share amounts): Number of options Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value Outstanding at January 30, 2016 6,991,825 $ 8.04 Granted 518,277 20.37 Forfeited (135,390 ) 9.09 Exercised (1,948,752 ) 6.83 Outstanding at January 28, 2017 5,425,960 9.62 Granted 357,222 32.64 Forfeited (93,867 ) 16.06 Exercised (1,230,928 ) 8.46 Outstanding at February 3, 2018 4,458,387 11.65 Granted 279,629 58.96 Forfeited (23,069 ) 42.02 Exercised (968,525 ) 10.51 Outstanding at February 2, 2019 3,746,422 15.29 5.4 $ 239,986 Exercisable at February 2, 2019 2,387,429 8.96 4.3 $ 168,041 |
Weighted Average Assumptions | The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table: Fiscal Year Ended February 2, 2019 February 3, 2018 January 28, 2017 Risk-free interest rate 2.70 % 2.20 % 1.72 % Expected dividend yield — — — Expected life (years) 6.25 years 6.25 years 6.25 years Expected volatility 25.85 % 28.29 % 28.52 % |
RSU Activity | A summary of the Company’s RSU activity and related information for 2016, 2017 and 2018 is as follows: Number of shares Weighted average grant date fair value Nonvested balance at January 30, 2016 — $ - Granted 137,458 20.36 Forfeited (740 ) 20.26 Nonvested balance at January 28, 2017 136,718 20.36 Granted 97,472 32.71 Vested (26,665 ) 20.37 Forfeited (179 ) 31.45 Nonvested balance at February 3, 2018 207,346 26.15 Granted 64,511 58.93 Vested (51,657 ) 26.19 Forfeited — - Nonvested balance at February 2, 2019 220,200 35.75 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Segment Reporting [Abstract] | |
Percentage of Net Sales by Merchandise Category | The following table summarizes the percentage of net sales by merchandise category for each year presented: Fiscal Year Ended February 2, 2019 February 3, 2018 January 28, 2017 Housewares 15.1 % 13.7 % 12.7 % Food 11.0 11.9 12.7 Bed and bath 10.1 10.5 10.1 Books and stationery 9.4 10.0 10.6 Floor coverings 7.8 7.7 8.0 Electronics 6.8 6.9 6.7 Toys 6.8 5.5 5.2 Health and beauty aids 5.6 5.5 4.1 Other 27.4 28.3 29.9 100.0 % 100.0 % 100.0 % |
Quarterly Results of Operatio_2
Quarterly Results of Operations and Seasonality (Unaudited) (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Results of Operations and Seasonality (Unaudited) [Abstract] | |
Quarterly Results of Operations | The following table reflects quarterly financial results for 2018 and 2017 (in thousands, except for per share data). Each quarterly period listed below consisted of a 13-week period with the exception of the fourth quarter of 2017, which was a 14-week period. The sum of the four quarters for any given year may not equal annual totals due to rounding. 2018 2017 Fourth Quarter Third Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter First Net sales $ 393,934 $ 283,606 $ 288,098 $ 275,739 $ 356,669 $ 238,116 $ 254,645 $ 227,602 Gross profit 156,729 115,422 112,624 112,876 140,497 97,989 100,226 92,935 Net income 49,894 24,817 29,848 30,454 70,054 18,862 19,712 18,966 Basic earnings per common share $ 0.79 $ 0.40 $ 0.48 $ 0.49 $ 1.13 $ 0.31 $ 0.32 $ 0.31 Diluted earnings per common share $ 0.76 $ 0.38 $ 0.45 $ 0.46 $ 1.07 $ 0.29 $ 0.30 $ 0.29 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies, Description of Business (Details) | Feb. 02, 2019LocationState |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Number of retail locations | Location | 303 |
Number of states in which retail locations are located | State | 23 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies, Property and Equipment (Details) | 12 Months Ended |
Feb. 02, 2019 | |
Software [Member] | |
Property and Equipment [Abstract] | |
Useful life | 3 years |
Automobiles [Member] | |
Property and Equipment [Abstract] | |
Useful life | 3 years |
Computer Equipment [Member] | |
Property and Equipment [Abstract] | |
Useful life | 5 years |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | |
Property and Equipment [Abstract] | |
Useful life | 7 years |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | |
Property and Equipment [Abstract] | |
Useful life | 10 years |
Buildings [Member] | |
Property and Equipment [Abstract] | |
Useful life | 40 years |
Leasehold Improvements [Member] | |
Property and Equipment [Abstract] | |
Useful life | Lesser of lease term or useful life |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies, Goodwill/Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Goodwill [Abstract] | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Tradename [Member] | |||
Intangible Assets [Abstract] | |||
Impairment of intangible assets | $ 0 | $ 0 | $ 0 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies, Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Advertising Costs [Abstract] | |||
Advertising expense | $ 36.7 | $ 32.4 | $ 28 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies, Debt Issuance Costs and Original Issue Discount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Debt Issuance Costs and Original Issue Discount [Abstract] | |||
Debt issuance costs, net of accumulated amortization | $ 800 | $ 1,500 | |
Original issue discount, net of accumulated amortization | 0 | 15 | |
Amortization of debt issuance costs | 482 | 640 | $ 746 |
Amortization of original issue discount | 5 | 17 | 25 |
Loss on extinguishment of debt | $ 150 | $ 798 | $ 0 |
Organization and Summary of S_9
Organization and Summary of Significant Accounting Policies, Income Taxes (Details) - State [Member] | 12 Months Ended |
Feb. 02, 2019 | |
Minimum [Member] | |
Income Taxes [Abstract] | |
Statute of limitation for tax returns | 3 years |
Maximum [Member] | |
Income Taxes [Abstract] | |
Statute of limitation for tax returns | 4 years |
Organization and Summary of _10
Organization and Summary of Significant Accounting Policies, Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Earnings Per Common Share [Abstract] | |||||||||||
Net income | $ 49,894 | $ 24,817 | $ 29,848 | $ 30,454 | $ 70,054 | $ 18,862 | $ 19,712 | $ 18,966 | $ 135,013 | $ 127,594 | $ 59,764 |
Weighted average number of common shares outstanding - Basic (in shares) | 62,568,000 | 61,353,000 | 60,160,000 | ||||||||
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares) | 3,337,000 | 3,597,000 | 2,255,000 | ||||||||
Weighted average number of common shares outstanding - Diluted (in shares) | 65,905,000 | 64,950,000 | 62,415,000 | ||||||||
Earnings per common share - Basic (in dollars per share) | $ 0.79 | $ 0.40 | $ 0.48 | $ 0.49 | $ 1.13 | $ 0.31 | $ 0.32 | $ 0.31 | $ 2.16 | $ 2.08 | $ 0.99 |
Earnings per common share - Diluted (in dollars per share) | $ 0.76 | $ 0.38 | $ 0.45 | $ 0.46 | $ 1.07 | $ 0.29 | $ 0.30 | $ 0.29 | $ 2.05 | $ 1.96 | $ 0.96 |
Stock Options [Member] | |||||||||||
Earnings per Common Share [Abstract] | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 100,183 | 126,899 | 81,616 | ||||||||
Non-vested Restricted Stock Units [Member] | |||||||||||
Earnings per Common Share [Abstract] | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,800 | 10,169 | 0 |
Organization and Summary of _11
Organization and Summary of Significant Accounting Policies, Recent Accounting Pronouncements (Details) - ASU 2016-02 [Member] - Plan [Member] $ in Millions | Feb. 02, 2019USD ($) |
Minimum [Member] | |
Recent Accounting Pronouncements [Abstract] | |
Right-of-use assets | $ 260 |
Lease liabilities | 260 |
Maximum [Member] | |
Recent Accounting Pronouncements [Abstract] | |
Right-of-use assets | 275 |
Lease liabilities | $ 275 |
Net Sales (Details)
Net Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Assets [Abstract] | |||
Inventories | $ 296,407 | $ 255,185 | |
Liabilities [Abstract] | |||
Accrued expenses and other | 65,934 | 46,327 | |
Deferred income taxes | 55,616 | 59,073 | |
Equity [Abstract] | |||
Retained earnings | $ 342,441 | 213,019 | |
Ollie's Army Loyalty Program Liability [Abstract] | |||
Expiration period of discount awards from date of issuance | 90 days | ||
Balance at beginning of period | $ 8,321 | ||
Revenue deferred | 12,180 | ||
Revenue recognized | (11,446) | ||
Balance at end of period | 9,055 | 8,321 | |
Gift Card Liability [Rollforward] | |||
Balance at beginning of period | 1,223 | ||
Gift card issuances | 4,561 | ||
Gift card redemption and breakage | (4,336) | ||
Balance at end of period | 1,448 | 1,223 | |
Sales Return Allowance [Roll Forward] | |||
Beginning balance | 339 | 339 | $ 247 |
Cumulative effect of adopting ASU 2014-09 | 339 | 0 | 0 |
Provisions | 46,049 | 39,421 | 34,995 |
Sales returns | (45,929) | (39,421) | (34,903) |
Ending balance | $ 798 | 339 | $ 339 |
ASU 2014-09 [Member] | |||
Assets [Abstract] | |||
Inventories | 255,524 | ||
Liabilities [Abstract] | |||
Accrued expenses and other | 54,180 | ||
Deferred income taxes | 57,150 | ||
Equity [Abstract] | |||
Retained earnings | 207,428 | ||
Adjustments Due to ASU 2014-09 [Member] | ASU 2014-09 [Member] | |||
Assets [Abstract] | |||
Inventories | 339 | ||
Liabilities [Abstract] | |||
Accrued expenses and other | 7,853 | ||
Deferred income taxes | (1,923) | ||
Equity [Abstract] | |||
Retained earnings | $ (5,591) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Property and Equipment [Abstract] | |||
Property and equipment | $ 179,485 | $ 104,964 | |
Less: Accumulated depreciation and amortization | (60,433) | (50,076) | |
Property and equipment, net | 119,052 | 54,888 | |
Depreciation and amortization of property and equipment | 14,008 | 11,923 | $ 10,291 |
Depreciation and amortization expenses | 11,664 | 9,817 | $ 8,443 |
Land [Member] | |||
Property and Equipment [Abstract] | |||
Property and equipment | 27,010 | 2,103 | |
Building [Member] | |||
Property and Equipment [Abstract] | |||
Property and equipment | 1,518 | 1,255 | |
Furniture, Fixtures, and Equipment [Member] | |||
Property and Equipment [Abstract] | |||
Property and equipment | 106,647 | 87,800 | |
Leasehold Improvements [Member] | |||
Property and Equipment [Abstract] | |||
Property and equipment | 16,791 | 11,829 | |
Automobiles [Member] | |||
Property and Equipment [Abstract] | |||
Property and equipment | 1,999 | 1,977 | |
Construction in Progress [Member] | |||
Property and Equipment [Abstract] | |||
Property and equipment | $ 25,520 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Goodwill | $ 444,850 | $ 444,850 | |
Goodwill and other intangible assets, net | 677,154 | 677,489 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Accumulated amortization | (2,160) | (1,825) | |
Amortization of intangibles | 335 | 338 | $ 377 |
Tradename [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Non-amortizing intangible asset | 230,559 | 230,559 | |
Favorable Leases [Member] | |||
Goodwill and Other Intangible Assets [Abstract] | |||
Amortizing intangible assets | 3,905 | 3,905 | |
Accumulated amortization | (2,160) | (1,825) | |
Amortization of intangibles | 335 | $ 338 | $ 377 |
Estimated Amortization Expense of Intangible Assets [Abstract] | |||
Fiscal year ending February 1, 2020 | 310 | ||
Fiscal year ending January 30, 2021 | 281 | ||
Fiscal year ending January 29, 2022 | 237 | ||
Fiscal year ending January 28, 2023 | 226 | ||
Fiscal year ending January 28, 2024 | 189 | ||
Thereafter | 502 | ||
Total remaining amortization | $ 1,745 | ||
Weighted average remaining life | 7 years 3 months 18 days | 7 years 10 months 24 days |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Accrued Expenses [Abstract] | ||
Compensation and benefits | $ 16,438 | $ 14,181 |
Deferred revenue | 10,503 | 0 |
Insurance | 6,159 | 2,768 |
Advertising | 5,678 | 5,523 |
Freight | 4,496 | 3,836 |
Real estate related | 3,748 | 4,019 |
Sales and use taxes | 3,464 | 3,865 |
Other | 15,448 | 12,135 |
Total accrued expenses | $ 65,934 | $ 46,327 |
Debt Obligations and Financin_3
Debt Obligations and Financing Arrangements, Long-term Debt (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Debt Obligations and Financing Arrangements [Abstract] | ||
Term loan, net | $ 0 | $ 48,530 |
Capital leases | 679 | 463 |
Total debt | 679 | 48,993 |
Less: Current portion | (238) | (10,158) |
Long-term debt | $ 441 | $ 38,835 |
Debt Obligations and Financin_4
Debt Obligations and Financing Arrangements, Credit Facilities (Details) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | |
Debt Obligations and Financing Arrangements [Abstract] | |||
Unamortized original issue discount | $ 0 | $ 15 | |
Deferred financing fees | 800 | 1,500 | |
Unused line fees | $ 200 | 300 | $ 300 |
Credit Facilities [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Maturity date | Jan. 29, 2021 | ||
Credit Facilities [Member] | Minimum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Consolidated fixed charge coverage ratio | 1.1 | ||
Credit Facilities [Member] | Maximum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Total leverage ratio | 3.5 | ||
Credit Facilities [Member] | Federal Funds Effective Rate [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Basis spread | 0.50% | ||
Credit Facilities [Member] | Eurodollar Rate [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Basis spread | 1.00% | ||
Credit Facilities [Member] | Eurodollar Rate [Member] | Minimum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Basis spread | 1.75% | ||
Credit Facilities [Member] | Eurodollar Rate [Member] | Maximum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Basis spread | 2.25% | ||
Credit Facilities [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Basis spread | 0.75% | ||
Credit Facilities [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Basis spread | 1.25% | ||
Term Loan Facility [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Face amount | $ 200,000 | ||
Repayment of debt | 48,800 | 146,300 | |
Debt issuance costs written off | 100 | 700 | |
Original issue discount written off | 10 | 100 | |
Unamortized original issue discount | 15 | ||
Deferred financing fees | $ 200 | ||
Revolving Credit Facility [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Maximum borrowing capacity | 100,000 | ||
Outstanding borrowings | 0 | ||
Borrowing availability | 98,900 | ||
Letter of credit commitments | 800 | ||
Rent reserves | $ 300 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Variable unused line fee percentage | 0.25% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Percentage of most recent appraised value of eligible inventory | 90.00% | ||
Variable unused line fee percentage | 0.375% | ||
Letters of Credit [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Maximum borrowing capacity | $ 25,000 | ||
Swingline Loans [Member] | |||
Debt Obligations and Financing Arrangements [Abstract] | |||
Maximum borrowing capacity | $ 25,000 |
Income Taxes, Income Tax Provis
Income Taxes, Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Feb. 03, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Feb. 03, 2018 | Dec. 31, 2017 | Jan. 28, 2017 | |
Income Taxes [Abstract] | ||||||
Statutory federal rate | 21.00% | 33.70% | 35.00% | 35.00% | ||
Income tax benefit due to revaluation of net deferred tax liabilities | $ (30,900) | $ (30,900) | ||||
Current [Abstract] | ||||||
Federal | $ 20,804 | $ 27,817 | $ 29,280 | |||
State | 6,394 | 5,399 | 5,348 | |||
Current income tax expense (benefit) | 27,198 | 33,216 | 34,628 | |||
Deferred [Abstract] | ||||||
Federal | (901) | (29,851) | 1,829 | |||
State | (667) | (472) | 38 | |||
Deferred income tax expense (benefit) | (1,568) | (30,323) | 1,867 | |||
Income tax expense | $ 25,630 | $ 2,893 | $ 36,495 |
Income Taxes, Reconciliation of
Income Taxes, Reconciliation of Statutory to Effective Income Tax Rate (Details) | 12 Months Ended | |||
Feb. 02, 2019 | Feb. 03, 2018 | Dec. 31, 2017 | Jan. 28, 2017 | |
Reconciliation of Statutory to Effective Income Tax Rate [Abstract] | ||||
Statutory federal rate | 21.00% | 33.70% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.80% | 2.50% | 3.60% | |
Impact from 2017 Tax Act | 0.20% | (23.70%) | 0.00% | |
Excess tax benefits related to stock-based compensation | (7.40%) | (9.90%) | 0.00% | |
Other | (0.60%) | (0.40%) | (0.70%) | |
Effective income tax rate | 16.00% | 2.20% | 37.90% |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Deferred Tax Assets [Abstract] | |||
Inventory reserves | $ 1,134 | $ 990 | |
Deferred rent | 2,957 | 2,034 | |
Stock-based compensation | 4,175 | 3,722 | |
Deferred revenue | 2,316 | 0 | |
Other | 2,642 | 1,539 | |
Total deferred tax assets | 13,224 | 8,285 | |
Deferred Tax Liabilities [Abstract] | |||
Tradename | (58,946) | (58,954) | |
Depreciation | (9,450) | (7,408) | |
Prepaid expenses | 0 | (466) | |
Leases | (444) | (530) | |
Total deferred tax liabilities | (68,840) | (67,358) | |
Net deferred tax liabilities | (55,616) | (59,073) | |
Income Tax Uncertainties [Abstract] | |||
Uncertain tax positions recognized | 0 | 0 | |
Interest expense and penalties on uncertain tax positions | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies,
Commitments and Contingencies, Rent Expense on Operating Leases (Details) - Stores, Office and Distribution Facilities [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Operating Leases [Abstract] | |||
Renewal term of leases | 5 years | ||
Rent Expense on Operating Leases [Abstract] | |||
Minimum annual rentals | $ 49,413 | $ 43,791 | $ 36,970 |
Contingent rentals | 78 | 67 | 110 |
Total rent expense on operating leases | $ 49,491 | $ 43,858 | $ 37,080 |
Commitments and Contingencies_2
Commitments and Contingencies, Future Minimum Rental Payments Required under Non-cancelable Operating Leases (Details) - Stores, Office and Distribution Facilities [Member] $ in Thousands | Feb. 02, 2019USD ($) |
Future Minimum Rental Payments Required under Non-cancelable Operating Leases [Abstract] | |
Fiscal year ending February 1, 2020 | $ 60,804 |
Fiscal year ending January 30, 2021 | 56,106 |
Fiscal year ending January 29, 2022 | 49,226 |
Fiscal year ending January 28, 2023 | 42,724 |
Fiscal year ending February 3, 2024 | 34,876 |
Thereafter | 65,218 |
Total minimum lease payments | $ 308,954 |
Commitments and Contingencies_3
Commitments and Contingencies, Construction of Distribution Center (Details) $ in Thousands | Nov. 29, 2018USD ($)aft² | Dec. 31, 2018USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) |
Construction of Distribution Center [Abstract] | |||||
Purchases of property and equipment | $ 74,178 | $ 19,285 | $ 16,438 | ||
Construction of Distribution Center [Member] | |||||
Construction of Distribution Center [Abstract] | |||||
Area of land acquired for new distribution center | a | 58 | ||||
Area of new distribution center | ft² | 615,000 | ||||
Purchases of property and equipment | $ 6,700 | ||||
Construction of Distribution Center [Member] | Minimum [Member] | |||||
Construction of Distribution Center [Abstract] | |||||
Investment in new distribution center | $ 45,000 | ||||
Construction of Distribution Center [Member] | Maximum [Member] | |||||
Construction of Distribution Center [Abstract] | |||||
Investment in new distribution center | $ 50,000 |
Equity Incentive Plans, Equity
Equity Incentive Plans, Equity Incentive Plans (Details) | 12 Months Ended |
Feb. 02, 2019shares | |
2012 Plan [Member] | Stock Options [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting period | 5 years |
Expiration period | 10 years |
2012 Plan [Member] | Stock Options [Member] | Year 1 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 2 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 3 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 4 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 5 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2015 Plan [Member] | |
Equity Incentive Plans [Abstract] | |
Number of shares authorized for issuance (in shares) | 5,250,000 |
Number of shares available for grant (in shares) | 3,464,826 |
2015 Plan [Member] | Stock Options [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting period | 4 years |
Expiration period | 10 years |
2015 Plan [Member] | Stock Options [Member] | Year 1 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
2015 Plan [Member] | Stock Options [Member] | Year 2 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
2015 Plan [Member] | Stock Options [Member] | Year 3 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
2015 Plan [Member] | Stock Options [Member] | Year 4 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
Equity Incentive Plans, Stock O
Equity Incentive Plans, Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2016 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Number of Options [Roll Forward] | ||||
Exercised (in shares) | (1,152,500) | |||
Stock Options [Member] | ||||
Number of Options [Roll Forward] | ||||
Outstanding at beginning of period (in shares) | 4,458,387 | 5,425,960 | 6,991,825 | |
Granted (in shares) | 279,629 | 357,222 | 518,277 | |
Forfeited (in shares) | (23,069) | (93,867) | (135,390) | |
Exercised (in shares) | (968,525) | (1,230,928) | (1,948,752) | |
Outstanding at end of period (in shares) | 3,746,422 | 4,458,387 | 5,425,960 | |
Exercisable at end of period (in shares) | 2,387,429 | |||
Weighted Average Exercise Price [Abstract] | ||||
Outstanding at beginning of period (in dollars per share) | $ 11.65 | $ 9.62 | $ 8.04 | |
Granted (in dollars per share) | 58.96 | 32.64 | 20.37 | |
Forfeited (in dollars per share) | 42.02 | 16.06 | 9.09 | |
Exercised (in dollars per share) | 10.51 | 8.46 | 6.83 | |
Outstanding at end of period (in dollars per share) | 15.29 | $ 11.65 | $ 9.62 | |
Exercisable at end of period (in dollars per share) | $ 8.96 | |||
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract] | ||||
Weighted average remaining contractual term, outstanding at end of period | 5 years 4 months 24 days | |||
Weighted average remaining contractual term, exercisable at end of period | 4 years 3 months 18 days | |||
Aggregate intrinsic value, outstanding at end of period | $ 239,986 | |||
Aggregate intrinsic value, exercisable at end of period | 168,041 | |||
Intrinsic value of stock options exercised | $ 59,400 | $ 42,700 | $ 43,900 |
Equity Incentive Plans, Weighte
Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Equity Incentive Plans [Abstract] | |||
Weighted average grant date fair value per option granted (in dollars per share) | $ 18.78 | $ 10.68 | $ 6.47 |
Risk-free interest rate | 2.70% | 2.20% | 1.72% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 25.85% | 28.29% | 28.52% |
Equity Incentive Plans, RSU Act
Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Equity Incentive Plans [Abstract] | |||
Cliff vesting period | 4 years | ||
Number of Shares [Roll Forward] | |||
Non-vested at beginning of period (in shares) | 207,346 | 136,718 | 0 |
Granted (in shares) | 64,511 | 97,472 | 137,458 |
Vested (in shares) | (51,657) | (26,665) | |
Forfeited (in shares) | 0 | (179) | (740) |
Non-vested at end of period (in shares) | 220,200 | 207,346 | 136,718 |
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of period (in dollars per share) | $ 26.15 | $ 20.36 | $ 0 |
Granted (in dollars per share) | 58.93 | 32.71 | 20.36 |
Vested (in dollars per share) | 26.19 | 20.37 | |
Forfeited (in dollars per share) | 0 | 31.45 | 20.26 |
Non-vested at end of period (in dollars per share) | $ 35.75 | $ 26.15 | $ 20.36 |
Minimum [Member] | |||
Equity Incentive Plans [Abstract] | |||
Vesting period | 1 year | ||
Maximum [Member] | |||
Equity Incentive Plans [Abstract] | |||
Vesting period | 4 years |
Equity Incentive Plans, Stock B
Equity Incentive Plans, Stock Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Stock-Based Compensation Expense [Abstract] | |||
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | $ 13.1 | ||
Weighted average period to recognize stock-based compensation expense | 2 years 4 months 24 days | ||
Selling, General and Administrative Expenses [Member] | |||
Stock-Based Compensation Expense [Abstract] | |||
Compensation expense | $ 7.3 | $ 7.4 | $ 6.7 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - 401(k) Defined Contribution Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Employee Benefit Plans [Abstract] | |||
Minimum age of full-time employee to participate in the Plan | 21 years | ||
Term of full-time employment for participation in the Plan | 3 months | ||
Percentage of employee's annual compensation that will be matched by employer | 6.00% | ||
Vesting period for employer matching contribution percentage | 6 years | ||
Employer matching contributions | $ 0.2 | $ 0.2 | $ 0.2 |
Employer discretionary contributions | $ 0 | $ 0 | $ 0 |
Maximum [Member] | |||
Employee Benefit Plans [Abstract] | |||
Employer matching contribution percentage | 25.00% |
Common Stock, Common Stock (Det
Common Stock, Common Stock (Details) shares in Thousands | 12 Months Ended | |
Feb. 02, 2019Vote / shares$ / sharesshares | Feb. 03, 2018$ / sharesshares | |
Common Stock [Abstract] | ||
Common stock, number of votes per share | Vote / shares | 1 | |
Common stock, shares authorized (in shares) | shares | 500,000 | 500,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | shares | 50,000 | 50,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common Stock, Secondary Offerin
Common Stock, Secondary Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 06, 2016 | Jun. 10, 2016 | Jun. 06, 2016 | Feb. 19, 2016 | Feb. 18, 2016 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Secondary Offerings [Abstract] | ||||||||
Shares sold in secondary offering (in shares) | 13,725,798 | 12,152,800 | 7,873,063 | |||||
Number of options exercised (in shares) | 1,152,500 | |||||||
Shares purchased by underwriters in secondary offering (in shares) | 1,822,920 | 1,180,959 | ||||||
Shares sold in secondary offering, including shares purchased by underwriters (in shares) | 13,975,720 | 9,054,022 | ||||||
Share price (in dollars per share) | $ 26.07 | $ 25 | $ 19.75 | |||||
Proceeds from stock option exercises | $ 7,500 | $ 10,179 | $ 10,413 | $ 13,304 | ||||
Selling, General and Administrative Expenses [Member] | ||||||||
Secondary Offerings [Abstract] | ||||||||
Legal, accounting and other fees | $ 600 | $ 600 | $ 600 |
Transactions with Affiliates _2
Transactions with Affiliates and Related Parties (Details) - Operating Leases for Office and Store Locations [Member] $ in Millions | Feb. 02, 2019USD ($)Lease |
Transactions with Related Parties [Abstract] | |
Number of non-cancelable operating leases with related parties | Lease | 5 |
Future Minimum Lease Payments Required under Non-cancelable Operating Leases [Abstract] | |
Thereafter | $ 4.1 |
Minimum [Member] | |
Future Minimum Lease Payments Required under Non-cancelable Operating Leases [Abstract] | |
Fiscal year ending February 1, 2020 | 0.9 |
Fiscal year ending January 30, 2021 | 0.9 |
Fiscal year ending January 29, 2022 | 0.9 |
Fiscal year ending January 28, 2023 | 0.9 |
Fiscal year ending February 3, 2024 | 0.9 |
Maximum [Member] | |
Future Minimum Lease Payments Required under Non-cancelable Operating Leases [Abstract] | |
Fiscal year ending February 1, 2020 | 1.3 |
Fiscal year ending January 30, 2021 | 1.3 |
Fiscal year ending January 29, 2022 | 1.3 |
Fiscal year ending January 28, 2023 | 1.3 |
Fiscal year ending February 3, 2024 | $ 1.3 |
Segment Reporting (Details)
Segment Reporting (Details) - Segment | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 1 | ||
Net Sales [Member] | Merchandise Category [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 100.00% | 100.00% | 100.00% |
Net Sales [Member] | Merchandise Category [Member] | Housewares [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 15.10% | 13.70% | 12.70% |
Net Sales [Member] | Merchandise Category [Member] | Food [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 11.00% | 11.90% | 12.70% |
Net Sales [Member] | Merchandise Category [Member] | Bed and Bath [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 10.10% | 10.50% | 10.10% |
Net Sales [Member] | Merchandise Category [Member] | Books and Stationery [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 9.40% | 10.00% | 10.60% |
Net Sales [Member] | Merchandise Category [Member] | Floor Coverings [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 7.80% | 7.70% | 8.00% |
Net Sales [Member] | Merchandise Category [Member] | Electronics [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 6.80% | 6.90% | 6.70% |
Net Sales [Member] | Merchandise Category [Member] | Toys [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 6.80% | 5.50% | 5.20% |
Net Sales [Member] | Merchandise Category [Member] | Health and Beauty Aids [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 5.60% | 5.50% | 4.10% |
Net Sales [Member] | Merchandise Category [Member] | Other [Member] | |||
Sales by Merchandise Category [Abstract] | |||
Concentration risk percentage | 27.40% | 28.30% | 29.90% |
Quarterly Results of Operatio_3
Quarterly Results of Operations and Seasonality (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Feb. 03, 2018 | Jan. 28, 2017 | |
Quarterly Results of Operations and Seasonality (Unaudited) [Abstract] | ||||||||||||
Net sales | $ 393,934 | $ 283,606 | $ 288,098 | $ 275,739 | $ 356,669 | $ 238,116 | $ 254,645 | $ 227,602 | $ 1,241,377 | $ 1,077,032 | $ 890,315 | |
Gross profit | 156,729 | 115,422 | 112,624 | 112,876 | 140,497 | 97,989 | 100,226 | 92,935 | 497,651 | 431,647 | 360,411 | |
Net income | $ 49,894 | $ 24,817 | $ 29,848 | $ 30,454 | $ 70,054 | $ 18,862 | $ 19,712 | $ 18,966 | $ 135,013 | $ 127,594 | $ 59,764 | |
Basic earnings per common share (in dollars per share) | $ 0.79 | $ 0.40 | $ 0.48 | $ 0.49 | $ 1.13 | $ 0.31 | $ 0.32 | $ 0.31 | $ 2.16 | $ 2.08 | $ 0.99 | |
Diluted earnings per common share (in dollars per share) | $ 0.76 | $ 0.38 | $ 0.45 | $ 0.46 | $ 1.07 | $ 0.29 | $ 0.30 | $ 0.29 | $ 2.05 | $ 1.96 | $ 0.96 | |
Tax benefit due to enacted federal tax reform | $ (30,900) | $ (30,900) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] $ in Millions | Mar. 26, 2019USD ($) |
Share Repurchase Authorization [Abstract] | |
Authorized repurchase of common stock | $ 100 |
Term of repurchase authorization | 2 years |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only), Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Assets [Abstract] | ||||
Total current assets | $ 358,497 | $ 303,676 | ||
Long-term assets: [Abstract] | ||||
Total assets | 1,159,003 | 1,038,199 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Total current liabilities | 150,996 | 136,726 | ||
Total liabilities | 216,351 | 241,737 | ||
Stockholders' equity: [Abstract] | ||||
Common stock | 63 | 62 | ||
Additional paid-in capital | 600,234 | 583,467 | ||
Retained earnings | 342,441 | 213,019 | ||
Treasury stock, at cost | (86) | (86) | ||
Total stockholders' equity | 942,652 | 796,462 | $ 651,261 | $ 561,949 |
Total liabilities and stockholders' equity | 1,159,003 | 1,038,199 | ||
Ollie's Bargain Outlet Holdings, Inc. [Member] | ||||
Assets [Abstract] | ||||
Total current assets | 0 | 0 | ||
Long-term assets: [Abstract] | ||||
Investment in subsidiaries | 942,652 | 796,462 | ||
Total assets | 942,652 | 796,462 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Total current liabilities | 0 | 0 | ||
Total long-term liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Stockholders' equity: [Abstract] | ||||
Common stock | 63 | 62 | ||
Additional paid-in capital | 600,234 | 583,467 | ||
Retained earnings | 342,441 | 213,019 | ||
Treasury stock, at cost | (86) | (86) | ||
Total stockholders' equity | 942,652 | 796,462 | ||
Total liabilities and stockholders' equity | $ 942,652 | $ 796,462 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only), Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Condensed Statements of Income [Abstract] | |||||||||||
Net sales | $ 393,934 | $ 283,606 | $ 288,098 | $ 275,739 | $ 356,669 | $ 238,116 | $ 254,645 | $ 227,602 | $ 1,241,377 | $ 1,077,032 | $ 890,315 |
Cost of sales | 743,726 | 645,385 | 529,904 | ||||||||
Gross profit | 156,729 | 115,422 | 112,624 | 112,876 | 140,497 | 97,989 | 100,226 | 92,935 | 497,651 | 431,647 | 360,411 |
Selling, general and administrative expenses | 312,790 | 278,174 | 242,891 | ||||||||
Depreciation and amortization expenses | 11,664 | 9,817 | 8,443 | ||||||||
Pre-opening expenses | 11,143 | 7,900 | 6,883 | ||||||||
Operating income | 162,054 | 135,756 | 102,194 | ||||||||
Interest expense, net | 1,261 | 4,471 | 5,935 | ||||||||
Income before income taxes and equity in net income of subsidiaries | 160,643 | 130,487 | 96,259 | ||||||||
Income tax expense | 25,630 | 2,893 | 36,495 | ||||||||
Net income | $ 49,894 | $ 24,817 | $ 29,848 | $ 30,454 | $ 70,054 | $ 18,862 | $ 19,712 | $ 18,966 | 135,013 | 127,594 | 59,764 |
Ollie's Bargain Outlet Holdings, Inc. [Member] | |||||||||||
Condensed Statements of Income [Abstract] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization expenses | 0 | 0 | 0 | ||||||||
Pre-opening expenses | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Income before income taxes and equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income before equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Net income of subsidiaries | 135,013 | 127,594 | 59,764 | ||||||||
Net income | $ 135,013 | $ 127,594 | $ 59,764 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only), Notes to Condensed Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Basis of Presentation [Abstract] | |||
Net increase (decrease) in cash and cash equivalents | $ 12,707 | $ (59,449) | $ 68,424 |
Term Loan Facility [Member] | |||
Guarantees and Restrictions [Abstract] | |||
Repayment of debt | 48,800 | 146,300 | |
Revolving Credit Facility [Member] | |||
Guarantees and Restrictions [Abstract] | |||
Borrowing availability | 98,900 | ||
Ollie's Bargain Outlet Holdings, Inc. [Member] | |||
Basis of Presentation [Abstract] | |||
Net increase (decrease) in cash and cash equivalents | 0 | $ 0 | $ 0 |
Ollie's Bargain Outlet Holdings, Inc. [Member] | Term Loan Facility [Member] | |||
Guarantees and Restrictions [Abstract] | |||
Repayment of debt | 48,800 | ||
Ollie's Bargain Outlet Holdings, Inc. [Member] | Revolving Credit Facility [Member] | |||
Guarantees and Restrictions [Abstract] | |||
Borrowing availability | $ 98,900 | ||
Maturity date | Jan. 29, 2021 |