J.Jill (JILL) 10-Q 11 Jun 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 04, 2019	Jun. 11, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 4, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	JILL
Entity Registrant Name	J.Jill, Inc.
Entity Central Index Key	0001687932
Current Fiscal Year End Date	--02-01
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		44,097,797

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 04, 2019	Feb. 02, 2019
Current assets:
Cash	$ 14,290	$ 66,204
Accounts receivable	7,647	4,007
Inventories, net	85,369	77,349
Prepaid expenses and other current assets	28,102	27,734
Total current assets	135,408	175,294
Property and equipment, net	116,477	118,044
Intangible assets, net	133,361	136,177
Goodwill	197,026	197,026
Operating lease assets, net	221,262
Other assets	306	447
Total assets	803,840	626,988
Current liabilities:
Accounts payable	55,102	55,012
Accrued expenses and other current liabilities	48,460	45,306
Current portion of long-term debt	2,799	2,799
Current portion of operating lease liabilities	32,677
Total current liabilities	139,038	103,117
Long-term debt, net of discount and current portion	237,120	237,464
Deferred income taxes	41,039	41,842
Operating lease liabilities, net of current portion	216,493
Other liabilities	2,150	30,770
Total liabilities	635,840	413,193
Commitments and contingencies (see Note 9)
Shareholders’ Equity
Common stock, par value $0.01 per share; 250,000,000 shares authorized; 44,097,797 and 43,672,418 shares issued and outstanding at May 4, 2019 and February 2, 2019, respectively	441	437
Additional paid-in capital	121,565	121,635
Accumulated earnings	45,994	91,723
Total shareholders’ equity	168,000	213,795
Total liabilities and shareholders’ equity	$ 803,840	$ 626,988

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 04, 2019	Feb. 02, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	44,097,797	43,672,418
Common stock, shares outstanding	44,097,797	43,672,418

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 04, 2019	May 05, 2018
Income Statement [Abstract]
Net sales	$ 176,452	$ 181,541
Costs of goods sold	60,196	61,200
Gross profit	116,256	120,341
Selling, general and administrative expenses	105,445	100,294
Operating income	10,811	20,047
Interest expense, net	5,007	4,817
Income before provision for income taxes	5,804	15,230
Provision for income taxes	1,438	3,972
Net income and total comprehensive income	$ 4,366	$ 11,258
Net income per common share attributable to common shareholders:
Basic	$ 0.10	$ 0.27
Diluted	$ 0.10	$ 0.26
Weighted average number of common shares outstanding:
Basic	43,327,519	42,216,331
Diluted	44,478,153	43,407,414

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Earnings [Member]
Beginning balance at Feb. 03, 2018		$ 179,316	$ 437	$ 117,393	$ 61,486
Beginning balance, shares at Feb. 03, 2018			43,752,790
Adoption of ASU | ASU 2014-09 [Member]		(288)			(288)
Vesting of restricted stock units		1	$ 1
Vesting of restricted stock units, shares			6,410
Equity-based compensation		760		760
Net income		11,258			11,258
Ending Balance at May. 05, 2018		191,047	$ 438	118,153	72,456
Ending balance, shares at May. 05, 2018			43,759,200
Beginning balance at Feb. 02, 2019		$ 213,795	$ 437	121,635	91,723
Beginning balance, shares at Feb. 02, 2019		43,672,418	43,672,418
Adoption of ASU | ASU 2016-02 [Member]	[1]	$ 59			59
Special cash dividend ($1.15 per share)		(50,154)			(50,154)
Vesting of restricted stock units			$ 7	(7)
Vesting of restricted stock units, shares			734,474
Shares withheld for net-share settlement of equity-based compensation		(1,268)	$ (2)	(1,266)
Shares withheld for net-share settlement of equity-based compensation			(239,117)
Forfeiture of restricted stock awards			$ (1)	1
Forfeiture of restricted stock awards, shares			(69,978)
Equity-based compensation		1,202		1,202
Net income		4,366			4,366
Ending Balance at May. 04, 2019		$ 168,000	$ 441	$ 121,565	$ 45,994
Ending balance, shares at May. 04, 2019		44,097,797	44,097,797
[1]	See Note 2 for additional detail regarding adoption of new accounting standards.

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	May 04, 2019	Mar. 06, 2019
Statement Of Stockholders Equity [Abstract]
Dividend declared (in dollars per share)	$ 1.15	$ 1.15

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 04, 2019	May 05, 2018
Statement Of Cash Flows [Abstract]
Net income	$ 4,366	$ 11,258
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	9,452	9,357
Loss on disposal of fixed assets	6	12
Noncash amortization of deferred financing and debt discount costs	410	396
Equity-based compensation	1,202	760
Deferred rent liability	(44)	(46)
Deferred income taxes	(804)	(1,867)
Changes in operating assets and liabilities:
Accounts receivable	(3,640)	(4,355)
Inventories	(8,020)	3,088
Prepaid expenses and other current assets	(4,028)	(1,465)
Accounts payable	370	(20,481)
Accrued expenses	4,315	8,271
Operating lease assets and liabilities	724
Other noncurrent assets and liabilities	(35)	607
Net cash provided by operating activities	4,274	5,535
Investing activities:
Purchases of property and equipment	(4,068)	(2,150)
Net cash used in investing activities	(4,068)	(2,150)
Financing activities:
Repayments on long-term debt	(700)	(700)
Payments of withholding tax on net-share settlement of equity-based compensation plans	(1,266)
Special dividend paid to shareholders	(50,154)
Net cash used in financing activities	(52,120)	(700)
Net change in cash	(51,914)	2,685
Cash:
Beginning of Period	66,204	25,978
End of Period	$ 14,290	$ 28,663

Description of Business

Description of Business	3 Months Ended
	May 04, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	1. Description of Business J.Jill, Inc., “J.Jill” or the “Company”, is a premier omnichannel retailer and nationally recognized women’s apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, thoughtful and inspired style that reflects the confidence of remarkable women who live life with joy, passion and purpose. J.Jill offers a guiding customer experience through more than 280 stores nationwide and a robust E-commerce platform. J.Jill is headquartered outside Boston.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 04, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation Our interim consolidated financial statements are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these interim consolidated financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The consolidated balance sheet as of February 2, 2019 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the thirteen weeks ended May 4, 2019 are not necessarily indicative of future results or results to be expected for the full year ending February 1, 2020. You should read these statements in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended February 2, 2019. Significant changes to our accounting policies as a result of adopting Accounting Standards Update (“ASU”) 2016-02 – Leases (Topic 842) Recently Adopted Accounting Policies In February 2016, the FASB issued ASU 2016-02 – Leases (Topic 842), Leases In July 2018, the FASB issued ASU 2018-09 – Codification Improvements , which facilitates amendments to a variety of topics to clarify, correct errors in, or make minor improvements to the accounting standards codification. The effective date of the standard is dependent on the facts and circumstances of each amendment. Some amendments do not require transition guidance and will be effective upon the issuance of this standard. The standard was adopted as of February 3, 2019, and it had no material impact on our consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07 – Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Recently Issued Accounting Pronouncements In November 2018, the FASB issued ASU 2018-18 – Collaborative Arrangements In September 2018, the FASB issued ASU 2018-15 – Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Significant Accounting Policies Update Adoption of ASC Topic 842: Leases The Company adopted ASU 2016-02- Leases The Company applied a portfolio approach to effectively account for the operating lease liabilities and operating lease assets; the Company does not have financing leases. The Company excludes leases with an initial term of 12 months or less from the application of Topic 842. The Company did not elect the hindsight practical expedient; therefore, upon adoption, the Company used the remaining lease term of the current lease, option or extension. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $223.3 million and $250.5 million, respectively, on the Company’s consolidated balance sheet as of February 3, 2019. The difference between the approximate value of the operating lease assets and liabilities is attributable to deferred rent, deferred rent incentives, leasehold interests and prepaid rent. There was no material impact on the Company’s consolidated statement of operations and comprehensive income or consolidated statements cash flows. The Company’s comparative periods continue to be presented and disclosed in accordance with legacy guidance in Topic 840. Operating Leases The Company determines if an arrangement is a lease at inception. Lease agreements will typically exist with lease and non-lease components, which are generally accounted for separately. The Company recognizes operating lease liabilities equal to the present value of the lease payments and operating lease assets representing the right to use the underlying asset for the lease term. The lease expense for lease payments is recognized on a straight-line basis over the lease term. As the Company’s leases do not provide an implicit rate, the Company will use an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. The operating lease assets include any lease payments made prior to lease commencement and are reduced by any lease incentives. Under Topic 842, for any new leases entered into, the Company will assess if it is reasonably certain to exercise lease options to extend or terminate the lease for inclusion (or exclusion) in the lease term when the Company measures the lease liability. The depreciable life of any assets and leasehold improvements are limited by the expected lease term. Certain of the Company’s retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels. Variable rental payments are recognized in the consolidated statement of operations and comprehensive income in the period in which the obligation for those payments is incurred. If such variable operating leases arise that include incentives from landlords in the form of cash, the Company will record the full amount of the incentive when specific performance criteria are met as a deferred liability. The deferred liability is amortized into income as a reduction of rent expense over the term of the applicable lease, including options to extend if they are reasonably certain to be exercised. The Company recognized those liabilities to be amortized within a year as a current liability and those greater than a year as a long-term liability. For purposes of recognizing these incentives and rental expenses on a straight-line basis, the Company uses the date it obtains the legal right to use and control the lease asset to begin amortization, which is generally when the Company takes possession of the asset.

Revenues

Revenues	3 Months Ended
	May 04, 2019
Revenue From Contract With Customer [Abstract]
Revenues	3. Revenues Disaggregation of Revenue The Company sells its products directly to consumers and the Company earns royalties under its credit card agreement. The following table presents disaggregated revenues by source (in thousands): For the Thirteen Weeks Ended May 4, 2019 May 5, 2018 Retail $ 102,594 $ 108,031 Direct 73,858 73,510 Net revenues $ 176,452 $ 181,541 Contract Liabilities The Company recognizes a contract liability when it has received consideration from the customer and has a future obligation to the customer. Total contract liabilities consisted of the following (in thousands): May 4, 2019 February 2, 2019 Contract liabilities: Signing bonus $ 612 $ 647 Unredeemed gift cards 5,798 7,081 Total contract liabilities (1) $ 6,410 $ 7,728 (1) For the thirteen weeks ended May 4, 2019 and May 5, 2018, the Company recognized approximately $3.4 million and $3.3 million, respectively, of revenue related to gift card redemptions and breakage. Revenue recognized consists of gift cards that were part of the unredeemed gift card balance at the beginning of the period as well as gift cards that were issued during the period. Performance Obligations The Company has a remaining performance obligation of $0.6 million for a signing bonus related to the private label credit card agreement. The Company will recognize revenue over the remaining life of the contract as follows (in thousands): Fiscal Year 2019 Fiscal Year 2020 Thereafter Signing bonus $ 106 $ 141 $ 365 This disclosure does not include revenue related to performance obligations from unredeemed gift cards, as substantially all gift cards are redeemed in the first year of issuance.

Debt

Debt	3 Months Ended
	May 04, 2019
Debt Disclosure [Abstract]
Debt	4. Debt The components of the Company’s outstanding Term Loan were as follows (in thousands): May 4, 2019 February 2, 2019 Term Loan $ 244,678 $ 245,378 Discount on debt and debt issuance costs (4,759 ) (5,115 ) Less: Current portion (2,799 ) (2,799 ) Net long-term debt $ 237,120 $ 237,464 The Company was in compliance with all financial covenants as of May 4, 2019.

Income Taxes

Income Taxes	3 Months Ended
	May 04, 2019
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company recorded income tax expense of $1.4 million during the thirteen weeks ended May 4, 2019, and $4.0 million during the thirteen weeks ended May 5, 2018. The effective tax rates were 24.8% in the thirteen weeks ended May 4, 2019, and 26.1% in the thirteen weeks ended May 5, 2018. The effective tax rate for both the thirteen weeks ended May 4, 2019 and May 5, 2018 exceeds the federal statutory rate of 21.0% primarily due to §162(m) officer compensation limitation, stock compensation and state income taxes.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 04, 2019
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share The following table summarizes the computation of basic and diluted net income per share attributable to common shareholders (in thousands, except share and per share data): For the Thirteen Weeks Ended May 4, 2019 May 5, 2018 Numerator Net income attributable to common shareholders: $ 4,366 $ 11,258 Denominator Weighted average number of common shares outstanding, basic: 43,327,519 42,216,331 Dilutive effect of stock options and restricted shares: 1,150,634 1,191,083 Weighted average number of common shares outstanding, diluted: 44,478,153 43,407,414 Net income per common share attributable to common shareholders, basic: $ 0.10 $ 0.27 Net income per common share attributable to common shareholders, diluted: $ 0.10 $ 0.26 The weighted average common shares for the diluted earnings per share calculation exclude the impact of outstanding equity awards if the assumed proceeds per share of the award is in excess of the related fiscal period’s average price of the Company’s common stock. Such awards are excluded because they would have an antidilutive effect. There were 1,326,832 for the thirteen weeks ended May 4, 2019, and 1,122,820 for the thirteen weeks ended May 5, 2018, such awards excluded.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	May 04, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	7. Equity-Based Compensation Equity-based compensation expense was $1.2 million for the thirteen weeks ended May 4, 2019, and $0.8 million for the thirteen weeks ended May 5, 2018. Special Dividend On March 6, 2019, the Company’s Board of Directors declared a special cash dividend (the “Special Dividend”) of $1.15 per share payable to shareholders of record as of March 19, 2019, of which $50.2 million was paid on April 1, 2019 to shareholders. In connection with the Special Dividend, pursuant to anti-dilution provisions in the 2017 Omnibus Equity Incentive Plan (the “2017 Plan”), the Company adjusted outstanding equity awards in order to prevent dilution of such awards. Accordingly, the Company adjusted the number of outstanding unvested restricted stock units (“RSUs”) as of the payment date of the dividend with an additional number of RSUs (“Dividend Equivalent Units” or “DEUs”) equal to the quotient obtained by dividing (x) (y)

Related Party Transactions

Related Party Transactions	3 Months Ended
	May 04, 2019
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions For both the thirteen weeks ended May 4, 2019 and May 5, 2018, the Company incurred an immaterial amount of related party transactions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 04, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Legal Proceedings The Company is subject to various legal proceedings that arise in the ordinary course of business. Although the outcome of such proceedings cannot be predicted with certainty, management does not believe that the Company is presently party to any legal proceedings the resolution of which management believes would have a material adverse effect on the Company’s business, financial condition, operating results or cash flows. The Company establishes reserves for specific legal matters when the Company determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable.

Operating Leases

Operating Leases	3 Months Ended
	May 04, 2019
Leases [Abstract]
Operating Leases	10. Operating Leases As of May 4, 2019 Certain of the Company’s retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels. Some retail leases include one or more options to renew, with renewal terms that can extend the lease term from one to fifteen years. The Company’s distribution center has renewal terms that can extend the lease term up to twenty years. The exercise of lease renewal options is at the Company’s sole discretion. As of May 4, 2019, the Company did not include options to renew in the operating lease assets and liabilities. As described in Note 2, the Company adopted Topic 842 as of February 3, 2019. Under this guidance the Company did not record any deferred lease liabilities as of May 4, 2019. The Company maintained a tenant incentive liability of $1.3 million as of May 4, 2019, related to certain variable retail leases. Under legacy guidance, Topic 840, the Company recorded a deferred lease liability of $11.9 million and maintained a tenant improvement incentive liability of $19.1 million as of February 2, 2019. The components of lease expense were as follows (in thousands): Lease Cost Classification For the Thirteen Weeks Ended May 4, 2019 Operating lease cost SG&A Expenses $ 11,552 Variable lease cost SG&A Expenses 766 Total lease cost $ 12,318 For the thirteen weeks ended May 4, 2019, total common area maintenance expense was $3.5 million. For the thirteen weeks ended May 5, 2018, total rental expense was $11.9 million and common area maintenance expense was $3.6 million, exclusive of contingent rental expense recorded of $0.2 million. The Company used an incremental borrowing rate on February 3, 2019, for operating leases that commenced prior to that date. The incremental borrowing rate is estimated based upon (1) the financial condition and credit rating of the Company and its peers, (2) the term of the lease, (3) the nature of the underlying asset, and (4) the relative economic environment. For the thirteen weeks ended May 4, 2019, operating lease liabilities arising from obtaining operating lease assets was $5.5 million. For the thirteen weeks ended May 4, 2019, the total cash paid for amounts included in the measurement of operating lease liabilities was $11.8 million. Lease Term and Discount Rate May 4, 2019 Weighted-average remaining lease term (in years) Operating leases 7.4 Weighted-average discount rate Operating leases 6.6 % Maturities of lease liabilities as of May 4, 2019 were as follows (in thousands): Fiscal Year Operating Leases (1) 2019 $ 37,232 2020 46,961 2021 44,484 2022 39,996 2023 36,989 Thereafter 114,091 Less: Imputed interest 70,583 Present value of lease liabilities $ 249,170 (1) Operating lease payments exclude $6.4 million of legally binding minimum lease payments for leases signed but for which the Company has not taken possession. Under Topic 840, future minimum rental payments required under all non-cancellable operating lease obligations as of February 2, 2019 were as follows (in thousands): Fiscal Year 2019 $ 49,399 2020 46,512 2021 43,872 2022 39,369 2023 36,459 Thereafter 110,376 Total $ 325,987

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 04, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements are unaudited. All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these interim consolidated financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The consolidated balance sheet as of February 2, 2019 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the thirteen weeks ended May 4, 2019 are not necessarily indicative of future results or results to be expected for the full year ending February 1, 2020. You should read these statements in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended February 2, 2019. Significant changes to our accounting policies as a result of adopting Accounting Standards Update (“ASU”) 2016-02 – Leases (Topic 842)
Recently Adopted Accounting Policies, Recently Issued Accounting Pronouncements and Significant Accounting Policies Update	Recently Adopted Accounting Policies In February 2016, the FASB issued ASU 2016-02 – Leases (Topic 842), Leases In July 2018, the FASB issued ASU 2018-09 – Codification Improvements , which facilitates amendments to a variety of topics to clarify, correct errors in, or make minor improvements to the accounting standards codification. The effective date of the standard is dependent on the facts and circumstances of each amendment. Some amendments do not require transition guidance and will be effective upon the issuance of this standard. The standard was adopted as of February 3, 2019, and it had no material impact on our consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07 – Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Recently Issued Accounting Pronouncements In November 2018, the FASB issued ASU 2018-18 – Collaborative Arrangements In September 2018, the FASB issued ASU 2018-15 – Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Significant Accounting Policies Update Adoption of ASC Topic 842: Leases The Company adopted ASU 2016-02- Leases The Company applied a portfolio approach to effectively account for the operating lease liabilities and operating lease assets; the Company does not have financing leases. The Company excludes leases with an initial term of 12 months or less from the application of Topic 842. The Company did not elect the hindsight practical expedient; therefore, upon adoption, the Company used the remaining lease term of the current lease, option or extension. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $223.3 million and $250.5 million, respectively, on the Company’s consolidated balance sheet as of February 3, 2019. The difference between the approximate value of the operating lease assets and liabilities is attributable to deferred rent, deferred rent incentives, leasehold interests and prepaid rent. There was no material impact on the Company’s consolidated statement of operations and comprehensive income or consolidated statements cash flows. The Company’s comparative periods continue to be presented and disclosed in accordance with legacy guidance in Topic 840. Operating Leases The Company determines if an arrangement is a lease at inception. Lease agreements will typically exist with lease and non-lease components, which are generally accounted for separately. The Company recognizes operating lease liabilities equal to the present value of the lease payments and operating lease assets representing the right to use the underlying asset for the lease term. The lease expense for lease payments is recognized on a straight-line basis over the lease term. As the Company’s leases do not provide an implicit rate, the Company will use an incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. The operating lease assets include any lease payments made prior to lease commencement and are reduced by any lease incentives. Under Topic 842, for any new leases entered into, the Company will assess if it is reasonably certain to exercise lease options to extend or terminate the lease for inclusion (or exclusion) in the lease term when the Company measures the lease liability. The depreciable life of any assets and leasehold improvements are limited by the expected lease term. Certain of the Company’s retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels. Variable rental payments are recognized in the consolidated statement of operations and comprehensive income in the period in which the obligation for those payments is incurred. If such variable operating leases arise that include incentives from landlords in the form of cash, the Company will record the full amount of the incentive when specific performance criteria are met as a deferred liability. The deferred liability is amortized into income as a reduction of rent expense over the term of the applicable lease, including options to extend if they are reasonably certain to be exercised. The Company recognized those liabilities to be amortized within a year as a current liability and those greater than a year as a long-term liability. For purposes of recognizing these incentives and rental expenses on a straight-line basis, the Company uses the date it obtains the legal right to use and control the lease asset to begin amortization, which is generally when the Company takes possession of the asset.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	May 04, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated Revenues by Source	The following table presents disaggregated revenues by source (in thousands): For the Thirteen Weeks Ended May 4, 2019 May 5, 2018 Retail $ 102,594 $ 108,031 Direct 73,858 73,510 Net revenues $ 176,452 $ 181,541
Schedule of Contract Liabilities	Total contract liabilities consisted of the following (in thousands): May 4, 2019 February 2, 2019 Contract liabilities: Signing bonus $ 612 $ 647 Unredeemed gift cards 5,798 7,081 Total contract liabilities (1) $ 6,410 $ 7,728 (1)
Schedule of Revenue Recognized Over Remaining Life of Contract	The Company will recognize revenue over the remaining life of the contract as follows (in thousands): Fiscal Year 2019 Fiscal Year 2020 Thereafter Signing bonus $ 106 $ 141 $ 365

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 04, 2019
Debt Disclosure [Abstract]
Components of Outstanding Term Loan	The components of the Company’s outstanding Term Loan were as follows (in thousands): May 4, 2019 February 2, 2019 Term Loan $ 244,678 $ 245,378 Discount on debt and debt issuance costs (4,759 ) (5,115 ) Less: Current portion (2,799 ) (2,799 ) Net long-term debt $ 237,120 $ 237,464

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 04, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share Attributable to Common Shareholders	The following table summarizes the computation of basic and diluted net income per share attributable to common shareholders (in thousands, except share and per share data): For the Thirteen Weeks Ended May 4, 2019 May 5, 2018 Numerator Net income attributable to common shareholders: $ 4,366 $ 11,258 Denominator Weighted average number of common shares outstanding, basic: 43,327,519 42,216,331 Dilutive effect of stock options and restricted shares: 1,150,634 1,191,083 Weighted average number of common shares outstanding, diluted: 44,478,153 43,407,414 Net income per common share attributable to common shareholders, basic: $ 0.10 $ 0.27 Net income per common share attributable to common shareholders, diluted: $ 0.10 $ 0.26

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	May 04, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows (in thousands): Lease Cost Classification For the Thirteen Weeks Ended May 4, 2019 Operating lease cost SG&A Expenses $ 11,552 Variable lease cost SG&A Expenses 766 Total lease cost $ 12,318
Schedule of Lease Terms and Discount Rate	Lease Term and Discount Rate May 4, 2019 Weighted-average remaining lease term (in years) Operating leases 7.4 Weighted-average discount rate Operating leases 6.6 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of May 4, 2019 were as follows (in thousands): Fiscal Year Operating Leases (1) 2019 $ 37,232 2020 46,961 2021 44,484 2022 39,996 2023 36,989 Thereafter 114,091 Less: Imputed interest 70,583 Present value of lease liabilities $ 249,170 (1) Operating lease payments exclude $6.4 million of legally binding minimum lease payments for leases signed but for which the Company has not taken possession.
Summary of Future Minimum Rental Payments Under Non-Cancelable Operating Lease Obligations	Under Topic 840, future minimum rental payments required under all non-cancellable operating lease obligations as of February 2, 2019 were as follows (in thousands): Fiscal Year 2019 $ 49,399 2020 46,512 2021 43,872 2022 39,369 2023 36,459 Thereafter 110,376 Total $ 325,987

Description of Business - Addit

Description of Business - Additional Information (Detail)	May 04, 2019Store
Minimum [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of stores	280

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	May 04, 2019	Feb. 03, 2019
Schedule Of Significant Accounting Policies [Line Items]
Operating lease assets	$ 221,262
Operating lease liabilities	$ 249,170
ASU 2016-02 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Operating lease assets		$ 223,300
Operating lease liabilities		$ 250,500

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues by Source (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2019	May 05, 2018
Disaggregation Of Revenue [Line Items]
Net revenues	$ 176,452	$ 181,541
Retail [Member]
Disaggregation Of Revenue [Line Items]
Net revenues	102,594	108,031
Direct [Member]
Disaggregation Of Revenue [Line Items]
Net revenues	$ 73,858	$ 73,510

Revenues - Schedule of Contract

Revenues - Schedule of Contract Liabilities (Detail) - USD ($) $ in Thousands	May 04, 2019	Feb. 02, 2019
Contract liabilities:
Signing bonus	$ 612	$ 647
Unredeemed gift cards	5,798	7,081
Total contract liabilities	$ 6,410	$ 7,728

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	May 04, 2019	May 05, 2018
Revenue From Contract With Customer [Abstract]
Revenue recognized related to gift card redemptions and breakage	$ 3.4	$ 3.3
Signing bonus	$ 0.6

Revenues - Schedule of Revenue

Revenues - Schedule of Revenue Recognized Over Remaining Life of Contract (Detail) $ in Thousands	May 04, 2019USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Signing bonus	$ 600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-05-05
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Signing bonus	$ 106
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-02-02
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Signing bonus	$ 141
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-31
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Signing bonus	$ 365
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Debt - Components of Outstandin

Debt - Components of Outstanding Term Loan (Detail) - USD ($) $ in Thousands	May 04, 2019	Feb. 02, 2019
Long Term Debt [Abstract]
Term Loan	$ 244,678	$ 245,378
Discount on debt and debt issuance costs	(4,759)	(5,115)
Less: Current portion	(2,799)	(2,799)
Net long-term debt	$ 237,120	$ 237,464

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2019	May 05, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,438	$ 3,972
Effective income tax rate	24.80%	26.10%
U.S. Federal corporate income tax rate	21.00%	21.00%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Income Per Share Attributable to Common Shareholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 04, 2019	May 05, 2018
Numerator
Net income attributable to common shareholders:	$ 4,366	$ 11,258
Denominator
Weighted average number of common shares outstanding, basic:	43,327,519	42,216,331
Dilutive effect of stock options and restricted shares:	1,150,634	1,191,083
Weighted average number of common shares outstanding, diluted:	44,478,153	43,407,414
Net income per common share attributable to common shareholders, basic:	$ 0.10	$ 0.27
Net income per common share attributable to common shareholders, diluted:	$ 0.10	$ 0.26

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	May 04, 2019	May 05, 2018
Earnings Per Share [Abstract]
Antidilutive equity awards excluded from the computation of diluted earnings per share	1,326,832	1,122,820

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Mar. 06, 2019	May 04, 2019	May 05, 2018	Mar. 19, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation expense		$ 1.2	$ 0.8
Special cash dividend, per share	$ 1.15	$ 1.15
Dividend declared, date	Mar. 6, 2019
Dividend payable, date	Apr. 1, 2019
Shareholders of record, date	Mar. 19, 2019
2017 Plan [Member] | Restricted Share Awards ("RSAs") [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Special cash dividend, per share				$ 1.15

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) - USD ($)	3 Months Ended
	May 04, 2019	May 05, 2018	Feb. 02, 2019
Leases [Line Items]
Lessee, operating lease, option to extend	Some retail leases include one or more options to renew, with renewal terms that can extend the lease term from one to fifteen years. The Company’s distribution center has renewal terms that can extend the lease term up to twenty years.
Lessee, operating lease, existence of option to extend	true
Deferred lease liability			$ 11,900,000
Tenant improvement incentive liability			$ 19,100,000
Common area maintenance expense	$ 3,500,000	$ 3,600,000
Rental expense		11,900,000
Contingent rental expense		$ 200,000
Operating lease liabilities arising from obtaining operating lease assets	5,500,000
Operating leases, cash paid for amounts included in the measurement of operating lease liabilities	11,800,000
ASU 2016-02 [Member]
Leases [Line Items]
Deferred lease liability	0
Tenant improvement incentive liability	$ 1,300,000
Minimum [Member] | Retail Stores [Member]
Leases [Line Items]
Lessee, operating lease, option to extend lease term	1 year
Maximum [Member] | Retail Stores [Member]
Leases [Line Items]
Lessee, operating lease, option to extend lease term	15 years
Maximum [Member] | Distribution Center [Member]
Leases [Line Items]
Lessee, operating lease, option to extend lease term	20 years

Operating Leases - Components o

Operating Leases - Components of Lease Expense (Detail) $ in Thousands	3 Months Ended
	May 04, 2019USD ($)
Leases [Line Items]
Total lease cost	$ 12,318
SG&A Expenses [Member]
Leases [Line Items]
Operating lease cost	11,552
Variable lease cost	$ 766

Operating Leases - Schedule of

Operating Leases - Schedule of Lease Terms and Discount Rate (Detail)	May 04, 2019
Leases [Abstract]
Weighted-average remaining lease term (in years), Operating leases	7 years 4 months 24 days
Weighted-average discount rate, Operating leases	6.60%

Operating Leases - Schedule o_2

Operating Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands	May 04, 2019USD ($)
Leases [Abstract]
2019	$ 37,232
2020	46,961
2021	44,484
2022	39,996
2023	36,989
Thereafter	114,091
Less: Imputed interest	70,583
Operating lease liabilities	$ 249,170

Operating Leases - Schedule o_3

Operating Leases - Schedule of Maturities of Lease Liabilities (Parenthetical) (Detail) $ in Millions	3 Months Ended
	May 04, 2019USD ($)
Leases [Abstract]
Minimum operating lease payments for leases signed but not taken possession	$ 6.4

Operating Leases - Summary of F

Operating Leases - Summary of Future Minimum Rental Payments Under Non-Cancelable Operating Lease Obligations (Detail) $ in Thousands	Feb. 02, 2019USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2019	$ 49,399
2020	46,512
2021	43,872
2022	39,369
2023	36,459
Thereafter	110,376
Total	$ 325,987