Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 03, 2019 | Sep. 11, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 3, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
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 Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38026 | |
Entity Tax Identification Number | 451459825 | |
Entity Address, Address Line One | 4 Batterymarch Park | |
Entity Address, City or Town | Quincy | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02169 | |
City Area Code | 617 | |
Local Phone Number | 376-4300 | |
Entity Common Stock, Shares Outstanding | 44,040,717 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 |
Current assets: | ||
Cash | $ 29,124 | $ 66,204 |
Accounts receivable | 5,997 | 4,007 |
Inventories, net | 70,003 | 77,349 |
Prepaid expenses and other current assets | 26,534 | 27,734 |
Total current assets | 131,658 | 175,294 |
Property and equipment, net | 114,814 | 118,044 |
Intangible assets, net | 123,546 | 136,177 |
Goodwill | 108,597 | 197,026 |
Operating lease assets, net | 216,338 | |
Other assets | 252 | 447 |
Total assets | 695,205 | 626,988 |
Current liabilities: | ||
Accounts payable | 52,955 | 55,012 |
Accrued expenses and other current liabilities | 47,204 | 45,306 |
Current portion of long-term debt | 2,799 | 2,799 |
Current portion of operating lease liabilities | 32,632 | |
Total current liabilities | 135,590 | 103,117 |
Long-term debt, net of discount and current portion | 236,781 | 237,464 |
Deferred income taxes | 35,216 | 41,842 |
Operating lease liabilities, net of current portion | 212,959 | |
Other liabilities | 2,073 | 30,770 |
Total liabilities | 622,619 | 413,193 |
Commitments and contingencies (see Note 9) | ||
Shareholders’ Equity | ||
Common stock, par value $0.01 per share; 250,000,000 shares authorized; 44,005,112 and 43,672,418 shares issued and outstanding at August 3, 2019 and February 2, 2019, respectively | 440 | 437 |
Additional paid-in capital | 122,887 | 121,635 |
Accumulated (deficit) earnings | (50,741) | 91,723 |
Total shareholders’ equity | 72,586 | 213,795 |
Total liabilities and shareholders’ equity | $ 695,205 | $ 626,988 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 03, 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 | 44,005,112 | 43,672,418 |
Common stock, shares outstanding | 44,005,112 | 43,672,418 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 180,744 | $ 179,713 | $ 357,196 | $ 361,254 |
Costs of goods sold | 75,403 | 63,058 | 135,599 | 124,258 |
Gross profit | 105,341 | 116,655 | 221,597 | 236,996 |
Selling, general and administrative expenses | 104,698 | 97,365 | 210,143 | 197,659 |
Impairment of goodwill | 88,428 | 88,428 | ||
Impairment of indefinite-lived intangible assets | 7,000 | 7,000 | ||
Operating (loss) income | (94,785) | 19,290 | (83,974) | 39,337 |
Interest expense, net | 5,019 | 4,853 | 10,026 | 9,670 |
(Loss) income before provision for income taxes | (99,804) | 14,437 | (94,000) | 29,667 |
Income tax (benefit) provision | (3,069) | 3,952 | (1,631) | 7,924 |
Net (loss) income and total comprehensive (loss) income | $ (96,735) | $ 10,485 | $ (92,369) | $ 21,743 |
Net (loss) income per common share attributable to common shareholders: | ||||
Basic | $ (2.21) | $ 0.24 | $ (2.12) | $ 0.51 |
Diluted | $ (2.21) | $ 0.23 | $ (2.12) | $ 0.49 |
Weighted average number of common shares outstanding: | ||||
Basic | 43,793,348 | 42,855,366 | 43,560,434 | 42,535,849 |
Diluted | 43,793,348 | 44,716,193 | 43,560,434 | 44,061,804 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Earnings (Deficit) [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 (loss) | 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. 03, 2018 | 179,316 | $ 437 | 117,393 | 61,486 | |
Beginning balance, shares at Feb. 03, 2018 | 43,752,790 | ||||
Net income (loss) | 21,743 | ||||
Ending Balance at Aug. 04, 2018 | 202,614 | $ 437 | 119,236 | 82,941 | |
Ending balance, shares at Aug. 04, 2018 | 43,744,033 | ||||
Beginning balance at May. 05, 2018 | 191,047 | $ 438 | 118,153 | 72,456 | |
Beginning balance, shares at May. 05, 2018 | 43,759,200 | ||||
Vesting of restricted stock units, shares | 3,192 | ||||
Forfeiture of restricted stock awards | (1) | $ (1) | |||
Forfeiture of restricted stock awards, shares | (18,359) | ||||
Equity-based compensation | 1,083 | 1,083 | |||
Net income (loss) | 10,485 | 10,485 | |||
Ending Balance at Aug. 04, 2018 | 202,614 | $ 437 | 119,236 | 82,941 | |
Ending balance, shares at Aug. 04, 2018 | 43,744,033 | ||||
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 (loss) | 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 | ||||
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 | |||
Net income (loss) | $ (92,369) | ||||
Ending Balance at Aug. 03, 2019 | $ 72,586 | $ 440 | 122,887 | (50,741) | |
Ending balance, shares at Aug. 03, 2019 | 44,005,112 | 44,005,112 | |||
Beginning balance at May. 04, 2019 | $ 168,000 | $ 441 | 121,565 | 45,994 | |
Beginning balance, shares at May. 04, 2019 | 44,097,797 | ||||
Forfeitable Dividend | 107 | 107 | |||
Forfeiture of restricted stock awards | $ (1) | 1 | |||
Forfeiture of restricted stock awards, shares | (92,685) | ||||
Equity-based compensation | 1,214 | 1,214 | |||
Net income (loss) | (96,735) | (96,735) | |||
Ending Balance at Aug. 03, 2019 | $ 72,586 | $ 440 | $ 122,887 | $ (50,741) | |
Ending balance, shares at Aug. 03, 2019 | 44,005,112 | 44,005,112 | |||
[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 | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Statement Of Cash Flows [Abstract] | ||
Net (loss) income | $ (92,369) | $ 21,743 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 18,846 | 18,245 |
Impairment of goodwill and indefinite-lived intangible assets | 95,428 | |
Impairment of long-lived assets | 2,064 | |
Loss on disposal of fixed assets | 14 | 28 |
Noncash amortization of deferred financing and debt discount costs | 827 | 794 |
Equity-based compensation | 2,416 | 1,843 |
Deferred rent liability | (88) | (64) |
Deferred income taxes | (6,627) | (3,054) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,990) | (374) |
Inventories | 7,346 | 19,000 |
Prepaid expenses and other current assets | (2,460) | (2,371) |
Accounts payable | (1,812) | (11,943) |
Accrued expenses | 1,733 | (2,322) |
Operating lease assets and liabilities | 283 | |
Other noncurrent assets and liabilities | (75) | 1,590 |
Net cash provided by operating activities | 23,536 | 43,115 |
Investing activities: | ||
Purchases of property and equipment | (7,904) | (5,659) |
Net cash used in investing activities | (7,904) | (5,659) |
Financing activities: | ||
Repayments on long-term debt | (1,399) | (1,399) |
Payments of withholding tax on net-share settlement of equity-based compensation plans | (1,266) | |
Special dividend paid to shareholders | (50,154) | |
Forfeitable dividend | 107 | |
Net cash used in financing activities | (52,712) | (1,399) |
Net change in cash | (37,080) | 36,057 |
Cash: | ||
Beginning of Period | 66,204 | 25,978 |
End of Period | $ 29,124 | $ 62,035 |
Description of Business
Description of Business | 6 Months Ended |
Aug. 03, 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 | 6 Months Ended |
Aug. 03, 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 and twenty-six weeks ended August 3, 2019 are not necessarily indicative of future results or results to be expected for the full year ending February 1, 2020 (“Fiscal Year 2019”). 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 did 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 are 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 | 6 Months Ended |
Aug. 03, 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 For the Twenty-Six Weeks Ended August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 Retail $ 103,666 $ 106,210 $ 206,260 $ 214,241 Direct 77,078 73,503 150,936 147,013 Net revenues $ 180,744 $ 179,713 $ 357,196 $ 361,254 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): August 3, 2019 February 2, 2019 Contract liabilities: Signing bonus $ 576 $ 647 Unredeemed gift cards 5,302 7,081 Total contract liabilities (1) $ 5,878 $ 7,728 (1) For the thirteen and twenty-six weeks ended August 3, 2019, the Company recognized approximately $3.1 million and $6.5 million of revenue related to gift card redemptions and breakage, respectively. For the thirteen and twenty-six weeks ended August 4, 2018, the Company recognized approximately $2.8 million and $6.1 million of revenue related to gift card redemptions and breakage, respectively. 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 $ 71 $ 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. |
Other Income
Other Income | 6 Months Ended |
Aug. 03, 2019 | |
Other Income And Expenses [Abstract] | |
Other Income | 4. Other Income The Company filed an insurance claim as a result of a cargo vessel fire on or about January 8, 2019, where contents of two containers carried J.Jill inventory. In July 2019, it was determined that the inventory onboard the cargo vessel was nonsalable and the insurance claim was settled for $3.3 million. The Company recorded a gain of $2.4 million on insurance proceeds in selling, general and administrative expenses in the consolidated statement of operations and comprehensive income (loss) for the period ended August 3, 2019. |
Asset Impairments
Asset Impairments | 6 Months Ended |
Aug. 03, 2019 | |
Income Statement [Abstract] | |
Asset Impairments | 5. Asset Impairments Long-lived Asset Impairments In the second quarter of Fiscal Year 2019, the Company reduced the net carrying value of certain long-lived assets to their estimated fair value, determined using a discounted cash flows method. These impairment charges arose from the Company’s decision to vacate and sublease one floor of the corporate headquarters located in Quincy, Massachusetts. The Company incurred impairment charges of $0.3 million on leasehold improvements and $1.8 million on the right-of-use asset. The impairment charges were recorded in selling, general and administrative expenses in the consolidated statement of operations and comprehensive income (loss). Goodwill and Other Indefinite-lived Intangible Asset Impairments In the second quarter of Fiscal Year 2019, the Company reduced comparable sales outlook for the second quarter that led to a reduced full year forecast of earnings for Fiscal Year 2019. The Company concluded that these factors, as well as the decrease in stock price represented indicators of impairment and required the Company to test goodwill and indefinite-lived intangible assets for impairment during the second quarter of Fiscal Year 2019 (the “Impairment Test”). The Company performed the Impairment Test using a quantitative approach with the assistance of an independent valuation firm. The Impairment Test was performed using the income approach (or discounted cash flows method) for goodwill and the relief-from-royalty method for indefinite-lived intangible assets. The estimated fair values of goodwill and indefinite-lived intangible asset were below carrying values resulting in an $88.4 million impairment of goodwill and a $7.0 million impairment of the Company’s tradename (indefinite-lived intangible asset). |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Aug. 03, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | 6. Restructuring Costs In July 2019, the Company implemented a restructuring plan (the “2019 Restructuring Plan”) focused on cost reduction initiatives designed to execute against long-term strategies. The 2019 Restructuring Plan included headcount reductions primarily at the Company’s corporate headquarters in Quincy, Massachusetts and at the facility in Tilton, New Hampshire. As a result of the 2019 Restructuring Plan, the Company recorded $1.6 million of restructuring costs in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. All restructuring costs have been incurred in the second quarter of Fiscal Year 2019 and payments are anticipated to be complete in the third quarter of Fiscal Year 2020, ending on January 30, 2021. The following table summarizes the activity of the restructuring costs discussed above and related accruals recorded in accrued other and other current liabilities on the consolidated balance sheet (in thousands): February 3, 2019 Charges Incurred Cash Payments Adjustments August 3, 2019 Employee separation costs $ — $ 1,402 $ — $ — $ 1,402 Other — 195 — — 195 Total restructuring costs $ — $ 1,597 $ — $ — $ 1,597 |
Debt
Debt | 6 Months Ended |
Aug. 03, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt The components of the Company’s outstanding Term Loan were as follows (in thousands): August 3, 2019 February 2, 2019 Term Loan $ 243,978 $ 245,378 Discount on debt and debt issuance costs (4,398 ) (5,115 ) Less: Current portion (2,799 ) (2,799 ) Net long-term debt $ 236,781 $ 237,464 The Company was in compliance with all financial covenants as of August 3, 2019. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 03, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The Company recorded an income tax benefit of $3.1 million and $1.6 million for the thirteen and twenty-six weeks ended August 3, 2019, respectively, and income tax expense of $4.0 million and $7.9 million during the thirteen and twenty-six weeks ended August 4, 2018, respectively. The effective tax rates were 3.1% and 1.7% in the thirteen and twenty-six weeks ended August 3, 2019, respectively, and 27.4% and 26.7% in the thirteen and twenty-six weeks ended August 4, 2018, respectively. The effective tax rate for the thirteen and twenty-six weeks ended August 3, 2019 is lower than the federal statutory rate of 21% primarily due to goodwill impairment of $88.4 million net of recurring items including §162(m) officer compensation limitation, stock compensation and state income taxes. The effective tax rate for the thirteen and twenty-six weeks ended August 4, 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 | 6 Months Ended |
Aug. 03, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. 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 For the Twenty-Six Weeks Ended August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 Numerator Net (loss) income attributable to common shareholders: $ (96,735 ) $ 10,485 $ (92,369 ) $ 21,743 Denominator Weighted average number of common shares outstanding, basic: 43,793,348 42,855,366 43,560,434 42,535,849 Dilutive effect of stock options and restricted shares: — 1,860,827 — 1,525,955 Weighted average number of common shares outstanding, diluted: 43,793,348 44,716,193 43,560,434 44,061,804 Net (loss) income per common share attributable to common shareholders, basic: $ (2.21 ) $ 0.24 $ (2.12 ) $ 0.51 Net (loss) income per common share attributable to common shareholders, diluted: $ (2.21 ) $ 0.23 $ (2.12 ) $ 0.49 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 4,224,437 and 2,775,635 for the thirteen and twenty-six weeks ended August 3, 2019, and 336,105 and 729,463 for the thirteen and twenty-six weeks ended August 4, 2018, such awards excluded. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Aug. 03, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 10. Equity-Based Compensation Equity-based compensation expense was $1.2 million and $2.4 million for the thirteen and twenty-six weeks ended August 3, 2019, and $1.0 million and $1.8 million for the thirteen and twenty-six weeks ended August 4, 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 | 6 Months Ended |
Aug. 03, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions For both the thirteen and twenty-six weeks ended August 3, 2019 and August 4, 2018, the Company incurred an immaterial amount of related party transactions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 03, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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 | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Operating Leases | 13. Operating Leases As of August 3, 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 August 3, 2019, the Company included options to renew that are reasonably certain to be exercised 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 August 3, 2019. The Company maintained a tenant incentive liability of $1.3 million as of August 3, 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 August 3, 2019 For the Twenty-Six Weeks Ended August 3, 2019 Operating lease cost SG&A Expenses $ 11,820 $ 23,372 Variable lease cost SG&A Expenses 774 1,540 Total lease cost $ 12,594 $ 24,912 For the thirteen and twenty-six weeks ended August 3, 2019, total common area maintenance expense was $3.6 million and $7.1 million, respectively. For the thirteen and twenty-six weeks ended August 4, 2018, total rental expense was $11.7 million and $23.6 million, respectively, and common area maintenance expense was $3.4 million and $7.0 million, respectively, exclusive of contingent rental expense recorded of $0.6 million and $1.1 million, respectively. 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 and twenty-six weeks ended August 3, 2019, operating lease liabilities arising from obtaining operating lease assets was $4.1 million and $9.6 million, respectively. For the thirteen and twenty-six weeks ended August 3, 2019, the total cash paid for amounts included in the measurement of operating lease liabilities was $11.9 million and $23.7 million, respectively. Lease Term and Discount Rate August 3, 2019 Weighted-average remaining lease term (in years) Operating leases 7.3 Weighted-average discount rate Operating leases 6.6 % Maturities of lease liabilities as of August 3, 2019 were as follows (in thousands): Fiscal Year Operating Leases (1) 2019 $ 19,938 2020 47,900 2021 45,444 2022 40,966 2023 37,733 Thereafter 121,445 Less: Imputed interest 67,835 Present value of lease liabilities $ 245,591 (1) Operating lease payments exclude $5.3 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) | 6 Months Ended |
Aug. 03, 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 and twenty-six weeks ended August 3, 2019 are not necessarily indicative of future results or results to be expected for the full year ending February 1, 2020 (“Fiscal Year 2019”). 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 did 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 are 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) | 6 Months Ended |
Aug. 03, 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 For the Twenty-Six Weeks Ended August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 Retail $ 103,666 $ 106,210 $ 206,260 $ 214,241 Direct 77,078 73,503 150,936 147,013 Net revenues $ 180,744 $ 179,713 $ 357,196 $ 361,254 |
Schedule of Contract Liabilities | Total contract liabilities consisted of the following (in thousands): August 3, 2019 February 2, 2019 Contract liabilities: Signing bonus $ 576 $ 647 Unredeemed gift cards 5,302 7,081 Total contract liabilities (1) $ 5,878 $ 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 $ 71 $ 141 $ 365 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Restructuring And Related Activities [Abstract] | |
Activity of Restructuring Costs and Related Accruals | The following table summarizes the activity of the restructuring costs discussed above and related accruals recorded in accrued other and other current liabilities on the consolidated balance sheet (in thousands): February 3, 2019 Charges Incurred Cash Payments Adjustments August 3, 2019 Employee separation costs $ — $ 1,402 $ — $ — $ 1,402 Other — 195 — — 195 Total restructuring costs $ — $ 1,597 $ — $ — $ 1,597 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Debt Disclosure [Abstract] | |
Components of Outstanding Term Loan | The components of the Company’s outstanding Term Loan were as follows (in thousands): August 3, 2019 February 2, 2019 Term Loan $ 243,978 $ 245,378 Discount on debt and debt issuance costs (4,398 ) (5,115 ) Less: Current portion (2,799 ) (2,799 ) Net long-term debt $ 236,781 $ 237,464 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 03, 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 For the Twenty-Six Weeks Ended August 3, 2019 August 4, 2018 August 3, 2019 August 4, 2018 Numerator Net (loss) income attributable to common shareholders: $ (96,735 ) $ 10,485 $ (92,369 ) $ 21,743 Denominator Weighted average number of common shares outstanding, basic: 43,793,348 42,855,366 43,560,434 42,535,849 Dilutive effect of stock options and restricted shares: — 1,860,827 — 1,525,955 Weighted average number of common shares outstanding, diluted: 43,793,348 44,716,193 43,560,434 44,061,804 Net (loss) income per common share attributable to common shareholders, basic: $ (2.21 ) $ 0.24 $ (2.12 ) $ 0.51 Net (loss) income per common share attributable to common shareholders, diluted: $ (2.21 ) $ 0.23 $ (2.12 ) $ 0.49 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Aug. 03, 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 August 3, 2019 For the Twenty-Six Weeks Ended August 3, 2019 Operating lease cost SG&A Expenses $ 11,820 $ 23,372 Variable lease cost SG&A Expenses 774 1,540 Total lease cost $ 12,594 $ 24,912 |
Schedule of Lease Terms and Discount Rate | Lease Term and Discount Rate August 3, 2019 Weighted-average remaining lease term (in years) Operating leases 7.3 Weighted-average discount rate Operating leases 6.6 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of August 3, 2019 were as follows (in thousands): Fiscal Year Operating Leases (1) 2019 $ 19,938 2020 47,900 2021 45,444 2022 40,966 2023 37,733 Thereafter 121,445 Less: Imputed interest 67,835 Present value of lease liabilities $ 245,591 (1) Operating lease payments exclude $5.3 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) | Aug. 03, 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 | Aug. 03, 2019 | Feb. 03, 2019 |
Schedule Of Significant Accounting Policies [Line Items] | ||
Operating lease assets | $ 216,338 | |
Operating lease liabilities | $ 245,591 | |
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 | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 180,744 | $ 179,713 | $ 357,196 | $ 361,254 |
Retail [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 103,666 | 106,210 | 206,260 | 214,241 |
Direct [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 77,078 | $ 73,503 | $ 150,936 | $ 147,013 |
Revenues - Schedule of Contract
Revenues - Schedule of Contract Liabilities (Detail) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 |
Contract liabilities: | ||
Signing bonus | $ 576 | $ 647 |
Unredeemed gift cards | 5,302 | 7,081 |
Total contract liabilities | $ 5,878 | $ 7,728 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Revenue recognized related to gift card redemptions and breakage | $ 3.1 | $ 2.8 | $ 6.5 | $ 6.1 |
Signing bonus | $ 0.6 | $ 0.6 |
Revenues - Schedule of Revenue
Revenues - Schedule of Revenue Recognized Over Remaining Life of Contract (Detail) $ in Thousands | Aug. 03, 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 | $ 71 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 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 |
Other Income - Additional Infor
Other Income - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2019USD ($) | Aug. 03, 2019USD ($) | Jan. 08, 2019 | |
Other Income And Expenses [Line Items] | |||
Number of containers | 2 | ||
Insurance claim settlement amount | $ 3.3 | ||
Selling, General and Administrative Expenses [Member] | |||
Other Income And Expenses [Line Items] | |||
Proceeds from insurance claims | $ 2.4 |
Asset Impairments - Additional
Asset Impairments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 03, 2019USD ($) | Aug. 03, 2019USD ($)Floor | |
Impairment of long-lived assets | $ 2,064 | |
Impairment of goodwill | $ 88,428 | 88,428 |
Impairment of indefinite-lived intangible assets | $ 7,000 | 7,000 |
Leasehold Improvements [Member] | ||
Impairment of long-lived assets | 300 | |
Right-of-Use Asset [Member] | ||
Impairment of long-lived assets | $ 1,800 | |
Massachusetts [Member] | ||
Sublease, Number Of Floors | Floor | 1 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) - 2019 Restructuring Plan [Member] $ in Thousands | 6 Months Ended |
Aug. 03, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring Costs | $ 1,597 |
Selling, General and Administrative Expenses [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring Costs | $ 1,600 |
Restructuring Costs - Activity
Restructuring Costs - Activity of Restructuring Costs and Related Accruals (Detail) - 2019 Restructuring Plan [Member] $ in Thousands | 6 Months Ended |
Aug. 03, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Charges Incurred | $ 1,597 |
Ending Balance | 1,597 |
Employee Separation Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Charges Incurred | 1,402 |
Ending Balance | 1,402 |
Other [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Charges Incurred | 195 |
Ending Balance | $ 195 |
Debt - Components of Outstandin
Debt - Components of Outstanding Term Loan (Detail) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 |
Long Term Debt [Abstract] | ||
Term Loan | $ 243,978 | $ 245,378 |
Discount on debt and debt issuance costs | (4,398) | (5,115) |
Less: Current portion | (2,799) | (2,799) |
Net long-term debt | $ 236,781 | $ 237,464 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ (3,069) | $ 3,952 | $ (1,631) | $ 7,924 |
Effective income tax rate | 3.10% | 27.40% | 1.70% | 26.70% |
U.S. Federal corporate income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Impairment of goodwill | $ 88,428 | $ 88,428 |
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 | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Numerator | ||||
Net (loss) income attributable to common shareholders: | $ (96,735) | $ 10,485 | $ (92,369) | $ 21,743 |
Denominator | ||||
Weighted average number of common shares outstanding, basic: | 43,793,348 | 42,855,366 | 43,560,434 | 42,535,849 |
Dilutive effect of stock options and restricted shares: | 1,860,827 | 1,525,955 | ||
Weighted average number of common shares outstanding, diluted: | 43,793,348 | 44,716,193 | 43,560,434 | 44,061,804 |
Net (loss) income per common share attributable to common shareholders, basic: | $ (2.21) | $ 0.24 | $ (2.12) | $ 0.51 |
Net (loss) income per common share attributable to common shareholders, diluted: | $ (2.21) | $ 0.23 | $ (2.12) | $ 0.49 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive equity awards excluded from the computation of diluted earnings per share | 4,224,437 | 336,105 | 2,775,635 | 729,463 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 06, 2019 | Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | May 04, 2019 | Apr. 01, 2019 | Mar. 19, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Equity based compensation expense | $ 1.2 | $ 1 | $ 2.4 | $ 1.8 | ||||
Special cash dividend, per share | $ 1.15 | $ 1.15 | ||||||
Cash dividend paid | $ 50.2 | |||||||
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 | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 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 | $ 3,600,000 | $ 3,400,000 | $ 7,100,000 | $ 7,000,000 | |
Rental expense | 11,700,000 | 23,600,000 | |||
Contingent rental expense | $ 600,000 | $ 1,100,000 | |||
Operating lease liabilities arising from obtaining operating lease assets | 4,100,000 | 9,600,000 | |||
Operating leases, cash paid for amounts included in the measurement of operating lease liabilities | 11,900,000 | 23,700,000 | |||
ASU 2016-02 [Member] | |||||
Leases [Line Items] | |||||
Deferred lease liability | 0 | 0 | |||
Tenant improvement incentive liability | $ 1,300,000 | $ 1,300,000 | |||
Minimum [Member] | Retail Stores [Member] | |||||
Leases [Line Items] | |||||
Lessee, operating lease, option to extend lease term | 1 year | 1 year | |||
Maximum [Member] | Retail Stores [Member] | |||||
Leases [Line Items] | |||||
Lessee, operating lease, option to extend lease term | 15 years | 15 years | |||
Maximum [Member] | Distribution Center [Member] | |||||
Leases [Line Items] | |||||
Lessee, operating lease, option to extend lease term | 20 years | 20 years |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 03, 2019 | Aug. 03, 2019 | |
Leases [Line Items] | ||
Total lease cost | $ 12,594 | $ 24,912 |
SG&A Expenses [Member] | ||
Leases [Line Items] | ||
Operating lease cost | 11,820 | 23,372 |
Variable lease cost | $ 774 | $ 1,540 |
Operating Leases - Schedule of
Operating Leases - Schedule of Lease Terms and Discount Rate (Detail) | Aug. 03, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years), Operating leases | 7 years 3 months 18 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 | Aug. 03, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 19,938 |
2020 | 47,900 |
2021 | 45,444 |
2022 | 40,966 |
2023 | 37,733 |
Thereafter | 121,445 |
Less: Imputed interest | 67,835 |
Operating lease liabilities | $ 245,591 |
Operating Leases - Schedule o_3
Operating Leases - Schedule of Maturities of Lease Liabilities (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Aug. 03, 2019USD ($) | |
Leases [Abstract] | |
Minimum operating lease payments for leases signed but not taken possession | $ 5.3 |
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 |