Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Cato Corp |
Entity Central Index Key | '0000018255 |
Document Type | '10-K |
Document Period End Date | 1-Feb-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--02-01 |
Entity Well Known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Class of Stock [Line Items] | ' |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'CY |
Entity Public Float | $780,410,915 |
Common Class A [Member] | ' |
Class of Stock [Line Items] | ' |
Entity Common Stock, Shares Outstanding (actual number) | 27,498,216 |
Common Class B [Member] | ' |
Class of Stock [Line Items] | ' |
Entity Common Stock, Shares Outstanding (actual number) | 1,743,525 |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements Of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenues | ' | ' | ' |
Retail sales | $910,500 | $933,782 | $920,622 |
Other income (principally finance charges, late fees and layaway charges) | 9,533 | 10,266 | 10,836 |
Total revenues | 920,033 | 944,048 | 931,458 |
COSTS AND EXPENSES, NET | ' | ' | ' |
Cost of goods sold (exclusive of depreciation shown below) | 571,246 | 581,961 | 574,176 |
Selling, general and administrative (exclusive of depreciation shown below) | 245,868 | 244,327 | 238,982 |
Depreciation | 21,825 | 22,455 | 21,825 |
Interest Expense | 75 | 116 | 21 |
Interest and other income | 3,267 | 3,782 | 3,817 |
Cost and expenses, net | 835,747 | 845,077 | 831,187 |
Income before income taxes | 84,286 | 98,971 | 100,271 |
Income tax expense | 29,964 | 37,303 | 35,437 |
Net income | 54,322 | 61,668 | 64,834 |
Basic earnings per share | $1.86 | $2.11 | $2.21 |
Diluted earnings per share | $1.86 | $2.11 | $2.21 |
Dividends per share | $0.20 | $2.98 | $0.88 |
Comprehensive income | ' | ' | ' |
Net income | 54,322 | 61,668 | 64,834 |
Accumulated Other Comprehensive Income | 43 | 115 | -660 |
Comprehensive income | $54,279 | $61,553 | $65,494 |
Condensed_Consolidated_Income_1
Condensed Consolidated Income Statements Of Income and Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
OtherComprehensiveIncomeLossTaxParentheticalDisclosuresAbstract | ' | ' | ' |
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | ($26) | ($69) | $406 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $79,427 | $31,069 |
Short-term investments | 161,128 | 157,578 |
Restricted cash and investments | 4,701 | 5,999 |
Accounts receivable, net of allowance for doubtful accounts | 39,224 | 40,016 |
Merchandise inventories | 150,861 | 140,738 |
Deferred income taxes | 4,720 | 4,631 |
Prepaid expenses | 6,687 | 10,183 |
Total Current Assets | 446,748 | 390,214 |
Property and equipment - net | 141,129 | 134,227 |
Noncurrent deferred tax asset | 1,373 | 0 |
Other assets | 7,668 | 8,205 |
Total Assets | 596,918 | 532,646 |
Current Liabilities: | ' | ' |
Accounts payable | 111,514 | 99,247 |
Accrued expenses | 45,763 | 43,773 |
Accrued bonus and benefits | 4,999 | 2,290 |
Accrued income taxes | 14,855 | 14,292 |
Total Current Liabilities | 177,131 | 159,602 |
Deferred tax liabilities noncurrent | 0 | 3,330 |
Other noncurrent liabilities (primarily deferred rent) | 28,678 | 24,480 |
Commitments And Contingenciess | 0 | 0 |
Stockholders' Equity: | ' | ' |
Preferred stock, $100 par value per share, 100,000 shares authorized, none issued | 0 | 0 |
Class of Stock [Line Items] | ' | ' |
Common stock | 975 | 976 |
Additional paid-in capital | 80,463 | 76,594 |
Retained earnings | 308,893 | 266,843 |
AccumulatedOtherComprehensiveIncomeLossNetOfTax | 778 | 821 |
Total Stockholders' Equity | 391,109 | 345,234 |
Liabilities And Stockholders Equity | 596,918 | 532,646 |
Common Class A [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock | 917 | 918 |
Common Class B [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock | $58 | $58 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Allowance For Doubtful Accounts Receivable Current | $1,743 | $2,053 |
Preferred Stock Par Or Stated Value Per Share | $100 | $100 |
Preferred Stock Shares Authorized | 100,000 | 100,000 |
Preferred Stock Shares Issued | 0 | 0 |
Common Class B [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock Shares Authorized | 15,000,000 | 15,000,000 |
Common Stock Shares Issued | 1,743,525 | 1,743,525 |
Common Stock Par Or Stated Value Per Share | $0.03 | $0.03 |
Common Class A [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock Shares Issued | 27,498,216 | 27,543,376 |
Common Stock Par Or Stated Value Per Share | $0.03 | $0.03 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $54,322 | $61,668 | $64,834 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 21,825 | 22,455 | 21,825 |
Provision For Doubtful Accounts | 1,009 | 1,259 | 1,723 |
Purchase premium and premium amortization | -873 | 0 | 0 |
Share Based Compensation | 3,007 | 2,796 | 2,559 |
Excess tax benefits from share-based compensation | -88 | -509 | -417 |
Deferred income taxes | -4,766 | -5,540 | -1,944 |
Loss on disposal of property and equipment | 1,665 | 1,747 | 743 |
Impairment | 2,646 | 2,011 | 0 |
Changes in operating assets and liabilities which provided (used) cash: | ' | ' | ' |
Accounts receivable | -217 | 1,749 | -5,044 |
Merchandise inventories | -10,123 | -10,356 | 13,646 |
Prepaid and other assets | 2,969 | -5,689 | -1,968 |
Accrued income taxes | 651 | -343 | 3,700 |
Accounts payable, accrued expenses and other liabilities | 20,932 | 9,103 | -18,316 |
Net cash provided by operating activities | 92,959 | 80,351 | 81,341 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -31,542 | -45,175 | -35,890 |
Purchase of short-term investments | -65,455 | -108,662 | -109,098 |
Sales of short-term investments | 62,766 | 156,642 | 85,796 |
Change in restricted cash and investments | 1,298 | -674 | -499 |
Net cash used in investing activities | -32,933 | 2,131 | -59,691 |
FINANCING ACTIVITIES | ' | ' | ' |
Dividends paid | -5,853 | -87,222 | -25,715 |
Repurchase of common stock | -6,429 | -367 | -10,622 |
Proceeds from employee stock purchase plan | 394 | 723 | 488 |
Excess tax benefits from share-based compensation financing activities | 88 | 509 | 417 |
Proceeds From Stock Options Exercised | 132 | 51 | 45 |
Net cash provided used in financing activities | -11,668 | -86,306 | -35,387 |
Net increase in cash and cash equivalents | 48,358 | -3,824 | -13,737 |
Cash and cash equivalents at beginning of period | 31,069 | 34,893 | 48,630 |
Cash and cash equivalents at end of period | 79,427 | 31,069 | 34,893 |
Change in Accrued PPE | $4,315 | $2,819 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Class A Common Stock | Convertible Class B Common Stock | Common Stock Including Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Balance at Jan. 29, 2011 | ' | $925 | $58 | $68,537 | $264,217 | $276 |
Net income | 64,834 | 0 | 0 | 0 | 64,834 | 0 |
Accumulated Other Comprehensive Income | -660 | 0 | 0 | 0 | ' | 660 |
Dividends | ' | 0 | 0 | 0 | -25,715 | 0 |
Class A common stock sold through employee stock purchase plan | ' | 1 | 0 | 571 | 0 | 0 |
Class A common stock sold through stock option plans | ' | 0 | 0 | 290 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | ' | 3 | 0 | 2,459 | 12 | 0 |
Windfall tax benefit from equity compensation plans | ' | ' | 0 | 173 | 0 | 0 |
Retirement of treasury sharess | ' | -15 | 0 | 0 | -10,607 | 0 |
Balance at Jan. 28, 2012 | ' | 914 | 58 | 72,030 | 292,741 | 936 |
Net income | 61,668 | 0 | 0 | 0 | 61,668 | 0 |
Accumulated Other Comprehensive Income | 115 | 0 | 0 | 0 | 0 | -115 |
Dividends | ' | 0 | 0 | 0 | -87,222 | 0 |
Class A common stock sold through employee stock purchase plan | ' | 1 | 0 | 849 | 0 | 0 |
Class A common stock sold through stock option plans | ' | 0 | 0 | 562 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | ' | 3 | 0 | 2,644 | 23 | 0 |
Windfall tax benefit from equity compensation plans | ' | 0 | 0 | 509 | ' | 0 |
Retirement of treasury sharess | ' | 0 | 0 | 0 | -367 | 0 |
Balance at Feb. 02, 2013 | 266,843 | 918 | 58 | 76,594 | ' | 821 |
Net income | 54,322 | 0 | 0 | 0 | 54,322 | 0 |
Accumulated Other Comprehensive Income | 43 | 0 | 0 | 0 | 0 | -43 |
Dividends | ' | 0 | 0 | 0 | -5,853 | 0 |
Class A common stock sold through employee stock purchase plan | ' | 1 | 0 | 463 | 0 | 0 |
Class A common stock sold through stock option plans | ' | 0 | 0 | 145 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | ' | 7 | 0 | 2,915 | 1 | 0 |
Windfall tax benefit from equity compensation plans | ' | 0 | 0 | 346 | 0 | 0 |
Retirement of treasury sharess | ' | -9 | 0 | 0 | -6,420 | 0 |
Balance at Feb. 01, 2014 | ' | $917 | $58 | $80,463 | $308,893 | $778 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
us-gaap_StatementOfStockholdersEquityAbstract | ' | ' | ' |
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | ($26) | ($69) | $406 |
Stock Transactions, Parenthetical Disclosures [Abstract] | ' | ' | ' |
Dividends per share | $0.20 | $2.98 | $0.88 |
Class A common stock shares sold through employee stock purchase plans | 19,070 | 32,995 | 23,975 |
Exercised | 9,050 | 5,750 | 4,875 |
Class A common stock shares issued through restricted stock grant plans | 198,017 | 98,743 | 85,556 |
Retirement of treasury shares - retired shares | 271,296 | 12,997 | 453,655 |
Summary_Of_Accounting_Policies
Summary Of Accounting Policies - (Policies) | 12 Months Ended |
Feb. 01, 2014 | |
General Dsiclosure [Abstract] | ' |
Principles Of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of The Cato Corporation and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. | |
Description Of Business | ' |
Description of Business and Fiscal Year: The Company has two reportable segments — the operation of a fashion specialty stores segment (“Retail Segment”) and a credit card segment (“Credit Segment”). The apparel specialty stores operate under the names “Cato,” “Cato Fashions,” “Cato Plus,” “It's Fashion,” “It's Fashion Metro” and “Versona Accessories” and are located primarily in strip shopping centers principally in the southeastern United States. The Company's fiscal year ends on the Saturday nearest January 31. | |
Description of Fiscal Year | ' |
Description of Business and Fiscal Year: The Company has two reportable segments — the operation of a fashion specialty stores segment (“Retail Segment”) and a credit card segment (“Credit Segment”). The apparel specialty stores operate under the names “Cato,” “Cato Fashions,” “Cato Plus,” “It's Fashion,” “It's Fashion Metro” and “Versona Accessories” and are located primarily in strip shopping centers principally in the southeastern United States. The Company's fiscal year ends on the Saturday nearest January 31. | |
Use Of Estimates | ' |
Use of Estimates: The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company's financial statements include the allowance for doubtful accounts, inventory shrinkage, the calculation of potential asset impairment, workers' compensation, general and auto insurance liabilities, reserves relating to self-insured health insurance, and uncertain tax positions. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents: Cash equivalents consist of highly liquid investments with original maturities of three months or less. | |
Short-Term Investments | ' |
Short-Term Investments: Investments with original maturities beyond three months are classified as short-term investments. See Note 3 for the Company's estimated fair value of, and other information regarding, its short-term investments. The Company's short-term investments are all classified as available-for-sale. As they are available for current operations, they are classified on the Consolidated Balance Sheets as Current Assets. Available-for-sale securities are carried at fair value, with unrealized gains and temporary losses, net of income taxes, reported as a component of Accumulated other comprehensive income. Other than temporary declines in the fair value of investments are recorded as a reduction in the cost of the investments in the accompanying Consolidated Balance Sheets and a reduction of Interest and other income in the accompanying Consolidated Statements of Income. The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums, accretion of discounts and realized gains and losses are included in Interest and other income. | |
During the fourth quarter of 2013, we discovered that we had improperly netted our purchases and sales activity for our investments within cash flows related to investing activities in prior periods. In addition, we had also improperly classified the premiums and amortization of premiums on those investments in cash flows related to investing activities when they should have been in cash flows related to operating activities. The presentation of these amounts was corrected in the current period financial statements and was immaterial to all prior periods presented. Fiscal 2013 quarterly consolidated statements of cash flows will be revised in future filings as those periods are presented. | |
Restricted Cash And Short-Term Investments | ' |
Restricted Cash and Investments: The Company has $4.7 million in escrow at February 1, 2014 as security and collateral for administration of the Company's self-insured workers' compensation and general liability coverage which is reported as Restricted cash and investments on the Consolidated Balance Sheets. | |
Supplemental Cash Flow Information | ' |
Supplemental Cash Flow Information: Income tax payments, net of refunds received, for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 were $34,238,000, $43,124,000 and $34,290,000, respectively. | |
Inventories | ' |
Inventories: Merchandise inventories are stated at the lower of cost or market as determined by the weighted-average cost method. | |
PropertyAnd Equipment | ' |
Property and Equipment: Property and equipment are recorded at cost. Maintenance and repairs are expensed to operations as incurred; renewals and betterments are capitalized. Depreciation is determined on the straight-line method over the estimated useful lives of the related assets excluding leasehold improvements. Leasehold improvements are amortized over the shorter of the estimated useful life or lease term. For leases with renewal periods at the Company's option, the Company generally uses the original lease term plus reasonably assured renewal option periods (generally one five year option period) to determine estimated useful lives. Typical estimated useful lives are as follows: | |
Impairment Of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
The Company invests in property and equipment primarily in connection with the opening and remodeling of stores and in computer software and hardware. The Company periodically reviews its store locations and estimates the recoverability of its assets, recording an impairment charge for the amount by which the carrying value exceeds the fair value, if necessary, when the Company decides to close the store or otherwise determines that future estimated undiscounted cash flows associated with those assets will not be sufficient to recover the carrying value. This determination is based on a number of factors, including the store's historical operating results and cash flows, estimated future sales growth, real estate development in the area and perceived local market conditions that can be difficult to predict and may be subject to change. Store asset impairment charges incurred in fiscal 2013 were $2,646,000. Store asset impairment charges incurred in fiscal 2012 were $2,011,000. Store asset impairment charges incurred in fiscal 2011 were de minimis. In addition, the Company regularly evaluates its computer-related and other long-lived assets and may accelerate depreciation over the revised useful life if the asset is expected to be replaced or has limited future value. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is reflected in income for that period. | |
Leases | ' |
Leases | |
The Company determines the classification of leases consistent with ASC 840 - Leases. The Company leases all of its retail stores. Most lease agreements contain construction allowances and rent escalations. For purposes of recognizing incentives and minimum rental expenses on a straight-line basis over the terms of the leases, including renewal periods considered reasonably assured, the Company begins amortization as of the initial possession date which is when the Company enters the space and begins to make improvements in preparation for intended use. | |
For construction allowances, the Company records a deferred rent liability in Other noncurrent liabilities on the Consolidated Balance Sheets and amortizes the deferred rent over the term of the respective lease as a reduction to Cost of goods sold on the Consolidated Statements of Income and Comprehensive Income. | |
For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes sales at the point of purchase when the customer takes possession of the merchandise and pays for the purchase, generally with cash or credit. Sales from purchases made with Cato credit, gift cards and layaway sales from stores are also recorded when the customer takes possession of the merchandise. E-Commerce sales are recorded when the risk of loss is transferred to the customer. Gift cards are recorded as deferred revenue until they are redeemed or forfeited. Layaway sales are recorded as deferred revenue until the customer takes possession or forfeits the merchandise. Gift cards do not have expiration dates. A provision is made for estimated merchandise returns based on sales volumes and the Company's experience; actual returns have not varied materially from historical amounts. | |
In fiscal 2013, 2012 and 2011, the Company recognized $370,000, $500,000 and $470,000, respectively, of income on unredeemed gift cards (“gift card breakage”) as a component of Other income on the Consolidated Statements of Income and Comprehensive Income. Gift card breakage is determined after 60 months when the likelihood of the remaining balances being redeemed is remote based on our historical redemption data and there is no legal obligation to remit the remaining balances to relevant jurisdictions. | |
The Company offers its own credit card to customers. All credit activity is performed by the Company's wholly-owned subsidiaries. None of the credit card receivables are secured. Finance income is recognized as earned under the interest method and late charges are recognized in the month in which they are assessed, net of provisions for estimated uncollectible amounts. The Company evaluates the collectability of accounts receivable and records an allowance for doubtful accounts based on the aging of accounts and estimates of actual write-offs. Finance revenue on the Company's private label credit card portfolio is recognized as earned under the interest method. Late fees are recognized as earned, less provisions for estimated uncollectible fees. | |
Cost Of Goods Sold | ' |
Cost of Goods Sold: Cost of goods sold includes merchandise costs, net of discounts and allowances, buying costs, distribution costs, occupancy costs, freight, and inventory shrinkage. Net merchandise costs and in-bound freight are capitalized as inventory costs. Buying and distribution costs include payroll, payroll-related costs and operating expenses for our buying departments and distribution center. Occupancy expenses include rent, real estate taxes, insurance, common area maintenance, utilities and maintenance for stores and distribution facilities. Buying, distribution, occupancy and internal transfer costs are treated as period costs and are not capitalized as part of inventory. | |
Stock Repurchase Program | ' |
Stock Repurchase Program: For fiscal year ending February 1, 2014, the Company had 1,704,672 shares remaining in open authorization. There is no specified expiration date for the Company's repurchase program. | |
Advertising | ' |
Advertising: Advertising costs are expensed in the period in which they are incurred. Advertising expense was approximately $5,741,000, $6,186,000 and $7,056,000 for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively | |
Vendor Allowances | ' |
Vendor Allowances: The Company receives certain allowances from vendors primarily related to purchase discounts and markdown and damage allowances. All allowances are reflected in Cost of goods sold as earned when the related products are sold. Cash consideration received from a vendor is presumed to be a reduction of the purchase cost of merchandise and is reflected as a reduction of inventory. The Company does not receive cooperative advertising allowances. | |
Earnings Per Share | ' |
Earnings Per Share: ASC 260 - Earnings Per Share, requires dual presentation of basic EPS and diluted EPS on the face of all income statements for all entities with complex capital structures. The Company has presented one basic EPS and one diluted EPS amount for all common shares in the accompanying Consolidated Statements of Income. While the Company's certificate of incorporation provides the right for the Board of Directors to declare dividends on Class A shares without declaration of commensurate dividends on Class B shares, the Company has historically paid the same dividends to both Class A and Class B shareholders and the Board of Directors has resolved to continue this practice. Accordingly, the Company's allocation of income for purposes of EPS computation is the same for Class A and Class B shares and the EPS amounts reported herein are applicable to both Class A and Class B shares. | |
Basic EPS is computed as net income less earnings allocated to non-vested equity awards divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan. | |
Income Taxes | ' |
Income Taxes: The Company files a consolidated federal income tax return. Income taxes are provided based on the asset and liability method of accounting, whereby deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. | |
Unrecognized tax benefits for uncertain tax positions are established in accordance with ASC 740 when, despite the fact that the tax return positions are supportable, the Company believes these positions may be challenged and the results are uncertain. The Company adjusts these liabilities in light of changing facts and circumstances. Potential accrued interest and penalties related to unrecognized tax benefits within operations are recognized as a component of earnings before taxes. | |
Store Opening Costs | ' |
Store Opening Costs: Costs relating to the opening of new stores or the relocating or | |
expanding of existing stores are expensed as incurred. A portion of construction, design, and site selection costs are capitalized to new, relocated and remodeled stores. | |
Closed Store Lease Obligations | ' |
Closed Store Lease Obligations: At the time stores are closed, provisions are made for the rentals | |
required to be paid over the remaining lease terms on a discounted cash flow basis, reduced by any expected sublease rentals. | |
Insurance | ' |
Insurance: The Company is self-insured with respect to employee health care, workers' compensation and general liability. The Company's self-insurance liabilities are based on the total estimated cost of claims filed and estimates of claims incurred but not reported, less amounts paid against such claims, and are not discounted. Management reviews current and historical claims data in developing its estimates. The Company has stop-loss insurance coverage for individual claims in excess of $325,000 for employee healthcare, $350,000 for workers' compensation and $250,000 for general liability. | |
Fair Value Of Financial Instruments | ' |
Fair Value of Financial Instruments: The Company's carrying values of financial instruments, such as cash and cash equivalents, short-term investments, restricted cash and short-term investments, approximate their fair values due to their short terms to maturity and/or their variable interest rates. | |
Stock Based Compensation | ' |
Stock Based Compensation: The Company records compensation expense associated with restricted stock and other forms of equity compensation in accordance with ASC 718 - Compensation – Stock Compensation. Compensation cost associated with stock awards recognized in all years presented includes: 1) amortization related to the remaining unvested portion of all stock awards based on the grant date fair value and 2) adjustments for the effects of actual forfeitures versus initial estimated forfeitures. | |
General_Notes_to_Financial_Sta
General - Notes to Financial Statements | 12 Months Ended | ||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||
General Dsiclosure [Abstract] | ' | ||||||||||||||||||
Summary of Significant Account Policies | ' | ||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||
During the first quarter of fiscal 2013, the Company adopted guidance that requires additional disclosures on reclassifications from accumulated other comprehensive income into net income. The new accounting guidance requires entities to report either parenthetically on the face of the financial statements or in the footnotes of these reclassifications for each financial statement line item. This new guidance only impacts disclosures and as such will have no impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||
In the first quarter of fiscal 2014, the Company will adopt new accounting guidance which eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or tax credit carry forward exists at the reporting date. The new guidance may affect balance sheet classification of certain unrecognized tax benefits and will have no impact on the Company's consolidated results of operations or cash flows. | |||||||||||||||||||
1. Summary of Significant Accounting Policies: | |||||||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of The Cato Corporation and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||||
Correction of Prior Period Error: In connection with the preparation of our consolidated financial statements for the year ended February 2, 2013, the Company recorded the following out of period adjustments: (1) corrected its accounting for accrued landlord insurance by recording additional pre-tax expense of $1.2 million in 2012 which originated prior to fiscal year 2008; (2) corrected fiscal year 2011 federal income tax expense by recording an additional $1.1 million of income tax expense in 2012; and (3) corrected prior period state income tax expense of $0.6 million in 2012, of which $0.5 million originated in fiscal year 2011 and $0.1 million in fiscal year 2010. The Company has assessed the materiality of these errors and concluded that the errors were not material to any of the current or previously issued financial statements. | |||||||||||||||||||
Restricted Cash and Investments: The Company has $4.7 million in escrow at February 1, 2014 as security and collateral for administration of the Company's self-insured workers' compensation and general liability coverage which is reported as Restricted cash and investments on the Consolidated Balance Sheets. | |||||||||||||||||||
Supplemental Cash Flow Information: Income tax payments, net of refunds received, for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 were $34,238,000, $43,124,000 and $34,290,000, respectively. | |||||||||||||||||||
Inventories: Merchandise inventories are stated at the lower of cost or market as determined by the weighted-average cost method. | |||||||||||||||||||
Property and Equipment: Property and equipment are recorded at cost. Maintenance and repairs are expensed to operations as incurred; renewals and betterments are capitalized. Depreciation is determined on the straight-line method over the estimated useful lives of the related assets excluding leasehold improvements. Leasehold improvements are amortized over the shorter of the estimated useful life or lease term. For leases with renewal periods at the Company's option, the Company generally uses the original lease term plus reasonably assured renewal option periods (generally one five year option period) to determine estimated useful lives. Typical estimated useful lives are as follows: | |||||||||||||||||||
Estimated | |||||||||||||||||||
Classification | Useful Lives | ||||||||||||||||||
Land improvements | 10 years | ||||||||||||||||||
Buildings | 30-40 years | ||||||||||||||||||
Leasehold improvements | 5-10 years | ||||||||||||||||||
Fixtures and equipment | 3-10 years | ||||||||||||||||||
Information technology equipment and software | 3-10 years | ||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||
The Company invests in property and equipment primarily in connection with the opening and remodeling of stores and in computer software and hardware. The Company periodically reviews its store locations and estimates the recoverability of its assets, recording an impairment charge for the amount by which the carrying value exceeds the fair value, if necessary, when the Company decides to close the store or otherwise determines that future estimated undiscounted cash flows associated with those assets will not be sufficient to recover the carrying value. This determination is based on a number of factors, including the store's historical operating results and cash flows, estimated future sales growth, real estate development in the area and perceived local market conditions that can be difficult to predict and may be subject to change. Store asset impairment charges incurred in fiscal 2013 were $2,646,000. Store asset impairment charges incurred in fiscal 2012 were $2,011,000. Store asset impairment charges incurred in fiscal 2011 were de minimis. In addition, the Company regularly evaluates its computer-related and other long-lived assets and may accelerate depreciation over the revised useful life if the asset is expected to be replaced or has limited future value. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts, and any resulting gain or loss is reflected in income for that period. | |||||||||||||||||||
Leases | |||||||||||||||||||
The Company determines the classification of leases consistent with ASC 840 - Leases. The Company leases all of its retail stores. Most lease agreements contain construction allowances and rent escalations. For purposes of recognizing incentives and minimum rental expenses on a straight-line basis over the terms of the leases, including renewal periods considered reasonably assured, the Company begins amortization as of the initial possession date which is when the Company enters the space and begins to make improvements in preparation for intended use. | |||||||||||||||||||
For construction allowances, the Company records a deferred rent liability in Other noncurrent liabilities on the Consolidated Balance Sheets and amortizes the deferred rent over the term of the respective lease as a reduction to Cost of goods sold on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||||
For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases. | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The Company recognizes sales at the point of purchase when the customer takes possession of the merchandise and pays for the purchase, generally with cash or credit. Sales from purchases made with Cato credit, gift cards and layaway sales from stores are also recorded when the customer takes possession of the merchandise. E-Commerce sales are recorded when the risk of loss is transferred to the customer. Gift cards are recorded as deferred revenue until they are redeemed or forfeited. Layaway sales are recorded as deferred revenue until the customer takes possession or forfeits the merchandise. Gift cards do not have expiration dates. A provision is made for estimated merchandise returns based on sales volumes and the Company's experience; actual returns have not varied materially from historical amounts. | |||||||||||||||||||
In fiscal 2013, 2012 and 2011, the Company recognized $370,000, $500,000 and $470,000, respectively, of income on unredeemed gift cards (“gift card breakage”) as a component of Other income on the Consolidated Statements of Income and Comprehensive Income. Gift card breakage is determined after 60 months when the likelihood of the remaining balances being redeemed is remote based on our historical redemption data and there is no legal obligation to remit the remaining balances to relevant jurisdictions. | |||||||||||||||||||
The Company offers its own credit card to customers. All credit activity is performed by the Company's wholly-owned subsidiaries. None of the credit card receivables are secured. Finance income is recognized as earned under the interest method and late charges are recognized in the month in which they are assessed, net of provisions for estimated uncollectible amounts. The Company evaluates the collectability of accounts receivable and records an allowance for doubtful accounts based on the aging of accounts and estimates of actual write-offs. Finance revenue on the Company's private label credit card portfolio is recognized as earned under the interest method. Late fees are recognized as earned, less provisions for estimated uncollectible fees. | |||||||||||||||||||
Cost of Goods Sold: Cost of goods sold includes merchandise costs, net of discounts and allowances, buying costs, distribution costs, occupancy costs, freight, and inventory shrinkage. Net merchandise costs and in-bound freight are capitalized as inventory costs. Buying and distribution costs include payroll, payroll-related costs and operating expenses for our buying departments and distribution center. Occupancy expenses include rent, real estate taxes, insurance, common area maintenance, utilities and maintenance for stores and distribution facilities. Buying, distribution, occupancy and internal transfer costs are treated as period costs and are not capitalized as part of inventory. | |||||||||||||||||||
Advertising: Advertising costs are expensed in the period in which they are incurred. Advertising expense was approximately $5,741,000, $6,186,000 and $7,056,000 for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||||||||||||||||
Stock Repurchase Program: For fiscal year ending February 1, 2014, the Company had 1,704,672 shares remaining in open authorization. There is no specified expiration date for the Company's repurchase program. | |||||||||||||||||||
Earnings Per Share: ASC 260 - Earnings Per Share, requires dual presentation of basic EPS and diluted EPS on the face of all income statements for all entities with complex capital structures. The Company has presented one basic EPS and one diluted EPS amount for all common shares in the accompanying Consolidated Statements of Income. While the Company's certificate of incorporation provides the right for the Board of Directors to declare dividends on Class A shares without declaration of commensurate dividends on Class B shares, the Company has historically paid the same dividends to both Class A and Class B shareholders and the Board of Directors has resolved to continue this practice. Accordingly, the Company's allocation of income for purposes of EPS computation is the same for Class A and Class B shares and the EPS amounts reported herein are applicable to both Class A and Class B shares. | |||||||||||||||||||
Basic EPS is computed as net income less earnings allocated to non-vested equity awards divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan. | |||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||||||||||||
Numerator | (Dollars in thousands) | ||||||||||||||||||
Net earnings | $ | 54,322 | $ | 61,668 | $ | 64,834 | |||||||||||||
Earnings allocated to non-vested equity awards | -884 | -894 | -1,016 | ||||||||||||||||
Net earnings available to common stockholders | $ | 53,438 | $ | 60,774 | $ | 63,818 | |||||||||||||
Denominator | |||||||||||||||||||
Basic weighted average common shares outstanding | 28,767,615 | 28,796,815 | 28,896,355 | ||||||||||||||||
Dilutive effect of stock options and restricted stock | 5,063 | 3,563 | 4,930 | ||||||||||||||||
Diluted weighted average common shares outstanding | 28,772,678 | 28,800,378 | 28,901,285 | ||||||||||||||||
Net income per common share | |||||||||||||||||||
Basic earnings per share | $ | 1.86 | $ | 2.11 | $ | 2.21 | |||||||||||||
Diluted earnings per share | $ | 1.86 | $ | 2.11 | $ | 2.21 | |||||||||||||
Vendor Allowances: The Company receives certain allowances from vendors primarily related to purchase discounts and markdown and damage allowances. All allowances are reflected in Cost of goods sold as earned when the related products are sold. Cash consideration received from a vendor is presumed to be a reduction of the purchase cost of merchandise and is reflected as a reduction of inventory. The Company does not receive cooperative advertising allowances. | |||||||||||||||||||
Income Taxes: The Company files a consolidated federal income tax return. Income taxes are provided based on the asset and liability method of accounting, whereby deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. | |||||||||||||||||||
Unrecognized tax benefits for uncertain tax positions are established in accordance with ASC 740 when, despite the fact that the tax return positions are supportable, the Company believes these positions may be challenged and the results are uncertain. The Company adjusts these liabilities in light of changing facts and circumstances. Potential accrued interest and penalties related to unrecognized tax benefits within operations are recognized as a component of earnings before taxes. | |||||||||||||||||||
Store Opening Costs: Costs relating to the opening of new stores or the relocating or | |||||||||||||||||||
expanding of existing stores are expensed as incurred. A portion of construction, design, and site selection costs are capitalized to new, relocated and remodeled stores. | |||||||||||||||||||
Closed Store Lease Obligations: At the time stores are closed, provisions are made for the rentals | |||||||||||||||||||
required to be paid over the remaining lease terms on a discounted cash flow basis, reduced by any expected sublease rentals. | |||||||||||||||||||
Insurance: The Company is self-insured with respect to employee health care, workers' compensation and general liability. The Company's self-insurance liabilities are based on the total estimated cost of claims filed and estimates of claims incurred but not reported, less amounts paid against such claims, and are not discounted. Management reviews current and historical claims data in developing its estimates. The Company has stop-loss insurance coverage for individual claims in excess of $325,000 for employee healthcare, $350,000 for workers' compensation and $250,000 for general liability. | |||||||||||||||||||
Fair Value of Financial Instruments: The Company's carrying values of financial instruments, such as cash and cash equivalents, short-term investments, restricted cash and short-term investments, approximate their fair values due to their short terms to maturity and/or their variable interest rates. | |||||||||||||||||||
Stock Based Compensation: The Company records compensation expense associated with restricted stock and other forms of equity compensation in accordance with ASC 718 - Compensation – Stock Compensation. Compensation cost associated with stock awards recognized in all years presented includes: 1) amortization related to the remaining unvested portion of all stock awards based on the grant date fair value and 2) adjustments for the effects of actual forfeitures versus initial estimated forfeitures. | |||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||
During the first quarter of fiscal 2013, the Company adopted guidance that requires additional disclosures on reclassifications from accumulated other comprehensive income into net income. The new accounting guidance requires entities to report either parenthetically on the face of the financial statements or in the footnotes of these reclassifications for each financial statement line item. This new guidance only impacts disclosures and as such will have no impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||
In the first quarter of fiscal 2014, the Company will adopt new accounting guidance which eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or tax credit carry forward exists at the reporting date. The new guidance may affect balance sheet classification of certain unrecognized tax benefits and will have no impact on the Company's consolidated results of operations or cash flows. | |||||||||||||||||||
The following is a summary of changes in stock options outstanding during the year ended February 1, 2014. | |||||||||||||||||||
Weighted | |||||||||||||||||||
Weighted | Average | ||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||||
Shares | Price | Term | Value(a) | ||||||||||||||||
Options outstanding at February 2, 2013 | 9,550 | $ | 13.47 | 2.12 years | $ | 136,185 | |||||||||||||
Granted | 20,127 | - | |||||||||||||||||
Forfeited or expired | - | ||||||||||||||||||
Exercised | -9,050 | - | |||||||||||||||||
Outstanding at February 1, 2014 | 20,627 | $ | 23.33 | 9.04 years | $ | 163,000 | |||||||||||||
Vested and exercisable at February 1, 2014 | 500 | $ | 14.17 | 0.67 years | $ | 8,500 | |||||||||||||
The following is a summary of changes in stock options outstanding during the year ended February 1, 2014. | |||||||||||||||||||
Weighted | |||||||||||||||||||
Weighted | Average | ||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||||
Shares | Price | Term | Value(a) | ||||||||||||||||
Options outstanding at February 2, 2013 | 9,550 | $ | 13.47 | 2.12 years | $ | 136,185 | |||||||||||||
Granted | 20,127 | - | |||||||||||||||||
Forfeited or expired | - | ||||||||||||||||||
Exercised | -9,050 | - | |||||||||||||||||
Outstanding at February 1, 2014 | 20,627 | $ | 23.33 | 9.04 years | $ | 163,000 | |||||||||||||
Vested and exercisable at February 1, 2014 | 500 | $ | 14.17 | 0.67 years | $ | 8,500 |
Interest_and_Other_Income
Interest and Other Income | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Interestand Other Income Disclosure Text Block Abstract 1 [Abstract] | ' | |||||||||||||
Interest and Other Income [Text Block] | ' | |||||||||||||
2. Interest and Other Income: | ||||||||||||||
The components of Interest and other income are shown below (in thousands): | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Dividend income | $ | -17 | $ | -19 | $ | -16 | ||||||||
Interest income | -1,288 | -1,518 | -1,618 | |||||||||||
Miscellaneous income | -1,686 | -1,852 | -1,943 | |||||||||||
Net gain on investment sales | -276 | -393 | -240 | |||||||||||
Interest and other income | $ | -3,267 | $ | -3,782 | $ | -3,817 |
Shortterm_and_Other_Investment
Short-term and Other Investments | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||
InvestmentsDebtAndEquitySecuritiesAbstract | ' | |||||||||||||||||
Short-Term and Other Investments | ' | |||||||||||||||||
3. Short-Term Investments: | ||||||||||||||||||
At February 1, 2014, the Company's investment portfolio was primarily invested in governmental debt securities held in managed accounts. These securities are classified as available-for-sale as they are highly liquid and are recorded on the Consolidated Balance Sheets at estimated fair value, with unrealized gains and temporary losses reported net of taxes in Accumulated other comprehensive income. | ||||||||||||||||||
The table below reflects gross accumulated unrealized gains (losses) in short-term investments at February 1, 2014 and February 2, 2013 (in thousands). | ||||||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||||||
Debt securities | Debt securities | |||||||||||||||||
issued by various | issued by various | |||||||||||||||||
states of the United | states of the United | |||||||||||||||||
States and political | Corporate | States and political | Corporate | |||||||||||||||
subdivisions of | debt | subdivisions of | debt | |||||||||||||||
the states | securities | Total | the states | securities | Total | |||||||||||||
Cost basis | 157,358 | 2,795 | 160,153 | 148,605 | 7,989 | 156,594 | ||||||||||||
Unrealized gains | 971 | 4 | 975 | 980 | 46 | 1,026 | ||||||||||||
Unrealized (loss) | - | - | - | -42 | - | -42 | ||||||||||||
Estimated fair value | $ | 158,329 | $ | 2,799 | $ | 161,128 | $ | 149,543 | $ | 8,035 | $ | 157,578 | ||||||
Accumulated other comprehensive income on the Consolidated Balance Sheets reflects the accumulated unrealized net gains in short-term investments in addition to unrealized gains from equity investments and restricted cash investments. The table below reflects gross accumulated unrealized gains in these investments at February 1, 2014 and February 2, 2013 (in thousands). | ||||||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||||||
Deferred | Unrealized | Deferred | Unrealized | |||||||||||||||
Unrealized | Tax | Net Gain/ | Unrealized | Tax | Net Gain/ | |||||||||||||
Security Type | Gain/(Loss) | Benefit | (Loss) | Gain/(Loss) | Benefit | (Loss) | ||||||||||||
Short-Term Investments | $ | 978 | $ | -368 | $ | 610 | $ | 990 | $ | -372 | $ | 618 | ||||||
Equity Investments | 270 | -102 | 168 | 326 | -123 | 203 | ||||||||||||
Total | $ | 1,248 | $ | -470 | $ | 778 | $ | 1,316 | $ | -495 | $ | 821 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information - Notes to Financial Statements | 12 Months Ended |
Feb. 01, 2014 | |
Supplemental Cash Flow Information Abstract Cato [Abstract] | ' |
Supplemental Cash Flow Information | ' |
Supplemental Cash Flow Information: Income tax payments, net of refunds received, for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 were $34,238,000, $43,124,000 and $34,290,000, respectively. |
Fair_Value_Measurements_Notes_
Fair Value Measurements - Notes to Financial Statements | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | |||||||||||||||||||||||||||||
FairValue Measurements [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Fair Value Disclosures Text Block | ' | ' | ||||||||||||||||||||||||||||
The Company's investment portfolio was primarily invested in corporate bonds and tax-exempt and taxable governmental debt securities held in managed accounts with underlying ratings of A or better at February 1, 2014. The state, municipal and corporate bonds have contractual maturities which range from 14 days to 12.8 years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities which range from 12 days to 1.6 years. These securities are classified as available-for-sale and are recorded as Short-term investments, Restricted cash and investments and Other assets on the accompanying Consolidated Balance Sheets. These assets are carried at fair value with unrealized gains and losses reported net of taxes in Accumulated other comprehensive income. | Quantitative information regarding the significant unobservable inputs related to the ARS as of February 2, 2013 were as follows: | |||||||||||||||||||||||||||||
Additionally, at February 1, 2014, the Company had $0.4 million of privately managed funds, $0.6 million of corporate equities and a single auction rate security (“ARS”) of $3.1 million which continues to fail its auction. All of these assets are recorded within Other assets in the Consolidated Balance Sheets. At February 2, 2013, the Company had $0.6 million of privately managed funds, $0.5 million of corporate equities, and a single ARS of $3.5 million, all of which are recorded within Other assets in the Consolidated Balance Sheets. | Fair Value | Valuation Technique | Unobservable Inputs | |||||||||||||||||||||||||||
$3,450 | Net present value | Total Term | 9.66 Years | |||||||||||||||||||||||||||
Level 1 category securities are measured at fair value using quoted active market prices. Level 2 investment securities include corporate and municipal bonds for which quoted prices may not be available on active exchanges for identical instruments. Their fair value is principally based on market values determined by management with assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the pricing service using observable market information such as quotes from less active markets and/or quoted prices of securities with similar characteristics, among other factors. | of cash flows | Yield | 0.23% | |||||||||||||||||||||||||||
Comparative bond discount rate | 0.21% | |||||||||||||||||||||||||||||
The ARS of $3,450,000 par value was issued by the Wake County, NC Industrial Facilities & Pollution Control Financing Authority. The security is an obligation of Duke Energy Progress and has a credit rating of Aa2. The Company has collected all interest payments when due since the security was purchased and continues to expect that it will receive all interest due on the security in full and on a timely basis in the future. | ||||||||||||||||||||||||||||||
Significant increases or decreases in certain of the inputs could result in a lower fair value measurement. For example, a decrease in the yield, or an increase to the comparative bond discount rate could result in a lower fair value. | ||||||||||||||||||||||||||||||
During the fourth quarter of fiscal 2013, the ARS yield was substantially less than the comparative bond discount rate for two consecutive periods. As a result, the Company wrote down the ARS to approximate fair value as determined by publicly available data of recent sales for the security to third parties. This resulted in a loss of $310,500 included in interest and other income (or changes in net assets) with respect to its ARS Portfolio as of February 1, 2014. | ||||||||||||||||||||||||||||||
The Company's failed ARS is recorded at $3,139,500 which approximates fair value using Level 3 inputs. Because there is no active market for this particular ARS, its fair value was analyzed through the use of a discounted cash flow analysis and observations from previous trades. The terms used in the analysis were based on management's estimate of the timing of future liquidity, which assumes that the security will be called or refinanced by the issuer or settled with a broker dealer prior to maturity. The discount rates used in the discounted cash flow analysis were based on market rates for similar liquid tax exempt securities with comparable ratings and maturities. Due to the uncertainty surrounding the timing of future liquidity, the Company also considered a liquidity/risk value reduction. In estimating the fair value of this ARS, the Company also considered recent trading activity, the financial condition and near-term prospects of the issuer, the probability that the Company will be unable to collect all amounts due according to the contractual terms of the security and whether the security has been downgraded by a rating agency. The Company's valuation is sensitive to market conditions and management's judgment and can change significantly based on the assumptions used. | ||||||||||||||||||||||||||||||
The Company's privately managed funds consist of two types of funds. The privately managed funds cannot be redeemed at net asset value at a specific date without advance notice. As a result, the Company has classified the investments as Level 3. | ||||||||||||||||||||||||||||||
Deferred compensation plan assets consist of life insurance policies. These life insurance policies are valued based on the cash surrender value of the insurance contract, which is determined based on such factors as the fair value of the underlying assets and discounted cash flow and are therefore classified within level 3 of the valuation hierarchy. The level 3 liability associated with the life insurance policies represents a deferred compensation obligation, the value of which is tracked via underlying insurance funds. These funds are designed to mirror existing mutual funds and money market funds that are observable and actively traded. Cash surrender values are provided by third parties and reviewed for reasonableness by the Company. | ||||||||||||||||||||||||||||||
4. Fair Value Measurements: | ||||||||||||||||||||||||||||||
The following tables set forth information regarding the Company's financial assets that are measured at fair value (in thousands) as of February 1, 2014 and February 2, 2013. | ||||||||||||||||||||||||||||||
Prices in | ||||||||||||||||||||||||||||||
Active | Significant | |||||||||||||||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||||||||||||
1-Feb-14 | Assets | Inputs | Inputs | |||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
State/Municipal Bonds | $ | 159,074 | $ | - | $ | 159,074 | $ | - | ||||||||||||||||||||||
Corporate Bonds | 2,799 | - | 2,799 | - | ||||||||||||||||||||||||||
Auction Rate Securities (ARS) | 3,140 | - | - | 3,140 | ||||||||||||||||||||||||||
U.S. Treasury Notes | 3,405 | 3,405 | - | - | ||||||||||||||||||||||||||
Cash Surrender Value of Life Insurance | 2,957 | - | - | 2,957 | ||||||||||||||||||||||||||
Privately Managed Funds | 392 | - | - | 392 | ||||||||||||||||||||||||||
Corporate Equities | 585 | 585 | - | - | ||||||||||||||||||||||||||
Certificates of Deposit | 100 | 100 | - | - | ||||||||||||||||||||||||||
Total Assets | $ | 172,452 | $ | 4,090 | $ | 161,873 | $ | 6,489 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Deferred Compensation | -3,298 | - | - | -3,298 | ||||||||||||||||||||||||||
Total Liabilities | $ | -3,298 | $ | - | $ | - | $ | -3,298 | ||||||||||||||||||||||
Prices in | ||||||||||||||||||||||||||||||
Active | Significant | |||||||||||||||||||||||||||||
Markets for | Other | Significant | ||||||||||||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||||||||||||
2-Feb-13 | Assets | Inputs | Inputs | |||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
State/Municipal Bonds | $ | 151,377 | $ | - | $ | 151,377 | $ | - | ||||||||||||||||||||||
Corporate Bonds | 8,035 | - | 8,035 | - | ||||||||||||||||||||||||||
Auction Rate Securities (ARS) | 3,450 | - | - | 3,450 | ||||||||||||||||||||||||||
U.S. Treasury Notes | 3,906 | 3,906 | - | - | ||||||||||||||||||||||||||
Cash Surrender Value of Life Insurance | 2,051 | - | - | 2,051 | ||||||||||||||||||||||||||
Privately Managed Funds | 561 | - | - | 561 | ||||||||||||||||||||||||||
Corporate Equities | 474 | 474 | - | - | ||||||||||||||||||||||||||
Certificates of Deposit | 100 | 100 | - | - | ||||||||||||||||||||||||||
Total | $ | 169,954 | $ | 4,480 | $ | 159,412 | $ | 6,062 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Deferred Compensation | -2,178 | - | - | -2,178 | ||||||||||||||||||||||||||
Total Liabilities | $ | -2,178 | $ | - | $ | - | $ | -2,178 | ||||||||||||||||||||||
The Company's investment portfolio was primarily invested in corporate bonds and tax-exempt and taxable governmental debt securities held in managed accounts with underlying ratings of A or better at February 1, 2014. The state, municipal and corporate bonds have contractual maturities which range from 14 days to 12.8 years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities which range from 12 days to 1.6 years. These securities are classified as available-for-sale and are recorded as Short-term investments, Restricted cash and investments and Other assets on the accompanying Consolidated Balance Sheets. These assets are carried at fair value with unrealized gains and losses reported net of taxes in Accumulated other comprehensive income. | ||||||||||||||||||||||||||||||
Additionally, at February 1, 2014, the Company had $0.4 million of privately managed funds, $0.6 million of corporate equities and a single auction rate security (“ARS”) of $3.1 million which continues to fail its auction. All of these assets are recorded within Other assets in the Consolidated Balance Sheets. At February 2, 2013, the Company had $0.6 million of privately managed funds, $0.5 million of corporate equities, and a single ARS of $3.5 million, all of which are recorded within Other assets in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
Level 1 category securities are measured at fair value using quoted active market prices. Level 2 investment securities include corporate and municipal bonds for which quoted prices may not be available on active exchanges for identical instruments. Their fair value is principally based on market values determined by management with assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the pricing service using observable market information such as quotes from less active markets and/or quoted prices of securities with similar characteristics, among other factors. | ||||||||||||||||||||||||||||||
The ARS of $3,450,000 par value was issued by the Wake County, NC Industrial Facilities & Pollution Control Financing Authority. The security is an obligation of Duke Energy Progress and has a credit rating of Aa2. The Company has collected all interest payments when due since the security was purchased and continues to expect that it will receive all interest due on the security in full and on a timely basis in the future. | ||||||||||||||||||||||||||||||
During the fourth quarter of fiscal 2013, the ARS yield was substantially less than the comparative bond discount rate for two consecutive periods. As a result, the Company wrote down the ARS to approximate fair value as determined by publicly available data of recent sales for the security to third parties. This resulted in a loss of $310,500 included in interest and other income (or changes in net assets) with respect to its ARS Portfolio as of February 1, 2014. | ||||||||||||||||||||||||||||||
The Company's failed ARS is recorded at $3,139,500 which approximates fair value using Level 3 inputs. Because there is no active market for this particular ARS, its fair value was analyzed through the use of a discounted cash flow analysis and observations from previous trades. The terms used in the analysis were based on management's estimate of the timing of future liquidity, which assumes that the security will be called or refinanced by the issuer or settled with a broker dealer prior to maturity. The discount rates used in the discounted cash flow analysis were based on market rates for similar liquid tax exempt securities with comparable ratings and maturities. Due to the uncertainty surrounding the timing of future liquidity, the Company also considered a liquidity/risk value reduction. In estimating the fair value of this ARS, the Company also considered recent trading activity, the financial condition and near-term prospects of the issuer, the probability that the Company will be unable to collect all amounts due according to the contractual terms of the security and whether the security has been downgraded by a rating agency. The Company's valuation is sensitive to market conditions and management's judgment and can change significantly based on the assumptions used. | ||||||||||||||||||||||||||||||
The Company's privately managed funds consist of two types of funds. The privately managed funds cannot be redeemed at net asset value at a specific date without advance notice. As a result, the Company has classified the investments as Level 3. | ||||||||||||||||||||||||||||||
Deferred compensation plan assets consist of life insurance policies. These life insurance policies are valued based on the cash surrender value of the insurance contract, which is determined based on such factors as the fair value of the underlying assets and discounted cash flow and are therefore classified within level 3 of the valuation hierarchy. The level 3 liability associated with the life insurance policies represents a deferred compensation obligation, the value of which is tracked via underlying insurance funds. These funds are designed to mirror existing mutual funds and money market funds that are observable and actively traded. Cash surrender values are provided by third parties and reviewed for reasonableness by the Company. | ||||||||||||||||||||||||||||||
The following tables summarize the change in fair value of the Company's financial assets and liabilities measured using Level 3 inputs as of February 1, 2014 and February 2, 2013 (in thousands): | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Asset Inputs (Level 3) | ||||||||||||||||||||||||||||||
Available-For-Sale | Other | |||||||||||||||||||||||||||||
Debt Securities | Investments | Cash | ||||||||||||||||||||||||||||
ARS | Private Equity | Surrender Value | Total | |||||||||||||||||||||||||||
Beginning Balance at February 2, 2013 | $ | 3,450 | $ | 561 | $ | 2,051 | $ | 6,062 | ||||||||||||||||||||||
Redemptions | - | -122 | - | -122 | ||||||||||||||||||||||||||
Additions | - | - | 775 | 775 | ||||||||||||||||||||||||||
Total gains or (losses) | ||||||||||||||||||||||||||||||
Included in interest and other income (or changes in net assets) | -311 | 121 | 131 | -59 | ||||||||||||||||||||||||||
Included in other comprehensive income | - | -168 | - | -168 | ||||||||||||||||||||||||||
Ending Balance at February 1, 2014 | $ | 3,140 | $ | 392 | $ | 2,957 | $ | 6,489 | ||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Liability Inputs (Level 3) | ||||||||||||||||||||||||||||||
Deferred | ||||||||||||||||||||||||||||||
Compensation | Total | |||||||||||||||||||||||||||||
Beginning Balance at February 2, 2013 | $ | -2,178 | $ | -2,178 | ||||||||||||||||||||||||||
Additions | -863 | -863 | ||||||||||||||||||||||||||||
Total (gains) or losses | ||||||||||||||||||||||||||||||
Included in interest and other income (or changes in net assets) | -257 | -257 | ||||||||||||||||||||||||||||
Ending Balance at February 1, 2014 | $ | -3,298 | $ | -3,298 | ||||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Asset Inputs (Level 3) | ||||||||||||||||||||||||||||||
Available-For-Sale | Other | |||||||||||||||||||||||||||||
Debt Securities | Investments | Cash | ||||||||||||||||||||||||||||
ARS | Private Equity | Surrender Value | Total | |||||||||||||||||||||||||||
Beginning Balance at January 28, 2012 | $ | 3,450 | $ | 1,604 | $ | - | $ | 5,054 | ||||||||||||||||||||||
Redemptions | - | -1,041 | - | -1,041 | ||||||||||||||||||||||||||
Additions | 1,932 | 1,932 | ||||||||||||||||||||||||||||
Total gains or (losses) | ||||||||||||||||||||||||||||||
Included in interest and other income (or changes in net assets) | - | - | 119 | 119 | ||||||||||||||||||||||||||
Included in other comprehensive income | - | -2 | - | -2 | ||||||||||||||||||||||||||
Ending Balance at February 2, 2013 | $ | 3,450 | $ | 561 | $ | 2,051 | $ | 6,062 | ||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Liability Inputs (Level 3) | ||||||||||||||||||||||||||||||
Deferred | ||||||||||||||||||||||||||||||
Compensation | Total | |||||||||||||||||||||||||||||
Beginning Balance at January 28, 2012 | $ | - | $ | - | ||||||||||||||||||||||||||
Additions | -2,001 | -2,001 | ||||||||||||||||||||||||||||
Total (gains) or losses | ||||||||||||||||||||||||||||||
Included in interest and other income (or changes in net assets) | -177 | -177 | ||||||||||||||||||||||||||||
Ending Balance at February 2, 2013 | $ | -2,178 | $ | -2,178 | ||||||||||||||||||||||||||
Quantitative information regarding the significant unobservable inputs related to the ARS as of February 1, 2014 were as follows: | ||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | ||||||||||||||||||||||||||||
$3,140 | Net present value | Total Term | 8.66 Years | |||||||||||||||||||||||||||
of cash flows | Yield | 0.07% | ||||||||||||||||||||||||||||
Comparative bond discount rate | 0.14% |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Accounts Receivable Disclosure [Abstract] | ' | |||||||||
Accounts Receivables | ' | |||||||||
5 | Accounts Receivable: | |||||||||
Accounts receivable consist of the following (in thousands): | ||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||
Customer accounts — principally deferred payment accounts | $ | 27,414 | $ | 29,936 | ||||||
Miscellaneous trade receivables | 13,553 | 12,133 | ||||||||
Total | 40,967 | 42,069 | ||||||||
Less allowance for doubtful accounts | 1,743 | 2,053 | ||||||||
Accounts receivable — net | $ | 39,224 | $ | 40,016 | ||||||
Finance charge and late charge revenue on customer deferred payment accounts totaled $6,220,000, $6,929,000 and $7,716,000 for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively, and charges against the allowance for doubtful accounts were approximately $1,009,000, $1,259,000 and $1,723,000 for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. Expenses relating to the allowance for doubtful accounts are classified as a component of Selling, general and administrative expense in the accompanying Consolidated Statements of Income and Comprehensive Income. | ||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
PropertyAndEquipmentDisclosureAbstract | ' | ||||||||||
Property and Equipment | ' | ||||||||||
Estimated | |||||||||||
Classification | Useful Lives | ||||||||||
Land improvements | 10 years | ||||||||||
Buildings | 30-40 years | ||||||||||
Leasehold improvements | 5-10 years | ||||||||||
Fixtures and equipment | 3-10 years | ||||||||||
Information technology equipment and software | 3-10 years | ||||||||||
6 | Property and Equipment: | ||||||||||
Property and equipment consist of the following (in thousands): | |||||||||||
1-Feb-14 | 2-Feb-13 | ||||||||||
Land and improvements | $ | 7,851 | $ | 6,980 | |||||||
Buildings | 27,269 | 25,948 | |||||||||
Leasehold improvements | 94,185 | 86,540 | |||||||||
Fixtures and equipment | 208,902 | 199,815 | |||||||||
Information technology equipment and software | 58,705 | 57,378 | |||||||||
Construction in progress | 12,300 | 9,004 | |||||||||
Total | 409,212 | 385,665 | |||||||||
Less accumulated depreciation | 268,083 | 251,438 | |||||||||
Property and equipment — net | $ | 141,129 | $ | 134,227 | |||||||
Construction in progress primarily represents costs related to new store development and investments in new technology. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Payables and Accruals [Abstract] | ' | |||||||||
Accrued Expenses | ' | |||||||||
7 | Accrued Expenses: | |||||||||
Accrued expenses consist of the following (in thousands): | ||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||
Accrued payroll and related items | $ | 7,608 | $ | 7,929 | ||||||
Property and other taxes | 15,285 | 14,011 | ||||||||
Accrued self-insurance | 10,605 | 9,706 | ||||||||
Other | 12,265 | 12,127 | ||||||||
Total | $ | 45,763 | $ | 43,773 |
Financing_Arrangements_Notes_t
Financing Arrangements - Notes to Financial Statements | 12 Months Ended |
Feb. 01, 2014 | |
Financing Arrangements [Abstract] | ' |
Financing Arrangements | ' |
8. Financing Arrangements | |
As of February 1, 2014, the Company had an unsecured revolving credit agreement to borrow $35.0 million less the balance of revocable credits discussed below. During 2013, the revolving credit agreement was amended and extended to August 2015. The credit agreement contains various financial covenants and limitations, including the maintenance of specific financial ratios with which the Company was in compliance as of February 1, 2014. There were no borrowings outstanding under this credit facility during the periods ended February 1, 2014, February 2, 2013 or January 28, 2012. The weighted average interest rate under the credit facility was zero at February 1, 2014 due to no borrowings during the year. | |
At February 1, 2014, February 2, 2013 and January 28, 2012, the Company had approximately $0.4 million, $2.9 million and $2.3 million, respectively, of outstanding revocable letters of credit relating to purchase commitments. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Feb. 01, 2014 | |
us-gaap_StockholdersEquityNoteAbstract | ' |
Stockholders' Equity | ' |
9. Stockholders' Equity: | |
The holders of Class A Common Stock are entitled to one vote per share, whereas the holders of Class B Common Stock are entitled to ten votes per share. Each share of Class B Common Stock may be converted at any time into one share of Class A Common Stock. Subject to the rights of the holders of any shares of Preferred Stock that may be outstanding at the time, in the event of liquidation, dissolution or winding up of the Company, holders of Class A Common Stock are entitled to receive a preferential distribution of $1.00 per share of the net assets of the Company. Cash dividends on the Class B Common Stock cannot be paid unless cash dividends of at least an equal amount are paid on the Class A Common Stock. | |
The Company's certificate of incorporation provides that shares of Class B Common Stock may be transferred only to certain “Permitted Transferees” consisting generally of the lineal descendants of holders of Class B Stock, trusts for their benefit, corporations and partnerships controlled by them and the Company's employee benefit plans. Any transfer of Class B Common Stock in violation of these restrictions, including a transfer to the Company, results in the automatic conversion of the transferred shares of Class B Common Stock held by the transferee into an equal number of shares of Class A Common Stock. | |
On March 24, 2014, the Company paid a quarterly dividend of $0.30 per share. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
10. Employee Benefit Plans: | |
The Company has a defined contribution retirement savings plan (“401(k) plan”) which covers all associates who meet minimum age and service requirements. The 401(k) plan allows participants to contribute up to 60% of their annual compensation up to the maximum elective deferral, designated by the IRS. The Company is obligated to make a minimum contribution to cover plan administrative expenses. Further Company contributions are at the discretion of the Board of Directors. The Company's contributions for the years ended February 1, 2014, February 2, 2013 and January 28, 2012 were approximately $1,196,000, $1,186,000 and $1,200,000, respectively. | |
The Company has a trusteed, non-contributory Employee Stock Ownership Plan (“ESOP”), which covers substantially all associates who meet minimum age and service requirements. The amount of the Company's discretionary contribution to the ESOP is determined annually by the Compensation Committee of the Board of Directors and can be made in Company Class A Common stock or cash. The Company has chosen to contribute cash and the plan purchases stock on the open market consistent with prior years. The Committee approved a contribution of approximately $887,000 for year ended February 1, 2014. The Company's contribution for the year ended February 2, 2013 was $508,000 and year ended January 28, 2012 was $514,000. | |
The Company is primarily self-insured for health care. These costs are significant primarily due to the large number of the Company's retail locations and associates. The Company's self-insurance liabilities are based on the total estimated costs of claims filed and estimates of claims incurred but not reported, less amounts paid against such claims. Management reviews current and historical claims data in developing its estimates. If the underlying facts and circumstances of the claims change or the historical trend is not indicative of future trends, then the Company may be required to record additional expense or a reduction to expense which could be material to the Company's reported financial condition and results of operations. The Company funds health care contributions to a third party provider. | |
Leases
Leases | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
LeasesOperatingAbstract | ' | |||||||||||
Leases | ' | |||||||||||
11. Leases: | ||||||||||||
The Company has operating lease arrangements for store facilities and equipment. Facility leases generally are at a fixed rate for periods of five years with renewal options. For leases with landlord capital improvement funding, the funded amount is recorded as a deferred liability and amortized over the term of the lease as a reduction to rent expense on the Consolidated Statements of Income. Equipment leases are generally for one to three year periods. | ||||||||||||
The minimum rental commitments under non-cancelable operating leases are (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | $ | 63,019 | ||||||||||
2015 | 49,792 | |||||||||||
2016 | 36,820 | |||||||||||
2017 | 24,118 | |||||||||||
2018 | 15,371 | |||||||||||
Thereafter | 29,017 | |||||||||||
Total minimum lease payments | $ | 218,137 | ||||||||||
The following schedule shows the composition of total rental expense for all leases (in thousands): | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
Fiscal Year Ended | ||||||||||||
Minimum rentals | $ | 61,889 | $ | 59,887 | $ | 56,671 | ||||||
Contingent rent | 4 | 16 | 28 | |||||||||
Total rental expense | $ | 61,893 | $ | 59,903 | $ | 56,699 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Income Taxes [Abstract] | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
12. Income Taxes: | ||||||||||||||
Unrecognized tax benefits for uncertain tax positions are established in accordance with ASC 740 when, despite the fact that the tax return positions are supportable, the Company believes these positions may be challenged and the results are uncertain. The Company adjusts these liabilities in light of changing facts and circumstances. As of February 1, 2014, the Company had gross unrecognized tax benefits totaling approximately $9.2 million, of which approximately $6.5 million would affect the effective tax rate if recognized. The Company had approximately $5.4 million, $5.0 million and $4.7 million of interest and penalties accrued related to uncertain tax positions as of February 1, 2014, February 2, 2013 and January 28, 2012, respectively. The Company recognizes interest and penalties related to the resolution of uncertain tax positions as a component of income tax expense. The Company recognized $927,000, $899,000 and $956,000 of interest and penalties in the Consolidated Statement of Income and Comprehensive Income for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. The Company is no longer subject to U.S. federal income tax examinations for years before 2010. In state and local tax jurisdictions, the Company has limited exposure before 2004. During the next 12 months, various state and local taxing authorities' statues of limitations will expire and certain state examinations may close, which could result in a potential reduction of unrecognized tax benefits for which a range can not be determined. | ||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Fiscal Year Ended | ||||||||||||||
Balances, beginning | $ | 8,892 | $ | 8,689 | $ | 8,343 | ||||||||
Additions for tax positions of the current year | 1,209 | 1,222 | 1,118 | |||||||||||
Additions for tax positions prior years | - | - | 250 | |||||||||||
Reduction for tax positions of prior years for: | ||||||||||||||
Settlements during the period | -464 | -581 | -685 | |||||||||||
Lapses of applicable statue of limitations | -423 | -438 | -337 | |||||||||||
Balance, ending | $ | 9,214 | $ | 8,892 | $ | 8,689 | ||||||||
The provision for income taxes consists of the following (in thousands): | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Fiscal Year Ended | ||||||||||||||
Current income taxes: | ||||||||||||||
Federal | $ | 31,699 | $ | 38,415 | $ | 29,048 | ||||||||
State | 3,032 | 4,429 | 3,181 | |||||||||||
Total | 34,731 | 42,844 | 32,229 | |||||||||||
Deferred income taxes: | ||||||||||||||
Federal | -4,260 | -4,952 | 2,867 | |||||||||||
State | -507 | -589 | 341 | |||||||||||
Total | -4,767 | -5,541 | 3,208 | |||||||||||
Total income tax expense | $ | 29,964 | $ | 37,303 | $ | 35,437 | ||||||||
Significant components of the Company's deferred tax assets and liabilities as of February 1, 2014 and February 2, 2013 are as follows (in thousands): | ||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for doubtful accounts | $ | 598 | $ | 772 | ||||||||||
Inventory valuation | 2,349 | 1,232 | ||||||||||||
Deferred lease liability | 2,940 | 4,174 | ||||||||||||
Non-deductible accrued liabilities | 1,133 | 1,355 | ||||||||||||
Other taxes | 1,668 | 1,564 | ||||||||||||
Federal benefit of uncertain tax positions | 4,292 | 3,910 | ||||||||||||
Equity compensation expense | 3,246 | 2,728 | ||||||||||||
Accrued Bonus | 800 | - | ||||||||||||
Other | 2,065 | 1,952 | ||||||||||||
Total deferred tax assets | 19,091 | 17,687 | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Property and equipment | 8,690 | 12,425 | ||||||||||||
Unrealized gains on short-term investments | 469 | 495 | ||||||||||||
Health care expense | 1,383 | 1,150 | ||||||||||||
Other | 2,456 | 2,316 | ||||||||||||
Total deferred tax liabilities | 12,998 | 16,386 | ||||||||||||
Net deferred tax liabilities (assets) | $ | -6,093 | $ | -1,301 | ||||||||||
The reconciliation of the Company's effective income tax rate with the statutory rate is as follows: | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Fiscal Year Ended | ||||||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||
State income taxes | 2.8 | 3.2 | 1.7 | |||||||||||
Tax credits | -1.4 | -1.1 | -1 | |||||||||||
Tax exempt interest | -0.5 | -0.5 | -0.5 | |||||||||||
Effects of permanent differences | 0.1 | 0.1 | -0.1 | |||||||||||
Other | -0.4 | 1 | 0.2 | |||||||||||
Effective income tax rate | 35.6 | % | 37.7 | % | 35.3 | % |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||
13 | Quarterly Financial Data (Unaudited): | |||||||||||||
Summarized quarterly financial results are as follows (in thousands, except per share data): | ||||||||||||||
Fiscal 2013 | First | Second | Third | Fourth | ||||||||||
Total revenues | $ | 269,698 | $ | 231,718 | $ | 201,043 | $ | 217,574 | ||||||
Gross profit (exclusive of depreciation) | 112,797 | 86,768 | 72,256 | 76,966 | ||||||||||
Net income | 30,839 | 14,775 | 4,885 | 3,823 | ||||||||||
Basic earnings per share | $ | 1.05 | $ | 0.51 | $ | 0.17 | $ | 0.13 | ||||||
Diluted earnings per share | $ | 1.05 | $ | 0.51 | $ | 0.17 | $ | 0.13 | ||||||
Fiscal 2012 | First | Second | Third | Fourth | ||||||||||
Total revenues | $ | 275,344 | $ | 234,063 | $ | 200,005 | $ | 234,636 | ||||||
Gross profit (exclusive of depreciation) | 117,512 | 91,604 | 69,606 | 83,365 | ||||||||||
Net income | 31,723 | 17,333 | 4,669 | 7,944 | ||||||||||
Basic earnings per share | $ | 1.09 | $ | 0.59 | $ | 0.16 | $ | 0.27 | ||||||
Diluted earnings per share | $ | 1.09 | $ | 0.59 | $ | 0.16 | $ | 0.27 |
Reportable_Segment_Information
Reportable Segment Information - Notes to Financial Statements | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Reportable Segment Information [Abstract] | ' | ||||||||||
Reportable Segment Information | ' | ||||||||||
14. Reportable Segment Information | |||||||||||
The Company has determined that it has four operating segments, as defined under ASC 280-10, including Cato, It's Fashion, Versona Accessories and Credit. As outlined in ASC 280-10, the Company has two reportable segments: Retail and Credit. The Company has aggregated its retail operating segments based on the aggregation criteria outlined in ASC 280-10, which states that two or more operating segments may be aggregated into a single reportable segment if aggregation is consistent with the objective and basic principles of ASC 280-10, if the segments have similar economic characteristics, similar product, similar production processes, similar clients and similar methods of distribution. | |||||||||||
The Company's retail operating segments have similar economic characteristics and similar operating, financial and competitive risks. They are similar in nature of product, as they all offer women's apparel, shoes and accessories. Merchandise inventory of the Company's operating segments is sourced from the same countries and some of the same vendors, using similar production processes. Clients of the Company's operating segments have similar characteristics. Merchandise for the Company's operating segments is distributed to retail stores in a similar manner through the Company's single distribution center and is subsequently distributed to clients in a similar manner. | |||||||||||
The Company operates its women's fashion specialty retail stores in 32 states as of February 1, 2014, principally in the southeastern United States. The Company offers its own credit card to its customers and all credit authorizations, payment processing, and collection efforts are performed by a separate subsidiary of the Company. | |||||||||||
The following schedule summarizes certain segment information (in thousands): | |||||||||||
Fiscal 2013 | Retail | Credit | Total | ||||||||
Revenues | $ | 913,813 | $ | 6,220 | $ | 920,033 | |||||
Depreciation | 21,785 | 40 | 21,825 | ||||||||
Interest and other income | -3,267 | - | -3,267 | ||||||||
Income before taxes | 81,709 | 2,577 | 84,286 | ||||||||
Total assets | 524,908 | 72,010 | 596,918 | ||||||||
Capital expenditures | 31,423 | 119 | 31,542 | ||||||||
Fiscal 2012 | Retail | Credit | Total | ||||||||
Revenues | $ | 937,119 | $ | 6,929 | $ | 944,048 | |||||
Depreciation | 22,404 | 51 | 22,455 | ||||||||
Interest and other income | -3,782 | - | -3,782 | ||||||||
Income before taxes | 95,972 | 2,999 | 98,971 | ||||||||
Total assets | 463,527 | 69,119 | 532,646 | ||||||||
Capital expenditures | 44,924 | 251 | 45,175 | ||||||||
Fiscal 2011 | Retail | Credit | Total | ||||||||
Revenues | $ | 923,742 | $ | 7,716 | $ | 931,458 | |||||
Depreciation | 21,785 | 40 | 21,825 | ||||||||
Interest and other income | -3,817 | - | -3,817 | ||||||||
Income before taxes | 97,037 | 3,234 | 100,271 | ||||||||
Total assets | 471,397 | 79,692 | 551,089 | ||||||||
Capital expenditures | 35,804 | 86 | 35,890 | ||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. The Company evaluates performance based on profit or loss from operations before income taxes. The Company does not allocate certain corporate expenses to the credit segment. | |||||||||||
The following schedule summarizes the direct expenses of the credit segment which are reflected in selling, general and administrative expenses (in thousands): | |||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||||
Bad debt expense | $ | 1,009 | $ | 1,259 | $ | 1,723 | |||||
Payroll | 907 | 919 | 954 | ||||||||
Postage | 744 | 751 | 757 | ||||||||
Other expenses | 943 | 950 | 1,008 | ||||||||
Total expenses | $ | 3,603 | $ | 3,879 | $ | 4,442 |
Stock_Based_Compensation_Notes
Stock Based Compensation - Notes to Financial Statements | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Stock Based Compensation [Abstract] | ' | |||||||
Stock Based Compensation | ' | |||||||
15. Stock Based Compensation: | ||||||||
As of February 1, 2014, the Company had three long-term compensation plans pursuant to which stock-based compensation was outstanding or could be granted. The Company's 1987 Non-Qualified Stock Option Plan is for the granting of options to officers and key employees. The 2013 Incentive Compensation Plan and 2004 Incentive Compensation Plan are for the granting of various forms of equity-based awards, including restricted stock and stock options for grant, to officers, directors and key employees. Effective May 23, 2013, shares for grant were no longer available under the 2004 Amended and Restated Incentive Compensation Plan. | ||||||||
The following table presents the number of options and shares of restricted stock initially authorized and available for grant under each of the plans as of February 1, 2014: | ||||||||
1987 | 2004 | 2013 | ||||||
Plan | Plan | Plan | Total | |||||
Options and/or restricted stock initially authorized | 5,850,000 | 1,350,000 | 1,500,000 | 8,700,000 | ||||
Options and/or restricted stock available for grant: | ||||||||
2-Feb-13 | 20,127 | 443,566 | 0 | 463,693 | ||||
1-Feb-14 | 0 | 0 | 1,489,152 | 1,489,152 | ||||
In accordance with ASC 718, the fair value of current restricted stock awards is estimated on the date of grant based on the market price of the Company's stock and is amortized to compensation expense on a straight-line basis over a five year vesting period. As of February 1, 2014, there was $8,298,000 of total unrecognized compensation expense related to nonvested restricted stock awards, which is expected to be recognized over a remaining weighted-average vesting period of 2.6 years. The total fair value of the shares recognized as compensation expense during the twelve months ended February 1, 2014, February 2, 2013 and January 28, 2012 was $2,924,000, $2,669,000 and $2,475,000, respectively. The expenses are classified as a component of Selling, general and administrative expenses in the Consolidated Statements of Income. | ||||||||
The following summary shows the changes in the shares of restricted stock outstanding during the years ended February 1, 2014, February 2, 2013 and January 28, 2012: | ||||||||
Weighted Average | ||||||||
Number of | Grant Date Fair | |||||||
Shares | Value Per Share | |||||||
Restricted stock awards at January 29, 2011 | 509,456 | $ | 20.32 | |||||
Granted | 102,449 | 25.41 | ||||||
Vested | -128,103 | 20.53 | ||||||
Forfeited or expired | -22,461 | 21.33 | ||||||
Restricted stock awards at January 28, 2012 | 461,341 | $ | 21.44 | |||||
Granted | 110,397 | 28.23 | ||||||
Vested | -114,172 | 18.83 | ||||||
Forfeited or expired | -17,420 | 24.95 | ||||||
Restricted stock awards at February 2, 2013 | 440,146 | $ | 23.7 | |||||
Granted | 214,637 | 23.57 | ||||||
Vested | -121,692 | 19.82 | ||||||
Forfeited or expired | -27,468 | 24.71 | ||||||
Restricted stock awards at February 1, 2014 | 505,623 | $ | 24.52 | |||||
The Company's Employee Stock Purchase Plan allows eligible full-time employees to purchase a limited number of shares of the Company's Class A Common Stock during each semi-annual offering period at a 15% discount through payroll deductions. During the twelve month periods ended February 1, 2014, the Company sold 19,070 shares to employees at an average discount of $3.65 per share under the Employee Stock Purchase Plan. The compensation expense recognized for the 15% discount given under the Employee Stock Purchase Plan was approximately $70,000, $128,000 and $84,000 for fiscal years 2013, 2012 and 2011, respectively. These expenses are classified as a component of selling, general and administrative expenses. | ||||||||
During fiscal 2013, 20,127 options were granted. No options were granted in fiscal 2012 and 2011. The Company utilizes the Black–Scholes method to estimate the fair value of share based payments. | ||||||||
The total intrinsic value of options exercised during the years ended February 1, 2014, February 2, 2013 and January 28, 2012 was $112,000, $79,000 and $57,000, respectively. | ||||||||
The stock option expense was $13,000 for the twelve months ended February 1, 2014 and zero for the twelve months ended February 2, 2013 and January 28, 2012. | ||||||||
Stock option awards outstanding under the Company's current plans were granted at exercise prices which were equal to the market value of the Company's stock on the date of grant, vest over five years, and expire no later than ten years after the grant date. | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
16. Commitments and Contingencies: | |
The Company does not have any guarantees with third parties. | |
The Company is a defendant in legal proceedings considered to be in the normal course of business. The resolution of such currently pending matters, individually or collectively, are not expected to have a material effect on the Company's results of operations, cash flows or financial position. | |
Changes_In_Other_Accumulated_C
Changes In Other Accumulated Comprehensive Income | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accumulatedothercomprehensiveincomelossdisclosure[Abstract] | ' | |||||||
Accumulatedothercomprehensiveincomelosstextblock | ' | |||||||
17. Accumulated Other Comprehensive Income: | ||||||||
The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) as of February 1, 2014: | ||||||||
Changes in Accumulated Other | ||||||||
Comprehensive Income (a) | ||||||||
Unrealized Gains | ||||||||
and (Losses) on | ||||||||
Available-for-Sale | ||||||||
Securities | ||||||||
Beginning Balance at February 2, 2013 | $ | 821 | ||||||
Other comprehensive income before | ||||||||
reclassification | 125 | |||||||
Amounts reclassified from accumulated | ||||||||
other comprehensive income (b) | -168 | |||||||
Net current-period other comprehensive income | -43 | |||||||
Ending Balance at February 1, 2014 | $ | 778 | ||||||
(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income (“OCI”). | ||||||||
(b) Includes $269 impact of accumulated other comprehensive income reclassifications into Interest and other income for net gains on available-for-sale securities. The tax impact of this reclassification was $101. Amounts in parentheses indicate a debit/reduction to OCI. | ||||||||
The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) as of February 2, 2013: | ||||||||
Changes in Accumulated Other | ||||||||
Comprehensive Income (a) | ||||||||
Unrealized Gains | ||||||||
and (Losses) on | ||||||||
Available-for-Sale | ||||||||
Securities | ||||||||
Beginning Balance at January 28, 2012 | $ | 936 | ||||||
Other comprehensive income before | ||||||||
reclassification | -98 | |||||||
Amounts reclassified from accumulated | ||||||||
other comprehensive income (b) | -17 | |||||||
Net current-period other comprehensive income | -115 | |||||||
Ending Balance at February 2, 2013 | $ | 821 | ||||||
(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to OCI. | ||||||||
(b) Includes $27 impact of accumulated other comprehensive income reclassifications into Interest and other income for net gains on available-for-sale securities. The tax impact of this reclassification was $10. Amounts in parentheses indicate a debit/reduction to OCI. |
Earnings_Per_Share_Tables
Earnings Per Share - (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Earnings Per Share Disclosure [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
Fiscal Year Ended | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Numerator | (Dollars in thousands) | |||||||||||||
Net earnings | $ | 54,322 | $ | 61,668 | $ | 64,834 | ||||||||
Earnings allocated to non-vested equity awards | -884 | -894 | -1,016 | |||||||||||
Net earnings available to common stockholders | $ | 53,438 | $ | 60,774 | $ | 63,818 | ||||||||
Denominator | ||||||||||||||
Basic weighted average common shares outstanding | 28,767,615 | 28,796,815 | 28,896,355 | |||||||||||
Dilutive effect of stock options and restricted stock | 5,063 | 3,563 | 4,930 | |||||||||||
Diluted weighted average common shares outstanding | 28,772,678 | 28,800,378 | 28,901,285 | |||||||||||
Net income per common share | ||||||||||||||
Basic earnings per share | $ | 1.86 | $ | 2.11 | $ | 2.21 | ||||||||
Diluted earnings per share | $ | 1.86 | $ | 2.11 | $ | 2.21 | ||||||||
Interest_and_Other_Income_Tabl
Interest and Other Income - (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
OtherIncomeDisclosureNonoperatingAbstract | ' | |||||||||||||
Interest and Other Income | ' | |||||||||||||
2. Interest and Other Income: | ||||||||||||||
The components of Interest and other income are shown below (in thousands): | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Dividend income | $ | -17 | $ | -19 | $ | -16 | ||||||||
Interest income | -1,288 | -1,518 | -1,618 | |||||||||||
Miscellaneous income | -1,686 | -1,852 | -1,943 | |||||||||||
Net gain on investment sales | -276 | -393 | -240 | |||||||||||
Interest and other income | $ | -3,267 | $ | -3,782 | $ | -3,817 |
ShortTerm_Investment_Reconcili
Short-Term Investment Reconciliation - (Tables) | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||
InvestmentsDebtAndEquitySecuritiesAbstract | ' | |||||||||||||||||
Schedule Of Available For Sale Securities Reconciliation to Fair Value | ' | |||||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||||||
Debt securities | Debt securities | |||||||||||||||||
issued by various | issued by various | |||||||||||||||||
states of the United | states of the United | |||||||||||||||||
States and political | Corporate | States and political | Corporate | |||||||||||||||
subdivisions of | debt | subdivisions of | debt | |||||||||||||||
the states | securities | Total | the states | securities | Total | |||||||||||||
Cost basis | 157,358 | 2,795 | 160,153 | 148,605 | 7,989 | 156,594 | ||||||||||||
Unrealized gains | 971 | 4 | 975 | 980 | 46 | 1,026 | ||||||||||||
Unrealized (loss) | - | - | - | -42 | - | -42 | ||||||||||||
Estimated fair value | $ | 158,329 | $ | 2,799 | $ | 161,128 | $ | 149,543 | $ | 8,035 | $ | 157,578 |
Accumulated_Unrealized_Gains_L
Accumulated Unrealized Gains (Losses) - (Tables) | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||
InvestmentsDebtAndEquitySecuritiesAbstract | ' | |||||||||||||||||
Accumlated Uneralized Gains (Losses) | ' | |||||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||||||
Deferred | Unrealized | Deferred | Unrealized | |||||||||||||||
Unrealized | Tax | Net Gain/ | Unrealized | Tax | Net Gain/ | |||||||||||||
Security Type | Gain/(Loss) | Benefit | (Loss) | Gain/(Loss) | Benefit | (Loss) | ||||||||||||
Short-Term Investments | $ | 978 | $ | -368 | $ | 610 | $ | 990 | $ | -372 | $ | 618 | ||||||
Equity Investments | 270 | -102 | 168 | 326 | -123 | 203 | ||||||||||||
Total | $ | 1,248 | $ | -470 | $ | 778 | $ | 1,316 | $ | -495 | $ | 821 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets at Fairvalue - (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
FairValue Measurements [Abstract] | ' | ||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||
Prices in | |||||||||||||||
Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
1-Feb-14 | Assets | Inputs | Inputs | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
State/Municipal Bonds | $ | 159,074 | $ | - | $ | 159,074 | $ | - | |||||||
Corporate Bonds | 2,799 | - | 2,799 | - | |||||||||||
Auction Rate Securities (ARS) | 3,140 | - | - | 3,140 | |||||||||||
U.S. Treasury Notes | 3,405 | 3,405 | - | - | |||||||||||
Cash Surrender Value of Life Insurance | 2,957 | - | - | 2,957 | |||||||||||
Privately Managed Funds | 392 | - | - | 392 | |||||||||||
Corporate Equities | 585 | 585 | - | - | |||||||||||
Certificates of Deposit | 100 | 100 | - | - | |||||||||||
Total Assets | $ | 172,452 | $ | 4,090 | $ | 161,873 | $ | 6,489 | |||||||
Liabilities: | |||||||||||||||
Deferred Compensation | -3,298 | - | - | -3,298 | |||||||||||
Total Liabilities | $ | -3,298 | $ | - | $ | - | $ | -3,298 | |||||||
Prices in | |||||||||||||||
Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
2-Feb-13 | Assets | Inputs | Inputs | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | ||||||||||||
State/Municipal Bonds | $ | 151,377 | $ | - | $ | 151,377 | $ | - | |||||||
Corporate Bonds | 8,035 | - | 8,035 | - | |||||||||||
Auction Rate Securities (ARS) | 3,450 | - | - | 3,450 | |||||||||||
U.S. Treasury Notes | 3,906 | 3,906 | - | - | |||||||||||
Cash Surrender Value of Life Insurance | 2,051 | - | - | 2,051 | |||||||||||
Privately Managed Funds | 561 | - | - | 561 | |||||||||||
Corporate Equities | 474 | 474 | - | - | |||||||||||
Certificates of Deposit | 100 | 100 | - | - | |||||||||||
Total | $ | 169,954 | $ | 4,480 | $ | 159,412 | $ | 6,062 | |||||||
Liabilities: | |||||||||||||||
Deferred Compensation | -2,178 | - | - | -2,178 | |||||||||||
Total Liabilities | $ | -2,178 | $ | - | $ | - | $ | -2,178 |
Fair_Value_Measurments_Level_3
Fair Value Measurments - Level 3 Roll (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
FairValue Measurements [Abstract] | ' | |||||||||||||
Level 3 Reconciliation | ' | |||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||
Unobservable Asset Inputs (Level 3) | ||||||||||||||
Available-For-Sale | Other | |||||||||||||
Debt Securities | Investments | Cash | ||||||||||||
ARS | Private Equity | Surrender Value | Total | |||||||||||
Beginning Balance at February 2, 2013 | $ | 3,450 | $ | 561 | $ | 2,051 | $ | 6,062 | ||||||
Redemptions | - | -122 | - | -122 | ||||||||||
Additions | - | - | 775 | 775 | ||||||||||
Total gains or (losses) | ||||||||||||||
Included in interest and other income (or changes in net assets) | -311 | 121 | 131 | -59 | ||||||||||
Included in other comprehensive income | - | -168 | - | -168 | ||||||||||
Ending Balance at February 1, 2014 | $ | 3,140 | $ | 392 | $ | 2,957 | $ | 6,489 | ||||||
Fair Value Measurements Using Significant | ||||||||||||||
Unobservable Liability Inputs (Level 3) | ||||||||||||||
Deferred | ||||||||||||||
Compensation | Total | |||||||||||||
Beginning Balance at February 2, 2013 | $ | -2,178 | $ | -2,178 | ||||||||||
Additions | -863 | -863 | ||||||||||||
Total (gains) or losses | ||||||||||||||
Included in interest and other income (or changes in net assets) | -257 | -257 | ||||||||||||
Ending Balance at February 1, 2014 | $ | -3,298 | $ | -3,298 | ||||||||||
Fair Value Measurements Using Significant | ||||||||||||||
Unobservable Asset Inputs (Level 3) | ||||||||||||||
Available-For-Sale | Other | |||||||||||||
Debt Securities | Investments | Cash | ||||||||||||
ARS | Private Equity | Surrender Value | Total | |||||||||||
Beginning Balance at January 28, 2012 | $ | 3,450 | $ | 1,604 | $ | - | $ | 5,054 | ||||||
Redemptions | - | -1,041 | - | -1,041 | ||||||||||
Additions | 1,932 | 1,932 | ||||||||||||
Total gains or (losses) | ||||||||||||||
Included in interest and other income (or changes in net assets) | - | - | 119 | 119 | ||||||||||
Included in other comprehensive income | - | -2 | - | -2 | ||||||||||
Ending Balance at February 2, 2013 | $ | 3,450 | $ | 561 | $ | 2,051 | $ | 6,062 | ||||||
Fair Value Measurements Using Significant | ||||||||||||||
Unobservable Liability Inputs (Level 3) | ||||||||||||||
Deferred | ||||||||||||||
Compensation | Total | |||||||||||||
Beginning Balance at January 28, 2012 | $ | - | $ | - | ||||||||||
Additions | -2,001 | -2,001 | ||||||||||||
Total (gains) or losses | ||||||||||||||
Included in interest and other income (or changes in net assets) | -177 | -177 | ||||||||||||
Ending Balance at February 2, 2013 | $ | -2,178 | $ | -2,178 | ||||||||||
Fair_Value_Level_3_Inputs_Tabl
Fair Value Level 3 Inputs (Tables) | 12 Months Ended | ||||||||||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | ||||||||||||||||||||||
Fair Value Inputs Quantitative Information [Abstract] | ' | ' | |||||||||||||||||||||
Fair Value Level 3 Inputs | ' | ' | |||||||||||||||||||||
Quantitative information regarding the significant unobservable inputs related to the ARS as of February 1, 2014 were as follows: | Quantitative information regarding the significant unobservable inputs related to the ARS as of February 2, 2013 were as follows: | ||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | Fair Value | Valuation Technique | Unobservable Inputs | ||||||||||||||||||
$3,140 | Net present value | Total Term | 8.66 Years | $3,450 | Net present value | Total Term | 9.66 Years | ||||||||||||||||
of cash flows | Yield | 0.07% | of cash flows | Yield | 0.23% | ||||||||||||||||||
Comparative bond discount rate | 0.14% | Comparative bond discount rate | 0.21% | ||||||||||||||||||||
Significant increases or decreases in certain of the inputs could result in a lower fair value measurement. For example, a decrease in the yield, or an increase to the comparative bond discount rate could result in a lower fair value. | |||||||||||||||||||||||
Accounts_Receivables_Tables
Accounts Receivables - (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract | ' | |||||||||
ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock | ' | |||||||||
5 | Accounts Receivable: | |||||||||
Accounts receivable consist of the following (in thousands): | ||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||
Customer accounts — principally deferred payment accounts | $ | 27,414 | $ | 29,936 | ||||||
Miscellaneous trade receivables | 13,553 | 12,133 | ||||||||
Total | 40,967 | 42,069 | ||||||||
Less allowance for doubtful accounts | 1,743 | 2,053 | ||||||||
Accounts receivable — net | $ | 39,224 | $ | 40,016 |
Property_Plant_and_Equipment_T
Property Plant and Equipment - (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
PropertyAndEquipmentDisclosureAbstract | ' | ||||||||||
Property and Equipment | ' | ||||||||||
6 | Property and Equipment: | ||||||||||
Property and equipment consist of the following (in thousands): | |||||||||||
1-Feb-14 | 2-Feb-13 | ||||||||||
Land and improvements | $ | 7,851 | $ | 6,980 | |||||||
Buildings | 27,269 | 25,948 | |||||||||
Leasehold improvements | 94,185 | 86,540 | |||||||||
Fixtures and equipment | 208,902 | 199,815 | |||||||||
Information technology equipment and software | 58,705 | 57,378 | |||||||||
Construction in progress | 12,300 | 9,004 | |||||||||
Total | 409,212 | 385,665 | |||||||||
Less accumulated depreciation | 268,083 | 251,438 | |||||||||
Property and equipment — net | $ | 141,129 | $ | 134,227 | |||||||
Construction in progress primarily represents costs related to new store development and investments in new technology. |
Accrued_Expenses_Tables
Accrued Expenses - (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Payables and Accruals [Abstract] | ' | |||||||||
Accrued Expenses | ' | |||||||||
7 | Accrued Expenses: | |||||||||
Accrued expenses consist of the following (in thousands): | ||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||
Accrued payroll and related items | $ | 7,608 | $ | 7,929 | ||||||
Property and other taxes | 15,285 | 14,011 | ||||||||
Accrued self-insurance | 10,605 | 9,706 | ||||||||
Other | 12,265 | 12,127 | ||||||||
Total | $ | 45,763 | $ | 43,773 |
Minimum_Lease_Payments_Tables
Minimum Lease Payments - (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
LeasesOperatingAbstract | ' | |||||||||||
Schedule of Future Minimum Lease Payaments | ' | |||||||||||
The minimum rental commitments under non-cancelable operating leases are (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | $ | 63,019 | ||||||||||
2015 | 49,792 | |||||||||||
2016 | 36,820 | |||||||||||
2017 | 24,118 | |||||||||||
2018 | 15,371 | |||||||||||
Thereafter | 29,017 | |||||||||||
Total minimum lease payments | $ | 218,137 | ||||||||||
The following schedule shows the composition of total rental expense for all leases (in thousands): | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
Fiscal Year Ended | ||||||||||||
Minimum rentals | $ | 61,889 | $ | 59,887 | $ | 56,671 | ||||||
Contingent rent | 4 | 16 | 28 | |||||||||
Total rental expense | $ | 61,893 | $ | 59,903 | $ | 56,699 |
Rental_Expense_Tables
Rental Expense - (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
LeasesOperatingAbstract | ' | |||||||||||
Rental Expense | ' | |||||||||||
The following schedule shows the composition of total rental expense for all leases (in thousands): | ||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||
Fiscal Year Ended | ||||||||||||
Minimum rentals | $ | 61,889 | $ | 59,887 | $ | 56,671 | ||||||
Contingent rent | 4 | 16 | 28 | |||||||||
Total rental expense | $ | 61,893 | $ | 59,903 | $ | 56,699 |
Gross_Unrecognized_Tax_Benefit
Gross Unrecognized Tax Benefit Reconciliation - (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
IncomeTaxUncertaintiesAbstract | ' | ||||||||||||
Schedule of Unrecognized Tax Benefit Roll Forward | ' | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): | |||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||||||
Fiscal Year Ended | |||||||||||||
Balances, beginning | $ | 8,892 | $ | 8,689 | $ | 8,343 | |||||||
Additions for tax positions of the current year | 1,209 | 1,222 | 1,118 | ||||||||||
Additions for tax positions prior years | - | - | 250 | ||||||||||
Reduction for tax positions of prior years for: | |||||||||||||
Settlements during the period | -464 | -581 | -685 | ||||||||||
Lapses of applicable statue of limitations | -423 | -438 | -337 | ||||||||||
Balance, ending | $ | 9,214 | $ | 8,892 | $ | 8,689 | |||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||||||
Fiscal Year Ended | |||||||||||||
Current income taxes: | |||||||||||||
Federal | $ | 31,699 | $ | 38,415 | $ | 29,048 | |||||||
State | 3,032 | 4,429 | 3,181 | ||||||||||
Total | 34,731 | 42,844 | 32,229 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal | -4,260 | -4,952 | 2,867 | ||||||||||
State | -507 | -589 | 341 | ||||||||||
Total | -4,767 | -5,541 | 3,208 | ||||||||||
Total income tax expense | $ | 29,964 | $ | 37,303 | $ | 35,437 |
Components_Of_Income_Tax_Expen
Components Of Income Tax Expense - (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionAbstract | ' | ||||||||||||
Components Of Income Tax Expense | ' | ||||||||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||||||
Fiscal Year Ended | |||||||||||||
Current income taxes: | |||||||||||||
Federal | $ | 31,699 | $ | 38,415 | $ | 29,048 | |||||||
State | 3,032 | 4,429 | 3,181 | ||||||||||
Total | 34,731 | 42,844 | 32,229 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal | -4,260 | -4,952 | 2,867 | ||||||||||
State | -507 | -589 | 341 | ||||||||||
Total | -4,767 | -5,541 | 3,208 | ||||||||||
Total income tax expense | $ | 29,964 | $ | 37,303 | $ | 35,437 |
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities Components - (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract | ' | |||||||||||||
Schedule Of Deferred Tax Asset And Liability Components | ' | |||||||||||||
Significant components of the Company's deferred tax assets and liabilities as of February 1, 2014 and February 2, 2013 are as follows (in thousands): | ||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for doubtful accounts | $ | 598 | $ | 772 | ||||||||||
Inventory valuation | 2,349 | 1,232 | ||||||||||||
Deferred lease liability | 2,940 | 4,174 | ||||||||||||
Non-deductible accrued liabilities | 1,133 | 1,355 | ||||||||||||
Other taxes | 1,668 | 1,564 | ||||||||||||
Federal benefit of uncertain tax positions | 4,292 | 3,910 | ||||||||||||
Equity compensation expense | 3,246 | 2,728 | ||||||||||||
Accrued Bonus | 800 | - | ||||||||||||
Other | 2,065 | 1,952 | ||||||||||||
Total deferred tax assets | 19,091 | 17,687 | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Property and equipment | 8,690 | 12,425 | ||||||||||||
Unrealized gains on short-term investments | 469 | 495 | ||||||||||||
Health care expense | 1,383 | 1,150 | ||||||||||||
Other | 2,456 | 2,316 | ||||||||||||
Total deferred tax liabilities | 12,998 | 16,386 | ||||||||||||
Net deferred tax liabilities (assets) | $ | -6,093 | $ | -1,301 | ||||||||||
The reconciliation of the Company's effective income tax rate with the statutory rate is as follows: | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Fiscal Year Ended | ||||||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||
State income taxes | 2.8 | 3.2 | 1.7 | |||||||||||
Tax credits | -1.4 | -1.1 | -1 | |||||||||||
Tax exempt interest | -0.5 | -0.5 | -0.5 | |||||||||||
Effects of permanent differences | 0.1 | 0.1 | -0.1 | |||||||||||
Other | -0.4 | 1 | 0.2 | |||||||||||
Effective income tax rate | 35.6 | % | 37.7 | % | 35.3 | % |
Reconciliation_Of_Effective_Ta
Reconciliation Of Effective Tax Rate - (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | ' | |||||||||||||
Reconciliation Of Effective Tax Rate | ' | |||||||||||||
The reconciliation of the Company's effective income tax rate with the statutory rate is as follows: | ||||||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||||||
Fiscal Year Ended | ||||||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||||
State income taxes | 2.8 | 3.2 | 1.7 | |||||||||||
Tax credits | -1.4 | -1.1 | -1 | |||||||||||
Tax exempt interest | -0.5 | -0.5 | -0.5 | |||||||||||
Effects of permanent differences | 0.1 | 0.1 | -0.1 | |||||||||||
Other | -0.4 | 1 | 0.2 | |||||||||||
Effective income tax rate | 35.6 | % | 37.7 | % | 35.3 | % |
Quarterly_Financial_Data_Table
Quarterly Financial Data - (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
13 | Quarterly Financial Data (Unaudited): | |||||||||||||
Summarized quarterly financial results are as follows (in thousands, except per share data): | ||||||||||||||
Fiscal 2013 | First | Second | Third | Fourth | ||||||||||
Total revenues | $ | 269,698 | $ | 231,718 | $ | 201,043 | $ | 217,574 | ||||||
Gross profit (exclusive of depreciation) | 112,797 | 86,768 | 72,256 | 76,966 | ||||||||||
Net income | 30,839 | 14,775 | 4,885 | 3,823 | ||||||||||
Basic earnings per share | $ | 1.05 | $ | 0.51 | $ | 0.17 | $ | 0.13 | ||||||
Diluted earnings per share | $ | 1.05 | $ | 0.51 | $ | 0.17 | $ | 0.13 | ||||||
Fiscal 2012 | First | Second | Third | Fourth | ||||||||||
Total revenues | $ | 275,344 | $ | 234,063 | $ | 200,005 | $ | 234,636 | ||||||
Gross profit (exclusive of depreciation) | 117,512 | 91,604 | 69,606 | 83,365 | ||||||||||
Net income | 31,723 | 17,333 | 4,669 | 7,944 | ||||||||||
Basic earnings per share | $ | 1.09 | $ | 0.59 | $ | 0.16 | $ | 0.27 | ||||||
Diluted earnings per share | $ | 1.09 | $ | 0.59 | $ | 0.16 | $ | 0.27 | ||||||
As discussed in Note 1, the company has corrected its consolidated financial statements by recording the following out of period adjustments in fiscal year 2012.: (1) corrected its accounting for accrued landlord insurance by recording additional pre-tax expense of $1.2 million in 2012 which originated prior to fiscal year 2008; (2) corrected fiscal year 2011 federal income tax expense by recording an additional $1.1 million of income tax expense in 2012; and (3) corrected prior period state income tax expense of $0.6 million in 2012, of which $0.5 million originated in fiscal year 2011 and $0.1 million in fiscal year 2010. The Company has assessed the materiality of these errors and concluded that the errors were not material to any of the current or previously issued financial statements. |
Reportable_Segment_Information1
Reportable Segment Information - (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Reportable Segment Information [Abstract] | ' | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||
Fiscal 2013 | Retail | Credit | Total | ||||||||
Revenues | $ | 913,813 | $ | 6,220 | $ | 920,033 | |||||
Depreciation | 21,785 | 40 | 21,825 | ||||||||
Interest and other income | -3,267 | - | -3,267 | ||||||||
Income before taxes | 81,709 | 2,577 | 84,286 | ||||||||
Total assets | 524,908 | 72,010 | 596,918 | ||||||||
Capital expenditures | 31,423 | 119 | 31,542 | ||||||||
Fiscal 2012 | Retail | Credit | Total | ||||||||
Revenues | $ | 937,119 | $ | 6,929 | $ | 944,048 | |||||
Depreciation | 22,404 | 51 | 22,455 | ||||||||
Interest and other income | -3,782 | - | -3,782 | ||||||||
Income before taxes | 95,972 | 2,999 | 98,971 | ||||||||
Total assets | 463,527 | 69,119 | 532,646 | ||||||||
Capital expenditures | 44,924 | 251 | 45,175 | ||||||||
Fiscal 2011 | Retail | Credit | Total | ||||||||
Revenues | $ | 923,742 | $ | 7,716 | $ | 931,458 | |||||
Depreciation | 21,785 | 40 | 21,825 | ||||||||
Interest and other income | -3,817 | - | -3,817 | ||||||||
Income before taxes | 97,037 | 3,234 | 100,271 | ||||||||
Total assets | 471,397 | 79,692 | 551,089 | ||||||||
Capital expenditures | 35,804 | 86 | 35,890 | ||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||||
Bad debt expense | $ | 1,009 | $ | 1,259 | $ | 1,723 | |||||
Payroll | 907 | 919 | 954 | ||||||||
Postage | 744 | 751 | 757 | ||||||||
Other expenses | 943 | 950 | 1,008 | ||||||||
Total expenses | $ | 3,603 | $ | 3,879 | $ | 4,442 |
Stock_Based_Compensation_Plans
Stock Based Compensation - Plans (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Stock Based Compensation [Abstract] | ' | |||||||
Stock Based Compensation Plans | ' | |||||||
1987 | 2004 | 2013 | ||||||
Plan | Plan | Plan | Total | |||||
Options and/or restricted stock initially authorized | 5,850,000 | 1,350,000 | 1,500,000 | 8,700,000 | ||||
Options and/or restricted stock available for grant: | ||||||||
2-Feb-13 | 20,127 | 443,566 | 0 | 463,693 | ||||
1-Feb-14 | 0 | 0 | 1,489,152 | 1,489,152 |
Sechedule_Of_Restricted_Stock_
Sechedule Of Restricted Stock Outstanding - (Tables) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Stock Based Compensation [Abstract] | ' | ||||
Schedule Of Changes In Restricted Stock Outstanding | ' | ||||
Weighted Average | |||||
Number of | Grant Date Fair | ||||
Shares | Value Per Share | ||||
Restricted stock awards at January 29, 2011 | 509,456 | $ | 20.32 | ||
Granted | 102,449 | 25.41 | |||
Vested | -128,103 | 20.53 | |||
Forfeited or expired | -22,461 | 21.33 | |||
Restricted stock awards at January 28, 2012 | 461,341 | $ | 21.44 | ||
Granted | 110,397 | 28.23 | |||
Vested | -114,172 | 18.83 | |||
Forfeited or expired | -17,420 | 24.95 | |||
Restricted stock awards at February 2, 2013 | 440,146 | $ | 23.7 | ||
Granted | 214,637 | 23.57 | |||
Vested | -121,692 | 19.82 | |||
Forfeited or expired | -27,468 | 24.71 | |||
Restricted stock awards at February 1, 2014 | 505,623 | $ | 24.52 | ||
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accumulatedothercomprehensiveincomelossdisclosure[Abstract] | ' | |||||||
ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock | ' | |||||||
Changes in Accumulated Other | ||||||||
Comprehensive Income (a) | ||||||||
Unrealized Gains | ||||||||
and (Losses) on | ||||||||
Available-for-Sale | ||||||||
Securities | ||||||||
Beginning Balance at February 2, 2013 | $ | 821 | ||||||
Other comprehensive income before | ||||||||
reclassification | 125 | |||||||
Amounts reclassified from accumulated | ||||||||
other comprehensive income (b) | -168 | |||||||
Net current-period other comprehensive income | -43 | |||||||
Ending Balance at February 1, 2014 | $ | 778 | ||||||
(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income (“OCI”). | ||||||||
(b) Includes $269 impact of accumulated other comprehensive income reclassifications into Interest and other income for net gains on available-for-sale securities. The tax impact of this reclassification was $101. Amounts in parentheses indicate a debit/reduction to OCI. | ||||||||
Changes in Accumulated Other | ||||||||
Comprehensive Income (a) | ||||||||
Unrealized Gains | ||||||||
and (Losses) on | ||||||||
Available-for-Sale | ||||||||
Securities | ||||||||
Beginning Balance at January 28, 2012 | $ | 936 | ||||||
Other comprehensive income before | ||||||||
reclassification | -98 | |||||||
Amounts reclassified from accumulated | ||||||||
other comprehensive income (b) | -17 | |||||||
Net current-period other comprehensive income | -115 | |||||||
Ending Balance at February 2, 2013 | $ | 821 | ||||||
(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to OCI. | ||||||||
(b) Includes $27 impact of accumulated other comprehensive income reclassifications into Interest and other income for net gains on available-for-sale securities. The tax impact of this reclassification was $10. Amounts in parentheses indicate a debit/reduction to OCI. |
General_Notes_to_Financial_Sta1
General - Notes to Financial Statements - (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
General Dsiclosure [Abstract] | ' | ' | ' |
Restricted Cash and Cash Equivalents In Escrow | $4,701,000 | ' | ' |
Asset Impairment Charges | 2,646,000 | 2,011,000 | ' |
Income Taxes Paid, Net | 34,238,000 | 43,124,000 | 34,290,000 |
Income On Unredeemed Gift Cards (Breakage) | 370,000 | 500,000 | 470,000 |
Advertising Expense | 5,741,000 | 6,186,000 | 7,056,000 |
EquityClassOfTreasuryStockLineItems | ' | ' | ' |
Shares Repurchased and Retired | 271,296 | 12,997 | 453,655 |
Remaining Shares In Repurchase Authorizations | 1,704,672 | ' | ' |
Correct Accrual Landlord Insurance (Pretax) | ' | ' | ' |
QuantifyingMisstatementInCurrentYearFinancialStatementsLineItems | ' | ' | ' |
Correction Of Prior Period Error | ' | 1,200,000 | ' |
Correct Federal Income Tax Accrual | ' | ' | ' |
QuantifyingMisstatementInCurrentYearFinancialStatementsLineItems | ' | ' | ' |
Correction Of Prior Period Error | ' | 1,100,000 | ' |
Correct State Income Tax Accrual (Net Of Federal Income Tax) | ' | ' | ' |
QuantifyingMisstatementInCurrentYearFinancialStatementsLineItems | ' | ' | ' |
Correction Of Prior Period Error | ' | $600,000 | ' |
Earnings_Per_Share_Details
Earnings Per Share - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Earnings Per Share Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $3,823 | $4,885 | $14,775 | $30,839 | $7,944 | $4,669 | $17,333 | $31,723 | $54,322 | $61,668 | $64,834 |
Earnings Alloacted to Non-Vesting Equity Awards | ' | ' | ' | ' | ' | ' | ' | ' | -884 | -894 | -1,016 |
Net Income (Loss) Available to Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $53,438 | $60,774 | $63,818 |
Basic Weighted-Average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 28,767,615 | 28,796,815 | 28,896,355 |
Dilutive Effect of Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | 5,063 | 3,563 | 4,930 |
Dilluted Weighted Average Common Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 28,772,678 | 28,800,378 | 28,901,285 |
Basic earnings per share | $0.13 | $0.17 | $0.51 | $1.05 | $0.27 | $0.16 | $0.59 | $1.09 | $1.86 | $2.11 | $2.21 |
Diluted earnings per share | $0.13 | $0.17 | $0.51 | $1.05 | $0.27 | $0.16 | $0.59 | $1.09 | $1.86 | $2.11 | $2.21 |
Interest_and_Other_Income_Deta
Interest and Other Income - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
ComponentOfOtherIncomeNonoperatingLineItems | ' | ' | ' |
Dividend Income | ($17) | ($19) | ($16) |
Interest Income | -1,288 | -1,518 | -1,618 |
Miscellaneous Income | -1,686 | -1,852 | -1,943 |
Net gain on investment sales | -276 | -393 | -240 |
Interst and Other Income | ($3,267) | ($3,782) | ($3,817) |
ShortTerm_Investment_Reconcili1
Short-Term Investment Reconciliation - (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Debt Securiteis Issued by Various States of the United States and Political Subdivisions of the States | ' | ' |
ScheduleOfAvailableForSaleSecuritiesLineItems | ' | ' |
Cost Basis | $157,358 | $148,605 |
Estimated Fair Value | 158,329 | 149,543 |
Gross Unrealized Gains | 971 | 980 |
Gross Unrealized Losses | 0 | -42 |
Corporate Debt Securities | ' | ' |
ScheduleOfAvailableForSaleSecuritiesLineItems | ' | ' |
Cost Basis | 2,795 | 7,989 |
Estimated Fair Value | 2,799 | 8,035 |
Gross Unrealized Gains | 4 | 46 |
Gross Unrealized Losses | ' | $0 |
Accumulated_Unrealized_Gains_L1
Accumulated Unrealized Gains (Losses) - (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Short-Term Debt Investments | ' | ' |
ScheduleOfAvailableForSaleSecuritiesLineItems | ' | ' |
Unrealized Gain / (Loss) | $978 | $990 |
Deferred Tax Benefit | -368 | -372 |
Unrealized Net Gain / (Loss) | 610 | 618 |
Equity Investments | ' | ' |
ScheduleOfAvailableForSaleSecuritiesLineItems | ' | ' |
Unrealized Gain / (Loss) | 270 | 326 |
Deferred Tax Benefit | -102 | -123 |
Unrealized Net Gain / (Loss) | $168 | $203 |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets at Fairvalue - (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash Surrender Value | ' | $0 |
Deferred Compensation | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
OtherLiabilitiesFairValueDisclosure | 0 | 0 |
Deferred Compensation | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
OtherLiabilitiesFairValueDisclosure | 0 | 0 |
Deferred Compensation | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
OtherLiabilitiesFairValueDisclosure | -3,298 | -2,178 |
State/Municipal Bonds | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
State/Municipal Bonds | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 159,074 | 151,377 |
State/Municipal Bonds | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Corporate Bonds | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Corporate Bonds | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 2,799 | 8,035 |
Corporate Bonds | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Auction Rate Securities (ARS) | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Auction Rate Securities (ARS) | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Auction Rate Securities (ARS) | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 3,140 | 3,450 |
Variable Rate Demand Notes (VDRN) | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | ' |
Variable Rate Demand Notes (VDRN) | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | ' |
Variable Rate Demand Notes (VDRN) | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | ' |
US Treasury Notes | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 3,405 | 3,906 |
US Treasury Notes | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
US Treasury Notes | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Corporate Equities | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 585 | 474 |
Corporate Equities | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Corporate Equities | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Certificates of Deposit | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 100 | 100 |
Certificates of Deposit | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Certificates of Deposit | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Privately Managed Funds | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | 0 |
Privately Managed Funds | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | 0 |
Privately Managed Funds | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 392 | 561 |
Cash Surrender Value - Life Insurance | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash Surrender Value | 0 | ' |
Cash Surrender Value - Life Insurance | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash Surrender Value | 0 | 0 |
Cash Surrender Value - Life Insurance | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash Surrender Value | $2,957 | $2,051 |
Fair_Value_Measurments_Level_31
Fair Value Measurments - Level 3 Roll (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Deferred Compensation | ' | ' |
FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ' | ' |
Beginning Balance | ($2,178) | $0 |
Additons | -863 | -2,001 |
Losses (Gains) Included In Earnings | -257 | -177 |
Ending Balance | -3,298 | -2,178 |
Auction Rate Securities (ARS) | ' | ' |
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliation[Line Items] | ' | ' |
Beginning Balance | 3,450 | 3,450 |
Additions | 0 | ' |
Redemptions | 0 | ' |
Gains (Losses) Included in Earnings | 311 | 0 |
Gains (Losses) Included in Other Comprehensive Income | 0 | ' |
Ending Balance | 3,140 | 3,450 |
Privately Managed Funds | ' | ' |
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliation[Line Items] | ' | ' |
Beginning Balance | 561 | 1,604 |
Additions | 0 | ' |
Redemptions | -122 | -1,041 |
Gains (Losses) Included in Earnings | 121 | 0 |
Gains (Losses) Included in Other Comprehensive Income | -168 | 2 |
Ending Balance | 392 | 561 |
Cash Surrender Value - Life Insurance | ' | ' |
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliation[Line Items] | ' | ' |
Beginning Balance | 2,051 | 0 |
Additions | 775 | 1,932 |
Redemptions | 0 | 0 |
Gains (Losses) Included in Earnings | 131 | 119 |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Ending Balance | $2,957 | $2,051 |
Fair_Value_Level_3_Inputs_Deta
Fair Value Level 3 Inputs - (Details) (Auction Rate Securities (ARS), Discounted Cash Flow Analysis, Level 3) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Auction Rate Securities (ARS) | Discounted Cash Flow Analysis | Level 3 | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Total Term | '8 years 8 months 12 days | '9 years 8 months 12 days |
Comparitive Bond Discount Rate | 0.14% | 0.21% |
ARS Yield | 0.07% | 0.23% |
Accounts_ReceivablesDetails
Accounts Receivables-(Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
AccountsNotesAndLoansReceivableLineItems | ' | ' |
Accounts Receivable, Gross | $40,967 | $42,069 |
Allowance for Doubtful Accounts | -1,743 | -2,053 |
Accounts Receivable - Net | 39,224 | 40,016 |
Customer Accounts | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' |
Accounts Receivable, Gross | 27,414 | 29,936 |
Miscellaneous Trade Receivables | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' |
Accounts Receivable, Gross | $13,553 | $12,133 |
Accounts_Receivables_Paragraph
Accounts Receivables Paragraph - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
AccountsNotesLoansAndFinancingReceivableGrossAllowanceAndNetAbstract | ' | ' | ' |
Credit Card Finance and Late Charge Revenue | $6,220,000 | $6,929,000 | $7,716,000 |
Charges Against The Allowance For Doubtful Accounts | $1,009,000 | $1,259,000 | $1,723,000 |
Property_and_Equipment_Details
Property and Equipment - (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment | ' | ' |
Property and Equipment Gross | $409,212 | $385,665 |
Accumulated Depreciation | 268,083 | 251,438 |
Property and equipment - net | 141,129 | 134,227 |
Land and Improvements | ' | ' |
Property and Equipment | ' | ' |
Property and Equipment Gross | 7,851 | 6,980 |
Buildings | ' | ' |
Property and Equipment | ' | ' |
Property and Equipment Gross | 27,269 | 25,948 |
Leasehold Improvements | ' | ' |
Property and Equipment | ' | ' |
Property and Equipment Gross | 94,185 | 86,540 |
Fixtures and equipment | ' | ' |
Property and Equipment | ' | ' |
Property and Equipment Gross | 208,902 | 199,815 |
Information Technology Equipment | ' | ' |
Property and Equipment | ' | ' |
Property and Equipment Gross | 58,705 | 57,378 |
Construction in Progress | ' | ' |
Property and Equipment | ' | ' |
Property and Equipment Gross | $12,300 | $9,004 |
Accrued_Expenses_Details
Accrued Expenses - (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued Payroll and Related Items | $7,608 | $7,929 |
Property and Other Taxes | 15,285 | 14,011 |
Accrued Self-Insurance | 10,605 | 9,706 |
Other | 12,265 | 12,127 |
Total Accrued Expenses | $45,763 | $43,773 |
Financing_Arrangements_Details
Financing Arrangements - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Letter of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility Outstanding Borrowings | $439 | $2,869 | $2,302 |
RevolvingCreditFacilityMember [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $35,000 | ' | ' |
Line of Credit Facility, Expiration Date | 22-Aug-15 | ' | ' |
Interest on Borrowings Based on LIBOR | 0.00% | ' | ' |
Stockhlers_Equity_Details
Stockhlers' Equity - (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Class of Stock [Line Items] | ' | ' | ' |
Quarterly Declared Dividend | $0.20 | $2.98 | $0.88 |
Employee_Benefit_Plans_401k_Pl
Employee Benefit Plans - 401(k) Plan - (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Employer Discretionary Contribution | $1,196,000 | $1,186,000 | $1,200,000 |
Employee_Benefit_Plans_ESOP_Pl
Employee Benefit Plans - ESOP Plan - (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Employer Cash Contributions to ESOP | $887,000 | $508,000 | $514,000 |
Minimum_Leae_Payments_Details
Minimum Leae Payments - (Details) (Buildings, USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Buildings | ' |
OperatingLeasedAssetsLineItems | ' |
Lease Payments Due In One Year | $63,019 |
Lease Payments Due In Two Years | 49,792 |
Lease Payments Due In Three Years | 36,820 |
Lease Payments Due In Four Years | 24,118 |
Lease Payments Due In Five Years | 15,371 |
Lease Payments Due Thereafter | 29,017 |
Total Minimum Lease Payments | $218,137 |
Rental_Expense_Details
Rental Expense - (Details) (Buildings, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Buildings | ' | ' | ' |
OperatingLeasedAssetsLineItems | ' | ' | ' |
Minimum Rentals | $61,889 | $59,887 | $56,671 |
Contingent Rent | 4 | 16 | 28 |
Total Rental Expense | $61,893 | $59,903 | $56,699 |
Gross_Unrecognized_Tax_Benefit1
Gross Unrecognized Tax Benefit Reconciliation - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Gross Unrecognized Tax Benefit Reconciliation | ' | ' | ' |
Unrecognized Tax Benefit Beginning Balance | $8,892 | $8,689 | $8,343 |
Additional Tax Positions Current Year | 1,209 | 1,222 | 1,118 |
Additional Tax Positions Prior Years | 0 | 0 | 250 |
Reductions Due To Changes In Judgment | 0 | 0 | 0 |
Reductions Due To Settlements | -464 | -581 | -685 |
Reductions From Lapse Of Applicable Statute Of Limitations | -423 | -438 | -337 |
Unrecognized Tax Benefit Ending Balance | $9,214 | $8,892 | $8,689 |
Income_Taxes_Details
Income Taxes - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Gross Unrecognized Tax Benefit Reconciliation | ' | ' | ' |
Unrecognized Tax Benefit Beginning Balance | $8,892 | $8,689 | $8,343 |
Additional Tax Positions Current Year | 1,209 | 1,222 | 1,118 |
Additional Tax Positions Prior Years | 0 | 0 | 250 |
Reductions Due To Changes In Judgment | 0 | 0 | 0 |
Reductions Due To Settlements | -464 | -581 | -685 |
Reductions From Lapse Of Applicable Statute Of Limitations | -423 | -438 | -337 |
Unrecognized Tax Benefit Ending Balance | 9,214 | 8,892 | 8,689 |
Domestic Taxing Authorities | ' | ' | ' |
Gross Unrecognized Tax Benefit Reconciliation | ' | ' | ' |
Unrecognized Tax Benefit Ending Balance | $9,214 | ' | ' |
Components_Of_Income_Tax_Expen1
Components Of Income Tax Expense - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
IncomeTaxExpenseBenefitContinuingOperationsByJurisdictionAbstract | ' | ' | ' |
Current Federal Income Tax Expense | $31,699 | $38,415 | $29,048 |
Current State Income Tax Expense | 3,032 | 4,429 | 3,181 |
Deferred Federal Income Tax Expense | -4,260 | -4,952 | 2,867 |
Deferred State Income Tax Expense | -507 | -589 | 341 |
Total Income Tax Expense | $29,964 | $37,303 | $35,437 |
Deferred_Tax_Assets_and_Liabil1
Deferred Tax Assets and Liabilities Components - (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract | ' | ' |
Allowance For Doubtful Accounts | $598 | $772 |
Deferred Lease Liablity | 2,940 | 4,174 |
Inventory Valuation Deferred Tax Asset | 2,349 | 1,232 |
Non-Deductible Accrued Liablities | 1,133 | 1,355 |
Other Taxes | 1,668 | 1,564 |
Federal Benefit Of Uncertain Tax Positions | 4,292 | 3,910 |
DeferredTaxAssetsTaxDeferredIncentive CompensationExpense | 800 | 0 |
Equity Compensation Expense | 3,246 | 2,728 |
Other Deferred Tax Assets | 2,065 | 1,952 |
Total Deferred Tax Assets | 19,091 | 17,687 |
Property And Equipment | -8,690 | -12,425 |
Unrealized Gains On Short-Term Ivestments In Comprehensive Income | -469 | -495 |
Health Care Expenses | -1,383 | -1,150 |
Inventory Valuation | 0 | 0 |
Other Deferred Tax Liabilities | 2,456 | 2,316 |
Total Deferred Tax Liabilities | 12,998 | 16,386 |
Net Deferred Tax Liabilities | ($6,093) | ($1,301) |
Reconciliation_Of_Effective_Ta1
Reconciliation Of Effective Tax Rate - (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | ' | ' | ' |
Federal Income Tax Rate | 35.00% | 35.00% | 35.00% |
State Income Taxes | 2.80% | 3.20% | 1.70% |
Tax Credits | -1.40% | -1.10% | -1.00% |
EffectiveIncomeTaxRateReconciliationTaxExemptIncome | -0.50% | -0.50% | -0.50% |
Effects Of Permanent Differences | 0.10% | 0.10% | -0.10% |
Other | -0.40% | 1.00% | 0.20% |
Effective Income Tax Rate | 35.60% | 37.70% | 35.30% |
Income_Tax_Paragraph_Details
Income Tax Paragraph - (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
DomesticCountryMember | DomesticCountryMember | DomesticCountryMember | |||||
IncomeTaxContingencyLineItems | ' | ' | ' | ' | ' | ' | ' |
Unrecogmized Tax Benefit | $9,214,000 | $8,892,000 | $8,689,000 | $8,343,000 | $9,214,000 | ' | ' |
Unrecognized Tax Benefit That Would Impact Effective Tax Rate | ' | ' | ' | ' | 6,500,000 | ' | ' |
Accrued Interest and Tax Penalties Related To Uncertain Tax Positions | ' | ' | ' | ' | 5,400,000 | 5,000,000 | 4,700,000 |
Interest and Tax Penalties Related To Uncertain Tax Positions Included In Income Tax Expense | ' | ' | ' | ' | $927,000 | $899,000 | $956,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $217,574 | $201,043 | $231,718 | $269,698 | $234,636 | $200,005 | $234,063 | $275,344 | $920,033 | $944,048 | $931,458 |
Gross Profit (excluding depreciation) | 76,966 | 72,256 | 86,768 | 112,797 | 83,365 | 69,606 | 91,604 | 117,512 | ' | ' | ' |
Net income | $3,823 | $4,885 | $14,775 | $30,839 | $7,944 | $4,669 | $17,333 | $31,723 | $54,322 | $61,668 | $64,834 |
Basic Earnings Per Share | $0.13 | $0.17 | $0.51 | $1.05 | $0.27 | $0.16 | $0.59 | $1.09 | $1.86 | $2.11 | $2.21 |
Diluted Earnings Per Share | $0.13 | $0.17 | $0.51 | $1.05 | $0.27 | $0.16 | $0.59 | $1.09 | $1.86 | $2.11 | $2.21 |
Quarterly_Financials_Parenthet
Quarterly Financials Parenthetical - (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 02, 2013 |
Correct Accrual Landlord Insurance (Pretax) | ' |
QuantifyingMisstatementInCurrentYearFinancialStatementsLineItems | ' |
Correction Of Prior Period Error | $1,200 |
Correct Federal Income Tax Accrual | ' |
QuantifyingMisstatementInCurrentYearFinancialStatementsLineItems | ' |
Correction Of Prior Period Error | 1,100 |
Correct State Income Tax Accrual (Net Of Federal Income Tax) | ' |
QuantifyingMisstatementInCurrentYearFinancialStatementsLineItems | ' |
Correction Of Prior Period Error | $600 |
Reportable_Segment_Information2
Reportable Segment Information - (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $217,574 | $201,043 | $231,718 | $269,698 | $234,636 | $200,005 | $234,063 | $275,344 | $920,033 | $944,048 | $931,458 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 3,267 | 3,782 | 3,817 |
Total Assets | 596,918 | ' | ' | ' | 532,646 | ' | ' | ' | 596,918 | 532,646 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 31,542 | 45,175 | 35,890 |
ReportableSegmentsMemberRetail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 913,813 | 937,119 | 923,742 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 21,785 | 22,404 | 21,785 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | -3,267 | -3,782 | -3,817 |
Total Assets | 524,908 | ' | ' | ' | 463,527 | ' | ' | ' | 524,908 | 463,527 | 471,397 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 31,423 | 44,924 | 35,804 |
Income Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 81,709 | 95,972 | 97,037 |
ReportableSegmentsMemberCredit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,220 | 6,929 | 7,716 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 51 | 40 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Assets | 72,010 | ' | ' | ' | 69,119 | ' | ' | ' | 72,010 | 69,119 | 79,692 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 119 | 251 | 86 |
Income Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | $2,577 | $2,999 | $3,234 |
Direct_Expenses_of_Credit_Segm
Direct Expenses of Credit Segment in SGA - (Details) (ReportableSegmentsMemberCredit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
ReportableSegmentsMemberCredit [Member] | ' | ' | ' |
Direct Expenses Reflected in Selling, General and Administrative Expenses | ' | ' | ' |
Allowance for Loan and Lease Losses, Provision for Loss, Net | $1,009 | $1,259 | $1,723 |
Labor and Related Expense | 907 | 919 | 954 |
Postage Expense | 744 | 751 | 757 |
Other Expenses | $943 | $950 | $1,008 |
Stock_Based_Compensation_Plans1
Stock Based Compensation - Plans - (Details) | Feb. 01, 2014 | Feb. 02, 2013 |
1987 Plan | ' | ' |
Restricted Shares Authorized And Available For Grant | ' | ' |
Options And/Or Restrcited Stock Initially Authorized | 5,850,000 | ' |
Options And Or Restricted Stock Available For Grant | 0 | 20,127 |
2004 Plan | ' | ' |
Restricted Shares Authorized And Available For Grant | ' | ' |
Options And/Or Restrcited Stock Initially Authorized | 1,350,000 | ' |
Options And Or Restricted Stock Available For Grant | 0 | 443,566 |
2013 Plan | ' | ' |
Restricted Shares Authorized And Available For Grant | ' | ' |
Options And/Or Restrcited Stock Initially Authorized | 1,500,000 | ' |
Options And Or Restricted Stock Available For Grant | 1,489,152 | 0 |
Sechedule_Of_Restricted_Stock_1
Sechedule Of Restricted Stock Outstanding - (Details) (2004 Plan, Restricted Stock, Class A Common Stock, USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
2004 Plan | Restricted Stock | Class A Common Stock | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | ' | ' | ' |
Restricted Stock Awards Beginning Balance | 440,146 | 461,341 | 509,456 |
Restricted Stock Awards Granted | 214,637 | 110,397 | 102,449 |
Restricted Stock Awards Vested | -121,692 | -114,172 | -128,103 |
Restricted Stock Awards Foreited | -27,468 | -17,420 | -22,461 |
Restricted Stock Awards Ending Balance | 505,623 | 440,146 | 461,341 |
Share Based Compensation Arrangement By Share Based Payment Award Equity InstrumentsOtherThan Options Nonvested Weighted Average Grant Date Fair Value | ' | ' | ' |
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Beginning Balance | $23.70 | $21.44 | $20.32 |
Granted Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $23.57 | $28.23 | $25.41 |
Vested Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $19.82 | $18.83 | $20.53 |
Forfeited Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $24.71 | $24.95 | $21.33 |
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Ending Balance | $24.52 | $23.70 | $21.44 |
Stock_Based_Compensation_Addit
Stock Based Compensation Additional - (Details) (Class A Common Stock, USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Restricted Stock | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Expense | $8,298,000 | ' | ' |
Remaining Weighted-Average Vesting Period | '2 years 7 months 6 days | ' | ' |
Compensation Expense | 2,924,000 | 2,669,000 | 2,475,000 |
Stock Options | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Intrinsic Value | 112,000 | 79,000 | 57,000 |
Employee Stock Purchase Plan | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Shares Sold | 19,070 | 33,000 | 23,975 |
Compensation Expense | $70,000 | $128,000 | $84,000 |
Employee Stock Purchase Plan Share Purchase Discount | $3.65 | ' | ' |
Weighted_Average_Option_Rollfo
Weighted Average Option Rollforward - (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward | ' | ' | ' |
Exercised | 9,050 | 5,750 | 4,875 |
Employee Stock Options [Member] | Class A Common Stock | ' | ' | ' |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward | ' | ' | ' |
Options Outstanding | 9,550 | ' | ' |
Granted | 0 | ' | ' |
Forfeited of expired | 0 | ' | ' |
Exercised | -9,050 | ' | ' |
Options Outstanding | 500 | 9,550 | ' |
Amount of Vested Exercisable Options | 500 | ' | ' |
Weighted Average Exercise Price for Vested and Exercisable Options | 14.17 | ' | ' |
Weighted Average Remaining Contractual Term for Vested and Exercisable Options | '0 years 8 months 12 days | ' | ' |
Average Intrinsic Value for Vested and Exercisable Options | 8,530 | ' | ' |
Weighted Average Contractual Term for Options Outstanding | '0 years 8 months 12 days | '2 years 1 month 6 days | ' |
Average Intrinsic Value for Options Outstanding | 8,530 | 136,185 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward | ' | ' | ' |
Options Outstanding | 13.47 | ' | ' |
Options Outstanding | 14.17 | 13.47 | ' |
Employee Stock Options [Member] | Convertible Class B Common Stock | ' | ' | ' |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward | ' | ' | ' |
Options Outstanding | 0 | ' | ' |
Granted | 20,127 | ' | ' |
Forfeited of expired | 0 | ' | ' |
Exercised | 0 | ' | ' |
Options Outstanding | 20,127 | 0 | ' |
Amount of Vested Exercisable Options | 0 | ' | ' |
Weighted Average Exercise Price for Vested and Exercisable Options | 0 | ' | ' |
Weighted Average Remaining Contractual Term for Vested and Exercisable Options | '0 years 0 months 0 days | ' | ' |
Average Intrinsic Value for Vested and Exercisable Options | 0 | ' | ' |
Weighted Average Contractual Term for Options Outstanding | '9 years 3 months 18 days | '0 years 0 months 0 days | ' |
Average Intrinsic Value for Options Outstanding | 154,374 | 0 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward | ' | ' | ' |
Options Outstanding | 0 | ' | ' |
Options Outstanding | 23.56 | 0 | ' |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning Balance Accumulated other comprehensive income, net of tax | $821 | $936 | ' |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | 125 | -98 | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | -168 | -17 | ' |
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | -43 | -115 | 660 |
Ending Balance Accumulated other comprehensive income, net of tax | $778 | $821 | $936 |
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ' | ' | ' |
Income tax expense | $29,964 | $37,303 | $35,437 |
gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember | ' | ' | ' |
us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ' | ' | ' |
Interest and Other Income | 269 | 27 | ' |
Income tax expense | $101 | $10 | ' |