Document and Entity Information
Document and Entity Information | 3 Months Ended |
Aug. 04, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Cato Corp |
Entity Central Index Key | 18,255 |
Document Type | 10-Q |
Document Period End Date | Aug. 4, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --08-04 |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Class of Stock [Line Items] | |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Common Class A [Member] | |
Class of Stock [Line Items] | |
Entity Common Stock, Shares Outstanding (actual number) | 22,909,058 |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Entity Common Stock, Shares Outstanding (actual number) | 1,763,652 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements Of Income and Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Revenues | ||||
Retail sales | $ 206,848,000 | $ 205,026,000 | $ 442,873,000 | $ 442,681,000 |
Other Revenue (principally finance charges, late fees and layaway charges) | 2,069,000 | 1,935,000 | 4,344,000 | 4,021,000 |
Total revenues | 208,917,000 | 206,961,000 | 447,217,000 | 446,702,000 |
COSTS AND EXPENSES, NET | ||||
Cost of goods sold (exclusive of depreciation shown below) | 129,801,000 | 141,258,000 | 272,088,000 | 287,041,000 |
Selling, general and administrative (exclusive of depreciation shown below) | 68,892,000 | 64,280,000 | 134,851,000 | 128,062,000 |
Depreciation | 4,152,000 | 4,882,000 | 8,376,000 | 9,942,000 |
Interest and other income | 1,431,000 | 1,329,000 | 2,185,000 | 2,272,000 |
Cost and expenses, net | 201,414,000 | 209,091,000 | 413,130,000 | 422,773,000 |
Income before income taxes | 7,503,000 | (2,130,000) | 34,087,000 | 23,929,000 |
Income tax expense | 1,021,000 | (1,249,000) | 4,195,000 | 2,578,000 |
Net income | $ 6,482,000 | $ (881,000) | $ 29,892,000 | $ 21,351,000 |
Basic earnings per share | $ 0.26 | $ (0.03) | $ 1.2 | $ 0.82 |
Diluted earnings per share | 0.26 | (0.03) | 1.2 | 0.82 |
Dividends per share | $ 0.33 | $ 0.33 | $ 0.66 | $ 0.66 |
Comprehensive income | ||||
Net income | $ 6,482,000 | $ (881,000) | $ 29,892,000 | $ 21,351,000 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | 314,000 | 192,000 | (78,000) | 625,000 |
Comprehensive Income | $ 6,796,000 | $ (689,000) | $ 29,814,000 | $ 21,976,000 |
Condensed Consolidated Income 3
Condensed Consolidated Income Statements Of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
OtherComprehensiveIncomeLossTaxParentheticalDisclosuresAbstract | ||||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ 98 | $ 114 | $ (24) | $ 373 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 04, 2018 | Feb. 03, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 37,849,000 | $ 78,047,000 |
Short-term investments | 187,050,000 | 118,836,000 |
Restricted Cash | 3,645,000 | 3,217,000 |
Restricted Short term Investments | 105,000 | 505,000 |
Accounts receivable, net of allowance for doubtful accounts | 34,745,000 | 28,018,000 |
Merchandise inventories | 104,470,000 | 121,535,000 |
Deferred income taxes | 0 | 0 |
Prepaid expenses | 10,521,000 | 22,322,000 |
Total Current Assets | 378,385,000 | 372,480,000 |
Property and equipment - net | 102,320,000 | 109,368,000 |
DeferredTaxAssetsNetNoncurrent | 12,594,000 | 12,570,000 |
Other assets | 21,832,000 | 21,658,000 |
Total Assets | 515,131,000 | 516,076,000 |
Current Liabilities: | ||
Accounts payable | 74,892,000 | 82,605,000 |
Accrued expenses | 54,182,000 | 52,825,000 |
Accrued benefits | 7,631,000 | 2,971,000 |
Accrued income taxes | 1,702,000 | 680,000 |
Total Current Liabilities | 138,407,000 | 139,081,000 |
Deferred tax liabilities noncurrent | 0 | 0 |
Other noncurrent liabilities (primarily deferred rent) | 45,408,000 | 50,642,000 |
Stockholders' Equity: | ||
Preferred stock, $100 par value per share, 100,000 shares authorized, none issued | 0 | 0 |
Class of Stock [Line Items] | ||
Common stock | 828,000 | 832,000 |
Additional paid-in capital | 102,806,000 | 99,948,000 |
Retained earnings | 228,081,000 | 225,894,000 |
Accumulated other comprehensive income | (399,000) | (321,000) |
Total Stockholders' Equity | 331,316,000 | 326,353,000 |
Liabilities And Stockholders Equity | 515,131,000 | 516,076,000 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock | 770,000 | 774,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock | $ 58,000 | $ 58,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 |
Class of Stock [Line Items] | ||
Allowance For Doubtful Accounts Receivable Current | $ 868 | $ 1,148 |
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 | 1,763,652 | 1,755,601 |
Common Stock Par Or Stated Value Per Share | $ 0.033 | $ 0.033 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock Shares Issued | 22,909,058 | 23,045,039 |
Common Stock Par Or Stated Value Per Share | $ 0.033 | $ 0.033 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
OPERATING ACTIVITIES | ||
Net income | $ 29,892,000 | $ 21,351,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 8,376,000 | 9,942,000 |
Provision For Doubtful Accounts | 127,000 | 258,000 |
Purchase premium and premium amortization | 277,000 | 1,855,000 |
Share Based Compensation | 2,422,000 | 1,778,000 |
Excess tax benefits from share-based compensation | 0 | 0 |
Deferred income taxes | 0 | 1,015,000 |
Loss on disposal of property and equipment | 414,000 | 592,000 |
Changes in operating assets and liabilities which provided (used) cash: | ||
Accounts receivable | (6,844,000) | 523,000 |
Merchandise inventories | 17,065,000 | 39,485,000 |
Prepaid and other assets | 11,453,000 | 892,000 |
Accrued income taxes | 1,022,000 | 0 |
Accounts payable, accrued expenses and other liabilities | (7,747,000) | (34,287,000) |
Net cash provided by operating activities | 56,457,000 | 43,404,000 |
INVESTING ACTIVITIES | ||
Capital expenditures | (1,879,000) | (6,425,000) |
Purchase of short-term investments | (111,245,000) | (15,770,000) |
Sales of short-term investments | 43,328,000 | 56,861,000 |
Payments to Acquire Projects | (107,000) | (661,000) |
Proceeds from Sale of Investment Projects | (4,000) | 0 |
Change in restricted cash and investments | 0 | 0 |
Net cash used in investing activities | (69,899,000) | 34,005,000 |
FINANCING ACTIVITIES | ||
Dividends paid | (16,338,000) | (17,204,000) |
Repurchase of common stock | (10,461,000) | (29,618,000) |
Proceeds from lines of credit | 0 | 21,000,000 |
Payments to lines of credit | 0 | 21,000,000 |
Proceeds from employee stock purchase plan | 284,000 | 244,000 |
Excess tax benefits from share-based compensation financing activities | 0 | 0 |
Proceeds From Stock Options Exercised | 189,000 | 95,000 |
Net cash provided used in financing activities | (26,326,000) | (46,483,000) |
Net increase in cash and cash equivalents | (39,768,000) | 30,926,000 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 81,264,000 | 49,618,000 |
Effect of Exchange Rate on Cash | (2,000) | 0 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 41,494,000 | 80,544,000 |
Change in Accrued PPE | $ 507,000 | $ 830,000 |
General - Notes to Financial St
General - Notes to Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
General Dsiclosure [Abstract] | |
Summary of Significant Account Policies | NOTE 1 - GENERAL : The condensed consolidated financial statements have been prepared from the accounting records of The Cato Corporation and its wholly-owned subsidiaries (the “Company”), and all amounts shown as of and for the periods ended August 4, 2018 and July 29, 2017 are unaudited. In the opinion of management, all adjustments considered necessary for a fair statement have been included. All such adjustments are of a normal, recurring nature unless otherwise noted. The results of the interim perio d may not be indicative of the results expected for the entire year. The interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018 . Amounts as of February 3, 2018 have been derived from the audited balance sheet, but do not include all disclosures required by accounting principles generally accepted in the United States of America. In August 2018 , the Company repurchased 44,300 shares of its Class A common stock for $1,094,770 . On August 30, 2018 , t he Board of Directors maintained the quarterly dividend at $0.33 per share. |
Earnings Per Share - Notes to F
Earnings Per Share - Notes to Financial Statements | 3 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share Disclosure [Abstract] | |
Earnings Per Share | NOTE 2 - EARNINGS PER SHARE: Accounting Standard Codification (“ ASC ”) 260 – Earnings Per Share requires dual presentation of basic and diluted Earnings Per Share (“ 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 Condensed Consolidated Statements of Income and Comprehens ive 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 d ividends 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 the 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. Dilute d EPS reflects the potential dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan. Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 (Dollars in thousands) Numerator Net earnings/(loss) $ 6,482 $ (881) $ 29,892 $ 21,351 Earnings(loss) allocated to non-vested equity awards (192) 28 (816) (466) Net earnings/(loss) available to common stockholders $ 6,290 $ (853) $ 29,076 $ 20,885 Denominator Basic weighted average common shares outstanding 24,131,481 25,177,180 24,166,539 25,456,579 Diluted weighted average common shares outstanding 24,131,481 25,177,180 24,166,539 25,456,579 Net income/(loss) per common share Basic earnings/(loss) per share $ 0.26 $ (0.03) $ 1.20 $ 0.82 Diluted earnings/(loss) per share $ 0.26 $ (0.03) $ 1.20 $ 0.82 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
AccumulatedOtherComprehensiveIncomeLossDisclosure[Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME : The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months end ed August 4, 2018 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at May 5, 2018 $ (713) Other comprehensive income before reclassification 260 Amounts reclassified from accumulated other comprehensive income (b) 54 Net current-period other comprehensive income 314 Ending Balance at August 4, 2018 $ (399) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $71 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 $17. | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) : The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months end ed July 29, 2017 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at April 29, 2017 $ 219 Other comprehensive income before reclassifications 186 Amounts reclassified from accumulated other comprehensive income (b) 6 Net current-period other comprehensive income 192 Ending Balance at July 29, 2017 $ 411 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $10 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 $4. | The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the six months ended August 4, 2018 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 3, 2018 $ (321) Other comprehensive income before reclassification (131) Amounts reclassified from accumulated other comprehensive income (b) 53 Net current-period other comprehensive income (78) Ending Balance at August 4, 2018 $ (399) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $70 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 $17. | The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the six months ended July 29, 2017 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 28, 2017 $ (214) Other comprehensive income before reclassifications 622 Amounts reclassified from accumulated other comprehensive income (b) 3 Net current-period other comprehensive income 625 Ending Balance at July 29, 2017 $ 411 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $5 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 $2. |
Financing Arrangements - Notes
Financing Arrangements - Notes to Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | NOTE 4 – FINANCING ARRANGEMENTS: As of August 4, 2018 , the Company had an unsecured revolving credit agreement to borrow $35.0 million less the balance of any revocable letters of credit as discussed below . T he revolving credit agreemen t is committed until August 2019 . The credit agreement contains various financial covenants and limitations, including the maintenance of specific financial ratios with which the Company was in c ompliance as of August 4, 2018 . There were no borrowings out standing under th is credit facility during the periods ended August 4, 2018 or February 3, 2018 . The weighted average interest rate under the credit facility was zero at August 4, 2018 due to no borrowings outstanding . At August 4, 2018 and February 3, 2018 , the Company had no outstanding revocable letters of credit relating to purchase commitments. |
Reportable Segment Information
Reportable Segment Information - Notes to Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
Reportable Segment Information [Abstract] | |
Reportable Segment Information | NOTE 5 – 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 and C redit. As outlined in ASC 280-10, the Company has two reportable segments: R etail and C redit. The Company has aggregated its three retail operating segments , including e-commerce, 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, which require the segments to have similar economic characteristics, product s , production processes, clients and methods of distribution. The Company’s retail opera ting 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 invento ry for the Company’s retail op erating segments is sourced from the same countries and some of the same vendors, using similar production processes. Merchandise for the Company’s operating segments is distributed to retail stores in a similar manner through the Company’s single distrib ution center and is subsequently distributed to clients in a similar manner. The Company operates its women’s fashion specialty retail stores in 33 states as of August 4, 2018 , 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. NOTE 5 – REPORTABLE SEGMENT INFORMATION (CONTINUED): The following schedule summarizes certain segment information (in thousands): Three Months Ended Six Months Ended August 4, 2018 Retail Credit Total August 4, 2018 Retail Credit Total Revenues $207,971 $946 $208,917 Revenues $445,305 $1,912 $447,217 Depreciation 4,146 6 4,152 Depreciation 8,364 12 8,376 Interest and other income (1,431) - (1,431) Interest and other income (2,185) - (2,185) Income/(Loss) before income taxes 7,077 426 7,503 Income/(Loss) before income taxes 33,019 1,068 34,087 Capital expenditures 1,204 - 1,204 Capital expenditures 1,879 - 1,879 Three Months Ended Six Months Ended July 29, 2017 Retail Credit Total July 29, 2017 Retail Credit Total Revenues $205,911 $1,050 $206,961 Revenues $444,553 $2,149 $446,702 Depreciation 4,871 11 4,882 Depreciation 9,919 23 9,942 Interest and other income (1,329) - (1,329) Interest and other income (2,272) - (2,272) Income/(Loss) before income taxes (2,433) 303 (2,130) Income/(Loss) before income taxes 23,185 744 23,929 Capital expenditures 2,980 - 2,980 Capital expenditures 6,425 - 6,425 Retail Credit Total Total assets as of August 4, 2018 $452,371 $62,760 $515,131 Total assets as of February 3, 2018 469,652 46,424 516,076 The Company evaluates segment performance based on income before taxes. The Company does not allocate certain corporate expenses or income taxes to the credit segment. The following schedule summarizes the direct expenses of the credit segment, which are reflected in S elling, general and administrative expenses (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Bad debt expense $ - $ 204 $ - $ 258 Payroll 195 223 392 444 Postage 128 136 251 273 Other expenses 191 173 189 407 Total expenses $ 514 $ 736 $ 832 $ 1,382 |
Stock Based Compensation - Note
Stock Based Compensation - Notes to Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock Based Compensation | NOTE 6 – STOCK-BASED COMPENSATION: As of August 4, 2018 , the Company had four 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. As of August 4, 2018 , there were no available stock options for grant. The 2018 Incentive Compensation Plan, 2013 Incentive Compensation Plan and 2004 Amended and Restated Incentive Compensation Plan are fo r 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 24, 2018 and May 23, 2013, shares for grant were no longer available under the 2013 Ince ntive Compensation Plan and 2004 Amended and Restated Incentive Compensation Plan, respectively. 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 August 4, 2018 : 1987 2004 2013 2018 Plan Plan Plan Plan Total Options and/or restricted stock initially authorized 5,850,000 1,350,000 1,500,000 4,725,000 13,425,000 Options and/or restricted stock available for grant: August 4, 2018 - - - 4,500,580 4,500,580 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 the related vesting periods. As of August 4, 2018 and February 3, 2018 , there was $14,757,000 and $11,727,000 , respectively, of total unrecognized compensation expense related to nonvested restricted stock awards, whic h had a remaining weight ed-av erage vesting period of 2.7 years and 2.0 years, respectively. The total fair value of the shares recognized as compensation expense during the three and six months ended August 4, 2018 was $1,821,000 and $2,367,000 , respectively, compared to $1,318,000 and $1,726,000 , respectively, for the three and six months ended July 29, 2017 . These expenses are classified as a component of S elling, general and administrative expenses in the Con densed Consolidated Statements of Income . The following summary shows the changes in the shares of unvested restricted stock outstanding during the six months ended August 4, 2018 : Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 3, 2018 595,179 $ 30.33 Granted 354,385 16.20 Vested (139,669) 29.87 Forfeited or expired (24,223) 26.04 Restricted stock awards at August 4, 2018 785,672 $ 24.17 NOTE 6 – STOCK BASED-COMPENSATION (CONTINUED): 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 six months ended August 4, 2018 and July 29, 2017 , the Company sold 22,554 and 13,619 shares to employees at an average discount of $2.22 and $3.17 per share, respectively, under the Employee Stock Purchase Plan. The compensation expense recognized for the 15% discount given under the Employee Stock Purchas e Plan was approximately $50,000 and $43,000 for the six months ended August 4, 2018 and July 29, 2017 , respectively . These expenses are classified as a component of S elling, general and administrative expenses. |
Fair Value Measurements - Notes
Fair Value Measurements - Notes to Financial Statements | 6 Months Ended | 12 Months Ended |
Aug. 04, 2018 | Feb. 03, 2018 | |
Fair Value Measurements [Abstract] | ||
Fair Value Disclosures Text Block | NOTE 7 – FAIR VALUE MEASUREMENTS: The following table s set forth information regarding the Company’s financial assets and liabilities that are measured at fair value (in t housands) as of August 4, 2018 and February 3, 2018 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable August 4, 2018 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 65,349 $ - $ 65,349 $ - Corporate Bonds 90,498 - 90,498 - U.S. Treasury Notes 4,577 4,577 - - Cash Surrender Value of Life Insurance 9,249 - - 9,249 Asset-backed Securities (ABS) 23,316 - 23,316 - Corporate Equities 745 745 - - Certificates of Deposit 505 505 - - Total Assets $ 194,239 $ 5,827 $ 179,163 $ 9,249 Liabilities: Deferred Compensation (9,146) - - (9,146) Total Liabilities $ (9,146) $ - $ - $ (9,146) 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 August 4, 2018 and February 3, 2018 . The state, municipal and corporate bonds have contractual maturities which range from 11 days to 29.0 years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities of two months . 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 Condensed Consolidated Balance Sheets. These assets are carried at fair value wit h unrealized gains and losses reported net of taxes in Accumulated other comprehensive income. The a sset-backed securities are bonds comprised of auto loans and bank credit cards that carry AAA ratings. The auto loan asset-backed securities are backed by s tatic pools of auto loans that were originated and serviced by captive auto finance units, banks or finance companies. The bank credit card asset-backed securities are backed by revolving pools of credit card receivables generated by account holders of car ds from American Express, Citibank, JPMorgan Chase, Capital One, and Discover. Additionally, at August 4, 2018 , the Company had $0.7 million of corporate equities and deferred compensation plan assets of $9.2 million. At February 3, 2018 , the Company had $0.8 million of corporate equities and deferred compensation plan assets of $8.9 million. All of these assets are recorded within Other assets in the Condensed Consolidated Balance Sheets . Level 1 category securities are measured at fair value using quoted active market prices. Level 2 investment securities include corporate bonds, municipal bonds and asset-backed securities for which quoted prices may not be available on active exchange s 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. 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 with in 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 existin g 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 August 4, 2018 and February 3, 2018 (in thousands): | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 3, 2018 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 95,983 $ - $ 95,983 $ - Corporate Bonds 22,535 - 22,535 - U.S. Treasury Notes 404 404 - - Cash Surrender Value of Life Insurance 8,900 - - 8,900 Asset-backed Securities (ABS) 318 - 318 - Corporate Equities 798 798 - - Certificates of Deposit 100 100 - - Total Assets $ 129,038 $ 1,302 $ 118,836 $ 8,900 Liabilities: Deferred Compensation (8,951) - - (8,951) Total Liabilities $ (8,951) $ - $ - $ (8,951) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements - Notes to Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | In November 2015, the Financial Accounting Standards Board issued an effective date for ASU 2016-02, “Leases (Topic 842)”, a new leasing standard that will require substantially all leases to be recorded on the balance sheet. The standard is effective for the Company’s first quarter of its 2019 fiscal year; early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is assessing what impacts this new standard will have on its Consolidated Financial Statements and e xpects assets and liabilities to increase. |
Income Tax - Notes to the Finan
Income Tax - Notes to the Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
IncomeTaxDisclosureAbstract | |
Income Tax Disclosure [Text Block] | The Company had an effective tax rate for the first six months of 2018 of 12.3% compared to 10.8% for the first six months of 2017 . The increase in the effective tax rate for the first six months is attributable to higher pre-tax earnings and a higher proportion of income being generated from jurisdictions with higher tax rates, partially offset by ongoing savings from tax initiatives. Our estimated annual effective tax rate for the c urrent year includes the impact of the new tax on Global Intangible Low Taxed Income (“GILTI”). We continue evaluating the accounting policy election for deferred taxes under GILTI. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 04, 2018 | |
IncomeTaxDisclosureAbstract | |
Income Taxes | The Company had an effective tax rate for the first six months of 2018 of 12.3% compared to 10.8% for the first six months of 2017 . The increase in the effective tax rate for the first six months is attributable to higher pre-tax earnings and a higher proportion of income being generated from jurisdictions with higher tax rates, partially offset by ongoing savings from tax initiatives. Our estimated annual effective tax rate for the c urrent year includes the impact of the new tax on Global Intangible Low Taxed Income (“GILTI”). We continue evaluating the accounting policy election for deferred taxes under GILTI. |
Commitments and Contingencies -
Commitments and Contingencies - Notes to the Financial Statements | 6 Months Ended |
Aug. 04, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | The Company is, from time to time, involved in routine litigation incidental to the conduct of our business, including litigation regarding the merchandise that we sell, litigation regarding intellectual property, litigation instituted by persons injured upon premises under our control, litigation with respect to various employment matters, including alleged discrimination and wage and hour litigation, and litigation with present or former employees. The Company has approximately $9.5 m illion in accrued litigation expense at August 4, 2018 . Although such litigation is routine and incidental to the conduct of our business, as with any business of our size with a significant number of employees and significant merchandise sales, such litiga tion could result in large monetary awards. Based on information currently available, management does not believe that any reasonably possible losses arising from current pending litigation will have a material adverse effect on our condensed consolidated financial statements. However, given the inherent uncertainties involved in such matters, an adverse outcome in one or more such matters could materially and adversely affect the Company’s financial condition, results of operations and cash flows in any pa rticular reporting period. We accrue for these matters when the liability is deemed probable and reasonably estimable. |
Revenue Recognition Footnote
Revenue Recognition Footnote | 6 Months Ended |
Aug. 04, 2018 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
Rvenue Recognition | NOTE 11 – REVENUE RECOGNITION: On February 3, 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”) using the modified retrospective method applied to contracts which were pending as of February 3, 2018. Financial results included in the Company’s Condensed Consolidated Statement of Income for the six months ended August 4, 2018 are presented under Topic 606, while prior year amounts have not been restated and continue to be reported in accordance with AS C 605, “Revenue Recognition” (“Topic 605”). As a result of adopting Topic 606, the Company did not adjust opening retained earnings. 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 i s 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 expirati on 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. A provision is made for estimated write-offs associated with sales made with the Company’s proprietary credit card. Amounts related to shipping and handling billed to customers in a sales transaction are classified as Other revenue and the costs related to shipping product to customers (billed and accrued) are classified as C ost of goods sold. The Company offers its own proprietary credit card to customers. All credit activity is performed by the Company’s wholly-owned subsidiaries. None of the credit card receivables are secured. The Company estimated uncollectible amounts of $458,000 and $457,000 for the six months ended August 4, 2018 and July 29, 2017, respectively, on sales purchased by the Company’s proprietary credit card of $14.1 million and $13.3 million for the six months ended August 4, 2018 and July 29, 2017, resp ectively. The following table provides information about receivables and contract liabilities from contracts with customers (in thousands): Balance as of August 4, 2018 February 3, 2018 Proprietary Credit Card Receivables, net $ 16,539 $ 16,857 Gift Card Liability $ 5,171 $ 7,565 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 3 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share Disclosure [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 (Dollars in thousands) Numerator Net earnings/(loss) $ 6,482 $ (881) $ 29,892 $ 21,351 Earnings(loss) allocated to non-vested equity awards (192) 28 (816) (466) Net earnings/(loss) available to common stockholders $ 6,290 $ (853) $ 29,076 $ 20,885 Denominator Basic weighted average common shares outstanding 24,131,481 25,177,180 24,166,539 25,456,579 Diluted weighted average common shares outstanding 24,131,481 25,177,180 24,166,539 25,456,579 Net income/(loss) per common share Basic earnings/(loss) per share $ 0.26 $ (0.03) $ 1.20 $ 0.82 Diluted earnings/(loss) per share $ 0.26 $ (0.03) $ 1.20 $ 0.82 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
AccumulatedOtherComprehensiveIncomeLossDisclosure[Abstract] | ||||
Schedule Of Accumulated Other Comprehensive Income Loss Table Text Block | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME : The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months end ed August 4, 2018 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at May 5, 2018 $ (713) Other comprehensive income before reclassification 260 Amounts reclassified from accumulated other comprehensive income (b) 54 Net current-period other comprehensive income 314 Ending Balance at August 4, 2018 $ (399) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $71 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 $17. | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED) : The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months end ed July 29, 2017 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at April 29, 2017 $ 219 Other comprehensive income before reclassifications 186 Amounts reclassified from accumulated other comprehensive income (b) 6 Net current-period other comprehensive income 192 Ending Balance at July 29, 2017 $ 411 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $10 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 $4. | The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the six months ended August 4, 2018 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 3, 2018 $ (321) Other comprehensive income before reclassification (131) Amounts reclassified from accumulated other comprehensive income (b) 53 Net current-period other comprehensive income (78) Ending Balance at August 4, 2018 $ (399) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $70 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 $17. | The following table set s forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the six months ended July 29, 2017 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 28, 2017 $ (214) Other comprehensive income before reclassifications 622 Amounts reclassified from accumulated other comprehensive income (b) 3 Net current-period other comprehensive income 625 Ending Balance at July 29, 2017 $ 411 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $5 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 $2. |
Reportable Segment Informatio21
Reportable Segment Information - (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Reportable Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended August 4, 2018 Retail Credit Total August 4, 2018 Retail Credit Total Revenues $207,971 $946 $208,917 Revenues $445,305 $1,912 $447,217 Depreciation 4,146 6 4,152 Depreciation 8,364 12 8,376 Interest and other income (1,431) - (1,431) Interest and other income (2,185) - (2,185) Income/(Loss) before income taxes 7,077 426 7,503 Income/(Loss) before income taxes 33,019 1,068 34,087 Capital expenditures 1,204 - 1,204 Capital expenditures 1,879 - 1,879 Three Months Ended Six Months Ended July 29, 2017 Retail Credit Total July 29, 2017 Retail Credit Total Revenues $205,911 $1,050 $206,961 Revenues $444,553 $2,149 $446,702 Depreciation 4,871 11 4,882 Depreciation 9,919 23 9,942 Interest and other income (1,329) - (1,329) Interest and other income (2,272) - (2,272) Income/(Loss) before income taxes (2,433) 303 (2,130) Income/(Loss) before income taxes 23,185 744 23,929 Capital expenditures 2,980 - 2,980 Capital expenditures 6,425 - 6,425 Retail Credit Total Total assets as of August 4, 2018 $452,371 $62,760 $515,131 Total assets as of February 3, 2018 469,652 46,424 516,076 Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Bad debt expense $ - $ 204 $ - $ 258 Payroll 195 223 392 444 Postage 128 136 251 273 Other expenses 191 173 189 407 Total expenses $ 514 $ 736 $ 832 $ 1,382 |
Sechedule Of Restricted Stock O
Sechedule Of Restricted Stock Outstanding - (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Changes In Restricted Stock Outstanding | 1987 2004 2013 2018 Plan Plan Plan Plan Total Options and/or restricted stock initially authorized 5,850,000 1,350,000 1,500,000 4,725,000 13,425,000 Options and/or restricted stock available for grant: August 4, 2018 - - - 4,500,580 4,500,580 |
Stock Option Changes - (Tables)
Stock Option Changes - (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule of Stock Options Outstanding | Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 3, 2018 595,179 $ 30.33 Granted 354,385 16.20 Vested (139,669) 29.87 Forfeited or expired (24,223) 26.04 Restricted stock awards at August 4, 2018 785,672 $ 24.17 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets at Fairvalue - (Tables) | 6 Months Ended | 12 Months Ended |
Aug. 04, 2018 | Feb. 03, 2018 | |
Fair Value Measurements [Abstract] | ||
Fair Value Disclosures | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable August 4, 2018 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 65,349 $ - $ 65,349 $ - Corporate Bonds 90,498 - 90,498 - U.S. Treasury Notes 4,577 4,577 - - Cash Surrender Value of Life Insurance 9,249 - - 9,249 Asset-backed Securities (ABS) 23,316 - 23,316 - Corporate Equities 745 745 - - Certificates of Deposit 505 505 - - Total Assets $ 194,239 $ 5,827 $ 179,163 $ 9,249 Liabilities: Deferred Compensation (9,146) - - (9,146) Total Liabilities $ (9,146) $ - $ - $ (9,146) | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 3, 2018 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 95,983 $ - $ 95,983 $ - Corporate Bonds 22,535 - 22,535 - U.S. Treasury Notes 404 404 - - Cash Surrender Value of Life Insurance 8,900 - - 8,900 Asset-backed Securities (ABS) 318 - 318 - Corporate Equities 798 798 - - Certificates of Deposit 100 100 - - Total Assets $ 129,038 $ 1,302 $ 118,836 $ 8,900 Liabilities: Deferred Compensation (8,951) - - (8,951) Total Liabilities $ (8,951) $ - $ - $ (8,951) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
ContractWithCustomerAssetAndLiabilityTableTextBlock | Balance as of August 4, 2018 February 3, 2018 Proprietary Credit Card Receivables, net $ 16,539 $ 16,857 Gift Card Liability $ 5,171 $ 7,565 |
General - Notes to Financial 26
General - Notes to Financial Statements - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
General Dsiclosure [Abstract] | ||||
Quarterly Declared Dividend | $ 0.33 | $ 0.33 | $ 0.66 | $ 0.66 |
Repurchase of common stock | $ 10,461,000 | $ 29,618,000 | ||
Net income | $ 6,482,000 | $ (881,000) | 29,892,000 | 21,351,000 |
Dividends paid | $ 16,338,000 | $ 17,204,000 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Earnings Per Share Disclosure [Abstract] | ||||
Net income | $ 6,482,000 | $ (881,000) | $ 29,892,000 | $ 21,351,000 |
Earnings Allocated to Non-Vesting Equity Awards | (192,000) | 28,000 | (816,000) | (466,000) |
Net Income (Loss) Available to Common Stockholders | $ 6,290,000 | $ (853,000) | $ 29,076,000 | $ 20,885,000 |
Basic Weighted-Average common shares outstanding | 24,131,481 | 25,177,180 | 24,166,539 | 25,456,579 |
Dilutive Effect of Stock Options | 0 | 0 | 0 | 0 |
Dilluted Weighted Average Common Shares Outstanding | 24,131,481 | 25,177,180 | 24,166,539 | 25,456,579 |
Basic earnings per share | $ 0.26 | $ (0.03) | $ 1.2 | $ 0.82 |
Diluted earnings per share | $ 0.26 | $ (0.03) | $ 1.2 | $ 0.82 |
Changes in Accumulated Other 28
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance Accumulated other comprehensive income, net of tax | $ (321,000) | |||
Unrealized gain on available-for-sale securities, net of deferred income taxes | $ 314,000 | $ 192,000 | (78,000) | $ 625,000 |
Ending Balance Accumulated other comprehensive income, net of tax | (399,000) | (399,000) | ||
ChangeInUnrealizedGainsOnAvailableForSaleSecuritiesMember [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance Accumulated other comprehensive income, net of tax | (713,000) | 219,000 | (321,000) | (214,000) |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | 260,000 | 186,000 | (131,000) | 622,000 |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | 54,000 | 6,000 | 53,000 | 3,000 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | 314,000 | 192,000 | (78,000) | 625,000 |
Ending Balance Accumulated other comprehensive income, net of tax | $ (399,000) | $ 411,000 | $ (399,000) | $ 411,000 |
Changes in Accumulated Other 29
Changes in Accumulated Other Comprehensive Income Components - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||||
Income Tax Benefit (Expense) | $ 1,021,000 | $ (1,249,000) | $ 4,195,000 | $ 2,578,000 |
Reclassified Accumulated Unrealized Gains and Losses | ||||
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||||
Interest and Other Income | 71,000 | 10,000 | 70,000 | 5,000 |
Income Tax Benefit (Expense) | $ 17,000 | $ 4,000 | $ 17,000 | $ 2,000 |
Financing Arrangements - (Detai
Financing Arrangements - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
May 05, 2018 | Aug. 04, 2018 | Feb. 03, 2018 | |
Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility Outstanding Borrowings | $ 0 | $ 0 | $ 0 |
RevolvingCreditFacilityMember [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000 | ||
Line of Credit Facility Outstanding Borrowings | $ 0 |
Reportable Segment Informatio31
Reportable Segment Information - (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 208,917,000 | $ 206,961,000 | $ 447,217,000 | $ 446,702,000 | |
Depreciation | 4,152,000 | 4,882,000 | 8,376,000 | 9,942,000 | |
Interest and other income | 1,431,000 | 1,329,000 | 2,185,000 | 2,272,000 | |
Total Assets | 515,131,000 | 515,131,000 | $ 516,076,000 | ||
Capital expenditures | 1,204,000 | 2,980,000 | 1,879,000 | 6,425,000 | |
Income Before Taxes | 7,503,000 | (2,130,000) | 34,087,000 | 23,929,000 | |
ReportableSegmentsMemberRetail [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 207,971,000 | 205,911,000 | 445,305,000 | 444,553,000 | |
Depreciation | 4,146,000 | 4,871,000 | 8,364,000 | 9,919,000 | |
Interest and other income | 1,431,000 | 1,329,000 | 2,185,000 | 2,272,000 | |
Total Assets | 452,371,000 | 452,371,000 | 469,652,000 | ||
Capital expenditures | 1,204,000 | 2,980,000 | 1,879,000 | 6,425,000 | |
Income Before Taxes | 7,077,000 | (2,433,000) | 33,019,000 | 23,185,000 | |
ReportableSegmentsMemberCredit [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 946,000 | 1,050,000 | 1,912,000 | 2,149,000 | |
Depreciation | 6,000 | 11,000 | 12,000 | 23,000 | |
Interest and other income | 0 | 0 | 0 | 0 | |
Total Assets | 62,760,000 | 62,760,000 | $ 46,424,000 | ||
Capital expenditures | 0 | 0 | 0 | 0 | |
Income Before Taxes | $ 426,000 | $ 303,000 | $ 1,068,000 | $ 744,000 |
Direct Expenses of Credit Segme
Direct Expenses of Credit Segment in SGA - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Segment Reporting Information [Line Items] | ||||
Bad debt expense | $ 0 | $ 204 | $ 0 | $ 258 |
ReportableSegmentsMemberCredit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Labor and Related Expense | 195 | 223 | 392 | 444 |
Postage Expense | 128 | 136 | 251 | 273 |
Other Expenses | $ 191 | $ 173 | $ 189 | $ 407 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans - (Details) | Aug. 04, 2018shares |
1987 Plan | |
Authorized And Available For Grant [Line Items] | |
Options And/Or Restrcited Stock Initially Authorized | 5,850,000 |
Options And Or Restricted Stock Available For Grant | 0 |
2004 Plan | |
Authorized And Available For Grant [Line Items] | |
Options And/Or Restrcited Stock Initially Authorized | 1,350,000 |
Options And Or Restricted Stock Available For Grant | 0 |
2013 Plan | |
Authorized And Available For Grant [Line Items] | |
Options And/Or Restrcited Stock Initially Authorized | 1,500,000 |
Options And Or Restricted Stock Available For Grant | 0 |
2018 Plan | |
Authorized And Available For Grant [Line Items] | |
Options And/Or Restrcited Stock Initially Authorized | 4,725,000 |
Options And Or Restricted Stock Available For Grant | 4,500,580 |
Sechedule Of Restricted Stock34
Sechedule Of Restricted Stock Outstanding - (Details) - 2004 Plan - Restricted Stock - Class A Common Stock | 6 Months Ended |
Aug. 04, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Restricted Stock Awards Beginning Balance | shares | 595,179 |
Restricted Stock Awards Granted | shares | 354,385 |
Restricted Stock Awards Vested | shares | (139,669) |
Restricted Stock Awards Foreited | shares | (24,223) |
Restricted Stock Awards Ending Balance | shares | 785,672 |
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 | $ / shares | $ 30.33 |
Granted Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 16.2 |
Vested Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 29.87 |
Forfeited Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 26.04 |
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Ending Balance | $ / shares | $ 24.17 |
Stock Based Compensation Additi
Stock Based Compensation Additional - (Details) - Class A Common Stock - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized Compensation Expense | $ 14,757,000 | $ 14,383,000 | $ 14,757,000 | $ 14,383,000 | $ 11,727,000 |
Remaining Weighted-Average Vesting Period | 2 years 8 months 12 days | 2 years 4 months 24 days | 2 years | ||
Compensation Expense | $ 1,821,000 | $ 1,318,000 | $ 2,367,000 | $ 1,726,000 | |
Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares Sold | 22,554 | 13,619 | |||
Compensation Expense | $ 50,000 | $ 43,000 | |||
Employee Stock Purchase Plan Share Purchase Discount | $ 2.22 | $ 3.17 | $ 2.22 | $ 3.17 |
Fair Value Measurements - Ass36
Fair Value Measurements - Assets at Fairvalue - (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 |
Level 1 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Level 2 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Level 3 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | (9,146) | (8,951) |
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 | 65,349 | 95,983 |
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 | 90,498 | 22,535 |
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 | |
Auction Rate Securities (ARS) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | |
Auction Rate Securities (ARS) | 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 | 4,577 | 404 |
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 | 745 | 798 |
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 | 505 | 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 |
Asset Backed Securities (ABS) | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | 0 |
Asset Backed Securities (ABS) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 23,316 | 318 |
Asset Backed Securities (ABS) | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | 0 |
Cash Surrender Value - Life Insurance | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Cash Surrender Value - Life Insurance | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Surrender Value, Fair Value Disclosure | 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, Fair Value Disclosure | $ 9,249 | $ 8,900 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Roll - (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Aug. 04, 2018 | Feb. 03, 2018 | |
Deferred Compensation | ||
FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||
Begining Balance | $ (8,951) | $ (7,649) |
Redemptions | (144) | (443) |
Additions | (51) | (859) |
Losses (Gains) Included In Earnings | 0 | 0 |
Ending Balance | (9,146) | (8,951) |
Cash Surrender Value - Life Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 8,900 | 7,973 |
Redemptions | 0 | 0 |
Additions | 429 | 307 |
Gains (Losses) Included in Earnings | (80) | 620 |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Ending Balance | $ 9,249 | $ 8,900 |
Income Tax (Details)
Income Tax (Details) | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
IncomeTaxDisclosureAbstract | ||
Effective Income Tax Rate | 12.30% | 10.80% |
Effective Tax Rate (Details)
Effective Tax Rate (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | ||||
Effective Income Tax Rate | 12.30% | 10.80% | ||
Income Tax Benefit, foreign domestic tax initiatives | $ 1,000,000 | $ (1,200,000) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Aug. 04, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Estimate Of Possible Loss | $ 9,500,000 |
Revenue Recognition Disclosure
Revenue Recognition Disclosure Table - (Details) - USD ($) | Aug. 04, 2018 | Feb. 03, 2018 |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Receivables Net | $ 16,539,000 | $ 16,857,000 |
Gift Card Liability | $ 5,171,000 | $ 7,565,000 |
Revenue Recognition Cato Credit
Revenue Recognition Cato Credit Card - (Details) - USD ($) | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Uncollectable amounts | $ 458,000 | $ 457,000 |
Proprietary Credit Card Sales | $ 14,100,000 | $ 13,300,000 |