Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Cato Corp | ||
Entity Central Index Key | 0000018255 | ||
Document Type | 10-Q | ||
Document Period End Date | May 4, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --02-01 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Public Float | $ 557,163,226 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding (actual number) | 23,006,397 | ||
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 | |
May 04, 2019 | May 05, 2018 | |
Revenues | ||
Retail sales | $ 228,066,000 | $ 236,025,000 |
Other Revenue (principally finance charges, late fees and layaway charges) | 2,285,000 | 2,275,000 |
Total revenues | 230,351,000 | 238,300,000 |
COSTS AND EXPENSES, NET | ||
Cost of goods sold (exclusive of depreciation shown below) | 136,083,000 | 142,287,000 |
Selling, general and administrative (exclusive of depreciation shown below) | 65,990,000 | 65,959,000 |
Depreciation | 3,843,000 | 4,224,000 |
Interest and other income | 1,136,000 | 754,000 |
Cost and expenses, net | 204,780,000 | 211,716,000 |
Income before income taxes | 25,571,000 | 26,584,000 |
Income tax expense | 4,316,000 | 3,173,000 |
Net income | $ 21,255,000 | $ 23,411,000 |
Basic earnings per share | $ 0.87 | $ 0.94 |
Diluted earnings per share | 0.87 | 0.94 |
Dividends per share | $ 0.33 | $ 0.33 |
Comprehensive income | ||
Net income | $ 21,255,000 | $ 23,411,000 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | 412,000 | (392,000) |
Comprehensive Income | $ 21,667,000 | $ 23,019,000 |
Condensed Consolidated Income_2
Condensed Consolidated Income Statements Of Income and Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
OtherComprehensiveIncomeLossTaxParentheticalDisclosuresAbstract | ||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ 126,000 | $ (122,000) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | May 04, 2019 | Feb. 02, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 36,493,000 | $ 24,603,000 |
Short-term investments | 174,404,000 | 182,711,000 |
Restricted Cash | 610,000 | 606,000 |
Restricted Short term Investments | 3,218,000 | 3,196,000 |
Accounts receivable, net of allowance for doubtful accounts | 29,886,000 | 28,137,000 |
Merchandise inventories | 111,215,000 | 119,585,000 |
Deferred income taxes | 0 | 0 |
Prepaid expenses | 4,377,000 | 11,750,000 |
Total Current Assets | 360,203,000 | 370,588,000 |
Property and equipment - net | 91,204,000 | 94,304,000 |
DeferredTaxAssetsNetNoncurrent | 11,083,000 | 11,209,000 |
Other assets | 22,696,000 | 21,805,000 |
Right-of-Use assets - net | 179,811,000 | 0 |
Total Assets | 664,997,000 | 497,906,000 |
Current Liabilities: | ||
Accounts payable | 66,567,000 | 84,282,000 |
Accrued expenses | 47,916,000 | 45,658,000 |
Accrued Bonus | 4,965,000 | 11,146,000 |
Accrued income taxes | 2,629,000 | 0 |
Current lease liability | 57,261,000 | 0 |
Total Current Liabilities | 179,338,000 | 141,086,000 |
Deferred tax liabilities noncurrent | 0 | 0 |
Other noncurrent liabilities (primarily deferred rent) | 22,702,000 | 39,984,000 |
Commitments And Contingenciess | 134,453,000 | 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 | 831,000 | 826,000 |
Additional paid-in capital | 106,511,000 | 105,580,000 |
Retained earnings | 220,827,000 | 210,507,000 |
Accumulated other comprehensive income | 335,000 | (77,000) |
Total Stockholders' Equity | 328,504,000 | 316,836,000 |
Liabilities And Stockholders Equity | 664,997,000 | 497,906,000 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock | 772,000 | 767,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock | $ 59,000 | $ 59,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | May 04, 2019 | Feb. 02, 2019 |
Class of Stock [Line Items] | ||
Allowance For Doubtful Accounts Receivable Current | $ 832,000 | $ 842,000 |
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 | 23,006,397 | 22,838,149 |
Common Stock Par Or Stated Value Per Share | $ 0.033 | $ 0.033 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 21,255,000 | $ 23,411,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,843,000 | 4,224,000 |
Provision For Doubtful Accounts | 178,000 | (70,000) |
Purchase premium and premium amortization | 58,000 | 181,000 |
Share Based Compensation | 691,000 | 592,000 |
Excess tax benefits from share-based compensation | 0 | 0 |
Deferred income taxes | 0 | 0 |
Loss on disposal of property and equipment | 182,000 | 84,000 |
Impairment of Leasehold | 0 | 0 |
Changes in operating assets and liabilities which provided (used) cash: | ||
Accounts receivable | (1,926,000) | (8,978,000) |
Merchandise inventories | 8,370,000 | 13,643,000 |
Prepaid and other assets | 8,643,000 | 10,805,000 |
Accrued income taxes | 2,629,000 | 1,092,000 |
Accounts payable, accrued expenses and other liabilities | (29,255,000) | (13,357,000) |
Net cash provided by operating activities | 14,668,000 | 31,627,000 |
INVESTING ACTIVITIES | ||
Capital expenditures | (995,000) | (675,000) |
Purchase of short-term investments | (44,709,000) | (36,208,000) |
Sales of short-term investments | 53,639,000 | 7,908,000 |
Payments to Acquire Projects | (22,000) | (91,000) |
Proceeds from Sale of Investment Projects | (4,000) | (4,000) |
Net cash used in investing activities | 7,917,000 | (29,062,000) |
FINANCING ACTIVITIES | ||
Dividends paid | (8,118,000) | (8,186,000) |
Repurchase of common stock | (2,834,000) | (760,000) |
Proceeds from lines of credit | 0 | 0 |
Payments to lines of credit | 0 | 0 |
Proceeds from employee stock purchase plan | 261,000 | 228,000 |
Excess tax benefits from share-based compensation financing activities | 0 | 0 |
Proceeds From Stock Options Exercised | 0 | 0 |
Net cash provided used in financing activities | (10,691,000) | (8,718,000) |
Net increase in cash and cash equivalents | 11,894,000 | (6,153,000) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 25,209,000 | 49,618,000 |
Effect of Exchange Rate on Cash | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 37,103,000 | 55,217,000 |
Change in Accrued PPE | $ 256,000 | $ 403,000 |
Consolidated Statement of Stock
Consolidated Statement 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) |
Balance at Feb. 03, 2018 | $ 774,000 | $ 58,000 | $ 99,948,000 | $ 225,894,000 | $ (321,000) | |
Net income | $ 23,411,000 | 0 | 0 | 0 | 23,411,000 | 0 |
Accumulated Other Comprehensive Income | 392,000 | 0 | 0 | 0 | 0 | 392,000 |
Dividends | 0 | 0 | 0 | (8,186,000) | 0 | |
Class A common stock sold through employee stock purchase plan | 0 | 0 | 267,000 | 0 | 0 | |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | |
Class A common stock issued through restricted stock grant plans | 11,000 | 0 | 534,000 | 8,000 | 0 | |
Retirement of treasury sharess | (2,000) | 0 | 0 | (758,000) | 0 | |
Balance at May. 05, 2018 | 783,000 | 58,000 | 100,749,000 | 240,369,000 | (713,000) | |
Balance at Feb. 02, 2019 | 767,000 | 59,000 | 105,580,000 | 210,507,000 | (77,000) | |
Net income | 21,255,000 | 0 | 0 | 0 | 21,255,000 | 0 |
Accumulated Other Comprehensive Income | $ (412,000) | 0 | 0 | 0 | 0 | (412,000) |
Dividends | 0 | 0 | 0 | (8,118,000) | 0 | |
Class A common stock sold through employee stock purchase plan | 1,000 | 0 | 307,000 | 0 | 0 | |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | |
Class A common stock issued through restricted stock grant plans | 11,000 | 0 | 624,000 | 10,000 | 0 | |
Retirement of treasury sharess | (7,000) | 0 | 0 | (2,827,000) | 0 | |
Balance at May. 04, 2019 | $ 772,000 | $ 59,000 | $ 106,511,000 | $ 220,827,000 | $ 335,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
us-gaap_StatementOfStockholdersEquityAbstract | ||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ 126,000 | $ (122,000) |
Stock Transactions, Parenthetical Disclosures [Abstract] | ||
Dividends per share | $ 0.33 | $ 0.33 |
Class A common stock shares sold through employee stock purchase plans | 20,676 | 19,763 |
Exercised | 0 | 0 |
Class A common stock shares issued through restricted stock grant plans | 355,609 | 342,341 |
Retirement of treasury shares - retired shares | 208,041 | 52,904 |
General - Notes to Financial St
General - Notes to Financial Statements | 3 Months Ended |
May 04, 2019 | |
General Dsiclosure [Abstract] | |
Summary of Significant Account Policies | NOTE 1 - GENERAL : The condensed consolidated financial statements as of May 4, 2019 and for the thirteen-week periods ended May 4, 2019 and May 5, 2018 have been prepared from the accounting records of The Cato Corporation and its wholly-owned subsidiaries (the “Company”), and all amounts shown are unaudited. In the opinion of management, all adjustments considered necessary for a fair statement have be en included. All such adjustments are of a normal, recurring nature unless otherwise noted. The results of the interim period may not be indicative of the results expected for the entire year. The interim financial statements should be read in conjuncti on 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 2, 2019 . Amounts as of February 2, 2019 have been derived from the audited balance sheet, but do not inc lude all disclosures required by accounting principles generally accepted in the United States of America. On May 23, 2019 , the Board of Directors maintained the quarterly dividend at $0.33 per share . Subsequent to May 4, 2019 , the Company repurchased - shares for $0 . Recently Adopted Accounting Policies In 2 016, the FASB issued ASC 842, Leases, with amendments issued in 2018. The guidance requires lessees to recognize most le ases on the balance sheet but does not change the manner in which expenses are recorded in the income statement. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. We utilized a c omprehensive approach to assess the impact of this guidance on our financial statements and related disclosures, including the increase in the assets and liabilities on our balance sheet and the impact on o ur current lease portfolio from a lessee perspect ive. We completed our comprehensive review of our lease portfolio , which includes mostly store leases impacted by the new guidance. We reviewed our internal controls over leases and as a result we enhanced these controls, however, these changes are not con sidered material. In addition, we implemented a new software platform, and corresponding controls, for administering our leases and facilitating compliance with the new guidance. We elected the transition package of practical expedients that is permitted by the standard. The package of practical expedients allows the Company to not reassess previous accounting conclusions regarding whether existing arrangements are or contain leases, the classification of existing leases, and the treatment of initial dire ct costs. We did not elect the hindsight transition practical expedient allowed for by the new standard, which allows entities to use hindsight when determining lease term and impairment of ROU assets. We adopted ASC 842 utilizing the modified retrospecti ve approach as of February 3, 2019. The modified retrospective approach we selected provides a method of transition allowing recognition of existing leases as of the beginning of the period of adoption (i.e. February 3, 2019), and which does not require t he adjustment of comparative periods. The adoption had a material impact on our financial statemen ts, resulting in an increase of 40 % to each of our total assets and total l iabilities on our balance sheet, but had no impact to retained earnings as of the b eginnin g of 2019. See Note 12 for further information. |
Earnings Per Share - Notes to F
Earnings Per Share - Notes to Financial Statements | 3 Months Ended |
May 04, 2019 | |
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 May 4, 2019 May 5, 2018 (Dollars in thousands) Numerator Net earnings $ 21,255 $ 23,411 Earnings allocated to non-vested equity awards (660) (544) Net earnings available to common stockholders $ 20,595 $ 22,867 Denominator Basic weighted average common shares outstanding 23,756,695 24,201,545 Diluted weighted average common shares outstanding 23,756,695 24,201,545 Net income per common share Basic earnings per share $ 0.87 $ 0.94 Diluted earnings per share $ 0.87 $ 0.94 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
AccumulatedOtherComprehensiveIncomeLossDisclosure[Abstract] | |||
Accumulated Other Comprehensive Income (Loss) | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME : T he following tables set forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months ended May 4, 2019 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 2, 2019 $ (77) Other comprehensive income before reclassification 403 Amounts reclassified from accumulated other comprehensive income (b) 9 Net current-period other comprehensive income 412 Ending Balance at May 4, 2019 $ 335 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $12 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 $3. | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME : T he following tables set forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months ended May 4, 2019 : Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 2, 2019 $ (77) Other comprehensive income before reclassification 403 Amounts reclassified from accumulated other comprehensive income (b) 9 Net current-period other comprehensive income 412 Ending Balance at May 4, 2019 $ 335 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $12 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 $3. | T he following tables set forth information regarding the reclassification out of A ccumulated other comprehensive income (in thousands) for the three months ended May 5, 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 (392) Amounts reclassified from accumulated other comprehensive income (b) - Net current-period other comprehensive income (392) Ending Balance at May 5, 2018 $ (713) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes ($) impact of accumulated other comprehensive income reclassifications into Interest and other income for net gains on available-for-sale securities. The tax impact of this reclassification was ($). |
Financing Arrangements - Notes
Financing Arrangements - Notes to Financial Statements | 3 Months Ended |
May 04, 2019 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | NOTE 4 – FINANCING ARRANGEMENTS: As of May 4, 2019 , 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 . On May 24, 2019 the Company extended its revolving credit agreement through May 2022 . 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 May 4, 2019 . There were no borrowings out standing under this credit facility at May 4, 2019 or February 2, 2019 . The weighted average interest rate under the credit facility was zero at May 4, 2019 due to no borrowings outstanding at the end of the quarter. At May 4, 2019 and February 2, 2019 , the Company had no outstanding revocable letters of credit relating to purchase commitments. |
Reportable Segment Information
Reportable Segment Information - Notes to Financial Statements | 3 Months Ended |
May 04, 2019 | |
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 Credit. As outlined in ASC 280-10, the Company has two reportable segments: Retail and Credit. The Company has aggregated its three retail operating segments, including e-commerce, based on the aggregation criteria outlined in ASC 2 80-10, 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 characteristi cs, products, production processes, clients and 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 the y all offer women’s apparel, shoes and accessories. Merchandise inventory for the Company’s retail operating segments is sourced from the same countries and some of the same vendors, using similar production processes. Merchandise for the Company’s opera ting 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 31 states as of May 4, 2019 , 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 t he Company. The following schedule summarizes certain segment information (in thousands): Three Months Ended May 4, 2019 Retail Credit Total Revenues $229,441 $910 $230,351 Depreciation 3,843 - 3,843 Interest and other income (1,136) - (1,136) Income before taxes 25,178 393 25,571 Capital expenditures 995 - 995 Three Months Ended May 5, 2018 Retail Credit Total Revenues $237,334 $966 $238,300 Depreciation 4,218 6 4,224 Interest and other income (754) - (754) Income before taxes 25,942 642 26,584 Capital expenditures 675 - 675 Retail Credit Total Total assets as of May 4, 2019 $618,773 $46,224 $664,997 Total assets as of February 2, 2019 454,143 43,763 497,906 The following schedule summarizes the direct expenses of the credit segment which are reflected in S elling, general and administrative expenses (in thousands): 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. Three Months Ended May 4, 2019 May 5, 2018 Payroll 150 197 Postage 124 123 Other expenses 243 (2) Total expenses $ 517 $ 318 |
Stock Based Compensation - Note
Stock Based Compensation - Notes to Financial Statements | 3 Months Ended |
May 04, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock Based Compensation | NOTE 6 – STOCK BASED COMPENSATION: As of May 4, 2019 , the Company had two long-term compensation plans pursuant to which stock-based compensation was outstanding or could be granted. The 2018 Ince ntive Compensation Plan and 2013 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 24, 2018 , shares for grant were no longer available under the 2013 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 May 4, 2019 : 2013 2018 Plan Plan Total Options and/or restricted stock initially authorized 1,500,000 4,725,000 6,225,000 Options and/or restricted stock available for grant: May 4, 2019 - 4,158,542 4,158,542 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 May 4, 2019 and February 2, 2019 , there was $15,983,000 and $11,989,000 , respectively, of total unrecognized compensation expense related to nonvested restricted stock awards, which h ad a remaining weight ed-a verage vesting period of 2.4 years and 2.2 years , respectively. The total compensation expense during the three months ended May 4, 2019 was $645,000 compared to $547,000 for the three months ended May 5, 2018 . These expenses are classified as a component of S elling, general and administrative expenses in the Condensed Consolidated Statements of Income . The following summary shows the changes in the shares of unvested restricted stock outstanding during the three months ended May 4, 2019 : Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 2, 2019 771,851 $ 24.22 Granted 361,170 14.89 Vested (129,108) 34.44 Forfeited or expired (5,561) 23.02 Restricted stock awards at May 4, 2019 998,352 $ 19.53 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 three months ended May 4, 2019 and May 5, 2018 , the Company sold 20,676 and 19,763 shares to employees at an average discount of $2.23 and $2.04 per share, respectively, under the Employee Stock Purch ase Plan. The compensation expense recognized for the 15% discount given under the Employee Stock Purchas e Plan was approximately $46,000 and $40,000 for the three months ended May 4, 2019 and May 5, 2018 , respectively . The se expenses ar e classified as a component of S elling, general and administrative expenses in the Condensed Consolidated Statements of Income. |
Fair Value Measurements - Notes
Fair Value Measurements - Notes to Financial Statements | 3 Months Ended | 12 Months Ended |
May 04, 2019 | 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 May 4, 2019 and February 2, 2019 : Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable May 4, 2019 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 53,123 $ - $ 53,123 $ - Corporate Bonds 82,118 - 82,118 - U.S. Treasury/Agencies Notes and Bonds 17,353 - 17,353 - Cash Surrender Value of Life Insurance 10,145 - - 10,145 Asset-backed Securities (ABS) 24,928 - 24,928 - Corporate Equities 750 750 - - Certificates of Deposit 100 100 - - Total Assets $ 188,517 $ 850 $ 177,522 $ 10,145 Liabilities: Deferred Compensation (10,062) - - (10,062) Total Liabilities $ (10,062) $ - $ - $ (10,062) 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 May 4, 2019 and February 2, 2019 . The state, municipal and corporate bonds have contractual maturities which range from six days to 28.0 years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities which range fr om three months to two 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 Cond ensed Consolidated Balance Sheets . These assets are carried at fair value with unrealized gains and losses reported net of taxes in Accumulated other comprehensive income. The asset-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 static 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 cards from American Express, Citibank, JPMorgan Chase, Capital One, and Discover. Ad ditionally, at May 4, 2019 , the Company had $0.8 million of corporate equities and deferred compensation plan assets of $10.1 million . At February 2, 2019 , the Company had $0.7 million of corporate equities and deferred compensation plan assets of $9.1 million . All of these asset s are recorded within Other a ssets 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 and municipal bonds for which quot ed 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 iden tical 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 c ompensation 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 disco unted cash flow and are therefore classified within L evel 3 of the valu ation hierarchy. The L evel 3 liability associated with the life insurance policies represents a deferred compensation obligation, the value of which is tracked via underlying insurance funds ’ net asset va lues , as recorded i n Other noncurrent liabilities in the Condensed Consolidated Balance Sheet . These funds are designed to mirror mutual funds and money market funds that are observable and actively traded. The following tables summarize the change in fair value of the Company’s financial assets measured using Level 3 inputs as of May 4, 2019 and February 2, 2019 ( dollars in thousands): Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 2, 2019 $ 9,093 Redemptions - Additions 706 Total gains or (losses) Included in interest and other income (or changes in net assets) 346 Included in other comprehensive income - Ending Balance at May 4, 2019 $ 10,145 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 2, 2019 $ (8,908) Redemptions - Additions (737) Total (gains) or losses Included in interest and other income (or changes in net assets) (417) Included in other comprehensive income - Ending Balance at May 4, 2019 $ (10,062) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 3, 2018 $ 8,900 Redemptions - Additions 596 Total gains or (losses) Included in interest and other income (or changes in net assets) (403) Included in other comprehensive income - Ending Balance at February 2, 2019 $ 9,093 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 3, 2018 $ (8,951) Redemptions - Additions (105) Total (gains) or losses Included in interest and other income (or changes in net assets) 148 Ending Balance at February 2, 2019 $ (8,908) | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable May 5, 2018 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 90,261 $ - $ 90,261 $ - Corporate Bonds 47,267 - 47,267 - U.S. Treasury Notes 4 4 - - Cash Surrender Value of Life Insurance 8,867 - - 8,867 Privately Managed Funds - - - - Corporate Equities 732 732 - - Certificates of Deposit 501 501 - - Total Assets $ 155,407 $ 1,237 $ 145,303 $ 8,867 Liabilities: Deferred Compensation (8,738) - - (8,738) Total Liabilities $ (8,738) $ - $ - $ (8,738) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements - Notes to Financial Statements | 3 Months Ended |
May 04, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | In June 2016, the FASB issued ASU 2016-13 , " Financial Instruments – Credit Losses" (Topic 326 ), which modifies the measurement of expected credit losses of certain financial instruments . Topic 326 is effective for annual reporting periods beginning after December 15, 2019 with early adoption permitted. The Company is currently assessing the impact of the ASU on its financial statements. |
Income Tax - Notes to the Finan
Income Tax - Notes to the Financial Statements | 3 Months Ended |
May 04, 2019 | |
IncomeTaxDisclosureAbstract | |
Income Tax Disclosure [Text Block] | NOTE 9 – INCOME TAXES: The Company had an effective tax rate for the first quarter of 2019 of 16.9% compared to an effective tax rate of 11.9% for the first quarter of 2018 . The increase in the 2019 first quarter tax rate was primarily due to more taxable interest income, more non-deductible section 162(m) compensation, increase in state income taxes due to less credits in 2019 and a release of reserves for uncertain tax positions due to s tate audit settlements in the first quarter of 2018. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2019 | |
IncomeTaxDisclosureAbstract | |
Income Taxes | NOTE 9 – INCOME TAXES: The Company had an effective tax rate for the first quarter of 2019 of 16.9% compared to an effective tax rate of 11.9% for the first quarter of 2018 . The increase in the 2019 first quarter tax rate was primarily due to more taxable interest income, more non-deductible section 162(m) compensation, increase in state income taxes due to less credits in 2019 and a release of reserves for uncertain tax positions due to s tate audit settlements in the first quarter of 2018. |
Commitments and Contingencies -
Commitments and Contingencies - Notes to the Financial Statements | 3 Months Ended |
May 04, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 – COMMITMENTS AND CONTINGENCIES: 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. 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 litigation 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 adv erse 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, resu lts of operations and cash flows in any particular reporting period. We accrue for these matters when the liability is deemed probable and reasonably estimable. |
Revenue Recognition Footnote
Revenue Recognition Footnote | 3 Months Ended |
May 04, 2019 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
Rvenue Recognition | NOTE 11 – REVENUE RECOGNITION: The Company recognizes sales at the point of purchase when the customer takes possession of the merchandise and pays for the p urchase, 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 tra nsferred 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 da tes. 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 Cost o f 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 $2 26 ,000 and $225 ,000 for the period s ended May 4, 2019 and May 5, 2018 , respectively, on sales purchased by the Company’s proprietary credit card of $ 6.9 million and $7.0 million for the periods ended May 4, 2019 and May 5, 2018 , respectively. The followin g table provides information about receivables and contract liabilities from contracts with customers (in thousands): Balance as of May 4, 2019 February 2, 2019 Proprietary Credit Card Receivables, net $ 15,899 $ 15,980 Gift Card Liability $ 6,027 $ 7,721 |
Leases - Notes to the Financial
Leases - Notes to the Financial Statements | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Operating Lease Dislcosure Leasee [Text Block] | NOTE 12 – LEASES: We determine whether an arrangement is a lease at inception. We have operating leases for stores, offices and equipment . Our leases have remain ing lease terms of one year to 1 0 years, some of which include options to extend the lease term for up to five years, and some of whic h include options to terminate the lease within one year. We consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Our lease agreements do not contai n any material residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date of the lease in dete rmining the present value of lease payments. The components of lease cost are shown below (in thousands): Three Months Ended May 4, 2019 Operating lease cost (a) $ 9,732 Variable lease cost (b) $ 606 ASC 840 prepaid rent expense (c) $ 5,975 (a) Includes right-of-use asset amortization of ($2) million. (b) Primarily related to monthly percentage rent for stores not presented on the balance sheet. (c) Related to ASC 840 rent expense due to prepaid rent on the balance sheet as of February 3, 2019. Supplemental cash flow information and non-cash activity related to our operating leases are as follows (in thousands): Operating cash flow information: Three Months Ended May 4, 2019 Cash paid for amounts included in the measurement of lease liabilties $ 10,091 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 282 Weighted-average remaining lease term and discount rate for our operating leases are as follows: May 4, 2019 Weighted-average remaining lease term 3.2 years Weighted-average discount rate 4.65% Maturities of lease liabilities by fiscal year for our operating leases are as follows (in thousands): Fiscal Year 2019 (a) $ 51,673 2020 56,338 2021 41,823 2022 27,095 2023 18,438 Thereafter 17,614 Total lease payments 212,981 Less: Imputed interest 21,267 Present value of lease liabilities $ 191,714 (a) Excluding the 3 months ended May 4, 2019. As of February 2, 2019, the minimum rental commitments under non-cancelable operating leases are (in thousands): Fiscal Year 2019 $ 69,601 2020 51,943 2021 35,196 2022 21,242 2023 12,986 Thereafter 2,643 Total minimum lease payments $ 193,611 A summary of rent expense for the fiscal years ended February 2, 2019 and February 3, 2018 was as follows (in thousands): Balance as of February 2, 2019 February 3, 2018 Rent Expense $ 69,872 $ 70,971 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 3 Months Ended |
May 04, 2019 | |
Earnings Per Share Disclosure [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended May 4, 2019 May 5, 2018 (Dollars in thousands) Numerator Net earnings $ 21,255 $ 23,411 Earnings allocated to non-vested equity awards (660) (544) Net earnings available to common stockholders $ 20,595 $ 22,867 Denominator Basic weighted average common shares outstanding 23,756,695 24,201,545 Diluted weighted average common shares outstanding 23,756,695 24,201,545 Net income per common share Basic earnings per share $ 0.87 $ 0.94 Diluted earnings per share $ 0.87 $ 0.94 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
AccumulatedOtherComprehensiveIncomeLossDisclosure[Abstract] | ||
Schedule Of Accumulated Other Comprehensive Income Loss Table Text Block | Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 2, 2019 $ (77) Other comprehensive income before reclassification 403 Amounts reclassified from accumulated other comprehensive income (b) 9 Net current-period other comprehensive income 412 Ending Balance at May 4, 2019 $ 335 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $12 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 $3. | Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 2, 2019 $ (77) Other comprehensive income before reclassification 403 Amounts reclassified from accumulated other comprehensive income (b) 9 Net current-period other comprehensive income 412 Ending Balance at May 4, 2019 $ 335 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $12 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 $3. |
Reportable Segment Informatio_2
Reportable Segment Information - (Tables) | 3 Months Ended |
May 04, 2019 | |
Reportable Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended May 4, 2019 Retail Credit Total Revenues $229,441 $910 $230,351 Depreciation 3,843 - 3,843 Interest and other income (1,136) - (1,136) Income before taxes 25,178 393 25,571 Capital expenditures 995 - 995 Three Months Ended May 5, 2018 Retail Credit Total Revenues $237,334 $966 $238,300 Depreciation 4,218 6 4,224 Interest and other income (754) - (754) Income before taxes 25,942 642 26,584 Capital expenditures 675 - 675 Retail Credit Total Total assets as of May 4, 2019 $618,773 $46,224 $664,997 Total assets as of February 2, 2019 454,143 43,763 497,906 Three Months Ended May 4, 2019 May 5, 2018 Payroll 150 197 Postage 124 123 Other expenses 243 (2) Total expenses $ 517 $ 318 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans (Tables) | 3 Months Ended |
May 04, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock Based Compensation Plans | 2013 2018 Plan Plan Total Options and/or restricted stock initially authorized 1,500,000 4,725,000 6,225,000 Options and/or restricted stock available for grant: May 4, 2019 - 4,158,542 4,158,542 |
Sechedule Of Restricted Stock O
Sechedule Of Restricted Stock Outstanding - (Tables) | 3 Months Ended |
May 04, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Changes In Restricted Stock Outstanding | Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 2, 2019 771,851 $ 24.22 Granted 361,170 14.89 Vested (129,108) 34.44 Forfeited or expired (5,561) 23.02 Restricted stock awards at May 4, 2019 998,352 $ 19.53 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets at Fairvalue - (Tables) | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | Feb. 02, 2019 | Feb. 03, 2018 | |
Fair Value Measurements [Abstract] | |||
Fair Value Disclosures | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable May 4, 2019 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 53,123 $ - $ 53,123 $ - Corporate Bonds 82,118 - 82,118 - U.S. Treasury/Agencies Notes and Bonds 17,353 - 17,353 - Cash Surrender Value of Life Insurance 10,145 - - 10,145 Asset-backed Securities (ABS) 24,928 - 24,928 - Corporate Equities 750 750 - - Certificates of Deposit 100 100 - - Total Assets $ 188,517 $ 850 $ 177,522 $ 10,145 Liabilities: Deferred Compensation (10,062) - - (10,062) Total Liabilities $ (10,062) $ - $ - $ (10,062) | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 2, 2019 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 54,346 $ - $ 54,346 $ - Corporate Bonds 90,891 - 90,891 - U.S. Treasury/Agencies Notes and Bonds 17,236 - 17,236 - Cash Surrender Value of Life Insurance 9,093 - - 9,093 Asset-backed Securities (ABS) 23,334 - 23,334 - Corporate Equities 690 690 - - Certificates of Deposit 101 101 - - Total Assets $ 195,691 $ 791 $ 185,807 $ 9,093 Liabilities: Deferred Compensation (8,908) - - (8,908) Total Liabilities $ (8,908) $ - $ - $ (8,908) | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 2, 2019 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 54,346 $ - $ 54,346 $ - Corporate Bonds 90,891 - 90,891 - U.S. Treasury/Agencies Notes and Bonds 17,236 - 17,236 - Cash Surrender Value of Life Insurance 9,093 - - 9,093 Asset-backed Securities (ABS) 23,334 - 23,334 - Corporate Equities 690 690 - - Certificates of Deposit 101 101 - - Total Assets $ 195,691 $ 791 $ 185,807 $ 9,093 Liabilities: Deferred Compensation (8,908) - - (8,908) Total Liabilities $ (8,908) $ - $ - $ (8,908) |
Fair Value Measurments - Level
Fair Value Measurments - Level 3 Roll (Tables) | 3 Months Ended |
May 04, 2019 | |
Fair Value Measurements [Abstract] | |
Level 3 Reconciliation | Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 2, 2019 $ 9,093 Redemptions - Additions 706 Total gains or (losses) Included in interest and other income (or changes in net assets) 346 Included in other comprehensive income - Ending Balance at May 4, 2019 $ 10,145 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 2, 2019 $ (8,908) Redemptions - Additions (737) Total (gains) or losses Included in interest and other income (or changes in net assets) (417) Included in other comprehensive income - Ending Balance at May 4, 2019 $ (10,062) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 3, 2018 $ 8,900 Redemptions - Additions 596 Total gains or (losses) Included in interest and other income (or changes in net assets) (403) Included in other comprehensive income - Ending Balance at February 2, 2019 $ 9,093 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 3, 2018 $ (8,951) Redemptions - Additions (105) Total (gains) or losses Included in interest and other income (or changes in net assets) 148 Ending Balance at February 2, 2019 $ (8,908) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
May 04, 2019 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
ContractWithCustomerAssetAndLiabilityTableTextBlock | Balance as of May 4, 2019 February 2, 2019 Proprietary Credit Card Receivables, net $ 15,899 $ 15,980 Gift Card Liability $ 6,027 $ 7,721 |
Leases - (Tables)
Leases - (Tables) | 3 Months Ended | 12 Months Ended |
May 04, 2019 | Feb. 03, 2018 | |
Leases [Abstract] | ||
Lease, Cost [Table Text Block] | Three Months Ended May 4, 2019 Operating lease cost (a) $ 9,732 Variable lease cost (b) $ 606 ASC 840 prepaid rent expense (c) $ 5,975 (a) Includes right-of-use asset amortization of ($2) million. (b) Primarily related to monthly percentage rent for stores not presented on the balance sheet. (c) Related to ASC 840 rent expense due to prepaid rent on the balance sheet as of February 3, 2019. | |
Lessee Operating Leases Supplemental Cash Flow Information and Noncash Activity Table [Table Text Block] | Operating cash flow information: Three Months Ended May 4, 2019 Cash paid for amounts included in the measurement of lease liabilties $ 10,091 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 282 | |
Lessee Operating Lease Weighted Averages Table [Table Text Block] showing weighted average remaining lease term and weighted average discount rate | May 4, 2019 Weighted-average remaining lease term 3.2 years Weighted-average discount rate 4.65% | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year 2019 (a) $ 51,673 2020 56,338 2021 41,823 2022 27,095 2023 18,438 Thereafter 17,614 Total lease payments 212,981 Less: Imputed interest 21,267 Present value of lease liabilities $ 191,714 (a) Excluding the 3 months ended May 4, 2019. | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year 2019 $ 69,601 2020 51,943 2021 35,196 2022 21,242 2023 12,986 Thereafter 2,643 Total minimum lease payments $ 193,611 | |
Schedule of Rent Expense [Table Text Block] | Balance as of February 2, 2019 February 3, 2018 Rent Expense $ 69,872 $ 70,971 |
General - Notes to Financial _2
General - Notes to Financial Statements - (Details) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
General Dsiclosure [Abstract] | ||
Quarterly Declared Dividend | $ 0.33 | $ 0.33 |
Repurchase of common stock | $ 2,834,000 | $ 760,000 |
Net income | 21,255,000 | 23,411,000 |
Dividends paid | $ 8,118,000 | $ 8,186,000 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Earnings Per Share Disclosure [Abstract] | ||
Net income | $ 21,255,000 | $ 23,411,000 |
Earnings Allocated to Non-Vesting Equity Awards | (660,000) | (544,000) |
Net Income (Loss) Available to Common Stockholders | $ 20,595,000 | $ 22,867,000 |
Basic Weighted-Average common shares outstanding | 23,756,695 | 24,201,545 |
Dilutive Effect of Stock Options | 0 | 0 |
Dilluted Weighted Average Common Shares Outstanding | 23,756,695 | 24,201,545 |
Basic earnings per share | $ 0.87 | $ 0.94 |
Diluted earnings per share | $ 0.87 | $ 0.94 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance Accumulated other comprehensive income, net of tax | $ (77,000) | |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | 403,000 | $ (392,000) |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | 9,000 | 0 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | 412,000 | (392,000) |
Ending Balance Accumulated other comprehensive income, net of tax | $ 335,000 | |
ChangeInUnrealizedGainsOnAvailableForSaleSecuritiesMember [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance Accumulated other comprehensive income, net of tax | (77,000) | |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | 403,000 | |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | 9,000 | |
Unrealized gain on available-for-sale securities, net of deferred income taxes | 412,000 | |
Ending Balance Accumulated other comprehensive income, net of tax | $ 335,000 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income Components - (Details) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||
Income Tax Benefit (Expense) | $ 4,316,000 | $ 3,173,000 |
Reclassified Accumulated Unrealized Gains and Losses | ||
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||
Interest and Other Income | (12,000) | 0 |
Income Tax Benefit (Expense) | $ (3,000) | $ 0 |
Financing Arrangements - (Detai
Financing Arrangements - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
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 | 35,000,000 | ||
Line of Credit Facility Outstanding Borrowings | $ 0 | $ 0 | |
Line of Credit Facility, Expiration Date | May 24, 2022 | May 24, 2022 |
Reportable Segment Informatio_3
Reportable Segment Information - (Details) - USD ($) | 3 Months Ended | |||
May 04, 2019 | May 05, 2018 | Apr. 29, 2017 | Feb. 02, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 230,351,000 | $ 238,300,000 | ||
Depreciation | 3,843,000 | 4,224,000 | ||
Interest and other income | 1,136,000 | 754,000 | ||
Total Assets | 664,997,000 | $ 497,906,000 | ||
Capital expenditures | 995,000 | 675,000 | ||
Income Before Taxes | 25,571,000 | 26,584,000 | ||
ReportableSegmentsMemberRetail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 229,441,000 | 237,334,000 | ||
Depreciation | 3,843,000 | 4,218,000 | $ 4,218,000 | |
Interest and other income | (1,136,000) | (754,000) | ||
Total Assets | 618,773,000 | 454,143,000 | ||
Capital expenditures | (995,000) | (675,000) | ||
Income Before Taxes | 25,178,000 | 25,942,000 | 25,942,000 | |
ReportableSegmentsMemberCredit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 910,000 | 966,000 | ||
Depreciation | 0 | 6,000 | 6,000 | |
Interest and other income | 0 | 0 | ||
Total Assets | 46,224,000 | $ 43,763,000 | ||
Capital expenditures | 0 | 0 | ||
Income Before Taxes | $ 393,000 | $ 642,000 | $ 642,000 |
Direct Expenses of Credit Segme
Direct Expenses of Credit Segment in SGA - (Details) - ReportableSegmentsMemberCredit [Member] - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Segment Reporting Information [Line Items] | ||
Bad debt expense | $ 0 | $ 0 |
Labor and Related Expense | 150,000 | 197,000 |
Postage Expense | 124,000 | 123,000 |
Other Expenses | $ 243,000 | $ 2,000 |
Stock Based Compensation - Pl_2
Stock Based Compensation - Plans - (Details) | May 04, 2019shares |
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 | 4,158,542 |
Sechedule Of Restricted Stock_2
Sechedule Of Restricted Stock Outstanding - (Details) - 2004 Plan - Restricted Stock - Class A Common Stock - $ / shares | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | ||
Restricted Stock Awards Beginning Balance | 771,851,000 | |
Restricted Stock Awards Granted | 361,170,000 | 361,170 |
Restricted Stock Awards Vested | (129,108,000) | (129,108) |
Restricted Stock Awards Foreited | (5,561,000) | (5,561) |
Restricted Stock Awards Ending Balance | 998,352,000 | |
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 | $ 24,220 | |
Granted Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | 14,890 | $ 14.89 |
Vested Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | 34,440 | 34.44 |
Forfeited Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | 23,020 | $ 23.02 |
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Ending Balance | $ 19,530 |
Stock Based Compensation Additi
Stock Based Compensation Additional - (Details) - Class A Common Stock - USD ($) | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized Compensation Expense | $ 15,983,000,000 | $ 11,989,000,000 | |
Remaining Weighted-Average Vesting Period | 2 years 4 months 24 days | 2 years 2 months 12 days | |
Compensation Expense | $ 645,000,000 | $ 645,000 | |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation Expense | 0 | ||
Intrinsic Value | $ 0 | ||
Options Granted | 0 | ||
Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares Sold | 20,676,000 | 20,676 | |
Compensation Expense | $ 46,000,000 | $ 46,000 | |
Employee Stock Purchase Plan Share Purchase Discount | $ 2.23 | $ 2.23 |
Weighted Average Option Rollfor
Weighted Average Option Rollforward - (Details) - shares | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
shareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward | ||
Exercised | 0 | 0 |
Stock Options | Class A Common Stock | ||
shareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward | ||
Options Granted | 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets at Fairvalue - (Details) - USD ($) | May 04, 2019 | Feb. 02, 2019 |
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 | (10,062,000) | (8,908,000) |
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 | 53,123,000 | 54,346,000 |
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 | 82,118,000 | 90,891,000 |
Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | 0 |
US Treasury Notes | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | 0 |
US Treasury Notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 17,353,000 | 17,236,000 |
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 | 750,000 | 690,000 |
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 | 100,000 | 101,000 |
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 | 24,928,000 | 23,334,000 |
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 | $ 10,145,000 | $ 9,093,000 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Roll - (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
May 04, 2019 | Feb. 02, 2019 | |
Deferred Compensation | ||
FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||
Begining Balance | $ (8,908,000) | $ (8,951,000) |
Redemptions | 0 | 0 |
Additions | (737,000) | (105,000) |
Losses (Gains) Included In Earnings | (417,000) | 148,000 |
Ending Balance | (10,062,000) | (8,908,000) |
Privately Managed Funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 9,093,000 | |
Ending Balance | 9,093,000 | |
Cash Surrender Value - Life Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 8,900,000 | |
Redemptions | 0 | 0 |
Additions | 706,000 | 596,000 |
Gains (Losses) Included in Earnings | (346,000) | 403,000 |
Gains (Losses) Included in Other Comprehensive Income | 0 | $ 0 |
Ending Balance | $ 10,145,000 |
Income Tax (Details)
Income Tax (Details) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
IncomeTaxDisclosureAbstract | ||
Effective Income Tax Rate | 16.90% | 11.90% |
Effective Tax Rate (Details)
Effective Tax Rate (Details) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | ||
Effective Income Tax Rate | 16.90% | 11.90% |
Revenue Recognition Disclosure
Revenue Recognition Disclosure Table - (Details) - USD ($) | May 04, 2019 | Feb. 02, 2019 |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Receivables Net | $ 15,899,000 | $ 15,980,000 |
Gift Card Liability | $ 6,027,000 | $ 7,721,000 |
Revenue Recognition Cato Credit
Revenue Recognition Cato Credit Card - (Details) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Uncollectable amounts | $ 226,000 | $ 225,000 |
Proprietary Credit Card Sales | $ 6,900,000 | $ 7,000,000 |
Leases - (Details)
Leases - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 04, 2019 | Feb. 02, 2019 | Feb. 03, 2018 | |
Leases [Abstract] | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.65% | ||
Operating Lease, Expense | $ 9,732,000 | ||
Variable Lease, Cost | 606,000 | ||
ASC 840 prepaid rent expense | 5,975,000 | ||
Operating Lease, Payments | 10,091,000 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 282,000 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 51,673,000 | $ 69,601,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 56,338,000 | 51,943,000 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 41,823,000 | 35,196,000 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 27,095,000 | 21,242,000 | |
Operating Leases, Future Minimum Payments, Due In Five Years | 18,438,000 | 12,986,000 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 17,614,000 | 2,643,000 | |
Operating Leases, Future Minimum Payments Due | 212,981,000 | 193,611,000 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (21,267,000) | ||
Operating Lease, Liability | $ 191,714,000 | ||
Operating Leases, Rent Expense | $ 69,872,000 | $ 70,971,000 |