Document and Entity Information
Document and Entity Information | 9 Months Ended |
Oct. 31, 2020shares | |
Class of Stock [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000018255 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --01-30 |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Security 12b Title | Class A - Common Stock, par value $.033 per share |
Trading Symbol | CATO |
Security Exchange Name | NYSE |
Entity File Number | 1-31340 |
Entity Incorporation State Country Code | DE |
Entity TaxIdentification Number | 56-0484485 |
Entity Address Address Line 1 | 8100 Denmark Road |
Entity Address City Or Town | Charlotte |
Entity Address State Or Province | NC |
Entity Address Postal Zip Code | 28273-5975 |
City Area Code | (704) |
Local Phone Number | 554-8510 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Registrant Name | THE CATO CORP |
Common Class A [Member] | |
Class of Stock [Line Items] | |
Entity Common Stock Shares Outstanding | 21,170,417 |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Entity Common Stock Shares Outstanding | 1,763,652 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements Of Income and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Revenues | ||||
Retail sales | $ 149,205,000 | $ 189,357,000 | $ 414,283,000 | $ 627,780,000 |
Other Revenue (principally finance charges, late fees and layaway charges) | 1,586,000 | 2,166,000 | 5,410,000 | 6,676,000 |
Total revenues | 150,791,000 | 191,523,000 | 419,693,000 | 634,456,000 |
COSTS AND EXPENSES, NET | ||||
Cost of goods sold (exclusive of depreciation shown below) | 109,404,000 | 118,624,000 | 325,738,000 | 385,079,000 |
Selling, general and administrative (exclusive of depreciation shown below) | 51,885,000 | 64,681,000 | 148,353,000 | 196,737,000 |
Depreciation | 3,619,000 | 3,844,000 | 11,113,000 | 11,523,000 |
Interest and other income | 791,000 | 1,662,000 | 3,603,000 | 4,491,000 |
Cost and expenses, net | 164,117,000 | 185,487,000 | 481,601,000 | 588,848,000 |
Income before income taxes | (13,326,000) | 6,036,000 | (61,908,000) | 45,608,000 |
Income tax expense | (9,704,000) | 51,000 | (22,698,000) | 6,501,000 |
Net income | $ (3,622,000) | $ 5,985,000 | $ (39,210,000) | $ 39,107,000 |
Basic earnings per share | $ (0.15) | $ 0.24 | $ (1.64) | $ 1.59 |
Diluted earnings per share | $ (0.15) | 0.24 | $ (1.64) | $ 1.59 |
Dividends per share | $ 0.33 | |||
Comprehensive income | ||||
Net income | $ (3,622,000) | $ 5,985,000 | $ (39,210,000) | $ 39,107,000 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | 282,000 | 25,000 | (96,000) | 1,246,000 |
Comprehensive Income | $ (3,904,000) | $ 5,960,000 | $ (39,306,000) | $ 40,353,000 |
Condensed Consolidated Income_2
Condensed Consolidated Income Statements Of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
OtherComprehensiveIncomeLossTaxParentheticalDisclosuresAbstract | ||||||||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ (85) | $ 146 | $ (90) | $ (8) | $ 262 | $ 126 | $ (29) | $ 380 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2020 | Feb. 01, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 18,812,000 | $ 11,824,000 |
Short-term investments | 132,574,000 | 200,387,000 |
Restricted Cash | 3,102,000 | 2,577,000 |
Restricted Short term Investments | 815,000 | 1,319,000 |
Accounts receivable, net of allowance for doubtful accounts | 47,725,000 | 26,088,000 |
Merchandise inventories | 84,281,000 | 115,365,000 |
Prepaid expenses | 7,185,000 | 5,237,000 |
Total Current Assets | 294,494,000 | 362,797,000 |
Property and equipment - net | 81,853,000 | 88,667,000 |
Noncurrent deferred tax asset | 7,464,000 | 8,636,000 |
Other assets | 22,722,000 | 24,073,000 |
Right-of-Use assets - net | 184,338,000 | 200,803,000 |
Total Assets | 590,871,000 | 684,976,000 |
Current Liabilities: | ||
Accounts payable | 74,999,000 | 68,438,000 |
Accrued expenses | 45,843,000 | 47,099,000 |
Accrued benefits | 259,000 | 18,913,000 |
Accrued income taxes | 1,388,000 | 1,703,000 |
Current lease liability | 54,250,000 | 63,149,000 |
Total Current Liabilities | 176,739,000 | 199,302,000 |
Other noncurrent liabilities (primarily deferred rent) | 19,799,000 | 21,976,000 |
Lease liability | 138,196,000 | 147,184,000 |
Stockholders' Equity: | ||
Preferred stock, $100 par value per share, 100,000 shares authorized, none issued | 0 | 0 |
Class of Stock [Line Items] | ||
Common stock | 776,000 | 820,000 |
Additional paid-in capital | 114,196,000 | 110,813,000 |
Retained earnings | 139,838,000 | 203,458,000 |
Accumulated other comprehensive income | 1,327,000 | 1,423,000 |
Total Stockholders' Equity | 256,137,000 | 316,514,000 |
Liabilities And Stockholders Equity | 590,871,000 | 684,976,000 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock | 717,000 | 761,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock | $ 59 | $ 59,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Oct. 31, 2020 | Feb. 01, 2020 |
Class of Stock [Line Items] | ||
Allowance For Doubtful Accounts Receivable Current | $ 574,000 | $ 726,000 |
Preferred Stock Par Or Stated Value Per Share | $ 100 | |
Preferred Stock Shares Authorized | 100,000 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Shares Authorized | 15,000,000 | |
Common Stock Shares Issued | 1,763,652 | 1,763,652 |
Common Stock Par Or Stated Value Per Share | $ 0.033 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock Shares Authorized | 50,000,000 | |
Common Stock Shares Issued | 21,170,417 | 22,535,779 |
Common Stock Par Or Stated Value Per Share | $ 0.033 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Oct. 31, 2020 | Nov. 02, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ (39,210,000) | $ 39,107,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 11,113,000 | 11,523,000 |
Provision For Doubtful Accounts | 202,000 | 539,000 |
Purchase premium and premium amortization | (613,000) | (380,000) |
Share Based Compensation | 3,010,000 | 3,450,000 |
Deferred income taxes | 1,201,000 | 0 |
Loss on disposal of property and equipment | 438,000 | 555,000 |
Impairment of Leasehold | (7,525,000) | 0 |
Changes in operating assets and liabilities which provided (used) cash: | ||
Accounts receivable | (21,814,000) | 119,000 |
Merchandise inventories | 31,084,000 | 5,536,000 |
Prepaid and other assets | (2,223,000) | 37,447,000 |
Operating lease right-of-use asstes and liabilities | (1,422,000) | 0 |
Accrued income taxes | (315,000) | 1,568,000 |
Accounts payable, accrued expenses and other liabilities | (15,041,000) | (50,158,000) |
Net cash provided by operating activities | (26,065,000) | 49,306,000 |
INVESTING ACTIVITIES | ||
Capital expenditures | (11,228,000) | (4,946,000) |
Purchase of short-term investments | (54,910,000) | (177,807,000) |
Sales of short-term investments | 123,860,000 | 160,858,000 |
Payments to Acquire Projects | 0 | (332,000) |
Proceeds from Sale of Investment Projects | (200,000) | (13,000) |
Net cash used in investing activities | 57,922,000 | (22,214,000) |
FINANCING ACTIVITIES | ||
Dividends paid | (7,912,000) | (24,461,000) |
Repurchase of common stock | (16,823,000) | (5,032,000) |
Proceeds from lines of credit | 34,000,000 | 0 |
Payments to lines of credit | 34,000,000 | 0 |
Proceeds from employee stock purchase plan | 391,000 | 563,000 |
Net cash provided used in financing activities | (24,344,000) | (28,930,000) |
Net increase in cash and cash equivalents | 7,513,000 | (1,838,000) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 14,401,000 | 25,209,000 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 21,914,000 | 23,371,000 |
Change in Accrued PPE | 2,604,000 | 1,538,000 |
Change in Accrued Treasury Stock | $ 556,000 | $ 0 |
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. 02, 2019 | $ 316,836,000 | $ 767,000 | $ 59,000 | $ 105,580,000 | $ 210,507,000 | $ (77,000) |
Net income | 21,256,000 | 0 | 0 | 0 | 21,256,000 | 0 |
Accumulated Other Comprehensive Income | (412,000) | 0 | 0 | 0 | 0 | (412,000) |
Dividends | 8,118,000 | 0 | 0 | 0 | 8,118,000 | 0 |
Class A common stock sold through employee stock purchase plan | 308,000 | 1,000 | 0 | 307,000 | 0 | 0 |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | 645,000 | 11,000 | 0 | 624,000 | 10,000 | 0 |
Retirement of treasury sharess | 2,834,000 | 7,000 | 0 | 0 | 2,827,000 | 0 |
Balance at May. 04, 2019 | 328,505,000 | 772,000 | 59,000 | 106,511,000 | 220,828,000 | 335,000 |
Balance at Feb. 02, 2019 | 316,836,000 | 767,000 | 59,000 | 105,580,000 | 210,507,000 | (77,000) |
Net income | 39,107,000 | |||||
Accumulated Other Comprehensive Income | (1,246,000) | |||||
Balance at Nov. 02, 2019 | 331,709,000 | 768,000 | 59,000 | 109,543,000 | 220,170,000 | 1,169,000 |
Balance at May. 04, 2019 | 328,505,000 | 772,000 | 59,000 | 106,511,000 | 220,828,000 | 335,000 |
Net income | 11,866,000 | 0 | 0 | 0 | 11,866,000 | 0 |
Accumulated Other Comprehensive Income | (859,000) | 0 | 0 | 0 | 0 | (859,000) |
Dividends | 8,173,000 | 0 | 0 | 0 | 8,173,000 | 0 |
Class A common stock sold through employee stock purchase plan | 67,000 | 0 | 0 | 67,000 | 0 | 0 |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | 1,494,000 | 0 | 0 | 1,479,000 | 15,000 | 0 |
Retirement of treasury sharess | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Aug. 03, 2019 | 334,618,000 | 772,000 | 59,000 | 108,057,000 | 224,536,000 | 1,194,000 |
Net income | 5,985,000 | 0 | 0 | 0 | 5,985,000 | 0 |
Accumulated Other Comprehensive Income | (25,000) | 0 | 0 | 0 | 0 | (25,000) |
Dividends | 8,170,000 | 0 | 0 | 0 | 8,170,000 | 0 |
Class A common stock sold through employee stock purchase plan | 287,000 | 0 | 0 | 287,000 | 0 | 0 |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | 1,212,000 | 0 | 0 | 1,199,000 | 13,000 | 0 |
Retirement of treasury sharess | 2,198,000 | 4,000 | 0 | 0 | 2,194,000 | 0 |
Balance at Nov. 02, 2019 | 331,709,000 | 768,000 | 59,000 | 109,543,000 | 220,170,000 | 1,169,000 |
Balance at Feb. 01, 2020 | 316,514,000 | 761,000 | 59,000 | 110,813,000 | 203,458,000 | 1,423,000 |
Net income | (28,417,000) | 0 | 0 | 0 | (28,417,000) | 0 |
Accumulated Other Comprehensive Income | (298,000) | 0 | 0 | 0 | 0 | (298,000) |
Dividends | 7,990,000 | 0 | 0 | 0 | 7,990,000 | 0 |
Class A common stock sold through employee stock purchase plan | 294,000 | 1,000 | 0 | 293,000 | 0 | 0 |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | 605,000 | 10,000 | 0 | 587,000 | 8,000 | 0 |
Retirement of treasury sharess | 9,056,000 | 22,000 | 0 | 0 | 9,034,000 | 0 |
Balance at May. 02, 2020 | 271,652,000 | 750,000 | 59,000 | 111,693,000 | 158,025,000 | 1,125,000 |
Balance at Feb. 01, 2020 | 316,514,000 | 761,000 | 59,000 | 110,813,000 | 203,458,000 | 1,423,000 |
Net income | (39,210,000) | |||||
Accumulated Other Comprehensive Income | 96,000 | |||||
Balance at Oct. 31, 2020 | 256,137,000 | 717,000 | 59,000 | 114,196,000 | 139,838,000 | 1,327,000 |
Balance at May. 02, 2020 | 271,652,000 | 750,000 | 59,000 | 111,693,000 | 158,025,000 | 1,125,000 |
Net income | (7,170,000) | 0 | 0 | 0 | (7,170,000) | 0 |
Accumulated Other Comprehensive Income | (484,000) | 0 | 0 | 0 | 0 | (484,000) |
Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock sold through employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | 1,253,000 | (2,000) | 0 | 1,256,000 | 1,000 | 0 |
Retirement of treasury sharess | 0 | 0 | 0 | 0 | 0 | 0 |
Balance at Aug. 01, 2020 | 266,219,000 | 748,000 | 59,000 | 112,949,000 | 150,854,000 | 1,609,000 |
Net income | (3,622,000) | 0 | 0 | 0 | (3,622,000) | 0 |
Accumulated Other Comprehensive Income | (282,000) | 0 | 0 | 0 | 0 | (282,000) |
Dividends | 78,000 | 0 | 0 | 0 | 78,000 | 0 |
Class A common stock sold through employee stock purchase plan | 167,000 | 1,000 | 0 | 166,000 | 0 | 0 |
Class A common stock sold through stock option plans | 0 | 0 | 0 | 0 | 0 | 0 |
Class A common stock issued through restricted stock grant plans | 1,082,000 | 0 | 0 | 1,081,000 | 1,000 | 0 |
Retirement of treasury sharess | 7,505,000 | 32,000 | 0 | 0 | 7,473,000 | 0 |
Balance at Oct. 31, 2020 | $ 256,137,000 | $ 717,000 | $ 59,000 | $ 114,196,000 | $ 139,838,000 | $ 1,327,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | |
us-gaap_StatementOfStockholdersEquityAbstract | ||||||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ (85) | $ 146 | $ (90) | $ (8) | $ 262 | $ 126 |
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||||
Dividends per share | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | ||
Class A common stock shares sold through employee stock purchase plans | 21,234 | 26,957 | 18,252 | 5,402 | 20,676 | |
Class A common stock shares issued through restricted stock grant plans | 8,440 | 57,805 | 307,354 | 18,327 | 9,170 | 355,609 |
Retirement of treasury shares - retired shares | 1,036,610 | 618,056 | 129,339 | 208,041 |
General - Notes to Financial St
General - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
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 October 31, 2020 and November 2, 2019 are unaudited. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been 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 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 1, 2020. Amounts as of February 1, 2020 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. On August 27, 2020, the Board of Directors authorized an increase in the Company’s share repurchase program of 1 million shares. Subsequent to October 31, 2020, the Company repurchased 320,707 shares for $2,274,610. Additionally, on November 19, 2020, the Board of Directors authorized an increase in the Company’s share repurchase program of 1.5 million shares. COVID-19 Update The COVID-19 pandemic has created, and may continue to create, challenges and uncertainties for our business. In the first quarter of fiscal 2020, the pandemic resulted in state and local orders mandating store closures and other measures to mitigate the spread of the virus. Recently reported increases in infection rates in many areas and the onset of cooler weather raise the possibility of increased or renewed governmental measures or public health guidance to reduce public activity and gatherings in order to mitigate the spread of the virus, as well as continued adverse effect on consumer confidence. Responses by customers, government and the private sector have and will likely continue to adversely impact our business operations for the remainder of fiscal 2020 and possibly beyond. The extent to which the COVID-19 pandemic ultimately impacts the Company’s business, financial condition, results of operations, cash flows, and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, its severity, actions taken to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Beginning March 19, 2020, the Company temporarily closed all Cato, It’s Fashion, It’s Fashion Metro and Versona stores. In addition, the Company suspended its quarterly dividend, significantly reduced capital expenditures and reduced its SG&A expense through the reduction of non-payroll expenses, as well as furloughed associates and in certain instances eliminated positions primarily at its corporate office. Beginning on May 1, 2020, the Company began to re-open stores based on the pertinent state and local orders. As of June 15, 2020, all stores have re-opened. Although all stores have re-opened, stores are operating at reduced hours and stores may be temporarily closed or subject to further operating restrictions in compliance with local regulations or in response to public health guidance due to COIVD-19. There is significant uncertainty around the duration, breadth and severity of continued business disruptions related to COVID-19, as well as its impact on the U.S. economy, consumer willingness to visit malls and shopping centers, and associate staffing for our stores. At this time, the possible effects of national, state or local action, legislation, guidelines or programs that attempt to mitigate the spread of COVID-19 or address its economic effects on our customers, suppliers or the Company are also uncertain. While the Company currently anticipates that our results for the remainder of fiscal 2020 will be adversely impacted, the extent to which COVID-19 impacts the Company’s results will depend on future developments, which are highly uncertain, including possible new information and understanding about the severity of COVID-19, related potential economic impacts to customers and suppliers, and the effect of actions taken to contain it or mitigate its impact. Accounting Policies - Impairment of Long-Lived Assets: The Company invests in leaseholds, right-of use assets and equipment primarily in connection with the opening and remodeling of stores and in computer software and hardware. The Company periodically reviews its store locations and estimates the recoverability of its long-lived assets, which primarily relate to Fixtures and equipment, Leasehold improvements, Right-of-use assets net of Lease liabilities and Information technology equipment and software. An impairment charge is recorded for the amount by which the carrying value exceeds the estimated fair value when the Company determines that projected cash flows associated with those long-lived assets will not be sufficient to recover the carrying value. This determination is based on a number of factors, including the store’s historical operating results and projected cash flows, which include future sales growth rates, margin rates and expense projections. The Company assesses the fair value of each lease by considering market rents and any lease terms that may adjust market rents under certain conditions, such as the loss of an anchor tenant or a leased space in a shopping center not meeting certain criteria. Further, in determining when to close a store, the Company considers real estate development in the area and perceived local market conditions, which can be difficult to predict and may be subject to change. As a result of store closures during the first quarter of 2020, the Company determined a triggering event occurred, which resulted in an impairment analysis being performed. An asset impairment charge of $ 5.3 million was recorded in the first quarter of 2020, and no additional impairment was required in the second and third quarters of 2020. During the third quarter of 2020, the Company determined no new stores would be opened during the remainder of 2020, as well as 2021. As a result, during the third quarter of 2020, the Company impaired $ 2.3 million worth of fixtures planned for new stores. Recently Adopted Accounting Policies In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires companies to measure and recognize expected credit losses for financial assets held at amortized costs based on expected losses rather than incurred losses. The new accounting rules were effective for the Company in the first quarter of 2020 and had a minimal impact on the financial statements. |
Earnings Per Share - Notes to F
Earnings Per Share - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
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 Comprehensive Income. While the Company’s certificate of incorporation provides the right for the Board of Directors to declare dividends on Class A shares without declaration of commensurate dividends on Class B shares, the Company has historically paid the same dividends to both Class A and Class B shareholders and the Board of Directors has resolved to continue this practice. Accordingly, the Company’s allocation of income for purposes of 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. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan. Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (Dollars in thousands) Numerator Net earnings (loss) $ ( 3,622) $ 5,985 $ ( 39,210) $ 39,107 (Earnings) loss allocated to non-vested equity awards 155 ( 220) 1,706 ( 1,390) Net earnings (loss) available to common stockholders $ ( 3,467) $ 5,765 $ ( 37,504) $ 37,717 Denominator Basic weighted average common shares outstanding 22,674,507 23,749,048 22,847,776 23,764,938 Diluted weighted average common shares outstanding 22,674,507 23,749,048 22,847,776 23,764,938 Net income (loss) per common share Basic earnings (loss) per share $ ( 0.15) $ 0.24 $ ( 1.64) $ 1.59 Diluted earnings (loss) per share $ ( 0.15) $ 0.24 $ ( 1.64) $ 1.59 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Oct. 31, 2020 | |
AccumulatedOtherComprehensiveIncomeLossDisclosure[Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME: The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the three months ended October 31, 2020: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at August 1, 2020 $ 1,609 Other comprehensive income before reclassification ( 350) Amounts reclassified from accumulated other comprehensive income (b) 68 Net current-period other comprehensive income ( 282) Ending Balance at October 31, 2020 $ 1,327 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 89 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 $ 21. The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the nine months ended October 31, 2020: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 1, 2020 $ 1,423 Other comprehensive income before reclassification ( 732) Amounts reclassified from accumulated other comprehensive income (b) 636 Net current-period other comprehensive income ( 96) Ending Balance at October 31, 2020 $ 1,327 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 827 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 $ 191. NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED): The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the three months ended November 2, 2019: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at August 3, 2019 $ 1,194 Other comprehensive income before reclassifications ( 165) Amounts reclassified from accumulated other comprehensive income (b) 140 Net current-period other comprehensive income ( 25) Ending Balance at November 2, 2019 $ 1,169 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 183 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 $ 43. The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the nine months ended November 2, 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 reclassifications 1,067 Amounts reclassified from accumulated other comprehensive income (b) 179 Net current-period other comprehensive income 1,246 Ending Balance at November 2, 2019 $ 1,169 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 234 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 $ 55. |
Financing Arrangements - Notes
Financing Arrangements - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | NOTE 4 – FINANCING ARRANGEMENTS: As of October 31, 2020, 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 June 2, 2020, the Company signed an amendment extending the revolving credit agreement through May 2023. 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 October 31, 2020. There were no borrowings outstanding under this credit facility as of October 31, 2020 or February 1, 2020. The weighted average interest rate under the credit facility was zero at October 31, 2020 due to no borrowings outstanding. At October 31, 2020 and February 1, 2020, the Company had no outstanding revocable letters of credit relating to purchase commitments. |
Reportable Segment Information
Reportable Segment Information - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
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 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, 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 they 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 operating segments is distributed to retail stores in a similar manner through the Company’s single distribution center and is subsequently distributed to clients in a similar manner. The Company operates its women’s fashion specialty retail stores in 33 states as of October 31, 2020, 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 Nine Months Ended October 31, 2020 Retail Credit Total October 31, 2020 Retail Credit Total Revenues $ 150,203 $ 588 $ 150,791 Revenues $ 417,616 $ 2,077 $ 419,693 Depreciation 3,618 1 3,619 Depreciation 11,112 1 11,113 Interest and other income ( 791) - ( 791) Interest and other income ( 3,603) - ( 3,603) Income/(Loss) before income taxes ( 13,559) 233 ( 13,326) Income/(Loss) before income taxes ( 62,851) 943 ( 61,908) Capital expenditures 1,428 - 1,428 Capital expenditures 11,228 - 11,228 Three Months Ended Nine Months Ended November 2, 2019 Retail Credit Total November 2, 2019 Retail Credit Total Revenues $ 190,637 $ 886 $ 191,523 Revenues $ 631,751 $ 2,705 $ 634,456 Depreciation 3,843 1 3,844 Depreciation 11,522 1 11,523 Interest and other income ( 1,662) - ( 1,662) Interest and other income ( 4,491) - ( 4,491) Income/(Loss) before income taxes 5,571 465 6,036 Income/(Loss) before income taxes 44,251 1,357 45,608 Capital expenditures 2,729 - 2,729 Capital expenditures 4,946 - 4,946 Retail Credit Total Total assets as of October 31, 2020 $ 543,827 $ 47,044 $ 590,871 Total assets as of February 1, 2020 636,503 48,473 684,976 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 Selling, general and administrative expenses (in thousands): Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Payroll $ 135 $ 164 $ 417 $ 478 Postage 85 110 278 351 Other expenses 134 146 438 518 Total expenses $ 354 $ 420 $ 1,133 $ 1,347 |
Stock Based Compensation - Note
Stock Based Compensation - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock Based Compensation | NOTE 6 – STOCK-BASED COMPENSATION: As of October 31, 2020, the Company had two long-term compensation plans pursuant to which stock-based compensation was outstanding or could be granted. The 2018 Incentive 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 October 31, 2020: 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: October 31, 2020 - 3,951,558 3,951,558 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 October 31, 2020 and February 1, 2020, there was $ 11,778,000 and $ 11,900,000, respectively, of total unrecognized compensation expense related to nonvested restricted stock awards, which had a remaining weighted-average vesting period of 2.4 years and 2.2 years, respectively. The total compensation expense during the three and nine months ended October 31, 2020 was $ 1,082,000 and $ 2,941,000, respectively, compared to $ 1,211,000 and $ 3,351,000, respectively, for the three and nine months ended November 2, 2019. These expenses are classified as a component of Selling, general and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. The following summary shows the changes in the shares of unvested restricted stock outstanding during the nine months ended October 31, 2020: Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 1, 2020 942,562 $ 19.55 Granted 335,317 11.11 Vested ( 129,682) 34.01 Forfeited or expired ( 114,326) 16.55 Restricted stock awards at October 31, 2020 1,033,871 $ 15.33 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 nine months ended October 31, 2020 and November 2, 2019, the Company sold 48,191 and 44,330 shares to employees at an average discount of $ 1.43 and $ 2.24 per share, respectively, under the Employee Stock Purchase Plan. The compensation expense recognized for the 15% discount given under the Employee Stock Purchase Plan was approximately $ 69,000 and $ 99,000 for the nine months ended October 31, 2020 and November 2, 2019, respectively. These expenses are classified as a component of Selling, general and administrative expenses. |
Fair Value Measurements - Notes
Fair Value Measurements - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | NOTE 7 – FAIR VALUE MEASUREMENTS: The following tables set forth information regarding the Company’s financial assets and liabilities that are measured at fair value (in thousands) as of October 31, 2020 and February 1, 2020: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable October 31, 2020 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 29,034 $ - $ 29,034 $ - Corporate Bonds 63,167 - 63,167 - U.S. Treasury/Agencies Notes and Bonds 20,265 - 20,265 - Cash Surrender Value of Life Insurance 10,538 - - 10,538 Asset-backed Securities (ABS) 19,996 - 19,996 - Corporate Equities 1,515 1,515 - - Certificates of Deposit - - - - Total Assets $ 144,515 $ 1,515 $ 132,462 $ 10,538 Liabilities: Deferred Compensation ( 10,428) - - ( 10,428) Total Liabilities $ ( 10,428) $ - $ - $ ( 10,428) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 1, 2020 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 36,014 $ - $ 36,014 $ - Corporate Bonds 90,798 - 90,798 - U.S. Treasury/Agencies Notes and Bonds 37,410 - 37,410 - Cash Surrender Value of Life Insurance 10,517 - - 10,517 Asset-backed Securities (ABS) 37,384 - 37,384 - Corporate Equities 732 732 - - Certificates of Deposit 100 100 - - Total Assets $ 212,955 $ 832 $ 201,606 $ 10,517 Liabilities: Deferred Compensation ( 10,391) - - ( 10,391) Total Liabilities $ ( 10,391) $ - $ - $ ( 10,391) 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 October 31, 2020 and February 1, 2020. The state, municipal and corporate bonds have contractual maturities which range from two weeks to five years. The U.S. Treasury Notes and Certificates of Deposit have contractual maturities which range from two weeks to three years. These securities are classified as available-for-sale and are recorded as Short-term investments, Restricted cash and Restricted short-term investments on the accompanying Condensed 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. Additionally, at October 31, 2020, the Company had $ 1.5 million of corporate equities and deferred compensation plan assets of $ 10.5 million. At February 1, 2020, the Company had $ 0.7 million of corporate equities and deferred compensation plan assets of $ 10.5 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 exchanges for identical instruments. Their fair value is principally based on market values determined by management with assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the pricing service using observable market information such as quotes from less active markets and/or quoted prices of securities with similar characteristics, among other factors. Deferred compensation plan assets consist of life insurance policies. These life insurance policies are valued based on the cash surrender value of the insurance contract, which is determined based on such factors as the fair value of the underlying assets and discounted cash flow and are therefore classified within Level 3 of the valuation hierarchy. The Level 3 liability associated with the life insurance policies represents a deferred compensation obligation, the value of which is tracked via underlying insurance funds’ net asset values, as recorded in 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 and liabilities measured using Level 3 inputs as of October 31, 2020 and February 1, 2020 (in thousands): Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 1, 2020 $ 10,517 Additions - Total gains or (losses) Included in interest and other income (or changes in net assets) 21 Included in other comprehensive income - Ending Balance at October 31, 2020 $ 10,538 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 1, 2020 $ ( 10,391) Additions 157 Total (gains) or losses Included in interest and other income (or changes in net assets) ( 194) Included in other comprehensive income - Ending Balance at October 31, 2020 $ ( 10,428) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 2, 2019 $ 9,093 Additions 748 Total gains or (losses) Included in interest and other income (or changes in net assets) 676 Included in other comprehensive income - Ending Balance at February 1, 2020 $ 10,517 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 2, 2019 $ ( 8,908) Additions ( 554) Total (gains) or losses Included in interest and other income (or changes in net assets) ( 929) Included in other comprehensive income - Ending Balance at February 1, 2020 $ ( 10,391) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements - Notes to Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The new accounting rules reduce complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The new accounting rules also simplify accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The new accounting rules will be effective for the Company in the first quarter of 2021. The Company is currently in the process of evaluating the impact of adoption of the new accounting rules on the Company’s financial position, results of operations, cash flows and disclosures. |
Income Tax - Notes to the Finan
Income Tax - Notes to the Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
IncomeTaxDisclosureAbstract | |
Income Tax Disclosure [Text Block] | The Company had an effective tax rate for the first nine months of 2020 of 36.7% (Benefit) compared to 14.3% (Expense) for the first nine months of 2019. The increase in the effective tax rate for the first nine months was primarily due to the federal net operating loss carryback provisions of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and release of reserves for uncertain tax positions due to expiration of statute of limitations, offset by valuation allowances against state income net operating losses, less income tax credits, and an upward adjustment in the reserves for uncertain tax positions specific to state income taxes recorded in the first quarter of 2020. The Company assessed the likelihood that deferred tax assets related to state net operating loss carryforwards will be realized in light of the adverse impact on the Company's financial statements and operations due to COVID-19. Based on this assessment, the Company concluded that it is more likely than not that the Company will not be able to realize the state net operating losses and, accordingly, has recorded a valuation allowance against the existing deferred tax assets. The annual effective tax rate for the current fiscal year is impacted by the ability to carryback federal net operating losses due to the CARES Act, partially offset by changes in management’s judgment regarding the ability to realize deferred tax assets, primarily state income net operating losses generated in the current fiscal year. The Company has factored the realizability of these deferred tax assets generated as a result of projected current year losses into its estimated annual effective rate for the current year. To the extent that actual results and/or events differ from the predicted results, the Company may continue to see effects on the annual effective tax rate. Further, the CARES Act allows the Company to carryback losses to 2015; therefore, the Company has recorded $27.0 million of estimated refunds calculated through the third quarter of 2020 in Accounts receivable in the Condensed Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2020 | |
IncomeTaxDisclosureAbstract | |
Income Taxes | The Company had an effective tax rate for the first nine months of 2020 of 36.7% (Benefit) compared to 14.3% (Expense) for the first nine months of 2019. The increase in the effective tax rate for the first nine months was primarily due to the federal net operating loss carryback provisions of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and release of reserves for uncertain tax positions due to expiration of statute of limitations, offset by valuation allowances against state income net operating losses, less income tax credits, and an upward adjustment in the reserves for uncertain tax positions specific to state income taxes recorded in the first quarter of 2020. The Company assessed the likelihood that deferred tax assets related to state net operating loss carryforwards will be realized in light of the adverse impact on the Company's financial statements and operations due to COVID-19. Based on this assessment, the Company concluded that it is more likely than not that the Company will not be able to realize the state net operating losses and, accordingly, has recorded a valuation allowance against the existing deferred tax assets. The annual effective tax rate for the current fiscal year is impacted by the ability to carryback federal net operating losses due to the CARES Act, partially offset by changes in management’s judgment regarding the ability to realize deferred tax assets, primarily state income net operating losses generated in the current fiscal year. The Company has factored the realizability of these deferred tax assets generated as a result of projected current year losses into its estimated annual effective rate for the current year. To the extent that actual results and/or events differ from the predicted results, the Company may continue to see effects on the annual effective tax rate. Further, the CARES Act allows the Company to carryback losses to 2015; therefore, the Company has recorded $27.0 million of estimated refunds calculated through the third quarter of 2020 in Accounts receivable in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies -
Commitments and Contingencies - Notes to the Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
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 its business, including litigation regarding the merchandise that it sells, litigation regarding intellectual property, litigation instituted by persons injured upon premises under its 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 the Company’s business, as with any business of its 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 adverse effect on the Company’s 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 particular reporting period. The Company accrues for these matters when the liability is deemed probable and reasonably estimable. |
Revenue Recognition Footnote
Revenue Recognition Footnote | 9 Months Ended |
Oct. 31, 2020 | |
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 purchase, generally with cash or credit. Sales from purchases made with Cato credit, gift cards and layaway sales from stores are also recorded when the customer takes possession of the merchandise. E-commerce sales are recorded when the risk of loss is transferred to the customer. Gift cards are recorded as deferred revenue until they are redeemed or forfeited. Layaway sales are recorded as deferred revenue until the customer takes possession or forfeits the merchandise. Gift cards do not have expiration dates. A provision is made for estimated merchandise returns based on sales volumes and the Company’s experience; actual returns have not varied materially from historical amounts. 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 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 $, 311000 and $, 670000 for the nine months ended October 31, 2020 and November 2, 2019, respectively, on sales purchased on the Company’s proprietary credit card of $ 11.1 million and $ 20.3 million for the nine months ended October 31, 2020 and November 2, 2019, respectively. The following table provides information about receivables and contract liabilities from contracts with customers (in thousands): Balance as of October 31, 2020 February 1, 2020 Proprietary Credit Card Receivables, net $ 10,241 $ 15,241 Gift Card Liability $ 6,021 $ 7,658 |
Leases - Notes to the Financial
Leases - Notes to the Financial Statements | 9 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Operating Lease Dislcosure Leasee [Text Block] | NOTE 12 – LEASES: The Company determines whether an arrangement is a lease at inception. The Company has operating leases for stores, offices and equipment. Its leases have remaining lease terms of one year to 10 years, some of which include options to extend the lease term for up to five years, and some of which include options to terminate the lease within one year. The Company considers these options in determining the lease term used to establish its right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of lease payments. The components of lease cost are shown below (in thousands): Three Months Ended October 31, 2020 November 2, 2019 Operating lease cost (a) $ 17,665 $ 16,677 Variable lease cost (b) $ 480 $ 466 ASC 840 prepaid rent expense (c) $ - $ 39 (a) Includes right-of-use asset amortization of ($0.8) million and ($1.0) million for the three months ended October 31, 2020 and November 2, 2019, respectively. (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. Nine Months Ended October 31, 2020 November 2, 2019 Operating lease cost (a) $ 52,522 $ 43,074 Variable lease cost (b) $ 999 $ 1,580 ASC 840 prepaid rent expense (c) $ - $ 6,051 (a) Includes right-of-use asset amortization of ($3.5) million and ($3.9) million for the nine months ended October 31, 2020 and November 2, 2019, respectively. (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 the Company’s operating leases are as follows (in thousands): Operating cash flow information: Three Months Ended October 31, 2020 November 2, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 16,109 $ 15,503 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ ( 1,825) $ 2,758 Nine Months Ended October 31, 2020 November 2, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 47,554 $ 40,921 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 29,659 $ 3,360 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of October 31, 2020 November 2, 2019 Weighted-average remaining lease term 2.7 years 2.4 years Weighted-average discount rate 4.14% 4.64% Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands): Fiscal Year 2020 (a) $ 17,155 2021 57,224 2022 41,927 2023 30,536 2024 19,546 Thereafter 47,987 Total lease payments 214,375 Less: Imputed interest 21,929 Present value of lease liabilities $ 192,446 (a) Excluding the 9 months ended October 31, 2020. |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Earnings Per Share Disclosure [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 (Dollars in thousands) Numerator Net earnings (loss) $ ( 3,622) $ 5,985 $ ( 39,210) $ 39,107 (Earnings) loss allocated to non-vested equity awards 155 ( 220) 1,706 ( 1,390) Net earnings (loss) available to common stockholders $ ( 3,467) $ 5,765 $ ( 37,504) $ 37,717 Denominator Basic weighted average common shares outstanding 22,674,507 23,749,048 22,847,776 23,764,938 Diluted weighted average common shares outstanding 22,674,507 23,749,048 22,847,776 23,764,938 Net income (loss) per common share Basic earnings (loss) per share $ ( 0.15) $ 0.24 $ ( 1.64) $ 1.59 Diluted earnings (loss) per share $ ( 0.15) $ 0.24 $ ( 1.64) $ 1.59 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
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 August 1, 2020 $ 1,609 Other comprehensive income before reclassification ( 350) Amounts reclassified from accumulated other comprehensive income (b) 68 Net current-period other comprehensive income ( 282) Ending Balance at October 31, 2020 $ 1,327 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 89 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 $ 21. Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 1, 2020 $ 1,423 Other comprehensive income before reclassification ( 732) Amounts reclassified from accumulated other comprehensive income (b) 636 Net current-period other comprehensive income ( 96) Ending Balance at October 31, 2020 $ 1,327 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 827 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 $ 191. Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at August 3, 2019 $ 1,194 Other comprehensive income before reclassifications ( 165) Amounts reclassified from accumulated other comprehensive income (b) 140 Net current-period other comprehensive income ( 25) Ending Balance at November 2, 2019 $ 1,169 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 183 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 $ 43. 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 reclassifications 1,067 Amounts reclassified from accumulated other comprehensive income (b) 179 Net current-period other comprehensive income 1,246 Ending Balance at November 2, 2019 $ 1,169 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income. (b) Includes $ 234 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 $ 55. |
Reportable Segment Informatio_2
Reportable Segment Information - (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Reportable Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended October 31, 2020 Retail Credit Total October 31, 2020 Retail Credit Total Revenues $ 150,203 $ 588 $ 150,791 Revenues $ 417,616 $ 2,077 $ 419,693 Depreciation 3,618 1 3,619 Depreciation 11,112 1 11,113 Interest and other income ( 791) - ( 791) Interest and other income ( 3,603) - ( 3,603) Income/(Loss) before income taxes ( 13,559) 233 ( 13,326) Income/(Loss) before income taxes ( 62,851) 943 ( 61,908) Capital expenditures 1,428 - 1,428 Capital expenditures 11,228 - 11,228 Three Months Ended Nine Months Ended November 2, 2019 Retail Credit Total November 2, 2019 Retail Credit Total Revenues $ 190,637 $ 886 $ 191,523 Revenues $ 631,751 $ 2,705 $ 634,456 Depreciation 3,843 1 3,844 Depreciation 11,522 1 11,523 Interest and other income ( 1,662) - ( 1,662) Interest and other income ( 4,491) - ( 4,491) Income/(Loss) before income taxes 5,571 465 6,036 Income/(Loss) before income taxes 44,251 1,357 45,608 Capital expenditures 2,729 - 2,729 Capital expenditures 4,946 - 4,946 Retail Credit Total Total assets as of October 31, 2020 $ 543,827 $ 47,044 $ 590,871 Total assets as of February 1, 2020 636,503 48,473 684,976 Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Payroll $ 135 $ 164 $ 417 $ 478 Postage 85 110 278 351 Other expenses 134 146 438 518 Total expenses $ 354 $ 420 $ 1,133 $ 1,347 |
Sechedule Of Restricted Stock O
Sechedule Of Restricted Stock Outstanding - (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Changes In Restricted Stock Outstanding | 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: October 31, 2020 - 3,951,558 3,951,558 |
Stock Option Changes - (Tables)
Stock Option Changes - (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
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 1, 2020 942,562 $ 19.55 Granted 335,317 11.11 Vested ( 129,682) 34.01 Forfeited or expired ( 114,326) 16.55 Restricted stock awards at October 31, 2020 1,033,871 $ 15.33 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets at Fairvalue - (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable October 31, 2020 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 29,034 $ - $ 29,034 $ - Corporate Bonds 63,167 - 63,167 - U.S. Treasury/Agencies Notes and Bonds 20,265 - 20,265 - Cash Surrender Value of Life Insurance 10,538 - - 10,538 Asset-backed Securities (ABS) 19,996 - 19,996 - Corporate Equities 1,515 1,515 - - Certificates of Deposit - - - - Total Assets $ 144,515 $ 1,515 $ 132,462 $ 10,538 Liabilities: Deferred Compensation ( 10,428) - - ( 10,428) Total Liabilities $ ( 10,428) $ - $ - $ ( 10,428) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 1, 2020 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 36,014 $ - $ 36,014 $ - Corporate Bonds 90,798 - 90,798 - U.S. Treasury/Agencies Notes and Bonds 37,410 - 37,410 - Cash Surrender Value of Life Insurance 10,517 - - 10,517 Asset-backed Securities (ABS) 37,384 - 37,384 - Corporate Equities 732 732 - - Certificates of Deposit 100 100 - - Total Assets $ 212,955 $ 832 $ 201,606 $ 10,517 Liabilities: Deferred Compensation ( 10,391) - - ( 10,391) Total Liabilities $ ( 10,391) $ - $ - $ ( 10,391) |
Fair Value Measurments - Level
Fair Value Measurments - Level 3 Roll (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Level 3 Reconciliation | Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 1, 2020 $ 10,517 Additions - Total gains or (losses) Included in interest and other income (or changes in net assets) 21 Included in other comprehensive income - Ending Balance at October 31, 2020 $ 10,538 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 1, 2020 $ ( 10,391) Additions 157 Total (gains) or losses Included in interest and other income (or changes in net assets) ( 194) Included in other comprehensive income - Ending Balance at October 31, 2020 $ ( 10,428) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 2, 2019 $ 9,093 Additions 748 Total gains or (losses) Included in interest and other income (or changes in net assets) 676 Included in other comprehensive income - Ending Balance at February 1, 2020 $ 10,517 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 2, 2019 $ ( 8,908) Additions ( 554) Total (gains) or losses Included in interest and other income (or changes in net assets) ( 929) Included in other comprehensive income - Ending Balance at February 1, 2020 $ ( 10,391) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
ContractWithCustomerAssetAndLiabilityTableTextBlock | Balance as of October 31, 2020 February 1, 2020 Proprietary Credit Card Receivables, net $ 10,241 $ 15,241 Gift Card Liability $ 6,021 $ 7,658 |
Leases - (Tables)
Leases - (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Three Months Ended October 31, 2020 November 2, 2019 Operating lease cost (a) $ 17,665 $ 16,677 Variable lease cost (b) $ 480 $ 466 ASC 840 prepaid rent expense (c) $ - $ 39 (a) Includes right-of-use asset amortization of ($0.8) million and ($1.0) million for the three months ended October 31, 2020 and November 2, 2019, respectively. (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. Nine Months Ended October 31, 2020 November 2, 2019 Operating lease cost (a) $ 52,522 $ 43,074 Variable lease cost (b) $ 999 $ 1,580 ASC 840 prepaid rent expense (c) $ - $ 6,051 (a) Includes right-of-use asset amortization of ($3.5) million and ($3.9) million for the nine months ended October 31, 2020 and November 2, 2019, respectively. (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 October 31, 2020 November 2, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 16,109 $ 15,503 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ ( 1,825) $ 2,758 Nine Months Ended October 31, 2020 November 2, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 47,554 $ 40,921 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 29,659 $ 3,360 |
Lessee Operating Lease Weighted Averages Table [Table Text Block] showing weighted average remaining lease term and weighted average discount rate | As of October 31, 2020 November 2, 2019 Weighted-average remaining lease term 2.7 years 2.4 years Weighted-average discount rate 4.14% 4.64% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year 2020 (a) $ 17,155 2021 57,224 2022 41,927 2023 30,536 2024 19,546 Thereafter 47,987 Total lease payments 214,375 Less: Imputed interest 21,929 Present value of lease liabilities $ 192,446 (a) Excluding the 9 months ended October 31, 2020. |
General - Notes to Financial _2
General - Notes to Financial Statements - (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
General Dsiclosure [Abstract] | ||||||||
Quarterly Declared Dividend | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | ||||
Repurchase of common stock | $ 16,823,000 | $ 5,032,000 | ||||||
Net income | $ (3,622,000) | $ (7,170,000) | $ (28,417,000) | $ 5,985,000 | $ 11,866,000 | $ 21,256,000 | (39,210,000) | 39,107,000 |
Dividends paid | $ 7,912,000 | $ 24,461,000 | ||||||
Asset Impairment Charges | $ 2,300,000 | $ 5,300,000 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Earnings Per Share Disclosure [Abstract] | ||||||||
Net income | $ (3,622) | $ (7,170) | $ (28,417) | $ 5,985 | $ 11,866 | $ 21,256 | $ (39,210) | $ 39,107 |
Earnings Allocated to Non-Vesting Equity Awards | 155 | (220) | 1,706 | (1,390) | ||||
Net Income (Loss) Available to Common Stockholders | $ (3,467) | $ 5,765 | $ (37,504) | $ 37,717 | ||||
Basic Weighted-Average common shares outstanding | 22,674,507 | 23,749,048 | 22,847,776 | 23,764,938 | ||||
Dilluted Weighted Average Common Shares Outstanding | 22,674,507 | 23,749,048 | 22,847,776 | 23,764,938 | ||||
Basic earnings per share | $ (0.15) | $ 0.24 | $ (1.64) | $ 1.59 | ||||
Diluted earnings per share | $ (0.15) | $ 0.24 | $ (1.64) | $ 1.59 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning Balance Accumulated other comprehensive income, net of tax | $ 1,423,000 | $ 1,423,000 | ||||||
Unrealized gain on available-for-sale securities, net of deferred income taxes | $ 282,000 | $ 484,000 | 298,000 | $ 25,000 | $ 859,000 | $ 412,000 | (96,000) | $ 1,246,000 |
Ending Balance Accumulated other comprehensive income, net of tax | 1,327,000 | 1,327,000 | ||||||
ChangeInUnrealizedGainsOnAvailableForSaleSecuritiesMember [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning Balance Accumulated other comprehensive income, net of tax | 1,609,000 | $ 1,423,000 | 1,194,000 | $ (77,000) | 1,423,000 | (77,000) | ||
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (350,000) | (165,000) | (732,000) | 1,067,000 | ||||
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | 68,000 | 140,000 | 636,000 | 179,000 | ||||
Unrealized gain on available-for-sale securities, net of deferred income taxes | (282,000) | (25,000) | (96,000) | 1,246,000 | ||||
Ending Balance Accumulated other comprehensive income, net of tax | $ 1,327,000 | $ 1,609,000 | $ 1,169,000 | $ 1,194,000 | $ 1,327,000 | $ 1,169,000 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income Components - (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||||
Income Tax Benefit (Expense) | $ (9,704,000) | $ 51,000 | $ (22,698,000) | $ 6,501,000 |
Reclassified Accumulated Unrealized Gains and Losses | ||||
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||||
Interest and Other Income | 89,000 | 183,000 | 827,000 | 234,000 |
Income Tax Benefit (Expense) | $ 21,000 | $ 43,000 | $ 191,000 | $ 55,000 |
Financing Arrangements - (Detai
Financing Arrangements - (Details) | Oct. 31, 2020USD ($) |
RevolvingCreditFacilityMember [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 |
Reportable Segment Informatio_3
Reportable Segment Information - (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 150,791,000 | $ 191,523,000 | $ 419,693,000 | $ 634,456,000 | |
Depreciation | 3,619,000 | 3,844,000 | 11,113,000 | 11,523,000 | |
Interest and other income | 791,000 | 1,662,000 | 3,603,000 | 4,491,000 | |
Total Assets | 590,871,000 | 590,871,000 | $ 684,976,000 | ||
Capital expenditures | 1,428,000 | 2,729,000 | 11,228,000 | 4,946,000 | |
Income Before Taxes | (13,326,000) | 6,036,000 | (61,908,000) | 45,608,000 | |
ReportableSegmentsMemberRetail [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 150,203,000 | 190,637,000 | 417,616,000 | 631,751,000 | |
Depreciation | 3,618,000 | 3,843,000 | 11,112,000 | 11,522,000 | |
Interest and other income | 791,000 | 1,662,000 | 3,603,000 | 4,491,000 | |
Total Assets | 543,827,000 | 543,827,000 | 636,503,000 | ||
Capital expenditures | 1,428,000 | 2,729,000 | 11,228,000 | 4,946,000 | |
Income Before Taxes | (13,559,000) | 5,571,000 | (62,851,000) | 44,251,000 | |
ReportableSegmentsMemberCredit [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 588,000 | 886,000 | 2,077,000 | 2,705,000 | |
Depreciation | 1,000 | 1,000 | 1,000 | 1,000 | |
Interest and other income | 0 | 0 | 0 | 0 | |
Total Assets | 47,044,000 | 47,044,000 | $ 48,473,000 | ||
Capital expenditures | 0 | 0 | 0 | 0 | |
Income Before Taxes | $ 233,000 | $ 465,000 | $ 943,000 | $ 1,357,000 |
Direct Expenses of Credit Segme
Direct Expenses of Credit Segment in SGA - (Details) - ReportableSegmentsMemberCredit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Segment Reporting Information [Line Items] | ||||
Labor and Related Expense | $ 135 | $ 164 | $ 417 | $ 478 |
Postage Expense | 85 | 110 | 278 | 351 |
Other Expenses | 134 | 146 | 438 | 518 |
Total Credit Expenses | $ 354 | $ 420 | $ 1,133 | $ 1,347 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans - (Details) | Oct. 31, 2020shares |
Authorized And Available For Grant [Line Items] | |
Options And/Or Restrcited Stock Initially Authorized | 6,225,000 |
Options And Or Restricted Stock Available For Grant | 3,951,558 |
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 | 3,951,558 |
Sechedule Of Restricted Stock_2
Sechedule Of Restricted Stock Outstanding - (Details) - 2004 Plan - Restricted Stock - Class A Common Stock | 9 Months Ended |
Oct. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Restricted Stock Awards Beginning Balance | shares | 942,562 |
Restricted Stock Awards Granted | shares | 335,317 |
Restricted Stock Awards Vested | shares | 129,682 |
Restricted Stock Awards Foreited | shares | 114,326 |
Restricted Stock Awards Ending Balance | shares | 1,033,871 |
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 | $ 19.55 |
Granted Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 11.11 |
Vested Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 34.01 |
Forfeited Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 16.55 |
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Ending Balance | $ / shares | $ 15.33 |
Stock Based Compensation Additi
Stock Based Compensation Additional - (Details) - Class A Common Stock - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | |
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized Compensation Expense | $ 11,778,000 | $ 11,778,000 | $ 11,900,000 | ||
Remaining Weighted-Average Vesting Period | 2 years 4 months 24 days | 2 years 2 months 12 days | |||
Compensation Expense | $ 1,082,000 | $ 1,211,000 | $ 2,941,000 | $ 3,351,000 | |
Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares Sold | 48,191 | 44,330 | |||
Compensation Expense | $ 69,000 | $ 99,000 | |||
Employee Stock Purchase Plan Share Purchase Discount | $ 1.43 | $ 2.24 | $ 1.43 | $ 2.24 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets at Fairvalue - (Details) - USD ($) | Oct. 31, 2020 | Feb. 01, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | $ 144,515,000 | $ 212,955,000 |
Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 10,428,000 | 10,391,000 |
Total Financial Liabilities At Fair Value | 10,428,000 | 10,391,000 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | 1,515,000 | 832,000 |
Level 1 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Financial Liabilities At Fair Value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | 132,462,000 | 201,606,000 |
Level 2 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Financial Liabilities At Fair Value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | 10,538,000 | 10,517,000 |
Level 3 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 10,428,000 | 10,391,000 |
Total Financial Liabilities At Fair Value | 10,428,000 | 10,391,000 |
State/Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | $ 29,034,000 | 36,014,000 |
State/Municipal Bonds | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Term | 5 years | |
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 | 29,034,000 | 36,014,000 |
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 63,167,000 | 90,798,000 |
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 | 63,167,000 | 90,798,000 |
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | $ 20,265,000 | 37,410,000 |
US Treasury Notes | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Term | 3 years | |
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 | 20,265,000 | 37,410,000 |
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 1,515,000 | 732,000 |
Corporate Equities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 1,515,000 | 732,000 |
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | 100,000 |
Certificates of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 0 | 100,000 |
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) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 19,996,000 | 37,384,000 |
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 | 19,996,000 | 37,384,000 |
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Surrender Value, Fair Value Disclosure | 10,538,000 | 10,517,000 |
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 | $ 10,538,000 | $ 10,517,000 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Roll - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Feb. 01, 2020 | |
Deferred Compensation | ||
FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||
Begining Balance | $ (10,391) | $ (8,908) |
Redemptions | (157) | (554) |
Additions | (194) | (929) |
Losses (Gains) Included In Earnings | 0 | 0 |
Ending Balance | (10,428) | (10,391) |
Cash Surrender Value - Life Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 10,517 | 9,093 |
Additions | 0 | 748 |
Gains (Losses) Included in Earnings | 21 | 676 |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Ending Balance | $ 10,538 | $ 10,517 |
Income Tax (Details)
Income Tax (Details) | 9 Months Ended | |
Oct. 31, 2020 | Nov. 02, 2019 | |
IncomeTaxDisclosureAbstract | ||
Effective Income Tax Rate | 36.70% | 14.30% |
Effective Tax Rate (Details)
Effective Tax Rate (Details) | 9 Months Ended | |
Oct. 31, 2020 | Nov. 02, 2019 | |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | ||
Effective Income Tax Rate | 36.70% | 14.30% |
Revenue Recognition Disclosure
Revenue Recognition Disclosure Table - (Details) - USD ($) | Oct. 31, 2020 | Feb. 01, 2020 |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Receivables Net | $ 10,241,000 | $ 15,241,000 |
Gift Card Liability | $ 6,021,000 | $ 7,658,000 |
Revenue Recognition Cato Credit
Revenue Recognition Cato Credit Card - (Details) - USD ($) | 9 Months Ended | |
Oct. 31, 2020 | Nov. 02, 2019 | |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Uncollectable amounts | $ 311,000 | $ 670,000 |
Proprietary Credit Card Sales | $ 11,100,000 | $ 20,300,000 |
Leases - (Details)
Leases - (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Leases [Abstract] | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.14% | 4.64% | 4.14% | 4.64% |
Operating Lease, Expense | $ 17,665,000 | $ 16,677,000 | $ 52,522,000 | $ 43,074,000 |
Variable Lease, Cost | 480,000 | 466,000 | 999,000 | 1,580,000 |
ASC 840 prepaid rent expense | 0 | 39,000 | 0 | 6,051,000 |
Operating Lease, Payments | 16,109,000 | 15,503,000 | 47,554,000 | 40,921,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,825,000 | $ 2,758,000 | 29,659,000 | $ 3,360,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 17,155,000 | 17,155,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 57,224,000 | 57,224,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 41,927,000 | 41,927,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 30,536,000 | 30,536,000 | ||
Operating Leases, Future Minimum Payments, Due In Five Years | 19,546,000 | 19,546,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 47,987,000 | 47,987,000 | ||
Operating Leases, Future Minimum Payments Due | 214,375,000 | 214,375,000 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (21,929,000) | (21,929,000) | ||
Operating Lease, Liability | $ 192,446,000 | $ 192,446,000 |