Document and Entity Information
Document and Entity Information | 3 Months Ended |
Apr. 30, 2022shares | |
Class of Stock [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000018255 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --01-29 |
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 $.033 per share |
Trading Symbol | CATO |
Security Exchange Name | NYSE |
Entity File Number | 1-31340 |
Entity Incorporation State Country Code | DE |
Entity TaxIdentification Number | 56-0484485 |
Entity Address Address Line 1 | 8100 Denmark Road |
Entity Address City Or Town | Charlotte |
Entity Address State Or Province | NC |
Entity Address Postal Zip Code | 28273-5975 |
City Area Code | (704) |
Local Phone Number | 554-8510 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Registrant Name | THE CATO CORPORATION |
Common Class A [Member] | |
Class of Stock [Line Items] | |
Entity Common Stock Shares Outstanding | 19,223,633 |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Entity Common Stock Shares Outstanding | 1,763,652 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements Of Income and Comprehensive Income - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Revenues | ||
Retail sales | $ 204,933,000 | $ 211,234,000 |
Other Revenue (principally finance charges, late fees and layaway charges) | 1,788,000 | 1,851,000 |
Total revenues | 206,721,000 | 213,085,000 |
COSTS AND EXPENSES, NET | ||
Cost of goods sold (exclusive of depreciation shown below) | 132,243,000 | 123,675,000 |
Selling, general and administrative (exclusive of depreciation shown below) | 60,441,000 | 63,237,000 |
Depreciation | 2,743,000 | 3,042,000 |
Interest and other income | 403,000 | 663,000 |
Cost and expenses, net | 195,024,000 | 189,291,000 |
Income before income taxes | 11,697,000 | 23,794,000 |
Income tax expense | 1,949,000 | 3,081,000 |
Net income | $ 9,748,000 | $ 20,713,000 |
Basic earnings per share | $ 0.46 | $ 0.92 |
Diluted earnings per share | 0.46 | $ 0.92 |
Dividends per share | $ 0.17 | |
Comprehensive income | ||
Net income | $ 9,748,000 | $ 20,713,000 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | (1,206,000) | (134,000) |
Comprehensive Income | $ 8,542,000 | $ 20,579,000 |
Condensed Consolidated Income_2
Condensed Consolidated Income Statements Of Income and Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
OtherComprehensiveIncomeLossTaxParentheticalDisclosuresAbstract | ||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ 362,000 | $ 40,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2022 | Jan. 29, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 25,881,000 | $ 19,759,000 |
Short-term investments | 120,021,000 | 145,998,000 |
Restricted Cash | 3,920,000 | 3,919,000 |
Restricted Short term Investments | 0 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 60,121,000 | 55,812,000 |
Merchandise inventories | 127,576,000 | 124,907,000 |
Prepaid expenses | 6,029,000 | 5,273,000 |
Total Current Assets | 343,548,000 | 355,668,000 |
Property and equipment - net | 67,079,000 | 63,083,000 |
Noncurrent deferred tax asset | 9,674,000 | 9,313,000 |
Other assets | 23,192,000 | 24,437,000 |
Right-of-Use assets - net | 168,537,000 | 181,265,000 |
Total Assets | 612,030,000 | 633,766,000 |
Current Liabilities: | ||
Accounts payable | 106,229,000 | 109,546,000 |
Accrued expenses | 45,377,000 | 40,373,000 |
Accrued Bonus | 18,901,000 | 26,488,000 |
Accrued income taxes | 2,062,000 | 920,000 |
Current lease liability | 63,175,000 | 66,808,000 |
Total Current Liabilities | 235,744,000 | 244,135,000 |
Other noncurrent liabilities (primarily deferred rent) | 17,797,000 | 17,914,000 |
Commitments And Contingenciess | 107,837,000 | 117,521,000 |
Stockholders' Equity: | ||
Preferred stock, $100 par value per share, 100,000 shares authorized, none issued | 0 | 0 |
Class of Stock [Line Items] | ||
Common stock | 708,000 | 728,000 |
Additional paid-in capital | 120,249,000 | 119,540,000 |
Retained earnings | 131,181,000 | 134,208,000 |
Accumulated other comprehensive income | (1,486,000) | (280,000) |
Total Stockholders' Equity | 250,652,000 | 254,196,000 |
Liabilities And Stockholders Equity | 612,030,000 | 633,766,000 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock | 649,000 | 669,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock | $ 59,000 | $ 59,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Apr. 30, 2022 | Jan. 29, 2022 |
Class of Stock [Line Items] | ||
Allowance For Doubtful Accounts Receivable Current | $ 801,000 | $ 803,000 |
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 | 1,763,652 |
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 | 19,223,633 | 19,824,093 |
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 | |
Apr. 30, 2022 | May 01, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 9,748,000 | $ 20,713,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,743,000 | 3,042,000 |
Provision For Doubtful Accounts | 72,000 | 113,000 |
Purchase premium and premium amortization | 388,000 | (1,121,000) |
Share Based Compensation | 624,000 | 306,000 |
Deferred income taxes | 0 | (1,000) |
Loss on disposal of property and equipment | 16,000 | 58,000 |
Impairment of Leasehold | 0 | 0 |
Changes in operating assets and liabilities which provided (used) cash: | ||
Accounts receivable | (4,382,000) | (2,510,000) |
Merchandise inventories | (2,669,000) | (726,000) |
Prepaid and other assets | 474,000 | (493,000) |
Operating lease right-of-use asstes and liabilities | 590,000 | 1,242,000 |
Accrued income taxes | 1,142,000 | 356,000 |
Accounts payable, accrued expenses and other liabilities | (8,331,000) | 26,005,000 |
Net cash provided by operating activities | (765,000) | 44,500,000 |
INVESTING ACTIVITIES | ||
Capital expenditures | (4,440,000) | (554,000) |
Purchase of short-term investments | (1,529,000) | (62,075,000) |
Sales of short-term investments | 25,566,000 | 28,397,000 |
Sales of other assets | 0 | 0 |
Net cash used in investing activities | 19,597,000 | (34,232,000) |
FINANCING ACTIVITIES | ||
Dividends paid | (3,638,000) | 0 |
Repurchase of common stock | (9,162,000) | (5,629,000) |
Proceeds from lines of credit | 0 | 0 |
Payments to lines of credit | 0 | 0 |
Proceeds from employee stock purchase plan | 91,000 | 128,000 |
Net cash provided used in financing activities | (12,709,000) | (5,501,000) |
Net increase in cash and cash equivalents | 6,123,000 | 4,767,000 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 23,678,000 | 21,022,000 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 29,801,000 | 25,789,000 |
Change in Accrued PPE | $ 2,971,000 | $ 263,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Total | Common Stock Including Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at Jan. 30, 2021 | $ 246,498,000 | $ 115,278,000 | $ 129,303,000 | $ 1,155,000 |
Net income | 20,713,000 | 20,713,000 | ||
Accumulated Other Comprehensive Income | 134,000 | 134,000 | ||
Dividends | 0 | 0 | ||
Class A common stock sold through employee stock purchase plan | 151,000 | 150,000 | ||
Class A common stock issued through restricted stock grant plans | $ 284,000 | 271,000 | 0 | |
Repurchase of treasury shares | 425,661 | |||
Retirement of treasury sharess | $ (5,629,000) | (5,615,000) | ||
Balance at May. 01, 2021 | 261,883,000 | 115,699,000 | 144,401,000 | 1,021,000 |
Balance at Jan. 29, 2022 | 254,196,000 | 119,540,000 | 134,208,000 | (280,000) |
Net income | 9,748,000 | 9,748,000 | ||
Accumulated Other Comprehensive Income | 1,206,000 | 1,206,000 | ||
Class A common stock sold through employee stock purchase plan | 111,000 | 111,000 | ||
Class A common stock issued through restricted stock grant plans | $ 603,000 | 598,000 | ||
Repurchase of treasury shares | 609,928 | |||
Retirement of treasury sharess | $ (9,162,000) | (9,142,000) | ||
Balance at Apr. 30, 2022 | $ 250,652,000 | $ 120,249,000 | $ 131,181,000 | $ (1,486,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
us-gaap_StatementOfStockholdersEquityAbstract | ||
Tax Effect of Unrealized Gains (Losses) On Available-For-Sale Securities | $ 362,000 | $ 40,000 |
Stock Transactions, Parenthetical Disclosures [Abstract] | ||
Dividends per share | $ 0.17 | |
Class A common stock shares sold through employee stock purchase plans | 9,468 | 19,248 |
Class A common stock shares issued through restricted stock grant plans | 396,558 | |
Repurchase of treasury shares | 609,928 | 425,661 |
General - Notes to Financial St
General - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
General Dsiclosure [Abstract] | |
Summary of Significant Account Policies | NOTE 1 : The condensed ended Corporation and In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements noted. The interim financial and January 29, 2022. do not include all disclosures required by America. As Ownership Consolidated Balance Sheets. Subsequent to included in Accounts receivable. The Company anticipates that the remaining balance will the end of the second quarter of fiscal 2022. On May 19, 2022, the Board of Directors declared the quarterly dividend |
Earnings Per Share - Notes to F
Earnings Per Share - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share Disclosure [Abstract] | |
Earnings Per Share | NOTE 2 Accounting Earnings diluted Earnings structures. the accompanying Condensed Company’s certificate Class historically resolved computation to both Basic EPS weighted average number dilution that Purchase Three Months Ended April 30, 2022 May 1, 2021 (Dollars in thousands) Numerator Net earnings $ 9,748 $ 20,713 Earnings allocated to non-vested equity awards (541) (942) Net earnings available to common stockholders $ 9,207 $ 19,771 Denominator Basic weighted average common shares outstanding 20,149,201 21,489,162 Diluted weighted average common shares outstanding 20,149,201 21,489,162 Net income per common share Basic earnings per share $ 0.46 $ 0.92 Diluted earnings per share $ 0.46 $ 0.92 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Apr. 30, 2022 | |
AccumulatedOtherComprehensiveIncomeLossDisclosure[Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 3 The comprehensive Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 29, 2022 $ (280) (1,203) (3) Net current-period other comprehensive income (loss) (1,206) Ending Balance at April 30, 2022 $ (1,486) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $ 4 income for net gains on available-for-sale securities. The tax impact of this reclassification was $ 1 . The comprehensive Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 30, 2021 $ 1,155 (173) 39 Net current-period other comprehensive income (loss) (134) Ending Balance at May 1, 2021 $ 1,021 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $ 51 income for net gains on available-for-sale securities. The tax impact of this reclassification was $ 12 . |
Financing Arrangements - Notes
Financing Arrangements - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | NOTE 4 – FINANCING ARRANGEMENTS: |
Reportable Segment Information
Reportable Segment Information - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Reportable Segment Information [Abstract] | |
Reportable Segment Information | NOTE 5 – REPORTABLE SEGMENT INFORMATION: The Company has determined that it has four operating Cato, segments: Retail commerce, segments may be aggregated and basic principles of products, The financial and competitive risks. shoes and accessories. the same countries and some of the same vendors, Company’s operating segments single The principally in all credit authorizations, the Company. The following Three Months Ended April 30, 2022 Retail Credit Total Revenues $206,208 $513 $206,721 Depreciation 2,743 - 2,743 Interest and other income (403) - (403) Income before taxes 11,613 84 11,697 Capital expenditures 4,440 - 4,440 Three Months Ended May 1, 2021 Retail Credit Total Revenues $212,547 $538 $213,085 Depreciation 3,042 - 3,042 Interest and other income (663) - (663) Income before taxes 23,540 254 23,794 Capital expenditures 554 - 554 Retail Credit Total Total assets as of April 30, 2022 $574,601 $37,429 $612,030 Total assets as of January 29, 2022 595,487 38,279 633,766 The following general The allocate Three Months Ended April 30, 2022 May 1, 2021 Payroll $ 137 $ 117 Postage 93 78 Other expenses 199 89 Total expenses $ 429 $ 284 |
Stock Based Compensation - Note
Stock Based Compensation - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock Based Compensation | NOTE 6 – STOCK BASED COMPENSATION: As of compensation was Incentive restricted shares The following table available 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: - 3,580,471 3,580,471 In accordance grant based straight-line basis over $ 9,868,000 11,096,000 , unvested restricted stock awards, which had a remaining weighted-average 2.4 2.3 was 603,000 283,000 classified as a component Statements of Income. The following summary three months ended April Weighted Average Number of Grant Date Fair Shares Value Restricted stock awards at January 29, 2022 1,196,288 $ 13.76 Granted - - Vested - - Forfeited or expired - - Restricted stock awards at April 30, 2022 1,196,288 $ 13.76 The Company’s number of shares of 15% discount through the Company 9,468 19,248 2.21 1.17 respectively, under the Employee Stock Purchase discount given under 21,000 23,000 three component of Income. |
Fair Value Measurements - Notes
Fair Value Measurements - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures Text Block | NOTE 7 The following tables measured Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable April 30, 2022 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: $ 28,514 $ - $ 28,514 $ - 56,515 - 56,515 - 21,112 - 21,112 - 11,033 - - 11,033 13,512 - 13,512 - 803 803 - - 367 - 367 - Total Assets $ 131,856 $ 803 $ 120,020 $ 11,033 Liabilities: (9,272) - - (9,272) Total Liabilities $ (9,272) $ - $ - $ (9,272) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable January 29, 2022 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: $ 30,451 $ - $ 30,451 $ - 76,909 - 76,909 - 19,715 - 19,715 - 11,472 - - 11,472 18,556 - 18,556 - 818 818 - - 367 - 367 - Total Assets $ 158,288 $ 818 $ 145,998 $ 11,472 Liabilities: (10,020) - - (10,020) Total Liabilities $ (10,020) $ - $ - $ (10,020) The Company’s investment governmental debt securities 2022 and range from one day to 4.6 years. The U.S. Treasury Notes days investments, These assets are carried at fair value with unrealized other comprehensive cards that carry AAA ratings. that were card asset-backed securities holders Additionally, 0.8 compensation 11.0 0.8 equities 11.5 assets Level 1 category securities include corporate and exchanges for identical instruments. management with identical assets information characteristics, Deferred compensation based on the fair value valuation hierarchy. The compensation recorded in designed The following tables measured Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 29, 2022 $ 11,472 Redemptions - Additions - Total gains or (losses) (439) - Ending Balance at April 30, 2022 $ 11,033 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 29, 2022 $ (10,020) 489 (149) 408 - Ending Balance at April 30, 2022 $ (9,272) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 30, 2021 $ 11,263 Redemptions - Additions - 209 - Ending Balance at January 29, 2022 $ 11,472 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 30, 2021 $ (10,316) 1,010 (304) (410) - Ending Balance at January 29, 2022 $ (10,020) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements - Notes to Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Recent Accounting Pronouncements [Abstract] | |
NewAccountingPronouncementsAndChangesInAccountingPrinciples [TextBlock] | None. |
Income Tax - Notes to the Finan
Income Tax - Notes to the Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
IncomeTaxDisclosureAbstract | |
Income Tax Disclosure [Text Block] | NOTE 9 – INCOME TAXES: The Company had an effective tax rate for the 16.7 % compared to an effective tax rate of 12.9 % for the first quarter of 2021. The increase in the 2022 first quarter tax to |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
IncomeTaxDisclosureAbstract | |
Income Taxes | NOTE 9 – INCOME TAXES: The Company had an effective tax rate for the 16.7 % compared to an effective tax rate of 12.9 % for the first quarter of 2021. The increase in the 2022 first quarter tax to |
Commitments and Contingencies -
Commitments and Contingencies - Notes to the Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
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 its business, including litigation instituted employment present or former employees. Although such business litigation could does material adverse uncertainties involved in and particular reporting period. The Company accrues for and reasonably estimable. |
Revenue Recognition Footnote
Revenue Recognition Footnote | 3 Months Ended |
Apr. 30, 2022 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
Deferred Revenue Disclosure [TextBlock] | NOTE 11 – REVENUE RECOGNITION: The merchandise Cato possession of customer. Gift cards are cards do not have volumes amounts. proprietary transaction are and accrued) are classified as Cost of goods sold. The Company Company’s estimated customer credit 86,000 131,000 1, 5.7 $ 4.4 The customers (in thousands): Balance as of April 30, 2022 January 29, 2022 Proprietary Credit Card Receivables, net $ 9,522 $ 8,998 Gift Card Liability $ 6,556 $ 8,308 |
Leases - Notes to the Financial
Leases - Notes to the Financial Statements | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 12 – LEASES: The leases some of options to lease term do not contain any material residual value guarantees or material As borrowing rate based present value of lease payments. The components of lease cost are shown below (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Operating lease cost (a) $ 17,754 $ 16,726 Variable $ 768 $ 793 (a) Includes right-of-use asset amortization of ($0.4) million and April 30, 2022 and May 1, 2021, respectively. (b) Primarily related to monthly percentage rent for stores not presented on the balance sheet. Supplemental cash flow as follows (in thousands): Operating cash flow information: Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 16,836 $ 15,947 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 3,515 $ 734 Weighted-average follows: As of April 30, 2022 May 1, 2021 Weighted-average remaining lease term 2.4 years 2.7 years Weighted-average discount rate 2.92% 3.73% the maturities are as follows (in thousands): Fiscal Year 2022 (a) $ 53,370 2023 53,633 2024 36,956 2025 21,875 2026 10,602 Thereafter 2,986 Total lease payments 179,422 Less: Imputed interest 8,410 Present value of lease liabilities $ 171,012 (a) Excluding the 3 months ended April 30, 2022. |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share Disclosure [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 30, 2022 May 1, 2021 (Dollars in thousands) Numerator Net earnings $ 9,748 $ 20,713 Earnings allocated to non-vested equity awards (541) (942) Net earnings available to common stockholders $ 9,207 $ 19,771 Denominator Basic weighted average common shares outstanding 20,149,201 21,489,162 Diluted weighted average common shares outstanding 20,149,201 21,489,162 Net income per common share Basic earnings per share $ 0.46 $ 0.92 Diluted earnings per share $ 0.46 $ 0.92 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 January 29, 2022 $ (280) (1,203) (3) Net current-period other comprehensive income (loss) (1,206) Ending Balance at April 30, 2022 $ (1,486) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $ 4 income for net gains on available-for-sale securities. The tax impact of this reclassification was $ 1 . Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 30, 2021 $ 1,155 (173) 39 Net current-period other comprehensive income (loss) (134) Ending Balance at May 1, 2021 $ 1,021 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to other comprehensive income ("OCI"). (b) Includes $ 51 income for net gains on available-for-sale securities. The tax impact of this reclassification was $ 12 . |
Reportable Segment Informatio_2
Reportable Segment Information - (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Reportable Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended April 30, 2022 Retail Credit Total Revenues $206,208 $513 $206,721 Depreciation 2,743 - 2,743 Interest and other income (403) - (403) Income before taxes 11,613 84 11,697 Capital expenditures 4,440 - 4,440 Three Months Ended May 1, 2021 Retail Credit Total Revenues $212,547 $538 $213,085 Depreciation 3,042 - 3,042 Interest and other income (663) - (663) Income before taxes 23,540 254 23,794 Capital expenditures 554 - 554 Retail Credit Total Total assets as of April 30, 2022 $574,601 $37,429 $612,030 Total assets as of January 29, 2022 595,487 38,279 633,766 Three Months Ended April 30, 2022 May 1, 2021 Payroll $ 137 $ 117 Postage 93 78 Other expenses 199 89 Total expenses $ 429 $ 284 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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: - 3,580,471 3,580,471 |
Sechedule Of Restricted Stock O
Sechedule Of Restricted Stock Outstanding - (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Changes In Restricted Stock Outstanding | Weighted Average Number of Grant Date Fair Shares Value Restricted stock awards at January 29, 2022 1,196,288 $ 13.76 Granted - - Vested - - Forfeited or expired - - Restricted stock awards at April 30, 2022 1,196,288 $ 13.76 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets at Fairvalue - (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures | Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable April 30, 2022 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: $ 28,514 $ - $ 28,514 $ - 56,515 - 56,515 - 21,112 - 21,112 - 11,033 - - 11,033 13,512 - 13,512 - 803 803 - - 367 - 367 - Total Assets $ 131,856 $ 803 $ 120,020 $ 11,033 Liabilities: (9,272) - - (9,272) Total Liabilities $ (9,272) $ - $ - $ (9,272) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable January 29, 2022 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: $ 30,451 $ - $ 30,451 $ - 76,909 - 76,909 - 19,715 - 19,715 - 11,472 - - 11,472 18,556 - 18,556 - 818 818 - - 367 - 367 - Total Assets $ 158,288 $ 818 $ 145,998 $ 11,472 Liabilities: (10,020) - - (10,020) Total Liabilities $ (10,020) $ - $ - $ (10,020) |
Fair Value Measurments - Level
Fair Value Measurments - Level 3 Roll (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Level 3 Reconciliation | Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 29, 2022 $ 11,472 Redemptions - Additions - Total gains or (losses) (439) - Ending Balance at April 30, 2022 $ 11,033 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 29, 2022 $ (10,020) 489 (149) 408 - Ending Balance at April 30, 2022 $ (9,272) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 30, 2021 $ 11,263 Redemptions - Additions - 209 - Ending Balance at January 29, 2022 $ 11,472 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 30, 2021 $ (10,316) 1,010 (304) (410) - Ending Balance at January 29, 2022 $ (10,020) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
RevenueRecognitionAndDeferredRevenueAbstract | |
ContractWithCustomerAssetAndLiabilityTableTextBlock | Balance as of April 30, 2022 January 29, 2022 Proprietary Credit Card Receivables, net $ 9,522 $ 8,998 Gift Card Liability $ 6,556 $ 8,308 |
Leases - (Tables)
Leases - (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Three Months Ended April 30, 2022 May 1, 2021 Operating lease cost (a) $ 17,754 $ 16,726 Variable $ 768 $ 793 (a) Includes right-of-use asset amortization of ($0.4) million and April 30, 2022 and May 1, 2021, respectively. (b) Primarily related to monthly percentage rent for stores not presented on the balance sheet. |
Lessee Operating Leases Supplemental Cash Flow Information and Noncash Activity Table [Table Text Block] | Operating cash flow information: Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities $ 16,836 $ 15,947 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 3,515 $ 734 |
Lessee Operating Lease Weighted Averages Table [Table Text Block] showing weighted average remaining lease term and weighted average discount rate | As of April 30, 2022 May 1, 2021 Weighted-average remaining lease term 2.4 years 2.7 years Weighted-average discount rate 2.92% 3.73% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year 2022 (a) $ 53,370 2023 53,633 2024 36,956 2025 21,875 2026 10,602 Thereafter 2,986 Total lease payments 179,422 Less: Imputed interest 8,410 Present value of lease liabilities $ 171,012 (a) Excluding the 3 months ended April 30, 2022. |
General - Notes to Financial _2
General - Notes to Financial Statements - (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
General Dsiclosure [Abstract] | ||
Quarterly Declared Dividend | $ 0.17 | |
Repurchase of common stock | $ 9,162,000 | $ 5,629,000 |
Net income | 9,748,000 | 20,713,000 |
Dividends paid | $ 3,638,000 | $ 0 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Earnings Per Share Disclosure [Abstract] | ||
Net income | $ 9,748,000 | $ 20,713,000 |
Earnings Allocated to Non-Vesting Equity Awards | (541,000) | (942,000) |
Net Income (Loss) Available to Common Stockholders | $ 9,207,000 | $ 19,771,000 |
Basic Weighted-Average common shares outstanding | 20,149,201 | 21,489,162 |
Dilluted Weighted Average Common Shares Outstanding | 20,149,201 | 21,489,162 |
Basic earnings per share | $ 0.46 | $ 0.92 |
Diluted earnings per share | $ 0.46 | $ 0.92 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance Accumulated other comprehensive income, net of tax | $ (280,000) | $ 1,155,000 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (1,203,000) | (173,000) |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax | (3,000) | 39,000 |
Unrealized gain on available-for-sale securities, net of deferred income taxes | (1,206,000) | (134,000) |
Ending Balance Accumulated other comprehensive income, net of tax | (1,486,000) | 1,021,000 |
ChangeInUnrealizedGainsOnAvailableForSaleSecuritiesMember [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance Accumulated other comprehensive income, net of tax | (280,000) | |
Unrealized gain on available-for-sale securities, net of deferred income taxes | (1,206,000) | $ (134,000) |
Ending Balance Accumulated other comprehensive income, net of tax | $ (1,486,000) |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income Components - (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||
Income Tax Benefit (Expense) | $ 1,949,000 | $ 3,081,000 |
Reclassified Accumulated Unrealized Gains and Losses | ||
ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems | ||
Interest and Other Income | (4,000) | 51,000 |
Income Tax Benefit (Expense) | $ (1,000) | $ 12,000 |
Reportable Segment Informatio_3
Reportable Segment Information - (Details) - USD ($) | 3 Months Ended | |||
Apr. 30, 2022 | May 01, 2021 | May 05, 2018 | Jan. 29, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 206,721,000 | $ 213,085,000 | ||
Depreciation | 2,743,000 | 3,042,000 | ||
Interest and other income | 403,000 | 663,000 | ||
Total Assets | 612,030,000 | $ 633,766,000 | ||
Capital expenditures | 4,440,000 | 554,000 | ||
Income Before Taxes | 11,697,000 | 23,794,000 | ||
ReportableSegmentsMemberRetail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 206,208,000 | 212,547,000 | ||
Depreciation | 2,743,000 | 3,042,000 | $ 3,042,000 | |
Interest and other income | 403,000 | 663,000 | ||
Total Assets | 574,601,000 | 595,487,000 | ||
Capital expenditures | 4,440,000 | 554,000 | ||
Income Before Taxes | 11,613,000 | 23,540,000 | 23,540,000 | |
ReportableSegmentsMemberCredit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 513,000 | 538,000 | ||
Depreciation | 0 | 0 | 0 | |
Interest and other income | 0 | 0 | ||
Total Assets | 37,429,000 | $ 38,279,000 | ||
Capital expenditures | 0 | 0 | ||
Income Before Taxes | $ 84,000 | $ 254,000 | $ 254,000 |
Direct Expenses of Credit Segme
Direct Expenses of Credit Segment in SGA - (Details) - ReportableSegmentsMemberCredit [Member] - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Segment Reporting Information [Line Items] | ||
Labor and Related Expense | $ 137,000 | $ 117,000 |
Postage Expense | 93,000 | 78,000 |
Other Expenses | 199,000 | 89,000 |
Total Credit Expenses | $ 429,000 | $ 284,000 |
Stock Based Compensation - Pl_2
Stock Based Compensation - Plans - (Details) | Apr. 30, 2022shares |
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 | 3,580,471 |
2013 Plan | |
Authorized And Available For Grant [Line Items] | |
Options And/Or Restrcited Stock Initially Authorized | 1,500,000 |
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 | 3,580,471 |
Sechedule Of Restricted Stock_2
Sechedule Of Restricted Stock Outstanding - (Details) - 2004 Plan - Restricted Stock - Class A Common Stock | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |
Restricted Stock Awards Beginning Balance | shares | 1,196,288 |
Restricted Stock Awards Granted | shares | 0 |
Restricted Stock Awards Vested | shares | 0 |
Restricted Stock Awards Foreited | shares | 0 |
Restricted Stock Awards Ending Balance | shares | 1,196,288 |
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 | $ 13.76 |
Granted Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 0 |
Vested Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 0 |
Forfeited Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share | $ / shares | 0 |
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Ending Balance | $ / shares | $ 13.76 |
Stock Based Compensation Additi
Stock Based Compensation Additional - (Details) - Class A Common Stock - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | Jan. 29, 2022 | |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized Compensation Expense | $ 9,868,000 | $ 11,096,000 | |
Remaining Weighted-Average Vesting Period | 2 years 4 months 24 days | 2 years 3 months 18 days | |
Compensation Expense | $ 603,000 | $ 283,000 | |
Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares Sold | 9,468 | 19,248 | |
Compensation Expense | $ 21,000 | $ 23,000 | |
Employee Stock Purchase Plan Share Purchase Discount | $ 2.21 | $ 1.17 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets at Fairvalue - (Details) - USD ($) | Apr. 30, 2022 | Jan. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | $ 131,856,000 | $ 158,288,000 |
Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 9,272,000 | |
Total Financial Liabilities At Fair Value | 9,272,000 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | 803,000 | 818,000 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | 120,020,000 | 145,998,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Financial Assets At Fair Value | 11,033,000 | 11,472,000 |
Level 3 | Deferred Compensation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 9,272,000 | 10,020,000 |
Total Financial Liabilities At Fair Value | 9,272,000 | 10,020,000 |
State/Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 28,514,000 | 30,451,000 |
State/Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 28,514,000 | 30,451,000 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 56,515,000 | 76,909,000 |
Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 56,515,000 | 76,909,000 |
US Treasury Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 21,112,000 | 19,715,000 |
US Treasury Notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 21,112,000 | 19,715,000 |
Corporate Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 803,000 | 818,000 |
Corporate Equities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 803,000 | 818,000 |
Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 367,000 | 367,000 |
Certificates of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 367,000 | 367,000 |
Asset Backed Securities (ABS) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 13,512,000 | 18,556,000 |
Asset Backed Securities (ABS) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale Securities | 13,512,000 | 18,556,000 |
Cash Surrender Value - Life Insurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Surrender Value, Fair Value Disclosure | 11,033,000 | 11,472,000 |
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 | $ 11,033,000 | $ 11,472,000 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Roll - (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Deferred Compensation | ||
FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems | ||
Begining Balance | $ 10,020,000 | $ 10,316,000 |
Redemptions | (489,000) | (1,010,000) |
Additions | (149,000) | (304,000) |
Losses (Gains) Included In Earnings | (408,000) | 410,000 |
Ending Balance | 9,272,000 | |
Cash Surrender Value - Life Insurance | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 11,472,000 | 11,263,000 |
Gains (Losses) Included in Earnings | 439,000 | $ (209,000) |
Ending Balance | $ 11,033,000 |
Income Tax (Details)
Income Tax (Details) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
IncomeTaxDisclosureAbstract | ||
Effective Income Tax Rate | 16.70% | 12.90% |
Effective Tax Rate (Details)
Effective Tax Rate (Details) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | ||
Effective Income Tax Rate | 16.70% | 12.90% |
Revenue Recognition Disclosure
Revenue Recognition Disclosure Table - (Details) - USD ($) | Apr. 30, 2022 | Jan. 29, 2022 |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Receivables Net | $ 9,522,000 | $ 8,998,000 |
Gift Card Liability | $ 6,556,000 | $ 8,308,000 |
Revenue Recognition Cato Credit
Revenue Recognition Cato Credit Card - (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
RevenueRecognitionAndDeferredRevenueAbstract | ||
Proprietary Credit Card Uncollectable amounts | $ 86,000 | $ 131,000 |
Proprietary Credit Card Sales | $ 5,700,000 | $ 4,400,000 |
Leases - (Details)
Leases - (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.92% | 3.73% |
Operating Lease, Expense | $ 17,754,000 | $ 16,726,000 |
Variable Lease, Cost | 768,000 | 793,000 |
Operating Lease, Payments | 16,836,000 | 15,947,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 3,515,000 | $ 734,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 53,370,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 53,633,000 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 36,956,000 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 21,875,000 | |
Operating Leases, Future Minimum Payments, Due In Five Years | 10,602,000 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 2,986,000 | |
Operating Leases, Future Minimum Payments Due | 179,422,000 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (8,410,000) | |
Operating Lease, Liability | $ 171,012,000 |