Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 29, 2017 | Aug. 25, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GENESCO INC | |
Entity Central Index Key | 18,498 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 29, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 19,919,019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Current Assets: | |||
Cash and cash equivalents | $ 43,520 | $ 48,301 | $ 41,466 |
Accounts receivable, net of allowances of $3,469 at Jul. 29, 2017, $3,073 at Jan. 28, 2017 and $3,171 at Jul. 30, 2016 | 39,411 | 43,525 | 46,469 |
Inventories | 670,104 | 563,677 | 663,708 |
Prepaids and other current assets | 83,578 | 61,470 | 69,381 |
Total current assets | 836,613 | 716,973 | 821,024 |
Property and equipment: | |||
Land | 7,881 | 7,773 | 7,872 |
Buildings and building equipment | 56,222 | 52,673 | 50,761 |
Computer hardware, software and equipment | 192,880 | 179,926 | 190,689 |
Furniture and fixtures | 219,025 | 211,833 | 209,246 |
Construction in progress | 55,374 | 33,660 | 27,341 |
Improvements to leased property | 375,636 | 366,186 | 363,000 |
Property and equipment, at cost | 907,018 | 852,051 | 848,909 |
Accumulated depreciation | (544,714) | (521,440) | (527,678) |
Property and equipment, net | 362,304 | 330,611 | 321,231 |
Deferred income taxes | 11,918 | 13,372 | 27,015 |
Goodwill | 276,209 | 271,222 | 277,028 |
Trademarks, net of accumulated amortization of $5,590 at Jul. 29, 2017, $5,574 at Jan. 28, 2017 and $5,372 at Jul. 30, 2016 | 86,150 | 84,327 | 86,035 |
Other intangibles, net of accumulated amortization of $16,785 at Jul. 29, 2017, $16,200 at Jan. 28, 2017 and $16,303 at Jul. 30, 2016 | 2,129 | 2,392 | 3,123 |
Other noncurrent assets | 22,190 | 22,102 | 43,201 |
Total Assets | 1,597,513 | 1,440,999 | 1,578,657 |
Current Liabilities: | |||
Accounts payable | 242,729 | 170,751 | 269,371 |
Accrued employee compensation | 20,297 | 31,128 | 23,529 |
Accrued other taxes | 19,555 | 23,101 | 22,415 |
Accrued income taxes | 64 | 7,568 | 4,288 |
Current portion – long-term debt | 2,051 | 9,175 | 10,620 |
Other accrued liabilities | 64,225 | 64,333 | 64,233 |
Provision for discontinued operations | 2,111 | 3,330 | 13,249 |
Total current liabilities | 351,032 | 309,386 | 407,705 |
Long-term debt | 188,823 | 73,730 | 124,981 |
Pension liability | 5,989 | 6,265 | 9,487 |
Deferred rent and other long-term liabilities | 133,059 | 127,384 | 147,852 |
Provision for discontinued operations | 1,713 | 1,713 | 1,713 |
Total liabilities | 680,616 | 518,478 | 691,738 |
Commitments and contingent liabilities | |||
Equity: | |||
Non-redeemable preferred stock | 1,061 | 1,060 | 1,071 |
Common equity: | |||
Common stock, $1 par value: Authorized: 80,000,000 shares Issued/Outstanding: July 29, 2017 – 20,407,483/19,919,019, January 28, 2017 – 20,354,272/19,865,808, July 30, 2016 – 21,109,751/20,621,287 | 20,408 | 20,354 | 21,110 |
Additional paid-in capital | 244,083 | 237,677 | 230,372 |
Retained earnings | 710,445 | 731,111 | 697,768 |
Accumulated other comprehensive loss | (42,806) | (51,292) | (47,105) |
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) | (17,857) |
Total Genesco equity | 915,334 | 921,053 | 885,359 |
Noncontrolling interest – non-redeemable | 1,563 | 1,468 | 1,560 |
Total equity | 916,897 | 922,521 | 886,919 |
Total Liabilities and Equity | $ 1,597,513 | $ 1,440,999 | $ 1,578,657 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Allowances on accounts receivable | $ 3,469 | $ 3,073 | $ 3,171 |
Accumulated amortization on trademarks | 5,590 | 5,574 | 5,372 |
Accumulated amortization on other intangibles | $ 16,785 | $ 16,200 | $ 16,303 |
Common stock par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock authorized (in shares) | 80,000,000 | 80,000,000 | 80,000,000 |
Common stock issued (in shares) | 20,407,483 | 20,354,272 | 21,109,751 |
Common stock outstanding (in shares) | 19,919,019 | 19,865,808 | 20,621,287 |
Treasury shares, at cost (in shares) | 488,464 | 488,464 | 488,464 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 616,506 | $ 625,557 | $ 1,259,874 | $ 1,274,350 |
Cost of sales | 309,999 | 310,820 | 634,454 | 629,916 |
Selling and administrative expenses | 308,459 | 302,662 | 624,459 | 610,905 |
Asset impairments and other, net | 58 | (7,945) | 177 | (4,388) |
Earnings (loss) from operations | (2,010) | 20,020 | 784 | 37,917 |
Gain on sale of Lids Team Sports | 0 | (2,485) | 0 | (2,485) |
Interest expense, net: | ||||
Interest expense | 1,255 | 1,316 | 2,429 | 2,479 |
Interest income | (6) | (10) | (3) | (36) |
Total interest expense, net | 1,249 | 1,306 | 2,426 | 2,443 |
Earnings (loss) from continuing operations before income taxes | (3,259) | 21,199 | (1,642) | 37,959 |
Income tax expense | 616 | 6,695 | 1,236 | 12,891 |
Earnings (loss) from continuing operations | (3,875) | 14,504 | (2,878) | 25,068 |
Provision for discontinued operations, net | (73) | 74 | (185) | (80) |
Net Earnings (Loss) | $ (3,948) | $ 14,578 | $ (3,063) | $ 24,988 |
Basic earnings (loss) per common share: | ||||
Continuing operations (in dollars per share) | $ (0.20) | $ 0.72 | $ (0.15) | $ 1.22 |
Discontinued operations (in dollars per share) | (0.01) | 0 | (0.01) | 0 |
Net earnings (loss) (in dollars per share) | (0.21) | 0.72 | (0.16) | 1.22 |
Diluted earnings (loss) per common share: | ||||
Continuing operations (in dollars per share) | (0.20) | 0.72 | (0.15) | 1.22 |
Discontinued operations (in dollars per share) | (0.01) | 0 | (0.01) | (0.01) |
Net earnings (loss) (in dollars per share) | $ (0.21) | $ 0.72 | $ (0.16) | $ 1.21 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (3,948) | $ 14,578 | $ (3,063) | $ 24,988 |
Other comprehensive income: | ||||
Pension liability adjustments, net of tax of $0.1 million and $0.2 million for the three and six months ended July 29, 2017 and July 30, 2016 | 126 | 118 | 258 | 256 |
Postretirement liability adjustments, net of tax of $0.0 million for both the three and six months ended July 29, 2017 and July 30, 2016 | 20 | 15 | 43 | 30 |
Foreign currency translation adjustments | 5,995 | (13,376) | 8,185 | (4,778) |
Total other comprehensive income (loss) | 6,141 | (13,243) | 8,486 | (4,492) |
Comprehensive income | $ 2,193 | $ 1,335 | $ 5,423 | $ 20,496 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension liability adjustment, tax | $ 0.1 | $ 0.2 | $ 0.1 | $ 0.2 |
Postretirement liability adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net earnings (loss) | $ (3,948) | $ 14,578 | $ (3,063) | $ 24,988 |
Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 18,930 | 19,109 | 38,546 | 37,923 |
Amortization of deferred note expense and debt discount | 179 | 212 | 385 | 426 |
Deferred income taxes | 3,288 | 4,135 | 1,282 | 1,609 |
Provision on accounts receivable | 8 | 81 | 159 | 247 |
Gain on sale of business | 0 | (2,485) | 0 | (2,485) |
Impairment of long-lived assets | 58 | 1,017 | 177 | 4,453 |
Restricted stock expense | 3,387 | 3,367 | 6,735 | 6,653 |
Provision for discontinued operations | 119 | (120) | 303 | 132 |
Other | 526 | 446 | 344 | 1,077 |
Effect on cash from changes in working capital and other assets and liabilities, net of acquisitions: | ||||
Accounts receivable | 15,208 | 5,623 | 2,806 | 417 |
Inventories | (87,027) | (118,357) | (101,445) | (134,174) |
Prepaids and other current assets | (19,023) | (10,726) | (21,241) | (9,143) |
Accounts payable | 67,916 | 97,691 | 72,615 | 120,890 |
Other accrued liabilities | (8,707) | 3,076 | (26,420) | (20,293) |
Other assets and liabilities | 2,289 | (2,152) | 4,038 | 1,340 |
Net cash provided by (used in) operating activities | (6,797) | 15,495 | (24,779) | 34,060 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (37,010) | (23,346) | (67,336) | (40,703) |
Acquisitions, net of cash acquired | 0 | (22) | 0 | (22) |
Payments related to asset sales and sale of business | 27 | (545) | 238 | (545) |
Net cash used in investing activities | (36,983) | (23,913) | (67,098) | (41,270) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of long-term debt | 0 | (3,070) | (8,018) | (4,990) |
Borrowings under revolving credit facility | 133,593 | 69,994 | 324,987 | 69,994 |
Payments on revolving credit facility | (85,869) | (38,682) | (214,282) | (39,429) |
Share repurchases | (1,715) | (27,192) | (17,878) | (104,088) |
Change in overdraft balances | (2,371) | 6,595 | 627 | (5,760) |
Exercise of stock options | 0 | 513 | 0 | 573 |
Other | (143) | (143) | 1,214 | (283) |
Net cash provided by (used in) financing activities | 43,495 | 8,015 | 86,650 | (83,983) |
Effect of foreign exchange rate fluctuations on cash | 434 | (881) | 446 | (629) |
Net Increase (Decrease) in Cash and Cash Equivalents | 149 | (1,284) | (4,781) | (91,822) |
Cash and cash equivalents at beginning of period | 43,371 | 42,750 | 48,301 | 133,288 |
Cash and cash equivalents at end of period | 43,520 | 41,466 | 43,520 | 41,466 |
Net cash paid for: | ||||
Interest | 1,112 | 1,086 | 2,105 | 1,884 |
Income taxes | $ 21,868 | $ 21,413 | $ 24,144 | $ 34,535 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Non-Redeemable Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares | Non Controlling Interest Non-Redeemable |
Beginning Balance at Jan. 30, 2016 | $ 956,783 | $ 1,077 | $ 22,323 | $ 224,004 | $ 768,222 | $ (42,613) | $ (17,857) | $ 1,627 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) | 24,988 | |||||||
Other comprehensive income (loss) | (4,492) | |||||||
Shares repurchased | (93,400) | |||||||
Ending Balance at Jul. 30, 2016 | 886,919 | |||||||
Beginning Balance at Jan. 30, 2016 | 956,783 | 1,077 | 22,323 | 224,004 | 768,222 | (42,613) | (17,857) | 1,627 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) | 97,431 | 97,431 | ||||||
Other comprehensive income (loss) | (8,679) | (8,679) | ||||||
Exercise of stock options | 1,018 | 27 | 991 | |||||
Employee and non-employee restricted stock | 13,481 | 13,481 | ||||||
Restricted stock issuance | 236 | (236) | ||||||
Restricted shares withheld for taxes | (3,435) | (56) | 56 | (3,435) | ||||
Tax benefit of stock options and restricted stock exercised | (657) | (657) | ||||||
Shares repurchased | (133,263) | (2,156) | (131,107) | |||||
Other | 1 | (17) | (20) | 38 | ||||
Noncontrolling interest – earnings (loss) | (159) | (159) | ||||||
Ending Balance at Jan. 28, 2017 | 922,521 | 1,060 | 20,354 | 237,677 | 731,111 | (51,292) | (17,857) | 1,468 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings (loss) | (3,063) | (3,063) | ||||||
Other comprehensive income (loss) | 8,486 | 8,486 | ||||||
Employee and non-employee restricted stock | 6,735 | 6,735 | ||||||
Restricted stock issuance | 357 | (357) | ||||||
Restricted shares withheld for taxes | (1,715) | (51) | 51 | (1,715) | ||||
Shares repurchased | (16,163) | (275) | (15,888) | |||||
Other | 1 | 1 | 23 | (23) | ||||
Noncontrolling interest – earnings (loss) | 95 | 95 | ||||||
Ending Balance at Jul. 29, 2017 | $ 916,897 | $ 1,061 | $ 20,408 | $ 244,083 | $ 710,445 | $ (42,806) | $ (17,857) | $ 1,563 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements and Notes contained in this report are unaudited but reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results for the interim periods of the fiscal year ending February 3, 2018 ("Fiscal 2018") and of the fiscal year ended January 28, 2017 ("Fiscal 2017"). The results of operations for any interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The Condensed Consolidated Balance Sheet as of January 28, 2017 has been derived from the audited financial statements at that date. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and notes thereto for Fiscal 2017, which are contained in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on March 29, 2017. Nature of Operations Genesco Inc. and its subsidiaries (collectively, the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, shibyjourneys.com, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S., Puerto Rico and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lids and on macys.com, under a license agreement with Macy's; certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com, lidsclubhouse.com and neweracap.com. Including both the footwear businesses and the Lids Sports Group business, at July 29, 2017, the Company operated 2,745 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany. During the six months ended July 29, 2017 and July 30, 2016, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy ® and H. S. Trask ® brands; and (v) Licensed Brands, comprised of Dockers ® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip ® Footwear, which was sold in Note 1 Summary of Significant Accounting Policies, Continued the fourth quarter of Fiscal 2017; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd.; and other brands. Principles of Consolidation All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. Cash and Cash Equivalents The Company had total available cash and cash equivalents of $43.5 million , $48.3 million and $41.5 million as of July 29, 2017, January 28, 2017 and July 30, 2016, respectively, of which approximately $14.8 million , $22.9 million and $11.8 million was held by the Company's foreign subsidiaries as of July 29, 2017, January 28, 2017 and July 30, 2016, respectively. The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at July 29, 2017, January 28, 2017 and July 30, 2016. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. At July 29, 2017, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Condensed Consolidated Balance Sheets. At July 29, 2017, January 28, 2017 and July 30, 2016, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $37.3 million , $36.7 million and $39.2 million , respectively. These amounts are included in accounts payable in the Condensed Consolidated Balance Sheets. Concentration of Credit Risk and Allowances on Accounts Receivable The Company’s footwear wholesale businesses sell primarily to department stores and independent retailers across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer accounted for 19% and one customer accounted for 10% of the Company’s total trade receivables balance, while no other customer accounted for more than 9% of the Company’s total trade receivables balance as of July 29, 2017. Leases The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $27.0 million , $25.4 million and $25.4 million at July 29, 2017, January 28, 2017 and July 30, 2016, respectively, and deferred Note 1 Summary of Significant Accounting Policies, Continued rent of $55.4 million , $51.9 million and $49.7 million , each at July 29, 2017, January 28, 2017 and July 30, 2016, respectively, are included in deferred rent and other long-term liabilities on the Condensed Consolidated Balance Sheets. The Condensed Consolidated Balance Sheets include asset retirement obligations related to leases of $10.9 million , $10.3 million and $10.4 million as of July 29, 2017, January 28, 2017 and July 30, 2016, respectively. Fair Value of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments at July 29, 2017 and January 28, 2017 are as follows: Fair Values In thousands July 29, 2017 January 28, 2017 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Credit Facility Borrowings $ 162,251 $ 163,620 $ 49,879 $ 50,396 UK Term Loans 11,821 12,025 19,230 19,541 UK Revolver Borrowings 16,802 17,071 13,796 13,956 Debt fair values were estimated using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5. Carrying amounts reported on the Condensed Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. Selling and Administrative Expenses Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale costs of distribution are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations in the amount of $1.2 million and $1.4 million for the second quarters of Fiscal 2018 and Fiscal 2017, respectively, and $2.8 million and $3.0 million for the first six months of Fiscal 2018 and 2017, respectively. Gift Cards Gift card breakage is recognized in revenues each period for which financial statements are updated. Gift card breakage recognized as revenue was $0.1 million for each of the second quarters of Fiscal 2018 and Fiscal 2017, and $0.4 million and $0.3 million for the first six months of Fiscal 2018 and 2017, respectively. The Condensed Consolidated Balance Sheets include an accrued liability for Note 1 Summary of Significant Accounting Policies, Continued gift cards of $15.6 million , $17.7 million and $15.0 million at July 29, 2017, January 28, 2017 and July 30, 2016, respectively. Buying, Merchandising and Occupancy Costs The Company records buying, merchandising and occupancy costs in selling and administrative expense on the Condensed Consolidated Statements of Operations. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail store occupancy costs recorded in selling and administrative expense were $114.1 million and $112.2 million for the second quarters of Fiscal 2018 and Fiscal 2017, respectively, and $227.4 million and $223.4 million for the first six months of Fiscal 2018 and 2017, respectively. Advertising Costs Advertising costs are predominantly expensed as incurred. Advertising costs were $16.9 million and $15.7 million for the second quarters of Fiscal 2018 and Fiscal 2017, respectively, and $36.5 million and $32.4 million for the first six months of Fiscal 2018 and 2017, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months. The Condensed Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $3.7 million , $1.2 million and $1.6 million at July 29, 2017, January 28, 2017 and July 30, 2016, respectively. Cooperative Advertising Cooperative advertising costs recognized in selling and administrative expenses on the Condensed Consolidated Statements of Operations were $0.6 million and $0.7 million for the second quarters of Fiscal 2018 and Fiscal 2017, respectively, and $1.8 million and $1.7 million for the first six months of Fiscal 2018 and 2017, respectively. During the first six months of Fiscal 2018 and Fiscal 2017, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements. Vendor Allowances Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $1.7 million and $1.4 million for the second quarters of Fiscal 2018 and Fiscal 2017, respectively, and $4.4 million and $2.7 million for the first six months of Fiscal 2018 and 2017, respectively. During the first six months of Fiscal 2018 and Fiscal 2017, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred. Foreign Currency Translation The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting Note 1 Summary of Significant Accounting Policies, Continued from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. Gains and losses from certain foreign currency transactions are reported as an item of income and resulted in a net loss of $0.2 million and $0.5 million for the second quarter and first six months of Fiscal 2018, respectively, and a net gain of $(0.5) million and $(1.5) million for the second quarter and first six months of Fiscal 2017, respectively. Other Comprehensive Income The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustments to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at July 29, 2017 consisted of $9.2 million of cumulative pension liability adjustments, net of tax, a cumulative post-retirement liability adjustment of $1.5 million , net of tax, and a cumulative foreign currency translation adjustment of $32.1 million . The following table summarizes the components of accumulated other comprehensive loss for the six months ended July 29, 2017: Foreign Currency Translation Unrecognized Pension/Postretirement Benefit Costs Total Accumulated Other Comprehensive Income (Loss) (In thousands) Balance January 28, 2017 $ (40,329 ) $ (10,963 ) $ (51,292 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 6,790 — 6,790 Gain on intra-entity foreign currency transactions (long-term investment nature) 1,395 — 1,395 Amounts reclassified from AOCI: Amortization of net actuarial loss (1) — 493 493 Income tax expense — 192 192 Current period other comprehensive income, net of tax 8,185 301 8,486 Balance July 29, 2017 $ (32,144 ) $ (10,662 ) $ (42,806 ) (1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Condensed Consolidated Statements of Operations. Income Taxes The Company recorded an effective income tax rate of (18.9)% and 31.6% in the second quarter of Fiscal 2018 and 2017, respectively, and (75.3)% and 34.0% for the first six months of Fiscal 2018 and 2017, respectively. The tax rate for the second quarter and first six months of Fiscal 2018 was impacted by $2.2 million of tax expense due to the impact of ASU 2016-09 related to the vesting of stock grants. This year's tax rate for the second quarter and first six months was favorably impacted by a $0.5 million return to provision adjustment. Last year's tax rate for the second quarter Note 1 Summary of Significant Accounting Policies, Continued and first six months was favorably impacted primarily due to the reversal of previously recorded charges related to a formerly uncertain tax position as a result of a vacated tax assessment. New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 simplifies the measurement of goodwill by eliminating the second step from the goodwill impairment test, which requires the comparison of the implied fair value of goodwill with the current carrying amount of goodwill. Instead, under the amendments in this guidance, an entity shall perform a goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount and an impairment charge is to be recorded for the amount, if any, in which the carrying value exceeds the reporting unit’s fair value. This guidance should be applied prospectively and is effective for public business entities that are United States Securities and Exchange Commission filers for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The Company adopted ASU 2017-04 in the first quarter of Fiscal 2018, and it did not have a material impact on its Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The inclusion of excess tax benefits and deficiencies as a component of the Company's income tax expense will increase volatility within its provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards is dependent on the Company's stock price at the date the awards are exercised or settled which is primarily in the second quarter of each fiscal year. The Company adopted ASU 2016-09 in the first quarter of Fiscal 2018. Earnings per share decreased $0.11 per share for the second quarter and six months ended July 29, 2017 due to the impact of ASU 2016-09. The Company reclassified $3.4 million from operating activities to financing activities on the Condensed Consolidated Statements of Cash Flows for both the second quarter and six months ended July 30, 2016 representing the value of the shares withheld for taxes on the vesting of restricted stock. If the Company had adopted the standard in Fiscal 2017, reported earnings per share would have decreased $0.03 per share for Fiscal 2017. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes". ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The Company adopted ASU 2015-17 in the first quarter of Fiscal 2018 under the retrospective approach and, as such, the Company reclassified $21.2 million and $28.1 million of deferred taxes from current to noncurrent on its Consolidated Balance Sheets as of January 28, 2017 and July 30, 2016, respectively. Note 1 Summary of Significant Accounting Policies, Continued In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. The Company adopted ASU 2015-11 in the first quarter of Fiscal 2018 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. New Accounting Pronouncements Not Yet Adopted In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)". The standard requires the sponsors of benefit plans to present service cost in the same line item or items as other current employee compensation costs, and present the remaining components of net benefit cost in one or more separate line items outside of income from operations, while also limiting the components of net benefit cost eligible to be capitalized to service cost. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its Consolidated Financial Statements and related disclosures. The standard will require the Company to present the non-service pension costs as a component of expense below operating income. In February 2016, the FASB issued ASU 2016-02, "Leases". The standard's core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which would be the beginning of our Fiscal 2020 or February 2019. Early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures and is expecting a material impact because the Company is party to a significant number of lease contracts. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, however, in August 2015, the FASB deferred this ASU for one year, which would be the beginning of our Fiscal 2019 or February 2018. The amendment is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Based on an evaluation of the standard as a whole, the Company has identified timing of catalog costs, timing of gift card breakage and customer incentives as the areas that will most likely be affected by the new revenue recognition guidance. The Company continues to evaluate the adoption of this standard, including the transition method, and will provide Note 1 Summary of Significant Accounting Policies, Continued updates throughout the remainder of Fiscal 2018 related to the expected impact of adopting this standard. |
Intangible Assets and Sale of B
Intangible Assets and Sale of Business | 6 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Sale of Business | Intangible Assets and Sale of Business Other intangibles by major classes were as follows: Leases Customer Lists Other* Total (In Thousands) Jul. 29, 2017 Jan. 28, 2017 Jul. 29, 2017 Jan. 28, 2017 Jul. 29, 2017 Jan. 28, 2017 Jul. 29, 2017 Jan. 28, 2017 Gross other intangibles $ 14,820 $ 14,625 $ 2,024 $ 1,958 $ 2,070 $ 2,009 $ 18,914 $ 18,592 Accumulated amortization (13,317 ) (12,938 ) (2,024 ) (1,956 ) (1,444 ) (1,306 ) (16,785 ) (16,200 ) Net Other Intangibles $ 1,503 $ 1,687 $ — $ 2 $ 626 $ 703 $ 2,129 $ 2,392 *Includes non-compete agreements, vendor contract and backlog. The amortization of intangibles, including trademarks, was $0.0 million and $0.2 million for the second quarters of Fiscal 2018 and 2017, respectively, and $0.1 million and $0.5 million for the first six months of Fiscal 2018 and 2017, respectively. The amortization of intangibles, including trademarks, is expected to be $0.2 million , $0.1 million , $0.0 million , $0.0 million and $0.0 million for Fiscal 2018, 2019, 2020, 2021 and 2022, respectively. Sale of Business The Company recognized a pretax gain of $2.5 million during the second quarter of Fiscal 2017 on the sale of Lids Team Sports related to final working capital adjustments. |
Asset Impairments and Other Cha
Asset Impairments and Other Charges and Discontinued Operations | 6 Months Ended |
Jul. 29, 2017 | |
Asset Impairments and Other Charges and Discontinued Operations [Abstract] | |
Asset Impairments and Other Charges and Discontinued Operations | Asset Impairments and Other Charges and Discontinued Operations Asset Impairments and Other Charges In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the fair value of those assets. Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment in the accompanying Condensed Consolidated Balance Sheets, and in asset impairments and other, net in the accompanying Condensed Consolidated Statements of Operations. The Company recorded pretax charges of $0.1 million and $0.2 million in the second quarter and first six months of Fiscal 2018, respectively, for retail store asset impairments. Note 3 Asset Impairments and Other Charges and Discontinued Operations, Continued The Company recorded a pretax gain of $(7.9) million in the second quarter of Fiscal 2017, including a $(9.0) million gain for network intrusion expenses related to a litigation settlement, partially offset by a $1.0 million charge for retail store asset impairments. The Company recorded a pretax gain of $(4.4) million in the first six months of Fiscal 2017, including an $(8.9) million gain for network intrusion expenses related to a litigation settlement (see Note 8), partially offset by a $4.5 million charge for retail store asset impairments and $0.1 million for other legal matters. Discontinued Operations Accrued Provision for Discontinued Operations In thousands Facility Shutdown Costs Balance January 30, 2016 $ 15,619 Additional provision Fiscal 2017 701 Charges and adjustments, net (11,277 ) Balance January 28, 2017 5,043 Additional provision Fiscal 2018 303 Charges and adjustments, net (1,522 ) Balance July 29, 2017* 3,824 Current provision for discontinued operations 2,111 Total Noncurrent Provision for Discontinued Operations $ 1,713 *Includes a $3.2 million environmental provision, including $2.1 million in current provision for discontinued operations. |
Inventories
Inventories | 6 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories In thousands July 29, 2017 January 28, 2017 Raw materials $ — $ 389 Wholesale finished goods 55,442 61,575 Retail merchandise 614,662 501,713 Total Inventories $ 670,104 $ 563,677 |
Fair Value
Fair Value | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with U.S. generally accepted accounting principles and expands disclosures about fair value measurements. This Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table presents the Company's assets and liabilities measured at fair value on a nonrecurring basis as of July 29, 2017 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Long-Lived Assets Held and Used Level 1 Level 2 Level 3 Total Losses Measured as of April 29, 2017 $ 14 $ — $ — $ 14 $ 119 Measured as of July 29, 2017 — — — — 58 Sub-total asset impairment YTD $ 177 In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $0.1 million and $0.2 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used during the three and six months ended July 29, 2017, respectively. These charges are reflected in asset impairments and other, net on the Condensed Consolidated Statements of Operations. The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy. |
Defined Benefit Pension Plans a
Defined Benefit Pension Plans and Other Benefit Plans | 6 Months Ended |
Jul. 29, 2017 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension Plans and Other Benefit Plans | Defined Benefit Pension Plans and Other Benefit Plans Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Three Months Ended Three Months Ended In thousands July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 137 $ 137 $ 231 $ 165 Interest cost 818 1,028 90 66 Expected return on plan assets (1,125 ) (1,410 ) — — Amortization: Losses 207 195 34 25 Net amortization 207 195 34 25 Net Periodic Benefit Cost (Gain) $ 37 $ (50 ) $ 355 $ 256 Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Six Months Ended Six Months Ended In thousands July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 275 $ 275 $ 440 $ 330 Interest cost 1,642 2,062 175 132 Expected return on plan assets (2,255 ) (2,822 ) — — Amortization: Losses 422 421 72 50 Net amortization 422 421 72 50 Net Periodic Benefit Cost (Gain) $ 84 $ (64 ) $ 687 $ 512 There is no cash contribution required for the pension plan in calendar 2017. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the Three Months Ended For the Three Months Ended July 29, 2017 July 30, 2016 (In thousands, except per share amounts) Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Earnings (loss) from continuing operations $ (3,875 ) $ 14,504 Basic EPS from continuing operations Income (loss) available to common shareholders (3,875 ) 19,152 $ (0.20 ) 14,504 20,195 $ 0.72 Effect of Dilutive Securities from continuing operations Dilutive share-based awards (1) — 11 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (3,875 ) 19,152 $ (0.20 ) $ 14,504 20,244 $ 0.72 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the second quarter ended July 29, 2017. (2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the second quarter ended July 29, 2017. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the second quarter ended July 30, 2016. Note 7 Earnings Per Share, Continued For the Six Months Ended For the Six Months Ended July 29, 2017 July 30, 2016 (In thousands, except per share amounts) Income Shares Per Share Income Shares Per Share Earnings (loss) from continuing operations $ (2,878 ) $ 25,068 Basic EPS from continuing operations Income (loss) available to common shareholders (2,878 ) 19,171 $ (0.15 ) 25,068 20,505 $ 1.22 Effect of Dilutive Securities from Dilutive share-based awards (1) — 74 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (2,878 ) 19,171 $ (0.15 ) $ 25,068 20,617 $ 1.22 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the six months ended July 29, 2017. (2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the six months ended July 29, 2017. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the six months ended July 30, 2016. The weighted shares outstanding reflects the effect of the Company's Board-approved share repurchase program. The Company did no t repurchase any shares during the three months ended July 29, 2017 and repurchased 275,300 shares of common stock during the six months ended July 29, 2017 for $16.2 million . The Company has $24.0 million remaining under its current $100.0 million share repurchase authorization. The Company repurchased 309,105 shares of common stock during the three months ended July 30, 2016 for $20.0 million and repurchased 1,409,005 shares of common stock during the six months ended July 30, 2016 for $93.4 million . |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jul. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings Environmental Matters New York State Environmental Matters In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study (“RIFS”) and implementing an interim remedial measure (“IRM”) with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The United States Environmental Protection Agency (“EPA”), which assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision specified a remedy of a combination of groundwater extraction and treatment and in-situ chemical oxidation. In September 2015, the EPA adopted an amendment to the Record of Decision eliminating the separate ground-water extraction and treatment systems and the use of in-situ oxidation from the remedy adopted in the Record of Decision. The amendment provides for the continued operation and maintenance of the existing wellhead treatment systems on wells operated by the Village of Garden City, New York (the "Village"). It also requires the Company to perform certain ongoing monitoring, operation and maintenance activities and to reimburse EPA's future oversight cost, involving future costs to the Company estimated at $1.7 million to $2.0 million , and to reimburse EPA for approximately $1.25 million of interim oversight costs. On August 15, 2016, the Court entered a Consent Judgment implementing the remedy provided for by the amendment. The Village additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million , and future operation and maintenance costs which the Village estimated at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint (the "Village Lawsuit") against the Company and the owner of the property under the Resource Conservation and Recovery Act (“RCRA”), the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it. In June 2016, the Company and the Village reached an agreement providing for the Village to continue to operate and maintain the well head treatment systems in accordance with the Record of Decision and to release its claims against the Company asserted in the Village Lawsuit in exchange for a lump-sum payment of $10.0 million by the Company. On August 25, 2016, the Village Lawsuit was dismissed with prejudice. The cost of the settlement with the Village and the estimated costs associated with the Company's compliance with the Consent Judgment were covered by the Company's existing provision for the site. The settlement with the Village did not have, and the Company expects that the Consent Judgment will not have, a material effect on its financial condition or results of operations. Note 8 Legal Proceedings, Continued In April 2015, the Company received from EPA a Notice of Potential Liability and Demand for Costs pursuant to CERCLA regarding the site in Gloversville, New York of a former leather tannery operated by the Company and by other, unrelated parties. The Notice demanded payment of approximately $2.2 million of response costs claimed by EPA to have been incurred to conduct assessments and removal activities at the site. In February 2017, the Company and EPA entered into a settlement agreement resolving EPA's claim for past response costs in exchange for a payment by the Company of $1.5 million which was paid in May 2017. The Company's environmental insurance carrier has agreed to reimburse the Company for 75% of the settlement amount, subject to a $500,000 self-insured retention. The Company does not expect that the matter will have a material effect on its financial condition or results of operations. Whitehall Environmental Matters The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan. In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations. Accrual for Environmental Contingencies Related to all outstanding environmental contingencies, the Company had accrued $3.2 million as of July 29, 2017, $4.4 million as of January 28, 2017 and $14.3 million as of July 30, 2016. All such provisions reflect the Company's estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. The Company paid $10.0 million of the accrued total at July 30, 2016 in August 2016. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability arising from provision for discontinued operations on the accompanying Condensed Consolidated Balance Sheets because it relates to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $0.1 million and $0.0 million reflected in the second quarters of Fiscal 2018 and 2017, respectively, and $0.3 million and $0.1 million reflected in the first six months of Fiscal 2018 and 2017, respectively. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates. Note 8 Legal Proceedings, Continued Other Matters On February 22, 2017, a former employee of a subsidiary of the Company filed a putative class and collective action, Shumate v. Genesco, Inc., et al. , in the U.S District Court for the Southern District of Ohio, alleging violations of the federal Fair Labor Standards Act ("FLSA") and Ohio wages and hours law including failure to pay minimum wages and overtime to the subsidiary's store managers and seeking back pay, damages, penalties, and declaratory and injunctive relief. On April 21, 2017, a former employee of the same subsidiary filed a putative class and collective action, Ward v. Hat World, Inc. , in the Superior Court for the State of Washington, alleging violations of the FLSA and Washington wages and hours laws, including, among others, failure to pay overtime to certain loss prevention investigators, and seeking back pay, damages, attorneys' fees and other relief. The Company has removed the action to U.S. District Court. On May 19, 2017, two former employees of the same subsidiary filed a putative class and collective action, Chen and Salas v. Genesco Inc., et al. , in the U.S. District Court for the Northern District of Illinois alleging violations of the FLSA and Illinois and New York wages and hours laws, including, among others, failure to pay overtime to store managers, and also seeking back pay, damages, statutory penalties, and declaratory and injunctive relief. The Company disputes the material allegations in these complaints and intends to defend the matters. On April 30, 2015, an employee of the same subsidiary filed an action, Stewart v. Hat World, Inc., et al., under the California Labor Code Private Attorneys General Act on behalf of herself, the State of California, and other non-exempt, hourly-paid employees of the subsidiary in California, seeking unspecified damages and penalties for various alleged violations of the California Labor Code, including failure to pay for all hours worked, minimum wage and overtime violations, failure to provide required meal and rest periods, failure to timely pay wages, failure to provide complete and accurate wage statements, and failure to provide full reimbursement of business-related costs and expenses incurred in the course of employment. The Company disputes the material allegations in the complaint and intends to defend the matter. In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have a material effect on its financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's financial statements. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information During the six months ended July 29, 2017 and July 30, 2016, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's and certain e-commerce operations; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations, catalog and wholesale distribution of products under the Johnston & Murphy ® and H. S. Trask ® brands; and (v) Licensed Brands, comprised of Dockers ® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip ® Footwear, which was sold in the fourth quarter of Fiscal 2017; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd.; and other brands. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 1, under Item 8 in the Company's Annual Report on Form10-K for the fiscal year ended January 28, 2017). The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed brands. Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense on revolver debt and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order to make decisions and assess performance. These costs include corporate overhead, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations. Note 9 Business Segment Information, Continued Three Months Ended July 29, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 258,953 $ 97,625 $ 180,230 $ 64,860 $ 14,696 $ 141 $ 616,505 Intercompany Sales — — — — 1 — 1 Net sales to external customers $ 258,953 $ 97,625 $ 180,230 $ 64,860 $ 14,697 $ 141 $ 616,506 Segment operating income (loss) $ (2,194 ) $ 4,538 $ 3,040 $ 1,547 $ (1,051 ) $ (7,832 ) $ (1,952 ) Asset Impairments and other* — — — — — (58 ) (58 ) Earnings (loss) from operations (2,194 ) 4,538 3,040 1,547 (1,051 ) (7,890 ) (2,010 ) Interest expense — — — — — (1,255 ) (1,255 ) Interest income — — — — — 6 6 Earnings (loss) from continuing operations before income taxes $ (2,194 ) $ 4,538 $ 3,040 $ 1,547 $ (1,051 ) $ (9,139 ) $ (3,259 ) Total assets** $ 511,456 $ 235,408 $ 549,825 $ 127,478 $ 32,610 $ 140,736 $ 1,597,513 Depreciation and amortization*** 6,308 3,383 6,732 1,578 170 759 18,930 Capital expenditures 24,656 2,673 9,841 1,454 84 (1,698 ) 37,010 *Asset Impairments and other includes a $0.1 million charge for asset impairments, which relates to Journeys Group and Lids Sports Group equally. **Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $182.3 million , $83.5 million and $10.4 million of goodwill, respectively. Goodwill for the Lids Sports Group, Schuh Group and Journeys Group increased by $0.7 million , $3.7 million , and $0.6 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $362.3 million of property and equipment, $55.8 million and $23.0 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $18.8 million in depreciation expense for the three months ended July 29, 2017. Note 9 Business Segment Information, Continued Three Months Ended July 30, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 252,134 96,960 $ 188,912 $ 65,151 $ 22,673 $ 300 $ 626,130 Intercompany Sales — — — — (573 ) — (573 ) Net sales to external customers $ 252,134 $ 96,960 $ 188,912 $ 65,151 $ 22,100 $ 300 $ 625,557 Segment operating income (loss) $ 4,481 $ 5,693 $ 7,132 $ 2,255 $ 234 $ (7,720 ) $ 12,075 Asset Impairments and other* — — — — — 7,945 7,945 Earnings (loss) from operations 4,481 5,693 7,132 2,255 234 225 20,020 Gain on sale of Lids Team Sports — — — — — 2,485 2,485 Interest expense — — — — — (1,316 ) (1,316 ) Interest income — — — — — 10 10 Earnings (loss) from continuing operations before income taxes $ 4,481 $ 5,693 $ 7,132 $ 2,255 $ 234 $ 1,404 $ 21,199 Total assets** $ 451,154 232,812 $ 545,216 $ 128,487 $ 47,071 $ 173,917 $ 1,578,657 Depreciation and amortization*** 5,950 3,809 6,592 1,483 257 1,018 19,109 Capital expenditures 15,632 3,566 731 3,183 196 38 23,346 *Asset Impairments and other includes a $1.0 million charge for assets impairments, which relates primarily to the Lids Sports Group, and a $(9.0) million gain for network intrusion expenses related to a litigation settlement. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $181.8 million , $84.5 million , $9.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.9 million and $0.5 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $5.8 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.2 million of property and equipment, $60.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $18.9 million in depreciation expense for the three months ended July 30, 2016. Note 9 Business Segment Information, Continued Six Months Ended July 29, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 543,072 $ 174,081 $ 357,131 $ 137,653 $ 47,707 $ 230 $ 1,259,874 Intercompany Sales — — — — — — — Net sales to external customers $ 543,072 $ 174,081 $ 357,131 $ 137,653 $ 47,707 $ 230 $ 1,259,874 Segment operating income (loss) $ 5,278 $ 3,851 $ 1,254 $ 5,367 $ 1,224 $ (16,013 ) $ 961 Asset Impairments and other* — — — — — (177 ) (177 ) Earnings (loss) from operations 5,278 3,851 1,254 5,367 1,224 (16,190 ) 784 Interest expense — — — — — (2,429 ) (2,429 ) Interest income — — — — — 3 3 Earnings (loss) from continuing operations before income taxes $ 5,278 $ 3,851 $ 1,254 $ 5,367 $ 1,224 $ (18,616 ) $ (1,642 ) Total assets** $ 511,456 $ 235,408 $ 549,825 $ 127,478 $ 32,610 $ 140,736 $ 1,597,513 Depreciation and amortization*** 12,823 6,747 13,669 3,144 337 1,826 38,546 Capital expenditures 43,851 5,431 14,972 2,511 161 410 67,336 *Asset Impairments and other includes a $0.2 million charge for asset impairments, which relates to Journeys Group and Lids Sports Group equally. **Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $182.3 million , $83.5 million and $10.4 million of goodwill, respectively. Goodwill for the Lids Sports Group, Schuh Group and Journeys Group increased by $0.7 million , $3.7 million and $0.6 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $362.3 million of property and equipment, $55.8 million and $23.0 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $38.4 million in depreciation expense for the six months ended July 29, 2017. Note 9 Business Segment Information, Continued Six Months Ended July 30, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales 546,355 172,630 368,288 135,126 52,317 385 $ 1,275,101 Intercompany Sales — — — — (751 ) — (751 ) Net sales to external customers $ 546,355 $ 172,630 $ 368,288 $ 135,126 $ 51,566 $ 385 $ 1,274,350 Segment operating income (loss) 24,101 3,032 13,169 7,097 2,087 (15,957 ) $ 33,529 Asset Impairments and other* — — — — — 4,388 4,388 Earnings (loss) from operations 24,101 3,032 13,169 7,097 2,087 (11,569 ) 37,917 Gain on sale of Lids Team Sports — — — — — 2,485 2,485 Interest expense — — — — — (2,479 ) (2,479 ) Interest income — — — — — 36 36 Earnings (loss) from continuing operations before income taxes $ 24,101 $ 3,032 $ 13,169 $ 7,097 $ 2,087 $ (11,527 ) $ 37,959 Total assets** 451,154 232,812 545,216 128,487 47,071 173,917 $ 1,578,657 Depreciation and amortization*** 12,012 7,494 12,935 2,947 507 2,028 37,923 Capital expenditures 22,929 6,407 5,609 5,178 348 232 40,703 *Asset Impairments and other includes an $(8.9) million gain for network intrusion expenses related to a litigation settlement, a $4.5 million charge for asset impairments, of which $4.4 million is in the Lids Sports Group and $0.1 million is in the Journeys Group, and a $0.1 million charge for other legal matters. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $181.8 million , $84.5 million , $9.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.9 million and $0.5 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $5.8 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.2 million of property and equipment, $60.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $37.4 million in depreciation expense for the six months ended July 30, 2016. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Genesco Inc. and its subsidiaries (collectively, the "Company") business includes the sourcing and design, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Johnston & Murphy banners and under the Schuh banner in the United Kingdom, the Republic of Ireland and Germany; through catalogs and e-commerce websites including the following: journeys.com, journeyskidz.com, journeys.ca, shibyjourneys.com, schuh.co.uk, littleburgundyshoes.com, johnstonmurphy.com and trask.com, and at wholesale, primarily under the Company's Johnston & Murphy brand, the Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S., Puerto Rico and Canada primarily under the Lids banner; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name Locker Room by Lids and on macys.com, under a license agreement with Macy's; certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com, lidsclubhouse.com and neweracap.com. Including both the footwear businesses and the Lids Sports Group business, at July 29, 2017, the Company operated 2,745 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany. During the six months ended July 29, 2017 and July 30, 2016, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Little Burgundy retail footwear chains, e-commerce and catalog operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce and catalog operations and wholesale distribution of products under the Johnston & Murphy ® and H. S. Trask ® brands; and (v) Licensed Brands, comprised of Dockers ® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip ® Footwear, which was sold in Note 1 Summary of Significant Accounting Policies, Continued the fourth quarter of Fiscal 2017; G.H. Bass Footwear operated under a license from G-III Apparel Group, Ltd.; and other brands. |
Principles of Consolidation | Principles of Consolidation All subsidiaries are consolidated in the Condensed Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. |
Cash and Cash Equivalents | The Company's strategic plan does not require the repatriation of foreign cash in order to fund its operations in the U.S., and it is the Company's current intention to indefinitely reinvest its foreign cash and cash equivalents outside of the U.S. If the Company were to repatriate foreign cash to the U.S., it would be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. There were no cash equivalents included in cash and cash equivalents at July 29, 2017, January 28, 2017 and July 30, 2016. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. At July 29, 2017, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Condensed Consolidated Balance Sheets. |
Concentration of Credit Risk and Allowances on Accounts Receivable | Concentration of Credit Risk and Allowances on Accounts Receivable The Company’s footwear wholesale businesses sell primarily to department stores and independent retailers across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. In the footwear wholesale businesses, one customer accounted for 19% and one customer accounted for 10% of the Company’s total trade receivables balance, while no other customer accounted for more than 9% of the Company’s total trade receivables balance as of July 29, 2017. |
Leases | Leases The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. |
Fair Value of Financial Instruments | Debt fair values were estimated using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5. Carrying amounts reported on the Condensed Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. |
Selling and Administrative Expenses | Selling and Administrative Expenses Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. |
Gift Cards | Gift Cards Gift card breakage is recognized in revenues each period for which financial statements are updated. |
Buying, Merchandising and Occupancy Costs | Buying, Merchandising and Occupancy Costs The Company records buying, merchandising and occupancy costs in selling and administrative expense on the Condensed Consolidated Statements of Operations. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. |
Advertising Costs | Advertising Costs Advertising costs are predominantly expensed as incurred. Advertising costs were $16.9 million and $15.7 million for the second quarters of Fiscal 2018 and Fiscal 2017, respectively, and $36.5 million and $32.4 million for the first six months of Fiscal 2018 and 2017, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company's foreign operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date. Income and expense accounts are translated at monthly average exchange rates. The unearned gains and losses resulting Note 1 Summary of Significant Accounting Policies, Continued from such translation are included as a separate component of accumulated other comprehensive loss within shareholders' equity. |
Other Comprehensive Income | Other Comprehensive Income The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment and foreign currency translation adjustments to be included in other comprehensive income net of tax. |
New Accounting Pronouncements | New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 simplifies the measurement of goodwill by eliminating the second step from the goodwill impairment test, which requires the comparison of the implied fair value of goodwill with the current carrying amount of goodwill. Instead, under the amendments in this guidance, an entity shall perform a goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount and an impairment charge is to be recorded for the amount, if any, in which the carrying value exceeds the reporting unit’s fair value. This guidance should be applied prospectively and is effective for public business entities that are United States Securities and Exchange Commission filers for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The Company adopted ASU 2017-04 in the first quarter of Fiscal 2018, and it did not have a material impact on its Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The inclusion of excess tax benefits and deficiencies as a component of the Company's income tax expense will increase volatility within its provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards is dependent on the Company's stock price at the date the awards are exercised or settled which is primarily in the second quarter of each fiscal year. The Company adopted ASU 2016-09 in the first quarter of Fiscal 2018. Earnings per share decreased $0.11 per share for the second quarter and six months ended July 29, 2017 due to the impact of ASU 2016-09. The Company reclassified $3.4 million from operating activities to financing activities on the Condensed Consolidated Statements of Cash Flows for both the second quarter and six months ended July 30, 2016 representing the value of the shares withheld for taxes on the vesting of restricted stock. If the Company had adopted the standard in Fiscal 2017, reported earnings per share would have decreased $0.03 per share for Fiscal 2017. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes". ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The Company adopted ASU 2015-17 in the first quarter of Fiscal 2018 under the retrospective approach and, as such, the Company reclassified $21.2 million and $28.1 million of deferred taxes from current to noncurrent on its Consolidated Balance Sheets as of January 28, 2017 and July 30, 2016, respectively. Note 1 Summary of Significant Accounting Policies, Continued In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. The Company adopted ASU 2015-11 in the first quarter of Fiscal 2018 and it did not have a material impact on its Consolidated Financial Statements and related disclosures. New Accounting Pronouncements Not Yet Adopted In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715)". The standard requires the sponsors of benefit plans to present service cost in the same line item or items as other current employee compensation costs, and present the remaining components of net benefit cost in one or more separate line items outside of income from operations, while also limiting the components of net benefit cost eligible to be capitalized to service cost. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its Consolidated Financial Statements and related disclosures. The standard will require the Company to present the non-service pension costs as a component of expense below operating income. In February 2016, the FASB issued ASU 2016-02, "Leases". The standard's core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which would be the beginning of our Fiscal 2020 or February 2019. Early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures and is expecting a material impact because the Company is party to a significant number of lease contracts. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and merges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, however, in August 2015, the FASB deferred this ASU for one year, which would be the beginning of our Fiscal 2019 or February 2018. The amendment is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Based on an evaluation of the standard as a whole, the Company has identified timing of catalog costs, timing of gift card breakage and customer incentives as the areas that will most likely be affected by the new revenue recognition guidance. The Company continues to evaluate the adoption of this standard, including the transition method, and will provide Note 1 Summary of Significant Accounting Policies, Continued updates throughout the remainder of Fiscal 2018 related to the expected impact of adopting this standard. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Accounting Policies [Abstract] | |
Carrying amounts and fair values of the Company's financial instruments | The carrying amounts and fair values of the Company’s financial instruments at July 29, 2017 and January 28, 2017 are as follows: Fair Values In thousands July 29, 2017 January 28, 2017 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Credit Facility Borrowings $ 162,251 $ 163,620 $ 49,879 $ 50,396 UK Term Loans 11,821 12,025 19,230 19,541 UK Revolver Borrowings 16,802 17,071 13,796 13,956 |
Components of accumulated other comprehensive loss | The following table summarizes the components of accumulated other comprehensive loss for the six months ended July 29, 2017: Foreign Currency Translation Unrecognized Pension/Postretirement Benefit Costs Total Accumulated Other Comprehensive Income (Loss) (In thousands) Balance January 28, 2017 $ (40,329 ) $ (10,963 ) $ (51,292 ) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 6,790 — 6,790 Gain on intra-entity foreign currency transactions (long-term investment nature) 1,395 — 1,395 Amounts reclassified from AOCI: Amortization of net actuarial loss (1) — 493 493 Income tax expense — 192 192 Current period other comprehensive income, net of tax 8,185 301 8,486 Balance July 29, 2017 $ (32,144 ) $ (10,662 ) $ (42,806 ) (1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Condensed Consolidated Statements of Operations. |
Intangible Assets and Sale of20
Intangible Assets and Sale of Business (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other intangible assets by major classes | Other intangibles by major classes were as follows: Leases Customer Lists Other* Total (In Thousands) Jul. 29, 2017 Jan. 28, 2017 Jul. 29, 2017 Jan. 28, 2017 Jul. 29, 2017 Jan. 28, 2017 Jul. 29, 2017 Jan. 28, 2017 Gross other intangibles $ 14,820 $ 14,625 $ 2,024 $ 1,958 $ 2,070 $ 2,009 $ 18,914 $ 18,592 Accumulated amortization (13,317 ) (12,938 ) (2,024 ) (1,956 ) (1,444 ) (1,306 ) (16,785 ) (16,200 ) Net Other Intangibles $ 1,503 $ 1,687 $ — $ 2 $ 626 $ 703 $ 2,129 $ 2,392 *Includes non-compete agreements, vendor contract and backlog. |
Asset Impairments and Other C21
Asset Impairments and Other Charges and Discontinued Operations (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Asset Impairments and Other Charges and Discontinued Operations [Abstract] | |
Accrued provision for discontinued operations | Accrued Provision for Discontinued Operations In thousands Facility Shutdown Costs Balance January 30, 2016 $ 15,619 Additional provision Fiscal 2017 701 Charges and adjustments, net (11,277 ) Balance January 28, 2017 5,043 Additional provision Fiscal 2018 303 Charges and adjustments, net (1,522 ) Balance July 29, 2017* 3,824 Current provision for discontinued operations 2,111 Total Noncurrent Provision for Discontinued Operations $ 1,713 *Includes a $3.2 million environmental provision, including $2.1 million in current provision for discontinued operations. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | In thousands July 29, 2017 January 28, 2017 Raw materials $ — $ 389 Wholesale finished goods 55,442 61,575 Retail merchandise 614,662 501,713 Total Inventories $ 670,104 $ 563,677 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on nonrecurring basis | The following table presents the Company's assets and liabilities measured at fair value on a nonrecurring basis as of July 29, 2017 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Long-Lived Assets Held and Used Level 1 Level 2 Level 3 Total Losses Measured as of April 29, 2017 $ 14 $ — $ — $ 14 $ 119 Measured as of July 29, 2017 — — — — 58 Sub-total asset impairment YTD $ 177 |
Defined Benefit Pension Plans24
Defined Benefit Pension Plans and Other Benefit Plans (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost | Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Three Months Ended Three Months Ended In thousands July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 137 $ 137 $ 231 $ 165 Interest cost 818 1,028 90 66 Expected return on plan assets (1,125 ) (1,410 ) — — Amortization: Losses 207 195 34 25 Net amortization 207 195 34 25 Net Periodic Benefit Cost (Gain) $ 37 $ (50 ) $ 355 $ 256 Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Six Months Ended Six Months Ended In thousands July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Service cost $ 275 $ 275 $ 440 $ 330 Interest cost 1,642 2,062 175 132 Expected return on plan assets (2,255 ) (2,822 ) — — Amortization: Losses 422 421 72 50 Net amortization 422 421 72 50 Net Periodic Benefit Cost (Gain) $ 84 $ (64 ) $ 687 $ 512 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted earnings per share | For the Three Months Ended For the Three Months Ended July 29, 2017 July 30, 2016 (In thousands, except per share amounts) Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Earnings (loss) from continuing operations $ (3,875 ) $ 14,504 Basic EPS from continuing operations Income (loss) available to common shareholders (3,875 ) 19,152 $ (0.20 ) 14,504 20,195 $ 0.72 Effect of Dilutive Securities from continuing operations Dilutive share-based awards (1) — 11 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (3,875 ) 19,152 $ (0.20 ) $ 14,504 20,244 $ 0.72 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the second quarter ended July 29, 2017. (2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the second quarter ended July 29, 2017. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the second quarter ended July 30, 2016. Note 7 Earnings Per Share, Continued For the Six Months Ended For the Six Months Ended July 29, 2017 July 30, 2016 (In thousands, except per share amounts) Income Shares Per Share Income Shares Per Share Earnings (loss) from continuing operations $ (2,878 ) $ 25,068 Basic EPS from continuing operations Income (loss) available to common shareholders (2,878 ) 19,171 $ (0.15 ) 25,068 20,505 $ 1.22 Effect of Dilutive Securities from Dilutive share-based awards (1) — 74 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (2,878 ) 19,171 $ (0.15 ) $ 25,068 20,617 $ 1.22 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the six months ended July 29, 2017. (2) The Company's Employees' Subordinated Convertible Preferred Stock is convertible one for one to the Company's common stock. Due to the loss from continuing operations, these shares are not assumed to be converted for the six months ended July 29, 2017. Because no dividends are paid on this stock, these shares are assumed to be converted in the diluted earnings per share calculation for the six months ended July 30, 2016. |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment reporting information by segment | Three Months Ended July 29, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 258,953 $ 97,625 $ 180,230 $ 64,860 $ 14,696 $ 141 $ 616,505 Intercompany Sales — — — — 1 — 1 Net sales to external customers $ 258,953 $ 97,625 $ 180,230 $ 64,860 $ 14,697 $ 141 $ 616,506 Segment operating income (loss) $ (2,194 ) $ 4,538 $ 3,040 $ 1,547 $ (1,051 ) $ (7,832 ) $ (1,952 ) Asset Impairments and other* — — — — — (58 ) (58 ) Earnings (loss) from operations (2,194 ) 4,538 3,040 1,547 (1,051 ) (7,890 ) (2,010 ) Interest expense — — — — — (1,255 ) (1,255 ) Interest income — — — — — 6 6 Earnings (loss) from continuing operations before income taxes $ (2,194 ) $ 4,538 $ 3,040 $ 1,547 $ (1,051 ) $ (9,139 ) $ (3,259 ) Total assets** $ 511,456 $ 235,408 $ 549,825 $ 127,478 $ 32,610 $ 140,736 $ 1,597,513 Depreciation and amortization*** 6,308 3,383 6,732 1,578 170 759 18,930 Capital expenditures 24,656 2,673 9,841 1,454 84 (1,698 ) 37,010 *Asset Impairments and other includes a $0.1 million charge for asset impairments, which relates to Journeys Group and Lids Sports Group equally. **Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $182.3 million , $83.5 million and $10.4 million of goodwill, respectively. Goodwill for the Lids Sports Group, Schuh Group and Journeys Group increased by $0.7 million , $3.7 million , and $0.6 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $362.3 million of property and equipment, $55.8 million and $23.0 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $18.8 million in depreciation expense for the three months ended July 29, 2017. Note 9 Business Segment Information, Continued Three Months Ended July 30, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 252,134 96,960 $ 188,912 $ 65,151 $ 22,673 $ 300 $ 626,130 Intercompany Sales — — — — (573 ) — (573 ) Net sales to external customers $ 252,134 $ 96,960 $ 188,912 $ 65,151 $ 22,100 $ 300 $ 625,557 Segment operating income (loss) $ 4,481 $ 5,693 $ 7,132 $ 2,255 $ 234 $ (7,720 ) $ 12,075 Asset Impairments and other* — — — — — 7,945 7,945 Earnings (loss) from operations 4,481 5,693 7,132 2,255 234 225 20,020 Gain on sale of Lids Team Sports — — — — — 2,485 2,485 Interest expense — — — — — (1,316 ) (1,316 ) Interest income — — — — — 10 10 Earnings (loss) from continuing operations before income taxes $ 4,481 $ 5,693 $ 7,132 $ 2,255 $ 234 $ 1,404 $ 21,199 Total assets** $ 451,154 232,812 $ 545,216 $ 128,487 $ 47,071 $ 173,917 $ 1,578,657 Depreciation and amortization*** 5,950 3,809 6,592 1,483 257 1,018 19,109 Capital expenditures 15,632 3,566 731 3,183 196 38 23,346 *Asset Impairments and other includes a $1.0 million charge for assets impairments, which relates primarily to the Lids Sports Group, and a $(9.0) million gain for network intrusion expenses related to a litigation settlement. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $181.8 million , $84.5 million , $9.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.9 million and $0.5 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $5.8 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.2 million of property and equipment, $60.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $18.9 million in depreciation expense for the three months ended July 30, 2016. Note 9 Business Segment Information, Continued Six Months Ended July 29, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 543,072 $ 174,081 $ 357,131 $ 137,653 $ 47,707 $ 230 $ 1,259,874 Intercompany Sales — — — — — — — Net sales to external customers $ 543,072 $ 174,081 $ 357,131 $ 137,653 $ 47,707 $ 230 $ 1,259,874 Segment operating income (loss) $ 5,278 $ 3,851 $ 1,254 $ 5,367 $ 1,224 $ (16,013 ) $ 961 Asset Impairments and other* — — — — — (177 ) (177 ) Earnings (loss) from operations 5,278 3,851 1,254 5,367 1,224 (16,190 ) 784 Interest expense — — — — — (2,429 ) (2,429 ) Interest income — — — — — 3 3 Earnings (loss) from continuing operations before income taxes $ 5,278 $ 3,851 $ 1,254 $ 5,367 $ 1,224 $ (18,616 ) $ (1,642 ) Total assets** $ 511,456 $ 235,408 $ 549,825 $ 127,478 $ 32,610 $ 140,736 $ 1,597,513 Depreciation and amortization*** 12,823 6,747 13,669 3,144 337 1,826 38,546 Capital expenditures 43,851 5,431 14,972 2,511 161 410 67,336 *Asset Impairments and other includes a $0.2 million charge for asset impairments, which relates to Journeys Group and Lids Sports Group equally. **Total assets for the Lids Sports Group, Schuh Group and Journeys Group include $182.3 million , $83.5 million and $10.4 million of goodwill, respectively. Goodwill for the Lids Sports Group, Schuh Group and Journeys Group increased by $0.7 million , $3.7 million and $0.6 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $362.3 million of property and equipment, $55.8 million and $23.0 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $38.4 million in depreciation expense for the six months ended July 29, 2017. Note 9 Business Segment Information, Continued Six Months Ended July 30, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales 546,355 172,630 368,288 135,126 52,317 385 $ 1,275,101 Intercompany Sales — — — — (751 ) — (751 ) Net sales to external customers $ 546,355 $ 172,630 $ 368,288 $ 135,126 $ 51,566 $ 385 $ 1,274,350 Segment operating income (loss) 24,101 3,032 13,169 7,097 2,087 (15,957 ) $ 33,529 Asset Impairments and other* — — — — — 4,388 4,388 Earnings (loss) from operations 24,101 3,032 13,169 7,097 2,087 (11,569 ) 37,917 Gain on sale of Lids Team Sports — — — — — 2,485 2,485 Interest expense — — — — — (2,479 ) (2,479 ) Interest income — — — — — 36 36 Earnings (loss) from continuing operations before income taxes $ 24,101 $ 3,032 $ 13,169 $ 7,097 $ 2,087 $ (11,527 ) $ 37,959 Total assets** 451,154 232,812 545,216 128,487 47,071 173,917 $ 1,578,657 Depreciation and amortization*** 12,012 7,494 12,935 2,947 507 2,028 37,923 Capital expenditures 22,929 6,407 5,609 5,178 348 232 40,703 *Asset Impairments and other includes an $(8.9) million gain for network intrusion expenses related to a litigation settlement, a $4.5 million charge for asset impairments, of which $4.4 million is in the Lids Sports Group and $0.1 million is in the Journeys Group, and a $0.1 million charge for other legal matters. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $181.8 million , $84.5 million , $9.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.9 million and $0.5 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $5.8 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.2 million of property and equipment, $60.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $37.4 million in depreciation expense for the six months ended July 30, 2016. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($)$ / shares | Aug. 01, 2015USD ($) | Jul. 29, 2017USD ($)segmentstore | Jul. 30, 2016USD ($)segment$ / shares | Aug. 01, 2015USD ($) | Jan. 28, 2017USD ($)$ / shares | Apr. 29, 2017USD ($) | Apr. 30, 2016USD ($) | Jan. 30, 2016USD ($) | |
Summary of Accounting Policies [Line Items] | ||||||||||
Total number of retail stores operated by company | store | 2,745 | |||||||||
Number of reportable business segments | segment | 5 | 5 | ||||||||
Cash and cash equivalents | $ 43,520 | $ 41,466 | $ 43,520 | $ 41,466 | $ 48,301 | $ 43,371 | $ 42,750 | $ 133,288 | ||
Payment processing duration, minimum | 24 hours | |||||||||
Payment processing duration, maximum | 48 hours | |||||||||
Excess of outstanding checks drawn on zero balance accounts at domestic banks exceeded book cash balance | 37,300 | 39,200 | $ 37,300 | 39,200 | 36,700 | |||||
Tenant allowances | 27,000 | 25,400 | 27,000 | 25,400 | 25,400 | |||||
Deferred rent | 55,400 | 49,700 | 55,400 | 49,700 | 51,900 | |||||
Asset retirement obligations | 10,900 | 10,400 | 10,900 | 10,400 | 10,300 | |||||
Wholesale costs of distribution | 1,200 | 1,400 | 2,800 | 3,000 | ||||||
Revenue recognition, gift cards, breakage | 100 | 100 | 400 | 300 | ||||||
Accrued liability for gift cards | 15,600 | 15,000 | 15,600 | 15,000 | 17,700 | |||||
Advertising costs | 16,900 | 15,700 | 36,500 | 32,400 | ||||||
Prepaid advertising | 3,700 | 1,600 | 3,700 | 1,600 | 1,200 | |||||
Cooperative advertising costs | 600 | 700 | 1,800 | 1,700 | ||||||
Vendor reimbursements of cooperative advertising costs | 1,700 | 1,400 | 4,400 | 2,700 | ||||||
Loss (gain) from foreign currency transactions | 200 | (500) | 500 | (1,500) | ||||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ (916,897) | $ (886,919) | $ (916,897) | $ (886,919) | (922,521) | $ (956,783) | ||||
Effective income tax rate | (18.90%) | 31.60% | (75.30%) | 34.00% | ||||||
Income tax expense | $ 616 | $ 6,695 | $ 1,236 | $ 12,891 | ||||||
Return to provision adjustment | 500 | 500 | ||||||||
Cash flows from operating activities | 6,797 | (15,495) | 24,779 | (34,060) | ||||||
Cash flow provided by financing activities | 43,495 | 8,015 | 86,650 | (83,983) | ||||||
Deferred income tax assets, net | 11,918 | 27,015 | 11,918 | 27,015 | 13,372 | |||||
Selling, General and Administrative Expenses | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Retail occupancy costs | 114,100 | $ 112,200 | 227,400 | $ 223,400 | ||||||
Accounting Standards Update 2016-09 | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Income tax expense | 2,200 | 2,200 | ||||||||
Earnings per share (in dollars per share) | $ / shares | $ (0.11) | $ (0.11) | ||||||||
Cash flows from operating activities | $ 3,400 | $ 3,400 | ||||||||
Cash flow provided by financing activities | $ 3,400 | $ 3,400 | ||||||||
Accounting Standards Update 2015-07 | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Deferred tax assets, net, current | $ 28,100 | $ 28,100 | 21,200 | |||||||
Deferred income tax assets, net | 28,100 | 28,100 | 21,200 | |||||||
Foreign Currency Translation | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | 32,144 | 32,144 | 40,329 | |||||||
Unrecognized Pension/Postretirement Benefit Costs | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | 10,662 | 10,662 | 10,963 | |||||||
Foreign Subsidiaries | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Cash and cash equivalents | 14,800 | $ 11,800 | 14,800 | $ 11,800 | $ 22,900 | |||||
Cumulative Pension Liability Adjustment | Unrecognized Pension/Postretirement Benefit Costs | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | 9,200 | 9,200 | ||||||||
Cumulative Post-Retirement Liability Adjustment | Unrecognized Pension/Postretirement Benefit Costs | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 1,500 | $ 1,500 | ||||||||
Pro Forma | Accounting Standards Update 2016-09 | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Earnings per share (in dollars per share) | $ / shares | $ (0.03) | |||||||||
Customer Concentration Risk | Major Customer One | Trade Accounts Receivable | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Concentration risk percentage | 19.00% | |||||||||
Customer Concentration Risk | Major Customer Two | Trade Accounts Receivable | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Concentration risk percentage | 10.00% | |||||||||
Customer Concentration Risk | Other Major Customer | Trade Accounts Receivable | ||||||||||
Summary of Accounting Policies [Line Items] | ||||||||||
Concentration risk benchmark percentage | 9.00% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 |
Borrowings | U.S. Credit Facility Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 162,251 | $ 49,879 |
Fair Value | 163,620 | 50,396 |
Borrowings | UK Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 16,802 | 13,796 |
Fair Value | 17,071 | 13,956 |
Term Loans | UK Term Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 11,821 | 19,230 |
Fair Value | $ 12,025 | $ 19,541 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 922,521 | $ 956,783 | $ 956,783 | ||
Amounts reclassified from AOCI: | |||||
Income tax expense | 192 | ||||
Total other comprehensive income (loss) | $ 6,141 | $ (13,243) | 8,486 | (4,492) | (8,679) |
Ending Balance | 916,897 | $ 886,919 | 916,897 | 886,919 | 922,521 |
Foreign Currency Translation | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (40,329) | ||||
Amounts reclassified from AOCI: | |||||
Income tax expense | 0 | ||||
Total other comprehensive income (loss) | 8,185 | ||||
Ending Balance | (32,144) | (32,144) | (40,329) | ||
Accumulated Foreign Currency Adjustment Attributable to Parent, Excluding Intra-Entity Transactions | |||||
Other comprehensive income (loss) before reclassifications: | |||||
Other comprehensive income (loss) before reclassifications | 6,790 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent, Intra-Entity Transactions | |||||
Other comprehensive income (loss) before reclassifications: | |||||
Other comprehensive income (loss) before reclassifications | 1,395 | ||||
Unrecognized Pension/Postretirement Benefit Costs | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (10,963) | ||||
Amounts reclassified from AOCI: | |||||
Amortization of net actuarial loss | 493 | ||||
Income tax expense | 192 | ||||
Total other comprehensive income (loss) | 301 | ||||
Ending Balance | (10,662) | (10,662) | (10,963) | ||
Total Accumulated Other Comprehensive Income (Loss) | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (51,292) | $ (42,613) | (42,613) | ||
Amounts reclassified from AOCI: | |||||
Total other comprehensive income (loss) | 8,486 | (8,679) | |||
Ending Balance | $ (42,806) | $ (42,806) | $ (51,292) |
Intangible Assets and Sale of30
Intangible Assets and Sale of Business - Net Other Intangibles (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | $ 18,914 | $ 18,592 | |
Accumulated amortization | (16,785) | (16,200) | $ (16,303) |
Net Other Intangibles | 2,129 | 2,392 | $ 3,123 |
Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | 14,820 | 14,625 | |
Accumulated amortization | (13,317) | (12,938) | |
Net Other Intangibles | 1,503 | 1,687 | |
Customer Lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | 2,024 | 1,958 | |
Accumulated amortization | (2,024) | (1,956) | |
Net Other Intangibles | 0 | 2 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | 2,070 | 2,009 | |
Accumulated amortization | (1,444) | (1,306) | |
Net Other Intangibles | $ 626 | $ 703 |
Intangible Assets and Sale of31
Intangible Assets and Sale of Business - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles assets | $ 0 | $ 200 | $ 100 | $ 500 |
Future amortization expense, fiscal 2018 | 200 | 200 | ||
Future amortization expense, fiscal 2019 | 100 | 100 | ||
Future amortization expense, fiscal 2020 | 0 | 0 | ||
Future amortization expense, fiscal 2021 | 0 | 0 | ||
Future amortization expense, fiscal 2022 | 0 | 0 | ||
Gain on sale of Lids Team Sports | $ 0 | $ 2,485 | $ 0 | $ 2,485 |
Asset Impairments and Other C32
Asset Impairments and Other Charges and Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ 58 | $ (7,945) | $ 177 | $ (4,388) |
Retail Store Asset Impairments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ 100 | 1,000 | $ 200 | 4,500 |
Computer Network Intrusion | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ (9,000) | (8,900) | ||
Other Legal Matters | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ 100 |
Asset Impairments and Other C33
Asset Impairments and Other Charges and Discontinued Operations - Schedule of Accrued Provision for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
Accrued Provision for Discontinued Operations | |||||
Additional provision | $ 119 | $ (120) | $ 303 | $ 132 | |
Current provision for discontinued operations | 2,111 | 13,249 | 2,111 | 13,249 | $ 3,330 |
Total Noncurrent Provision for Discontinued Operations | 1,713 | $ 1,713 | 1,713 | 1,713 | 1,713 |
Facility Shutdown Costs | |||||
Accrued Provision for Discontinued Operations | |||||
Balance at beginning of period | 5,043 | $ 15,619 | 15,619 | ||
Additional provision | 303 | 701 | |||
Charges and adjustments, net | (1,522) | (11,277) | |||
Balance at end of period | 3,824 | 3,824 | $ 5,043 | ||
Current provision for discontinued operations | 2,111 | 2,111 | |||
Total Noncurrent Provision for Discontinued Operations | $ 1,713 | 1,713 | |||
Environmental provision | 3,200 | ||||
Current provision for discontinued operations | $ 2,100 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 0 | $ 389 | |
Wholesale finished goods | 55,442 | 61,575 | |
Retail merchandise | 614,662 | 501,713 | |
Total Inventories | $ 670,104 | $ 563,677 | $ 663,708 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Apr. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||
Total Losses | $ 58 | $ 1,017 | $ 177 | $ 4,453 | |
Fair Value Measurements Nonrecurring | |||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||
Long-Lived Assets Held and Used | 0 | $ 14 | 0 | ||
Total Losses | 58 | 119 | |||
Fair Value Measurements Nonrecurring | Level 1 | |||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||
Long-Lived Assets Held and Used | 0 | 0 | 0 | ||
Fair Value Measurements Nonrecurring | Level 2 | |||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||
Long-Lived Assets Held and Used | 0 | 0 | 0 | ||
Fair Value Measurements Nonrecurring | Level 3 | |||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | |||||
Long-Lived Assets Held and Used | $ 0 | $ 14 | $ 0 |
Defined Benefit Pension Plans36
Defined Benefit Pension Plans and Other Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
Pension Benefits | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | $ 137,000 | $ 137,000 | $ 275,000 | $ 275,000 | |
Interest cost | 818,000 | 1,028,000 | 1,642,000 | 2,062,000 | |
Expected return on plan assets | (1,125,000) | (1,410,000) | (2,255,000) | (2,822,000) | |
Amortization: | |||||
Losses | 207,000 | 195,000 | 422,000 | 421,000 | |
Net amortization | 207,000 | 195,000 | 422,000 | 421,000 | |
Net Periodic Benefit Cost (Gain) | 37,000 | (50,000) | 84,000 | (64,000) | |
Contribution required | $ 0 | ||||
Other Benefits | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 231,000 | 165,000 | 440,000 | 330,000 | |
Interest cost | 90,000 | 66,000 | 175,000 | 132,000 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization: | |||||
Losses | 34,000 | 25,000 | 72,000 | 50,000 | |
Net amortization | 34,000 | 25,000 | 72,000 | 50,000 | |
Net Periodic Benefit Cost (Gain) | $ 355,000 | $ 256,000 | $ 687,000 | $ 512,000 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) from continuing operations | $ (3,875) | $ 14,504 | $ (2,878) | $ 25,068 |
Basic EPS from continuing operations | ||||
Income (loss) available to common shareholders, income (numerator) | $ (3,875) | $ 14,504 | $ (2,878) | $ 25,068 |
Income (loss) available to common shareholders, shares (denominator) (in shares) | 19,152,000 | 20,195,000 | 19,171,000 | 20,505,000 |
Income (loss) available to common shareholders, per-share amount (in dollars per share) | $ (0.20) | $ 0.72 | $ (0.15) | $ 1.22 |
Effect of Dilutive Securities from continuing operations | ||||
Dilutive share-based awards, shares (denominator) (in shares) | 0 | 11,000 | 0 | 74,000 |
Employees' preferred stock, shares (denominator) (in shares) | 0 | 38,000 | 0 | 38,000 |
Diluted EPS from continuing operations | ||||
Income (loss) available to common shareholders plus assumed conversions, income (numerator) | $ (3,875) | $ 14,504 | $ (2,878) | $ 25,068 |
Income (loss) available to common shareholders plus assumed conversions, shares (denominator) (in shares) | 19,152,000 | 20,244,000 | 19,171,000 | 20,617,000 |
Income (loss) available to common shareholders plus assumed conversions, per-share amount (in dollars per share) | $ (0.20) | $ 0.72 | $ (0.15) | $ 1.22 |
Common convertible ratio (in shares) | 1 | 1 | 1 | 1 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |||||
Stock repurchased during period (in shares) | 0 | 309,105 | 275,300 | 1,409,005 | |
Stock repurchased during period, value | $ 20,000,000 | $ 16,163,000 | $ 93,400,000 | $ 133,263,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 24,000,000 | 24,000,000 | |||
Stock repurchase program, authorized amount | $ 100,000,000 | $ 100,000,000 |
Legal Proceedings (Details)
Legal Proceedings (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Feb. 28, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jul. 29, 2017USD ($)Well | Jul. 30, 2016USD ($) | Jul. 29, 2017USD ($)Well | Jul. 30, 2016USD ($) | May 19, 2017employee | Jan. 28, 2017USD ($) | Apr. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||||||||
Future operation and maintenance costs | $ 126,400 | |||||||||
Amount related to outstanding environmental contingencies | $ 3,200,000 | $ 14,300,000 | 3,200,000 | $ 14,300,000 | $ 4,400,000 | |||||
Environmental contingency payment | $ 10,000,000 | |||||||||
Pretax accrual charges (gains) for environmental contingencies included in provision for discontinued operations | $ 100,000 | $ 0 | $ 300,000 | $ 100,000 | ||||||
Number of former employees seeking legal action | employee | 2 | |||||||||
Village of Garden City, New York | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of water supply wells | Well | 2 | 2 | ||||||||
Minimum historical cost associated with enhanced treatment required by the impact of groundwater plume | $ 1,800,000 | |||||||||
Maximum historical cost associated with enhanced treatment required by the impact of groundwater plume | 2,500,000 | |||||||||
Amount awarded to other party | $ 10,000,000 | |||||||||
Environmental Monitoring, Operation and Maintenance Activities | Village of Garden City, New York | Minimum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimated possible loss | $ 1,700,000 | 1,700,000 | ||||||||
Environmental Monitoring, Operation and Maintenance Activities | Village of Garden City, New York | Maximum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimated possible loss | 2,000,000 | 2,000,000 | ||||||||
EPA Interim Oversight Costs | Village of Garden City, New York | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimated possible loss | $ 1,250,000 | $ 1,250,000 | ||||||||
Response Costs Claimed by the EPA | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Estimated possible loss | $ 2,200,000 | |||||||||
Amount awarded to other party | $ 1,500,000 | |||||||||
Estimated recovery percent from settlement | 75.00% | |||||||||
Estimated recovery amount from a third party | $ 500,000 |
Business Segment Information -
Business Segment Information - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Jul. 29, 2017USD ($)segment | Jul. 30, 2016USD ($)segment | Jan. 28, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable business segments | segment | 5 | 5 | |||
Asset impairments and other, net | $ 58 | $ (7,945) | $ 177 | $ (4,388) | |
Goodwill | 276,209 | 277,028 | 276,209 | 277,028 | $ 271,222 |
Property and equipment | 362,300 | 321,200 | 362,300 | 321,200 | |
United Kingdom | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment | 55,800 | 60,200 | 55,800 | 60,200 | |
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment | 23,000 | 20,200 | 23,000 | 20,200 | |
Retail Store Asset Impairments | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | 1,000 | 200 | 4,500 | |
Other Legal Matters | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | ||||
Computer Network Intrusion | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | (9,000) | (8,900) | |||
Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 1,000 | ||||
Goodwill | 182,300 | 181,800 | 182,300 | 181,800 | |
Goodwill, Period Increase (Decrease) | 900 | ||||
Increase (decrease) in goodwill | 700 | 900 | 700 | ||
Lids Sports Group | Retail Store Asset Impairments | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 4,400 | ||||
Corporate & Other | Other Legal Matters | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | ||||
Corporate & Other | Computer Network Intrusion | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | (8,900) | ||||
Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 83,500 | 84,500 | 83,500 | 84,500 | |
Increase (decrease) in goodwill | 3,700 | (5,800) | 3,700 | 500 | |
Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 10,400 | 9,900 | 10,400 | 9,900 | |
Increase (decrease) in goodwill | 600 | 500 | 600 | (5,800) | |
Journeys Group | Retail Store Asset Impairments | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | ||||
Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 800 | 800 | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation expense | $ 18,800 | $ 18,900 | $ 38,400 | $ 37,400 |
Business Segment Information 41
Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | Jan. 28, 2017 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 616,506 | $ 625,557 | $ 1,259,874 | $ 1,274,350 | |
Earnings (loss) from operations | (2,010) | 20,020 | 784 | 37,917 | |
Asset impairments and other | (58) | 7,945 | (177) | 4,388 | |
Gain on sale of Lids Team Sports | 0 | 2,485 | 0 | 2,485 | |
Interest expense | (1,255) | (1,316) | (2,429) | (2,479) | |
Interest income | 6 | 10 | 3 | 36 | |
Earnings (loss) from continuing operations before income taxes | (3,259) | 21,199 | (1,642) | 37,959 | |
Total assets | 1,597,513 | 1,578,657 | 1,597,513 | 1,578,657 | $ 1,440,999 |
Depreciation and amortization | 18,930 | 19,109 | 38,546 | 37,923 | |
Capital expenditures | 37,010 | 23,346 | 67,336 | 40,703 | |
Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 258,953 | 252,134 | 543,072 | 546,355 | |
Earnings (loss) from operations | (2,194) | 4,481 | 5,278 | 24,101 | |
Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 97,625 | 96,960 | 174,081 | 172,630 | |
Earnings (loss) from operations | 4,538 | 5,693 | 3,851 | 3,032 | |
Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 180,230 | 188,912 | 357,131 | 368,288 | |
Earnings (loss) from operations | 3,040 | 7,132 | 1,254 | 13,169 | |
Asset impairments and other | (1,000) | ||||
Johnston & Murphy Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 64,860 | 65,151 | 137,653 | 135,126 | |
Earnings (loss) from operations | 1,547 | 2,255 | 5,367 | 7,097 | |
Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 14,697 | 22,100 | 47,707 | 51,566 | |
Earnings (loss) from operations | (1,051) | 234 | 1,224 | 2,087 | |
Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 141 | 300 | 230 | 385 | |
Earnings (loss) from operations | (7,890) | 225 | (16,190) | (11,569) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 616,505 | 626,130 | 1,259,874 | 1,275,101 | |
Earnings (loss) from operations | (1,952) | 12,075 | 961 | 33,529 | |
Gain on sale of Lids Team Sports | 2,485 | 2,485 | |||
Interest expense | (1,255) | (1,316) | (2,429) | (2,479) | |
Interest income | 6 | 10 | 3 | 36 | |
Earnings (loss) from continuing operations before income taxes | (3,259) | 21,199 | (1,642) | 37,959 | |
Total assets | 1,597,513 | 1,578,657 | 1,597,513 | 1,578,657 | |
Depreciation and amortization | 18,930 | 19,109 | 38,546 | 37,923 | |
Capital expenditures | 37,010 | 23,346 | 67,336 | 40,703 | |
Operating Segments | Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 258,953 | 252,134 | 543,072 | 546,355 | |
Earnings (loss) from operations | (2,194) | 4,481 | 5,278 | 24,101 | |
Gain on sale of Lids Team Sports | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | (2,194) | 4,481 | 5,278 | 24,101 | |
Total assets | 511,456 | 451,154 | 511,456 | 451,154 | |
Depreciation and amortization | 6,308 | 5,950 | 12,823 | 12,012 | |
Capital expenditures | 24,656 | 15,632 | 43,851 | 22,929 | |
Operating Segments | Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 97,625 | 96,960 | 174,081 | 172,630 | |
Earnings (loss) from operations | 4,538 | 5,693 | 3,851 | 3,032 | |
Gain on sale of Lids Team Sports | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | 4,538 | 5,693 | 3,851 | 3,032 | |
Total assets | 235,408 | 232,812 | 235,408 | 232,812 | |
Depreciation and amortization | 3,383 | 3,809 | 6,747 | 7,494 | |
Capital expenditures | 2,673 | 3,566 | 5,431 | 6,407 | |
Operating Segments | Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 180,230 | 188,912 | 357,131 | 368,288 | |
Earnings (loss) from operations | 3,040 | 7,132 | 1,254 | 13,169 | |
Gain on sale of Lids Team Sports | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | 3,040 | 7,132 | 1,254 | 13,169 | |
Total assets | 549,825 | 545,216 | 549,825 | 545,216 | |
Depreciation and amortization | 6,732 | 6,592 | 13,669 | 12,935 | |
Capital expenditures | 9,841 | 731 | 14,972 | 5,609 | |
Operating Segments | Johnston & Murphy Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 64,860 | 65,151 | 137,653 | 135,126 | |
Earnings (loss) from operations | 1,547 | 2,255 | 5,367 | 7,097 | |
Gain on sale of Lids Team Sports | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | 1,547 | 2,255 | 5,367 | 7,097 | |
Total assets | 127,478 | 128,487 | 127,478 | 128,487 | |
Depreciation and amortization | 1,578 | 1,483 | 3,144 | 2,947 | |
Capital expenditures | 1,454 | 3,183 | 2,511 | 5,178 | |
Operating Segments | Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 14,696 | 22,673 | 47,707 | 52,317 | |
Earnings (loss) from operations | (1,051) | 234 | 1,224 | 2,087 | |
Gain on sale of Lids Team Sports | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | (1,051) | 234 | 1,224 | 2,087 | |
Total assets | 32,610 | 47,071 | 32,610 | 47,071 | |
Depreciation and amortization | 170 | 257 | 337 | 507 | |
Capital expenditures | 84 | 196 | 161 | 348 | |
Operating Segments | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 141 | 300 | 230 | 385 | |
Earnings (loss) from operations | (7,832) | (7,720) | (16,013) | (15,957) | |
Gain on sale of Lids Team Sports | 2,485 | 2,485 | |||
Interest expense | (1,255) | (1,316) | (2,429) | (2,479) | |
Interest income | 6 | 10 | 3 | 36 | |
Earnings (loss) from continuing operations before income taxes | (9,139) | 1,404 | (18,616) | (11,527) | |
Total assets | 140,736 | 173,917 | 140,736 | 173,917 | |
Depreciation and amortization | 759 | 1,018 | 1,826 | 2,028 | |
Capital expenditures | (1,698) | 38 | 410 | 232 | |
Intercompany Sales | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1 | (573) | 0 | (751) | |
Intercompany Sales | Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Intercompany Sales | Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Intercompany Sales | Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Intercompany Sales | Johnston & Murphy Group | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Intercompany Sales | Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1 | (573) | 0 | (751) | |
Intercompany Sales | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Asset Impairments and Other | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | (58) | 7,945 | (177) | 4,388 | |
Asset Impairments and Other | Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | 0 | 0 | 0 | 0 | |
Asset Impairments and Other | Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | 0 | 0 | 0 | 0 | |
Asset Impairments and Other | Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | 0 | 0 | 0 | 0 | |
Asset Impairments and Other | Johnston & Murphy Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | 0 | 0 | 0 | 0 | |
Asset Impairments and Other | Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | 0 | 0 | 0 | 0 | |
Asset Impairments and Other | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other | $ (58) | $ 7,945 | $ (177) | $ 4,388 |