Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 28, 2017 | Nov. 24, 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 | Oct. 28, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 19,913,201 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Current Assets: | |||
Cash and cash equivalents | $ 50,740 | $ 48,301 | $ 30,520 |
Accounts receivable, net of allowances of $4,349 at Oct. 28, 2017, $3,073 at Jan. 28, 2017 and $3,731 at Oct. 29, 2016 | 52,704 | 43,525 | 55,109 |
Inventories | 697,949 | 563,677 | 719,975 |
Prepaids and other current assets | 73,895 | 61,470 | 65,090 |
Total current assets | 875,288 | 716,973 | 870,694 |
Property and equipment: | |||
Land | 7,879 | 7,773 | 7,667 |
Buildings and building equipment | 56,071 | 52,673 | 49,740 |
Computer hardware, software and equipment | 196,955 | 179,948 | 180,654 |
Furniture and fixtures | 170,795 | 167,881 | 164,187 |
Construction in progress | 70,210 | 33,660 | 32,181 |
Improvements to leased property | 430,032 | 410,116 | 402,778 |
Property and equipment, at cost | 931,942 | 852,051 | 837,207 |
Accumulated depreciation | (553,459) | (521,440) | (515,427) |
Property and equipment, net | 378,483 | 330,611 | 321,780 |
Deferred income taxes | 41,451 | 13,372 | 14,620 |
Goodwill | 93,440 | 271,222 | 269,115 |
Trademarks, net of accumulated amortization of $5,582 at Oct. 28, 2017, $5,574 at Jan. 28, 2017 and $5,516 at Oct. 29, 2016 | 85,580 | 84,327 | 83,601 |
Other intangibles, net of accumulated amortization of $16,928 at Oct. 28, 2017, $16,200 at Jan. 28, 2017 and $16,127 at Oct. 29, 2016 | 1,890 | 2,392 | 2,796 |
Other noncurrent assets | 22,351 | 22,102 | 21,765 |
Total Assets | 1,498,483 | 1,440,999 | 1,584,371 |
Current Liabilities: | |||
Accounts payable | 244,366 | 170,751 | 247,282 |
Accrued employee compensation | 17,799 | 31,128 | 23,434 |
Accrued other taxes | 19,151 | 23,101 | 19,828 |
Accrued income taxes | 24,907 | 7,568 | 2,956 |
Current portion – long-term debt | 2,207 | 9,175 | 12,172 |
Other accrued liabilities | 69,242 | 64,333 | 63,742 |
Provision for discontinued operations | 1,822 | 3,330 | 2,866 |
Total current liabilities | 379,494 | 309,386 | 372,280 |
Long-term debt | 221,372 | 73,730 | 214,076 |
Pension liability | 5,878 | 6,265 | 9,283 |
Deferred rent and other long-term liabilities | 135,632 | 127,384 | 121,286 |
Provision for discontinued operations | 1,707 | 1,713 | 1,713 |
Total liabilities | 744,083 | 518,478 | 718,638 |
Commitments and contingent liabilities | |||
Equity: | |||
Non-redeemable preferred stock | 1,052 | 1,060 | 1,065 |
Common equity: | |||
Common stock, $1 par value: Authorized: 80,000,000 shares Issued/Outstanding: October 28, 2017 – 20,401,665/19,913,201, January 28, 2017 – 20,354,272/19,865,808, October 29, 2016 – 20,359,129/19,870,665 | 20,402 | 20,354 | 20,359 |
Additional paid-in capital | 247,504 | 237,677 | 234,184 |
Retained earnings | 545,624 | 731,111 | 684,574 |
Accumulated other comprehensive loss | (44,018) | (51,292) | (58,260) |
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) | (17,857) |
Total Genesco equity | 752,707 | 921,053 | 864,065 |
Noncontrolling interest – non-redeemable | 1,693 | 1,468 | 1,668 |
Total equity | 754,400 | 922,521 | 865,733 |
Total Liabilities and Equity | $ 1,498,483 | $ 1,440,999 | $ 1,584,371 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Statement of Financial Position [Abstract] | |||
Allowances on accounts receivable | $ 4,349 | $ 3,073 | $ 3,731 |
Accumulated amortization on trademarks | 5,582 | 5,574 | 5,516 |
Accumulated amortization on other intangibles | $ 16,928 | $ 16,200 | $ 16,127 |
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) | 20,401,665 | 20,354,272 | 20,359,129 |
Common stock outstanding (in shares) | 19,913,201 | 19,865,808 | 19,870,665 |
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 | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 716,759 | $ 710,822 | $ 1,976,633 | $ 1,985,172 |
Cost of sales | 362,761 | 355,187 | 997,215 | 985,103 |
Selling and administrative expenses | 322,740 | 314,698 | 947,199 | 925,603 |
Goodwill impairment | 182,211 | 0 | 182,211 | 0 |
Asset impairments and other, net | 1,446 | 589 | 1,623 | (3,799) |
Earnings (loss) from operations | (152,399) | 40,348 | (151,615) | 78,265 |
Gain on sale of Lids Team Sports | 0 | 0 | 0 | (2,485) |
Interest expense, net: | ||||
Interest expense | 1,454 | 1,489 | 3,883 | 3,968 |
Interest income | 3 | (1) | 0 | (37) |
Total interest expense, net | 1,457 | 1,488 | 3,883 | 3,931 |
Earnings (loss) from continuing operations before income taxes | (153,856) | 38,860 | (155,498) | 76,819 |
Income tax expense | 10,950 | 12,912 | 12,186 | 25,803 |
Earnings (loss) from continuing operations | (164,806) | 25,948 | (167,684) | 51,016 |
Provision for discontinued operations, net | (15) | (53) | (200) | (133) |
Net Earnings (Loss) | $ (164,821) | $ 25,895 | $ (167,884) | $ 50,883 |
Basic earnings (loss) per common share: | ||||
Continuing operations (in dollars per share) | $ (8.55) | $ 1.30 | $ (8.73) | $ 2.51 |
Discontinued operations (in dollars per share) | (0.01) | 0 | (0.01) | 0 |
Net earnings (loss) (in dollars per share) | (8.56) | 1.30 | (8.74) | 2.51 |
Diluted earnings (loss) per common share: | ||||
Continuing operations (in dollars per share) | (8.55) | 1.30 | (8.73) | 2.50 |
Discontinued operations (in dollars per share) | (0.01) | 0 | (0.01) | (0.01) |
Net earnings (loss) (in dollars per share) | $ (8.56) | $ 1.30 | $ (8.74) | $ 2.49 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (164,821) | $ 25,895 | $ (167,884) | $ 50,883 |
Other comprehensive income (loss): | ||||
Pension liability adjustments, net of tax of $0.1 and $0.0 million for the three months ended October 28, 2017 and October 29, 2016, respectively, and $0.2 million for each of the nine months ended October 28, 2017 and October 29, 2016 | 125 | 119 | 383 | 375 |
Postretirement liability adjustments, net of tax of $0.0 million for both the three and nine months ended October 28, 2017 and October 29, 2016 | 21 | 15 | 64 | 45 |
Foreign currency translation adjustments | (1,358) | (11,289) | 6,827 | (16,067) |
Total other comprehensive income (loss) | (1,212) | (11,155) | 7,274 | (15,647) |
Comprehensive income (loss) | $ (166,033) | $ 14,740 | $ (160,610) | $ 35,236 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension liability adjustment, tax | $ 0.1 | $ 0 | $ 0.2 | $ 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 | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net earnings (loss) | $ (164,821) | $ 25,895 | $ (167,884) | $ 50,883 |
Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 18,984 | 18,596 | 57,530 | 56,519 |
Amortization of deferred note expense and debt discount | 180 | 207 | 565 | 633 |
Deferred income taxes | (29,629) | 12,284 | (28,347) | 13,893 |
Provision on accounts receivable | 84 | 14 | 243 | 261 |
Gain on sale of business | 0 | 0 | 0 | (2,485) |
Impairment of goodwill | 182,211 | 0 | 182,211 | 0 |
Impairment of long-lived assets | 510 | 579 | 687 | 5,032 |
Restricted stock expense | 3,406 | 3,379 | 10,141 | 10,032 |
Provision for discontinued operations | 25 | 86 | 328 | 218 |
Other | 1,494 | 381 | 1,838 | 1,458 |
Effect on cash from changes in working capital and other assets and liabilities, net of acquisitions: | ||||
Accounts receivable | (13,463) | (9,090) | (10,657) | (8,673) |
Inventories | (29,775) | (62,179) | (131,220) | (196,353) |
Prepaids and other current assets | 9,614 | 3,069 | (11,627) | (6,074) |
Accounts payable | 4,719 | (15,698) | 77,334 | 105,192 |
Other accrued liabilities | 25,924 | (10,817) | (496) | (31,110) |
Other assets and liabilities | 2,770 | (2,948) | 6,808 | (1,608) |
Net cash provided by (used in) operating activities | 12,233 | (36,242) | (12,546) | (2,182) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (36,727) | (24,817) | (104,063) | (65,520) |
Acquisitions, net of cash acquired | 0 | 0 | 0 | (22) |
Payments related to asset sales and sale of business | 0 | 477 | 238 | (68) |
Net cash used in investing activities | (36,727) | (24,340) | (103,825) | (65,610) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of long-term debt | (412) | 0 | (8,430) | (4,990) |
Borrowings under revolving credit facility | 114,696 | 191,048 | 439,683 | 261,042 |
Payments on revolving credit facility | (80,215) | (94,214) | (294,497) | (133,643) |
Share repurchases | 0 | (39,835) | (17,878) | (143,923) |
Change in overdraft balances | (2,558) | (4,079) | (1,931) | (9,839) |
Exercise of stock options | 0 | 445 | 0 | 1,018 |
Other | (143) | (2,842) | 1,071 | (3,125) |
Net cash provided by (used in) financing activities | 31,368 | 50,523 | 118,018 | (33,460) |
Effect of foreign exchange rate fluctuations on cash | 346 | (887) | 792 | (1,516) |
Net Increase (Decrease) in Cash and Cash Equivalents | 7,220 | (10,946) | 2,439 | (102,768) |
Cash and cash equivalents at beginning of period | 43,520 | 41,466 | 48,301 | 133,288 |
Cash and cash equivalents at end of period | 50,740 | 30,520 | 50,740 | 30,520 |
Net cash paid for: | ||||
Interest | 1,233 | 591 | 3,338 | 2,475 |
Income taxes | $ 3,442 | $ 282 | $ 27,586 | $ 34,817 |
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) | 50,883 | |||||||
Other comprehensive income (loss) | (15,647) | |||||||
Shares repurchased | (133,300) | |||||||
Ending Balance at Oct. 29, 2016 | 865,733 | |||||||
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) | (167,884) | (167,884) | ||||||
Other comprehensive income (loss) | 7,274 | 7,274 | ||||||
Employee and non-employee restricted stock | 10,141 | 10,141 | ||||||
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 | (8) | 17 | (8) | ||||
Noncontrolling interest – earnings (loss) | 225 | 225 | ||||||
Ending Balance at Oct. 28, 2017 | $ 754,400 | $ 1,052 | $ 20,402 | $ 247,504 | $ 545,624 | $ (44,018) | $ (17,857) | $ 1,693 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 28, 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 and lidsclubhouse.com. Including both the footwear businesses and the Lids Sports Group business, at October 28, 2017, the Company operated 2,727 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany. During the nine months ended October 28, 2017 and October 29, 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. Financial Statement Reclassifications Certain reclassifications have been made to conform prior years' data to the current year presentation with respect to fixed assets. In order to categorize the fixed assets of Schuh Group comparable to the Company's other business segments, $44.0 million and $42.0 million was reclassed from furniture and fixtures to leasehold improvements as of January 28, 2017 and October 29, 2016, respectively. Cash and Cash Equivalents The Company had total available cash and cash equivalents of $50.7 million , $48.3 million and $30.5 million as of October 28, 2017, January 28, 2017 and October 29, 2016, respectively, of which approximately $4.4 million , $22.9 million and $5.4 million was held by the Company's foreign subsidiaries as of October 28, 2017, January 28, 2017 and October 29, 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 October 28, 2017, January 28, 2017 and October 29, 2016. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. At October 28, 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 October 28, 2017, January 28, 2017 and October 29, 2016, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $34.7 million , $36.7 million and $35.2 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 17% , one customer accounted for 8% and two customers each accounted for 7% of the Company’s total trade receivables balance, while no other customer accounted for more than 7% of the Company’s total trade receivables balance as of October 28, 2017. Note 1 Summary of Significant Accounting Policies, Continued 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 $28.6 million , $25.4 million and $24.4 million at October 28, 2017, January 28, 2017 and October 29, 2016, respectively, and deferred rent of $57.0 million , $51.9 million and $50.5 million , each at October 28, 2017, January 28, 2017 and October 29, 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 $10.0 million as of October 28, 2017, January 28, 2017 and October 29, 2016, respectively. Fair Value of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments at October 28, 2017 and January 28, 2017 are as follows: Fair Values In thousands October 28, 2017 January 28, 2017 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Credit Facility Borrowings $ 195,340 $ 195,902 $ 49,879 $ 50,396 UK Term Loans 11,406 11,632 19,230 19,541 UK Revolver Borrowings 16,833 17,055 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 $1.4 million and $1.6 million for the third quarters of Fiscal 2018 and Fiscal 2017, respectively, and $4.2 million and $4.6 million for the first nine months of Fiscal 2018 and 2017, respectively. Note 1 Summary of Significant Accounting Policies, Continued Gift Cards Gift card breakage is recognized in revenues each period for which financial statements are updated. Gift card breakage recognized as revenue was $0.5 million and $0.3 million for the third quarter of Fiscal 2018 and Fiscal 2017, respectively, and $0.9 million and $0.6 million for the first nine months of Fiscal 2018 and 2017, respectively. The Condensed Consolidated Balance Sheets include an accrued liability for gift cards of $14.9 million , $17.7 million and $14.5 million at October 28, 2017, January 28, 2017 and October 29, 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 $115.7 million and $113.3 million for the third quarters of Fiscal 2018 and Fiscal 2017, respectively, and $343.1 million and $336.7 million for the first nine months of Fiscal 2018 and 2017, respectively. Advertising Costs Advertising costs are predominantly expensed as incurred. Advertising costs were $20.3 million and $18.2 million for the third quarters of Fiscal 2018 and Fiscal 2017, respectively, and $56.8 million and $50.6 million for the first nine 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 $5.1 million , $1.2 million and $3.7 million at October 28, 2017, January 28, 2017 and October 29, 2016, respectively. Cooperative Advertising Cooperative advertising costs recognized in selling and administrative expenses on the Condensed Consolidated Statements of Operations were $1.0 million for each of the third quarters of Fiscal 2018 and Fiscal 2017, and $2.8 million and $2.7 million for the first nine months of Fiscal 2018 and 2017, respectively. During the first nine 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 $3.1 million and $3.0 million for the third quarters of Fiscal 2018 and Fiscal 2017, respectively, and $7.5 million and $5.7 million for the first nine months of Fiscal 2018 and 2017, respectively. During the first nine months of Fiscal 2018 and Fiscal 2017, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred. Note 1 Summary of Significant Accounting Policies, Continued 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 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 gain of $(0.1) million and a net loss of $0.4 million for the third quarter and first nine months of Fiscal 2018, respectively, and a net gain of $(0.4) million and $(1.9) million for the third quarter and first nine 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 October 28, 2017 consisted of $9.0 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 $33.5 million . The following table summarizes the components of accumulated other comprehensive loss for the nine months ended October 28, 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 6,352 — 6,352 Gain on intra-entity foreign currency transactions (long-term investment nature) 475 — 475 Amounts reclassified from AOCI: Amortization of net actuarial loss (1) — 732 732 Income tax expense — 285 285 Current period other comprehensive income, net of tax 6,827 447 7,274 Balance October 28, 2017 $ (33,502 ) $ (10,516 ) $ (44,018 ) (1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Condensed Consolidated Statements of Operations. Note 1 Summary of Significant Accounting Policies, Continued Income Taxes The Company recorded an effective income tax rate of (7.1)% and 33.2% in the third quarter of Fiscal 2018 and 2017, respectively, and (7.8)% and 33.6% for the first nine months of Fiscal 2018 and 2017, respectively. The tax rate for the third quarter and first nine months of Fiscal 2018 was impacted by the non-deductibility of $107.6 million of the $182.2 million of goodwill impairment charge in the third quarter of Fiscal 2018. In addition, the tax rate for the nine 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. The tax rate for the first nine months of Fiscal 2018 was favorably impacted by a $0.5 million return to provision adjustment. The tax rate for the third quarter and first nine months of Fiscal 2017 was favorably impacted reflecting the release of tax reserves and other items. 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 the Company measured goodwill impairment in the third quarter of Fiscal 2018 under the provisions of ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"). In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. 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 nine months ended October 28, 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 nine months ended October 29, 2016 representing the value of the shares withheld for taxes on the vesting of restricted stock. Note 1 Summary of Significant Accounting Policies, Continued 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 $23.9 million of deferred taxes from current to noncurrent on its Consolidated Balance Sheets as of January 28, 2017 and October 29, 2016, respectively. 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 will require the Company to present the non-service pension costs as a component of expense below operating income. 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. 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 Note 1 Summary of Significant Accounting Policies, Continued 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 and timing of gift card breakage as the areas that will most likely be affected by the new revenue recognition guidance. The Company is continuing to assess all the impacts of the new standard and the design of internal control over financial reporting; however, based upon the materiality of the transactions that are impacted by the standard, adoption is not expected to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. The Company expects to adopt this guidance in the first quarter of Fiscal 2019 using the modified retrospective approach. |
Goodwill, Other Intangible Asse
Goodwill, Other Intangible Assets and Sale of Business | 9 Months Ended |
Oct. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Other Intangible Assets and Sale of Business | Goodwill, Other Intangible Assets and Sale of Business Goodwill The changes in the carrying amount of goodwill by segment were as follows: (In Thousands) Lids Sports Group Schuh Group Journeys Group Total Goodwill Balance, January 28, 2017 $ 181,628 $79,769 $9,825 $ 271,222 Impairment charge (182,211 ) — — (182,211 ) Effect of foreign currency exchange rates 583 3,666 180 $ 4,429 Balance, October 28, 2017 $ — $ 83,435 10,005 $ 93,440 As required under ASC 350, the Company annually assesses its goodwill and indefinite lived trade names for impairment and on an interim basis if indicators of impairment are present. The Company’s annual assessment date of goodwill and indefinite lived trade names is the first day of the fourth quarter. During the third quarter of Fiscal 2018, the Company identified qualitative indicators of impairment, including a significant decline in the Company's stock price and market capitalization for a sustained period since the last consideration of indicators of impairment in the second quarter of Fiscal 2018, underperformance relative to projected operating results, particularly in the Lids Sports Group reporting unit, and an increased competitive environment in the licensed sports business. Note 2 Goodwill, Other Intangible Assets and Sale of Business, Continued In accordance with ASC 350, when indicators of impairment are present on an interim basis, the Company must assess whether it is “more likely than not” (i.e., a greater than 50% chance) that an impairment has occurred. In our Fiscal 2017 annual evaluation of goodwill, the Company determined that the fair value of the Lids Sports Group and Schuh Group reporting units exceeded the carrying value of the reporting units’ assets by approximately 15% and 28% , respectively. Due to the identified indicators of impairment during the the third quarter of Fiscal 2018, the Company determined that it was "more likely than not" that an impairment had occurred and performed a full valuation of its reporting units as required under ASC 350 and reconciled the aggregate fair values of the individual reporting units to the Company’s market capitalization. Based upon the results of these analyses, the Company concluded the goodwill attributed to Lids Sports Group was fully impaired. As a result, the Company recorded a non-cash impairment charge of $182.2 million in the third quarter of Fiscal 2018. In addition, as a result of the factors noted above, the Company evaluated the fair value of its trademarks during the third quarter of Fiscal 2018. The fair value of trademarks was determined based on the royalty savings approach. This analysis did not result in any trademark impairment. Other Intangibles Other intangibles by major classes were as follows: Leases Customer Lists Other* Total (In Thousands) Oct. 28, 2017 Jan. 28, 2017 Oct. 28, 2017 Jan. 28, 2017 Oct. 28, 2017 Jan. 28, 2017 Oct. 28, 2017 Jan. 28, 2017 Gross other intangibles $ 14,750 $ 14,625 $ 2,020 $ 1,958 $ 2,048 $ 2,009 $ 18,818 $ 18,592 Accumulated amortization (13,406 ) (12,938 ) (2,020 ) (1,956 ) (1,502 ) (1,306 ) (16,928 ) (16,200 ) Net Other Intangibles $ 1,344 $ 1,687 $ — $ 2 $ 546 $ 703 $ 1,890 $ 2,392 *Includes non-compete agreements, vendor contract and backlog. The amortization of intangibles, including trademarks, was $0.1 million and $0.3 million for the third quarters of Fiscal 2018 and 2017, respectively, and $0.2 million and $0.8 million for the first nine 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 | 9 Months Ended |
Oct. 28, 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 $1.4 million in the third quarter of Fiscal 2018, including $0.9 million for losses related to Hurricane Maria and $0.5 million for retail store asset impairments. The Company recorded pretax charges of $1.6 million in the first nine months of Fiscal 2018, including $0.9 million for losses related to Hurricane Maria and $0.7 million for retail store asset impairments. The Company recorded pretax charges of $0.6 million in the third quarter of Fiscal 2017 for retail store asset impairments. The Company recorded a pretax gain of $(3.8) million in the first nine 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 $5.0 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 328 Charges and adjustments, net (1,842 ) Balance October 28, 2017* 3,529 Current provision for discontinued operations 1,822 Total Noncurrent Provision for Discontinued Operations $ 1,707 *Includes a $2.9 million environmental provision, including $1.8 million in current provision for discontinued operations. |
Inventories
Inventories | 9 Months Ended |
Oct. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories In thousands October 28, 2017 January 28, 2017 Raw materials $ — $ 389 Wholesale finished goods 40,095 61,575 Retail merchandise 657,854 501,713 Total Inventories $ 697,949 $ 563,677 |
Fair Value
Fair Value | 9 Months Ended |
Oct. 28, 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 October 28, 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 Measured as of October 28, 2017 251 — — 251 $ 510 Sub-total asset impairment YTD $ 687 Note 5 Fair Value, Continued In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $0.5 million and $0.7 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used during the three and nine months ended October 28, 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 | 9 Months Ended |
Oct. 28, 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 October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Service cost $ 137 $ 137 $ 232 $ 166 Interest cost 818 1,028 89 67 Expected return on plan assets (1,125 ) (1,410 ) — — Amortization: Losses 206 195 33 23 Net amortization 206 195 33 23 Net Periodic Benefit Cost (Gain) $ 36 $ (50 ) $ 354 $ 256 Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Nine Months Ended Nine Months Ended In thousands October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Service cost $ 412 $ 412 $ 672 $ 496 Interest cost 2,460 3,090 264 199 Expected return on plan assets (3,380 ) (4,232 ) — — Amortization: Losses 628 616 105 73 Net amortization 628 616 105 73 Net Periodic Benefit Cost (Gain) $ 120 $ (114 ) $ 1,041 $ 768 There is no cash contribution required for the pension plan in calendar 2017. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 28, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the Three Months Ended For the Three Months Ended October 28, 2017 October 29, 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 $ (164,806 ) $ 25,948 Basic EPS from continuing operations Income (loss) available to common shareholders (164,806 ) 19,265 $ (8.55 ) 25,948 19,912 $ 1.30 Effect of Dilutive Securities from continuing operations Dilutive share-based awards (1) — 12 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (164,806 ) 19,265 $ (8.55 ) $ 25,948 19,962 $ 1.30 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the third quarter ended October 28, 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 third quarter ended October 28, 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 third quarter ended October 29, 2016. Note 7 Earnings Per Share, Continued For the Nine Months Ended For the Nine Months Ended October 28, 2017 October 29, 2016 (In thousands, except per share amounts) Income Shares Per Share Income Shares Per Share Earnings (loss) from continuing operations $ (167,684 ) $ 51,016 Basic EPS from continuing operations Income (loss) available to common shareholders (167,684 ) 19,202 $ (8.73 ) 51,016 20,307 $ 2.51 Effect of Dilutive Securities from Dilutive share-based awards (1) — 54 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (167,684 ) 19,202 $ (8.73 ) $ 51,016 20,399 $ 2.50 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the nine months ended October 28, 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 nine months ended October 28, 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 nine months ended October 29, 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 of common stock during the three months ended October 28, 2017 and repurchased 275,300 shares of common stock during the nine months ended October 28, 2017 for $16.2 million . The Company has $24.0 million remaining under its current $100.0 million share repurchase authorization. The Company repurchased 746,864 shares of common stock during the three months ended October 29, 2016 for $39.8 million and repurchased 2,155,869 shares of common stock during the nine months ended October 29, 2016 for $133.3 million . |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Oct. 28, 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 reimbursed 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 $2.9 million as of October 28, 2017, $4.4 million as of January 28, 2017 and $3.9 million as of October 29, 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 reflected in each of the third quarters of Fiscal 2018 and 2017, and $0.4 million and $0.2 million reflected in the first nine 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 | 9 Months Ended |
Oct. 28, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information During the nine months ended October 28, 2017 and October 29, 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, bank fees, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations and goodwill impairment charges. Note 9 Business Segment Information, Continued Three Months Ended October 28, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 333,506 $ 101,489 $ 181,347 $ 74,132 $ 26,208 $ 77 $ 716,759 Intercompany Sales — — — — — — — Net sales to external customers $ 333,506 $ 101,489 $ 181,347 $ 74,132 $ 26,208 $ 77 $ 716,759 Segment operating income (loss) $ 24,283 $ 7,054 $ 1,991 $ 5,287 $ 1,153 $ (8,510 ) $ 31,258 Goodwill impairment* — — — — — (182,211 ) (182,211 ) Asset Impairments and other** — — — — — (1,446 ) (1,446 ) Earnings (loss) from operations 24,283 7,054 1,991 5,287 1,153 (192,167 ) (152,399 ) Interest expense — — — — — (1,454 ) (1,454 ) Interest income — — — — — (3 ) (3 ) Earnings (loss) from continuing operations before income taxes $ 24,283 $ 7,054 $ 1,991 $ 5,287 $ 1,153 $ (193,624 ) $ (153,856 ) Total assets*** $ 524,563 $ 248,336 $ 396,877 $ 128,651 $ 34,817 $ 165,239 $ 1,498,483 Depreciation and amortization**** 6,385 3,443 6,609 1,565 166 816 18,984 Capital expenditures 21,772 2,124 8,438 1,929 227 2,237 36,727 *Goodwill impairment charge of $182.2 million relates to Lids Sports Group. **Asset Impairments and other charge includes a $0.9 million charge for losses related to Hurricane Maria and a $0.5 million charge for asset impairments, which includes $0.2 million each for Journeys Group and Lids Sports Group and $0.1 million for Schuh Group. ***Total assets for the Schuh Group and Journeys Group include $83.4 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group increased by $3.7 million , and $0.2 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $378.5 million of property and equipment, $54.3 million and $21.4 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 October 28, 2017. Note 9 Business Segment Information, Continued Three Months Ended October 29, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 314,159 90,087 $ 200,279 $ 72,115 $ 34,334 $ 124 $ 711,098 Intercompany Sales — — — — (276 ) — (276 ) Net sales to external customers $ 314,159 $ 90,087 $ 200,279 $ 72,115 $ 34,058 $ 124 $ 710,822 Segment operating income (loss) $ 25,656 $ 6,615 $ 8,173 $ 4,922 $ 2,689 $ (7,118 ) $ 40,937 Asset Impairments and other* — — — — — (589 ) (589 ) Earnings (loss) from operations 25,656 6,615 8,173 4,922 2,689 (7,707 ) 40,348 Interest expense — — — — — (1,489 ) (1,489 ) Interest income — — — — — 1 1 Earnings (loss) from continuing operations before income taxes $ 25,656 $ 6,615 $ 8,173 $ 4,922 $ 2,689 $ (9,195 ) $ 38,860 Total assets** $ 453,352 222,796 $ 603,747 $ 131,966 $ 51,474 $ 121,036 $ 1,584,371 Depreciation and amortization*** 5,971 3,191 6,728 1,513 255 938 18,596 Capital expenditures 11,262 2,174 9,126 1,625 262 368 24,817 *Asset Impairments and other includes a $0.6 million charge for assets impairments, which relates primarily to the Lids Sports Group. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $181.4 million , $77.3 million , $9.6 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.5 million and $0.2 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $13.0 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.8 million of property and equipment, $54.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $18.3 million in depreciation expense for the three months ended October 29, 2016. Note 9 Business Segment Information, Continued Nine Months Ended October 28, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 876,578 $ 275,570 $ 538,478 $ 211,785 $ 73,915 $ 307 $ 1,976,633 Intercompany Sales — — — — — — — Net sales to external customers $ 876,578 $ 275,570 $ 538,478 $ 211,785 $ 73,915 $ 307 $ 1,976,633 Segment operating income (loss) $ 29,561 $ 10,905 $ 3,245 $ 10,654 $ 2,377 $ (24,523 ) $ 32,219 Goodwill impairment* — — — — — (182,211 ) (182,211 ) Asset Impairments and other** — — — — — (1,623 ) (1,623 ) Earnings (loss) from operations 29,561 10,905 3,245 10,654 2,377 (208,357 ) (151,615 ) Interest expense — — — — — (3,883 ) (3,883 ) Interest income — — — — — — — Earnings (loss) from continuing operations before income taxes $ 29,561 $ 10,905 $ 3,245 $ 10,654 $ 2,377 $ (212,240 ) $ (155,498 ) Total assets*** $ 524,563 $ 248,336 $ 396,877 $ 128,651 $ 34,817 $ 165,239 $ 1,498,483 Depreciation and amortization**** 19,208 10,190 20,278 4,709 503 2,642 57,530 Capital expenditures 65,623 7,555 23,410 4,440 388 2,647 104,063 *Goodwill impairment charge of $182.2 million relates to Lids Sports Group. **Asset Impairments and other charge includes a $0.9 million charge for losses related to Hurricane Maria and a $0.7 million charge for asset impairments, which includes $0.3 million each for Journeys Group and Lids Sports Group and $0.1 million for Schuh Group. ***Total assets for the Schuh Group and Journeys Group include $83.4 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group increased by $3.7 million and $0.2 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $378.5 million of property and equipment, $54.3 million and $21.4 million relate to property and equipment in the United Kingdom and Canada, respectively. ****Includes $57.3 million in depreciation expense for the nine months ended October 28, 2017. Note 9 Business Segment Information, Continued Nine Months Ended October 29, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales 860,514 262,717 568,567 207,241 86,651 509 $ 1,986,199 Intercompany Sales — — — — (1,027 ) — (1,027 ) Net sales to external customers $ 860,514 $ 262,717 $ 568,567 $ 207,241 $ 85,624 $ 509 $ 1,985,172 Segment operating income (loss) 49,757 9,647 21,342 12,019 4,776 (23,075 ) $ 74,466 Asset Impairments and other* — — — — — 3,799 3,799 Earnings (loss) from operations 49,757 9,647 21,342 12,019 4,776 (19,276 ) 78,265 Gain on sale of Lids Team Sports — — — — — 2,485 2,485 Interest expense — — — — — (3,968 ) (3,968 ) Interest income — — — — — 37 37 Earnings (loss) from continuing operations before income taxes $ 49,757 $ 9,647 $ 21,342 $ 12,019 $ 4,776 $ (20,722 ) $ 76,819 Total assets** 453,352 222,796 603,747 131,966 51,474 121,036 $ 1,584,371 Depreciation and amortization*** 17,983 10,685 19,663 4,460 762 2,966 56,519 Capital expenditures 34,191 8,581 14,735 6,803 610 600 65,520 *Asset Impairments and other includes an $(8.9) million gain for network intrusion expenses related to a litigation settlement, a $5.0 million charge for asset impairments, of which $4.9 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 $181.4 million , $77.3 million , $9.6 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.5 million and $0.2 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $13.0 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.8 million of property and equipment, $54.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $55.7 million in depreciation expense for the nine months ended October 29, 2016. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 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 and lidsclubhouse.com. Including both the footwear businesses and the Lids Sports Group business, at October 28, 2017, the Company operated 2,727 retail stores and leased departments in the U.S., Puerto Rico, Canada, the United Kingdom, the Republic of Ireland and Germany. During the nine months ended October 28, 2017 and October 29, 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. |
Financial Statement Reclassifications | Financial Statement Reclassifications Certain reclassifications have been made to conform prior years' data to the current year presentation with respect to fixed assets. |
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 October 28, 2017, January 28, 2017 and October 29, 2016. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. At October 28, 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 17% , one customer accounted for 8% and two customers each accounted for 7% of the Company’s total trade receivables balance, while no other customer accounted for more than 7% of the Company’s total trade receivables balance as of October 28, 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 $20.3 million and $18.2 million for the third quarters of Fiscal 2018 and Fiscal 2017, respectively, and $56.8 million and $50.6 million for the first nine 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 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 the Company measured goodwill impairment in the third quarter of Fiscal 2018 under the provisions of ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"). In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. 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 nine months ended October 28, 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 nine months ended October 29, 2016 representing the value of the shares withheld for taxes on the vesting of restricted stock. Note 1 Summary of Significant Accounting Policies, Continued 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 $23.9 million of deferred taxes from current to noncurrent on its Consolidated Balance Sheets as of January 28, 2017 and October 29, 2016, respectively. 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 will require the Company to present the non-service pension costs as a component of expense below operating income. 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. 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 Note 1 Summary of Significant Accounting Policies, Continued 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 and timing of gift card breakage as the areas that will most likely be affected by the new revenue recognition guidance. The Company is continuing to assess all the impacts of the new standard and the design of internal control over financial reporting; however, based upon the materiality of the transactions that are impacted by the standard, adoption is not expected to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. The Company expects to adopt this guidance in the first quarter of Fiscal 2019 using the modified retrospective approach. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 28, 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 October 28, 2017 and January 28, 2017 are as follows: Fair Values In thousands October 28, 2017 January 28, 2017 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Credit Facility Borrowings $ 195,340 $ 195,902 $ 49,879 $ 50,396 UK Term Loans 11,406 11,632 19,230 19,541 UK Revolver Borrowings 16,833 17,055 13,796 13,956 |
Components of accumulated other comprehensive loss | The following table summarizes the components of accumulated other comprehensive loss for the nine months ended October 28, 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 6,352 — 6,352 Gain on intra-entity foreign currency transactions (long-term investment nature) 475 — 475 Amounts reclassified from AOCI: Amortization of net actuarial loss (1) — 732 732 Income tax expense — 285 285 Current period other comprehensive income, net of tax 6,827 447 7,274 Balance October 28, 2017 $ (33,502 ) $ (10,516 ) $ (44,018 ) (1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Condensed Consolidated Statements of Operations. |
Goodwill, Other Intangible As20
Goodwill, Other Intangible Assets and Sale of Business (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amount of goodwill by segment | The changes in the carrying amount of goodwill by segment were as follows: (In Thousands) Lids Sports Group Schuh Group Journeys Group Total Goodwill Balance, January 28, 2017 $ 181,628 $79,769 $9,825 $ 271,222 Impairment charge (182,211 ) — — (182,211 ) Effect of foreign currency exchange rates 583 3,666 180 $ 4,429 Balance, October 28, 2017 $ — $ 83,435 10,005 $ 93,440 |
Other intangible assets by major classes | Other intangibles by major classes were as follows: Leases Customer Lists Other* Total (In Thousands) Oct. 28, 2017 Jan. 28, 2017 Oct. 28, 2017 Jan. 28, 2017 Oct. 28, 2017 Jan. 28, 2017 Oct. 28, 2017 Jan. 28, 2017 Gross other intangibles $ 14,750 $ 14,625 $ 2,020 $ 1,958 $ 2,048 $ 2,009 $ 18,818 $ 18,592 Accumulated amortization (13,406 ) (12,938 ) (2,020 ) (1,956 ) (1,502 ) (1,306 ) (16,928 ) (16,200 ) Net Other Intangibles $ 1,344 $ 1,687 $ — $ 2 $ 546 $ 703 $ 1,890 $ 2,392 *Includes non-compete agreements, vendor contract and backlog. |
Asset Impairments and Other C21
Asset Impairments and Other Charges and Discontinued Operations (Tables) | 9 Months Ended |
Oct. 28, 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 328 Charges and adjustments, net (1,842 ) Balance October 28, 2017* 3,529 Current provision for discontinued operations 1,822 Total Noncurrent Provision for Discontinued Operations $ 1,707 *Includes a $2.9 million environmental provision, including $1.8 million in current provision for discontinued operations. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | In thousands October 28, 2017 January 28, 2017 Raw materials $ — $ 389 Wholesale finished goods 40,095 61,575 Retail merchandise 657,854 501,713 Total Inventories $ 697,949 $ 563,677 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 28, 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 October 28, 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 Measured as of October 28, 2017 251 — — 251 $ 510 Sub-total asset impairment YTD $ 687 |
Defined Benefit Pension Plans24
Defined Benefit Pension Plans and Other Benefit Plans (Tables) | 9 Months Ended |
Oct. 28, 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 October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Service cost $ 137 $ 137 $ 232 $ 166 Interest cost 818 1,028 89 67 Expected return on plan assets (1,125 ) (1,410 ) — — Amortization: Losses 206 195 33 23 Net amortization 206 195 33 23 Net Periodic Benefit Cost (Gain) $ 36 $ (50 ) $ 354 $ 256 Components of Net Periodic Benefit Cost Pension Benefits Other Benefits Nine Months Ended Nine Months Ended In thousands October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 Service cost $ 412 $ 412 $ 672 $ 496 Interest cost 2,460 3,090 264 199 Expected return on plan assets (3,380 ) (4,232 ) — — Amortization: Losses 628 616 105 73 Net amortization 628 616 105 73 Net Periodic Benefit Cost (Gain) $ 120 $ (114 ) $ 1,041 $ 768 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted earnings per share | For the Three Months Ended For the Three Months Ended October 28, 2017 October 29, 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 $ (164,806 ) $ 25,948 Basic EPS from continuing operations Income (loss) available to common shareholders (164,806 ) 19,265 $ (8.55 ) 25,948 19,912 $ 1.30 Effect of Dilutive Securities from continuing operations Dilutive share-based awards (1) — 12 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (164,806 ) 19,265 $ (8.55 ) $ 25,948 19,962 $ 1.30 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the third quarter ended October 28, 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 third quarter ended October 28, 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 third quarter ended October 29, 2016. Note 7 Earnings Per Share, Continued For the Nine Months Ended For the Nine Months Ended October 28, 2017 October 29, 2016 (In thousands, except per share amounts) Income Shares Per Share Income Shares Per Share Earnings (loss) from continuing operations $ (167,684 ) $ 51,016 Basic EPS from continuing operations Income (loss) available to common shareholders (167,684 ) 19,202 $ (8.73 ) 51,016 20,307 $ 2.51 Effect of Dilutive Securities from Dilutive share-based awards (1) — 54 Employees' preferred stock (2) — 38 Diluted EPS from continuing operations Income (loss) available to common shareholders plus assumed conversions $ (167,684 ) 19,202 $ (8.73 ) $ 51,016 20,399 $ 2.50 (1) Due to the loss from continuing operations, restricted share-based awards are excluded from the diluted earnings per share calculation for the nine months ended October 28, 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 nine months ended October 28, 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 nine months ended October 29, 2016. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Segment Reporting [Abstract] | |
Segment reporting information by segment | Three Months Ended October 28, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 333,506 $ 101,489 $ 181,347 $ 74,132 $ 26,208 $ 77 $ 716,759 Intercompany Sales — — — — — — — Net sales to external customers $ 333,506 $ 101,489 $ 181,347 $ 74,132 $ 26,208 $ 77 $ 716,759 Segment operating income (loss) $ 24,283 $ 7,054 $ 1,991 $ 5,287 $ 1,153 $ (8,510 ) $ 31,258 Goodwill impairment* — — — — — (182,211 ) (182,211 ) Asset Impairments and other** — — — — — (1,446 ) (1,446 ) Earnings (loss) from operations 24,283 7,054 1,991 5,287 1,153 (192,167 ) (152,399 ) Interest expense — — — — — (1,454 ) (1,454 ) Interest income — — — — — (3 ) (3 ) Earnings (loss) from continuing operations before income taxes $ 24,283 $ 7,054 $ 1,991 $ 5,287 $ 1,153 $ (193,624 ) $ (153,856 ) Total assets*** $ 524,563 $ 248,336 $ 396,877 $ 128,651 $ 34,817 $ 165,239 $ 1,498,483 Depreciation and amortization**** 6,385 3,443 6,609 1,565 166 816 18,984 Capital expenditures 21,772 2,124 8,438 1,929 227 2,237 36,727 *Goodwill impairment charge of $182.2 million relates to Lids Sports Group. **Asset Impairments and other charge includes a $0.9 million charge for losses related to Hurricane Maria and a $0.5 million charge for asset impairments, which includes $0.2 million each for Journeys Group and Lids Sports Group and $0.1 million for Schuh Group. ***Total assets for the Schuh Group and Journeys Group include $83.4 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group increased by $3.7 million , and $0.2 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $378.5 million of property and equipment, $54.3 million and $21.4 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 October 28, 2017. Note 9 Business Segment Information, Continued Three Months Ended October 29, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 314,159 90,087 $ 200,279 $ 72,115 $ 34,334 $ 124 $ 711,098 Intercompany Sales — — — — (276 ) — (276 ) Net sales to external customers $ 314,159 $ 90,087 $ 200,279 $ 72,115 $ 34,058 $ 124 $ 710,822 Segment operating income (loss) $ 25,656 $ 6,615 $ 8,173 $ 4,922 $ 2,689 $ (7,118 ) $ 40,937 Asset Impairments and other* — — — — — (589 ) (589 ) Earnings (loss) from operations 25,656 6,615 8,173 4,922 2,689 (7,707 ) 40,348 Interest expense — — — — — (1,489 ) (1,489 ) Interest income — — — — — 1 1 Earnings (loss) from continuing operations before income taxes $ 25,656 $ 6,615 $ 8,173 $ 4,922 $ 2,689 $ (9,195 ) $ 38,860 Total assets** $ 453,352 222,796 $ 603,747 $ 131,966 $ 51,474 $ 121,036 $ 1,584,371 Depreciation and amortization*** 5,971 3,191 6,728 1,513 255 938 18,596 Capital expenditures 11,262 2,174 9,126 1,625 262 368 24,817 *Asset Impairments and other includes a $0.6 million charge for assets impairments, which relates primarily to the Lids Sports Group. **Total assets for the Lids Sports Group, Schuh Group, Journeys Group and Licensed Brands include $181.4 million , $77.3 million , $9.6 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.5 million and $0.2 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $13.0 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.8 million of property and equipment, $54.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $18.3 million in depreciation expense for the three months ended October 29, 2016. Note 9 Business Segment Information, Continued Nine Months Ended October 28, 2017 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales $ 876,578 $ 275,570 $ 538,478 $ 211,785 $ 73,915 $ 307 $ 1,976,633 Intercompany Sales — — — — — — — Net sales to external customers $ 876,578 $ 275,570 $ 538,478 $ 211,785 $ 73,915 $ 307 $ 1,976,633 Segment operating income (loss) $ 29,561 $ 10,905 $ 3,245 $ 10,654 $ 2,377 $ (24,523 ) $ 32,219 Goodwill impairment* — — — — — (182,211 ) (182,211 ) Asset Impairments and other** — — — — — (1,623 ) (1,623 ) Earnings (loss) from operations 29,561 10,905 3,245 10,654 2,377 (208,357 ) (151,615 ) Interest expense — — — — — (3,883 ) (3,883 ) Interest income — — — — — — — Earnings (loss) from continuing operations before income taxes $ 29,561 $ 10,905 $ 3,245 $ 10,654 $ 2,377 $ (212,240 ) $ (155,498 ) Total assets*** $ 524,563 $ 248,336 $ 396,877 $ 128,651 $ 34,817 $ 165,239 $ 1,498,483 Depreciation and amortization**** 19,208 10,190 20,278 4,709 503 2,642 57,530 Capital expenditures 65,623 7,555 23,410 4,440 388 2,647 104,063 *Goodwill impairment charge of $182.2 million relates to Lids Sports Group. **Asset Impairments and other charge includes a $0.9 million charge for losses related to Hurricane Maria and a $0.7 million charge for asset impairments, which includes $0.3 million each for Journeys Group and Lids Sports Group and $0.1 million for Schuh Group. ***Total assets for the Schuh Group and Journeys Group include $83.4 million and $10.0 million of goodwill, respectively. Goodwill for the Schuh Group and Journeys Group increased by $3.7 million and $0.2 million , respectively, from January 28, 2017, due to foreign currency translation adjustments. Of the Company's $378.5 million of property and equipment, $54.3 million and $21.4 million relate to property and equipment in the United Kingdom and Canada, respectively. ****Includes $57.3 million in depreciation expense for the nine months ended October 28, 2017. Note 9 Business Segment Information, Continued Nine Months Ended October 29, 2016 Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated In thousands Sales 860,514 262,717 568,567 207,241 86,651 509 $ 1,986,199 Intercompany Sales — — — — (1,027 ) — (1,027 ) Net sales to external customers $ 860,514 $ 262,717 $ 568,567 $ 207,241 $ 85,624 $ 509 $ 1,985,172 Segment operating income (loss) 49,757 9,647 21,342 12,019 4,776 (23,075 ) $ 74,466 Asset Impairments and other* — — — — — 3,799 3,799 Earnings (loss) from operations 49,757 9,647 21,342 12,019 4,776 (19,276 ) 78,265 Gain on sale of Lids Team Sports — — — — — 2,485 2,485 Interest expense — — — — — (3,968 ) (3,968 ) Interest income — — — — — 37 37 Earnings (loss) from continuing operations before income taxes $ 49,757 $ 9,647 $ 21,342 $ 12,019 $ 4,776 $ (20,722 ) $ 76,819 Total assets** 453,352 222,796 603,747 131,966 51,474 121,036 $ 1,584,371 Depreciation and amortization*** 17,983 10,685 19,663 4,460 762 2,966 56,519 Capital expenditures 34,191 8,581 14,735 6,803 610 600 65,520 *Asset Impairments and other includes an $(8.9) million gain for network intrusion expenses related to a litigation settlement, a $5.0 million charge for asset impairments, of which $4.9 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 $181.4 million , $77.3 million , $9.6 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group and Journeys Group increased by $0.5 million and $0.2 million , respectively, from January 30, 2016 and Schuh Group goodwill decreased by $13.0 million from January 30, 2016 due to foreign currency translation adjustments. Of the Company's $321.8 million of property and equipment, $54.2 million and $20.2 million relate to property and equipment in the United Kingdom and Canada, respectively. ***Includes $55.7 million in depreciation expense for the nine months ended October 29, 2016. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($)segmentstore$ / shares | Oct. 29, 2016USD ($)segment | Jan. 28, 2017USD ($)$ / shares | Jul. 29, 2017USD ($) | Jul. 30, 2016USD ($) | Jan. 30, 2016USD ($) | |
Summary of Accounting Policies [Line Items] | ||||||||
Total number of retail stores operated by company | store | 2,727 | |||||||
Number of reportable business segments | segment | 5 | 5 | ||||||
Furniture and fixtures | $ 170,795 | $ 164,187 | $ 170,795 | $ 164,187 | $ 167,881 | |||
Improvements to leased property | 430,032 | 402,778 | 430,032 | 402,778 | 410,116 | |||
Cash and cash equivalents | 50,740 | 30,520 | $ 50,740 | 30,520 | 48,301 | $ 43,520 | $ 41,466 | $ 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 | 34,700 | 35,200 | $ 34,700 | 35,200 | 36,700 | |||
Tenant allowances | 28,600 | 24,400 | 28,600 | 24,400 | 25,400 | |||
Deferred rent | 57,000 | 50,500 | 57,000 | 50,500 | 51,900 | |||
Asset retirement obligations | 10,900 | 10,000 | 10,900 | 10,000 | 10,300 | |||
Wholesale costs of distribution | 1,400 | 1,600 | 4,200 | 4,600 | ||||
Revenue recognition, gift cards, breakage | 500 | 300 | 900 | 600 | ||||
Accrued liability for gift cards | 14,900 | 14,500 | 14,900 | 14,500 | 17,700 | |||
Advertising costs | 20,300 | 18,200 | 56,800 | 50,600 | ||||
Prepaid advertising | 5,100 | 3,700 | 5,100 | 3,700 | 1,200 | |||
Cooperative advertising costs | 1,000 | 1,000 | 2,800 | 2,700 | ||||
Vendor reimbursements of cooperative advertising costs | 3,100 | 3,000 | 7,500 | 5,700 | ||||
Loss (gain) from foreign currency transactions | (100) | (400) | 400 | (1,900) | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ (754,400) | $ (865,733) | $ (754,400) | $ (865,733) | (922,521) | $ (956,783) | ||
Effective income tax rate | (7.10%) | 33.20% | (7.80%) | 33.60% | ||||
Goodwill impairment, non-deductible amount | $ 107,600 | $ 107,600 | ||||||
Goodwill impairment | 182,211 | $ 0 | 182,211 | $ 0 | ||||
Income tax expense | 10,950 | 12,912 | 12,186 | 25,803 | ||||
Return to provision adjustment | 500 | |||||||
Cash flows from operating activities | (12,233) | 36,242 | 12,546 | 2,182 | ||||
Cash flow provided by financing activities | 31,368 | 50,523 | 118,018 | (33,460) | ||||
Deferred income tax assets, net | 41,451 | 14,620 | 41,451 | 14,620 | 13,372 | |||
Selling, General and Administrative Expenses | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Retail occupancy costs | 115,700 | 113,300 | 343,100 | 336,700 | ||||
Accounting Standards Update 2016-09 | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Income tax expense | $ 2,200 | |||||||
Earnings per share (in dollars per share) | $ / shares | $ (0.11) | |||||||
Cash flows from operating activities | 3,400 | |||||||
Cash flow provided by financing activities | 3,400 | |||||||
Accounting Standards Update 2015-07 | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Deferred tax assets, net, current | (23,900) | (23,900) | (21,200) | |||||
Deferred income tax assets, net | 23,900 | 23,900 | 21,200 | |||||
Foreign Currency Translation | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | 33,502 | $ 33,502 | 40,329 | |||||
Unrecognized Pension/Postretirement Benefit Costs | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Stockholders' equity, including portion attributable to noncontrolling interest | 10,516 | 10,516 | 10,963 | |||||
Foreign Subsidiaries | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Cash and cash equivalents | 4,400 | 5,400 | 4,400 | 5,400 | $ 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 | 9,000 | 9,000 | ||||||
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 | 17.00% | |||||||
Customer Concentration Risk | Major Customer Two | Trade Accounts Receivable | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 8.00% | |||||||
Customer Concentration Risk | Two Major Customers | Trade Accounts Receivable | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 7.00% | |||||||
Customer Concentration Risk | Other Major Customer | Trade Accounts Receivable | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Concentration risk benchmark percentage | 7.00% | |||||||
Schuh Group | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Goodwill impairment | $ 0 | |||||||
Schuh Group | Restatement Adjustment | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Furniture and fixtures | (42,000) | (42,000) | $ (44,000) | |||||
Improvements to leased property | $ 42,000 | $ 42,000 | $ 44,000 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 |
Term Loans | UK Term Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 11,406 | $ 19,230 |
Fair Value | 11,632 | 19,541 |
Borrowings | U.S. Credit Facility Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 195,340 | 49,879 |
Fair Value | 195,902 | 50,396 |
Borrowings | UK Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 16,833 | 13,796 |
Fair Value | $ 17,055 | $ 13,956 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 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 | 285 | ||||
Total other comprehensive income (loss) | $ (1,212) | $ (11,155) | 7,274 | (15,647) | (8,679) |
Ending Balance | 754,400 | $ 865,733 | 754,400 | 865,733 | 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) | 6,827 | ||||
Ending Balance | (33,502) | (33,502) | (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 | 6,352 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent, Intra-Entity Transactions | |||||
Other comprehensive income (loss) before reclassifications: | |||||
Other comprehensive income (loss) before reclassifications | 475 | ||||
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 | 732 | ||||
Income tax expense | 285 | ||||
Total other comprehensive income (loss) | 447 | ||||
Ending Balance | (10,516) | (10,516) | (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) | 7,274 | (8,679) | |||
Ending Balance | $ (44,018) | $ (44,018) | $ (51,292) |
Goodwill, Other Intangible As30
Goodwill, Other Intangible Assets and Sale of Business Goodwill, Other Intangible Assets and Sale of Business - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 271,222 | |||
Goodwill impairment | $ 182,211 | $ 0 | 182,211 | $ 0 |
Effect of foreign currency exchange rates | 4,429 | |||
Goodwill, ending balance | 93,440 | 269,115 | 93,440 | 269,115 |
Lids Sports Group | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 181,628 | |||
Goodwill impairment | 182,200 | 182,211 | ||
Effect of foreign currency exchange rates | 500 | 583 | 500 | |
Goodwill, ending balance | 0 | 181,400 | 0 | 181,400 |
Schuh Group | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 79,769 | |||
Goodwill impairment | 0 | |||
Effect of foreign currency exchange rates | 3,700 | (13,000) | 3,666 | (13,000) |
Goodwill, ending balance | 83,435 | 77,300 | 83,435 | 77,300 |
Journeys Group | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 9,825 | |||
Goodwill impairment | 0 | |||
Effect of foreign currency exchange rates | 200 | 200 | 180 | 200 |
Goodwill, ending balance | $ 10,005 | $ 9,600 | $ 10,005 | $ 9,600 |
Goodwill, Other Intangible As31
Goodwill, Other Intangible Assets and Sale of Business - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 182,211 | $ 0 | $ 182,211 | $ 0 | |
Amortization of intangibles assets | 100 | 300 | 200 | 800 | |
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 | |||
Pretax gain on sale of Lids Team Sports | $ 0 | $ 0 | $ 2,500 | $ 0 | $ 2,485 |
Lids Sports Group | |||||
Goodwill [Line Items] | |||||
Percentage of fair value in excess of carrying amount | 15.00% | 15.00% | |||
Goodwill impairment | $ 182,200 | $ 182,211 | |||
Schuh Group | |||||
Goodwill [Line Items] | |||||
Percentage of fair value in excess of carrying amount | 28.00% | 28.00% | |||
Goodwill impairment | $ 0 |
Goodwill, Other Intangible As32
Goodwill, Other Intangible Assets and Sale of Business - Net Other Intangibles (Details) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | $ 18,818 | $ 18,592 | |
Accumulated amortization | (16,928) | (16,200) | $ (16,127) |
Net Other Intangibles | 1,890 | 2,392 | $ 2,796 |
Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | 14,750 | 14,625 | |
Accumulated amortization | (13,406) | (12,938) | |
Net Other Intangibles | 1,344 | 1,687 | |
Customer Lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | 2,020 | 1,958 | |
Accumulated amortization | (2,020) | (1,956) | |
Net Other Intangibles | 0 | 2 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross other intangibles | 2,048 | 2,009 | |
Accumulated amortization | (1,502) | (1,306) | |
Net Other Intangibles | $ 546 | $ 703 |
Asset Impairments and Other C33
Asset Impairments and Other Charges and Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ 1,446 | $ 589 | $ 1,623 | $ (3,799) |
Retail Store Asset Impairments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | 500 | $ 600 | 700 | 5,000 |
Network Intrusion | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | (8,900) | |||
Other Legal Matters | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ 100 | |||
Hurricane | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (gains) on asset impairments and other | $ 900 | $ 900 |
Asset Impairments and Other C34
Asset Impairments and Other Charges and Discontinued Operations - Schedule of Accrued Provision for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Accrued Provision for Discontinued Operations | |||||
Additional provision | $ 25 | $ 86 | $ 328 | $ 218 | |
Current provision for discontinued operations | 1,822 | 2,866 | 1,822 | 2,866 | $ 3,330 |
Total Noncurrent Provision for Discontinued Operations | 1,707 | $ 1,713 | 1,707 | 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 | 328 | 701 | |||
Charges and adjustments, net | (1,842) | (11,277) | |||
Balance at end of period | 3,529 | 3,529 | $ 5,043 | ||
Current provision for discontinued operations | 1,822 | 1,822 | |||
Total Noncurrent Provision for Discontinued Operations | $ 1,707 | 1,707 | |||
Environmental provision | 2,900 | ||||
Current provision for discontinued operations | $ 1,800 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 | Oct. 29, 2016 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 0 | $ 389 | |
Wholesale finished goods | 40,095 | 61,575 | |
Retail merchandise | 657,854 | 501,713 | |
Total Inventories | $ 697,949 | $ 563,677 | $ 719,975 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Company's assets and liabilities measured at fair value on a nonrecurring basis | ||||||
Total Losses | $ 510 | $ 579 | $ 687 | $ 5,032 | ||
Fair Value Measurements Nonrecurring | ||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | ||||||
Long-Lived Assets Held and Used | 251 | $ 0 | $ 14 | 251 | ||
Total Losses | 510 | 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 | 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 | 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 | $ 251 | $ 0 | $ 14 | $ 251 |
Defined Benefit Pension Plans37
Defined Benefit Pension Plans and Other Benefit Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Pension Benefits | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | $ 137,000 | $ 137,000 | $ 412,000 | $ 412,000 | |
Interest cost | 818,000 | 1,028,000 | 2,460,000 | 3,090,000 | |
Expected return on plan assets | (1,125,000) | (1,410,000) | (3,380,000) | (4,232,000) | |
Amortization: | |||||
Losses | 206,000 | 195,000 | 628,000 | 616,000 | |
Net amortization | 206,000 | 195,000 | 628,000 | 616,000 | |
Net Periodic Benefit Cost (Gain) | 36,000 | (50,000) | 120,000 | (114,000) | |
Contribution required | $ 0 | ||||
Other Benefits | |||||
Components of Net Periodic Benefit Cost | |||||
Service cost | 232,000 | 166,000 | 672,000 | 496,000 | |
Interest cost | 89,000 | 67,000 | 264,000 | 199,000 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization: | |||||
Losses | 33,000 | 23,000 | 105,000 | 73,000 | |
Net amortization | 33,000 | 23,000 | 105,000 | 73,000 | |
Net Periodic Benefit Cost (Gain) | $ 354,000 | $ 256,000 | $ 1,041,000 | $ 768,000 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) from continuing operations | $ (164,806) | $ 25,948 | $ (167,684) | $ 51,016 |
Basic EPS from continuing operations | ||||
Income (loss) available to common shareholders, income (numerator) | $ (164,806) | $ 25,948 | $ (167,684) | $ 51,016 |
Income (loss) available to common shareholders, shares (denominator) (in shares) | 19,265,000 | 19,912,000 | 19,202,000 | 20,307,000 |
Income (loss) available to common shareholders, per-share amount (in dollars per share) | $ (8.55) | $ 1.30 | $ (8.73) | $ 2.51 |
Effect of Dilutive Securities from continuing operations | ||||
Dilutive share-based awards, shares (denominator) (in shares) | 0 | 12,000 | 0 | 54,000 |
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) | $ (164,806) | $ 25,948 | $ (167,684) | $ 51,016 |
Income (loss) available to common shareholders plus assumed conversions, shares (denominator) (in shares) | 19,265,000 | 19,962,000 | 19,202,000 | 20,399,000 |
Income (loss) available to common shareholders plus assumed conversions, per-share amount (in dollars per share) | $ (8.55) | $ 1.30 | $ (8.73) | $ 2.50 |
Common convertible ratio (in shares) | 1 | 1 | 1 | 1 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |||||
Stock repurchased during period (in shares) | 0 | 746,864 | 275,300 | 2,155,869 | |
Stock repurchased during period, value | $ 39,800,000 | $ 16,163,000 | $ 133,300,000 | $ 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 | 9 Months Ended | |||||||
Feb. 28, 2017USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Oct. 28, 2017USD ($)Well | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($)Well | Oct. 29, 2016USD ($) | May 19, 2017employee | Jan. 28, 2017USD ($) | Apr. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||||||||
Amount related to outstanding environmental contingencies | $ 2,900,000 | $ 3,900,000 | $ 2,900,000 | $ 3,900,000 | $ 4,400,000 | |||||
Environmental contingency payment | $ 10,000,000 | |||||||||
Pretax accrual charges (gains) for environmental contingencies included in provision for discontinued operations | $ 100,000 | $ 100,000 | $ 400,000 | $ 200,000 | ||||||
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 | |||||||||
Future operation and maintenance costs | 126,400 | |||||||||
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 | 9 Months Ended | |||
Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($)segment | Oct. 29, 2016USD ($)segment | Jan. 28, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable business segments | segment | 5 | 5 | |||
Impairment of goodwill | $ 182,211 | $ 0 | $ 182,211 | $ 0 | |
Asset impairments and other, net | 1,446 | 589 | 1,623 | (3,799) | |
Goodwill | 93,440 | 269,115 | 93,440 | 269,115 | $ 271,222 |
Increase (decrease) in goodwill | 4,429 | ||||
Property and equipment | 378,500 | 321,800 | 378,500 | 321,800 | |
United Kingdom | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment | 54,300 | 54,200 | 54,300 | 54,200 | |
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment | 21,400 | 20,200 | 21,400 | 20,200 | |
Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 182,200 | 182,211 | |||
Asset impairments and other, net | 600 | ||||
Goodwill | 0 | 181,400 | 0 | 181,400 | 181,628 |
Increase (decrease) in goodwill | 500 | 583 | 500 | ||
Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 0 | ||||
Goodwill | 83,435 | 77,300 | 83,435 | 77,300 | 79,769 |
Increase (decrease) in goodwill | 3,700 | (13,000) | 3,666 | (13,000) | |
Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 0 | ||||
Goodwill | 10,005 | 9,600 | 10,005 | 9,600 | $ 9,825 |
Increase (decrease) in goodwill | 200 | 200 | 180 | 200 | |
Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 800 | 800 | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 182,211 | 182,211 | |||
Depreciation expense | 18,900 | 18,300 | 57,300 | 55,700 | |
Operating Segments | Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 0 | 0 | |||
Operating Segments | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 182,211 | 182,211 | |||
Operating Segments | Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 0 | 0 | |||
Operating Segments | Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 0 | 0 | |||
Operating Segments | Licensed Brands | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of goodwill | 0 | 0 | |||
Retail Store Asset Impairments | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 500 | $ 600 | 700 | 5,000 | |
Retail Store Asset Impairments | Lids Sports Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 200 | 300 | 4,900 | ||
Retail Store Asset Impairments | Schuh Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | 100 | |||
Retail Store Asset Impairments | Journeys Group | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 200 | 300 | 100 | ||
Other Legal Matters | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | ||||
Other Legal Matters | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 100 | ||||
Computer Network Intrusion | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | (8,900) | ||||
Computer Network Intrusion | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | $ (8,900) | ||||
Hurricane | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | 900 | 900 | |||
Hurricane | Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Asset impairments and other, net | $ 900 | $ 900 |
Business Segment Information 42
Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Segment Reporting Information [Line Items] | ||||||
Sales | $ 716,759 | $ 710,822 | $ 1,976,633 | $ 1,985,172 | ||
Earnings (loss) from operations | (152,399) | 40,348 | (151,615) | 78,265 | ||
Goodwill impairment | (182,211) | 0 | (182,211) | 0 | ||
Asset impairments and other | (1,446) | (589) | (1,623) | 3,799 | ||
Gain on sale of Lids Team Sports | 0 | 0 | $ 2,500 | 0 | 2,485 | |
Interest expense | (1,454) | (1,489) | (3,883) | (3,968) | ||
Interest income | (3) | 1 | 0 | 37 | ||
Earnings (loss) from continuing operations before income taxes | (153,856) | 38,860 | (155,498) | 76,819 | ||
Total assets | 1,498,483 | 1,584,371 | 1,498,483 | 1,584,371 | $ 1,440,999 | |
Depreciation and amortization | 18,984 | 18,596 | 57,530 | 56,519 | ||
Capital expenditures | 36,727 | 24,817 | 104,063 | 65,520 | ||
Journeys Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 333,506 | 314,159 | 876,578 | 860,514 | ||
Earnings (loss) from operations | 24,283 | 25,656 | 29,561 | 49,757 | ||
Goodwill impairment | 0 | |||||
Schuh Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 101,489 | 90,087 | 275,570 | 262,717 | ||
Earnings (loss) from operations | 7,054 | 6,615 | 10,905 | 9,647 | ||
Goodwill impairment | 0 | |||||
Lids Sports Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 181,347 | 200,279 | 538,478 | 568,567 | ||
Earnings (loss) from operations | 1,991 | 8,173 | 3,245 | 21,342 | ||
Goodwill impairment | (182,200) | (182,211) | ||||
Asset impairments and other | (600) | |||||
Johnston & Murphy Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 74,132 | 72,115 | 211,785 | 207,241 | ||
Earnings (loss) from operations | 5,287 | 4,922 | 10,654 | 12,019 | ||
Licensed Brands | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 26,208 | 34,058 | 73,915 | 85,624 | ||
Earnings (loss) from operations | 1,153 | 2,689 | 2,377 | 4,776 | ||
Corporate & Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 77 | 124 | 307 | 509 | ||
Earnings (loss) from operations | (192,167) | (7,707) | (208,357) | (19,276) | ||
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 716,759 | 711,098 | 1,976,633 | 1,986,199 | ||
Earnings (loss) from operations | 31,258 | 40,937 | 32,219 | 74,466 | ||
Goodwill impairment | (182,211) | (182,211) | ||||
Gain on sale of Lids Team Sports | 2,485 | |||||
Interest expense | (1,454) | (1,489) | (3,883) | (3,968) | ||
Interest income | (3) | 1 | 0 | 37 | ||
Earnings (loss) from continuing operations before income taxes | (153,856) | 38,860 | (155,498) | 76,819 | ||
Total assets | 1,498,483 | 1,584,371 | 1,498,483 | 1,584,371 | ||
Depreciation and amortization | 18,984 | 18,596 | 57,530 | 56,519 | ||
Capital expenditures | 36,727 | 24,817 | 104,063 | 65,520 | ||
Operating Segments | Journeys Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 333,506 | 314,159 | 876,578 | 860,514 | ||
Earnings (loss) from operations | 24,283 | 25,656 | 29,561 | 49,757 | ||
Goodwill impairment | 0 | 0 | ||||
Gain on sale of Lids Team Sports | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before income taxes | 24,283 | 25,656 | 29,561 | 49,757 | ||
Total assets | 524,563 | 453,352 | 524,563 | 453,352 | ||
Depreciation and amortization | 6,385 | 5,971 | 19,208 | 17,983 | ||
Capital expenditures | 21,772 | 11,262 | 65,623 | 34,191 | ||
Operating Segments | Schuh Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 101,489 | 90,087 | 275,570 | 262,717 | ||
Earnings (loss) from operations | 7,054 | 6,615 | 10,905 | 9,647 | ||
Goodwill impairment | 0 | 0 | ||||
Gain on sale of Lids Team Sports | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before income taxes | 7,054 | 6,615 | 10,905 | 9,647 | ||
Total assets | 248,336 | 222,796 | 248,336 | 222,796 | ||
Depreciation and amortization | 3,443 | 3,191 | 10,190 | 10,685 | ||
Capital expenditures | 2,124 | 2,174 | 7,555 | 8,581 | ||
Operating Segments | Lids Sports Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 181,347 | 200,279 | 538,478 | 568,567 | ||
Earnings (loss) from operations | 1,991 | 8,173 | 3,245 | 21,342 | ||
Goodwill impairment | 0 | 0 | ||||
Gain on sale of Lids Team Sports | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before income taxes | 1,991 | 8,173 | 3,245 | 21,342 | ||
Total assets | 396,877 | 603,747 | 396,877 | 603,747 | ||
Depreciation and amortization | 6,609 | 6,728 | 20,278 | 19,663 | ||
Capital expenditures | 8,438 | 9,126 | 23,410 | 14,735 | ||
Operating Segments | Johnston & Murphy Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 74,132 | 72,115 | 211,785 | 207,241 | ||
Earnings (loss) from operations | 5,287 | 4,922 | 10,654 | 12,019 | ||
Goodwill impairment | 0 | 0 | ||||
Gain on sale of Lids Team Sports | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before income taxes | 5,287 | 4,922 | 10,654 | 12,019 | ||
Total assets | 128,651 | 131,966 | 128,651 | 131,966 | ||
Depreciation and amortization | 1,565 | 1,513 | 4,709 | 4,460 | ||
Capital expenditures | 1,929 | 1,625 | 4,440 | 6,803 | ||
Operating Segments | Licensed Brands | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 26,208 | 34,334 | 73,915 | 86,651 | ||
Earnings (loss) from operations | 1,153 | 2,689 | 2,377 | 4,776 | ||
Goodwill impairment | 0 | 0 | ||||
Gain on sale of Lids Team Sports | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Earnings (loss) from continuing operations before income taxes | 1,153 | 2,689 | 2,377 | 4,776 | ||
Total assets | 34,817 | 51,474 | 34,817 | 51,474 | ||
Depreciation and amortization | 166 | 255 | 503 | 762 | ||
Capital expenditures | 227 | 262 | 388 | 610 | ||
Operating Segments | Corporate & Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 77 | 124 | 307 | 509 | ||
Earnings (loss) from operations | (8,510) | (7,118) | (24,523) | (23,075) | ||
Goodwill impairment | (182,211) | (182,211) | ||||
Gain on sale of Lids Team Sports | (2,485) | |||||
Interest expense | (1,454) | (1,489) | (3,883) | (3,968) | ||
Interest income | (3) | 1 | 0 | 37 | ||
Earnings (loss) from continuing operations before income taxes | (193,624) | (9,195) | (212,240) | (20,722) | ||
Total assets | 165,239 | 121,036 | 165,239 | 121,036 | ||
Depreciation and amortization | 816 | 938 | 2,642 | 2,966 | ||
Capital expenditures | 2,237 | 368 | 2,647 | 600 | ||
Intercompany Sales | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 0 | (276) | 0 | (1,027) | ||
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 | 0 | (276) | 0 | (1,027) | ||
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 | (1,446) | (589) | (1,623) | 3,799 | ||
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 | $ (1,446) | $ (589) | $ (1,623) | $ 3,799 |