Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 30, 2021 | Mar. 12, 2021 | Aug. 01, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-3083 | ||
Entity Registrant Name | Genesco Inc | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Tax Identification Number | 62-0211340 | ||
Entity Address, Address Line One | Genesco Park | ||
Entity Address, Address Line Two | 1415 Murfreesboro Pike | ||
Entity Address, City or Town | Nashville | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37217-2895 | ||
City Area Code | 615 | ||
Local Phone Number | 367-7000 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | GCO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 233,000,000 | ||
Entity Common Stock Shares Outstanding | 14,955,569 | ||
Entity Central Index Key | 0000018498 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --01-30 | ||
Documents Incorporated by Reference | Certain portions of registrant’s Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders (which is expected to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended January 30, 2021) are incorporated by reference into Part III of this Annual Report on Form 10-K.. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 215,091 | $ 81,418 |
Accounts receivable, net of allowances of $5,015 at January 30, 2021 and $2,940 at February 1, 2020 | 31,410 | 29,195 |
Inventories | 290,966 | 365,269 |
Prepaids and other current assets | 130,128 | 32,301 |
Total current assets | 667,595 | 508,183 |
Property and equipment, net | 207,842 | 238,320 |
Operating lease right of use asset | 621,727 | 735,044 |
Goodwill | 38,550 | 122,184 |
Other intangibles | 30,929 | 36,364 |
Deferred income taxes | 0 | 19,475 |
Other noncurrent assets | 20,725 | 20,908 |
Total Assets | 1,587,368 | 1,680,478 |
Current Liabilities: | ||
Accounts payable | 150,437 | 135,784 |
Current portion - operating lease liability | 173,505 | 142,695 |
Other accrued liabilities | 78,991 | 83,456 |
Total current liabilities | 402,933 | 361,935 |
Long-term debt | 32,986 | 14,393 |
Long-term operating lease liability | 527,549 | 647,949 |
Other long-term liabilities | 57,141 | 36,858 |
Total liabilities | 1,020,609 | 1,061,135 |
Commitments and contingent liabilities | ||
Equity | ||
Non-redeemable preferred stock | 1,009 | 1,009 |
Common equity: | ||
Common stock, $1 par value: Authorized; 80,000,000 shares Issued common stock | 15,438 | 15,186 |
Additional paid-in capital | 282,308 | 274,101 |
Retained earnings | 320,920 | 378,572 |
Accumulated other comprehensive loss | (35,059) | (31,668) |
Treasury shares, at cost (488,464 shares) | (17,857) | (17,857) |
Total equity | 566,759 | 619,343 |
Total Liabilities and Equity | $ 1,587,368 | $ 1,680,478 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Current Assets: | ||
Allowances on accounts receivable | $ 5,015 | $ 2,940 |
Common equity: | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Treasury shares, at cost (in shares) | 488,464 | 488,464 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,786,530 | $ 2,197,066 | $ 2,188,553 |
Cost of sales | 982,063 | 1,133,951 | 1,141,497 |
Gross margin | 804,467 | 1,063,115 | 1,047,056 |
Selling and administrative expenses | 813,775 | 966,423 | 962,076 |
Goodwill impairment | 79,259 | 0 | 0 |
Asset impairments and other, net | 18,682 | 13,374 | 3,163 |
Operating income (loss) | (107,249) | 83,318 | 81,817 |
Loss on early retirement of debt | 0 | 0 | 597 |
Other components of net periodic benefit income | (670) | (395) | (380) |
Interest expense (net of interest income of $0.3 million, $2.1 million and $0.8 million for Fiscal 2021, 2020 and 2019, respectively) | 5,090 | 1,278 | 3,341 |
Earnings (loss) from continuing operations before income taxes | (111,669) | 82,435 | 78,259 |
Income tax expense (benefit) | (55,641) | 20,678 | 27,035 |
Earnings (loss) from continuing operations | (56,028) | 61,757 | 51,224 |
Loss from discontinued operations, net of tax of $0.2 million, $0.1 million and $27.5 million for Fiscal 2021, 2020 and 2019, respectively | (401) | (373) | (103,154) |
Net Earnings (Loss) | $ (56,429) | $ 61,384 | $ (51,930) |
Basic earnings (loss) per common share: | |||
Continuing operations (in dollars per share) | $ (3.94) | $ 3.97 | $ 2.65 |
Discontinued operations (in dollars per share) | (0.03) | (0.02) | (5.33) |
Net earnings (loss) (in dollars per share) | (3.97) | 3.95 | (2.68) |
Diluted earnings (loss) per common share: | |||
Continuing operations (in dollars per share) | (3.94) | 3.94 | 2.63 |
Discontinued operations (in dollars per share) | (0.03) | (0.02) | (5.29) |
Net earnings (loss) (in dollars per share) | $ (3.97) | $ 3.92 | $ (2.66) |
Weighted average shares outstanding: | |||
Basic (in shares) | 14,216 | 15,544 | 19,351 |
Diluted (in shares) | 14,216 | 15,671 | 19,495 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Income Statement [Abstract] | |||
Interest income | $ 252 | $ 2,061 | $ 774 |
Loss from discontinued operations tax expense (benefit) | $ 200 | $ 100 | $ 27,500 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (56,429) | $ 61,384 | $ (51,930) |
Other comprehensive income (loss): | |||
Pension liability adjustment net of tax of $2.1 million and $0.0 million for 2020 and 2019, respectively | 0 | 6,035 | 123 |
Postretirement liability adjustment net of tax of $0.1 million, $1.0 million and $1.6 million for 2021, 2020 and 2019, respectively | 314 | (2,697) | 4,077 |
Foreign currency translation adjustments | (3,705) | 2,930 | (12,944) |
Total other comprehensive income (loss) | (3,391) | 6,268 | (8,744) |
Comprehensive Income (Loss) | $ (59,820) | $ 67,652 | $ (60,674) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Other comprehensive income (loss): | |||
Pension liability adjustment, tax | $ 2.1 | $ 0 | |
Postretirement liability adjustment, tax | $ 0.1 | $ 1 | $ 1.6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings (loss) | $ (56,429) | $ 61,384 | $ (51,930) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 46,499 | 49,574 | 76,939 |
Deferred income taxes | 39,142 | 660 | 272 |
Impairment of intangible assets | 84,519 | 269 | 5,736 |
Impairment of long-lived assets | 13,871 | 2,827 | 5,823 |
Restricted stock expense | 8,460 | 10,077 | 13,437 |
Provision for discontinued operations | 345 | 425 | 743 |
Loss on sale of business | 0 | 86 | 126,321 |
Loss on pension plan termination | 0 | 11,510 | 0 |
Other | 3,916 | 568 | 2,460 |
Changes in working capital and other assets and liabilities, net of acquisitions/dispositions: | |||
Accounts receivable | (4,159) | 656 | 6,312 |
Inventories | 76,525 | 1,930 | 2,684 |
Prepaids and other current assets | (97,842) | 16,228 | (9,116) |
Accounts payable | 29,631 | (10,333) | 43,028 |
Other accrued liabilities | (7,732) | (20,787) | 20,713 |
Other assets and liabilities | 20,995 | (7,904) | (6,279) |
Net cash provided by operating activities | 157,741 | 117,170 | 237,143 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (24,130) | (29,767) | (57,230) |
Other investing activities | 0 | 171 | 1,505 |
Acquisitions, net of cash acquired | 0 | (33,524) | 0 |
Proceeds from (payments for) sale of businesses | 0 | 98,677 | (1,088) |
Proceeds from asset sales | 110 | 17,751 | 310 |
Net cash provided by (used in) investing activities | (24,020) | 53,308 | (56,503) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of long-term debt | 0 | (9,133) | (1,650) |
Borrowings under revolving credit facility | 221,310 | 93,328 | 284,473 |
Payments on revolving credit facility | (205,327) | (135,403) | (299,606) |
Shares repurchased related to share repurchase plan | 0 | (190,384) | (44,935) |
Restricted shares withheld for taxes | (1,223) | (2,355) | (2,853) |
Change in overdraft balances | (16,573) | (12,557) | 15,494 |
Additions to deferred financing costs | (1,350) | (7) | (359) |
Other | (1) | 0 | (3,322) |
Net cash used in financing activities | (3,164) | (256,511) | (52,758) |
Effect of foreign exchange rate fluctuations on cash | 3,116 | 96 | (464) |
Net Increase (Decrease) in Cash and Cash Equivalents | 133,673 | (85,937) | 127,418 |
Cash and cash equivalents at beginning of year | 81,418 | 167,355 | 39,937 |
Cash and cash equivalents at end of year | 215,091 | 81,418 | 167,355 |
Supplemental information: | |||
Interest paid | 4,386 | 3,005 | 3,338 |
Income taxes paid | 7,685 | 4,899 | 12,451 |
Cash paid for amounts included in measurement of operating lease liabilities | 142,908 | 188,247 | 0 |
Operating leased assets obtained in exchange for new operating lease liabilities | $ 38,731 | $ 80,078 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Non-Redeemable Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Shares | Non Controlling Interest Non-Redeemable |
Beginning balance at Feb. 03, 2018 | $ 830,704 | $ 4,413 | $ 1,052 | $ 20,392 | $ 250,877 | $ 603,902 | $ 4,413 | $ (29,192) | $ (17,857) | $ 1,530 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible List] | ASU 2014-09 | ASU 2014-09 | ||||||||
Net earnings (loss) | (51,930) | (51,930) | ||||||||
Other comprehensive income (loss) | (8,744) | (8,744) | ||||||||
Employee and non-employee restricted stock | 13,437 | 13,437 | ||||||||
Restricted stock issuance | 390 | (390) | ||||||||
Restricted shares withheld for taxes | (2,853) | (70) | 70 | (2,853) | ||||||
Shares repurchased | (45,945) | (968) | (44,977) | |||||||
Other | (1) | 8 | (153) | 144 | ||||||
Noncontrolling interest – loss | (1,530) | $ (1,530) | ||||||||
Ending balance at Feb. 02, 2019 | 737,551 | $ (4,208) | 1,060 | 19,591 | 264,138 | 508,555 | $ (4,208) | (37,936) | (17,857) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible List] | ASU 2016-02 | ASU 2016-02 | ||||||||
Net earnings (loss) | 61,384 | 61,384 | ||||||||
Other comprehensive income (loss) | 6,268 | 6,268 | ||||||||
Employee and non-employee restricted stock | 10,077 | 10,077 | ||||||||
Restricted stock issuance | 285 | (285) | ||||||||
Restricted shares withheld for taxes | (2,355) | (56) | 56 | (2,355) | ||||||
Shares repurchased | (189,374) | (4,570) | (184,804) | |||||||
Other | (51) | (64) | 115 | |||||||
Ending balance at Feb. 01, 2020 | 619,343 | 1,009 | 15,186 | 274,101 | 378,572 | (31,668) | (17,857) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings (loss) | (56,429) | (56,429) | ||||||||
Other comprehensive income (loss) | (3,391) | (3,391) | ||||||||
Employee and non-employee restricted stock | 8,460 | 8,460 | ||||||||
Restricted stock issuance | 467 | (467) | ||||||||
Restricted shares withheld for taxes | (1,223) | (65) | 65 | (1,223) | ||||||
Other | (1) | (150) | 149 | |||||||
Ending balance at Jan. 30, 2021 | $ 566,759 | $ 1,009 | $ 15,438 | $ 282,308 | $ 320,920 | $ (35,059) | $ (17,857) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 Summary of Significant Accounting Policies Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "we", "our", or "us") 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 ® ® ® ® ® ® ® Effective January 1, 2020, we completed the acquisition of Togast, which specializes in the design, sourcing and sale of licensed footwear. We also entered into a new U.S. footwear license agreement with Levi Strauss & Co. for the license of Levi's ® ® During Fiscal 2021, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Licensed Brands, comprised of the licensed Dockers, Levi's, and Bass brands, as well as other brands we license for footwear. Principles of Consolidation All subsidiaries are consolidated in our Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. Fiscal Year Our fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2021, 2020 and 2019 were all 52-week years with 364 days Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Note 1 Summary of Significant Accounting Policies, Continued Cash and Cash Equivalents Our foreign subsidiaries held cash of approximately $21.8 million and $8.9 million as of January 30, 2021 and February 1, 2020, respectively, which is included in cash and cash equivalents on the Consolidated Balance Sheets. Our strategic plan does not require the repatriation of foreign cash in order to fund our operations in the U.S., and it is our current intention to indefinitely reinvest our foreign cash and cash equivalents outside of the U.S. If we were to repatriate foreign cash to the U.S., we 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 at January 30, 2021 and there were $59.6 million of cash equivalents at February 1, 2020. Our $59.6 million of cash equivalents at the previous year end was invested in institutional money market funds which invest exclusively in highly rated, short-term securities that are issued, guaranteed or collateralized by the U.S. government or by U.S. government agencies and instrumentalities. 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 our Consolidated Balance Sheets. At January 30, 2021 and February 1, 2020, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $0.5 million and $17.1 million, respectively. These amounts are included in accounts payable in our Consolidated Balance Sheets. Concentration of Credit Risk and Allowances on Accounts Receivable Our wholesale businesses sell primarily to independent retailers and department stores 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 wholesale businesses, one customer accounted for 16%, one customer accounted for 13% and two customers each accounted for 10% of our total trade receivables balance, while no other customer accounted for more than 7% of our total trade receivables balance as of January 30, 2021. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. We also establish allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes. Inventory Valuation In our footwear wholesale operations and our Schuh Group segment, cost for inventory that we own is determined using the first-in, first-out ("FIFO") method. Net realizable value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders for footwear wholesale. We provide a valuation allowance when the inventory has not been marked down to net realizable value based on current selling prices or when the inventory is not turning and is not expected to turn at satisfactory levels. In our retail operations, other than the Schuh Group segment, we employ the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. Note 1 Summary of Significant Accounting Policies, Continued Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns and shrinkage. These judgments and estimates, coupled with the fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, we employ the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyze markdown requirements at the stock number level based on factors such as inventory turn, average selling price and inventory age. In addition, we accrue markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return products to vendors and vendor agreements to provide markdown support. In addition to markdown allowances, we maintain reserves for shrinkage and damaged goods based on historical rates. Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. Property and Equipment Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: Buildings and building equipment 20-45 years Computer hardware, software and equipment 3-10 years Furniture and fixtures 10 years Depreciation expense related to property and equipment was approximately $45.6 million, $49.4 million and $52.1 million for Fiscal 2021, 2020 and 2019, respectively. Leases We recognize lease assets and corresponding lease liabilities for all operating leases on the Consolidated Balance Sheets as described under ASC 842. We evaluate renewal options and break options at lease inception and on an ongoing basis and include renewal options and break options that we are reasonably certain to exercise in our expected lease terms for calculations of the right-of-use assets and liabilities. Approximately 2% of our leases contain renewal options. To determine the present value of lease payments not yet paid, we estimate incremental borrowing rates corresponding to the reasonably certain lease term. As most of our leases do not provide a determinable implicit rate, we estimate our collateralized incremental borrowing rate based upon a synthetic credit rating and yield curve analysis at the lease commencement or modification date in determining the present value of lease payments. For lease payments in foreign currencies, the incremental borrowing rate is adjusted to be reflective of the risk associated with the respective currency. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment, if any, of operating lease assets. We test right-of-use assets for impairment in the same manner as long-lived assets. Net lease costs are included within selling and administrative expenses on the Consolidated Statements of Operations. Note 1 Summary of Significant Accounting Policies, Continued Asset Retirement Obligations An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development, or normal operation of that long-lived asset. Our asset retirement obligations are primarily associated with leasehold improvements that we are contractually obligated to remove at the end of a lease to comply with the lease agreement. We recognize asset retirement obligations at the inception of a lease with such conditions if a reasonable estimate of fair value can be made. Asset retirement obligations are recorded in other long-term liabilities in our Consolidated Balance Sheets and are subsequently adjusted for changes in estimated asset retirement obligations. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. Our Consolidated Balance Sheets include asset retirement obligations related to leases of $11.5 million and $11.1 million as of January 30, 2021 and February 1, 2020, respectively. Impairment of Long-Lived Assets We periodically assess the realizability of our long-lived assets, other than goodwill, and evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. We annually assess our goodwill and indefinite lived trade names for impairment and on an interim basis if indicators of impairment are present. Our annual assessment date of goodwill and indefinite lived trade names is the first day of the fourth quarter. In accordance with ASC 350, we have the option first to assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that goodwill is impaired. If, after such assessment, we conclude that the asset is not impaired, no further action is required. However, if we conclude otherwise, we are required to determine the fair value of the asset using a quantitative impairment test. The quantitative impairment test for goodwill compares the fair value of each reporting unit with the carrying value of the reporting unit with which the goodwill is associated. If the fair value of the reporting unit is less than the carrying value of the reporting unit, an impairment charge would be recorded for the amount, if any, in which the carrying value exceeds the reporting unit's fair value. We estimate fair value using the best information available, and compute the fair value derived by a combination of the market and income approach. The market approach is based on observed market data of comparable companies to determine fair value. The income approach utilizes a projection of a reporting unit’s estimated operating results and cash flows that are discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in our fair value estimate is the weighted average cost of capital utilized for discounting our cash flow projections in our income approach. The projection uses our best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. Note 1 Summary of Significant Accounting Policies, Continued 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 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 (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. Revenue Recognition Revenue is recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer. Revenue is measured as the amount of consideration we expect to be entitled to in exchange for corresponding goods. The majority of our sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product at the point of sale. Revenue from retail sales is recognized at the point of sale, is net of estimated returns, and excludes sales and value added taxes. Revenue from catalog and internet sales is recognized at estimated time of delivery to the customer, is net of estimated returns, and excludes sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Actual amounts of markdowns have not differed materially from estimates. Shipping and handling costs charged to customers are included in net sales. We exclude sales and value added tax collected on behalf of third parties from transaction price. A provision for estimated returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. Estimated returns are based on historical returns and claims. Actual returns and claims in any future period may differ from historical experience. Revenue from gift cards is deferred and recognized upon the redemption of the cards. These cards have no expiration date. Income from unredeemed cards is recognized on the Consolidated Statements of Operations within net sales in proportion to the pattern of rights exercised by the customer in future periods. We perform an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity. Note 1 Summary of Significant Accounting Policies, Continued Our Consolidated Balance Sheets include an accrued liability for gift cards of $5.0 million in each of the years ended January 30, 2021 and February 1, 2020. Gift card breakage recognized as revenue was $0.8 million, $1.0 million and $0.8 million for Fiscal 2021, 2020 and 2019, respectively. During Fiscal 2021, we recognized $3.0 million of gift card redemptions and gift card breakage revenue that were included in the gift card liability as of February 1, 2020. Cost of Sales For our retail operations, the cost of sales includes actual product cost, the cost of transportation to our warehouses from suppliers, the cost of transportation from our warehouses to the stores and the cost of transportation from our warehouses to the customer. Additionally, the cost of our distribution facilities allocated to our retail operations is included in cost of sales. For our wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers. Selling and Administrative Expenses Selling and administrative expenses include all operating costs excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for our retail operations, those related to the transportation of products from the warehouse to the store and from the warehouse to the customer and (iii) costs of our distribution facilities which are allocated to our retail operations. Wholesale costs of distribution are included in selling and administrative expenses on our Consolidated Statements of Operations in the amounts of $10.1 million, $5.6 million and $5.6 million for Fiscal 2021, 2020 and 2019, respectively. We record buying, merchandising and occupancy costs in selling and administrative expense. Because we do not include these costs in cost of sales, our gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $269.8 million, $334.4 million and $334.3 million for Fiscal 2021, 2020 and 2019, respectively. Shipping and Handling Costs Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale costs of distribution and shipping costs for product shipped from stores, which are included in selling and administrative expenses in our Consolidated Statements of Operations. Advertising Costs Advertising costs are predominantly expensed as incurred. Advertising costs were $80.1 million, $72.3 million and $68.3 million for Fiscal 2021, 2020 and 2019, respectively. Consideration to Resellers In our wholesale businesses, we do not have any written buy-down programs with retailers, but we have provided certain retailers with markdown allowances for obsolete and slow-moving products that are in the retailer’s inventory. We estimate these allowances and provide for them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates. Note 1 Summary of Significant Accounting Policies, Continued Cooperative Advertising Cooperative advertising funds are made available to most of our wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. Our cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for our products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, our cooperative advertising agreements require that the amount of reimbursement requested for such advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. Vendor Allowances From time to time, we negotiate allowances from our vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor. We receive support from some of our vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by us to sell the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales. Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $5.7 million, $8.0 million and $7.8 million for Fiscal 2021, 2020 and 2019, respectively. During Fiscal 2021, 2020 and 2019, our vendor reimbursements of cooperative advertising received were not in excess of the costs incurred. Foreign Currency Translation The functional currency of our 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 were not material for Fiscal 2021, 2020 or 2019. Commitments As a result of the Togast acquisition, we also have a commitment to Samsung C&T America, Inc. (“Samsung”) related to the ultimate sale and valuation of related inventories owned by Samsung. If the product is sold below Samsung’s cost, we are committed to Samsung for the difference between the sales price and its cost. At January 30, 2021, the related inventory owned by Samsung had a historical cost of $22.8 million. As of January 30, 2021, we believe that we have appropriately accounted for any differences between the fair value of the Samsung inventory and Samsung’s historical cost. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Note 2 New Accounting Pronouncements New Accounting Pronouncements Recently Adopted We adopted ASU 2016-02, " Leases (Topic 842)", ("ASC 842"), as of February 3, 2019, using the optional transition method provided by ASU 2018-11, "Leases (Topic 842): Targeted Improvements". The optional transition approach provides a method for recording existing leases at adoption by allowing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, as opposed to the modified or full retrospective transition methods that require restating prior comparative periods. Additionally, we elected the “package of practical expedients”, which permits us to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. We also elected the practical expedient to not separate lease and non-lease components for our store and equipment leases. Adoption of the new standard resulted in the recording of additional net operating lease right of use assets and operating lease liabilities of $795.6 million and $855.3 million, respectively, as of February 3, 2019. The operating lease right of use asset is inclusive of the impairments recorded upon adoption for store operating lease right of use assets, which totaled $4.8 million and resulted in a decrease to retained earnings of $4.2 million, net of tax. Right of use assets are recorded based upon the present value of the remaining operating lease payments, discounted using an incremental borrowing rate based on the initial lease term, adjusted for deferred rent, including tenant allowances from landlords. ASC 842 did not materially impact net earnings or liquidity and did not have an impact on covenant compliance under our current debt agreements. Financial results for reporting periods beginning after February 3, 2019 are presented in accordance with ASC 842, while prior periods will continue to be reported in accordance with our historical accounting for leases under ASC 840: "Leases (Topic 840)" and therefore have not been adjusted to conform to Topic 842. For additional information regarding leases, see Note 10. In August 2018, the FASB issued ASU 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract", (ASU 2018-15"). The standard requires that issuers follow the internal-use software guidance in ASC 350-40 to determine which costs to capitalize as assets or expense as incurred. The ASC 350-40 guidance requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019. We adopted this standard effective August 4, 2019 and elected to apply the prospective transition approach with no material impact on our Consolidated Financial Statements. We did not capitalize any material implementation costs incurred in a cloud computing arrangement service contract during Fiscal 2021 or Fiscal 2020. We adopted ASC 606 in the first quarter of Fiscal 2019 using the modified retrospective method by recognizing the cumulative effect of $4.4 million as an adjustment to the opening balance of retained earnings at February 4, 2018. The adoption of this standard did not have a material impact on our Consolidated Financial Statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, " " Note 2 New Accounting Pronouncements , Continued New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes”. This guidance aims to simplify the accounting for income taxes by removing certain exceptions to the general principles within the current guidance and by clarifying and amending the current guidance. The guidance is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2020. We do not expect the guidance to have a material impact on our Consolidated Financial Statements. |
COVID-19
COVID-19 | 12 Months Ended |
Jan. 30, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
COVID-19 | Note 3 COVID-19 In March 2020, the World Health Organization categorized the outbreak of COVID-19 as a pandemic. To help control the spread of the virus and protect the health and safety of our employees and customers, we began temporarily closing or modifying operating models and hours of our retail stores in North America, the United Kingdom and the ROI both in response to governmental requirements including “stay-at-home” orders and similar mandates and voluntarily, beyond the requirements of local government authorities, during Fiscal 2021. Changes made in our operations, including temporary closures, combined with reduced customer traffic due to concerns over COVID-19, resulted in material reductions in revenues and operating income during Fiscal 2021. This prompted us to update our impairment analyses of our retail store portfolios and related lease right-of-use assets. For certain lower-performing stores, we compared the carrying value of store assets to undiscounted cash flows with updated assumptions on near-term profitability. As a result, we recorded an incremental $11.0 million asset impairment charge within asset impairments and other, net on our Consolidated Statements of Operations during Fiscal 2021. We evaluated our goodwill and indefinite-lived intangible assets for indicators of impairment at the end of the first three quarters of this year and our annual assessment of impairment on the first day of our fourth quarter for Fiscal 2021. During the first quarter, such evaluation caused us to determine that, when considering the impact of the COVID-19 pandemic, indicators of impairment existed relating to the goodwill associated with Schuh Group and certain other trademarks. Therefore, we updated the goodwill impairment analysis for Schuh Group, and as a result, recorded a goodwill impairment charge of $79.3 million during the quarter ended May 2, 2020. In addition, we updated our impairment analysis for other intangible assets and, as a result, recorded a trademark impairment charge of $5.3 million during the quarter ended May 2, 2020. We evaluated our remaining assets, particularly accounts receivable and inventory. Our wholesale businesses sell primarily to independent retailers and department stores 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, such as the COVID-19 pandemic, as well as by customer specific factors. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. We also record reserves for obsolete and slow-moving inventory and for estimated shrinkage between physical inventory counts. We recorded incremental inventory reserve provisions as a result of excess inventory due to the impact of the COVID-19 pandemic on retail traffic and demand for certain products. Depending on the pace of reopening our stores as well as future customer behavior, among other factors, we may incur additional inventory reserve provisions. Note 3 COVID-19, Continued Since the first quarter of Fiscal 2021, we have withheld certain contractual rent payments generally correlating with time periods when our stores were closed and/or correlating with sales declines from Fiscal 2020. We continue to recognize rent expense in accordance with the contractual terms. We have been working with landlords in various markets seeking commercially reasonable lease concessions given the current environment, and while some agreements have been reached, a number of negotiations remain ongoing. In cases where the agreements do not result in a substantial increase in the rights of the lessor or the obligation of the lessee such that the total cash flows of the modified lease are substantially the same or less than the total cash flows of the existing lease, we have not reevaluated the contract terms. For these lease agreements, we have recognized a reduction in variable rent expense in the period that the concession was granted. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the COVID-19 pandemic and options to defer payroll tax payments. Based on our evaluation of the CARES Act, we qualify for certain employer payroll tax credits as well as the deferral of payroll and other tax payments in the future, which will be treated as government subsidies to offset related operating expenses. During Fiscal 2021, qualified payroll tax credits reduced our selling and administrative expenses by approximately $13.8 million on our Consolidated Statements of Operations. We also deferred $9.5 million of qualified payroll taxes in the U.S. that will be repaid in equal installments by December 31, 2021 and December 31, 2022. Savings from the government program in the U.K. has also provided property tax relief of approximately $13.3 million in Fiscal 2021. Additionally, we recorded a tax receivable of $107.2 million in our U.S. federal jurisdiction as a result of a carryback of our Fiscal 2021 federal tax losses to prior tax periods under the CARES Act. Due to a higher tax rate in prior tax periods than the current U.S. federal statutory tax rate of 21%, the carryback claim creates a permanent tax benefit of $46.4 million. We recorded our income tax expense, deferred tax assets and related liabilities based on our best estimates. As part of this process, we assessed the likelihood of realizing the benefits of our deferred tax assets. During Fiscal 2021, based on available evidence, we recorded an additional valuation allowance against previously recorded deferred tax assets in our U.K. jurisdiction of $2.6 million and our Irish jurisdiction of $0.2 million. We will continue to monitor the realizability of our deferred tax assets, particularly in certain foreign jurisdictions where the COVID-19 pandemic has started to create significant net operating losses. Our ability to recover these deferred tax assets depends on several factors, including our results of operations and our ability to project future taxable income in those jurisdictions. The COVID-19 pandemic remains a rapidly evolving situation. The continuation of the COVID-19 pandemic, its economic impact and actions taken in response thereto may result in prolonged or recurring periods of store closures and modified operating schedules and may result in changes in customer behaviors, including a potential reduction in consumer discretionary spending in our stores. These may lead to increased asset recovery and valuation risks, such as impairment of our store and other assets and an inability to realize deferred tax assets due to sustaining losses in certain jurisdictions. The uncertainties in the global economy have and are likely to continue to impact the financial viability of our suppliers, and other business partners, which may interrupt our supply chain, limit our ability to collect receivables and require other changes to our operations. These and other factors have and will continue to adversely impact our net revenues, gross margins, operating income and earnings per share financial measures. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 Goodwill and Other Intangible Assets Goodwill Effective January 1, 2020, we completed the acquisition of substantially all of the assets, and assumption of certain liabilities, of Togast for an aggregate base purchase price of $33.5 million, which was paid in full in cash at the closing. Togast specializes in the design, sourcing and sale of licensed footwear. We also entered into a new U.S. footwear license agreement with Levi Strauss & Co. for the license of Levi's ® ® The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Schuh Group Journeys Group Licensed Brands Group Total Goodwill Balance, February 1, 2020 $ 84,069 $ 9,730 $ 28,385 $ 122,184 Change in opening balance sheet — — 83 83 Impairment (79,259 ) — — (79,259 ) Effect of foreign currency exchange rates (4,810 ) 352 — (4,458 ) Balance, January 30, 2021 $ — $ 10,082 $ 28,468 $ 38,550 During the first quarter of Fiscal 2021, we identified qualitative indicators of impairment, including a significant decline in our stock price and market capitalization resulting from the COVID-19 pandemic, since the last consideration of indicators of impairment in the fourth quarter of Fiscal 2020 for our Schuh Group reporting unit. When indicators of impairment are present on an interim basis, we must assess whether it is “more likely than not” (i.e., a greater than 50% chance) that an impairment has occurred. In our Fiscal 2020 annual evaluation of goodwill, we determined the Schuh Group reporting unit was valued at approximately $8.2 million in excess of its carrying value. Due to the identified indicators of impairment in the first quarter of Fiscal 2021, we determined that it was “more likely than not” that an impairment had occurred and performed a full valuation of our Schuh Group reporting. Based upon the results of these analyses, we concluded the goodwill attributed to Schuh Group was fully impaired. As a result, we recorded an impairment charge of $79.3 million in the first quarter of Fiscal 2021. Goodwill Valuation (Schuh Group) We estimated the fair value of our Schuh reporting unit in the first quarter of Fiscal 2021 using a discounted cash flow method (income approach) weighted 50% and a guideline public company method (market approach) weighted 50%. The key assumptions used under the income approach include the following: • Future cash flow assumptions - Our projections for the Schuh reporting unit were based on organic growth and were derived from historical experience and assumptions regarding future growth and profitability trends, including considerations for the impact from the outbreak of the COVID-19 pandemic. Our analysis incorporated an assumed period of cash flows of seven years with a terminal value. • Note 4 Goodwill and Other Intangible Assets , Continued The guideline company method involves analyzing transaction and financial data of publicly traded companies to develop multiples, which are adjusted to account for differences in growth prospects and risk profiles of the reporting unit and comparable companies. Other Intangible Assets Trademark Valuation In addition, as a result of the factors noted above, we evaluated the fair value of our trademarks during the first quarter of Fiscal 2021. The fair value of trademarks was determined based on the royalty savings approach. This analysis indicated trademark impairment in our Journeys Key assumptions included in the estimation of the fair value for trademarks include the following: • Future cash flow assumptions - Future cash flow assumptions include retail sales from our retail store operations and ecommerce retail sales. Sales were based on organic growth and were derived from historical experience and assumptions regarding future growth, including considerations for the impact of the ongoing COVID-19 pandemic. Our analysis incorporated an assumed period of cash flows of five years with a terminal value. • Royalty rate - The royalty rate used to estimate the fair values of our reporting units’ trademarks was 1%. • Discount rate - The discount rate was based on an estimated WACC for each business. The components of WACC are the cost of equity and the cost of debt, each of which requires judgment by management to estimate. The WACC used to estimate the fair values of our reporting units’ trademarks was approximately 15%. Other intangibles by major classes were as follows: Trademarks ( 1) Customer Lists ( 2) Other ( 3) Total (In thousands) Jan. 30, 2021 Feb. 1, 2020 Jan. 30, 2021 Feb. 1, 2020 Jan. 30, 2021 Feb. 1, 2020 Jan. 30, 2021 Feb. 1, 2020 Gross other intangibles $ 26,443 $ 31,023 $ 6,617 $ 6,562 $ 400 $ 767 $ 33,460 $ 38,352 Accumulated amortization — — (2,131 ) (1,509 ) (400 ) (479 ) (2,531 ) (1,988 ) Other Intangibles, net $ 26,443 $ 31,023 $ 4,486 $ 5,053 $ — $ 288 $ 30,929 $ 36,364 ( 1 ) ( 2 ) ( 3 ) The amortization of intangibles was $0.9 million and $0.2 million for Fiscal 2021 and Fiscal 2020, respectively, and less than $0.1 million for Fiscal 2019. Currently, amortization of intangibles is expected to be $0.6 million for each of the next five years. |
Asset Impairments and Other Cha
Asset Impairments and Other Charges | 12 Months Ended |
Jan. 30, 2021 | |
Asset Impairment Charges [Abstract] | |
Asset Impairments and Other Charges | Note 5 Asset Impairments and Other Charges Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment, and in asset impairment and other, net in the accompanying Consolidated Statements of Operations. We recorded a pretax charge to earnings of $18.7 million in Fiscal 2021, including $13.8 million for retail store asset impairments and $5.3 million for a trademark impairment, partially offset by a $(0.4) million gain for the release of an earnout related to the Togast acquisition. We recorded a pretax charge to earnings of $13.4 million in Fiscal 2020, including $11.5 million pension settlement expense and $3.1 million for retail store asset impairments, partially offset by a $(0.6) million gain on the sale of the Lids Sports Group headquarters building, a $(0.4) million gain for lease terminations and a $(0.2) million gain related to Hurricane Maria. We recorded a pretax charge to earnings of $3.2 million in Fiscal 2019, including $4.2 million for retail store asset impairments, $0.3 million for legal and other matters and $0.1 for hurricane losses, partially offset by a $(1.4) million gain related to Hurricane Maria. |
Inventories
Inventories | 12 Months Ended |
Jan. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 Inventories (In thousands) January 30, 2021 February 1, 2020 Wholesale finished goods $ 27,851 $ 34,271 Retail merchandise 263,115 330,998 Total Inventories $ 290,966 $ 365,269 |
Property and Equipment and Othe
Property and Equipment and Other Current Accrued Liabilities | 12 Months Ended |
Jan. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Property and Equipment and Other Current Accrued Liabilities | Note 7 Property and Equipment and Other Current Accrued Liabilities (In thousands) January 30, 2021 February 1, 2020 Land $ 7,451 $ 7,360 Buildings and building equipment 74,617 63,493 Computer hardware, software and equipment 138,516 140,503 Furniture and fixtures 127,635 128,542 Construction in progress 14,422 9,593 Improvements to leased property 334,267 342,592 Property and equipment, at cost 696,908 692,083 Accumulated depreciation (489,066 ) (453,763 ) Total Property and Equipment, net $ 207,842 $ 238,320 (In thousands) January 30, 2021 February 1, 2020 Accrued employee compensation $ 11,025 $ 31,579 Accrued other taxes 15,578 11,583 Accrued income taxes 674 190 Provision for discontinued operations 527 495 Other accrued liabilities 51,187 39,609 Total Other Current Accrued Liabilities $ 78,991 $ 83,456 |
Fair Value
Fair Value | 12 Months Ended |
Jan. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 8 Fair Value The carrying amounts and fair values of our financial instruments at January 30, 2021 and February 1, 2020 are: (In thousands) January 30, 2021 February 1, 2020 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Revolver Borrowings $ 32,986 $ 33,612 $ 14,393 $ 14,056 Debt fair values were determined 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 1. Carrying amounts reported on our Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. As of January 30, 2021, we have $13.2 million of long-lived assets held and used which were measured using Level 3 inputs within the fair value hierarchy. We 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, we have determined that the majority of the inputs used to value our long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 9 Long-Term Debt Credit Facility On June 5, 2020, we entered into a Second Amendment (the “Second Amendment”) to our Fourth Amended and Restated Credit Agreement dated as of January 31, 2018 between us and the lenders party thereto and Bank of America, N.A. as agent (as amended, the “Credit Facility” or the “Credit Agreement”), to, among other things, increase the Total Commitments (as defined in the Credit Facility) for the revolving loans from $275.0 million to $332.5 million, establish a first-in, last-out (“FILO”) tranche of indebtedness of $17.5 million, for $350.0 million of total capacity, increase pricing on the revolving loans and modify certain covenant and reporting terms. The Credit Facility continues to be secured by certain assets of the Company and certain subsidiaries of the Company, including accounts receivable, inventory, payment intangibles, and deposit accounts and specifically excludes equity interests, equipment, and most leasehold interests. The Second Amendment to our Credit Facility added a security interest in certain intellectual property. The Second Amendment also provides for the borrowing base expansion to include real estate as those assets are added as collateral. In addition, the Second Amendment adds customary real estate covenants to the Credit Facility. The current outstanding long-term debt balance of $33.0 million bears interest at an average rate of 4.05% and matures January 31, 2023. Deferred financing costs incurred of $1.1 million related to the amended Credit Facility were capitalized and are being amortized over the remaining term of the agreement. The remaining balance of deferred financing costs incurred related to the Credit Facility are being amortized over the remaining term of the agreement. These costs are included in other non-current assets on the Consolidated Balance Sheets. In connection with an amendment to the Credit Facility in Fiscal 2019, deferred financing costs of $0.6 million were written off. Those costs are included in loss on early retirement of debt on the Consolidated Statements of Operations in Fiscal 2019. Note 9 Long-Term Debt, Continued The Credit Facility is a revolving credit facility in the aggregate principal amount of $332.5 million, including (i) for the Company and other borrowers formed in the U.S., a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $45.0 million, (ii) for GCO Canada ULC, a revolving credit subfacility in an amount not to exceed $70.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million, and (iii) for Genesco (UK) Limited, a revolving credit subfacility in an aggregate amount not to exceed $100.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. Any swingline loans and any letters of credit and borrowings under the Canadian and U.K. subfacilities will reduce the availability under the Credit Facility on a dollar for dollar basis. We have the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $200.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit subfacility may be increased by no more than $15.0 million and the UK revolving credit subfacility may be increased by no more than $100.0 million. The aggregate amount of the loans made and letters of credit issued under the Credit Facility are limited to the lesser of the facility amount ($332.5 million or, if increased as described above, up to $532.5 million) or the "Borrowing Base", as defined in the Credit Agreement. We are required to pay a commitment fee on the actual daily unused portions of the Credit Facility at a rate of 0.25% per annum. The Credit Facility also permits us to incur senior debt in an amount up to the greater of $500.0 million or an amount that would not cause our ratio of consolidated total indebtedness to consolidated EBITDA to exceed 5.0:1.0 provided that certain terms and conditions are met. In addition, the Credit Facility contains certain covenants that, among other things, restrict additional indebtedness, liens and encumbrances, loans and investments, acquisitions, dividends and other restricted payments, transactions with affiliates, asset dispositions, mergers and consolidations, prepayments or material amendments to certain material documents and other matters customarily restricted in such agreements. The Credit Facility does not require us to comply with any financial covenants unless Excess Availability, as defined in the Credit Agreement, is less than the greater of $22.5 million or 10% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $22.5 million or 10% of the Loan Cap, the Credit Facility requires us to meet a minimum fixed charge coverage ratio. Excess Availability was $147.1 million at January 30, 2021. The Credit Facility contains customary events of default, which if any of them occurs, would permit or require the principal of and interest on the Credit Facility to be declared due and payable as applicable. We were in compliance with all the relevant terms and conditions of the Credit Facility as of January 30, 2021. Note 9 Long-Term Debt, Continued U.K. Credit Agreement On October 9, 2020, Schuh entered into a facility letter (the "Facility Letter") with Lloyds Bank (“Lloyds”) under the U.K.'s Coronavirus Large Business Interruption Loan Scheme pursuant to which Lloyds made available a revolving capital facility (the "RCF") of £19.0 We were in compliance with all the relevant terms and conditions of the Facility Letter as of January 30, 2021. (In thousands) January 30, 2021 February 1, 2020 U.S. Revolver borrowings $ 32,986 $ 14,393 U.K. revolver borrowings — — Total long-term debt 32,986 14,393 Current portion — — Total Noncurrent Portion of Long-Term Debt $ 32,986 $ 14,393 The revolver borrowings outstanding under the Credit Facility at January 30, 2021 included $17.5 million U.S. revolver borrowings and $15.5 million ( £11.3 |
Leases
Leases | 12 Months Ended |
Jan. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 10 Leases We lease our office space and all of our retail store locations, transportation equipment and other equipment under various noncancelable operating leases. The leases have varying terms and expire at various dates through 2034. The store leases in the United States, Puerto Rico and Canada typically have initial terms of approximately 10 years. The store leases in the United Kingdom and the ROI typically have initial terms of between 10 and 15 years. Our lease portfolio includes leases with fixed base rental payments, rental payments based on a percentage of retail sales over contractual amounts and others with predetermined fixed escalations of the minimum rentals based on a defined consumer price index or percentage. Generally, most of the leases require us to pay taxes, insurance, maintenance costs and contingent rentals based on sales. We evaluate renewal options and break options at lease inception and on an ongoing basis, and include renewal options and break options that we are reasonably certain to exercise in our expected lease terms for calculations of our right-of-use assets and liabilities. Approximately 2% of our leases contain renewal options. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The lease on our Nashville office expires in April 2022. On February 10, 2020, we announced plans for our new corporate headquarters in Nashville, Tennessee. We entered into a lease agreement, which was subsequently amended, for approximately 182,000 square feet of office space which will replace our current corporate headquarters office lease. The term of the lease is 15 years, with two options to extend for an additional period of five years each. Note 10 Leases, Continued Under ASC 842, for store, office and equipment leases beginning in Fiscal 2020 and later, we have elected to not separate fixed lease components and non-lease components. Accordingly, we include fixed rental payments, common area maintenance costs, promotional advertising costs and other fixed costs in our measurement of lease liabilities. Our leases do not provide an implicit rate, so the incremental borrowing rate, based on the information available at commencement or modification date, is used in determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. For operating leases that commenced prior to the date of adoption of the new lease accounting guidance, we used the incremental borrowing rate that corresponded to the initial lease term as of the date of adoption. Net lease costs are included within selling and administrative expenses on the Consolidated Statements of Operations. The table below presents the components of lease cost for operating leases for the years ended January 30, 2021 and February 1, 2020. (In thousands) Fiscal 2021 Fiscal 2020 Operating lease cost $ 160,973 $ 184,428 Variable lease cost 9,562 12,176 Less: Sublease income (165 ) (307 ) Net Lease Cost $ 170,370 $ 196,297 Prior to the adoption of ASC 842 as of February 3, 2019 (our Fiscal 2020), rent expense was calculated in accordance with ASC 840, “Leases”. Total rent expense was $202.6 million for Fiscal 2019. Total contingent rent was not material for Fiscal 2019. The following table reconciles the maturities of undiscounted cash flows to our operating lease liabilities recorded on the Consolidated Balance Sheets at January 30, 2021: Fiscal Years (In thousands) 2022 $ 204,457 2023 159,030 2024 132,869 2025 105,026 2026 85,379 Thereafter 114,201 Total undiscounted future minimum lease payments 800,962 Less: Amounts representing interest (99,908 ) Total Present Value of Operating Lease Liabilities $ 701,054 Our weighted-average remaining lease term and weighted-average discount rate for operating leases as of January 30, 2021 and February 1, 2020 are: January 30, 2021 February 1, 2020 Weighted-average remaining lease term (years) 5.5 years 6.2 years Weighted-average discount rate 5.1% 5.2% Note 10 Leases, Continued As of January 30, 2021, we have additional operating leases that have not yet commenced with estimated right of use liabilities of $68.8 million, primarily related to the new headquarters building lease. These leases will commence between 2021 and 2022 with lease terms of 8 to 15 years, with the 15 year lease being for the new headquarters building. Beginning in March 2020, we suspended rent payments under the leases for our temporarily closed stores and initiated discussions with landlords to obtain lease concessions. We have considered the FASB’s recent guidance regarding lease concessions as a result of the effects of the COVID-19 pandemic and have elected to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Also, in accordance with the FASB’s guidance, we apply this election for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our obligations or in the rights of the landlord. We continued to recognize contractual rent expense while lease concessions are under negotiation with the respective landlord. The rent concessions are recognized in the period when the amendment is executed. COVID-19 related lease concessions decreased our contractual rent expense by approximately $34 million during Fiscal 2021. As of January 30, 2021, we had an accrued liability for unpaid rent related to the closed stores of $26.9 million. We continue to negotiate lease concessions with our landlords. |
Equity
Equity | 12 Months Ended |
Jan. 30, 2021 | |
Equity [Abstract] | |
Equity | Note 11 Equity Non-Redeemable Preferred Stock Number of Shares Amounts in Thousands Class Shares Authorized 2021 2020 2019 2021 2020 2019 Employees’ Subordinated Convertible Preferred 5,000,000 34,425 34,440 36,147 $ 1,033 $ 1,033 $ 1,084 Stated Value of Issued Shares 1,033 1,033 1,084 Employees’ Preferred Stock Purchase Accounts (24 ) (24 ) (24 ) Total Non-Redeemable Preferred Stock $ 1,009 $ 1,009 $ 1,060 Subordinated Serial Preferred Stock: Our charter permits the Board of Directors to issue Subordinated Serial Preferred Stock (3,000,000 shares, in aggregate, are authorized) in as many series, each with as many shares and such rights and preferences as the board may designate. We have shares authorized for $2.30 Series 1, $4.75 Series 3, $4.75 Series 4, Series 6 and $1.50 Subordinated Cumulative Preferred stocks in amounts of 64,368 shares, 40,449 shares, 53,764 shares, 800,000 shares and 5,000,000 shares, respectively. All of these preferred stocks were mandatorily redeemed by us in Fiscal 2014. As a result, there are no outstanding shares for any preferred issues of stock other than Employees' Subordinated Convertible Preferred stock shown in the table above. Employees’ Subordinated Convertible Preferred Stock: Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters Note 11 Equity , Continued Common Stock: Common stock-$1 par value. Authorized: 80,000,000 shares; issued: January 30, 2021 – 15,438,338 shares; February 1, 2020 –15,185,670 shares. There were 488,464 shares held in treasury at January 30, 2021 and February 1, 2020. Each outstanding share is entitled to one vote. At January 30, 2021, common shares were reserved as follows: 34,425 shares for conversion of preferred stock and 1,261,501 shares for the 2020 Genesco Inc. Equity Incentive Plan (the "2020 Plan"). For the year ended January 30, 2021, 428,362 shares of common stock were issued as restricted shares as part of the Second Amended and Restated 2009 Genesco Inc. Equity Incentive Plan (the “2009 Plan”); 38,723 shares were issued to directors in exchange for their services; 64,382 shares were withheld for taxes on restricted stock vested in Fiscal 2021; 150,050 shares of restricted stock were forfeited in Fiscal 2021; and 15 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. We did not repurchase any shares of common stock in Fiscal 2021. We have $89.7 million remaining under our current $100.0 million share repurchase authorization. For the year ended February 1, 2020, 270,173 shares of common stock were issued as restricted shares as part of the 2009 Plan; 25,368 shares were issued to directors in exchange for their services; 55,598 shares were withheld for taxes on restricted stock vested in Fiscal 2020; 77,013 shares of restricted stock were forfeited in Fiscal 2020; and 1,707 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 4,570,015 shares of common stock at an average weighted market price of $41.44 for a total of $189.4 million For the year ended February 2, 2019, 353,633 shares of common stock were issued as restricted shares as part of the 2009 Plan; 36,421 shares were issued to directors in exchange for their services; 69,762 shares were withheld for taxes on restricted stock vested in Fiscal 2019; 153,646 shares of restricted stock were forfeited in Fiscal 2019; and 524 shares were issued in miscellaneous conversions of Employees’ Subordinated Convertible Preferred Stock. In addition, the Company repurchased and retired 968,375 shares of common stock at an average weighted market price of $47.45 for a total of $45.9 million. Restrictions on Dividends and Redemptions of Capital Stock: Our charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted in the United States. The Act includes a number of changes to existing U.S. tax laws that impact us including the reduction of the U.S. corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Act also provides for a one-time transition tax on indefinitely reinvested foreign earnings and the acceleration of depreciation for certain assets placed into service after September 27, 2017, as well as prospective changes beginning in 2018, including the elimination of certain domestic deductions and credits and additional limitations on the deductibility of executive compensation. While we consider our accounting for the Act to be complete, we continue to evaluate new guidance and legislation as it is issued. Note 12 Income Taxes, Continued The components of earnings from continuing operations before income taxes is comprised of the following: (In thousands) 2021 2020 2019 United States $ (3,123 ) $ 83,871 $ 84,807 Foreign (108,546 ) (1,436 ) (6,548 ) Total Earnings (Loss) from Continuing Operations before Income Taxes $ (111,669 ) $ 82,435 $ 78,259 Income tax expense from continuing operations is comprised of the following: (In thousands) 2021 2020 2019 Current U.S. federal $ (106,397 ) $ 16,313 $ 13,657 International 1,391 322 1,649 State 10,223 3,383 4,029 Total Current Income Tax Expense (Benefit) (94,783 ) 20,018 19,335 Deferred U.S. federal 48,511 (463 ) 3,632 International 2,773 1,145 2,594 State (12,142 ) (22 ) 1,474 Total Deferred Income Tax Expense 39,142 660 7,700 Total Income Tax Expense (Benefit) – Continuing Operations $ (55,641 ) $ 20,678 $ 27,035 Reconciliation of the United States federal statutory rate to our effective tax rate from continuing operations is as follows: 2021 2020 2019 U. S. federal statutory rate of tax 21.00 % 21.00 % 21.00 % State taxes (net of federal tax benefit) 1.35 3.62 5.67 Foreign rate differential (0.25 ) (2.21 ) (2.56 ) Change in valuation allowance (10.70 ) 3.64 11.51 Credits 0.44 (0.93 ) (2.65 ) Permanent items (0.66 ) 1.72 2.27 Uncertain federal, state and foreign tax positions — (2.01 ) (1.68 ) Transition tax — — 2.23 CARES Act 41.53 — — Outside Basis Difference - IRC Section 165(g) 3 10.34 — — Goodwill Impairment (13.50 ) — — Other 0.28 0.25 (1.24 ) Effective Tax Rate 49.83 % 25.08 % 34.55 % Note 12 Income Taxes, Continued The Fiscal 2021 effective tax rate reflects the favorable impact of the CARES Act, enacted on March 27, 2020. Due to the net operating loss provisions of the CARES Act, we realized a $46.4 million tax benefit in Fiscal 2021. A change to our international operations that took effect in January 2021 resulted in an additional $12.8 million tax benefit in Fiscal 2021. These tax benefits were offset partially by an increase in the valuation allowance in foreign jurisdictions and a non-deductible goodwill impairment charge. We are subject to a tax on global intangible low-tax income (“GILTI”). GILTI taxes foreign income in excess of deemed return on tangible assets of a foreign corporation and we elected to treat this tax as a period cost. Because of tax losses in foreign jurisdictions, there was no liability for GILTI in any period. Deferred tax assets and liabilities are comprised of the following: January 30, February 1, (In thousands) 2021 2020 Pensions $ 229 $ 332 Lease obligation 175,113 188,590 Book over tax depreciation 13,528 4,558 Expense accruals 10,388 7,386 Uniform capitalization costs 4,886 7,292 Provisions for discontinued operations and restructurings 650 674 Inventory valuation 2,242 810 Tax net operating loss and credit carryforwards 39,829 11,972 Allowances for bad debts and notes 888 181 Deferred compensation and restricted stock 2,945 3,344 Identified intangibles 1,586 — Other 34 144 Gross deferred tax assets 252,318 225,283 Deferred tax asset valuation allowance (36,561 ) (23,333 ) Deferred tax asset net of valuation allowance 215,757 201,950 Identified intangibles (4,677 ) (3,616 ) Prepaids (1,765 ) (1,929 ) Right of use asset (163,674 ) (176,930 ) Tax over book depreciation (64,009 ) — Other (1,120 ) — Gross deferred tax liabilities (235,245 ) (182,475 ) Net Deferred Tax Assets (Liabilities) $ (19,488 ) $ 19,475 We have an income tax receivable of $108.6 million included in prepaids and other current assets on the Consolidated Balance Sheets as of January 30, 2021. The deferred tax balances have been classified in our Consolidated Balance Sheets as follows: 2021 2020 Net non-current asset $ - $ 19,475 Net non-current liability (19,488 ) - Net Deferred Tax Assets $ (19,488 ) $ 19,475 Note 12 Income Taxes, Continued As of January 30, 2021 and February 1, 2020, we had state net operating loss carryforwards of $22.4 million and $3.4 million, respectively. We provided a valuation allowance against these attributes of $3.2 million as of January 30, 2021 and February 1, 2020. The attributes expire in fiscal years 2022 through 2039. As of January 30, 2021 and February 1, 2020, we had state tax credits of $0.5 million and $0.6 million, respectively. These credits expire in fiscal years 2022 through 2026. As of January 30, 2021 and February 1, 2020, we had foreign net operating loss carryforwards of $57.6 million and $29.5 million, respectively, which have a carryforward period at least 18 years. As of January 30, 2021, we have provided a total valuation allowance of approximately $36.6 million on deferred tax assets associated primarily with foreign and state net operating losses for which management has determined it is more likely than not that the deferred tax assets will not be realized. The $13.3 million net increase in valuation allowance during Fiscal 2021 from the $23.3 million provided for as of February 1, 2020 relates primarily to foreign tax attributes. Management believes that it is more likely than not that the remaining deferred tax assets will be fully realized. As of January 30, 2021, no deferred taxes have been provided on the accumulated undistributed earnings of our foreign operations beyond the amounts recorded for deemed repatriation of such earnings, as required in the Act. An actual repatriation of earnings from our foreign operations could still be subject to additional foreign withholding and U.S. state taxes. Based upon evaluation of our foreign operations, undistributed earnings are intended to remain permanently reinvested to finance anticipated future growth and expansion, and accordingly, deferred taxes have not been provided. If undistributed earnings of our foreign operations were not considered permanently reinvested as of January 30, 2021, an immaterial amount of additional deferred taxes would have been provided. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2021, 2020 and 2019. (In thousands) 2021 2020 2019 Unrecognized Tax Benefit – Beginning of Period $ 178 $ 1,835 $ 3,701 Gross Increases (Decreases) – Tax Positions in a Current Period — 178 (638 ) Settlements — (931 ) — Lapse of Statutes of Limitations — (904 ) (1,228 ) Unrecognized Tax Benefit – End of Period $ 178 $ 178 $ 1,835 The amount of unrecognized tax benefits as of January 30, 2021, February 1, 2020 and February 2, 2019 which would impact the annual effective rate if recognized were $0.2 million, $0.2 million and $0.6 million, respectively. The amount of unrecognized tax benefits may change during the next twelve months but we do not believe the change, if any, will be material to our consolidated financial position or results of operations. We recognize interest expense and penalties related to the above unrecognized tax benefits within income tax expense on the Consolidated Statements of Operations and it was not material for Fiscal 2021, 2020 or 2019. We file income tax returns in federal and in many state and local jurisdictions as well as foreign jurisdictions. With few exceptions, our state and local income tax returns for fiscal years ended January 31, 2018 and beyond remain subject to examination. In addition, we have subsidiaries in various foreign jurisdictions that have statutes of limitation generally ranging from two to six years. Our US federal income tax returns for fiscal years ended January 31, 2018 and beyond remain subject to examination. |
Other Postretirement Benefit Pl
Other Postretirement Benefit Plans | 12 Months Ended |
Jan. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Other Postretirement Benefit Plans | Note 13 Other Postretirement Benefit Plans We provide health care benefits for early retirees that meet certain age and years of service criteria and life insurance benefits for certain retirees. Under the health care plan, early retirees are eligible for benefits until age 65. Employees who met certain requirements are eligible for life insurance benefits. We accrue such benefits during the period in which the employee renders service. Obligations and Funded Status The measurement date of the assets and liabilities for postretirement medical and life insurance plans is the month-end date that is closest to our fiscal year end. Change in Benefit Obligation Other Benefits (In thousands) 2021 2020 Benefit obligation at beginning of year $ 7,025 $ 4,525 Service cost 89 89 Interest cost 124 151 Plan participants’ contributions 134 111 Asset transfer — — Benefits paid (550 ) (591 ) Actuarial (gain) loss (1,216 ) 2,740 Benefit Obligation at End of Year $ 5,606 $ 7,025 Funded Status at End of Year $ (5,606 ) $ (7,025 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other Benefits (In thousands) 2021 2020 Current liabilities $ (708 ) $ (603 ) Noncurrent liabilities (4,898 ) (6,422 ) Net Amount Recognized $ (5,606 ) $ (7,025 ) Amounts recognized in accumulated other comprehensive income consist of: Other Benefits (In thousands) 2021 2020 Prior service cost $ (322 ) $ (1,244 ) Net loss (gain) 1,040 2,384 Total Recognized in Accumulated Other Comprehensive Loss $ 718 $ 1,140 Note 13 Other Postretirement Benefit Plans, Continued Components of Net Periodic Benefit Cost Net Periodic Benefit Cost Other Benefits (In thousands) 2021 2020 2019 Service cost $ 89 $ 89 $ 409 Interest cost 124 151 214 Amortization: Prior service cost (921 ) (921 ) (231 ) Losses 128 22 37 Net amortization (793 ) (899 ) (194 ) Other components of net periodic benefit cost $ (669 ) $ (748 ) $ 20 Net Periodic Benefit Cost - Ongoing Operations $ (580 ) $ (659 ) $ 429 Net Periodic Benefit Cost - Discontinued Operations $ — $ — $ (877 ) Reconciliation of Accumulated Other Comprehensive Income Other Benefits (In thousands) 2021 Net (gain) loss $ (1,216 ) Amortization of prior service cost 921 Amortization of net actuarial loss (128 ) Total Recognized in Other Comprehensive Income $ (423 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ (1,003 ) Weighted-average assumptions used to determine benefit obligations Other Benefits 2021 2020 Discount rate 1.49 % 2.21 % Rate of compensation increase NA NA For Fiscal 2021 and 2020, the discount rate was based on a yield curve of high-quality corporate bonds with cash flows matching our planned expected benefit payments. Weighted-average assumptions used to determine net periodic benefit costs Other Benefits 2021 2020 2019 Discount rate 1.49 % 3.48 % 3.67 % Expected long-term rate of return on plan assets NA NA NA Rate of compensation increase NA NA NA Note 13 Other Postretirement Benefit Plans, Continued Assumed health care cost trend rates 2021 2020 Health care cost trend rate assumed for next year 6.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.75 % 6.25 % Year that the rate reaches the ultimate trend rate 2023 2024 Estimated Future Benefit Payments Expected benefit payments for other postretirement benefits, paid from the employee benefit trust, are as follows: Estimated future payments Other Benefits ($ in millions) 2021 $ 0.7 2022 0.6 2023 0.6 2024 0.5 2025 0.5 2026 – 2030 2.0 Section 401(k) Savings Plan We have a Section 401(k) Savings Plan available to all employees, including retail employees who have completed 500 hours of service within the first six months of employment, and are age 18 or older. Since January 1, 2005, we have matched 100% of each employee’s contribution of up to 3% of salary and 50% of the next 2% of salary. In addition, for those employees hired before December 31, 2004, who were eligible for our cash balance retirement plan before it was frozen, we annually make an additional contribution of 2 1/2 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 14 Earnings Per Share Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock. Note 1 4 Earnings Per Share , Continued Weighted-average number of shares used for earnings per share is as follows: Fiscal Year (Shares in thousands) 2021 2020 2019 Weighted-average number of shares - basic 14,216 15,544 19,351 Common stock equivalents — 127 144 Weighted-average number of shares - diluted 14,216 15,671 19,495 Common stock equivalents are excluded in Fiscal 2021 due to the loss from continuing operations. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Jan. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | Note 15 Share-Based Compensation Plans We have share-based compensation covering certain members of management and non-employee directors. The fair value of employee restricted stock is determined based on the closing price of our stock on the date of grant. Forfeitures for restricted stock are recognized as they occur. Stock and Cash Incentive Plans Under the 2020 Plan, which became effective June 25, 2020, we may grant options, restricted shares, performance awards and other stock-based awards to our key employees, non-employee directors and consultants for up to 1.8 million shares of common stock. The 2020 Plan replaced our Second Amended and Restated 2009 Equity Incentive Plan (the “2009 Plan”). There will be no future awards under the 2009 Plan. Under both plans, the exercise price of each option equals the market price of our stock on the date of grant, and an option’s maximum term is 10 years. Options granted under the plan primarily vest 25% per year over four years. Restricted share grants deplete the shares available for future grants at a ratio of 2.0 shares per restricted share grant. In addition, we established the 2020 Restricted Cash Incentive Program (the “Program”) in Fiscal 2021 to attract and retain executive officers and key employees. Total cash of $2.7 million was granted in June 2020 under this Program. Cash granted under the Program will primarily vest 25% per year over four years. Only employees that were employed as of the grant date were eligible for the Program. The compensation paid under the Program is taxable and subject to applicable tax withholding requirements. Compensation expense recognized in selling and administrative expenses in the accompanying Consolidated Statements of Operations, for this cash grant was $0.4 million for Fiscal 2021. On February 5, 2020, our new chief executive officer was issued a one-time grant of stock options under the 2009 Plan of 26,620 shares with a grant date fair value of $500,000. The fair value of the one-time stock option is recognized as compensation expense ratably over the vesting period. We estimated the fair value of the stock option award as of the date of the grant by applying a Black-Scholes pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. The key assumptions used in determining the fair value of the stock option award granted during Fiscal 2021 were expected price volatility of 45.0%, a risk-free rate of 1.52% and a weighted average term of 6.25 years. This resulted in a fair value of $18.78 per share for this one-time stock option. We recognized $0.1 million of stock option related share-based compensation in Fiscal 2021 in selling and administrative expenses in the accompanying Consolidated Statements of Operations. As of January 30, 2021, there was $0.4 million of unrecognized compensation expense related to these stock options under the 2009 Plan. For Fiscal 2020 and 2019, we did not recognize any stock option related share-based compensation for our stock incentive plans as all such amounts were fully recognized in earlier periods. We did not capitalize any share-based compensation expense. Note 15 Share-Based Compensation Plans, Continued Restricted Stock Incentive Plans Director Restricted Stock The 2020 Plan permits grants to non-employee directors on such terms as the Board of Directors may approve. Restricted stock awards were made to independent directors on the date of the annual meeting of shareholders in each of Fiscal 2021, 2020 and 2019. The shares granted in each award vested on the earlier of the first anniversary of the grant date and the date of the next annual meeting of shareholders, subject to the director's continued service through that date. For awards made prior to Fiscal 2021, the director is restricted from selling, transferring, pledging or assigning the shares for three years from the grant date unless he or she earlier leaves the board. The grants for Fiscal 2021, 2020 and 2019 were valued at $91,375 for each year, per director, with the exception of two new directors with a grant valued at $106,605 each in Fiscal 2019, based on the average closing price of the stock for the first five trading days of the month in which they were granted and vested on the first anniversary of the grant date. In addition, we issued 1,338 shares to a newly elected director in Fiscal 2021. For Fiscal 2021, 2020 and 2019, we issued 28,266 shares, 14,455 shares and 22,042 shares, respectively, of director restricted stock. In addition, the 2009 Plan permitted an outside director to elect irrevocably to receive all or a specified portion of his annual retainers for board membership and any committee chairmanship for the following fiscal year in a number of shares of restricted stock (the "Retainer Stock"). Shares of the Retainer Stock were granted as of the first business day of the fiscal year as to which the election was effective, subject to forfeiture to the extent not earned upon the outside director's ceasing to serve as a director or committee chairman during such fiscal year. Once the shares were earned, the director is restricted from selling, transferring, pledging or assigning the shares for an additional three years. The 2020 Plan does not permit the issuance of retainer stock. For Fiscal 2021, 2020 and 2019, we issued 10,457 shares, 10,913 shares and 14,379 shares, respectively, of Retainer Stock. Director retainer fees were reduced during Fiscal 2021 primarily related to the COVID-19 pandemic. In connection with the fee reduction, 2,965 shares of Retainer Stock were forfeited during Fiscal 2021. We recognized $0.9 million, $1.3 million and $1.3 million of director restricted stock related share-based compensation in Fiscal 2021, 2020 and 2019 in selling and administrative expenses in the accompanying Consolidated Statements of Operations. Employee Restricted Stock Under the 2009 Plan, we issued 427,741 shares, 269,816 shares and 352,060 shares of employee restricted stock in Fiscal 2021, 2020 and 2019, respectively. Shares of employee restricted stock issued in Fiscal 2021, 2020 and 2019 primarily vest 25% per year over four years, provided that on such date the grantee has remained continuously employed by the Company since the date of grant. In addition, we issued 621, 1,800 and 4,388 restricted stock units in Fiscal 2021, 2020 and 2019, respectively, to certain employees at no cost that vest over three years. The fair value of employee restricted stock is charged against income as compensation expense over the vesting period. Compensation expense recognized in selling and administrative expenses in the accompanying Consolidated Statements of Operations for these shares was $7.4 million, $8.8 million and $12.1 million for Fiscal 2021, 2020 and 2019, respectively, and is inclusive of discontinued operations of $2.0 million in Fiscal 2019. Note 15 Share-Based Compensation Plans, Continued A summary of the status of our nonvested shares of our employee restricted stock as of January 30, 2021 is presented below: Nonvested Restricted Shares Shares Weighted- Average Grant-Date Fair Value Nonvested at February 3, 2018 640,080 $ 48.37 Granted 352,060 40.90 Vested (177,394 ) 54.12 Withheld for federal taxes (69,762 ) 54.26 Forfeited (153,646 ) 42.66 Nonvested at February 2, 2019 591,338 42.99 Granted 269,816 42.48 Vested (138,765 ) 47.56 Withheld for federal taxes (55,598 ) 46.51 Forfeited (77,013 ) 42.19 Nonvested at February 1, 2020 589,778 41.46 Granted 427,741 19.62 Vested (139,962 ) 50.35 Withheld for federal taxes (64,382 ) 50.29 Forfeited (147,085 ) 36.62 Nonvested at January 30, 2021 666,090 $ 27.98 As of January 30, 2021, we had $14.5 million of total unrecognized compensation expense related to nonvested share-based compensation arrangements for restricted stock discussed above. That cost is expected to be recognized over a weighted average period of 1.77 years. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Jan. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 16 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 we assumed responsibility for conducting a remedial investigation and feasibility study and implementing an interim remedial measure with regard to the site of a knitting mill operated by a former subsidiary of ours 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 Note 1 6 Legal Proceedings, Continued of Garden City, New York (the "Village"). It also requires us to perform certain ongoing monitoring, operation and maintenance activities and to reimburse EPA's future oversight cost, involving future costs to us estimated to be between $1.7 million and $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 we are 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 us 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 we reached an agreement with the Village 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 us asserted in the Village Lawsuit in exchange for a lump-sum payment of $10.0 million by us. 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 our compliance with the Consent Judgment were covered by our existing provision for the site. The settlement with the Village did not have, and we expect that the Consent Judgment will not have, a material effect on our financial condition or results of operations. In April 2015, we received from EPA a Notice of Potential Liability and Demand for Costs (the "Notice") pursuant to CERCLA regarding the site in Gloversville, New York of a former leather tannery operated by us 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, we entered into a settlement agreement with EPA resolving their claim for past response costs in exchange for a payment by us of $1.5 million which was paid in May 2017. Our environmental insurance carrier has reimbursed us for 75% of the settlement amount, subject to a $500,000 self-insured retention. We do not expect any additional cost related to the matter. Whitehall Environmental Matters We have performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at our former Volunteer Leather Company facility in Whitehall, Michigan. In October 2010, we entered into a Consent Decree with the Michigan Department of Natural Resources and Environment 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 we expect, based on our present understanding of the condition of the site, that our 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 our financial condition or results of operations. Note 16 Legal Proceedings, Continued Accrual for Environmental Contingencies Related to all outstanding environmental contingencies, we had accrued $1.5 million as of January 30, 2021, $1.5 million as of February 1, 2020 and $1.8 million as of February 2, 2019. All such provisions reflect our 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. 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 Consolidated Balance Sheets because it relates to former facilities operated by us. We have made pretax accruals for certain of these contingencies, including approximately $0.3 million in Fiscal 2021, $0.4 million in Fiscal 2020 and $0.7 million in Fiscal 2019. These charges are included in loss from discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates. In addition to the matters specifically described in this Note, we are a party to other legal and regulatory proceedings and claims arising in the ordinary course of our business. While management does not believe that our liability with respect to any of these other matters is likely to have a material effect on our financial statements, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on our financial statements. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jan. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 17 Business Segment Information The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Our 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 and Schuh Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily our owned and licensed brands. Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, pension asset, deferred income taxes, deferred note expense on revolver debt and corporate fixed assets, including the former Lids Sports Group headquarters building in Fiscal 2019, and miscellaneous investments. We do 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, goodwill impairment, asset impairment charges and other, including a pension settlement charge, major litigation and major lease terminations. Note 17 Business Segment Information, Continued Fiscal 2021 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated Sales $ 1,227,954 $ 305,941 $ 152,941 $ 101,287 $ — $ 1,788,123 Intercompany sales — — — (1,593 ) — (1,593 ) Net sales to external customers $ 1,227,954 $ 305,941 $ 152,941 $ 99,694 $ — $ 1,786,530 Segment operating income (loss) $ 76,896 $ (11,602 ) $ (47,624 ) $ (5,430 ) $ (21,548 ) $ (9,308 ) Goodwill impairment ( 1) — — — — (79,259 ) (79,259 ) Asset impairments and other ( 2) — — — — (18,682 ) (18,682 ) Operating income (loss) 76,896 (11,602 ) (47,624 ) (5,430 ) (119,489 ) (107,249 ) Other components of net periodic benefit income — — — — 670 670 Interest expense — — — — (5,342 ) (5,342 ) Interest income — — — — 252 252 Earnings (loss) from continuing operations before income taxes $ 76,896 $ (11,602 ) $ (47,624 ) $ (5,430 ) $ (123,909 ) $ (111,669 ) Total assets ( 3) $ 767,535 $ 232,681 $ 159,027 $ 58,320 $ 369,805 $ 1,587,368 Depreciation and amortization 29,326 8,885 5,487 1,317 1,484 46,499 Capital expenditures 16,188 2,794 4,064 356 728 24,130 ( 1 ) Goodwill impairment of $79.3 million is related to Schuh Group. ( 2 ) ( 3 ) Note 1 7 Business Segment Information, Continued Fiscal 2020 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated Sales $ 1,460,253 $ 373,930 $ 300,850 $ 61,859 $ 174 $ 2,197,066 Intercompany sales — — — — — — Net sales to external customers $ 1,460,253 $ 373,930 $ 300,850 $ 61,859 $ 174 $ 2,197,066 Segment operating income (loss) $ 114,945 $ 4,659 $ 17,702 $ (698 ) $ (39,916 ) $ 96,692 Asset impairments and other ( 1) — — — (13,374 ) (13,374 ) Operating income 114,945 4,659 17,702 (698 ) (53,290 ) 83,318 Other components of net periodic benefit income — — — — 395 395 Interest expense — — — — (3,339 ) (3,339 ) Interest income — — — — 2,061 2,061 Earnings from continuing operations before income taxes $ 114,945 $ 4,659 $ 17,702 $ (698 ) $ (54,173 ) $ 82,435 Total assets ( 2) $ 908,312 $ 363,205 $ 197,670 $ 63,385 $ 147,906 $ 1,680,478 Depreciation and amortization 29,122 11,466 6,091 660 2,235 49,574 Capital expenditures 17,920 4,890 5,540 428 989 29,767 (1) (2) Note 1 7 Business Segment Information, Continued Fiscal 2019 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated Sales $ 1,419,993 $ 382,591 $ 313,134 $ 72,576 $ 271 $ 2,188,565 Intercompany sales — — — (12 ) — (12 ) Net sales to external customers $ 1,419,993 $ 382,591 $ 313,134 $ 72,564 $ 271 $ 2,188,553 Segment operating income (loss) $ 100,799 $ 3,765 $ 20,385 $ (488 ) $ (39,481 ) $ 84,980 Asset impairments and other ( 1) — — — — (3,163 ) (3,163 ) Operating income 100,799 3,765 20,385 (488 ) (42,644 ) 81,817 Loss on early retirement of debt — — — — (597 ) (597 ) Other components of net periodic benefit income — — — — 380 380 Interest expense — — — — (4,115 ) (4,115 ) Interest income — — — — 774 774 Earnings from continuing operations before income taxes $ 100,799 $ 3,765 $ 20,385 $ (488 ) $ (46,202 ) $ 78,259 Total assets ( 2) $ 425,842 $ 211,983 $ 128,525 $ 24,004 $ 390,727 $ 1,181,081 Depreciation and amortization ( 3) 28,121 14,193 6,517 637 2,693 52,161 Capital expenditures ( 4) 26,114 7,226 6,526 162 1,752 41,780 (1) (2) Of our $277.4 million of long-lived assets, $44.6 million and $12.8 million relate to long-lived assets in the United Kingdom and Canada, respectively. (3) (4) |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 18 Discontinued Operations On December 14, 2018, we entered into a definitive agreement for the sale of Lids Sports Group to FanzzLids Holdings, LLC (the "Purchaser"), a holding company controlled and operated by affiliates of Ames Watson Capital, LLC. The sale was completed on February 2, 2019 for $93.8 million cash which consisted of a sales price of $100.0 million and working capital adjustments of $6.2 million. We provided various transition services to the Purchaser for a period of up to six months under a separate agreement after the closing. During the fourth quarter of Fiscal 2019, we recorded a loss on the sale of Lids Sports Group of $98.3 million, net of tax, on the sale of these assets, representing the sales price less the value of the Lids Sports Group assets sold and other miscellaneous charges, including divestiture transaction costs, offset by a tax benefit on the loss. Included in the loss on the sale is a $48.7 million write-off of trademarks. The tax benefit associated with discontinued operations differs from the effective rate due to the mix of earnings and loss in the various jurisdictions, the impact of permanent items and other factors. As a result of the sale, we met the requirements of ASC 360 to report the results of Lids Sports Group as discontinued operations. We have presented operating results of Lids Sports Group and the loss on the sale of Lids Sports Group in loss from discontinued operations, net in our Consolidated Statements of Operations for Fiscal 2019. Certain corporate overhead costs and other allocated costs previously allocated to the Lids Sports Group business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations whereas bank fees and certain legal fees related to the Lids Sports Group business segment previously excluded from segment earnings were reclassified to discontinued operations. The costs of the Lids Sports Group headquarters building, which was not included in the sale, was reclassified to corporate and other in segment earnings. In addition, the third quarter Fiscal 2019 trademark impairment charge of $5.7 million related to the Lids Sports Group business segment, that was previously excluded from the calculation of segment earnings, was reclassified to discontinued operations. As part of the Lids Sports Group sales transaction, the Purchaser has agreed to indemnify and hold us harmless in connection with continuing obligations and any guarantees of ours in place as of February 2, 2019 in respect of post-closing or assumed liabilities or obligations of the Lids Sports Group business. The Purchaser has agreed to use commercially reasonable efforts to have any guarantees by, or continuing obligations of, the Company released. However, we are contingently liable in the event of a breach by the Purchaser of any such obligation to a third-party. In addition, we are a guarantor for 20 Lids Sports Group leases with lease expirations through November of 2025 and estimated maximum future payments totaling $14.1 million as of January 30, 2021. We do not believe the fair value of the guarantees is material to our Consolidated Financial Statements. Note 1 8 Discontinued Operations, Continued Components of amounts reflected in loss from discontinued operations, net of tax on the Consolidated Statements of Operations for the year ended February 2, 2019 is as follows (in thousands): Fiscal Year 2019 Net sales $ 723,125 Cost of sales 348,038 Selling and administrative expenses 370,480 Goodwill and trademark impairment 5,736 Asset impairments and other, net 2,394 Loss on sale of Lids Sports Group (126,321 ) Other components of net periodic benefit cost (23 ) Provision for discontinued operations ( 1) (743 ) Loss from discontinued operations before taxes (130,610 ) Income tax benefit (27,456 ) Loss from discontinued operations, net of tax $ (103,154 ) (1) The cash flows related to discontinued operations have not been segregated and are included in our Consolidated Statements of Cash Flows. The following table summarizes depreciation and amortization, capital expenditures and the significant operating noncash items from discontinued operations for Fiscal 2019: Fiscal Year (In thousands) 2019 Depreciation and amortization $ 24,778 Capital expenditures 15,450 Impairment of intangible assets 5,736 Impairment of long-lived assets 1,670 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 30, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts Year Ended January 30, 2021 (In thousands) Beginning Balance Charged to Profit and Loss Additions (Reductions) Ending Balance Allowances deducted from assets in the balance sheet: Accounts Receivable Allowances $ 2,940 $ 2,606 $ (531 ) $ 5,015 Markdown Allowance (1) $ 5,559 $ 11,080 $ (1,688 ) $ 14,951 Year Ended February 1, 2020 (In thousands) Beginning Balance Charged to Profit and Loss Reductions Ending Balance Allowances deducted from assets in the balance sheet: Accounts Receivable Allowances $ 2,894 $ 133 $ (87 ) $ 2,940 Markdown Allowance (1) $ 7,019 $ 1,579 $ (3,039 ) $ 5,559 Year Ended February 2, 2019 (In thousands) Beginning Balance Charged to Profit and Loss Reductions Ending Balance Allowances deducted from assets in the balance sheet: Accounts Receivable Allowances $ 4,593 $ 40 $ (1,739 ) $ 2,894 Markdown Allowance (1) $ 6,498 $ 4,297 $ (3,776 ) $ 7,019 (1) Reflects adjustment of merchandise inventories to realizable value. Charged to Profit and Loss column represents increases to the allowance and the Reductions column represents decreases to the allowance based on quarterly assessments of the allowance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Genesco Inc. and its subsidiaries (collectively the "Company", "we", "our", or "us") 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 ® ® ® ® ® ® ® Effective January 1, 2020, we completed the acquisition of Togast, which specializes in the design, sourcing and sale of licensed footwear. We also entered into a new U.S. footwear license agreement with Levi Strauss & Co. for the license of Levi's ® ® During Fiscal 2021, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz and Little Burgundy retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy brand; and (iv) Licensed Brands, comprised of the licensed Dockers, Levi's, and Bass brands, as well as other brands we license for footwear. |
Principles of Consolidation | Principles of Consolidation All subsidiaries are consolidated in our Consolidated Financial Statements. All significant intercompany transactions and accounts have been eliminated. |
Fiscal Year | Fiscal Year Our fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2021, 2020 and 2019 were all 52-week years with 364 days |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Our foreign subsidiaries held cash of approximately $21.8 million and $8.9 million as of January 30, 2021 and February 1, 2020, respectively, which is included in cash and cash equivalents on the Consolidated Balance Sheets. Our strategic plan does not require the repatriation of foreign cash in order to fund our operations in the U.S., and it is our current intention to indefinitely reinvest our foreign cash and cash equivalents outside of the U.S. If we were to repatriate foreign cash to the U.S., we 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 at January 30, 2021 and there were $59.6 million of cash equivalents at February 1, 2020. Our $59.6 million of cash equivalents at the previous year end was invested in institutional money market funds which invest exclusively in highly rated, short-term securities that are issued, guaranteed or collateralized by the U.S. government or by U.S. government agencies and instrumentalities. 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 our Consolidated Balance Sheets. At January 30, 2021 and February 1, 2020, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $0.5 million and $17.1 million, respectively. These amounts are included in accounts payable in our Consolidated Balance Sheets. |
Concentration of Credit Risk and Allowances on Accounts Receivable | Concentration of Credit Risk and Allowances on Accounts Receivable Our wholesale businesses sell primarily to independent retailers and department stores 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 wholesale businesses, one customer accounted for 16%, one customer accounted for 13% and two customers each accounted for 10% of our total trade receivables balance, while no other customer accounted for more than 7% of our total trade receivables balance as of January 30, 2021. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. We also establish allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes. |
Inventory Valuation | Inventory Valuation In our footwear wholesale operations and our Schuh Group segment, cost for inventory that we own is determined using the first-in, first-out ("FIFO") method. Net realizable value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders for footwear wholesale. We provide a valuation allowance when the inventory has not been marked down to net realizable value based on current selling prices or when the inventory is not turning and is not expected to turn at satisfactory levels. In our retail operations, other than the Schuh Group segment, we employ the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. Note 1 Summary of Significant Accounting Policies, Continued Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns and shrinkage. These judgments and estimates, coupled with the fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, we employ the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyze markdown requirements at the stock number level based on factors such as inventory turn, average selling price and inventory age. In addition, we accrue markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return products to vendors and vendor agreements to provide markdown support. In addition to markdown allowances, we maintain reserves for shrinkage and damaged goods based on historical rates. Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: Buildings and building equipment 20-45 years Computer hardware, software and equipment 3-10 years Furniture and fixtures 10 years Depreciation expense related to property and equipment was approximately $45.6 million, $49.4 million and $52.1 million for Fiscal 2021, 2020 and 2019, respectively. |
Leases | Leases We recognize lease assets and corresponding lease liabilities for all operating leases on the Consolidated Balance Sheets as described under ASC 842. We evaluate renewal options and break options at lease inception and on an ongoing basis and include renewal options and break options that we are reasonably certain to exercise in our expected lease terms for calculations of the right-of-use assets and liabilities. Approximately 2% of our leases contain renewal options. To determine the present value of lease payments not yet paid, we estimate incremental borrowing rates corresponding to the reasonably certain lease term. As most of our leases do not provide a determinable implicit rate, we estimate our collateralized incremental borrowing rate based upon a synthetic credit rating and yield curve analysis at the lease commencement or modification date in determining the present value of lease payments. For lease payments in foreign currencies, the incremental borrowing rate is adjusted to be reflective of the risk associated with the respective currency. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment, if any, of operating lease assets. We test right-of-use assets for impairment in the same manner as long-lived assets. Net lease costs are included within selling and administrative expenses on the Consolidated Statements of Operations. |
Asset Retirement Obligation | Asset Retirement Obligations An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development, or normal operation of that long-lived asset. Our asset retirement obligations are primarily associated with leasehold improvements that we are contractually obligated to remove at the end of a lease to comply with the lease agreement. We recognize asset retirement obligations at the inception of a lease with such conditions if a reasonable estimate of fair value can be made. Asset retirement obligations are recorded in other long-term liabilities in our Consolidated Balance Sheets and are subsequently adjusted for changes in estimated asset retirement obligations. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. Our Consolidated Balance Sheets include asset retirement obligations related to leases of $11.5 million and $11.1 million as of January 30, 2021 and February 1, 2020, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We periodically assess the realizability of our long-lived assets, other than goodwill, and evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. We annually assess our goodwill and indefinite lived trade names for impairment and on an interim basis if indicators of impairment are present. Our annual assessment date of goodwill and indefinite lived trade names is the first day of the fourth quarter. In accordance with ASC 350, we have the option first to assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that goodwill is impaired. If, after such assessment, we conclude that the asset is not impaired, no further action is required. However, if we conclude otherwise, we are required to determine the fair value of the asset using a quantitative impairment test. The quantitative impairment test for goodwill compares the fair value of each reporting unit with the carrying value of the reporting unit with which the goodwill is associated. If the fair value of the reporting unit is less than the carrying value of the reporting unit, an impairment charge would be recorded for the amount, if any, in which the carrying value exceeds the reporting unit's fair value. We estimate fair value using the best information available, and compute the fair value derived by a combination of the market and income approach. The market approach is based on observed market data of comparable companies to determine fair value. The income approach utilizes a projection of a reporting unit’s estimated operating results and cash flows that are discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in our fair value estimate is the weighted average cost of capital utilized for discounting our cash flow projections in our income approach. The projection uses our best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. |
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 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 (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. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon satisfaction of all contractual performance obligations and transfer of control to the customer. Revenue is measured as the amount of consideration we expect to be entitled to in exchange for corresponding goods. The majority of our sales are single performance obligation arrangements for retail sale transactions for which the transaction price is equivalent to the stated price of the product, net of any stated discounts applicable at a point in time. Each sales transaction results in an implicit contract with the customer to deliver a product at the point of sale. Revenue from retail sales is recognized at the point of sale, is net of estimated returns, and excludes sales and value added taxes. Revenue from catalog and internet sales is recognized at estimated time of delivery to the customer, is net of estimated returns, and excludes sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Actual amounts of markdowns have not differed materially from estimates. Shipping and handling costs charged to customers are included in net sales. We exclude sales and value added tax collected on behalf of third parties from transaction price. A provision for estimated returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. Estimated returns are based on historical returns and claims. Actual returns and claims in any future period may differ from historical experience. Revenue from gift cards is deferred and recognized upon the redemption of the cards. These cards have no expiration date. Income from unredeemed cards is recognized on the Consolidated Statements of Operations within net sales in proportion to the pattern of rights exercised by the customer in future periods. We perform an evaluation of historical redemption patterns from the date of original issuance to estimate future period redemption activity. Note 1 Summary of Significant Accounting Policies, Continued Our Consolidated Balance Sheets include an accrued liability for gift cards of $5.0 million in each of the years ended January 30, 2021 and February 1, 2020. Gift card breakage recognized as revenue was $0.8 million, $1.0 million and $0.8 million for Fiscal 2021, 2020 and 2019, respectively. During Fiscal 2021, we recognized $3.0 million of gift card redemptions and gift card breakage revenue that were included in the gift card liability as of February 1, 2020. |
Cost of Sales | Cost of Sales For our retail operations, the cost of sales includes actual product cost, the cost of transportation to our warehouses from suppliers, the cost of transportation from our warehouses to the stores and the cost of transportation from our warehouses to the customer. Additionally, the cost of our distribution facilities allocated to our retail operations is included in cost of sales. For our wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers. |
Selling and Administrative Expenses | Selling and Administrative Expenses Selling and administrative expenses include all operating costs excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for our retail operations, those related to the transportation of products from the warehouse to the store and from the warehouse to the customer and (iii) costs of our distribution facilities which are allocated to our retail operations. Wholesale costs of distribution are included in selling and administrative expenses on our Consolidated Statements of Operations in the amounts of $10.1 million, $5.6 million and $5.6 million for Fiscal 2021, 2020 and 2019, respectively. We record buying, merchandising and occupancy costs in selling and administrative expense. Because we do not include these costs in cost of sales, our gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $269.8 million, $334.4 million and $334.3 million for Fiscal 2021, 2020 and 2019, respectively. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale costs of distribution and shipping costs for product shipped from stores, which are included in selling and administrative expenses in our Consolidated Statements of Operations. |
Advertising Costs and Cooperative Advertising | Advertising Costs Advertising costs are predominantly expensed as incurred. Advertising costs were $80.1 million, $72.3 million and $68.3 million for Fiscal 2021, 2020 and 2019, respectively. Cooperative Advertising Cooperative advertising funds are made available to most of our wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. Our cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for our products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, our cooperative advertising agreements require that the amount of reimbursement requested for such advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. |
Consideration to Resellers | Consideration to Resellers In our wholesale businesses, we do not have any written buy-down programs with retailers, but we have provided certain retailers with markdown allowances for obsolete and slow-moving products that are in the retailer’s inventory. We estimate these allowances and provide for them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates. |
Vendor Allowances | Vendor Allowances From time to time, we negotiate allowances from our vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor. We receive support from some of our vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by us to sell the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales. Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $5.7 million, $8.0 million and $7.8 million for Fiscal 2021, 2020 and 2019, respectively. During Fiscal 2021, 2020 and 2019, our vendor reimbursements of cooperative advertising received were not in excess of the costs incurred. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of our 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 were not material for Fiscal 2021, 2020 or 2019. |
Commitments | Commitments As a result of the Togast acquisition, we also have a commitment to Samsung C&T America, Inc. (“Samsung”) related to the ultimate sale and valuation of related inventories owned by Samsung. If the product is sold below Samsung’s cost, we are committed to Samsung for the difference between the sales price and its cost. At January 30, 2021, the related inventory owned by Samsung had a historical cost of $22.8 million. As of January 30, 2021, we believe that we have appropriately accounted for any differences between the fair value of the Samsung inventory and Samsung’s historical cost. |
New Accounting Pronouncements Recently Adopted | New Accounting Pronouncements Recently Adopted We adopted ASU 2016-02, " Leases (Topic 842)", ("ASC 842"), as of February 3, 2019, using the optional transition method provided by ASU 2018-11, "Leases (Topic 842): Targeted Improvements". The optional transition approach provides a method for recording existing leases at adoption by allowing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, as opposed to the modified or full retrospective transition methods that require restating prior comparative periods. Additionally, we elected the “package of practical expedients”, which permits us to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. We also elected the practical expedient to not separate lease and non-lease components for our store and equipment leases. Adoption of the new standard resulted in the recording of additional net operating lease right of use assets and operating lease liabilities of $795.6 million and $855.3 million, respectively, as of February 3, 2019. The operating lease right of use asset is inclusive of the impairments recorded upon adoption for store operating lease right of use assets, which totaled $4.8 million and resulted in a decrease to retained earnings of $4.2 million, net of tax. Right of use assets are recorded based upon the present value of the remaining operating lease payments, discounted using an incremental borrowing rate based on the initial lease term, adjusted for deferred rent, including tenant allowances from landlords. ASC 842 did not materially impact net earnings or liquidity and did not have an impact on covenant compliance under our current debt agreements. Financial results for reporting periods beginning after February 3, 2019 are presented in accordance with ASC 842, while prior periods will continue to be reported in accordance with our historical accounting for leases under ASC 840: "Leases (Topic 840)" and therefore have not been adjusted to conform to Topic 842. For additional information regarding leases, see Note 10. In August 2018, the FASB issued ASU 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract", (ASU 2018-15"). The standard requires that issuers follow the internal-use software guidance in ASC 350-40 to determine which costs to capitalize as assets or expense as incurred. The ASC 350-40 guidance requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019. We adopted this standard effective August 4, 2019 and elected to apply the prospective transition approach with no material impact on our Consolidated Financial Statements. We did not capitalize any material implementation costs incurred in a cloud computing arrangement service contract during Fiscal 2021 or Fiscal 2020. We adopted ASC 606 in the first quarter of Fiscal 2019 using the modified retrospective method by recognizing the cumulative effect of $4.4 million as an adjustment to the opening balance of retained earnings at February 4, 2018. The adoption of this standard did not have a material impact on our Consolidated Financial Statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, " " Note 2 New Accounting Pronouncements , Continued New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes”. This guidance aims to simplify the accounting for income taxes by removing certain exceptions to the general principles within the current guidance and by clarifying and amending the current guidance. The guidance is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2020. We do not expect the guidance to have a material impact on our Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
Useful Lives of Property and Equipment | Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: Buildings and building equipment 20-45 years Computer hardware, software and equipment 3-10 years Furniture and fixtures 10 years |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment were as follows: (In thousands) Schuh Group Journeys Group Licensed Brands Group Total Goodwill Balance, February 1, 2020 $ 84,069 $ 9,730 $ 28,385 $ 122,184 Change in opening balance sheet — — 83 83 Impairment (79,259 ) — — (79,259 ) Effect of foreign currency exchange rates (4,810 ) 352 — (4,458 ) Balance, January 30, 2021 $ — $ 10,082 $ 28,468 $ 38,550 |
Summary of Other Intangible Assets | Other intangibles by major classes were as follows: Trademarks ( 1) Customer Lists ( 2) Other ( 3) Total (In thousands) Jan. 30, 2021 Feb. 1, 2020 Jan. 30, 2021 Feb. 1, 2020 Jan. 30, 2021 Feb. 1, 2020 Jan. 30, 2021 Feb. 1, 2020 Gross other intangibles $ 26,443 $ 31,023 $ 6,617 $ 6,562 $ 400 $ 767 $ 33,460 $ 38,352 Accumulated amortization — — (2,131 ) (1,509 ) (400 ) (479 ) (2,531 ) (1,988 ) Other Intangibles, net $ 26,443 $ 31,023 $ 4,486 $ 5,053 $ — $ 288 $ 30,929 $ 36,364 ( 1 ) ( 2 ) ( 3 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | (In thousands) January 30, 2021 February 1, 2020 Wholesale finished goods $ 27,851 $ 34,271 Retail merchandise 263,115 330,998 Total Inventories $ 290,966 $ 365,269 |
Property and Equipment and Ot_2
Property and Equipment and Other Current Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | (In thousands) January 30, 2021 February 1, 2020 Land $ 7,451 $ 7,360 Buildings and building equipment 74,617 63,493 Computer hardware, software and equipment 138,516 140,503 Furniture and fixtures 127,635 128,542 Construction in progress 14,422 9,593 Improvements to leased property 334,267 342,592 Property and equipment, at cost 696,908 692,083 Accumulated depreciation (489,066 ) (453,763 ) Total Property and Equipment, net $ 207,842 $ 238,320 |
Schedule of Other Accrued Liabilities | (In thousands) January 30, 2021 February 1, 2020 Accrued employee compensation $ 11,025 $ 31,579 Accrued other taxes 15,578 11,583 Accrued income taxes 674 190 Provision for discontinued operations 527 495 Other accrued liabilities 51,187 39,609 Total Other Current Accrued Liabilities $ 78,991 $ 83,456 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Instruments | The carrying amounts and fair values of our financial instruments at January 30, 2021 and February 1, 2020 are: (In thousands) January 30, 2021 February 1, 2020 Carrying Amount Fair Value Carrying Amount Fair Value U.S. Revolver Borrowings $ 32,986 $ 33,612 $ 14,393 $ 14,056 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | (In thousands) January 30, 2021 February 1, 2020 U.S. Revolver borrowings $ 32,986 $ 14,393 U.K. revolver borrowings — — Total long-term debt 32,986 14,393 Current portion — — Total Noncurrent Portion of Long-Term Debt $ 32,986 $ 14,393 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | The table below presents the components of lease cost for operating leases for the years ended January 30, 2021 and February 1, 2020. (In thousands) Fiscal 2021 Fiscal 2020 Operating lease cost $ 160,973 $ 184,428 Variable lease cost 9,562 12,176 Less: Sublease income (165 ) (307 ) Net Lease Cost $ 170,370 $ 196,297 |
Schedule of Lease Maturity Under Topic 842 | The following table reconciles the maturities of undiscounted cash flows to our operating lease liabilities recorded on the Consolidated Balance Sheets at January 30, 2021: Fiscal Years (In thousands) 2022 $ 204,457 2023 159,030 2024 132,869 2025 105,026 2026 85,379 Thereafter 114,201 Total undiscounted future minimum lease payments 800,962 Less: Amounts representing interest (99,908 ) Total Present Value of Operating Lease Liabilities $ 701,054 |
Supplemental Information Related to Operating Leases | Our weighted-average remaining lease term and weighted-average discount rate for operating leases as of January 30, 2021 and February 1, 2020 are: January 30, 2021 February 1, 2020 Weighted-average remaining lease term (years) 5.5 years 6.2 years Weighted-average discount rate 5.1% 5.2% |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Equity [Abstract] | |
Summary of Non-Redeemable Preferred Stock | Non-Redeemable Preferred Stock Number of Shares Amounts in Thousands Class Shares Authorized 2021 2020 2019 2021 2020 2019 Employees’ Subordinated Convertible Preferred 5,000,000 34,425 34,440 36,147 $ 1,033 $ 1,033 $ 1,084 Stated Value of Issued Shares 1,033 1,033 1,084 Employees’ Preferred Stock Purchase Accounts (24 ) (24 ) (24 ) Total Non-Redeemable Preferred Stock $ 1,009 $ 1,009 $ 1,060 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings from Continuing Operations Before Income Taxes | The components of earnings from continuing operations before income taxes is comprised of the following: (In thousands) 2021 2020 2019 United States $ (3,123 ) $ 83,871 $ 84,807 Foreign (108,546 ) (1,436 ) (6,548 ) Total Earnings (Loss) from Continuing Operations before Income Taxes $ (111,669 ) $ 82,435 $ 78,259 |
Income Tax Expense | Income tax expense from continuing operations is comprised of the following: (In thousands) 2021 2020 2019 Current U.S. federal $ (106,397 ) $ 16,313 $ 13,657 International 1,391 322 1,649 State 10,223 3,383 4,029 Total Current Income Tax Expense (Benefit) (94,783 ) 20,018 19,335 Deferred U.S. federal 48,511 (463 ) 3,632 International 2,773 1,145 2,594 State (12,142 ) (22 ) 1,474 Total Deferred Income Tax Expense 39,142 660 7,700 Total Income Tax Expense (Benefit) – Continuing Operations $ (55,641 ) $ 20,678 $ 27,035 |
Reconciliation of Federal Statutory Rate | Reconciliation of the United States federal statutory rate to our effective tax rate from continuing operations is as follows: 2021 2020 2019 U. S. federal statutory rate of tax 21.00 % 21.00 % 21.00 % State taxes (net of federal tax benefit) 1.35 3.62 5.67 Foreign rate differential (0.25 ) (2.21 ) (2.56 ) Change in valuation allowance (10.70 ) 3.64 11.51 Credits 0.44 (0.93 ) (2.65 ) Permanent items (0.66 ) 1.72 2.27 Uncertain federal, state and foreign tax positions — (2.01 ) (1.68 ) Transition tax — — 2.23 CARES Act 41.53 — — Outside Basis Difference - IRC Section 165(g) 3 10.34 — — Goodwill Impairment (13.50 ) — — Other 0.28 0.25 (1.24 ) Effective Tax Rate 49.83 % 25.08 % 34.55 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are comprised of the following: January 30, February 1, (In thousands) 2021 2020 Pensions $ 229 $ 332 Lease obligation 175,113 188,590 Book over tax depreciation 13,528 4,558 Expense accruals 10,388 7,386 Uniform capitalization costs 4,886 7,292 Provisions for discontinued operations and restructurings 650 674 Inventory valuation 2,242 810 Tax net operating loss and credit carryforwards 39,829 11,972 Allowances for bad debts and notes 888 181 Deferred compensation and restricted stock 2,945 3,344 Identified intangibles 1,586 — Other 34 144 Gross deferred tax assets 252,318 225,283 Deferred tax asset valuation allowance (36,561 ) (23,333 ) Deferred tax asset net of valuation allowance 215,757 201,950 Identified intangibles (4,677 ) (3,616 ) Prepaids (1,765 ) (1,929 ) Right of use asset (163,674 ) (176,930 ) Tax over book depreciation (64,009 ) — Other (1,120 ) — Gross deferred tax liabilities (235,245 ) (182,475 ) Net Deferred Tax Assets (Liabilities) $ (19,488 ) $ 19,475 |
Deferred Tax Balances | The deferred tax balances have been classified in our Consolidated Balance Sheets as follows: 2021 2020 Net non-current asset $ - $ 19,475 Net non-current liability (19,488 ) - Net Deferred Tax Assets $ (19,488 ) $ 19,475 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2021, 2020 and 2019. (In thousands) 2021 2020 2019 Unrecognized Tax Benefit – Beginning of Period $ 178 $ 1,835 $ 3,701 Gross Increases (Decreases) – Tax Positions in a Current Period — 178 (638 ) Settlements — (931 ) — Lapse of Statutes of Limitations — (904 ) (1,228 ) Unrecognized Tax Benefit – End of Period $ 178 $ 178 $ 1,835 |
Other Postretirement Benefit _2
Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Obligations and funded status | Obligations and Funded Status The measurement date of the assets and liabilities for postretirement medical and life insurance plans is the month-end date that is closest to our fiscal year end. Change in Benefit Obligation Other Benefits (In thousands) 2021 2020 Benefit obligation at beginning of year $ 7,025 $ 4,525 Service cost 89 89 Interest cost 124 151 Plan participants’ contributions 134 111 Asset transfer — — Benefits paid (550 ) (591 ) Actuarial (gain) loss (1,216 ) 2,740 Benefit Obligation at End of Year $ 5,606 $ 7,025 Funded Status at End of Year $ (5,606 ) $ (7,025 ) |
Amounts recognized in the consolidated balance sheets | Amounts recognized in the Consolidated Balance Sheets consist of: Other Benefits (In thousands) 2021 2020 Current liabilities $ (708 ) $ (603 ) Noncurrent liabilities (4,898 ) (6,422 ) Net Amount Recognized $ (5,606 ) $ (7,025 ) |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income consist of: Other Benefits (In thousands) 2021 2020 Prior service cost $ (322 ) $ (1,244 ) Net loss (gain) 1,040 2,384 Total Recognized in Accumulated Other Comprehensive Loss $ 718 $ 1,140 |
Components of net periodic benefit cost | Net Periodic Benefit Cost Other Benefits (In thousands) 2021 2020 2019 Service cost $ 89 $ 89 $ 409 Interest cost 124 151 214 Amortization: Prior service cost (921 ) (921 ) (231 ) Losses 128 22 37 Net amortization (793 ) (899 ) (194 ) Other components of net periodic benefit cost $ (669 ) $ (748 ) $ 20 Net Periodic Benefit Cost - Ongoing Operations $ (580 ) $ (659 ) $ 429 Net Periodic Benefit Cost - Discontinued Operations $ — $ — $ (877 ) |
Reconciliation of accumulated other comprehensive income | Reconciliation of Accumulated Other Comprehensive Income Other Benefits (In thousands) 2021 Net (gain) loss $ (1,216 ) Amortization of prior service cost 921 Amortization of net actuarial loss (128 ) Total Recognized in Other Comprehensive Income $ (423 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income $ (1,003 ) |
Weighted-average assumptions used to determine benefit obligations | Weighted-average assumptions used to determine benefit obligations Other Benefits 2021 2020 Discount rate 1.49 % 2.21 % Rate of compensation increase NA NA |
Weighted-average assumptions used to determine net periodic benefit costs | Weighted-average assumptions used to determine net periodic benefit costs Other Benefits 2021 2020 2019 Discount rate 1.49 % 3.48 % 3.67 % Expected long-term rate of return on plan assets NA NA NA Rate of compensation increase NA NA NA |
Assumed health care cost trend rates | Assumed health care cost trend rates 2021 2020 Health care cost trend rate assumed for next year 6.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.75 % 6.25 % Year that the rate reaches the ultimate trend rate 2023 2024 |
Expected benefit payments from the trust, including future service and pay | Expected benefit payments for other postretirement benefits, paid from the employee benefit trust, are as follows: Estimated future payments Other Benefits ($ in millions) 2021 $ 0.7 2022 0.6 2023 0.6 2024 0.5 2025 0.5 2026 – 2030 2.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Weighted-Average Number of Shares | Weighted-average number of shares used for earnings per share is as follows: Fiscal Year (Shares in thousands) 2021 2020 2019 Weighted-average number of shares - basic 14,216 15,544 19,351 Common stock equivalents — 127 144 Weighted-average number of shares - diluted 14,216 15,671 19,495 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Status of Company's Nonvested Shares of Employee Restricted Stock | A summary of the status of our nonvested shares of our employee restricted stock as of January 30, 2021 is presented below: Nonvested Restricted Shares Shares Weighted- Average Grant-Date Fair Value Nonvested at February 3, 2018 640,080 $ 48.37 Granted 352,060 40.90 Vested (177,394 ) 54.12 Withheld for federal taxes (69,762 ) 54.26 Forfeited (153,646 ) 42.66 Nonvested at February 2, 2019 591,338 42.99 Granted 269,816 42.48 Vested (138,765 ) 47.56 Withheld for federal taxes (55,598 ) 46.51 Forfeited (77,013 ) 42.19 Nonvested at February 1, 2020 589,778 41.46 Granted 427,741 19.62 Vested (139,962 ) 50.35 Withheld for federal taxes (64,382 ) 50.29 Forfeited (147,085 ) 36.62 Nonvested at January 30, 2021 666,090 $ 27.98 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Fiscal 2021 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated Sales $ 1,227,954 $ 305,941 $ 152,941 $ 101,287 $ — $ 1,788,123 Intercompany sales — — — (1,593 ) — (1,593 ) Net sales to external customers $ 1,227,954 $ 305,941 $ 152,941 $ 99,694 $ — $ 1,786,530 Segment operating income (loss) $ 76,896 $ (11,602 ) $ (47,624 ) $ (5,430 ) $ (21,548 ) $ (9,308 ) Goodwill impairment ( 1) — — — — (79,259 ) (79,259 ) Asset impairments and other ( 2) — — — — (18,682 ) (18,682 ) Operating income (loss) 76,896 (11,602 ) (47,624 ) (5,430 ) (119,489 ) (107,249 ) Other components of net periodic benefit income — — — — 670 670 Interest expense — — — — (5,342 ) (5,342 ) Interest income — — — — 252 252 Earnings (loss) from continuing operations before income taxes $ 76,896 $ (11,602 ) $ (47,624 ) $ (5,430 ) $ (123,909 ) $ (111,669 ) Total assets ( 3) $ 767,535 $ 232,681 $ 159,027 $ 58,320 $ 369,805 $ 1,587,368 Depreciation and amortization 29,326 8,885 5,487 1,317 1,484 46,499 Capital expenditures 16,188 2,794 4,064 356 728 24,130 ( 1 ) Goodwill impairment of $79.3 million is related to Schuh Group. ( 2 ) ( 3 ) Note 1 7 Business Segment Information, Continued Fiscal 2020 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated Sales $ 1,460,253 $ 373,930 $ 300,850 $ 61,859 $ 174 $ 2,197,066 Intercompany sales — — — — — — Net sales to external customers $ 1,460,253 $ 373,930 $ 300,850 $ 61,859 $ 174 $ 2,197,066 Segment operating income (loss) $ 114,945 $ 4,659 $ 17,702 $ (698 ) $ (39,916 ) $ 96,692 Asset impairments and other ( 1) — — — (13,374 ) (13,374 ) Operating income 114,945 4,659 17,702 (698 ) (53,290 ) 83,318 Other components of net periodic benefit income — — — — 395 395 Interest expense — — — — (3,339 ) (3,339 ) Interest income — — — — 2,061 2,061 Earnings from continuing operations before income taxes $ 114,945 $ 4,659 $ 17,702 $ (698 ) $ (54,173 ) $ 82,435 Total assets ( 2) $ 908,312 $ 363,205 $ 197,670 $ 63,385 $ 147,906 $ 1,680,478 Depreciation and amortization 29,122 11,466 6,091 660 2,235 49,574 Capital expenditures 17,920 4,890 5,540 428 989 29,767 (1) (2) Note 1 7 Business Segment Information, Continued Fiscal 2019 (In thousands) Journeys Group Schuh Group Johnston & Murphy Group Licensed Brands Corporate & Other Consolidated Sales $ 1,419,993 $ 382,591 $ 313,134 $ 72,576 $ 271 $ 2,188,565 Intercompany sales — — — (12 ) — (12 ) Net sales to external customers $ 1,419,993 $ 382,591 $ 313,134 $ 72,564 $ 271 $ 2,188,553 Segment operating income (loss) $ 100,799 $ 3,765 $ 20,385 $ (488 ) $ (39,481 ) $ 84,980 Asset impairments and other ( 1) — — — — (3,163 ) (3,163 ) Operating income 100,799 3,765 20,385 (488 ) (42,644 ) 81,817 Loss on early retirement of debt — — — — (597 ) (597 ) Other components of net periodic benefit income — — — — 380 380 Interest expense — — — — (4,115 ) (4,115 ) Interest income — — — — 774 774 Earnings from continuing operations before income taxes $ 100,799 $ 3,765 $ 20,385 $ (488 ) $ (46,202 ) $ 78,259 Total assets ( 2) $ 425,842 $ 211,983 $ 128,525 $ 24,004 $ 390,727 $ 1,181,081 Depreciation and amortization ( 3) 28,121 14,193 6,517 637 2,693 52,161 Capital expenditures ( 4) 26,114 7,226 6,526 162 1,752 41,780 (1) (2) Of our $277.4 million of long-lived assets, $44.6 million and $12.8 million relate to long-lived assets in the United Kingdom and Canada, respectively. (3) (4) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Impact of Discontinued Operations on Financial Statements | Components of amounts reflected in loss from discontinued operations, net of tax on the Consolidated Statements of Operations for the year ended February 2, 2019 is as follows (in thousands): Fiscal Year 2019 Net sales $ 723,125 Cost of sales 348,038 Selling and administrative expenses 370,480 Goodwill and trademark impairment 5,736 Asset impairments and other, net 2,394 Loss on sale of Lids Sports Group (126,321 ) Other components of net periodic benefit cost (23 ) Provision for discontinued operations ( 1) (743 ) Loss from discontinued operations before taxes (130,610 ) Income tax benefit (27,456 ) Loss from discontinued operations, net of tax $ (103,154 ) (1) The cash flows related to discontinued operations have not been segregated and are included in our Consolidated Statements of Cash Flows. The following table summarizes depreciation and amortization, capital expenditures and the significant operating noncash items from discontinued operations for Fiscal 2019: Fiscal Year (In thousands) 2019 Depreciation and amortization $ 24,778 Capital expenditures 15,450 Impairment of intangible assets 5,736 Impairment of long-lived assets 1,670 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Jan. 30, 2021USD ($)storeSegmentCustomer | Feb. 01, 2020USD ($) | Feb. 02, 2019USD ($) | |
Summary of Accounting Policies [Line Items] | |||
Number of retail stores operated by company | store | 1,460 | ||
Number of reportable business segments | Segment | 4 | ||
Days in fiscal year | 364 days | 364 days | 364 days |
Cash and cash equivalents | $ 215,091,000 | $ 81,418,000 | |
Cash equivalents | 0 | 59,600,000 | |
Excess of outstanding checks drawn on zero balance accounts at domestic banks exceeding book cash balance | 500,000 | 17,100,000 | |
Depreciation expense | $ 45,600,000 | 49,400,000 | $ 52,100,000 |
Percentage of renewal options | 2.00% | ||
Asset retirement obligations | $ 11,500,000 | 11,100,000 | |
Accrued gift card liability | 5,000,000 | 5,000,000 | |
Gift card breakage recognized as revenue | 800,000 | 1,000,000 | 800,000 |
Gift card redemptions and breakage revenue | 3,000,000 | ||
Selling and administrative expenses | 813,775,000 | 966,423,000 | 962,076,000 |
Advertising costs | 80,100,000 | 72,300,000 | 68,300,000 |
Vendor reimbursements of cooperative advertising costs | 5,700,000 | 8,000,000 | 7,800,000 |
Samsung | |||
Summary of Accounting Policies [Line Items] | |||
Historical cost of inventory | 22,800,000 | ||
Wholesale Costs of Distribution | |||
Summary of Accounting Policies [Line Items] | |||
Selling and administrative expenses | 10,100,000 | 5,600,000 | 5,600,000 |
Retail Occupancy Costs | |||
Summary of Accounting Policies [Line Items] | |||
Selling and administrative expenses | $ 269,800,000 | 334,400,000 | $ 334,300,000 |
Major Customer One | Customer Concentration Risk | Trade Accounts Receivable | |||
Summary of Accounting Policies [Line Items] | |||
Number of customers | Customer | 1 | ||
Concentration risk percentage | 16.00% | ||
Major Customer Two | Customer Concentration Risk | Trade Accounts Receivable | |||
Summary of Accounting Policies [Line Items] | |||
Number of customers | Customer | 1 | ||
Concentration risk percentage | 13.00% | ||
Major Customers Three and Four | Customer Concentration Risk | Trade Accounts Receivable | |||
Summary of Accounting Policies [Line Items] | |||
Number of customers | Customer | 2 | ||
Concentration risk percentage | 10.00% | ||
Other Major Customers | Customer Concentration Risk | Trade Accounts Receivable | |||
Summary of Accounting Policies [Line Items] | |||
Number of customers | Customer | 0 | ||
Concentration risk percentage | 7.00% | ||
Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Payment processing duration | 24 hours | ||
Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Payment processing duration | 48 hours | ||
Foreign Subsidiaries | |||
Summary of Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 21,800,000 | $ 8,900,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Jan. 30, 2021 | |
Buildings and building equipment | Minimum | |
Property and equipment amortized over the estimated useful life of related assets | |
Property and equipment, useful life | 20 years |
Buildings and building equipment | Maximum | |
Property and equipment amortized over the estimated useful life of related assets | |
Property and equipment, useful life | 45 years |
Computer hardware, software and equipment | Minimum | |
Property and equipment amortized over the estimated useful life of related assets | |
Property and equipment, useful life | 3 years |
Computer hardware, software and equipment | Maximum | |
Property and equipment amortized over the estimated useful life of related assets | |
Property and equipment, useful life | 10 years |
Furniture and fixtures | |
Property and equipment amortized over the estimated useful life of related assets | |
Property and equipment, useful life | 10 years |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 03, 2019 | Feb. 04, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right of use asset | $ 621,727 | $ 735,044 | ||
Total Present Value of Operating Lease Liabilities | 701,054 | |||
Retained earnings | $ 320,920 | $ 378,572 | ||
ASU 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Feb. 3, 2019 | |||
Operating lease right of use asset | $ 795,600 | |||
Total Present Value of Operating Lease Liabilities | 855,300 | |||
Operating lease right of use impairment | 4,800 | |||
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ (4,200) | |||
ASU 2018-15 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Aug. 4, 2019 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
ASU 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Feb. 4, 2018 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ 4,400 | |||
ASU 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Feb. 2, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
COVID-19 - Additional Informati
COVID-19 - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Dec. 31, 2017 | |
Unusual Or Infrequent Item [Line Items] | |||||
Asset impairment charge | $ 13,871 | $ 2,827 | $ 5,823 | ||
Goodwill impairment charge | $ 79,259 | $ 0 | $ 0 | ||
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% | 35.00% | |
Permanent tax benefit | $ 46,400 | ||||
Valuation allowance adjustments | 36,561 | $ 23,333 | |||
Schuh Group | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Goodwill impairment charge | $ 79,300 | 79,259 | |||
COVID-19 | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Asset impairment charge | 11,000 | ||||
Reduction in qualified payroll tax credits | 13,800 | ||||
Qualified payroll taxes repaid in equal installments by December 31, 2021 and December 31, 2022 | 9,500 | ||||
Tax receivable | 107,200 | ||||
COVID-19 | Foreign Jurisdictions | U.K. Jurisdiction | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Valuation allowance adjustments | 2,600 | ||||
COVID-19 | Foreign Jurisdictions | Irish Jurisdiction | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Valuation allowance adjustments | 200 | ||||
COVID-19 | U.K. | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Property tax relief | $ 13,300 | ||||
COVID-19 | Schuh Group | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Goodwill impairment charge | 79,300 | ||||
COVID-19 | Trademark | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Impairment charge | $ 5,300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 |
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Goodwill impairment charge | $ 79,259 | $ 0 | $ 0 | ||
Amortization of intangible assets | 900 | 200 | |||
Amortization expense, 2022 | 600 | ||||
Amortization expense, 2023 | 600 | ||||
Amortization expense, 2024 | 600 | ||||
Amortization expense, 2025 | 600 | ||||
Amortization expense, 2026 | 600 | ||||
Maximum | |||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 100 | ||||
Schuh Group | |||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Goodwill impairment, excess fair value over its carrying value | $ 8,200 | ||||
Percentage of estimated impairment | 50.00% | ||||
Goodwill impairment charge | $ 79,300 | $ 79,259 | |||
Percentage of estimated fair value of reporting unit using discounted cash flow method | 50.00% | ||||
Percentage of estimated fair value of reporting unit using guideline public company method | 50.00% | ||||
Period of cash flows with terminal value | 7 years | ||||
Percentage of discount rate based on weighted average cost of capital used to estimate fair values of reporting units | 16.00% | ||||
Journeys Group and Johnston & Murphy Group | |||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Period of cash flows with terminal value | 5 years | ||||
Percentage of discount rate based on weighted average cost of capital used to estimate fair values of reporting units | 15.00% | ||||
Trademark impairment | $ 5,300 | ||||
Percentage of royalty rate used to estimate fair values of reporting units | 1.00% | ||||
Togast | |||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||
Purchase price | $ 33,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 122,184 | $ 122,184 | ||
Change in opening balance sheet | 83 | |||
Impairment | (79,259) | $ 0 | $ 0 | |
Effect of foreign currency exchange rates | (4,458) | |||
Goodwill, ending balance | 38,550 | 122,184 | ||
Schuh Group | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 84,069 | 84,069 | ||
Change in opening balance sheet | 0 | |||
Impairment | (79,300) | (79,259) | ||
Effect of foreign currency exchange rates | (4,810) | |||
Goodwill, ending balance | 0 | 84,069 | ||
Journeys Group | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 9,730 | 9,730 | ||
Change in opening balance sheet | 0 | |||
Impairment | 0 | |||
Effect of foreign currency exchange rates | 352 | |||
Goodwill, ending balance | 10,082 | 9,730 | ||
Licensed Brands Group | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 28,385 | 28,385 | ||
Change in opening balance sheet | 83 | |||
Impairment | 0 | |||
Effect of foreign currency exchange rates | 0 | |||
Goodwill, ending balance | $ 28,468 | $ 28,385 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Other Intangibles Assets (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Other intangibles by major classes | ||
Gross other intangibles | $ 33,460 | $ 38,352 |
Accumulated amortization | (2,531) | (1,988) |
Other Intangibles, net | 30,929 | 36,364 |
Trademarks | ||
Other intangibles by major classes | ||
Gross other intangibles | 26,443 | 31,023 |
Accumulated amortization | 0 | 0 |
Other Intangibles, net | 26,443 | 31,023 |
Customer Lists | ||
Other intangibles by major classes | ||
Gross other intangibles | 6,617 | 6,562 |
Accumulated amortization | (2,131) | (1,509) |
Other Intangibles, net | 4,486 | 5,053 |
Other | ||
Other intangibles by major classes | ||
Gross other intangibles | 400 | 767 |
Accumulated amortization | (400) | (479) |
Other Intangibles, net | $ 0 | $ 288 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Other Intangibles Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Other finite-lived intangible assets, gross | $ 33,460 | $ 38,352 |
Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Other finite-lived intangible assets, gross | 26,443 | 31,023 |
Trademarks | Schuh Group | ||
Finite Lived Intangible Assets [Line Items] | ||
Other finite-lived intangible assets, gross | 23,100 | |
Trademarks | Journeys Group | ||
Finite Lived Intangible Assets [Line Items] | ||
Other finite-lived intangible assets, gross | 3,400 | |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Other finite-lived intangible assets, gross | 6,617 | 6,562 |
Customer Lists | Togast | ||
Finite Lived Intangible Assets [Line Items] | ||
Other finite-lived intangible assets, gross | $ 5,100 | $ 5,100 |
Asset Impairments and Other C_2
Asset Impairments and Other Charges - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | $ 18,682 | $ 13,374 | $ 3,163 |
Gain on sale of building | (600) | ||
Hurricane Maria | |||
Restructuring Cost And Reserve [Line Items] | |||
(Gain) loss related to hurricane | (200) | (1,400) | |
Hurricane Losses | |||
Restructuring Cost And Reserve [Line Items] | |||
(Gain) loss related to hurricane | 100 | ||
Trademark | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | 5,300 | ||
Togast Acquisition | |||
Restructuring Cost And Reserve [Line Items] | |||
Gain for the release of an earn-out related to the acquisition | (400) | ||
Retail Store Asset Impairments | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | $ 13,800 | 3,100 | 4,200 |
Pension Settlement Expense | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | 11,500 | ||
Licensing Termination Expense | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | $ (400) | ||
Legal and Other Matters | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairments and other, net | $ 300 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Inventories | ||
Wholesale finished goods | $ 27,851 | $ 34,271 |
Retail merchandise | 263,115 | 330,998 |
Total Inventories | $ 290,966 | $ 365,269 |
Property and Equipment and Ot_3
Property and Equipment and Other Current Accrued Liabilities - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Property Plant And Equipment [Abstract] | ||
Land | $ 7,451 | $ 7,360 |
Buildings and building equipment | 74,617 | 63,493 |
Computer hardware, software and equipment | 138,516 | 140,503 |
Furniture and fixtures | 127,635 | 128,542 |
Construction in progress | 14,422 | 9,593 |
Improvements to leased property | 334,267 | 342,592 |
Property and equipment, at cost | 696,908 | 692,083 |
Accumulated depreciation | (489,066) | (453,763) |
Total Property and Equipment, net | $ 207,842 | $ 238,320 |
Property and Equipment and Ot_4
Property and Equipment and Other Current Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued employee compensation | $ 11,025 | $ 31,579 |
Accrued other taxes | 15,578 | 11,583 |
Accrued income taxes | 674 | 190 |
Provision for discontinued operations | 527 | 495 |
Other accrued liabilities | 51,187 | 39,609 |
Total Other Current Accrued Liabilities | $ 78,991 | $ 83,456 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | $ 32,986 | $ 14,393 |
Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 33,000 | |
U.S. Revolver Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 32,986 | 14,393 |
U.S. Revolver Borrowings | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Amount | 32,986 | 14,393 |
Fair Value | $ 33,612 | $ 14,056 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Millions | Jan. 30, 2021USD ($) |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets held and used | $ 13.2 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) £ in Millions | Oct. 09, 2020GBP (£) | Jun. 05, 2020USD ($) | Jan. 30, 2021USD ($) | Feb. 02, 2019USD ($) | Jan. 30, 2021GBP (£) | Feb. 01, 2020USD ($) | Jan. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 32,986,000 | $ 14,393,000 | |||||
U.S. Revolver Borrowings | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 32,986,000 | 14,393,000 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee on the actual daily unused portions of the credit facility one | 0.25% | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Financial covenants, excess availability threshold | $ 22,500,000 | ||||||
Financial covenants, excess availability threshold percentage | 10.00% | 10.00% | |||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Amended amount on senior debt covenant | $ 500,000,000 | ||||||
Covenants for fixed charge coverage ratio | 5 | 5 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | $ 332,500,000 | $ 275,000,000 | |||||
First-in, last-out (FILO) tranche of indebtedness | 17,500,000 | ||||||
Aggregate principal amount of credit facility including FILO tranche of indebtedness | $ 350,000,000 | ||||||
Carrying Amount | $ 33,000,000 | ||||||
Bearing interest rate | 4.05% | 4.05% | |||||
Credit facility, maturity date | Jan. 31, 2023 | ||||||
Revolving Credit Facility | Genesco (UK) Limited | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | $ 15,500,000 | £ 11.3 | |||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Additional borrowing capacity | 200,000,000 | ||||||
Revolving Credit Facility | Third Amended and Restated Credit Agreement | Genesco (UK) Limited | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate amount of loans and letters of credit subject to receipt of commitment | 532,500,000 | ||||||
Revolving Credit Facility | U.S. Revolver Borrowings | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | 32,986,000 | $ 14,393,000 | |||||
Revolving Credit Facility | Line of Credit | Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 332,500,000 | ||||||
Revolving Credit Facility | Line of Credit | Third Amended and Restated Credit Agreement | GCO Canada ULC | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 70,000,000 | ||||||
Revolving Credit Facility | Line of Credit | Third Amended and Restated Credit Agreement | GCO Canada ULC | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit increase amount limit | 15,000,000 | ||||||
Revolving Credit Facility | Line of Credit | Third Amended and Restated Credit Agreement | Genesco (UK) Limited | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 100,000,000 | ||||||
Revolving Credit Facility | Line of Credit | Third Amended and Restated Credit Agreement | Genesco (UK) Limited | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit increase amount limit | 100,000,000 | ||||||
Revolving Credit Facility | FILO Loan | U.S. Revolver Borrowings | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | 17,500,000 | ||||||
Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Capitalized deferred financing costs of credit facility and amendment | 1,100,000 | ||||||
Write off of deferred financing costs | $ 600,000 | ||||||
Letter of Credit | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Amount | 9,800,000 | ||||||
Letter of Credit | Line of Credit | Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 70,000,000 | ||||||
Letter of Credit | Line of Credit | Third Amended and Restated Credit Agreement | GCO Canada ULC | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 5,000,000 | ||||||
Letter of Credit | Line of Credit | Third Amended and Restated Credit Agreement | Genesco (UK) Limited | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 10,000,000 | ||||||
Bridge Loan | Line of Credit | Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 45,000,000 | ||||||
Bridge Loan | Line of Credit | Third Amended and Restated Credit Agreement | GCO Canada ULC | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 5,000,000 | ||||||
Bridge Loan | Line of Credit | Third Amended and Restated Credit Agreement | Genesco (UK) Limited | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | 10,000,000 | ||||||
Amended Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Excess availability under credit facility | $ 147,100,000 | ||||||
Revolving Capital Facility | Facility Letter | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility expiration date | 2023-10 | ||||||
Revolving Capital Facility | Facility Letter | Schuh | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of credit facility | £ | £ 19 | ||||||
Revolving Capital Facility | Facility Letter | Schuh | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 2.50% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 32,986 | $ 14,393 |
Current portion | 0 | 0 |
Total Noncurrent Portion of Long-Term Debt | 32,986 | 14,393 |
U.S. Revolver Borrowings | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 32,986 | 14,393 |
U.K. Revolver Borrowings | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended | |
Jan. 30, 2021USD ($)ft²option | Feb. 02, 2019USD ($) | |
Operating Leased Assets [Line Items] | ||
Percent of leases containing renewal option | 2.00% | |
Rent expense | $ 202.6 | |
Operating lease, lease not yet commenced with right of use liabilities | $ 68.8 | |
Decrease in contractual rent expense, due to CARES ACT rent concessions | (34) | |
Accrued liability for unpaid rent | $ 26.9 | |
New Headquarters Building | ||
Operating Leased Assets [Line Items] | ||
Operating lease, lease not yet commenced, term of contract | 15 years | |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Operating lease, lease not yet commenced, term of contract | 8 years | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Operating lease, lease not yet commenced, term of contract | 15 years | |
United States, Puerto Rico and Canada | ||
Operating Leased Assets [Line Items] | ||
Lease term | 10 years | |
United Kingdom and ROI | Minimum | ||
Operating Leased Assets [Line Items] | ||
Lease term | 10 years | |
United Kingdom and ROI | Maximum | ||
Operating Leased Assets [Line Items] | ||
Lease term | 15 years | |
Nashville Tennessee | ||
Operating Leased Assets [Line Items] | ||
Lease term | 15 years | |
Area of property leased | ft² | 182,000 | |
Renewal options | option | 2 | |
Renewal term | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 160,973 | $ 184,428 |
Variable lease cost | 9,562 | 12,176 |
Less: Sublease income | (165) | (307) |
Net Lease Cost | $ 170,370 | $ 196,297 |
Leases - Schedule of Lease Matu
Leases - Schedule of Lease Maturity Under Topic 842 (Details) $ in Thousands | Jan. 30, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 204,457 |
2023 | 159,030 |
2024 | 132,869 |
2025 | 105,026 |
2026 | 85,379 |
Thereafter | 114,201 |
Total undiscounted future minimum lease payments | 800,962 |
Less: Amounts representing interest | (99,908) |
Total Present Value of Operating Lease Liabilities | $ 701,054 |
Leases - Supplemental Informati
Leases - Supplemental Information Related to Operating Leases (Details) | Jan. 30, 2021 | Feb. 01, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 5 years 6 months | 6 years 2 months 12 days |
Weighted-average discount rate | 5.10% | 5.20% |
Equity - Summary of Non-Redeema
Equity - Summary of Non-Redeemable Preferred Stock (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 |
Class Of Stock [Line Items] | |||
Non-redeemable preferred Stock | $ 1,009 | $ 1,009 | $ 1,060 |
Employees’ Subordinated Convertible Preferred | |||
Class Of Stock [Line Items] | |||
Shares authorized (in shares) | 5,000,000 | ||
Number of shares (in shares) | 34,425 | 34,440 | 36,147 |
Non-redeemable preferred Stock | $ 1,033 | $ 1,033 | $ 1,084 |
Stated Value of Issued Shares | |||
Class Of Stock [Line Items] | |||
Non-redeemable preferred Stock | 1,033 | 1,033 | 1,084 |
Employees’ Preferred Stock Purchase Accounts | |||
Class Of Stock [Line Items] | |||
Non-redeemable preferred Stock | $ (24) | $ (24) | $ (24) |
Equity - Additional Information
Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021USD ($)Vote$ / sharesshares | Feb. 01, 2020USD ($)$ / sharesshares | Feb. 02, 2019USD ($)$ / sharesshares | |
Class Of Stock [Line Items] | |||
Number of votes for each outstanding share | Vote | 1 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 | |
Common stock, shares issued (in shares) | 15,438,338 | 15,185,670 | |
Treasury shares, at cost (in shares) | 488,464 | 488,464 | |
Number of common stock issued to directors for no consideration (in shares) | 38,723 | 25,368 | 36,421 |
Common stock withheld for taxes on restricted stock vested (in shares) | 64,382 | 55,598 | 69,762 |
Restricted stock forfeited during the year (in shares) | 150,050 | 77,013 | 153,646 |
Common stock shares repurchased (in shares) | 0 | ||
Remaining authorized repurchase amount | $ | $ 89,700 | ||
Authorized amount | $ | $ 100,000 | ||
Common stock shares repurchased and retired (in shares) | 4,570,015 | 968,375 | |
Weighted average price of common stock retired and repurchase (in dollars per share) | $ / shares | $ 41.44 | $ 47.45 | |
Common stock value repurchased and retired | $ | $ 189,374 | $ 45,945 | |
2009 Equity Incentive Plan | |||
Class Of Stock [Line Items] | |||
Common stock issued as restricted shares (in shares) | 428,362 | ||
2009 Equity Incentive Plan | |||
Class Of Stock [Line Items] | |||
Common stock issued as restricted shares (in shares) | 270,173 | 353,633 | |
Subordinated Serial Preferred Stock Aggregate | |||
Class Of Stock [Line Items] | |||
Preferred shares authorized (in shares) | 3,000,000 | ||
Subordinated Serial Preferred Stock $2.30 Series 1 | |||
Class Of Stock [Line Items] | |||
Preferred stock par value (in dollars per share) | $ / shares | $ 2.30 | ||
Preferred shares authorized (in shares) | 64,368 | ||
Subordinated Serial Preferred Stock $4.75 Series 3 | |||
Class Of Stock [Line Items] | |||
Preferred stock par value (in dollars per share) | $ / shares | $ 4.75 | ||
Preferred shares authorized (in shares) | 40,449 | ||
Subordinated Serial Preferred Stock $4.75 Series 4 | |||
Class Of Stock [Line Items] | |||
Preferred stock par value (in dollars per share) | $ / shares | $ 4.75 | ||
Preferred shares authorized (in shares) | 53,764 | ||
Subordinated Serial Preferred Stock Series 6 | |||
Class Of Stock [Line Items] | |||
Preferred stock par value (in dollars per share) | $ / shares | $ 4.75 | ||
Preferred shares authorized (in shares) | 800,000 | ||
$1.50 Subordinated Cumulative Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock par value (in dollars per share) | $ / shares | $ 1.50 | ||
Preferred shares authorized (in shares) | 5,000,000 | ||
Employees’ Subordinated Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Multiplication value to quarterly dividend per share of common stock for calculation of stated and liquidation values and redemption price | 88 | ||
Average quarterly dividend payment period | 24 months | ||
Common convertible ratio (in shares) | 1 | ||
Number of votes for each outstanding share | Vote | 1 | ||
Common stock issued in conversion of debentures (in shares) | 15 | 1,707 | 524 |
Employees’ Subordinated Convertible Preferred Stock | Minimum | |||
Class Of Stock [Line Items] | |||
Stated and liquidation values and redemption price per share dividend paid on common stock plus accumulated dividends (in dollars per share) | $ / shares | $ 30 | ||
Conversion of Preferred Stock | |||
Class Of Stock [Line Items] | |||
Common shares reserved (in shares) | 34,425 | ||
2020 Stock Incentive Plan | |||
Class Of Stock [Line Items] | |||
Common shares reserved (in shares) | 1,261,501 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
U. S. corporate income tax | 21.00% | 21.00% | 21.00% | 35.00% |
CARES Act, tax benefit due to net operating loss | $ 46,400 | |||
Additional income tax benefit | 12,800 | |||
Deferred tax valuation allowance | 36,561 | $ 23,333 | ||
Increase in valuation allowance | 13,300 | |||
Unrecognized tax benefits that would impact effective tax rate | 200 | 200 | $ 600 | |
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 22,400 | 3,400 | ||
Valuation allowance | 3,200 | 3,200 | ||
Tax credit carryforward | 500 | 600 | ||
Foreign Jurisdictions | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 57,600 | 29,500 | ||
Increase in valuation allowance | $ 23,300 | |||
Minimum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward, expiration year | 2022 | |||
Period of statutes of limitation of subsidiaries in foreign jurisdictions | 2 years | |||
Minimum | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, expiration year | 2022 | |||
Minimum | Foreign Jurisdictions | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, expiration period | 18 years | |||
Maximum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward, expiration year | 2026 | |||
Period of statutes of limitation of subsidiaries in foreign jurisdictions | 6 years | |||
Maximum | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, expiration year | 2039 | |||
Prepaid and Other Current Assets | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax receivable | $ 108,600 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (3,123) | $ 83,871 | $ 84,807 |
Foreign | (108,546) | (1,436) | (6,548) |
Total Earnings (Loss) from Continuing Operations before Income Taxes | $ (111,669) | $ 82,435 | $ 78,259 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Current | |||
U.S. federal | $ (106,397) | $ 16,313 | $ 13,657 |
International | 1,391 | 322 | 1,649 |
State | 10,223 | 3,383 | 4,029 |
Total Current Income Tax Expense (Benefit) | (94,783) | 20,018 | 19,335 |
Deferred | |||
U.S. federal | 48,511 | (463) | 3,632 |
International | 2,773 | 1,145 | 2,594 |
State | (12,142) | (22) | 1,474 |
Total Deferred Income Tax Expense | 39,142 | 660 | 7,700 |
Total Income Tax Expense (Benefit) – Continuing Operations | $ (55,641) | $ 20,678 | $ 27,035 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Rate (Details) | 12 Months Ended | |||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Dec. 31, 2017 | |
Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations | ||||
U. S. federal statutory rate of tax | 21.00% | 21.00% | 21.00% | 35.00% |
State taxes (net of federal tax benefit) | 1.35% | 3.62% | 5.67% | |
Foreign rate differential | (0.25%) | (2.21%) | (2.56%) | |
Change in valuation allowance | (10.70%) | 3.64% | 11.51% | |
Credits | 0.44% | (0.93%) | (2.65%) | |
Permanent items | (0.66%) | 1.72% | 2.27% | |
Uncertain federal, state and foreign tax positions | 0.00% | (2.01%) | (1.68%) | |
Transition tax | 0.00% | 0.00% | 2.23% | |
CARES Act | 41.53% | 0.00% | 0.00% | |
Outside Basis Difference - IRC Section 165(g) 3 | 10.34% | 0.00% | 0.00% | |
Goodwill Impairment | (13.50%) | 0.00% | 0.00% | |
Other | 0.28% | 0.25% | (1.24%) | |
Effective Tax Rate | 49.83% | 25.08% | 34.55% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Deferred tax assets and liabilities | ||
Pensions | $ 229 | $ 332 |
Lease obligation | 175,113 | 188,590 |
Book over tax depreciation | 13,528 | 4,558 |
Expense accruals | 10,388 | 7,386 |
Uniform capitalization costs | 4,886 | 7,292 |
Provisions for discontinued operations and restructurings | 650 | 674 |
Inventory valuation | 2,242 | 810 |
Tax net operating loss and credit carryforwards | 39,829 | 11,972 |
Allowances for bad debts and notes | 888 | 181 |
Deferred compensation and restricted stock | 2,945 | 3,344 |
Identified intangibles | 1,586 | 0 |
Other | 34 | 144 |
Gross deferred tax assets | 252,318 | 225,283 |
Deferred tax asset valuation allowance | (36,561) | (23,333) |
Deferred tax asset net of valuation allowance | 215,757 | 201,950 |
Identified intangibles | (4,677) | (3,616) |
Prepaids | (1,765) | (1,929) |
Right of use asset | (163,674) | (176,930) |
Tax over book depreciation | (64,009) | 0 |
Other | (1,120) | 0 |
Gross deferred tax liabilities | (235,245) | (182,475) |
Net Deferred Tax (Liabilities) | $ (19,488) | |
Net Deferred Tax Assets | $ 19,475 |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Deferred tax assets net classification | ||
Net non-current asset | $ 0 | $ 19,475 |
Net non-current liability | (19,488) | 0 |
Net Deferred Tax (Liabilities) | $ (19,488) | |
Net Deferred Tax Assets | $ 19,475 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Reconciliation of the total amounts of unrecognized tax benefits | |||
Unrecognized Tax Benefit – Beginning of Period | $ 178 | $ 1,835 | $ 3,701 |
Gross Increases (Decreases) – Tax Positions in a Current Period | 0 | 178 | (638) |
Settlements | 0 | (931) | 0 |
Lapse of Statutes of Limitations | 0 | (904) | (1,228) |
Unrecognized Tax Benefit – End of Period | $ 178 | $ 178 | $ 1,835 |
Other Postretirement Benefit _3
Other Postretirement Benefit Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Jan. 30, 2021USD ($)hour | Feb. 01, 2020USD ($) | Feb. 02, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum hours of service of employee related to savings plan | hour | 500 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Age under health care plan for early retirees eligible for benefits | 65 years | ||
Minimum year of age of employee related to savings plan | 18 years | ||
Percent of matching contribution by employer | 100.00% | ||
Maximum employer contribution up to a specified percentage of salary | 3.00% | ||
Percent of matching contribution by employer up to a specified percentage of salary | 50.00% | ||
Another maximum employer contribution up to specified percentage of salary | 2.00% | ||
Contribution expense to company for matching program | $ | $ 2.9 | $ 5.3 | $ 5.6 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage of salary up to which additional contribution made by employer | 2.50% |
Other Postretirement Benefit _4
Other Postretirement Benefit Plans - Change in Benefit Obligation (Details) - Other Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 7,025 | $ 4,525 | |
Service cost | 89 | 89 | $ 409 |
Interest cost | 124 | 151 | 214 |
Plan participants’ contributions | 134 | 111 | |
Benefits paid | (550) | (591) | |
Actuarial (gain) loss | (1,216) | 2,740 | |
Benefit Obligation at End of Year | 5,606 | 7,025 | $ 4,525 |
Funded Status at End of Year | $ (5,606) | $ (7,025) |
Other Postretirement Benefit _5
Other Postretirement Benefit Plans - Balance Sheets (Details) - Other Benefits - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | $ (708) | $ (603) |
Noncurrent liabilities | (4,898) | (6,422) |
Net Amount Recognized | $ (5,606) | $ (7,025) |
Other Postretirement Benefit _6
Other Postretirement Benefit Plans - Other Comprehensive Income (Details) - Other Benefits - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ (322) | $ (1,244) |
Net loss (gain) | 1,040 | 2,384 |
Total Recognized in Accumulated Other Comprehensive Loss | $ 718 | $ 1,140 |
Other Postretirement Benefit _7
Other Postretirement Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Amortization: | |||
Other components of net periodic benefit cost | $ (670) | $ (395) | $ (380) |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 89 | 89 | 409 |
Interest cost | 124 | 151 | 214 |
Amortization: | |||
Prior service cost | (921) | (921) | (231) |
Losses | 128 | 22 | 37 |
Net amortization | (793) | (899) | (194) |
Other components of net periodic benefit cost | (669) | (748) | 20 |
Net Periodic Benefit Cost - Ongoing Operations | $ (580) | $ (659) | 429 |
Net Periodic Benefit Cost - Discontinued Operations | $ (877) |
Other Postretirement Benefit _8
Other Postretirement Benefit Plans - Reconciliation of AOCI (Details) - Other Benefits $ in Thousands | 12 Months Ended |
Jan. 30, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Net (gain) loss | $ (1,216) |
Amortization of prior service cost | 921 |
Amortization of net actuarial loss | (128) |
Total Recognized in Other Comprehensive Income | (423) |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ (1,003) |
Other Postretirement Benefit _9
Other Postretirement Benefit Plans - Benefit Obligation Assumptions (Details) | Jan. 30, 2021 | Feb. 01, 2020 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.49% | 2.21% |
Other Postretirement Benefit_10
Other Postretirement Benefit Plans - Net Periodic Benefit Cost Assumptions (Details) | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.49% | 3.48% | 3.67% |
Other Postretirement Benefit_11
Other Postretirement Benefit Plans - Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 6.25% | 7.25% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.75% | 6.25% |
Year that the rate reaches the ultimate trend rate | 2023 | 2024 |
Other Postretirement Benefit_12
Other Postretirement Benefit Plans - Estimated Future Payments (Details) - Other Benefits $ in Millions | Jan. 30, 2021USD ($) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2021 | $ 0.7 |
2022 | 0.6 |
2023 | 0.6 |
2024 | 0.5 |
2025 | 0.5 |
2026 – 2030 | $ 2 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Number of Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted-average number of shares - basic (in shares) | 14,216 | 15,544 | 19,351 |
Common stock equivalents (in shares) | 0 | 127 | 144 |
Weighted-average number of shares - diluted (in shares) | 14,216 | 15,671 | 19,495 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Details) | Feb. 05, 2020USD ($)shares | Jan. 30, 2021USD ($)$ / sharesshares | Feb. 01, 2020USD ($)shares | Feb. 02, 2019USD ($)TradingDayshares | Jun. 30, 2020USD ($) |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation cost | $ 100,000 | $ 0 | $ 0 | ||
Nonvested Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation cost | 7,400,000 | $ 8,800,000 | $ 12,100,000 | ||
Unrecognized share-based compensation cost | $ 14,500,000 | ||||
Forfeited shares (in shares) | shares | 147,085 | 77,013 | 153,646 | ||
Share-based compensation cost related to discontinued operations | $ 2,000,000 | ||||
Weighted average expected period nonvested share-based compensation | 1 year 9 months 7 days | ||||
2020 Equity Incentive Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, shares issued (in shares) | shares | 1,800,000 | ||||
2020 Equity Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting term | 4 years | ||||
2020 Equity Incentive Plan | Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option's term | 10 years | ||||
2020 Equity Incentive Plan | Stock Options | Vesting percentage - Year 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | ||||
2020 Equity Incentive Plan | Stock Options | Vesting percentage - Year 2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | ||||
2020 Equity Incentive Plan | Stock Options | Vesting percentage - Year 3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | ||||
2020 Equity Incentive Plan | Stock Options | Vesting percentage - Year 4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | ||||
2020 Equity Incentive Plan | Nonvested Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Depletion ratio | 2 | ||||
2009 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 45.00% | ||||
Risk free rate | 1.52% | ||||
Weighted average term | 6 years 3 months | ||||
Fair value per share (in dollars per share) | $ / shares | $ 18.78 | ||||
2009 Equity Incentive Plan | CEO | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 26,620 | ||||
Share-based compensation for restricted stock value grant in period | $ 500,000 | ||||
2009 Equity Incentive Plan | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation for restricted stock value grant in period | $ 91,375 | $ 91,375 | 91,375 | ||
Share-based compensation cost | $ 900,000 | $ 1,300,000 | $ 1,300,000 | ||
Restriction period | 3 years | ||||
Number of trading days to determine grant value | TradingDay | 5 | ||||
Share-based compensation, shares issued (in shares) | shares | 10,457 | 10,913 | 14,379 | ||
Forfeited shares (in shares) | shares | 2,965 | ||||
2009 Equity Incentive Plan | Two New Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation for restricted stock value grant in period | $ 106,605 | ||||
2009 Equity Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation cost | $ 400,000 | ||||
Compensation expense capitalized | $ 0 | ||||
2009 Equity Incentive Plan | Nonvested Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting term | 4 years | ||||
Share-based compensation, shares issued (in shares) | shares | 427,741 | 269,816 | 352,060 | ||
2009 Equity Incentive Plan | Nonvested Restricted Shares | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, shares issued (in shares) | shares | 28,266 | 14,455 | 22,042 | ||
2009 Equity Incentive Plan | Nonvested Restricted Shares | Vesting percentage - Year 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | 25.00% | 25.00% | ||
2009 Equity Incentive Plan | Nonvested Restricted Shares | Vesting percentage - Year 2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | 25.00% | 25.00% | ||
2009 Equity Incentive Plan | Nonvested Restricted Shares | Vesting percentage - Year 3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | 25.00% | 25.00% | ||
2009 Equity Incentive Plan | Nonvested Restricted Shares | Vesting percentage - Year 4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual vesting percentage | 25.00% | 25.00% | 25.00% | ||
2020 Restricted Cash Incentive Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash award, granted amount | $ 2,700,000 | ||||
Cash award, compensation expense recognized | $ 400,000 | ||||
Cash award, vesting term | 4 years | ||||
2020 Restricted Cash Incentive Program | Vesting percentage - Year 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash award, annual vesting percentage | 25.00% | ||||
2020 Restricted Cash Incentive Program | Vesting percentage - Year 2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash award, annual vesting percentage | 25.00% | ||||
2020 Restricted Cash Incentive Program | Vesting percentage - Year 3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash award, annual vesting percentage | 25.00% | ||||
2020 Restricted Cash Incentive Program | Vesting percentage - Year 4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash award, annual vesting percentage | 25.00% | ||||
Addition to the 2009 Equity Incentive Plan | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting term | 3 years | ||||
Share-based compensation, shares issued (in shares) | shares | 1,338 | ||||
Addition to the 2009 Equity Incentive Plan | Nonvested Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting term | 3 years | ||||
Share-based compensation, shares issued (in shares) | shares | 621 | 1,800 | 4,388 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Summary of Status of Company's Nonvested Shares of Employee Restricted Stock (Details) - Nonvested Restricted Shares - $ / shares | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Summary of the status of the Company's nonvested shares of its employee restricted stock | |||
Nonvested, beginning balance (in shares) | 589,778 | 591,338 | 640,080 |
Granted (in shares) | 427,741 | 269,816 | 352,060 |
Vested (in shares) | (139,962) | (138,765) | (177,394) |
Withheld for federal taxes (in shares) | (64,382) | (55,598) | (69,762) |
Forfeited (in shares) | (147,085) | (77,013) | (153,646) |
Nonvested, ending balance (in shares) | 666,090 | 589,778 | 591,338 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested, Weighted-Average Grant-Date Fair Value, beginning balance (in dollars per share) | $ 41.46 | $ 42.99 | $ 48.37 |
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | 19.62 | 42.48 | 40.90 |
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share) | 50.35 | 47.56 | 54.12 |
Withheld for federal taxes, Weighted-Average Grant-Date Fair Value (in dollars per share) | 50.29 | 46.51 | 54.26 |
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share) | 36.62 | 42.19 | 42.66 |
Nonvested, Weighted-Average Grant-Date Fair Value, ending balance (in dollars per share) | $ 27.98 | $ 41.46 | $ 42.99 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017USD ($) | Jun. 30, 2016USD ($) | Jan. 30, 2021USD ($)Well | Feb. 01, 2020USD ($) | Feb. 02, 2019USD ($) | Apr. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||||
Number of water supply wells | Well | 2 | |||||
Amount related to outstanding environmental contingencies | $ 1,500,000 | $ 1,500,000 | $ 1,800,000 | |||
Pretax accrual charges for environmental contingencies included in loss from discontinued operations | 300,000 | $ 400,000 | $ 700,000 | |||
Village of Garden City, New York | ||||||
Loss Contingencies [Line Items] | ||||||
Future operation and maintenance costs | 126,400 | |||||
Amount awarded to other party | $ 10,000,000 | |||||
Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Historical cost associated with enhanced treatment required by the impact of groundwater plume | 1,800,000 | |||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Historical cost associated with enhanced treatment required by the impact of groundwater plume | 2,500,000 | |||||
Environmental Monitoring, Operation and Maintenance Activities | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated possible loss | 1,700,000 | |||||
Environmental Monitoring, Operation and Maintenance Activities | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated possible loss | 2,000,000 | |||||
EPA Interim Oversight Costs | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated possible loss | $ 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 - Schedule of Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,786,530 | $ 2,197,066 | $ 2,188,553 | |
Segment operating income (loss) | (9,308) | 96,692 | 84,980 | |
Goodwill impairment | (79,259) | 0 | 0 | |
Asset impairments and other | (18,682) | (13,374) | (3,163) | |
Operating income (loss) | (107,249) | 83,318 | 81,817 | |
Loss on early retirement of debt | 0 | 0 | (597) | |
Other components of net periodic benefit income | 670 | 395 | 380 | |
Interest expense | (5,342) | (3,339) | (4,115) | |
Interest income | 252 | 2,061 | 774 | |
Earnings (loss) from continuing operations before income taxes | (111,669) | 82,435 | 78,259 | |
Total assets | 1,587,368 | 1,680,478 | 1,181,081 | |
Depreciation and amortization | 46,499 | 49,574 | 76,939 | |
Capital expenditures | 24,130 | 29,767 | 57,230 | |
Depreciation and amortization | 52,161 | |||
Capital expenditures | 41,780 | |||
Journeys Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,227,954 | 1,460,253 | 1,419,993 | |
Goodwill impairment | 0 | |||
Schuh Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 305,941 | 373,930 | 382,591 | |
Goodwill impairment | $ (79,300) | (79,259) | ||
Johnston & Murphy Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 152,941 | 300,850 | 313,134 | |
Licensed Brands Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 99,694 | 61,859 | 72,564 | |
Goodwill impairment | 0 | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,788,123 | 2,197,066 | 2,188,565 | |
Operating Segments | Journeys Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,227,954 | 1,460,253 | 1,419,993 | |
Segment operating income (loss) | 76,896 | 114,945 | 100,799 | |
Goodwill impairment | 0 | |||
Asset impairments and other | 0 | 0 | 0 | |
Operating income (loss) | 76,896 | 114,945 | 100,799 | |
Loss on early retirement of debt | 0 | |||
Other components of net periodic benefit income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | 76,896 | 114,945 | 100,799 | |
Total assets | 767,535 | 908,312 | 425,842 | |
Depreciation and amortization | 29,326 | 29,122 | ||
Capital expenditures | 16,188 | 17,920 | ||
Depreciation and amortization | 28,121 | |||
Capital expenditures | 26,114 | |||
Operating Segments | Schuh Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 305,941 | 373,930 | 382,591 | |
Segment operating income (loss) | (11,602) | 4,659 | 3,765 | |
Goodwill impairment | 0 | |||
Asset impairments and other | 0 | 0 | 0 | |
Operating income (loss) | (11,602) | 4,659 | 3,765 | |
Loss on early retirement of debt | 0 | |||
Other components of net periodic benefit income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | (11,602) | 4,659 | 3,765 | |
Total assets | 232,681 | 363,205 | 211,983 | |
Depreciation and amortization | 8,885 | 11,466 | ||
Capital expenditures | 2,794 | 4,890 | ||
Depreciation and amortization | 14,193 | |||
Capital expenditures | 7,226 | |||
Operating Segments | Johnston & Murphy Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 152,941 | 300,850 | 313,134 | |
Segment operating income (loss) | (47,624) | 17,702 | 20,385 | |
Goodwill impairment | 0 | |||
Asset impairments and other | 0 | 0 | 0 | |
Operating income (loss) | (47,624) | 17,702 | 20,385 | |
Loss on early retirement of debt | 0 | |||
Other components of net periodic benefit income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | (47,624) | 17,702 | 20,385 | |
Total assets | 159,027 | 197,670 | 128,525 | |
Depreciation and amortization | 5,487 | 6,091 | ||
Capital expenditures | 4,064 | 5,540 | ||
Depreciation and amortization | 6,517 | |||
Capital expenditures | 6,526 | |||
Operating Segments | Licensed Brands Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 101,287 | 61,859 | 72,576 | |
Segment operating income (loss) | (5,430) | (698) | (488) | |
Goodwill impairment | 0 | |||
Asset impairments and other | 0 | 0 | 0 | |
Operating income (loss) | (5,430) | (698) | (488) | |
Loss on early retirement of debt | 0 | |||
Other components of net periodic benefit income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | |
Earnings (loss) from continuing operations before income taxes | (5,430) | (698) | (488) | |
Total assets | 58,320 | 63,385 | 24,004 | |
Depreciation and amortization | 1,317 | 660 | ||
Capital expenditures | 356 | 428 | ||
Depreciation and amortization | 637 | |||
Capital expenditures | 162 | |||
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 174 | 271 | |
Segment operating income (loss) | (21,548) | (39,916) | (39,481) | |
Goodwill impairment | (79,259) | |||
Asset impairments and other | (18,682) | (13,374) | (3,163) | |
Operating income (loss) | (119,489) | (53,290) | (42,644) | |
Loss on early retirement of debt | (597) | |||
Other components of net periodic benefit income | 670 | 395 | 380 | |
Interest expense | (5,342) | (3,339) | (4,115) | |
Interest income | 252 | 2,061 | 774 | |
Earnings (loss) from continuing operations before income taxes | (123,909) | (54,173) | (46,202) | |
Total assets | 369,805 | 147,906 | 390,727 | |
Depreciation and amortization | 1,484 | 2,235 | ||
Capital expenditures | 728 | 989 | ||
Depreciation and amortization | 2,693 | |||
Capital expenditures | 1,752 | |||
Intercompany Sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (1,593) | 0 | (12) | |
Intercompany Sales | Journeys Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | |
Intercompany Sales | Schuh Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | |
Intercompany Sales | Johnston & Murphy Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | |
Intercompany Sales | Licensed Brands Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (1,593) | $ 0 | $ (12) |
Business Segment Information _2
Business Segment Information - Schedule of Business Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Segment Reporting Information [Line Items] | ||||
Goodwill impairment | $ 79,259 | $ 0 | $ 0 | |
Asset impairments and other, net | 18,682 | 13,374 | 3,163 | |
Long-lived assets | 829,600 | 973,400 | 277,400 | |
Depreciation and amortization | 46,499 | 49,574 | 76,939 | |
Capital expenditures | 24,130 | 29,767 | 57,230 | |
Hurricane Maria | ||||
Segment Reporting Information [Line Items] | ||||
(Gain) loss related to hurricane | (200) | (1,400) | ||
Hurricane Losses | ||||
Segment Reporting Information [Line Items] | ||||
(Gain) loss related to hurricane | 100 | |||
U.K. | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 140,900 | 174,400 | 44,600 | |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 35,100 | 46,200 | 12,800 | |
Trademark | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | 5,300 | |||
Schuh Group | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment | $ 79,300 | 79,259 | ||
Journeys Group | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment | 0 | |||
Lids Sports Group | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 24,800 | |||
Capital expenditures | 15,400 | |||
Togast Acquisition | ||||
Segment Reporting Information [Line Items] | ||||
Gain for the release of an earn-out related to the acquisition | (400) | |||
Retail Store Asset Impairments | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | 13,800 | 3,100 | 4,200 | |
Retail Store Asset Impairments | Schuh Group | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | 2,700 | 1,200 | 2,400 | |
Retail Store Asset Impairments | Johnston & Murphy Group | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | 7,000 | 1,200 | 200 | |
Retail Store Asset Impairments | Journeys Group | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | $ 4,100 | 700 | 1,600 | |
Pension Settlement Expense | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | 11,500 | |||
Sale Of Lids Sports Group Headquarters Building | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | (600) | |||
Lease Termination | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | $ (400) | |||
Legal and Other Matters | ||||
Segment Reporting Information [Line Items] | ||||
Asset impairments and other, net | $ 300 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | Jan. 30, 2021USD ($)store | Feb. 02, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated maximum future payments | $ 800,962 | |||
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on sale of Lids Sports Group | $ 126,321 | |||
Lids Sports Group | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of Lids Sports Group | 93,800 | |||
Cash received in sale, subject to adjustment | $ 100,000 | 100,000 | ||
Working capital adjustment | 6,200 | $ 6,200 | ||
Loss on sale of Lids Sports Group | 98,300 | |||
Number of leases for which the company is a guarantor | store | 20 | |||
Lease expiration period | 2025-11 | |||
Estimated maximum future payments | $ 14,100 | |||
Lids Sports Group | Discontinued Operations, Disposed of by Sale | Trademark | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indefinite lived asset impairment | $ 48,700 | $ 5,700 |
Discontinued Operations - State
Discontinued Operations - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for discontinued operations | $ (345) | $ (425) | $ (743) |
Loss from discontinued operations, net of tax | $ (401) | $ (373) | (103,154) |
Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 723,125 | ||
Cost of sales | 348,038 | ||
Selling and administrative expenses | 370,480 | ||
Goodwill and trademark impairment | 5,736 | ||
Asset impairments and other, net | 2,394 | ||
Loss on sale of Lids Sports Group | (126,321) | ||
Other components of net periodic benefit cost | (23) | ||
Provision for discontinued operations | (743) | ||
Loss from discontinued operations before taxes | (130,610) | ||
Income tax benefit | (27,456) | ||
Loss from discontinued operations, net of tax | $ (103,154) |
Discontinued Operations - Sta_2
Discontinued Operations - Statement of Cash Flow (Details) - Discontinued Operations, Disposed of by Sale $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Depreciation and amortization | $ 24,778 |
Capital expenditures | 15,450 |
Impairment of intangible assets | 5,736 |
Impairment of long-lived assets | $ 1,670 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Accounts Receivable Allowances | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 2,940 | $ 2,894 | $ 4,593 |
Charged to Profit and Loss | 2,606 | 133 | 40 |
Additions (Reductions) | (531) | (87) | (1,739) |
Ending Balance | 5,015 | 2,940 | 2,894 |
Markdown Allowance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 5,559 | 7,019 | 6,498 |
Charged to Profit and Loss | 11,080 | 1,579 | 4,297 |
Additions (Reductions) | (1,688) | (3,039) | (3,776) |
Ending Balance | $ 14,951 | $ 5,559 | $ 7,019 |