Pier 1 Imports 10-Q 3 Jan 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Nov. 25, 2017	Dec. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 25, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	PIR
Entity Registrant Name	PIER 1 IMPORTS INC/DE
Entity Central Index Key	278,130
Current Fiscal Year End Date	--03-03
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		83,348,017

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Income Statement [Abstract]
Net sales	$ 469,161	$ 475,901	$ 1,286,293	$ 1,300,094
Cost of sales	292,485	279,508	817,856	809,698
Gross profit	176,676	196,393	468,437	490,396
Selling, general and administrative expenses	150,395	160,833	428,677	439,334
Depreciation	12,833	13,307	39,973	40,956
Operating income (loss)	13,448	22,253	(213)	10,106
Nonoperating (income) and expenses:
Interest, investment income and other	(597)	(438)	(1,575)	(1,677)
Interest expense	2,960	3,113	8,991	9,177
Nonoperating (income) and expenses	2,363	2,675	7,416	7,500
Income (loss) before income taxes	11,085	19,578	(7,629)	2,606
Income tax provision (benefit)	3,704	6,001	(4,201)	(882)
Net income (loss)	$ 7,381	$ 13,577	$ (3,428)	$ 3,488
Earnings (loss) per share:
Basic	$ 0.09	$ 0.17	$ (0.04)	$ 0.04
Diluted	0.09	0.17	(0.04)	0.04
Dividends declared per share:	$ 0.07	$ 0.07	$ 0.21	$ 0.21
Average shares outstanding during period:
Basic	79,658	80,680	80,363	80,926
Diluted	79,658	80,683	80,363	80,927

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,381	$ 13,577	$ (3,428)	$ 3,488
Other comprehensive income (loss)
Foreign currency translation adjustments	(685)	(1,207)	985	399
Pension adjustments	(57)	640	(170)	1,367
Other comprehensive income (loss)	(742)	(567)	815	1,766
Comprehensive income (loss), net of tax	$ 6,639	$ 13,010	$ (2,613)	$ 5,254

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 25, 2017	Feb. 25, 2017	Nov. 26, 2016
Current assets:
Cash and cash equivalents, including temporary investments of $67,719, $149,375 and $78,302, respectively	$ 80,234	$ 154,460	$ 86,207
Accounts receivable, net	43,062	22,945	39,089
Inventories	418,868	400,976	479,832
Prepaid expenses and other current assets	43,960	31,607	36,378
Total current assets	586,124	609,988	641,506
Properties and equipment, net of accumulated depreciation of $547,520, $505,555 and $498,174, respectively	178,481	191,476	189,787
Other noncurrent assets	39,006	41,618	36,113
Assets, Total	803,611	843,082	867,406
Current liabilities:
Accounts payable	94,279	68,981	96,511
Gift cards and other deferred revenue	57,280	60,398	61,078
Borrowings under revolving line of credit			25,000
Accrued income taxes payable		26,058	3,964
Current portion of long-term debt	2,000	2,000	2,000
Other accrued liabilities	120,274	133,866	145,198
Total current liabilities	273,833	291,303	333,751
Long-term debt	198,188	199,077	199,373
Other noncurrent liabilities	64,058	60,674	66,050
Commitments and contingencies
Shareholders' equity:
Common stock, $0.001 par, 500,000,000 shares authorized, 125,232,000 issued	125	125	125
Paid-in capital	162,677	191,501	192,917
Retained earnings	716,719	737,165	716,154
Cumulative other comprehensive loss	(6,599)	(7,414)	(8,871)
Less - 41,710,000, 42,050,000 and 42,218,000 common shares in treasury, at cost, respectively	(605,390)	(629,349)	(632,093)
Total shareholders' equity	267,532	292,028	268,232
Liabilities and Equity, Total	$ 803,611	$ 843,082	$ 867,406

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 25, 2017	Feb. 25, 2017	Nov. 26, 2016
Statement of Financial Position [Abstract]
Cash and cash equivalents, temporary investments	$ 67,719	$ 149,375	$ 78,302
Properties and equipment, accumulated depreciation	$ 547,520	$ 505,555	$ 498,174
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Common stock, shares issued	125,232,000	125,232,000	125,232,000
Treasury stock, shares	41,710,000	42,050,000	42,218,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Cash flows from operating activities:
Net income (loss)	$ (3,428)	$ 3,488
Adjustments to reconcile to net cash provided by (used in) operating activities:
Depreciation	45,934	45,250
Stock-based compensation expense	3,087	7,436
Deferred compensation, net	1,940	5,738
Deferred income taxes	5,663	(5,694)
Amortization of deferred gains	(814)	(804)
Other	2,982	4,240
Changes in cash from:
Inventories	(17,892)	(73,973)
Prepaid expenses and other assets	(33,366)	(20,194)
Accounts payable and other liabilities	14,914	41,946
Accrued income taxes payable, net of payments	(26,058)	(2,360)
Net cash provided by (used in) operating activities	(7,038)	5,073
Cash flows from investing activities:
Capital expenditures	(41,057)	(32,019)
Proceeds from disposition of properties	71	66
Proceeds from sale of restricted investments	27,428	2,058
Purchase of restricted investments	(25,742)	(1,043)
Net cash used in investing activities	(39,300)	(30,938)
Cash flows from financing activities:
Cash dividends	(16,753)	(16,871)
Purchases of treasury stock	(10,000)	(10,566)
Stock purchase plan and other, net	1,626	788
Repayments of long-term debt	(1,500)	(1,500)
Debt issuance costs	(1,261)
Borrowings under revolving line of credit	8,000	38,000
Repayments of borrowings under revolving line of credit	(8,000)	(13,000)
Net cash used in financing activities	(27,888)	(3,149)
Change in cash and cash equivalents	(74,226)	(29,014)
Cash and cash equivalents at beginning of period	154,460	115,221
Cash and cash equivalents at end of period	$ 80,234	$ 86,207

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - 9 months ended Nov. 25, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Cumulative Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance at Feb. 25, 2017	$ 292,028		$ 125	$ 191,501	$ 737,165	$ (7,414)	$ (629,349)
Beginning Balance, Common Stock at Feb. 25, 2017		83,182
Net loss	(3,428)				(3,428)
Other comprehensive income	815					815
Purchases of treasury stock	(10,000)						(10,000)
Purchases of treasury stock (in shares)		(1,927)
Stock-based compensation expense	3,087			(26,815)			29,902
Stock-based compensation expense (in shares)		2,043
Stock purchase plan and other	1,783			(2,009)	(265)		4,057
Stock purchase plan and other (in shares)		224
Cash dividends ($0.21 per share)	(16,753)				(16,753)
Ending Balance at Nov. 25, 2017	$ 267,532		$ 125	$ 162,677	$ 716,719	$ (6,599)	$ (605,390)
Ending Balance, Common Stock at Nov. 25, 2017		83,522

Consolidated Statement of Shar8

Consolidated Statement of Shareholders' Equity (Parenthetical)	9 Months Ended
	Nov. 25, 2017$ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share	$ 0.21

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Nov. 25, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 1 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share amounts were determined by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share amounts were similarly computed, and include the effect, if dilutive, of the Company’s weighted average number of stock options outstanding and shares of unvested restricted stock. Outstanding stock options totaling 395,269 were excluded from the computation of diluted earnings per share for the three months ended November 25, 2017, as the effect would be antidilutive. Outstanding stock options and shares of unvested restricted stock totaling 1,755,991 were excluded from the computation of diluted loss per share for the nine months ended November 25, 2017, as the effect would be antidilutive. Outstanding stock options totaling 1,129,000 and 1,885,000 were excluded from the computation of diluted earnings per share for the three and nine months ended November 26, 2016, respectively, as the effect would be antidilutive. Earnings (loss) per share amounts were calculated as follows (in thousands except per share amounts): Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Net income (loss) $ 7,381 $ 13,577 $ (3,428 ) $ 3,488 Weighted average shares outstanding: Basic 79,658 80,680 80,363 80,926 Effect of dilutive stock options — 2 — 1 Effect of dilutive restricted stock — 1 — — Diluted 79,658 80,683 80,363 80,927 Earnings (loss) per share: Basic $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 Diluted $ 0.09 $ 0.17 $ (0.04 ) $ 0.04

Matters Concerning Shareholders

Matters Concerning Shareholders' Equity	9 Months Ended
	Nov. 25, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Matters Concerning Shareholders' Equity	NOTE 2 – MATTERS CONCERNING SHAREHOLDERS’ EQUITY Restricted stock compensation Share repurchase program

Long-Term Debt and Available Cr

Long-Term Debt and Available Credit	9 Months Ended
	Nov. 25, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Available Credit	NOTE 3 – LONG-TERM DEBT AND AVAILABLE CREDIT Revolving Credit Facility Credit extensions under the amended Revolving Credit Facility are limited to the lesser of $350,000,000 or the amount of the calculated borrowing base. At the Company’s option, borrowings will bear interest at either (a) the adjusted LIBOR rate plus a spread varying from 125 to 150 basis points per annum, depending on the amount then borrowed under the amended Revolving Credit Facility, or (b) the prime rate plus a spread varying from 25 to 50 basis points per annum, depending on the amount then borrowed under the amended Revolving Credit Facility. Provided that there is no default and no default would occur as a result thereof, the Company may request that the amended Revolving Credit Facility be increased to an amount not to exceed $500,000,000. The amendment did not result in any other material changes to the Revolving Credit Facility. At the end of the third quarter of fiscal 2018, credit extensions under the amended Revolving Credit Facility were limited to the lesser of $350,000,000 or the amount of the calculated borrowing base, which was $404,509,000 as of November 25, 2017. The Company had no cash borrowings and $40,081,000 in letters of credit and bankers’ acceptances outstanding under the amended Revolving Credit Facility, with $309,919,000 remaining available for cash borrowings, all as of November 25, 2017. Term Loan Facility The fair value of the amount outstanding under the Term Loan Facility was approximately $185,760,000 as of November 25, 2017, which was measured at fair value using the quoted market price. The fair value measurement is classified as Level 2 in the fair value hierarchy based on the frequency and volume of trading for which the price was readily available. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities 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 asset or liability.

Defined Benefit Plans

Defined Benefit Plans	9 Months Ended
	Nov. 25, 2017
Retirement Benefits [Abstract]
Defined Benefit Plans	NOTE 4 – DEFINED BENEFIT PLANS The Company maintains supplemental retirement plans for certain of its current and former executive officers. These plans provide that upon death, disability, reaching retirement age or certain termination events, a participant will receive benefits based on highest compensation, years of service and years of plan participation. The plans are not funded and thus have no plan assets. Benefit costs are determined using actuarial cost methods to estimate the total benefits ultimately payable to executive officers, and this cost is allocated to the respective service periods. The actuarial assumptions used to calculate benefit costs are reviewed annually or in the event of a material change in the plans or participation in the plans. The three and nine months ended November 26, 2016, include a curtailment charge of $1,562,000 for revised defined benefit plan assumptions related to the departure of the Company’s former CEO in fiscal 2017. The components of net periodic benefit cost are shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service cost and net actuarial loss was reclassified out of other comprehensive income (loss) as a component of net periodic benefit cost. Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Components of net periodic benefit cost: Service cost $ 72 $ 72 $ 217 $ 845 Interest cost 71 199 214 586 Amortization of unrecognized prior service cost 7 7 22 37 Amortization of net actuarial loss 133 689 397 1,589 Curtailment charge — 1,562 — 1,562 Net periodic benefit cost $ 283 $ 2,529 $ 850 $ 4,619

Income Tax

Income Tax	9 Months Ended
	Nov. 25, 2017
Income Tax Disclosure [Abstract]
Income Tax	NOTE 5 – INCOME TAX The income tax provision for the third quarter of fiscal 2018 was $3,704,000, compared to $6,001,000 during the same period in the prior fiscal year. The effective tax rate for the third quarter of fiscal 2018 was 33.4%, compared to 30.7% in the same period during fiscal 2017. The income tax benefit for the first nine months of fiscal 2018 was $4,201,000, compared to $882,000 during the same period in the prior fiscal year. The effective tax rate for the first nine months of fiscal 2018 was 55.1%, compared to (33.8%) in the same period during fiscal 2017. The decrease in the income tax provision for the third quarter of fiscal 2018 primarily relates to the Company’s lower pre-tax pre-tax pre-tax one-time non-deductible Note 6 – Commitments and Contingencies pre-tax As of November 25, 2017, the Company had total unrecognized tax benefits of $5,095,000, the majority of which, if recognized, would affect the Company’s effective tax rate. It is reasonably possible a significant portion of the Company’s gross unrecognized tax benefits could decrease within the next twelve months primarily due to settlements with certain taxing jurisdictions.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Nov. 25, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 6 – COMMITMENTS AND CONTINGENCIES Putative class action complaints were filed in the United States District Court for the Northern District of Texas – Dallas Division against Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner in August and October 2015 alleging violations under the Securities Exchange Act of 1934, as amended. The lawsuits, which have been consolidated into a single action captioned Town of Davie Police Pension Plan, Plaintiff, v. Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner, Defendants, were filed on behalf of a purported putative class of investors who purchased or otherwise acquired stock of Pier 1 Imports, Inc. between April 10, 2014 and December 17, 2015. The plaintiffs seek to recover damages purportedly caused by the Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 The Company announced in January 2016 a voluntary recall of its Swingasan Chair and Stand in cooperation with the CPSC. In September 2016, the Company received a staff investigatory letter from the CPSC indicating that the CPSC would investigate whether the Company complied with certain reporting requirements of the Consumer Product Safety Act with respect to the recall. The Company responded to the inquiry and cooperated with the CPSC. On September 20, 2017, the Company received a letter from the CPSC proposing to resolve certain alleged violations of the Consumer Product Safety Act relating to the Swingasan recall on terms which would require, among other things, the payment of a civil money penalty. On October 27, 2017, the Company submitted its response to the CPSC letter. The Company disagrees with a number of the allegations and legal conclusions asserted by the CPSC and believes the requested civil money penalty is excessive in view of the circumstances. Given the nature of this matter and the uncertainty as to how and when it will be resolved, the Company believes that a reasonable estimate of the potential range of loss in connection with this matter is $2,000,000 to $6,200,000. While we anticipate that the final settlement will fall within the estimated range of outcomes, the final terms of the resolution of this matter cannot be predicted with certainty and no assurances can be given as to the specific amount that the Company may be required to pay. The Company is a defendant in lawsuits pending in federal courts in California containing various class action allegations under California state wage-and-hour The Company recognized expense of $6,600,000 in the second quarter of fiscal 2018 attributable to the legal and regulatory proceedings described in the two preceding paragraphs as a component of selling, general and administrative expenses. There are various other claims, lawsuits, inquiries, investigations and pending actions against the Company incident to the operations of its business. The Company considers these other matters to be ordinary and routine in nature. The Company maintains insurance against the consolidated class action described in the first paragraph in this Note and liability insurance against most of the other matters noted in this paragraph. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such matters will not have a material adverse effect, either individually or in the aggregate, on the Company’s financial condition, results of operations or liquidity.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Nov. 25, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	NOTE 7 – NEW ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” 2015-14 revenue standard ASU 2014-09 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations.” 2016-08 2016-10, “Identifying Performance Obligations and Licensing,” 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” 2016-20 2016-20 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 2016-02, 2016-02 2016-02 2016-02 2016-02 In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 2015-05 2015-05 2015-05 2016-19, Technical Corrections and Improvements 2016-19 350-40 2015-05 2016-19 2016-19 In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09 2016-09 2016-09 2016-09 2016-09, In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting. 2017-09 2017-09, 2017-09 2017-09

New Accounting Standards (Polic

New Accounting Standards (Policies)	9 Months Ended
	Nov. 25, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” 2015-14 revenue standard ASU 2014-09 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations.” 2016-08 2016-10, “Identifying Performance Obligations and Licensing,” 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” 2016-20 2016-20 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 2016-02, 2016-02 2016-02 2016-02 2016-02 In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 2015-05 2015-05 2015-05 2016-19, Technical Corrections and Improvements 2016-19 350-40 2015-05 2016-19 2016-19 In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09 2016-09 2016-09 2016-09 2016-09, In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting. 2017-09 2017-09, 2017-09 2017-09

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Nov. 25, 2017
Earnings Per Share [Abstract]
Calculation of Earnings (Loss) Per Share Amounts	Earnings (loss) per share amounts were calculated as follows (in thousands except per share amounts): Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Net income (loss) $ 7,381 $ 13,577 $ (3,428 ) $ 3,488 Weighted average shares outstanding: Basic 79,658 80,680 80,363 80,926 Effect of dilutive stock options — 2 — 1 Effect of dilutive restricted stock — 1 — — Diluted 79,658 80,683 80,363 80,927 Earnings (loss) per share: Basic $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 Diluted $ 0.09 $ 0.17 $ (0.04 ) $ 0.04

Defined Benefit Plans (Tables)

Defined Benefit Plans (Tables)	9 Months Ended
	Nov. 25, 2017
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost are shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service cost and net actuarial loss was reclassified out of other comprehensive income (loss) as a component of net periodic benefit cost. Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Components of net periodic benefit cost: Service cost $ 72 $ 72 $ 217 $ 845 Interest cost 71 199 214 586 Amortization of unrecognized prior service cost 7 7 22 37 Amortization of net actuarial loss 133 689 397 1,589 Curtailment charge — 1,562 — 1,562 Net periodic benefit cost $ 283 $ 2,529 $ 850 $ 4,619

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Earnings Per Share [Abstract]
Outstanding stock options and shares excluded from computation of diluted earnings (loss) per share	395,269	1,129,000	1,755,991	1,885,000

Calculation of Earnings (Loss)

Calculation of Earnings (Loss) Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Earnings Per Share Disclosure [Line Items]
Net income (loss)	$ 7,381	$ 13,577	$ (3,428)	$ 3,488
Basic	79,658	80,680	80,363	80,926
Diluted	79,658	80,683	80,363	80,927
Basic	$ 0.09	$ 0.17	$ (0.04)	$ 0.04
Diluted	$ 0.09	$ 0.17	$ (0.04)	$ 0.04
Employee Stock Option
Earnings Per Share Disclosure [Line Items]
Effect of dilutive stock		2		1
Restricted Stock Awards
Earnings Per Share Disclosure [Line Items]
Effect of dilutive stock		1

Matters Concerning Shareholde21

Matters Concerning Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Cost of shares repurchased			$ 10,000,000
Share Repurchase Program April 2014
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Common stock repurchased under Share repurchase plan			1,926,602
Weighted average cost			$ 5.19
Amount remained for repurchase	$ 26,610,000		$ 26,610,000
Cost of shares repurchased			10,000,000
Share repurchase program authorized amount	200,000,000		200,000,000
Restricted Stock Awards
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Recorded stock-based compensation expense	489,000	$ 4,664,000	2,948,000	$ 7,392,000
Reversal of share based compensation expense	400,000
Total unrecognized compensation expense related to unvested stock awards	$ 28,063,000		$ 28,063,000
Weighted average period for recognizing unrecognized compensation expense, in years			1 year 6 months
Restricted Stock Awards | Former Chief Executive Officer
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items]
Additional expense for accelerated vesting of certain restricted stock awards		$ 3,900,000

Long-Term Debt and Available 22

Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($)	Jun. 02, 2017	May 27, 2017	Nov. 25, 2017	Feb. 25, 2017	Nov. 26, 2016
Debt Instrument [Line Items]
Borrowings outstanding					$ 25,000,000
Term Loan Facility
Debt Instrument [Line Items]
Borrowings under term loan facility			$ 193,500,000	$ 195,000,000	195,500,000
Carrying value of long term debt			190,780,000	$ 191,676,000	$ 191,974,000
Fair Value, Inputs, Level 2 | Term Loan Facility
Debt Instrument [Line Items]
Fair value of term loan facility			185,760,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility , maximum borrowing capacity	$ 350,000,000	$ 350,000,000	350,000,000
Credit facility accordion feature	$ 150,000,000	$ 100,000,000
Extended maturity date of revolving credit facility	Jun. 2, 2022
Potential increase to credit facility	$ 500,000,000
Credit facility borrowing base			404,509,000
Borrowings outstanding			0
Remaining borrowing			309,919,000
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis points	1.25%
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis points	1.50%
Revolving Credit Facility | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis points	0.25%
Revolving Credit Facility | Prime Rate | Maximum
Debt Instrument [Line Items]
Basis points	0.50%
Letters of Credit And Bankers' Acceptances
Debt Instrument [Line Items]
Borrowings outstanding			$ 40,081,000

Defined Benefit Plans - Additio

Defined Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Nov. 26, 2016	Nov. 26, 2016
Supplemental Employee Retirement Plans, Defined Benefit | Former Chief Executive Officer
Schedule Of Defined Benefit Plans Disclosures [Line Items]
Curtailment charge for revised defined benefit plan	$ 1,562	$ 1,562

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Components of net periodic benefit cost:
Service cost	$ 72	$ 72	$ 217	$ 845
Interest cost	71	199	214	586
Amortization of unrecognized prior service cost	7	7	22	37
Amortization of net actuarial loss	133	689	397	1,589
Curtailment charge		1,562		1,562
Net periodic benefit cost	$ 283	$ 2,529	$ 850	$ 4,619

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Nov. 26, 2016
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 3,704	$ 6,001	$ (4,201)	$ (882)
Effective tax rate	33.40%	30.70%	55.10%	(33.80%)
Unrecognized tax benefits	$ 5,095		$ 5,095

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 26, 2017	Nov. 25, 2017
Selling, General and Administrative Expenses
Commitments and Contingencies Disclosure [Line Items]
Legal and regulatory expenses	$ 6,600,000
Minimum | Swingasan Chair and Stand | Voluntary Product Recall
Commitments and Contingencies Disclosure [Line Items]
Estimate of potential loss		$ 2,000,000
Maximum | Swingasan Chair and Stand | Voluntary Product Recall
Commitments and Contingencies Disclosure [Line Items]
Estimate of potential loss		$ 6,200,000