Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 04, 2018 | Sep. 01, 2018 | |
Entity Registrant Name | DILLARD'S, INC. | |
Entity Central Index Key | 28,917 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 4, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-02 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 23,460,949 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 4,010,401 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 116,547 | $ 187,028 | $ 135,089 |
Accounts receivable | 53,146 | 38,437 | 38,339 |
Merchandise inventories | 1,603,283 | 1,463,561 | 1,527,385 |
Income Taxes Receivable, Current | 17,199 | 0 | 20,302 |
Other current assets | 64,007 | 50,359 | 52,140 |
Total current assets | 1,854,182 | 1,739,385 | 1,773,255 |
Property and equipment (net of accumulated depreciation and amortization of $2,638,661, $2,531,435 and $2,580,082, respectively) | 1,651,147 | 1,696,276 | 1,733,559 |
Other assets | 77,301 | 247,042 | 255,903 |
Total assets | 3,582,630 | 3,682,703 | 3,762,717 |
Current liabilities: | |||
Trade accounts payable and accrued expenses | 849,223 | 845,281 | 886,935 |
Long-term Debt, Current Maturities | 0 | 160,927 | 248,071 |
Current portion of capital lease obligations | 1,160 | 1,107 | 1,058 |
Other Short-term Borrowings | 233,800 | 0 | 0 |
Accrued Income Taxes, Current | 0 | 41,920 | 0 |
Total current liabilities | 1,084,183 | 1,049,235 | 1,136,064 |
Long-term debt | 365,498 | 365,429 | 365,359 |
Capital lease obligations | 2,287 | 2,880 | 3,447 |
Other liabilities | 241,037 | 240,173 | 238,907 |
Deferred Tax Liabilities, Net, Noncurrent | 15,151 | 116,831 | 216,219 |
Subordinated debentures | 200,000 | 200,000 | 200,000 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock | 1,239 | 1,239 | 1,238 |
Additional paid-in capital | 947,125 | 946,147 | 944,401 |
Accumulated other comprehensive loss | (17,785) | (15,444) | (11,137) |
Retained earnings | 4,370,780 | 4,365,219 | 4,198,855 |
Less treasury stock, at cost | (3,626,885) | (3,589,006) | (3,530,636) |
Total stockholders’ equity | 1,674,474 | 1,708,155 | 1,602,721 |
Total liabilities and stockholders’ equity | $ 3,582,630 | $ 3,682,703 | $ 3,762,717 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Statement of Financial Position [Abstract] | |||
Property and equipment, accumulated depreciation and amortization | $ 2,638,661 | $ 2,531,435 | $ 2,580,082 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,468,023 | $ 1,427,280 | $ 2,926,285 | $ 2,845,740 |
Service charges and other income | 32,684 | 36,530 | 65,842 | 70,944 |
Total net sales, service charges and other income | 1,500,707 | 1,463,810 | 2,992,127 | 2,916,684 |
Cost of sales | 1,017,177 | 1,007,054 | 1,920,918 | 1,877,139 |
Selling, General and Administrative Expense | 408,362 | 399,890 | 814,232 | 796,535 |
Depreciation and amortization | 56,221 | 59,868 | 112,224 | 119,879 |
Rentals | 6,556 | 6,456 | 13,105 | 12,658 |
Interest Expense | 14,321 | 15,798 | 28,343 | 31,480 |
Other expense | 1,915 | 1,808 | 3,830 | 3,615 |
(Gain) loss on disposal of assets | (17) | (23) | 65 | (42) |
(Loss) income before income taxes and income on and equity in earnings of joint ventures | (3,828) | (27,041) | 99,410 | 75,420 |
Income taxes (benefit) | (960) | (9,950) | 21,730 | 26,220 |
Income on and equity in earnings of joint ventures | 0 | 11 | 0 | 22 |
Net Income | (2,868) | (17,080) | 77,680 | 49,222 |
Retained Earnings [Roll Forward] | ||||
Retained earnings at beginning of period | 4,376,408 | 4,217,972 | 4,365,219 | 4,153,844 |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (66,574) | 0 | ||
Cash dividends declared | (2,760) | (2,037) | (5,545) | (4,211) |
Retained earnings at end of period | $ 4,370,780 | $ 4,198,855 | $ 4,370,780 | $ 4,198,855 |
(Loss) earnings per share: | ||||
Earnings Per Share, Basic and Diluted | $ (0.10) | $ (0.58) | $ 2.80 | $ 1.62 |
Cash dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.07 | $ 0.20 | $ 0.14 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ (2,868) | $ (17,080) | $ 77,680 | $ 49,222 |
Other comprehensive income: | ||||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $31, $0, $63, and $0, respectively) | 101 | 0 | 201 | 0 |
Comprehensive (loss) income | $ (2,767) | $ (17,080) | $ 77,881 | $ 49,222 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of retirement plan and other retiree benefit adjustments, tax | $ 31 | $ 0 | $ 63 | $ 0 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
Operating activities: | ||
Net Income | $ 77,680 | $ 49,222 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization of property and other deferred costs | 113,174 | 121,033 |
(Gain) loss on disposal of assets | 65 | (42) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (14,709) | 8,969 |
Increase in merchandise inventories | (139,722) | (120,982) |
Increase in other current assets | (12,670) | (3,667) |
(Increase) decrease in other assets | (5,382) | 2,366 |
Increase in trade accounts payable and accrued expenses and other liabilities | 19,471 | 38,909 |
Decrease in income taxes | (53,337) | (73,652) |
Net cash (used in) provided by operating activities | (15,430) | 22,156 |
Investing activities: | ||
Purchases of property and equipment | (85,952) | (65,979) |
Proceeds from disposal of assets | 1,956 | 3,090 |
Proceeds from Insurance Settlement, Investing Activities | 0 | 1,875 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 2,145 | 855 |
Net cash used in investing activities | (81,851) | (60,159) |
Financing activities: | ||
Principal payments on long-term debt and capital lease obligations | (161,499) | (2,764) |
Proceeds from (Repayments of) Lines of Credit | 233,800 | 0 |
Cash dividends paid | (5,622) | (4,486) |
Purchase of treasury stock | (39,879) | (166,643) |
Net cash provided by (used in) financing activities | 26,800 | (173,893) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (70,481) | (211,896) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 116,547 | 135,089 |
Non-cash transactions: | ||
Accrued capital expenditures | 7,746 | 3,900 |
Stock Issued | $ 978 | $ 934 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Aug. 04, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Dillard’s, Inc. (the “Company”) have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended August 4, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending February 2, 2019 due to, among other factors, the seasonal nature of the business. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018 filed with the SEC on March 30, 2018. Effective February 4, 2018, we adopted the requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , and all related amendments using the full retrospective method and adopted the requirements of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost retrospectively as discussed in Note 2, Accounting Standards . All amounts and disclosures set forth in this Form 10-Q have been updated to comply with the new standards. Reclassifications —Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Aug. 04, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Accounting Standards Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This ASU was supplemented by amendments which clarify the guidance of the initial ASU. We refer to this ASU and related amendments as the "new standard." We adopted the requirements of the new standard as of February 4, 2018, utilizing the full retrospective method of transition. Adoption of the new standard resulted in changes to our accounting policies for revenue recognition, as further described in Note 3, Significant Accounting Policies Updates . We applied the new standard using the following practical expedients: (1) for a completed contract for which all (or substantially all) of the revenue was recognized in accordance with revenue guidance that is in effect before the date of initial application, an entity need not restate contracts that begin and end within the same annual reporting period; (2) for completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed, rather than estimating variable consideration amounts in the comparative reporting periods; (3) for all reporting periods presented before the date of initial application, February 4, 2018, an entity is not required to disclose the amount of the transaction price allocated to the remaining performance obligations or when the entity expects to recognize that amount as revenue; and (4) for contracts modified prior to the beginning of fiscal year 2016, an entity can reflect the aggregate effect of all contract modifications that occurred before the beginning of the earliest period presented under the new standard when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price to the satisfied and unsatisfied performance obligations for the modified contract at transition. The application of these practical expedients primarily impacted our evaluation of the revenue recognition of our construction segment. Through our analysis of the new standard, we considered the presentation of sales returns, the deferral of revenue related to our loyalty program, the deferral of revenue related to internet sales, credit card income, gift card breakage, principal versus agent considerations and revenue from our construction segment contracts. The impact of adopting the new standard on our fiscal 2017 and 2016 revenues was not material. We adjusted our condensed consolidated financial statements from amounts previously reported due to the adoption of the new standard. The Company's net sales are recorded net of anticipated returns of merchandise. Under the new standard, both a return asset and an allowance for sales returns are recorded, which differs from the historical presentation of a net allowance for sales returns. The return asset and the allowance for sales returns are recorded in the condensed consolidated balance sheets in other current assets and trade accounts payable and accrued expenses, respectively. Additionally, we reclassified contract assets related to our construction segment from accounts receivable to other current assets in our condensed consolidated balance sheets. Select condensed consolidated balance sheet line items, which reflect the adoption of the new standard, are as follows (in thousands): July 29, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,191 $ (852 ) $ 38,339 Other current assets 37,906 14,234 52,140 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 873,553 13,382 886,935 February 3, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,650 $ (1,213 ) $ 38,437 Other current assets 39,612 10,747 50,359 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 835,747 9,534 845,281 Select condensed consolidated statement of income line items, including net sales and service charges and other income, reflect the adoption of the new standard. The impact of the adoption on the condensed consolidated statements of income and retained earnings for the three and six months ended July 29, 2017 was not material. Select condensed consolidated statement of cash flow line items within operating activities reflect the adoption of the new standard. The impact on the condensed consolidated statements of cash flows for the six months ended July 29, 2017 was not material. The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”). The Company determined that the presentation of the percentage of net sales by segment and major product line was consistent with the disaggregation of revenue required by the new standard. See Note 4, Business Segments. For the retail operations segment, total assets increased by $13.4 million as of July 29, 2017. Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts billed to customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses in the condensed consolidated balance sheets, respectively. The amounts included in the condensed consolidated balance sheets are as follows: Construction (in thousands of dollars) February 3, August 4, January 28, July 29, Accounts receivable $ 20,136 $ 38,200 $ 30,190 $ 27,377 Costs and estimated earnings in excess of billings on uncompleted contracts 1,213 951 922 852 Billings in excess of costs and estimated earnings on uncompleted contracts 5,503 6,437 8,826 7,592 During the six months ended August 4, 2018 and July 29, 2017, the Company recorded $4.6 million and $8.2 million , respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $5.5 million and $8.8 million at February 3, 2018 and January 28, 2017, respectively. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, to improve the presentation of net periodic pension cost in the income statement. We adopted the requirements of ASU No. 2017-07 as of February 4, 2018 and applied the amendments retrospectively, as required. As a result of the adoption of ASU No. 2017-07, the service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest costs and net actuarial loss components are included in other expense in the condensed consolidated statements of operations and retained earnings. For the three and six months ended July 29, 2017, $1.8 million and $3.6 million has been reclassified from selling, general and administrative expenses to other expense. See Note 7, Benefit Plans. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, as part of its initiative to reduce complexity in accounting standards. Under these amendments, an entity is required to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments within ASU No. 2016-16 were effective for the Company beginning in the first quarter of fiscal 2018. At February 3, 2018, other assets included a deferred charge related to the income tax effects of the intra-entity transfer pursuant to the previously disclosed REIT Transaction. During the fourth quarter of 2017, the Company terminated REIT status of its subsidiary, which did not have a material impact to the Company’s fiscal 2017 consolidated financial statements. Prior to the adoption of ASU No. 2016-16, income tax consequences of the intra-entity transfer remained recorded as a deferred charge, which was not subject to remeasurement for the lower tax rates enacted through tax reform. The Company adopted the standard at the beginning of the first quarter of fiscal 2018, at which time the deferred charge was removed through a cumulative-effect adjustment directly to retained earnings, resulting in a decrease to other assets of approximately $173.7 million . A deferred tax asset of approximately $104.6 million was recorded through a cumulative-effect adjustment directly to retained earnings to reflect future income tax benefits of the intra-entity transfer at newly-enacted tax rates, resulting in a reduction to net deferred tax liabilities. These adjustments resulted in a net decrease to retained earnings of approximately $69.1 million . Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to improve the usefulness of information reported to financial statement users by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company adopted ASU No. 2018-02 during the first quarter of fiscal 2018 and applied the amendments in the period of adoption. The adoption of ASU No. 2018-02 resulted in an increase of approximately $2.5 million to both accumulated other comprehensive loss and retained earnings in the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Leases: Amendments to the FASB Accounting Standards Codification In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification, to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under these amendments, lessees are required to recognize lease assets and lease liabilities for leases classified as operating leases under ASC 840. Subsequent to the issuance of ASC No. 2016-02, the FASB issued additional amendments related to ASU No. 2016-02: (1) ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842; (2) ASU No. 2018-10: Codification Improvements to Topic 842, Leases; and (3) ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. ASU No. 2016-02 and related amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and early adoption is permitted. The Company's operating leases include building and equipment leases. The Company is evaluating our current operating leases and expects that the majority of these current operating leases will be impacted by this ASU and related amendments resulting in increases in assets and liabilities in the Company's consolidated financial statements. The Company intends to adopt these amendments during the first quarter of fiscal 2019. |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Significant Accounting Policies Updates [Abstract] | ||||
Revenue Recognition, Policy [Policy Text Block] | Significant Accounting Policies Updates Revenue Recognition —The Company's retail operations segment recognizes merchandise revenue at the "point of sale." Allowance for sales returns and a return asset are recorded as components of net sales in the period in which the related sales are recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities. Wells Fargo Bank, N.A. ("Wells Fargo") owns and manages Dillard's private label credit cards under a long-term marketing and servicing alliance pursuant to a 10 -year agreement ("Wells Fargo Alliance"). The Company's share of income earned under the Wells Fargo Alliance is included as a component of service charges and other income. The Company recorded income of approximately $22 million and $24 million from the alliance during the three months ended August 4, 2018 and July 29, 2017, respectively, and approximately $43 million and $45 million from the alliance during the six months ended August 4, 2018 and July 29, 2017, respectively. The Company participates in the marketing of the private label credit cards, which includes the cost of customer reward programs. Through the reward programs, customers earn points that are redeemable for discounts on future purchases. The Company defers a portion of its net sales upon the sale of merchandise to its customer reward program members that is recognized in net sales when the reward is redeemed or expired at a future date.The Company accepts payments on the private label cards in its stores as a convenience to customers who prefer to pay in person rather than by paying online or by mailing their payments to Wells Fargo. Revenue from construction segment contracts is generally recognized by applying percentages of completion for each period to the total estimated profits for the respective contracts. The length of each contract varies but is typically nine to eighteen months. The percentages of completion are determined by relating the actual costs of work performed to date to the current estimated total costs of the respective contracts. When the estimate on a contract indicates a loss, the entire loss is recorded in the current period. | |||
Private Label Card Revenue | $ 22 | $ 24 | $ 43 | $ 45 |
Original term of Wells Fargo Alliance | 10 years |
Business Segments
Business Segments | 6 Months Ended |
Aug. 04, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”). For the Company’s retail operations, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment. The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its operating segments would not provide meaningful additional information. The following table summarizes the percentage of net sales by segment and major product line: Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Retail operations segment Cosmetics 13 % 13 % 13 % 13 % Ladies’ apparel 24 25 24 25 Ladies’ accessories and lingerie 16 16 15 15 Juniors’ and children’s apparel 8 8 9 9 Men’s apparel and accessories 18 17 17 16 Shoes 14 15 15 16 Home and furniture 3 3 3 3 96 97 96 97 Construction segment 4 3 4 3 Total 100 % 100 % 100 % 100 % The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations: (in thousands of dollars) Retail Operations Construction Consolidated Three Months Ended August 4, 2018: Net sales from external customers $ 1,408,803 $ 59,220 $ 1,468,023 Gross profit 448,910 1,936 450,846 Depreciation and amortization 56,064 157 56,221 Interest and debt expense (income), net 14,333 (12 ) 14,321 (Loss) income before income taxes and income on and equity in earnings of joint ventures (4,482 ) 654 (3,828 ) Total assets 3,531,148 51,482 3,582,630 Three Months Ended July 29, 2017: Net sales from external customers $ 1,384,623 $ 42,657 $ 1,427,280 Gross profit 418,561 1,665 420,226 Depreciation and amortization 59,701 167 59,868 Interest and debt expense (income), net 15,817 (19 ) 15,798 (Loss) income before income taxes and income on and equity in earnings of joint ventures (27,683 ) 642 (27,041 ) Income on and equity in earnings of joint ventures 11 — 11 Total assets 3,721,281 41,436 3,762,717 Six Months Ended August 4, 2018: Net sales from external customers $ 2,820,147 $ 106,138 $ 2,926,285 Gross profit 1,001,775 3,592 1,005,367 Depreciation and amortization 111,908 316 112,224 Interest and debt expense (income), net 28,363 (20 ) 28,343 Income before income taxes and income on and equity in earnings of joint ventures 98,922 488 99,410 Total assets 3,531,148 51,482 3,582,630 Six Months Ended July 29, 2017: Net sales from external customers $ 2,770,492 $ 75,248 $ 2,845,740 Gross profit 965,410 3,191 968,601 Depreciation and amortization 119,544 335 119,879 Interest and debt expense (income), net 31,520 (40 ) 31,480 Income before income taxes and income on and equity in earnings of joint ventures 74,677 743 75,420 Income on and equity in earnings of joint ventures 22 — 22 Total assets 3,721,281 41,436 3,762,717 Intersegment construction revenues of $6.7 million and $12.6 million for the three months ended August 4, 2018 and July 29, 2017, respectively, and $12.1 million and $21.6 million for the six months ended August 4, 2018 and July 29, 2017, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods. |
Earnings Per Share Data
Earnings Per Share Data | 6 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Data | Earnings Per Share Data The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data). Three Months Ended Six Months Ended August 4, July 29, August 4, July 29, Net (loss) income $ (2,868 ) $ (17,080 ) $ 77,680 $ 49,222 Weighted average shares of common stock outstanding 27,607 29,363 27,728 30,310 Basic and diluted (loss) earnings per share $ (0.10 ) $ (0.58 ) $ 2.80 $ 1.62 The Company maintains a capital structure in which common stock is the only equity security issued and outstanding, and there were no shares of preferred stock, stock options, other dilutive securities or potentially dilutive securities issued or outstanding during the three or six months ended August 4, 2018 and July 29, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 04, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations. At August 4, 2018 , letters of credit totaling $24.8 million were issued under the Company’s revolving credit facility. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. The Company determines pension expense using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The Company contributed $1.3 million and $2.6 million to the Pension Plan during the three and six months ended August 4, 2018 , respectively, and expects to make additional contributions to the Pension Plan of approximately $2.5 million during the remainder of fiscal 2018 . The components of net periodic benefit costs are as follows (in thousands): Three Months Ended Six Months Ended August 4, July 29, August 4, July 29, Components of net periodic benefit costs: Service cost $ 922 $ 873 $ 1,844 $ 1,746 Interest cost 1,783 1,808 3,566 3,615 Net actuarial loss 132 — 264 — Net periodic benefit costs $ 2,837 $ 2,681 $ 5,674 $ 5,361 The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest cost and net actuarial loss components are included in other expense. |
Revolving Credit Agreement
Revolving Credit Agreement | 6 Months Ended |
Aug. 04, 2018 | |
Line of Credit Facility [Abstract] | |
Revolving Credit Agreement | Revolving Credit Agreement At August 4, 2018 , the Company maintained an unsecured revolving credit facility that provides a borrowing capacity of $800 million with a $200 million expansion option and matures on August 9, 2022 (“credit agreement”). The credit agreement is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks based on the Company's debt rating. The rate of interest on borrowings is LIBOR plus 1.375% , and the commitment fee for unused borrowings is 0.20% per annum. At August 4, 2018 , $233.8 million in borrowings were outstanding, and letters of credit totaling $24.8 million were issued under the credit agreement leaving unutilized availability under the facility of $541.4 million . To be in compliance with the financial covenants of the credit agreement, the Company's total leverage ratio cannot exceed 3.5 to 1.0, and the coverage ratio cannot be less than 2.5 to 1.0, as defined in the credit agreement. At August 4, 2018 , the Company was in compliance with all financial covenants related to the credit agreement. |
Stock Repurchase Programs
Stock Repurchase Programs | 6 Months Ended |
Aug. 04, 2018 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Stock Repurchase Programs | Stock Repurchase Program The Company's Board of Directors has authorized the Company to repurchase the Company’s Class A Common Stock pursuant to open-ended stock repurchase plans. These authorizations permit the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions. The authorizations have no expiration date. The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Three Months Ended Six Months Ended August 4, July 29, August 4, July 29, Cost of shares repurchased $ 3,063 $ 69,508 $ 37,879 $ 160,642 Number of shares repurchased 39 1,390 518 3,084 Average price per share $ 77.75 $ 50.00 $ 73.15 $ 52.08 All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date. Accordingly, all amounts paid to reacquire these shares were allocated to treasury stock. During the six months ended August 4, 2018, the Company completed the authorized purchases under the February 2016 $500 million stock repurchase plan. In March 2018, the Company's Board of Directors authorized a new $500 million stock repurchase plan (the "March 2018 Plan"). As of August 4, 2018 , $496.9 million of authorization remained under the March 2018 Plan. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 04, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Tax Cuts and Jobs Act (the "Act") was signed into law on December 22, 2017. The Act’s primary impact to the Company’s consolidated financial statements was its reduction of the federal corporate income tax rate from 35% to 21% , effective January 1, 2018. The Company determined a reasonable estimate of the income tax effects of the Act and recorded provisional amounts within its consolidated financial statements during fiscal 2017. During the six months ended August 4, 2018, no adjustments were made to the provisional amounts recorded. The Company continues to analyze additional information and guidance related to certain aspects of the Act, including, but not limited to, increased expensing of business assets, limitations on the deductibility of executive compensation, conformity or changes by state taxing authorities in response to the Act, and any impact on the final determination of the net deferred tax liabilities. The final income tax effects of the Act may differ from the provisional amounts recorded due to, among other factors, anticipated guidance to be released in the coming year, including IRS notices, and any resulting changes in the Company’s interpretation and application of the Act. The Company will finalize its accounting for the income tax effects of the Act within the one-year measurement period provided under SEC Staff Accounting Bulletin No. 118. During the three months ended August 4, 2018 and July 29, 2017, income tax benefit differed from what would be computed using the statutory federal tax rate primarily due to the effect of state and local income taxes and tax benefits recognized for federal tax credits. During the six months ended August 4, 2018 and July 29, 2017, income tax expense differed from what would be computed using the statutory federal tax rate primarily due to the effect of state and local income taxes partially offset by tax benefits recognized for federal tax credits. See Note 2, Accounting Standards, for the Company's adoption of ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, and the impact of the adoption on deferred taxes. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | 6 Months Ended |
Aug. 04, 2018 | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | Reclassifications from Accumulated Other Comprehensive Loss (“AOCL”) Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified from AOCL Three Months Ended Six Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components August 4, 2018 July 29, 2017 August 4, July 29, Defined benefit pension plan items Amortization of actuarial losses $ 132 $ — $ 264 $ — Total before tax (1) 31 — 63 — Income tax expense $ 101 $ — $ 201 $ — Total net of tax For fiscal year 2017, there was no amortization of the net loss in AOCL as the net loss did not exceed 10% of the projected benefit obligation. _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 7, Benefit Plans , for additional information. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended |
Aug. 04, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, July 29, Beginning balance $ 17,886 $ 11,137 $ 15,444 $ 11,137 Amounts reclassified from AOCL (101 ) — (201 ) — Reclassification due to the adoption of ASU No. 2018-02 — — 2,542 — Ending balance $ 17,785 $ 11,137 $ 17,785 $ 11,137 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Aug. 04, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The estimated fair values of financial instruments presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange. The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and are categorized as Level 1 in the fair value hierarchy. The fair value of the Company’s cash and cash equivalents, accounts receivable, and other short term borrowings approximates their carrying values at August 4, 2018 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at August 4, 2018 was approximately $396 million . The carrying value of the Company’s long-term debt at August 4, 2018 was $365.5 million . The fair value of the Company’s subordinated debentures at August 4, 2018 was approximately $221 million . The carrying value of the Company’s subordinated debentures at August 4, 2018 was $200 million . |
Recently Issued Accounting St21
Recently Issued Accounting Standards ASU 2014-09, Balance Sheet Impact (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | February 3, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,650 $ (1,213 ) $ 38,437 Other current assets 39,612 10,747 50,359 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 835,747 9,534 845,281 July 29, As previously reported Adjustments As adjusted Assets Accounts receivable $ 39,191 $ (852 ) $ 38,339 Other current assets 37,906 14,234 52,140 Liabilities and stockholders' equity Trade accounts payable and accrued expenses 873,553 13,382 886,935 |
Schedule of AR, Contract Assets and Liabilities - Construction [Table Text Block] | Construction (in thousands of dollars) February 3, August 4, January 28, July 29, Accounts receivable $ 20,136 $ 38,200 $ 30,190 $ 27,377 Costs and estimated earnings in excess of billings on uncompleted contracts 1,213 951 922 852 Billings in excess of costs and estimated earnings on uncompleted contracts 5,503 6,437 8,826 7,592 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Entity Wide Information Percentage of Revenue from External Customers by Product and Segment [Table Text Block] | Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Retail operations segment Cosmetics 13 % 13 % 13 % 13 % Ladies’ apparel 24 25 24 25 Ladies’ accessories and lingerie 16 16 15 15 Juniors’ and children’s apparel 8 8 9 9 Men’s apparel and accessories 18 17 17 16 Shoes 14 15 15 16 Home and furniture 3 3 3 3 96 97 96 97 Construction segment 4 3 4 3 Total 100 % 100 % 100 % 100 % |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations: (in thousands of dollars) Retail Operations Construction Consolidated Three Months Ended August 4, 2018: Net sales from external customers $ 1,408,803 $ 59,220 $ 1,468,023 Gross profit 448,910 1,936 450,846 Depreciation and amortization 56,064 157 56,221 Interest and debt expense (income), net 14,333 (12 ) 14,321 (Loss) income before income taxes and income on and equity in earnings of joint ventures (4,482 ) 654 (3,828 ) Total assets 3,531,148 51,482 3,582,630 Three Months Ended July 29, 2017: Net sales from external customers $ 1,384,623 $ 42,657 $ 1,427,280 Gross profit 418,561 1,665 420,226 Depreciation and amortization 59,701 167 59,868 Interest and debt expense (income), net 15,817 (19 ) 15,798 (Loss) income before income taxes and income on and equity in earnings of joint ventures (27,683 ) 642 (27,041 ) Income on and equity in earnings of joint ventures 11 — 11 Total assets 3,721,281 41,436 3,762,717 Six Months Ended August 4, 2018: Net sales from external customers $ 2,820,147 $ 106,138 $ 2,926,285 Gross profit 1,001,775 3,592 1,005,367 Depreciation and amortization 111,908 316 112,224 Interest and debt expense (income), net 28,363 (20 ) 28,343 Income before income taxes and income on and equity in earnings of joint ventures 98,922 488 99,410 Total assets 3,531,148 51,482 3,582,630 Six Months Ended July 29, 2017: Net sales from external customers $ 2,770,492 $ 75,248 $ 2,845,740 Gross profit 965,410 3,191 968,601 Depreciation and amortization 119,544 335 119,879 Interest and debt expense (income), net 31,520 (40 ) 31,480 Income before income taxes and income on and equity in earnings of joint ventures 74,677 743 75,420 Income on and equity in earnings of joint ventures 22 — 22 Total assets 3,721,281 41,436 3,762,717 |
Earnings Per Share Data (Tables
Earnings Per Share Data (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data). Three Months Ended Six Months Ended August 4, July 29, August 4, July 29, Net (loss) income $ (2,868 ) $ (17,080 ) $ 77,680 $ 49,222 Weighted average shares of common stock outstanding 27,607 29,363 27,728 30,310 Basic and diluted (loss) earnings per share $ (0.10 ) $ (0.58 ) $ 2.80 $ 1.62 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic benefit costs | The components of net periodic benefit costs are as follows (in thousands): Three Months Ended Six Months Ended August 4, July 29, August 4, July 29, Components of net periodic benefit costs: Service cost $ 922 $ 873 $ 1,844 $ 1,746 Interest cost 1,783 1,808 3,566 3,615 Net actuarial loss 132 — 264 — Net periodic benefit costs $ 2,837 $ 2,681 $ 5,674 $ 5,361 The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest cost and net actuarial loss components are included in other expense. |
Stock Repurchase Programs Sched
Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Three Months Ended Six Months Ended August 4, July 29, August 4, July 29, Cost of shares repurchased $ 3,063 $ 69,508 $ 37,879 $ 160,642 Number of shares repurchased 39 1,390 518 3,084 Average price per share $ 77.75 $ 50.00 $ 73.15 $ 52.08 |
Reclassifications from Accumu26
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | |
Summary of reclassifications from AOCL | Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified from AOCL Three Months Ended Six Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components August 4, 2018 July 29, 2017 August 4, July 29, Defined benefit pension plan items Amortization of actuarial losses $ 132 $ — $ 264 $ — Total before tax (1) 31 — 63 — Income tax expense $ 101 $ — $ 201 $ — Total net of tax For fiscal year 2017, there was no amortization of the net loss in AOCL as the net loss did not exceed 10% of the projected benefit obligation. _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 7, Benefit Plans , for additional information. |
Changes in Accumulated Other 27
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of changes in AOCL by component (net of tax) | Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, July 29, Beginning balance $ 17,886 $ 11,137 $ 15,444 $ 11,137 Amounts reclassified from AOCL (101 ) — (201 ) — Reclassification due to the adoption of ASU No. 2018-02 — — 2,542 — Ending balance $ 17,785 $ 11,137 $ 17,785 $ 11,137 |
Basis of Presentation Cash, Cas
Basis of Presentation Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | Jan. 28, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 116,547 | $ 187,028 | $ 135,089 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 116,547 | $ 187,028 | $ 135,089 | $ 346,985 |
Recently Issued Accounting St29
Recently Issued Accounting Standards New Accounting Pronouncements or Change in Accounting Principle (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Aug. 04, 2018USD ($) | Jul. 29, 2017USD ($) | Aug. 04, 2018USD ($)segment | Jul. 29, 2017USD ($) | May 05, 2018USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number of Reportable Segments | segment | 2 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2,500 | $ 2,500 | |||||
Accounts Receivable, Net, Current | $ 38,339 | $ 38,339 | $ 38,437 | ||||
Other current assets | 64,007 | 52,140 | 64,007 | 52,140 | 50,359 | ||
Accounts Payable and Accrued Liabilities | 886,935 | 886,935 | 845,281 | ||||
Other expense | 1,915 | 1,808 | 3,830 | 3,615 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment | 951 | 852 | 951 | 852 | 1,213 | $ 922 | |
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment | 6,437 | 7,592 | 6,437 | 7,592 | 5,503 | 8,826 | |
Accounts Receivable, Construction Segment | 38,200 | 27,377 | 38,200 | 27,377 | 20,136 | $ 30,190 | |
Deferred Charge Related to REIT Transaction | $ 173,700 | ||||||
Deferred Tax Assets, Net | $ 104,600 | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 69,100 | ||||||
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings | $ 4,600 | 8,200 | |||||
Scenario, Previously Reported [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Net, Current | 39,191 | 39,191 | 39,650 | ||||
Other current assets | 37,906 | 37,906 | 39,612 | ||||
Accounts Payable and Accrued Liabilities | 873,553 | 873,553 | 835,747 | ||||
Restatement Adjustment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Net, Current | (852) | (852) | (1,213) | ||||
Other current assets | 14,234 | 14,234 | 10,747 | ||||
Accounts Payable and Accrued Liabilities | $ 13,382 | $ 13,382 | $ 9,534 |
Description of Business and S30
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Joint venture through equity method investment and gain on disposal of assets | ||||
Original term of Wells Fargo Alliance | 10 years | |||
Private Label Card Revenue | $ 22 | $ 24 | $ 43 | $ 45 |
Minimum [Member] | ||||
Joint venture through equity method investment and gain on disposal of assets | ||||
Construction Contract | 9 months | |||
Maximum [Member] | ||||
Joint venture through equity method investment and gain on disposal of assets | ||||
Construction Contract | 18 months |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018USD ($) | Jul. 29, 2017USD ($) | Aug. 04, 2018USD ($)segment | Jul. 29, 2017USD ($) | Feb. 03, 2018USD ($) | |
Business Segments | |||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Number of Reportable Segments | segment | 2 | ||||
Net sales from external customers | $ 1,468,023 | $ 1,427,280 | $ 2,926,285 | $ 2,845,740 | |
Gross profit | 450,846 | 420,226 | 1,005,367 | 968,601 | |
Depreciation and amortization | 56,221 | 59,868 | 112,224 | 119,879 | |
Interest and debt expense (income), net | 14,321 | 15,798 | 28,343 | 31,480 | |
(Loss) income before income taxes and income on and equity in earnings of joint ventures | (3,828) | (27,041) | 99,410 | 75,420 | |
Income on and equity in earnings of joint ventures | 0 | 11 | 0 | 22 | |
Total assets | $ 3,582,630 | $ 3,762,717 | $ 3,582,630 | $ 3,762,717 | $ 3,682,703 |
Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 96.00% | 97.00% | 96.00% | 97.00% | |
Number of Reportable Segments | segment | 1 | ||||
Number of store formats | segment | 1 | ||||
Net sales from external customers | $ 1,408,803 | $ 1,384,623 | $ 2,820,147 | $ 2,770,492 | |
Gross profit | 448,910 | 418,561 | 1,001,775 | 965,410 | |
Depreciation and amortization | 56,064 | 59,701 | 111,908 | 119,544 | |
Interest and debt expense (income), net | 14,333 | 15,817 | 28,363 | 31,520 | |
(Loss) income before income taxes and income on and equity in earnings of joint ventures | (4,482) | (27,683) | 98,922 | 74,677 | |
Income on and equity in earnings of joint ventures | 11 | 22 | |||
Total assets | $ 3,531,148 | $ 3,721,281 | $ 3,531,148 | $ 3,721,281 | |
Construction | |||||
Business Segments | |||||
Concentration Risk, Percentage | 4.00% | 3.00% | 4.00% | 3.00% | |
Net sales from external customers | $ 59,220 | $ 42,657 | $ 106,138 | $ 75,248 | |
Gross profit | 1,936 | 1,665 | 3,592 | 3,191 | |
Depreciation and amortization | 157 | 167 | 316 | 335 | |
Interest and debt expense (income), net | (12) | (19) | (20) | (40) | |
(Loss) income before income taxes and income on and equity in earnings of joint ventures | 654 | 642 | 488 | 743 | |
Income on and equity in earnings of joint ventures | 0 | 0 | |||
Total assets | 51,482 | 41,436 | 51,482 | 41,436 | |
Intersegment Eliminations [Member] | |||||
Business Segments | |||||
Net sales from external customers | $ 6,700 | $ 12,600 | $ 12,100 | $ 21,600 | |
Cosmetics [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 13.00% | 13.00% | 13.00% | 13.00% | |
Ladies Apparel [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 24.00% | 25.00% | 24.00% | 25.00% | |
Ladies Accessories and Lingerie [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 16.00% | 16.00% | 15.00% | 15.00% | |
Juniors and Children's Apparel [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 8.00% | 8.00% | 9.00% | 9.00% | |
Mens Apparel and Accessories [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 18.00% | 17.00% | 17.00% | 16.00% | |
Shoes [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 14.00% | 15.00% | 15.00% | 16.00% | |
Home and Furniture [Member] | Retail operations | |||||
Business Segments | |||||
Concentration Risk, Percentage | 3.00% | 3.00% | 3.00% | 3.00% | |
Maximum [Member] | |||||
Business Segments | |||||
Construction Contract | 18 months | ||||
Minimum [Member] | |||||
Business Segments | |||||
Construction Contract | 9 months |
Earnings Per Share Data (Detail
Earnings Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ (2,868) | $ (17,080) | $ 77,680 | $ 49,222 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 27,607,000 | 29,363,000 | 27,728,000 | 30,310,000 |
Earnings Per Share, Basic and Diluted | $ (0.10) | $ (0.58) | $ 2.80 | $ 1.62 |
Total dilutive and potentially dilutive securities outstanding (in shares) | 0 | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Aug. 04, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $ 24.8 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions to pension plan | $ 1,300 | $ 2,600 | ||
Components of net periodic benefit costs: | ||||
Service cost | 922 | $ 873 | 1,844 | $ 1,746 |
Interest cost | 1,783 | 1,808 | 3,566 | 3,615 |
Net actuarial loss | 132 | 0 | 264 | 0 |
Net periodic benefit costs | 2,837 | 2,681 | 5,674 | $ 5,361 |
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Year | 2,535 | 2,535 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Components of net periodic benefit costs: | ||||
Net actuarial loss | $ 132 | $ 0 | $ 264 |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) | 6 Months Ended | |
Aug. 04, 2018USD ($) | Jul. 29, 2017USD ($) | |
Credit agreement | ||
Minimum Coverage Ratio Under Credit Facility | 2.5 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 800,000,000 | |
Reference rate | LIBOR | |
Percentage points added to reference rate | 1.375% | |
Letters of credit issued | $ 24,800,000 | |
Unutilized credit facility borrowing capacity | $ 541,000,000 | |
Maximum Leverage Ratio Under Credit Facility | 3.5 | |
Annual commitment fee (as a percent) | 0.20% | |
Proceeds from (Repayments of) Lines of Credit | $ 233,800,000 | $ 0 |
Stock Repurchase Programs (Deta
Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Jan. 28, 2017 | |
Schedule of Share Repurchase Program Activity [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $ 500 | $ 500 | $ 500 | ||
Number of shares repurchased | 0 | 1.4 | 0.5 | 3.1 | |
Amount of shares repurchased | $ 3.1 | $ 69.5 | $ 37.9 | $ 160.6 | |
Average price of shares repurchased (in dollars per share) | $ 77.75 | $ 50 | $ 73.15 | $ 52.08 | |
Repurchase of common stock remaining authorization | $ 496.9 | $ 496.9 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) (Details) | 1 Months Ended | 11 Months Ended |
Feb. 03, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Reclassifications from Accumu38
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Jan. 28, 2017 | |
Reclassifications from accumulated other comprehensive loss | |||||
Amortization of actuarial losses | $ 132 | $ 0 | $ 264 | $ 0 | |
Income before income taxes and income on and equity in losses of joint ventures | 3,828 | 27,041 | (99,410) | (75,420) | |
Income tax expense | 960 | 9,950 | (21,730) | (26,220) | |
Net Income | 2,868 | 17,080 | (77,680) | (49,222) | |
Net Actuarial Loss less than 10 percent of PBO | 10.00% | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassifications from accumulated other comprehensive loss | |||||
Amortization of actuarial losses | 132 | 0 | 264 | ||
Income tax expense | 31 | 0 | 63 | 0 | |
Net Income | $ 101 | $ 0 | $ 201 | $ 0 |
Changes in Accumulated Other 39
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Changes in accumulated other comprehensive loss | ||||
Beginning balance | $ 15,444 | |||
Ending balance | $ 17,785 | $ 11,137 | 17,785 | $ 11,137 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Changes in accumulated other comprehensive loss | ||||
Beginning balance | 17,886 | 11,137 | 15,444 | 11,137 |
Amounts reclassified from AOCL | (101) | 0 | (201) | |
Reclassification due to the adoption of ASU No. 2018-02 | 0 | 0 | 2,542 | 0 |
Ending balance | $ 17,785 | $ 11,137 | $ 17,785 | $ 11,137 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Fair value disclosures | |||
Subordinated debentures | $ 200,000 | $ 200,000 | $ 200,000 |
Fair Value of Assets | |||
Fair value disclosures | |||
Long-term debt, including current portion, fair value | 396,000 | ||
Subordinated debentures | 221,000 | ||
Carrying value | |||
Fair value disclosures | |||
Long-term debt, including current portion | 366,000 | ||
Subordinated debentures | $ 200,000 |