Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 04, 2018 | Sep. 06, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STAGE STORES INC | |
Entity Central Index Key (CIK) | 6,885 | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Aug. 4, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 28,242,790 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | ||
ASSETS | |||||
Cash and cash equivalents | $ 26,573 | $ 21,250 | $ 26,132 | ||
Merchandise inventories, net | 476,883 | 438,377 | [1] | 458,319 | [1] |
Prepaid expenses and other current assets | 48,525 | 52,407 | [1] | 64,443 | [1] |
Total current assets | 551,981 | 512,034 | 548,894 | ||
Property, equipment and leasehold improvements, net of accumulated depreciation of $722,938, $699,788 and $721,472, respectively | 236,151 | 252,788 | 269,977 | ||
Intangible assets | 17,135 | 17,135 | 17,135 | ||
Other non-current assets, net | 24,409 | 24,449 | 23,925 | ||
Total assets | 829,676 | 806,406 | 859,931 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Accounts payable | 122,680 | 145,991 | 126,904 | ||
Current portion of debt obligations | 3,542 | 2,985 | 3,050 | ||
Accrued expenses and other current liabilities | 73,506 | 64,442 | 70,754 | ||
Total current liabilities | 199,728 | 213,418 | 200,708 | ||
Long-term debt obligations | 268,682 | 180,350 | 227,385 | ||
Other long-term liabilities | 65,431 | 68,524 | 78,209 | ||
Total liabilities | 533,841 | 462,292 | 506,302 | ||
Commitments and contingencies | |||||
Common stock, par value $0.01, 100,000 shares authorized, 33,418, 32,806 and 32,766 shares issued, respectively | 334 | 328 | 328 | ||
Additional paid-in capital | 421,621 | 418,658 | 414,524 | ||
Treasury stock, at cost, 5,175 shares, respectively | (43,388) | (43,298) | (43,210) | ||
Accumulated other comprehensive loss | (4,823) | (5,177) | (5,385) | ||
Accumulated deficit | (77,909) | (26,397) | (12,628) | ||
Total stockholders' equity | 295,835 | 344,114 | 353,629 | ||
Total liabilities and stockholders' equity | $ 829,676 | $ 806,406 | $ 859,931 | ||
[1] | As Adjusted |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 |
Statement of Financial Position [Abstract] | |||
Accumulated depreciation | $ 722,938 | $ 699,788 | $ 721,472 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 33,418 | 32,806 | 32,766 |
Treasury stock, at cost (in shares) | 5,175 | 5,175 | 5,175 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ 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 | $ 369,294 | $ 377,081 | $ 713,523 | $ 685,688 | ||
Credit income | 14,305 | 13,190 | [1] | 29,819 | 26,118 | [1] |
Total revenues | 383,599 | 390,271 | [1] | 743,342 | 711,806 | [1] |
Cost of sales and related buying, occupancy and distribution expenses | 286,807 | 284,140 | 568,548 | 530,529 | ||
Selling, general and administrative expenses | 110,914 | 113,833 | [1] | 218,191 | 215,270 | [1] |
Interest expense | 2,650 | 1,918 | 4,903 | 3,504 | ||
Loss before income tax | (16,772) | (9,620) | (48,300) | (37,497) | ||
Income tax expense (benefit) | 150 | (3,362) | 300 | (12,252) | ||
Net loss | (16,922) | (6,258) | (48,600) | (25,245) | ||
Other comprehensive income: | ||||||
Amortization of employee benefit related costs, net of tax of $0, $81, $0 and $161, respectively | 155 | 132 | 354 | 263 | ||
Total other comprehensive income | 155 | 132 | 354 | 263 | ||
Comprehensive loss | $ (16,767) | $ (6,126) | $ (48,246) | $ (24,982) | ||
Loss per share: | ||||||
Basic loss per share | $ (0.60) | $ (0.23) | $ (1.74) | $ (0.93) | ||
Diluted loss per share | $ (0.60) | $ (0.23) | $ (1.74) | $ (0.93) | ||
Weighted average shares outstanding: | ||||||
Basic weighted average shares outstanding | 28,152 | 27,535 | 27,959 | 27,401 | ||
Diluted weighted average shares outstanding | 28,152 | 27,535 | 27,959 | 27,401 | ||
[1] | As Adjusted |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 29, 2017 | Jul. 29, 2017 | |
Other comprehensive income: | ||
Amortization of employee benefit related costs, tax | $ 81 | $ 161 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | ||
Cash flows from operating activities: | |||
Net loss | $ (48,600) | $ (25,245) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation, amortization and impairment of long-lived assets | 31,217 | 33,177 | |
Loss (gain) on retirements of property, equipment and leasehold improvements | 17 | (528) | |
Deferred income taxes | 5,520 | ||
Stock-based compensation expense | 3,049 | 4,312 | |
Amortization of debt issuance costs | 148 | 144 | |
Deferred compensation obligation | 90 | (76) | |
Amortization of employee benefit related costs | 354 | 424 | |
Construction allowances from landlords | 757 | 1,098 | |
Other changes in operating assets and liabilities: | |||
Increase in merchandise inventories | (38,506) | (18,199) | [1] |
Decrease (increase) in other assets | 2,412 | (23,240) | [1] |
(Decrease) increase in accounts payable and other liabilities | (19,958) | 30,802 | |
Net cash (used in) provided by operating activities | (69,020) | 8,189 | |
Cash flows from investing activities: | |||
Additions to property, equipment and leasehold improvements | (12,822) | (15,502) | |
Proceeds from insurance and disposal of assets | 1,802 | 1,307 | |
Payments to acquire business | (36,144) | ||
Net cash used in investing activities | (11,020) | (50,339) | |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility borrowings | 298,509 | 277,013 | |
Payments of revolving credit facility borrowings | (233,148) | (211,891) | |
Proceeds from long-term debt obligation | 25,000 | ||
Payments of long-term debt obligations | (1,472) | (4,850) | |
Payments of debt issuance costs | (354) | (8) | |
Payments for stock related compensation | (260) | (135) | |
Cash dividends paid | (2,912) | (5,650) | |
Net cash provided by financing activities | 85,363 | 54,479 | |
Net increase in cash and cash equivalents | 5,323 | 12,329 | |
Cash and cash equivalents: | |||
Beginning of period | 21,250 | 13,803 | |
End of period | 26,573 | 26,132 | |
Supplemental disclosures including non-cash investing and financing activities: | |||
Interest paid | 4,866 | 3,324 | |
Income taxes paid | 14 | 247 | |
Unpaid liabilities for capital expenditures | $ 4,798 | $ 5,563 | |
[1] | As Adjusted |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Aug. 04, 2018 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Feb. 03, 2018 | $ 344,114 | $ 328 | $ 418,658 | $ (43,298) | $ (5,177) | $ (26,397) |
Balance (in shares) at Feb. 03, 2018 | 32,806 | 5,175 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (48,600) | (48,600) | ||||
Other comprehensive income | 354 | 354 | ||||
Dividends on common stock, $0.10 per share | (2,912) | (2,912) | ||||
Deferred compensation | 90 | $ (90) | ||||
Issuance of equity awards, net | $ 6 | (6) | ||||
Issuance of equity awards, net (in shares) | 612 | |||||
Tax withholdings paid for net settlement of stock awards | (170) | (170) | ||||
Stock-based compensation expense | 3,049 | 3,049 | ||||
Balance at Aug. 04, 2018 | $ 295,835 | $ 334 | $ 421,621 | $ (43,388) | $ (4,823) | $ (77,909) |
Balance (in shares) at Aug. 04, 2018 | 33,418 | 5,175 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) | 6 Months Ended |
Aug. 04, 2018$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends on common stock (in dollars per share) | $ 0.10 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of Stage Stores, Inc. and its subsidiary (“we,” “us” or “our”) have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and 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. Those adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the interim periods have been made. Results of operations for such interim periods are not necessarily indicative of the results of operations for a full year due to seasonality and other factors. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto filed with our Annual Report on Form 10-K for the year ended February 3, 2018 (“Form 10-K”). We are a retailer of trend-right, moderately priced, name-brand apparel, accessories, cosmetics, footwear and home goods. As of August 4, 2018 , we operated in 42 states through 764 BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE specialty department stores and 59 GORDMANS off-price stores, as well as an e-commerce website. Our department stores are predominantly located in small towns and rural communities. Our off-price stores are predominantly located in mid-sized, non-rural Midwest markets. References to a particular year are to our fiscal year, which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year. For example, a reference to “2018” is a reference to the fiscal year ending February 2, 2019, and “2017” is a reference to the fiscal year ended February 3, 2018. Fiscal years 2018 and 2017 are comprised of 52 weeks and 53 weeks, respectively. References to the “ three months ended August 4, 2018 ” and “ three months ended July 29, 2017 ” are for the respective 13-week fiscal quarters. References to quarters relate to our fiscal quarters. References to the “ six months ended August 4, 2018 ” and “ six months ended July 29, 2017 ” are for the respective 26-week fiscal periods. On April 7, 2017, we acquired select assets of Gordmans Stores, Inc. and its subsidiaries through a bankruptcy auction (“Gordmans Acquisition”). The results of the Gordmans branded stores that we operated since the Gordmans Acquisition are included in our condensed consolidated statements of operations (see Note 9). Recently Adopted Accounting Pronouncements . In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued related ASUs, which were incorporated into Topic 606. Under Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The standard establishes a five-step revenue recognition model, which includes (i) identifying the contract with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On February 4, 2018, we adopted the new standard using the full retrospective method. As a result of the adoption of ASU 2014-09, the condensed consolidated statements of operations reflect the reclassification of credit income related to our private label credit card program from selling, general and administrative expenses to revenue. In addition, the condensed consolidated balance sheets and condensed consolidated statement of cash flows reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. The tables that follow depict the impact of the reclassification adjustments on the prior period financial statement presentations. The condensed consolidated balance sheets reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. Condensed Consolidated Balance Sheets (in thousands) February 3, 2018 ASU 2014-09 February 3, 2018 As previously reported Adjustments As adjusted Assets: Merchandise inventories, net $ 439,735 $ (1,358 ) $ 438,377 Prepaid expenses and other current assets 51,049 1,358 52,407 July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Assets: Merchandise inventories, net $ 460,405 $ (2,086 ) $ 458,319 Prepaid expenses and other current assets 62,357 2,086 64,443 The condensed consolidated statement of operations reflects the reclassification of credit income from selling, general and administrative expenses to revenue. Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands) Three Months Ended Three Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Net sales $ 377,081 $ — $ 377,081 Credit income — 13,190 13,190 Total revenues 377,081 13,190 390,271 Selling, general and administrative expenses 100,643 13,190 113,833 Six Months Ended Six Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Net sales 685,688 — 685,688 Credit income — 26,118 26,118 Total revenues 685,688 26,118 711,806 Selling, general and administrative expenses 189,152 26,118 215,270 The condensed consolidated statement of cash flows reflects the reclassification of the asset for the right to recover merchandise returned from merchandise inventories to prepaid expenses and other current assets. Condensed Consolidated Statement of Cash Flows (in thousands) Six Months Ended Six Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Cash flows from operating activities: Increase in merchandise inventories $ (19,251 ) $ 1,052 $ (18,199 ) Increase in other assets (22,188 ) (1,052 ) (23,240 ) In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. If a subtotal for operating income is shown on the income statement, then the other components of the net periodic benefit cost must be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. The new standard also requires disclosure of the line item(s) in the income statement that include net periodic benefit costs. Additionally, only the service cost component of the net periodic benefit cost is eligible for capitalization. The change in presentation of service cost must be applied retrospectively, while the capitalization of service cost must be applied on a prospective basis. On February 4, 2018, we adopted ASU 2017-07. The pension plan that we sponsor is frozen, and therefore, service costs no longer accrue under the plan. The adoption of the new standard did not change the presentation of our condensed consolidated statements of operations. Recent Accounting Pronouncements Not Yet Adopted . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. A policy election can be made, by underlying asset class, to keep leases with an initial term of 12 months or less off the balance sheet and recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. As a result, lessees will be required to put most leases on their balance sheets while recognizing expense on their income statements in a manner similar to current accounting. In addition, this guidance requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. The new standard will be effective for us in the first quarter of fiscal 2019, which begins on February 3, 2019. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , which provides an optional transition method for the adoption of the new leases standard. If elected, the comparative periods would continue to be reported under the legacy guidance in Topic 840, including the related disclosures, and a cumulative-effect adjustment would be made to retained earnings as of the adoption date. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 , Leases , which clarifies certain aspects of the new leases standard. The amendments in this ASU address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. The amendments have the same effective date and transition requirements as the new leases standard. We continue to evaluate the impact that the adoption of Topic 842 will have on our consolidated financial statements and disclosures, including the effect of the optional practical expedients permitted under the transition guidance. Based on our assessment to date, we expect the adoption of Topic 842 will result in a significant increase in lease-related assets and liabilities on our consolidated balance sheets. The ultimate impact of adopting the new standard will depend on our lease portfolio as of the adoption date. |
Debt Obligations (Notes)
Debt Obligations (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Debt Disclosure [Abstract] | |
Debt Obligations | DEBT OBLIGATIONS Debt obligations for each period presented consisted of the following (in thousands): August 4, 2018 February 3, 2018 July 29, 2017 Revolving credit facility $ 244,649 $ 179,288 $ 224,824 Term loan 25,000 — — Finance obligations 1,064 1,549 2,142 Other financing 1,511 2,498 3,469 Total debt obligations 272,224 183,335 230,435 Less: Current portion of debt obligations 3,542 2,985 3,050 Long-term debt obligations $ 268,682 $ 180,350 $ 227,385 On August 3, 2018 , we entered into an amendment to our senior secured revolving credit facility agreement (“credit facility” or “credit facility agreement”). The amendment provides us with a $25.0 million term loan, which increased total availability under our credit facility from $400.0 million to $425.0 million , with a seasonal increase to $450.0 million and a $25.0 million letter of credit sublimit. Both the existing credit facility and the term loan mature on December 16, 2021 . The term loan is payable in quarterly installments of $0.6 million beginning on February 4, 2019 , with the remaining balance due upon maturity. We use the credit facility to provide financing for working capital and general corporate purposes, as well as to finance capital expenditures and to support our letter of credit requirements. Borrowings under the credit facility are limited to the availability under a borrowing base that is determined principally on eligible inventory as defined by the credit facility agreement. The credit facility is secured by our inventory, cash, cash equivalents, and substantially all of our other assets. The daily interest rates are determined by a prime rate or LIBOR, plus an applicable margin, as set forth in the credit facility agreement. For the six months ended August 4, 2018 , the weighted average interest rate on outstanding borrowings and the average daily borrowings on the credit facility, including the term loan, were 3.30% and $259.9 million , respectively. Letters of credit issued under the credit facility support certain merchandise purchases and collateralize retained risks and deductibles under various insurance programs. At August 4, 2018 , outstanding letters of credit totaled approximately $12.4 million . These letters of credit expire within 12 months of issuance and may be renewed. The credit facility agreement contains a covenant requiring us to maintain excess availability at or above $35.0 million or 10% of the Adjusted Combined Loan Cap (as defined therein). The credit facility agreement also contains covenants which, among other things, restrict (i) the amount of additional debt or capital lease obligations, (ii) the payment of dividends to $30.0 million in a fiscal year, and (iii) the repurchase of common stock under certain circumstances. At August 4, 2018 , we were in compliance with the debt covenants of the credit facility agreement and we expect to remain in compliance. Excess availability under the credit facility was $95.2 million as of August 4, 2018 . |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE Net Sales We recognize revenue for merchandise sales, net of expected returns and sales tax, at the time of in-store purchase or delivery of the product to our guest. When merchandise is shipped to our guests, we estimate receipt based on historical experience. Revenue is deferred and a liability is established for sales returns based on historical return rates and sales for the return period. We recognize an asset and corresponding adjustment to cost of sales for our right to recover returned merchandise. At each financial reporting date, we assess our estimates of expected returns, refund liabilities and return assets. For merchandise sold in our stores and online, tender is accepted at the point of sale. When we receive payment before the guest has taken possession of the merchandise, the amount received is recorded as deferred revenue until the transaction is complete. Our performance obligations for unfulfilled merchandise orders are typically satisfied within one week. Shipping and handling fees charged to guests relate to fulfillment activities and are included in net sales with the corresponding costs recorded in cost of sales. We record deferred revenue for the sale of gift cards and merchandise credits issued for returned merchandise, and we recognize revenue in net sales upon redemption. Gift card and merchandise credit redemptions typically occur within 12 months of the date of issuance with the majority redeemed within the first three months . Our gift cards and merchandise credits do not expire. Based on historical redemption rates, a small percentage of gift cards and merchandise credits will never be redeemed. We recognize estimated breakage income for gift cards and merchandise credits that will never be redeemed in proportion to actual historical redemption patterns. Under our loyalty programs, members can accumulate points, based on their spending, toward earning a reward certificate that can be redeemed for future merchandise purchases. Points earned by loyalty members reset to zero at the end of each calendar year. Reward certificates expire 30 and 60 days after the date of issuance for our department stores and off-price stores, respectively. We allocate and defer a portion of our sales to reward certificates expected to be earned, based on the relative stand-alone sales transaction price and reward certificate value, and recognize the reward certificate as a net sale when it is redeemed. The following table presents the composition of net sales by merchandise category (in thousands): Three Months Ended August 4, 2018 July 29, 2017 Merchandise Category Department Stores Off-price Stores Total Company Department Stores Off-price Stores Total Company Women’s $ 117,209 $ 19,264 $ 136,473 $ 126,695 $ 17,022 $ 143,717 Men’s 53,124 8,913 62,037 54,442 7,625 62,067 Children's 29,400 7,530 36,930 29,397 6,217 35,614 Apparel 199,733 35,707 235,440 210,534 30,864 241,398 Footwear 45,141 4,505 49,646 43,864 756 44,620 Accessories 18,426 3,889 22,315 20,991 5,184 26,175 Cosmetics/Fragrances 31,287 2,428 33,715 32,860 2,558 35,418 Home/Gifts/Other 11,989 16,746 28,735 11,093 16,175 27,268 Non-apparel 106,843 27,568 134,411 108,808 24,673 133,481 Revenue adjustments not allocated (a) (281 ) (276 ) (557 ) 2,224 (22 ) 2,202 Net sales $ 306,295 $ 62,999 $ 369,294 $ 321,566 $ 55,515 $ 377,081 Six Months Ended August 4, 2018 July 29, 2017 Merchandise Category Department Stores Off-price Stores Total Company Department Stores Off-price Stores Total Company Women’s $ 220,696 $ 39,231 $ 259,927 $ 240,087 $ 22,126 $ 262,213 Men’s 94,460 16,458 110,918 96,914 9,694 106,608 Children's 58,478 15,626 74,104 62,085 8,150 70,235 Apparel 373,634 71,315 444,949 399,086 39,970 439,056 Footwear 89,624 9,324 98,948 89,507 1,161 90,668 Accessories 37,298 8,255 45,553 41,253 6,779 48,032 Cosmetics/Fragrances 62,473 4,910 67,383 61,797 3,285 65,082 Home/Gifts/Other 24,798 35,253 60,051 22,009 21,162 43,171 Non-apparel 214,193 57,742 271,935 214,566 32,387 246,953 Revenue adjustments not allocated (a) (3,169 ) (192 ) (3,361 ) 219 (540 ) (321 ) Net sales $ 584,658 $ 128,865 $ 713,523 $ 613,871 $ 71,817 $ 685,688 (a) Includes adjustments related to deferred revenue, estimated sales returns, breakage income, shipping and miscellaneous revenues, which are not allocated to merchandise categories. Contract Liabilities Contract liabilities reflect our performance obligations related to gift cards, merchandise credits, loyalty program rewards and merchandise orders that have not been satisfied as of a given date, and therefore, revenue recognition has been deferred. Contract liabilities are recorded in accrued expenses and other current liabilities. Contract liabilities for each period presented were as follows (in thousands): August 4, 2018 February 3, 2018 July 29, 2017 Gift cards and merchandise credits, net $ 9,657 $ 12,122 $ 8,883 Loyalty program rewards, net 4,612 1,118 630 Merchandise fulfillment liability 850 234 886 Total contract liabilities $ 15,119 $ 13,474 $ 10,399 The following table summarizes contract liability activity for each period presented (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Beginning balance 14,028 11,303 $ 13,474 $ 11,669 Net sales recognized during the period from amounts included in contract liability balances at the beginning of the period (5,484 ) (3,833 ) (6,284 ) (4,403 ) Current period additions to contract liability balances included in contract liability balances at the end of the period 6,575 2,929 7,929 3,133 Ending balance $ 15,119 $ 10,399 $ 15,119 $ 10,399 Credit Income The portfolio for our private label credit card is owned and serviced by Comenity Bank, an affiliate of Alliance Data Systems Corporation. Comenity Bank manages the account activation, receivables funding, card authorization, card issuance, statement generation, remittance processing and guest service functions for our private label credit card program. We perform certain duties, including electronic processing and transmitting of transaction records, and executing marketing promotions designed to increase card usage. We also accept payments in our stores from cardholders on behalf of Comenity Bank. We receive a monthly net portfolio yield payment from Comenity Bank, and we can potentially earn an annual bonus based upon the performance of the private label credit card portfolio. The receivable for credit income, which is recorded in prepaid expenses and other current assets, was $4.7 million , $5.8 million , $4.1 million and $4.9 million as of August 4, 2018 , February 3, 2018, July 29, 2017 and January 28, 2017, respectively. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Stock-based compensation expense by type of grant for each period presented was as follows (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Non-vested stock 1,079 1,395 $ 2,266 $ 2,903 Restricted stock units 259 129 751 202 Stock-settled performance share units 412 735 783 1,409 Cash-settled performance share units 96 — 150 — Total stock-based compensation expense 1,846 2,259 3,950 4,514 Related tax benefit — (849 ) — (1,697 ) Stock-based compensation expense, net of tax $ 1,846 $ 1,410 $ 3,950 $ 2,817 As of August 4, 2018 , we have estimated unrecognized compensation cost of $12.9 million related to stock-based compensation awards granted, which is expected to be recognized over a weighted average period of 2.3 years . Non-vested Stock We grant shares of non-vested stock to our employees and non-employee directors. Shares of non-vested stock awarded to employees vest 25% annually over a four -year period from the grant date. Shares of non-vested stock awarded to non-employee directors cliff vests after one year . At the end of the vesting period, shares of non-vested stock convert one-for-one to common stock . Certain non-vested stock awards have shareholder rights, including the right to vote and to receive dividends. The fair value of non-vested stock awards with dividend rights is based on the closing share price of our common stock on the grant date. The fair value of non-vested stock awards that do not have dividend rights is discounted for the present value of expected dividends during the vesting period. Compensation expense is recognized ratably over the vesting period. The following table summarizes non-vested stock activity for the six months ended August 4, 2018 : Non-vested Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at February 3, 2018 1,637,037 $ 6.67 Granted 631,266 2.41 Vested (688,534 ) 7.19 Forfeited (50,478 ) 3.03 Outstanding at August 4, 2018 1,529,291 4.79 The weighted-average grant date fair value for non-vested stock granted during the six months ended August 4, 2018 and July 29, 2017 was $2.41 and $2.21 , respectively. The aggregate intrinsic value of non-vested stock that vested during the six months ended August 4, 2018 and July 29, 2017 , was $1.6 million and $1.1 million , respectively. The payment of the employees’ tax liability for a portion of the vested shares was satisfied by withholding shares with a fair value equal to the tax liability. As a result, the actual number of shares issued during six months ended August 4, 2018 was 612,037 . Restricted Stock Units (“RSUs”) We grant RSUs to our employees, which vest 25% annually over a four -year period from the grant date. Each vested RSU is settled in cash in an amount equal to the fair market value of one share of our common stock on the vesting date, not to exceed five times the per share fair market value of our common stock on the grant date . Unvested RSUs have the right to receive a dividend equivalent payment equal to cash dividends paid on our common stock. RSUs are accounted for as a liability in accordance with accounting guidance for cash settled stock awards. The liability for RSUs is remeasured based on the closing share price of our common stock at each reporting period until the award vests. Compensation expense is recognized ratably over the vesting period and adjusted with changes in the fair value of the liability. The following table summarizes RSU activity for the six months ended August 4, 2018 : Restricted Stock Units Number of Units Weighted Average Grant Date Fair Value Outstanding at February 3, 2018 1,283,750 $ 2.14 Granted 1,375,000 2.19 Vested (320,936 ) 2.14 Outstanding at August 4, 2018 2,337,814 2.17 Stock-settled Performance Share Units (“Stock-settled PSUs”) We grant stock-settled PSUs as a means of rewarding management for our long-term performance based on total shareholder return relative to a specific group of companies over a three -year performance cycle. These awards cliff vest following a three -year performance cycle, and if earned, are settled in shares of our common stock, unless otherwise determined by our Board of Directors (“Board”), or its Compensation Committee. The actual number of shares of our common stock that may be earned ranges from zero to a maximum of twice the number of target units awarded to the recipient. Grant recipients do not have any shareholder rights on unvested or unearned stock-settled PSUs. The fair value of these PSUs is estimated using a Monte Carlo simulation, based on the expected term of the award, a risk-free rate, expected dividends, expected volatility, and share price of our common stock and the specified peer group. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the historical volatility over the expected term. Compensation expense is recognized ratably over the corresponding vesting period for stock-settled PSUs. The following table summarizes stock-settled PSU activity for the six months ended August 4, 2018 : Period Granted Target PSUs Target PSUs Granted Target PSUs Weighted Average 2016 321,706 — 321,706 $ 8.69 2017 600,000 — 600,000 1.80 2018 — 280,000 280,000 3.05 Total 921,706 280,000 1,201,706 3.94 The weighted-average grant date fair value for stock-settled PSUs granted during the six months ended August 4, 2018 and July 29, 2017 was $3.05 and $1.80 , respectively. No stock-settled PSUs vested during the six months ended August 4, 2018 and July 29, 2017 , respectively. Cash-settled Performance Share Units (“Cash-settled PSUs”) We grant cash-settled PSUs as a means of rewarding management for our long-term performance based on total shareholder return relative to a specific group of companies over a three -year performance cycle. These awards cliff vest following a three -year performance cycle, and if earned, are settled in cash. The amount of settlement ranges from zero to a maximum of twice the number of target units awarded multiplied by the fair market value of one share of our common stock on the vesting date. Grant recipients do not have any shareholder rights on unvested or unearned cash-settled PSUs. Cash-settled PSUs are accounted for as a liability in accordance with accounting guidance for cash settled stock awards. The liability for cash-settled PSUs is remeasured based on their fair value at each reporting period until the award vests, which is estimated using a Monte Carlo simulation. Assumptions used in the valuation include the expected term of the award, a risk-free rate, expected dividends, expected volatility, and share price of our common stock and the specified peer group. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the historical volatility over the expected term. Compensation expense is recognized ratably over the corresponding vesting period and adjusted with changes in the fair value of the liability. The following table summarizes cash-settled PSU activity six months ended August 4, 2018 : Period Granted Target PSUs Target PSUs Granted Target PSUs Weighted Average 2018 — 460,000 460,000 $ 3.05 Stock Appreciation Rights (“SARs”) Prior to 2012, we granted SARs to our employees, which generally vested 25% annually over a four -year period from the grant date. Outstanding SARs expire, if not exercised or forfeited, within seven years from the grant date. The following table summarizes SARs activity for the six months ended August 4, 2018 : Stock Appreciation Rights Number of Shares Weighted Average Exercise Price Outstanding, vested and exercisable at February 3, 2018 97,900 $ 18.83 Expired (97,900 ) 18.83 Outstanding, vested and exercisable at August 4, 2018 — |
Earnings per Share (Notes)
Earnings per Share (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | EARNINGS PER SHARE The following tables show the computation of basic and diluted loss per common share for each period presented (in thousands, except per share amounts): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Basic: Net loss $ (16,922 ) $ (6,258 ) $ (48,600 ) $ (25,245 ) Distributed earnings allocated to participating securities (68 ) (51 ) (131 ) (202 ) Net loss allocated to common shares (16,990 ) (6,309 ) (48,731 ) (25,447 ) Basic weighted average shares outstanding 28,152 27,535 27,959 27,401 Basic loss per share $ (0.60 ) $ (0.23 ) $ (1.74 ) $ (0.93 ) Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Diluted: Net loss $ (16,922 ) $ (6,258 ) $ (48,600 ) $ (25,245 ) Distributed earnings allocated to participating securities (68 ) (51 ) (131 ) (202 ) Net loss allocated to common shares (16,990 ) (6,309 ) (48,731 ) (25,447 ) Basic weighted average shares outstanding 28,152 27,535 27,959 27,401 Dilutive effect of stock awards — — — — Diluted weighted average shares outstanding 28,152 27,535 27,959 27,401 Diluted loss per share $ (0.60 ) $ (0.23 ) $ (1.74 ) $ (0.93 ) The number of shares attributable to outstanding stock-based compensation awards that would have been considered dilutive securities, but were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive were as follows (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Number of anti-dilutive shares due to net loss for the period 357 — 248 — Number of anti-dilutive SARs due to exercise price greater than average market price of our common stock — 119 29 138 |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY During the six months ended August 4, 2018 , we paid $2.9 million in cash dividends. On August 23, 2018 , our Board declared a quarterly cash dividend of $0.05 per share of common stock, payable on September 19, 2018 to shareholders of record at the close of business on September 4, 2018 . |
Pension Plan (Notes)
Pension Plan (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plan | PENSION PLAN We sponsor a frozen defined benefit pension plan. The components of net periodic pension cost, which were recognized in selling, general and administrative expenses, were as follows (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Employer service cost $ 133 $ 120 $ 256 $ 245 Interest cost on pension benefit obligation 317 363 675 727 Expected return on plan assets (456 ) (412 ) (870 ) (815 ) Amortization of net loss 155 213 354 424 Net periodic pension cost $ 149 $ 284 $ 415 $ 581 Our funding policy is to make contributions to maintain the minimum funding requirements for our pension obligations in accordance with the Employee Retirement Income Security Act. We may elect to contribute additional amounts to maintain a level of funding to minimize the Pension Benefit Guaranty Corporation premium costs or to cover the short-term liquidity needs of the plan in order to maintain current invested positions. We contributed $0.4 million during the six months ended August 4, 2018 , and we expect to contribute an additional $0.9 million in 2018. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS We recognize or disclose the fair value of our financial and non-financial assets and liabilities on a recurring and non-recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we assume the highest and best use of the asset by market participants in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and base the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, 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 – Inputs that are both unobservable and significant to the overall fair value measurement reflect our estimates of assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): August 4, 2018 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets: Securities held in grantor trust for deferred (a)(b) $ 20,188 $ 20,188 $ — $ — February 3, 2018 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets: Securities held in grantor trust for deferred (a)(b) $ 20,293 $ 20,293 $ — $ — July 29, 2017 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Other assets: Securities held in grantor trust for deferred (a)(b) $ 19,019 $ 19,019 $ — $ — (a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. (b) Using the market approach, the fair values of these items represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were nil for the six months ended August 4, 2018 and July 29, 2017 , and for the fiscal year ended February 3, 2018 . Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands): August 4, 2018 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Assets: Store property, equipment and leasehold improvements (a) $ 1,101 $ — $ — $ 1,101 February 3, 2018 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Assets: Store property, equipment and leasehold improvements (a) $ 778 $ — $ — $ 778 July 29, 2017 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Assets: Store property, equipment and leasehold improvements (a) $ 251 $ — $ — $ 251 (a) Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. For the six months ended August 4, 2018 and July 29, 2017 , and during fiscal year 2017, we recognized impairment charges of $1.1 million , $0.2 million , and $1.7 million , respectively. Impairment charges are recorded in cost of sales and related buying, occupancy and distribution expenses. Due to the short-term nature of cash and cash equivalents, payables and short-term debt obligations, the carrying value approximates the fair value of these instruments. In addition, we believe that the credit facility obligation approximates its fair value because interest rates are adjusted daily based on current market rates. |
Gordmans Acquisition (Notes)
Gordmans Acquisition (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | GORDMANS ACQUISITION On April 7, 2017 , we acquired select assets of Gordmans Stores, Inc. and its subsidiaries (collectively, the “Sellers”) through a bankruptcy auction. The terms of the transaction agreement required us to take assignment of a minimum of 50 of the Sellers’ store leases, with rights to take assignment of the leases for an additional seven stores and a distribution center. We also acquired all of the Sellers’ inventory, furniture, fixtures and equipment at the 57 store locations and distribution center, as well as the trademarks and other intellectual property of the Sellers. The Gordmans stores, which we operate as an off-price concept, add scale to our business, while allowing us to leverage strategic synergies and our current infrastructure. The acquisition also brings beneficial geographic and guest diversification. The purchase price for the inventory and other assets acquired from the Sellers was approximately $36.1 million , all of which was paid by the end of the second quarter 2017 using existing cash and availability under the credit facility. We took assignment of 55 of the 57 store locations and the distribution center, and we renegotiated the terms of many of those leases. We also entered into new leases for three former Gordmans store locations, two of which opened in the second quarter 2017, and one opened in the third quarter 2017. The estimated fair values of the assets acquired at the acquisition date were as follows (in thousands): April 7, 2017 Inventory $ 31,770 Property, plant and equipment and other assets 4,374 Total $ 36,144 Acquisition and integration related costs were recognized in selling, general and administrative expenses and were $2.9 million and $9.2 million for the three and six months ended July 29, 2017 , respectively. Net sales included in our condensed consolidated statements of operations from Gordmans stores that we operated beginning on April 7, 2017, were as follows for each period presented (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Net sales $ 62,999 $ 55,515 $ 128,865 $ 71,817 Pro forma net sales and earnings for the three and six months ended July 29, 2017 are not presented due to the impracticability in substantiating this information as the Gordmans Acquisition was limited to select assets and assignment of leases acquired through a bankruptcy auction. Furthermore, the results of operations may have been impacted by the Sellers’ liquidation and may not be indicative of future performance. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Aug. 04, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy | References to a particular year are to our fiscal year, which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year. For example, a reference to “2018” is a reference to the fiscal year ending February 2, 2019, and “2017” is a reference to the fiscal year ended February 3, 2018. Fiscal years 2018 and 2017 are comprised of 52 weeks and 53 weeks, respectively. References to the “ three months ended August 4, 2018 ” and “ three months ended July 29, 2017 ” are for the respective 13-week fiscal quarters. References to quarters relate to our fiscal quarters. References to the “ six months ended August 4, 2018 ” and “ six months ended July 29, 2017 ” are for the respective 26-week fiscal periods. |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements . In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued related ASUs, which were incorporated into Topic 606. Under Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The standard establishes a five-step revenue recognition model, which includes (i) identifying the contract with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On February 4, 2018, we adopted the new standard using the full retrospective method. As a result of the adoption of ASU 2014-09, the condensed consolidated statements of operations reflect the reclassification of credit income related to our private label credit card program from selling, general and administrative expenses to revenue. In addition, the condensed consolidated balance sheets and condensed consolidated statement of cash flows reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. The tables that follow depict the impact of the reclassification adjustments on the prior period financial statement presentations. The condensed consolidated balance sheets reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. Condensed Consolidated Balance Sheets (in thousands) February 3, 2018 ASU 2014-09 February 3, 2018 As previously reported Adjustments As adjusted Assets: Merchandise inventories, net $ 439,735 $ (1,358 ) $ 438,377 Prepaid expenses and other current assets 51,049 1,358 52,407 July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Assets: Merchandise inventories, net $ 460,405 $ (2,086 ) $ 458,319 Prepaid expenses and other current assets 62,357 2,086 64,443 The condensed consolidated statement of operations reflects the reclassification of credit income from selling, general and administrative expenses to revenue. Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands) Three Months Ended Three Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Net sales $ 377,081 $ — $ 377,081 Credit income — 13,190 13,190 Total revenues 377,081 13,190 390,271 Selling, general and administrative expenses 100,643 13,190 113,833 Six Months Ended Six Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Net sales 685,688 — 685,688 Credit income — 26,118 26,118 Total revenues 685,688 26,118 711,806 Selling, general and administrative expenses 189,152 26,118 215,270 The condensed consolidated statement of cash flows reflects the reclassification of the asset for the right to recover merchandise returned from merchandise inventories to prepaid expenses and other current assets. Condensed Consolidated Statement of Cash Flows (in thousands) Six Months Ended Six Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Cash flows from operating activities: Increase in merchandise inventories $ (19,251 ) $ 1,052 $ (18,199 ) Increase in other assets (22,188 ) (1,052 ) (23,240 ) In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. If a subtotal for operating income is shown on the income statement, then the other components of the net periodic benefit cost must be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. The new standard also requires disclosure of the line item(s) in the income statement that include net periodic benefit costs. Additionally, only the service cost component of the net periodic benefit cost is eligible for capitalization. The change in presentation of service cost must be applied retrospectively, while the capitalization of service cost must be applied on a prospective basis. On February 4, 2018, we adopted ASU 2017-07. The pension plan that we sponsor is frozen, and therefore, service costs no longer accrue under the plan. The adoption of the new standard did not change the presentation of our condensed consolidated statements of operations. Recent Accounting Pronouncements Not Yet Adopted . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. A policy election can be made, by underlying asset class, to keep leases with an initial term of 12 months or less off the balance sheet and recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. As a result, lessees will be required to put most leases on their balance sheets while recognizing expense on their income statements in a manner similar to current accounting. In addition, this guidance requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. The new standard will be effective for us in the first quarter of fiscal 2019, which begins on February 3, 2019. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements , which provides an optional transition method for the adoption of the new leases standard. If elected, the comparative periods would continue to be reported under the legacy guidance in Topic 840, including the related disclosures, and a cumulative-effect adjustment would be made to retained earnings as of the adoption date. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 , Leases , which clarifies certain aspects of the new leases standard. The amendments in this ASU address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. The amendments have the same effective date and transition requirements as the new leases standard. We continue to evaluate the impact that the adoption of Topic 842 will have on our consolidated financial statements and disclosures, including the effect of the optional practical expedients permitted under the transition guidance. Based on our assessment to date, we expect the adoption of Topic 842 will result in a significant increase in lease-related assets and liabilities on our consolidated balance sheets. The ultimate impact of adopting the new standard will depend on our lease portfolio as of the adoption date. |
Revenue (Policies)
Revenue (Policies) | 6 Months Ended |
Aug. 04, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Merchandise Sales | We recognize revenue for merchandise sales, net of expected returns and sales tax, at the time of in-store purchase or delivery of the product to our guest. When merchandise is shipped to our guests, we estimate receipt based on historical experience. Revenue is deferred and a liability is established for sales returns based on historical return rates and sales for the return period. We recognize an asset and corresponding adjustment to cost of sales for our right to recover returned merchandise. At each financial reporting date, we assess our estimates of expected returns, refund liabilities and return assets. For merchandise sold in our stores and online, tender is accepted at the point of sale. When we receive payment before the guest has taken possession of the merchandise, the amount received is recorded as deferred revenue until the transaction is complete. Our performance obligations for unfulfilled merchandise orders are typically satisfied within one week. Shipping and handling fees charged to guests relate to fulfillment activities and are included in net sales with the corresponding costs recorded in cost of sales. |
Revenue Recognition, Gift Cards and Merchandise Credits | We record deferred revenue for the sale of gift cards and merchandise credits issued for returned merchandise, and we recognize revenue in net sales upon redemption. Gift card and merchandise credit redemptions typically occur within 12 months of the date of issuance with the majority redeemed within the first three months . Our gift cards and merchandise credits do not expire. Based on historical redemption rates, a small percentage of gift cards and merchandise credits will never be redeemed. We recognize estimated breakage income for gift cards and merchandise credits that will never be redeemed in proportion to actual historical redemption patterns. |
Revenue Recognition, Loyalty Programs | Under our loyalty programs, members can accumulate points, based on their spending, toward earning a reward certificate that can be redeemed for future merchandise purchases. Points earned by loyalty members reset to zero at the end of each calendar year. Reward certificates expire 30 and 60 days after the date of issuance for our department stores and off-price stores, respectively. We allocate and defer a portion of our sales to reward certificates expected to be earned, based on the relative stand-alone sales transaction price and reward certificate value, and recognize the reward certificate as a net sale when it is redeemed. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |
New Accounting Pronouncements, Schedule Of Effects On Balance Sheets | The condensed consolidated balance sheets reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. Condensed Consolidated Balance Sheets (in thousands) February 3, 2018 ASU 2014-09 February 3, 2018 As previously reported Adjustments As adjusted Assets: Merchandise inventories, net $ 439,735 $ (1,358 ) $ 438,377 Prepaid expenses and other current assets 51,049 1,358 52,407 July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Assets: Merchandise inventories, net $ 460,405 $ (2,086 ) $ 458,319 Prepaid expenses and other current assets 62,357 2,086 64,443 |
New Accounting Pronouncements, Schedule Of Effects On Statements Of Operations And Comprehensive Loss | The condensed consolidated statement of operations reflects the reclassification of credit income from selling, general and administrative expenses to revenue. Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands) Three Months Ended Three Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Net sales $ 377,081 $ — $ 377,081 Credit income — 13,190 13,190 Total revenues 377,081 13,190 390,271 Selling, general and administrative expenses 100,643 13,190 113,833 Six Months Ended Six Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Net sales 685,688 — 685,688 Credit income — 26,118 26,118 Total revenues 685,688 26,118 711,806 Selling, general and administrative expenses 189,152 26,118 215,270 |
New Accounting Pronouncements, Schedule Of Effects On Statement Of Cash Flows | The condensed consolidated statement of cash flows reflects the reclassification of the asset for the right to recover merchandise returned from merchandise inventories to prepaid expenses and other current assets. Condensed Consolidated Statement of Cash Flows (in thousands) Six Months Ended Six Months Ended July 29, 2017 ASU 2014-09 July 29, 2017 As previously reported Adjustments As adjusted Cash flows from operating activities: Increase in merchandise inventories $ (19,251 ) $ 1,052 $ (18,199 ) Increase in other assets (22,188 ) (1,052 ) (23,240 ) |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Debt Disclosure [Abstract] | |
Debt obligations | Debt obligations for each period presented consisted of the following (in thousands): August 4, 2018 February 3, 2018 July 29, 2017 Revolving credit facility $ 244,649 $ 179,288 $ 224,824 Term loan 25,000 — — Finance obligations 1,064 1,549 2,142 Other financing 1,511 2,498 3,469 Total debt obligations 272,224 183,335 230,435 Less: Current portion of debt obligations 3,542 2,985 3,050 Long-term debt obligations $ 268,682 $ 180,350 $ 227,385 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the composition of net sales by merchandise category (in thousands): Three Months Ended August 4, 2018 July 29, 2017 Merchandise Category Department Stores Off-price Stores Total Company Department Stores Off-price Stores Total Company Women’s $ 117,209 $ 19,264 $ 136,473 $ 126,695 $ 17,022 $ 143,717 Men’s 53,124 8,913 62,037 54,442 7,625 62,067 Children's 29,400 7,530 36,930 29,397 6,217 35,614 Apparel 199,733 35,707 235,440 210,534 30,864 241,398 Footwear 45,141 4,505 49,646 43,864 756 44,620 Accessories 18,426 3,889 22,315 20,991 5,184 26,175 Cosmetics/Fragrances 31,287 2,428 33,715 32,860 2,558 35,418 Home/Gifts/Other 11,989 16,746 28,735 11,093 16,175 27,268 Non-apparel 106,843 27,568 134,411 108,808 24,673 133,481 Revenue adjustments not allocated (a) (281 ) (276 ) (557 ) 2,224 (22 ) 2,202 Net sales $ 306,295 $ 62,999 $ 369,294 $ 321,566 $ 55,515 $ 377,081 Six Months Ended August 4, 2018 July 29, 2017 Merchandise Category Department Stores Off-price Stores Total Company Department Stores Off-price Stores Total Company Women’s $ 220,696 $ 39,231 $ 259,927 $ 240,087 $ 22,126 $ 262,213 Men’s 94,460 16,458 110,918 96,914 9,694 106,608 Children's 58,478 15,626 74,104 62,085 8,150 70,235 Apparel 373,634 71,315 444,949 399,086 39,970 439,056 Footwear 89,624 9,324 98,948 89,507 1,161 90,668 Accessories 37,298 8,255 45,553 41,253 6,779 48,032 Cosmetics/Fragrances 62,473 4,910 67,383 61,797 3,285 65,082 Home/Gifts/Other 24,798 35,253 60,051 22,009 21,162 43,171 Non-apparel 214,193 57,742 271,935 214,566 32,387 246,953 Revenue adjustments not allocated (a) (3,169 ) (192 ) (3,361 ) 219 (540 ) (321 ) Net sales $ 584,658 $ 128,865 $ 713,523 $ 613,871 $ 71,817 $ 685,688 (a) Includes adjustments related to deferred revenue, estimated sales returns, breakage income, shipping and miscellaneous revenues, which are not allocated to merchandise categories. |
Contract Liability Components | Contract liabilities for each period presented were as follows (in thousands): August 4, 2018 February 3, 2018 July 29, 2017 Gift cards and merchandise credits, net $ 9,657 $ 12,122 $ 8,883 Loyalty program rewards, net 4,612 1,118 630 Merchandise fulfillment liability 850 234 886 Total contract liabilities $ 15,119 $ 13,474 $ 10,399 |
Contract Liability Balances and Activity | The following table summarizes contract liability activity for each period presented (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Beginning balance 14,028 11,303 $ 13,474 $ 11,669 Net sales recognized during the period from amounts included in contract liability balances at the beginning of the period (5,484 ) (3,833 ) (6,284 ) (4,403 ) Current period additions to contract liability balances included in contract liability balances at the end of the period 6,575 2,929 7,929 3,133 Ending balance $ 15,119 $ 10,399 $ 15,119 $ 10,399 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense by type of grant | Stock-based compensation expense by type of grant for each period presented was as follows (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Non-vested stock 1,079 1,395 $ 2,266 $ 2,903 Restricted stock units 259 129 751 202 Stock-settled performance share units 412 735 783 1,409 Cash-settled performance share units 96 — 150 — Total stock-based compensation expense 1,846 2,259 3,950 4,514 Related tax benefit — (849 ) — (1,697 ) Stock-based compensation expense, net of tax $ 1,846 $ 1,410 $ 3,950 $ 2,817 |
Non-vested stock activity | The following table summarizes non-vested stock activity for the six months ended August 4, 2018 : Non-vested Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at February 3, 2018 1,637,037 $ 6.67 Granted 631,266 2.41 Vested (688,534 ) 7.19 Forfeited (50,478 ) 3.03 Outstanding at August 4, 2018 1,529,291 4.79 |
Restricted stock units activity | The following table summarizes RSU activity for the six months ended August 4, 2018 : Restricted Stock Units Number of Units Weighted Average Grant Date Fair Value Outstanding at February 3, 2018 1,283,750 $ 2.14 Granted 1,375,000 2.19 Vested (320,936 ) 2.14 Outstanding at August 4, 2018 2,337,814 2.17 |
Stock-settled performance share units activity | The following table summarizes stock-settled PSU activity for the six months ended August 4, 2018 : Period Granted Target PSUs Target PSUs Granted Target PSUs Weighted Average 2016 321,706 — 321,706 $ 8.69 2017 600,000 — 600,000 1.80 2018 — 280,000 280,000 3.05 Total 921,706 280,000 1,201,706 3.94 |
Cash-settled performance share units activity | The following table summarizes cash-settled PSU activity six months ended August 4, 2018 : Period Granted Target PSUs Target PSUs Granted Target PSUs Weighted Average 2018 — 460,000 460,000 $ 3.05 |
Stock appreciation rights award activity | The following table summarizes SARs activity for the six months ended August 4, 2018 : Stock Appreciation Rights Number of Shares Weighted Average Exercise Price Outstanding, vested and exercisable at February 3, 2018 97,900 $ 18.83 Expired (97,900 ) 18.83 Outstanding, vested and exercisable at August 4, 2018 — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following tables show the computation of basic and diluted loss per common share for each period presented (in thousands, except per share amounts): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Basic: Net loss $ (16,922 ) $ (6,258 ) $ (48,600 ) $ (25,245 ) Distributed earnings allocated to participating securities (68 ) (51 ) (131 ) (202 ) Net loss allocated to common shares (16,990 ) (6,309 ) (48,731 ) (25,447 ) Basic weighted average shares outstanding 28,152 27,535 27,959 27,401 Basic loss per share $ (0.60 ) $ (0.23 ) $ (1.74 ) $ (0.93 ) Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Diluted: Net loss $ (16,922 ) $ (6,258 ) $ (48,600 ) $ (25,245 ) Distributed earnings allocated to participating securities (68 ) (51 ) (131 ) (202 ) Net loss allocated to common shares (16,990 ) (6,309 ) (48,731 ) (25,447 ) Basic weighted average shares outstanding 28,152 27,535 27,959 27,401 Dilutive effect of stock awards — — — — Diluted weighted average shares outstanding 28,152 27,535 27,959 27,401 Diluted loss per share $ (0.60 ) $ (0.23 ) $ (1.74 ) $ (0.93 ) |
Number of anti-dilutive securities excluded from computation of diluted loss per share | The number of shares attributable to outstanding stock-based compensation awards that would have been considered dilutive securities, but were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive were as follows (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Number of anti-dilutive shares due to net loss for the period 357 — 248 — Number of anti-dilutive SARs due to exercise price greater than average market price of our common stock — 119 29 138 |
Pension Plan (Tables)
Pension Plan (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [Abstract] | |
Components of pension cost | We sponsor a frozen defined benefit pension plan. The components of net periodic pension cost, which were recognized in selling, general and administrative expenses, were as follows (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Employer service cost $ 133 $ 120 $ 256 $ 245 Interest cost on pension benefit obligation 317 363 675 727 Expected return on plan assets (456 ) (412 ) (870 ) (815 ) Amortization of net loss 155 213 354 424 Net periodic pension cost $ 149 $ 284 $ 415 $ 581 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): August 4, 2018 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets: Securities held in grantor trust for deferred (a)(b) $ 20,188 $ 20,188 $ — $ — February 3, 2018 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets: Securities held in grantor trust for deferred (a)(b) $ 20,293 $ 20,293 $ — $ — July 29, 2017 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Other assets: Securities held in grantor trust for deferred (a)(b) $ 19,019 $ 19,019 $ — $ — (a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. (b) Using the market approach, the fair values of these items represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were nil for the six months ended August 4, 2018 and July 29, 2017 , and for the fiscal year ended February 3, 2018 . |
Assets and liabilities measured at fair value on a nonrecurring basis [Table Text Block] | Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands): August 4, 2018 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Assets: Store property, equipment and leasehold improvements (a) $ 1,101 $ — $ — $ 1,101 February 3, 2018 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Assets: Store property, equipment and leasehold improvements (a) $ 778 $ — $ — $ 778 July 29, 2017 Balance Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Assets: Store property, equipment and leasehold improvements (a) $ 251 $ — $ — $ 251 (a) Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. For the six months ended August 4, 2018 and July 29, 2017 , and during fiscal year 2017, we recognized impairment charges of $1.1 million , $0.2 million , and $1.7 million , respectively. Impairment charges are recorded in cost of sales and related buying, occupancy and distribution expenses. |
Gordmans Acquisition (Tables)
Gordmans Acquisition (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The estimated fair values of the assets acquired at the acquisition date were as follows (in thousands): April 7, 2017 Inventory $ 31,770 Property, plant and equipment and other assets 4,374 Total $ 36,144 |
Business Acquisition, Revenue of Acquiree [Table Text Block] | Net sales included in our condensed consolidated statements of operations from Gordmans stores that we operated beginning on April 7, 2017, were as follows for each period presented (in thousands): Three Months Ended Six Months Ended August 4, 2018 July 29, 2017 August 4, 2018 July 29, 2017 Net sales $ 62,999 $ 55,515 $ 128,865 $ 71,817 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 04, 2018Statesstores | Jul. 29, 2017 | Aug. 04, 2018Statesstores | Jul. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | |
Number of states in which entity operates stores | States | 42 | 42 | ||||
Fiscal Year [Line Items] | ||||||
Fiscal Period Duration | 91 days | 91 days | 182 days | 182 days | 364 days | 371 days |
Department Stores | ||||||
Number of stores operated by entity | 764 | 764 | ||||
Off-Price Stores | ||||||
Number of stores operated by entity | 59 | 59 | ||||
Length of some fiscal years | Minimum | ||||||
Fiscal Year [Line Items] | ||||||
Fiscal Period Duration | 364 days | |||||
Length of some fiscal years | Maximum | ||||||
Fiscal Year [Line Items] | ||||||
Fiscal Period Duration | 371 days |
Basis of Presentation Impact of
Basis of Presentation Impact of Adoption of New Revenue Recognition Standard on Balance Sheets (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Merchandise inventories, net | $ 476,883 | $ 438,377 | [1] | $ 458,319 | [1] |
Prepaid expenses and other current assets | $ 48,525 | 52,407 | [1] | 64,443 | [1] |
Accounting Standards Update 2014-09 | Scenario, Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Merchandise inventories, net | 439,735 | 460,405 | |||
Prepaid expenses and other current assets | 51,049 | 62,357 | |||
Accounting Standards Update 2014-09 | Restatement Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Merchandise inventories, net | (1,358) | (2,086) | |||
Prepaid expenses and other current assets | $ 1,358 | $ 2,086 | |||
[1] | As Adjusted |
Basis of Presentation Impact 30
Basis of Presentation Impact of Adoption of New Revenue Recognition Standard on Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net sales | $ 369,294 | $ 377,081 | $ 713,523 | $ 685,688 | ||
Credit income | 14,305 | 13,190 | [1] | 29,819 | 26,118 | [1] |
Total revenues | 383,599 | 390,271 | [1] | 743,342 | 711,806 | [1] |
Selling, general and administrative expenses | $ 110,914 | 113,833 | [1] | $ 218,191 | 215,270 | [1] |
Accounting Standards Update 2014-09 | Scenario, Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net sales | 377,081 | 685,688 | ||||
Total revenues | 377,081 | 685,688 | ||||
Selling, general and administrative expenses | 100,643 | 189,152 | ||||
Accounting Standards Update 2014-09 | Restatement Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Credit income | 13,190 | 26,118 | ||||
Total revenues | 13,190 | 26,118 | ||||
Selling, general and administrative expenses | $ 13,190 | $ 26,118 | ||||
[1] | As Adjusted |
Basis of Presentation Impact 31
Basis of Presentation Impact of Adoption of New Revenue Recognition Standard on Statement of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | ||
Cash flows from operating activities: | |||
Increase in merchandise inventories | $ (38,506) | $ (18,199) | [1] |
Increase in other assets | $ 2,412 | (23,240) | [1] |
Accounting Standards Update 2014-09 | Scenario, Previously Reported | |||
Cash flows from operating activities: | |||
Increase in merchandise inventories | (19,251) | ||
Increase in other assets | (22,188) | ||
Accounting Standards Update 2014-09 | Restatement Adjustment | |||
Cash flows from operating activities: | |||
Increase in merchandise inventories | 1,052 | ||
Increase in other assets | $ (1,052) | ||
[1] | As Adjusted |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | |
Debt Instrument [Line Items] | ||||
Current portion of debt obligations | $ 3,542 | $ 2,985 | $ 3,050 | |
Long-term debt obligations | 268,682 | 180,350 | 227,385 | |
Total debt obligations | $ 272,224 | 183,335 | 230,435 | |
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Credit facility, amendment date | Aug. 3, 2018 | |||
Credit facility, maximum borrowing capacity | $ 425,000 | $ 400,000 | ||
Credit facility, maximum borrowing capacity with seasonal increase | $ 450,000 | |||
Credit facility, collateral | The credit facility is secured by our inventory, cash, cash equivalents, and substantially all of our other assets. | |||
Credit facility, weighted average interest rate during period | 3.30% | |||
Credit facility, average daily borrowings | $ 259,900 | |||
Credit facility, excess borrowing capacity required, amount (greater of) | $ 35,000 | |||
Credit facility, excess borrowing capacity required, percent of Adjusted Combined Loan Cap (greater of) | 10.00% | |||
Credit facility, dividend restriction amount | $ 30,000 | |||
Credit facility, excess borrowing availability | $ 95,200 | |||
Credit facility, covenant compliance | in compliance with the debt covenants of the credit facility agreement | |||
Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Letter of credit subfacility, maximum borrowing capacity | $ 25,000 | |||
Letters of credit outstanding, amount | $ 12,400 | |||
Letters of credit, expiration period | 12 months | |||
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility, expiration date | Dec. 16, 2021 | |||
Total debt obligations | $ 244,649 | 179,288 | 224,824 | |
Term loan | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | 25,000 | |||
Term loan, face amount | $ 25,000 | |||
Term loan, frequency of periodic payment | quarterly | |||
Term loan, periodic payment, principal | $ 600 | |||
Term loan, date of first required payment | Feb. 4, 2019 | |||
Term loan, maturity date | Dec. 16, 2021 | |||
Finance Obligations | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | $ 1,064 | 1,549 | 2,142 | |
Other Financing | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | $ 1,511 | $ 2,498 | $ 3,469 |
Revenue Net Sales by Merchandis
Revenue Net Sales by Merchandise Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | ||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 369,294 | $ 377,081 | $ 713,523 | $ 685,688 | |
Apparel | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 235,440 | 241,398 | 444,949 | 439,056 | |
Apparel | Women's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 136,473 | 143,717 | 259,927 | 262,213 | |
Apparel | Men's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 62,037 | 62,067 | 110,918 | 106,608 | |
Apparel | Children's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 36,930 | 35,614 | 74,104 | 70,235 | |
Non-Apparel | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 134,411 | 133,481 | 271,935 | 246,953 | |
Non-Apparel | Footwear | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 49,646 | 44,620 | 98,948 | 90,668 | |
Non-Apparel | Accessories | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 22,315 | 26,175 | 45,553 | 48,032 | |
Non-Apparel | Cosmetics/Fragrances | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 33,715 | 35,418 | 67,383 | 65,082 | |
Non-Apparel | Home/Gifts/Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 28,735 | 27,268 | 60,051 | 43,171 | |
Revenue Adjustments Not Allocated | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | [1] | (557) | 2,202 | (3,361) | (321) |
Department Stores | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 306,295 | 321,566 | 584,658 | 613,871 | |
Department Stores | Apparel | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 199,733 | 210,534 | 373,634 | 399,086 | |
Department Stores | Apparel | Women's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 117,209 | 126,695 | 220,696 | 240,087 | |
Department Stores | Apparel | Men's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 53,124 | 54,442 | 94,460 | 96,914 | |
Department Stores | Apparel | Children's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 29,400 | 29,397 | 58,478 | 62,085 | |
Department Stores | Non-Apparel | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 106,843 | 108,808 | 214,193 | 214,566 | |
Department Stores | Non-Apparel | Footwear | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 45,141 | 43,864 | 89,624 | 89,507 | |
Department Stores | Non-Apparel | Accessories | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 18,426 | 20,991 | 37,298 | 41,253 | |
Department Stores | Non-Apparel | Cosmetics/Fragrances | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 31,287 | 32,860 | 62,473 | 61,797 | |
Department Stores | Non-Apparel | Home/Gifts/Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 11,989 | 11,093 | 24,798 | 22,009 | |
Department Stores | Revenue Adjustments Not Allocated | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | [1] | (281) | 2,224 | (3,169) | 219 |
Off-Price Stores | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 62,999 | 55,515 | 128,865 | 71,817 | |
Off-Price Stores | Apparel | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 35,707 | 30,864 | 71,315 | 39,970 | |
Off-Price Stores | Apparel | Women's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 19,264 | 17,022 | 39,231 | 22,126 | |
Off-Price Stores | Apparel | Men's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 8,913 | 7,625 | 16,458 | 9,694 | |
Off-Price Stores | Apparel | Children's | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 7,530 | 6,217 | 15,626 | 8,150 | |
Off-Price Stores | Non-Apparel | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 27,568 | 24,673 | 57,742 | 32,387 | |
Off-Price Stores | Non-Apparel | Footwear | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 4,505 | 756 | 9,324 | 1,161 | |
Off-Price Stores | Non-Apparel | Accessories | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 3,889 | 5,184 | 8,255 | 6,779 | |
Off-Price Stores | Non-Apparel | Cosmetics/Fragrances | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 2,428 | 2,558 | 4,910 | 3,285 | |
Off-Price Stores | Non-Apparel | Home/Gifts/Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 16,746 | 16,175 | 35,253 | 21,162 | |
Off-Price Stores | Revenue Adjustments Not Allocated | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | [1] | $ (276) | $ (22) | $ (192) | $ (540) |
[1] | Includes adjustments related to deferred revenue, estimated sales returns, breakage income, shipping and miscellaneous revenues, which are not allocated to merchandise categories. |
Revenue Credit Income (Details)
Revenue Credit Income (Details) - USD ($) $ in Millions | Aug. 04, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | Jan. 28, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||||
Credit Income Receivable | $ 4.7 | $ 5.8 | $ 4.1 | $ 4.9 |
Revenue Contract Liability Comp
Revenue Contract Liability Components (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | |
Components of Revenue Contract Liability [Line Items] | ||||||
Gift cards and merchandise credits, net | $ 9,657 | $ 12,122 | $ 8,883 | |||
Loyalty program rewards, net | 4,612 | 1,118 | 630 | |||
Merchandise fulfillment liability | 850 | 234 | 886 | |||
Contract liabilities | $ 15,119 | $ 14,028 | $ 13,474 | $ 10,399 | $ 11,303 | $ 11,669 |
Typical period to satisfy unfulfilled merchandise orders | 7 days | |||||
Typical redemption period of gift cards and merchandise credits | 12 months | |||||
Typical redemption period of majority of gift cards and merchandise credits | 3 months | |||||
Department Stores | ||||||
Components of Revenue Contract Liability [Line Items] | ||||||
Expiration period for reward certificates under loyalty programs | 30 days | |||||
Off-Price Stores | ||||||
Components of Revenue Contract Liability [Line Items] | ||||||
Expiration period for reward certificates under loyalty programs | 60 days |
Revenue Contract Liability Acti
Revenue Contract Liability Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Change in Contract with Customer, Liability [Abstract] | ||||
Contract liabilities, beginning balance | $ 14,028 | $ 11,303 | $ 13,474 | $ 11,669 |
Contract liabilities, net sales recognized | (5,484) | (3,833) | (6,284) | (4,403) |
Contract liabilities, current period additions | 6,575 | 2,929 | 7,929 | 3,133 |
Contract liabilities, ending balance | $ 15,119 | $ 10,399 | $ 15,119 | $ 10,399 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,846 | $ 2,259 | $ 3,950 | $ 4,514 |
Stock-based compensation expense, tax benefit | (849) | (1,697) | ||
Stock-based compensation expense, net of tax | 1,846 | 1,410 | 3,950 | 2,817 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | ||||
Unrecognized share-based compensation expense | 12,900 | $ 12,900 | ||
Weighted average period, unrecognized compensation expense | 2 years 3 months 25 days | |||
Non-vested stock | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,079 | 1,395 | $ 2,266 | 2,903 |
Restricted Stock Units (RSUs) | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 259 | 129 | 751 | 202 |
Performance Share Units (PSUs) | Stock-Settled Award | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 412 | $ 735 | 783 | $ 1,409 |
Performance Share Units (PSUs) | Cash-Settled Award | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 96 | $ 150 |
Stock-Based Compensation Non-ve
Stock-Based Compensation Non-vested Stock (Details) - Non-vested stock - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Settlement at the end of vesting period | one-for-one to common stock | |
Number of shares | ||
Outstanding at February 3, 2018 | 1,637,037 | |
Granted | 631,266 | |
Vested | (688,534) | |
Forfeited | (50,478) | |
Outstanding at August 4, 2018 | 1,529,291 | |
Weighted average grant date fair value (in dollars per share) | ||
Outstanding at February 3, 2018, weighted average grant date fair value (in dollars per share) | $ 6.67 | |
Grants in period, weighted average grant date fair value (in dollars per share) | 2.41 | $ 2.21 |
Vested in period, weighted average grant date fair value (in dollars per share) | 7.19 | |
Forfeitures in period, weighted average grant date fair value (in dollars per share) | 3.03 | |
Outstanding at August 4, 2018, weighted average grant date fair value (in dollars per share) | $ 4.79 | |
Aggregate intrinsic value | ||
Aggregate intrinsic value, vested | $ 1.6 | $ 1.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Shares issued in period | 612,037 | |
Employees | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award annual vesting rights, percentage | 25.00% | |
Award vesting period | 4 years | |
Non-employee directors | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Aug. 04, 2018$ / sharesshares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award annual vesting rights, percentage | 25.00% |
Award vesting period | 4 years |
Settlement at the end of vesting period | Each vested RSU is settled in cash in an amount equal to the fair market value of one share of our common stock on the vesting date, not to exceed five times the per share fair market value of our common stock on the grant date |
Number of shares | |
Outstanding at February 3, 2018 | shares | 1,283,750 |
Granted | shares | 1,375,000 |
Vested | shares | (320,936) |
Outstanding at August 4, 2018 | shares | 2,337,814 |
Weighted average grant date fair value (in dollars per share) | |
Outstanding at February 3, 2018, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.14 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | 2.19 |
Vested in period, weighted average grant date fair value (in dollars per share) | $ / shares | 2.14 |
Outstanding at August 4, 2018, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.17 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-settled Performance Share Units (Details) - Performance Share Units (PSUs) - Stock-Settled Award | 6 Months Ended | |
Aug. 04, 2018shares$ / shares | Jul. 29, 2017$ / shares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award requisite service period | 3 years | |
Settlement at the end of vesting period | Converts to common stock (unless otherwise determined by our Board of Directors, or its Compensation Committee) ranging from zero to a maximum of twice the number of granted shares outstanding on the vesting date. | |
Number of shares | ||
Outstanding at February 3, 2018 | 921,706 | |
Granted | 280,000 | |
Outstanding at August 4, 2018 | 1,201,706 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.94 | |
Maximum | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Multiple of the number of granted shares outstanding for issuable shares | 2 | |
Minimum | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Multiple of the number of granted shares outstanding for issuable shares | 0 | |
2016 Performance Share Units Granted | ||
Number of shares | ||
Outstanding at February 3, 2018 | 321,706 | |
Outstanding at August 4, 2018 | 321,706 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.69 | |
2017 Performance Share Units Granted | ||
Number of shares | ||
Outstanding at February 3, 2018 | 600,000 | |
Outstanding at August 4, 2018 | 600,000 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.80 | $ 1.80 |
2018 Performance Share Units Granted | ||
Number of shares | ||
Granted | 280,000 | |
Outstanding at August 4, 2018 | 280,000 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.05 |
Stock-Based Compensation Cash-s
Stock-Based Compensation Cash-settled Performance Share Units (Details) - Performance Share Units (PSUs) - Cash-Settled Award | 6 Months Ended |
Aug. 04, 2018shares$ / shares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award requisite service period | 3 years |
Settlement at the end of vesting period | Settles in cash ranging from zero to a maximum of twice the number of target units awarded multiplied by the fair market value of one share of our common stock on the vesting date. |
Maximum | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Multiple of the number of granted units outstanding for amount of settlement | 2 |
Minimum | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Multiple of the number of granted units outstanding for amount of settlement | 0 |
2018 Performance Share Units Granted | |
Number of shares | |
Granted | 460,000 |
Outstanding at August 4, 2018 | 460,000 |
Weighted average grant date fair value (in dollars per share) | |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.05 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) | 6 Months Ended |
Aug. 04, 2018$ / sharesshares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award annual vesting rights, percentage | 25.00% |
Award vesting period | 4 years |
Expiration period if not exercised or forfeited | 7 years |
Number of shares | |
Outstanding, vested and exercisable at February 3, 2018 | shares | 97,900 |
Expired | shares | (97,900) |
Weighted Average Exercise Price [Abstract] | |
Outstanding, vested and exercisable at February 3, 2018 | $ / shares | $ 18.83 |
Expired | $ / shares | $ 18.83 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Basic EPS from continuing operations: | ||||
Net loss | $ (16,922) | $ (6,258) | $ (48,600) | $ (25,245) |
Distributed earnings allocated to participating securities, Basic | (68) | (51) | (131) | (202) |
Net loss allocated to common shares | $ (16,990) | $ (6,309) | $ (48,731) | $ (25,447) |
Basic weighted average shares outstanding | 28,152 | 27,535 | 27,959 | 27,401 |
Basic loss per share | $ (0.60) | $ (0.23) | $ (1.74) | $ (0.93) |
Diluted EPS from continuing operations: | ||||
Net loss | $ (16,922) | $ (6,258) | $ (48,600) | $ (25,245) |
Distributed earnings allocated to participating securities, Diluted | (68) | (51) | (131) | (202) |
Net loss allocated to common shares | $ (16,990) | $ (6,309) | $ (48,731) | $ (25,447) |
Basic weighted average shares outstanding | 28,152 | 27,535 | 27,959 | 27,401 |
Diluted weighted average shares outstanding | 28,152 | 27,535 | 27,959 | 27,401 |
Diluted loss per share | $ (0.60) | $ (0.23) | $ (1.74) | $ (0.93) |
Performance Share Units (PSUs) | Stock-Settled Award | Anti-dilutive due to net loss | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive securities excluded from computation of diluted loss per share | 357 | 248 | ||
Stock Appreciation Rights (SARs) | Anti-dilutive due to exercise price | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive securities excluded from computation of diluted loss per share | 119 | 29 | 138 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Aug. 23, 2018 | Aug. 04, 2018 | Jul. 29, 2017 | Sep. 19, 2018 | |
Equity [Abstract] | ||||
Cash dividends paid | $ 2,912 | $ 5,650 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Aug. 23, 2018 | |||
Dividends Payable, Amount Per Share | $ 0.05 | |||
Dividends Payable, Date to be Paid | Sep. 19, 2018 | |||
Dividends Payable, Date of Record | Sep. 4, 2018 |
Pension Plan (Details)
Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Retirement Benefits [Abstract] | ||||
Employer service cost | $ 133 | $ 120 | $ 256 | $ 245 |
Interest cost on pension benefit obligation | 317 | 363 | 675 | 727 |
Expected return on plan assets | (456) | (412) | (870) | (815) |
Amortization of net loss | 155 | 213 | 354 | 424 |
Net periodic pension cost | 149 | $ 284 | 415 | $ 581 |
Contributions by employer | 400 | |||
Expected future employer contributions, remainder of fiscal year | $ 900 | $ 900 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Aug. 04, 2018USD ($) | Jul. 29, 2017USD ($) | Feb. 03, 2018USD ($) | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities held in grantor trust for deferred compensation plans | [1],[2] | $ 20,188 | $ 19,019 | $ 20,293 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities held in grantor trust for deferred compensation plans | [1],[2] | 20,188 | 19,019 | 20,293 |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Store property, equipment and leasehold improvements, fair value | [3] | 1,101 | 251 | 778 |
Impairment charges on store property, equipment and leasehold improvements | $ 1,100 | $ 200 | $ 1,700 | |
Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Alternative Investment, Measurement Input | 0.10 | 0.10 | 0.10 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Store property, equipment and leasehold improvements, fair value | [3] | $ 1,101 | $ 251 | $ 778 |
[1] | The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. | |||
[2] | Using the market approach, the fair values of these items represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were nil for the six months ended August 4, 2018 and July 29, 2017, and for the fiscal year ended February 3, 2018. | |||
[3] | Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. For the six months ended August 4, 2018 and July 29, 2017, and during fiscal year 2017, we recognized impairment charges of $1.1 million, $0.2 million, and $1.7 million, respectively. Impairment charges are recorded in cost of sales and related buying, occupancy and distribution expenses. |
Gordmans Acquisition (Details)
Gordmans Acquisition (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018USD ($) | Jul. 29, 2017USD ($) | Aug. 04, 2018USD ($) | Jul. 29, 2017USD ($)stores | Apr. 07, 2017USD ($)stores | |
Business Combination, Description [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2017 | ||||
Business Acquisition, Name of Acquired Entity | Gordmans Stores, Inc. | ||||
Incremental Number of Store Locations with Acquisition Rights | 7 | ||||
Business Combination, Reason for Business Combination | The Gordmans stores, which we operate as an off-price concept, add scale to our business, while allowing us to leverage strategic synergies and our current infrastructure. The acquisition also brings beneficial geographic and guest diversification. | ||||
Payments to acquire business | $ | $ 36,144 | ||||
Number of Gordmans stores acquired | 55 | ||||
Number of Gordmans stores available to be acquired | 57 | ||||
Business Combination, Acquisition Related Costs | $ | $ 2,900 | 9,200 | |||
Business Combination, Revenue of Acquiree since Acquisition Date, Actual | $ | $ 62,999 | $ 55,515 | $ 128,865 | $ 71,817 | |
Business Combination, Pro Forma Information, Disclosure Impracticable | Pro forma net sales and earnings for the three and six months ended July 29, 2017 are not presented due to the impracticability in substantiating this information as the Gordmans Acquisition was limited to select assets and assignment of leases acquired through a bankruptcy auction. Furthermore, the results of operations may have been impacted by the Sellers’ liquidation and may not be indicative of future performance. | ||||
New Leases, Former Gordmans Store Locations [Abstract] | |||||
New leases for former Gordmans store locations | 3 | ||||
Business Combination, Recognized Identifiable Assets Acquired [Abstract] | |||||
Business Combination, Recognized Identifiable Assets Acquired, Inventory | $ | $ 31,770 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, Equipment, and Other Assets | $ | 4,374 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Assets | $ | $ 36,144 | ||||
Second Quarter 2017 | |||||
New Leases, Former Gordmans Store Locations [Abstract] | |||||
New leases for former Gordmans store locations | 2 | ||||
Third Quarter 2017 | |||||
New Leases, Former Gordmans Store Locations [Abstract] | |||||
New leases for former Gordmans store locations | 1 | ||||
Minimum | |||||
Business Combination, Description [Abstract] | |||||
Number of Store Locations with Acquisition Rights | 50 | ||||
Maximum | |||||
Business Combination, Description [Abstract] | |||||
Number of Store Locations with Acquisition Rights | 57 |