Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Dec. 05, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BIG LOTS INC | ' |
Entity Central Index Key | '0000768835 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 53,452,301 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,107,095 | $1,104,918 | $3,583,729 | $3,552,843 |
Cost of sales (exclusive of depreciation expense shown separately below) | 676,153 | 673,490 | 2,189,704 | 2,155,105 |
Gross margin | 430,942 | 431,428 | 1,394,025 | 1,397,738 |
Selling and administrative expenses | 404,732 | 405,279 | 1,234,420 | 1,219,269 |
Depreciation expense | 30,267 | 29,014 | 88,535 | 83,393 |
Operating (loss) profit | -4,057 | -2,865 | 71,070 | 95,076 |
Interest expense | -756 | -1,034 | -1,616 | -2,490 |
Other income (expense) | 0 | 0 | 0 | -11 |
(Loss) income from continuing operations before income taxes | -4,813 | -3,899 | 69,454 | 92,575 |
Income tax (benefit) expense | -1,698 | -1,951 | 26,776 | 35,514 |
(Loss) income from continuing operations | -3,115 | -1,948 | 42,678 | 57,061 |
Loss from discontinued operations, net of tax benefit of $207, $1,704, $13,003, and $1,846, respectively | -326 | -7,569 | -22,833 | -16,119 |
Net (loss) income | ($3,441) | ($9,517) | $19,845 | $40,942 |
Earnings per common share - basic: | ' | ' | ' | ' |
Continuing operations | ($0.06) | ($0.03) | $0.77 | $0.99 |
Discontinued operations | ($0.01) | ($0.13) | ($0.41) | ($0.28) |
Earnings per common share - basic (in dollars per share) | ($0.06) | ($0.17) | $0.36 | $0.71 |
Earnings per common share - diluted: | ' | ' | ' | ' |
Continuing operations | ($0.06) | ($0.03) | $0.76 | $0.98 |
Discontinued operations | ($0.01) | ($0.13) | ($0.41) | ($0.28) |
Earnings per common share - diluted (in dollars per share) | ($0.06) | ($0.17) | $0.35 | $0.71 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic | 54,850 | 57,461 | 55,617 | 57,383 |
Dilutive effect of share-based awards | 0 | 0 | 603 | 550 |
Diluted | 54,850 | 57,461 | 56,220 | 57,933 |
Cash dividends declared per common share | $0.17 | $0 | $0.34 | $0 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Discontinued operations, tax expense (benefit) | ($207) | ($1,704) | ($13,003) | ($1,846) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Net (loss) income | ($3,441) | ($9,517) | $19,845 | $40,942 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation | 0 | -224 | 5,022 | -2,189 |
Amortization of pension, net of tax expense of $155,$198, $457, and $535, respectively | 208 | 252 | 631 | 751 |
Valuation adjustment of pension, net of tax benefit (expense) of $198, $(33), $198, and $(33), respectively | -272 | 50 | -272 | 50 |
Total other comprehensive (loss) income | -64 | 78 | 5,381 | -1,388 |
Comprehensive (loss) income | ($3,505) | ($9,439) | $25,226 | $39,554 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of pension, tax expense (benefit) | ($155) | ($198) | ($457) | ($535) |
Valuation adjustment of pension, tax expense (benefit) | $198 | ($33) | $198 | ($33) |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $62,488 | $68,629 |
Inventories | 1,075,429 | 914,965 |
Deferred income taxes | 48,553 | 59,781 |
Other current assets | 126,252 | 77,686 |
Total current assets | 1,312,722 | 1,121,061 |
Property and equipment - net | 566,889 | 569,682 |
Deferred income taxes | 12,512 | 5,106 |
Other assets | 41,788 | 43,750 |
Total assets | 1,933,911 | 1,739,599 |
Current liabilities: | ' | ' |
Accounts payable | 529,793 | 365,772 |
Property, payroll, and other taxes | 81,831 | 73,334 |
Accrued operating expenses | 72,678 | 57,167 |
Insurance reserves | 38,325 | 37,607 |
Accrued salaries and wages | 32,829 | 29,175 |
Income taxes payable | 868 | 14,392 |
Total current liabilities | 756,324 | 577,447 |
Long-term obligations | 283,400 | 77,000 |
Deferred rent | 68,752 | 76,364 |
Insurance reserves | 57,091 | 55,755 |
Unrecognized tax benefits | 17,498 | 17,975 |
Other liabilities | 37,262 | 33,631 |
Shareholders' equity: | ' | ' |
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued | 0 | 0 |
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 52,996 shares and 57,548 shares, respectively | 1,175 | 1,175 |
Treasury shares - 64,499 shares and 59,947 shares, respectively, at cost | -1,872,431 | -1,670,041 |
Additional paid-in capital | 571,071 | 562,447 |
Retained earnings | 2,021,899 | 2,021,357 |
Accumulated other comprehensive loss | -8,130 | -13,511 |
Total shareholders' equity | 713,584 | 901,427 |
Total liabilities and shareholders' equity | $1,933,911 | $1,739,599 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Shareholders' equity: | ' | ' |
Preferred shares - authorized shares (in shares) | 2,000 | 2,000 |
Preferred shares - par value (in dollars per share) | $0.01 | $0.01 |
Preferred shares - shares issued (in shares) | 0 | 0 |
Common shares - authorized shares (in shares) | 298,000 | 298,000 |
Common shares - par value (in dollars per share) | $0.01 | $0.01 |
Common shares - shares issued (in shares) | 117,495 | 117,495 |
Common shares - outstanding shares (in shares) | 52,996 | 57,548 |
Treasury shares - shares (in shares) | 64,499 | 59,947 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Feb. 02, 2013 | $758,142 | $1,175 | ($1,677,610) | $551,845 | $1,896,062 | ($13,330) |
Treasury stock (in shares) at Feb. 02, 2013 | ' | ' | 60,226,000 | ' | ' | ' |
Balance (in shares) at Feb. 02, 2013 | ' | 57,269,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 39,554 | 0 | 0 | 0 | 40,942 | -1,388 |
Purchases of common shares | -214 | 0 | -214 | 0 | 0 | 0 |
Purchases of common shares, (in shares) | ' | -6,000 | 6,000 | ' | ' | ' |
Exercise of stock options | 4,100 | 0 | 5,114 | -1,014 | 0 | 0 |
Exercise of stock options (in shares) | ' | 184,000 | -184,000 | ' | ' | ' |
Restricted shares vested | 0 | 0 | 1,109 | -1,109 | 0 | 0 |
Restricted shares vested (in shares) | ' | 40,000 | -40,000 | ' | ' | ' |
Tax benefit (charge) from share-based awards | 248 | 0 | 0 | 248 | 0 | 0 |
Share activity related to deferred compensation plan | 0 | 0 | 0 | 0 | 0 | 0 |
Share activity related to deferred compensation plan (in shares) | ' | 0 | 0 | ' | ' | ' |
Share-based employee compensation expense | 11,465 | 0 | 0 | 11,465 | 0 | 0 |
Balance at Nov. 02, 2013 | 813,295 | 1,175 | -1,671,601 | 561,435 | 1,937,004 | -14,718 |
Treasury stock (in shares) at Nov. 02, 2013 | ' | ' | 60,008,000 | ' | ' | ' |
Balance (in shares) at Nov. 02, 2013 | ' | 57,487,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 85,560 | 0 | 0 | 0 | 84,353 | 1,207 |
Purchases of common shares | 0 | 0 | 0 | 0 | 0 | 0 |
Purchases of common shares, (in shares) | ' | 0 | 0 | ' | ' | ' |
Exercise of stock options | 784 | 0 | 835 | -51 | 0 | 0 |
Exercise of stock options (in shares) | ' | 30,000 | -30,000 | ' | ' | ' |
Restricted shares vested | 0 | 0 | 696 | -696 | 0 | 0 |
Restricted shares vested (in shares) | ' | 25,000 | -25,000 | ' | ' | ' |
Tax benefit (charge) from share-based awards | -125 | 0 | 0 | -125 | 0 | 0 |
Share activity related to deferred compensation plan | 195 | 0 | 29 | 166 | 0 | 0 |
Share activity related to deferred compensation plan (in shares) | ' | 6,000 | -6,000 | ' | ' | ' |
Share-based employee compensation expense | 1,718 | 0 | 0 | 1,718 | 0 | 0 |
Balance at Feb. 01, 2014 | 901,427 | 1,175 | -1,670,041 | 562,447 | 2,021,357 | -13,511 |
Treasury stock (in shares) at Feb. 01, 2014 | 59,947,000 | ' | 59,947,000 | ' | ' | ' |
Balance (in shares) at Feb. 01, 2014 | 57,548,000 | 57,548,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 25,226 | 0 | 0 | 0 | 19,845 | 5,381 |
Dividends declared | -19,303 | 0 | 0 | 0 | -19,303 | 0 |
Purchases of common shares | -240,462 | 0 | -240,462 | 0 | 0 | 0 |
Purchases of common shares, (in shares) | ' | -5,896,000 | 5,896,000 | ' | ' | ' |
Exercise of stock options | 37,552 | 0 | 35,378 | 2,174 | 0 | 0 |
Exercise of stock options (in shares) | ' | 1,249,000 | -1,249,000 | ' | ' | ' |
Restricted shares vested | 0 | 0 | 1,940 | -1,940 | 0 | 0 |
Restricted shares vested (in shares) | ' | 68,000 | -68,000 | ' | ' | ' |
Performance shares vested | 0 | 0 | 716 | -716 | 0 | 0 |
Performance shares vested (in shares) | ' | 25,000 | -25,000 | ' | ' | ' |
Tax benefit (charge) from share-based awards | 1,076 | 0 | 0 | 1,076 | 0 | 0 |
Share activity related to deferred compensation plan | 62 | 0 | 38 | 24 | 0 | 0 |
Share activity related to deferred compensation plan (in shares) | ' | 2,000 | -2,000 | ' | ' | ' |
Share-based employee compensation expense | 8,006 | 0 | 0 | 8,006 | 0 | 0 |
Balance at Nov. 01, 2014 | $713,584 | $1,175 | ($1,872,431) | $571,071 | $2,021,899 | ($8,130) |
Treasury stock (in shares) at Nov. 01, 2014 | 64,499,000 | ' | 64,499,000 | ' | ' | ' |
Balance (in shares) at Nov. 01, 2014 | 52,996,000 | 52,996,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Operating activities: | ' | ' |
Net income | $19,845 | $40,942 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization expense | 78,287 | 75,466 |
Deferred income taxes | 3,563 | -21,688 |
Loss (gain) on disposition of property and equipment | 2,033 | -3,472 |
Non-cash impairment charges | 1,424 | 0 |
Non-cash share-based compensation expense | 8,006 | 11,465 |
Excess tax benefit from share-based awards, operating activities | -3,582 | -248 |
Pension expense, net of contributions | 1,758 | 2,402 |
Change in assets and liabilities, excluding effects of foreign currency adjustments: | ' | ' |
Inventories | -160,424 | -321,859 |
Accounts payable | 163,997 | 190,129 |
Current income taxes | -59,851 | -67,415 |
Other current assets | -1,332 | -8,030 |
Other current liabilities | 10,124 | 16,098 |
Other assets | 1,402 | -2,080 |
Other liabilities | -2,872 | 17,192 |
Net cash provided by (used in) operating activities | 62,378 | -71,098 |
Investing activities: | ' | ' |
Capital expenditures | -74,559 | -83,706 |
Cash proceeds from sale of property and equipment | 2,733 | 7,084 |
Other | -82 | 14 |
Net cash used in investing activities | -71,908 | -76,608 |
Financing activities: | ' | ' |
Net proceeds from borrowings under bank credit facility | 206,400 | 152,800 |
Payment of capital lease obligations | -703 | -855 |
Dividends paid | -18,823 | 0 |
Proceeds from the exercise of stock options | 37,552 | 4,100 |
Excess tax benefit from share-based awards, financing activities | 3,582 | 248 |
Deferred bank credit facility fees paid | 0 | -895 |
Payment for treasury shares acquired | -229,820 | -214 |
Other | 62 | 0 |
Net cash (used in) provided by financing activities | -1,750 | 155,184 |
Impact of foreign currency on cash | 5,139 | -333 |
(Decrease) increase in cash and cash equivalents | -6,141 | 7,145 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 68,629 | 60,581 |
End of period | $62,488 | $67,726 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | |||||||
Nov. 01, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
All references in this report to “we,” “us,” or “our” are to Big Lots, Inc. and its subsidiaries. We are a unique, non-traditional, discount retailer operating in the United States of America (“U.S.”). At November 1, 2014, we operated 1,496 stores in the U.S. We make available, free of charge, through the “Investor Relations” section of our website (www.biglots.com) under the “SEC Filings” caption, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after we file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The contents of our websites are not part of this report. | ||||||||
The accompanying consolidated financial statements and these notes have been prepared in accordance with the rules and regulations of the SEC for interim financial information. The consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly our financial condition, results of operations, and cash flows for all periods presented. These consolidated financial statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Interim results may not necessarily be indicative of results that may be expected for, or actually result during, any other interim period or for the year as a whole. We have historically experienced, and expect to continue to experience, seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. The accompanying consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014 (“2013 Form 10-K”). | ||||||||
Fiscal Periods | ||||||||
Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2014 (“2014”) is comprised of the 52 weeks that began on February 2, 2014 and will end on January 31, 2015. Fiscal year 2013 (“2013”) was comprised of the 52 weeks that began on February 3, 2013 and ended on February 1, 2014. The fiscal quarters ended November 1, 2014 (“third quarter of 2014”) and November 2, 2013 (“third quarter of 2013”) were both comprised of 13 weeks. The year-to-date periods ended November 1, 2014 (“year-to-date 2014”) and November 2, 2013 (“year-to-date 2013”) were both comprised of 39 weeks. | ||||||||
Selling and Administrative Expenses | ||||||||
Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include distribution and outbound transportation costs in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $40.9 million and $41.2 million for the third quarter of 2014 and the third quarter of 2013, respectively, and $119.0 million and $117.1 million for the year-to-date 2014 and the year-to-date 2013, respectively. | ||||||||
Advertising Expense | ||||||||
Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, internet marketing and advertising, and in-store presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $16.9 million and $18.2 million for the third quarter of 2014 and the third quarter of 2013, respectively, and $57.7 million and $61.2 million for the year-to-date 2014 and the year-to-date 2013, respectively. | ||||||||
Foreign Currency Translation | ||||||||
The functional currency of our former international subsidiary was the local currency of the country in which the subsidiary was located. We had one foreign subsidiary domiciled in Canada. Foreign currency denominated assets and liabilities are translated into U.S. Dollars using the exchange rate in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities was included as a component of shareholders’ equity in accumulated other comprehensive loss in 2013. Gains and losses from foreign currency transactions are included in discontinued operations because our Canadian subsidiary has ceased operations. There were losses from foreign currency transactions of $0.1 million, $0.1 million, $4.8 million, and $0.4 million for the third quarter of 2014, the third quarter of 2013, the year-to-date 2014, and the year-to-date 2013, respectively. Included in the foreign currency loss in the year-to-date 2014 is a $5.1 million loss related to the realization of the cumulative translation adjustment on our investment in our Canadian operations. | ||||||||
Supplemental Cash Flow Disclosures | ||||||||
The following table provides supplemental cash flow information for the year-to-date 2014 and the year-to-date 2013: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
(In thousands) | November 1, 2014 | November 2, 2013 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, including capital leases | $ | 825 | $ | 1,858 | ||||
Cash paid for income taxes, excluding impact of refunds | 69,573 | 122,012 | ||||||
Gross proceeds from borrowings under the bank credit facility | 1,131,900 | 970,000 | ||||||
Gross repayments of borrowings under the bank credit facility | 925,500 | 817,200 | ||||||
Non-cash activity: | ||||||||
Assets acquired under capital leases | 11,317 | — | ||||||
Accrued property and equipment | 11,557 | 9,018 | ||||||
Share repurchases payable | $ | 10,642 | $ | — | ||||
Reclassifications | ||||||||
Wholesale Business | ||||||||
During the fourth quarter of 2013, we executed our wind down plan and ceased the operations of our wholesale business. Therefore, we determined that the results of our wholesale business should be reported as discontinued operations. As such, we have reclassified our results for all periods presented. Please see the Wholesale Business section of note 11 and note 12 to the consolidated financial statements for further discussion of the wind down of our wholesale business and the costs we incurred in connection with the wind down during the year-to-date 2014. | ||||||||
Canadian Operations | ||||||||
During the first quarter of 2014, we executed the remainder of our wind down plan and ceased the operations of our former Canadian segment. Therefore, we determined that the results of our former Canadian segment should be reported as discontinued operations. As such, we have reclassified our results for all periods presented. Please see the Canadian Operations section of note 11 and note 12 to the consolidated financial statements for further discussion of the wind down of our Canadian operations and the costs we incurred in connection with the wind down during the year-to-date 2014. | ||||||||
Merchandise Categories | ||||||||
In the fourth quarter of 2013, we realigned select merchandise categories to be consistent with the realignment of our merchandising team and changes to our management reporting. We now use the following merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Soft Home, Hard Home, Furniture & Home Décor, Seasonal, and Electronics & Accessories. The Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes our health and beauty, plastics, paper, chemical, and pet departments. The Soft Home category includes the fashion bedding, utility bedding, bath, window, decorative textile, and flooring departments. The Hard Home category includes our small appliances, table top, food preparation, stationery, greeting card, tools, paint, and home maintenance departments. The Furniture & Home Décor category includes our upholstery, mattress, ready-to-assemble, case goods, home décor, and frames departments. The Seasonal category includes our lawn & garden, summer, Christmas, toys, books, sporting goods, and other holiday departments. The Electronics & Accessories category includes the electronics, jewelry, apparel, hosiery, and infant accessories departments. In order to provide comparative information, we have reclassified our net sales by merchandise category into the new alignment for all periods presented in note 9 to the consolidated financial statements. | ||||||||
We periodically make minor adjustments to our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. | ||||||||
Recent Accounting Pronouncements | ||||||||
There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us. |
Bank_Credit_Facility
Bank Credit Facility | 9 Months Ended |
Nov. 01, 2014 | |
Debt Disclosure [Abstract] | ' |
BANK CREDIT FACILITY | ' |
BANK CREDIT FACILITY | |
On July 22, 2011, we entered into a $700 million five-year unsecured credit facility and, on May 30, 2013, we entered into an amendment of the credit facility that extended its expiration from July 22, 2016 to May 30, 2018 (“2011 Credit Agreement”). In connection with our entry into the 2011 Credit Agreement, we paid bank fees and other expenses in the aggregate amount of $3.0 million, which are being amortized over the term of the agreement. In connection with the amendment of the 2011 Credit Agreement, we paid additional bank fees and other expenses in the aggregate amount of $0.9 million, which are being amortized over the term of the amended agreement. | |
Borrowings under the 2011 Credit Agreement are available for general corporate purposes and working capital. The 2011 Credit Agreement includes a $30 million swing loan sublimit and a $150 million letter of credit sublimit. The interest rates, pricing and fees under the 2011 Credit Agreement fluctuate based on our debt rating. The 2011 Credit Agreement allows us to select our interest rate for each borrowing from multiple interest rate options. The interest rate options are generally derived from the prime rate or LIBOR. We may prepay revolving loans made under the 2011 Credit Agreement. The 2011 Credit Agreement contains financial and other covenants, including, but not limited to, limitations on indebtedness, liens and investments, as well as the maintenance of two financial ratios – a leverage ratio and a fixed charge coverage ratio. A violation of any of the covenants could result in a default under the 2011 Credit Agreement that would permit the lenders to restrict our ability to further access the 2011 Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the 2011 Credit Agreement. At November 1, 2014, we had $283.4 million of borrowings outstanding under the 2011 Credit Agreement and $11.2 million was committed to outstanding letters of credit, leaving $405.4 million available under the 2011 Credit Agreement. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 01, 2014 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
FAIR VALUE MEASUREMENTS | |
In connection with our nonqualified deferred compensation plan, we had mutual fund investments of $16.8 million and $21.2 million at November 1, 2014 and February 1, 2014, respectively, which were recorded in other assets. These investments were classified as trading securities and were recorded at their fair value. The fair values of mutual fund investments were Level 1 valuations under the fair value hierarchy because each fund’s quoted market value per share was available in an active market. | |
The fair values of our long-term obligations are estimated based on the quoted market prices for the same or similar issues and the current interest rates offered for similar instruments. These fair value measurements are classified as Level 2 within the fair value hierarchy. Given the variable rate features and relatively short maturity of the instruments underlying our long-term obligations, the carrying value of these instruments approximates the fair value. | |
The carrying value of accounts receivable, accounts payable, and accrued expenses approximates fair value because of the relatively short maturity of these items. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||||||||||
Nov. 01, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||
Earnings per Share | ||||||||||||
There were no adjustments required to be made to the weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share and there were no securities outstanding at November 1, 2014 or November 2, 2013 which were excluded from the computation of earnings per share other than antidilutive stock options, restricted stock awards, and restricted stock units. For the third quarter of 2014 and the third quarter of 2013, 0.6 million and 2.4 million, respectively, of the stock options outstanding were antidilutive and excluded from the computation of diluted earnings per share. For the year-to-date 2014 and the year-to-date 2013, 1.7 million and 2.8 million, respectively, of the stock options outstanding were antidilutive and excluded from the computation of diluted earnings per share. Antidilutive stock options generally consist of outstanding stock options where the exercise price per share is greater than the weighted-average market price per share for our common shares for each period. Antidilutive stock options, restricted stock awards, and restricted stock units are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The restricted stock awards and restricted stock units that were antidilutive, as determined under the treasury stock method, were immaterial for all periods presented. | ||||||||||||
Share Repurchase Programs | ||||||||||||
On March 5, 2014, our Board of Directors authorized a share repurchase program providing for the repurchase of $125 million of our common shares (“March 2014 Repurchase Program”). The March 2014 Repurchase Program was exhausted during the second quarter of 2014. | ||||||||||||
On August 28, 2014, our Board of Directors authorized a new share repurchase program providing for the repurchase of $125 million of our common shares (“August 2014 Repurchase Program”). Pursuant to the August 2014 Repurchase Program, we may repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. Common shares acquired through the August 2014 Repurchase Program will be available to meet obligations under our equity compensation plans and for general corporate purposes. | ||||||||||||
During the third quarter of 2014, we acquired approximately 2.6 million of our outstanding common shares for $114.8 million. During the year-to-date 2014, we have acquired approximately 5.9 million of our outstanding common shares for $239.8 million, which is comprised of 3.3 million common shares for $125.0 million under the March 2014 Repurchase Program and 2.6 million common shares for $114.8 million under the August 2014 Repurchase Program. | ||||||||||||
Dividends | ||||||||||||
In the second quarter of 2014, our Board of Directors commenced a cash dividend program under which we currently expect to pay quarterly dividends on our common shares in the future. The Company declared and paid cash dividends per common share during the periods presented as follows: | ||||||||||||
Dividends | Amount Declared | Amount Paid | ||||||||||
Per Share | ||||||||||||
2014:00:00 | (in thousands) | (in thousands) | ||||||||||
Third quarter | $ | 0.17 | $ | 9,718 | $ | 9,457 | ||||||
Second quarter | 0.17 | 9,585 | 9,366 | |||||||||
Total | $ | 0.34 | $ | 19,303 | $ | 18,823 | ||||||
The amount of dividends declared may vary from the amount of dividends paid in a period based on certain instruments with restrictions on payment, including restricted stock awards, restricted stock units, and performance share units. Future dividends are subject to declaration by our Board of Directors. |
ShareBased_Plans
Share-Based Plans | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
SHARE-BASED PLANS | ' | |||||||||||||
SHARE-BASED PLANS | ||||||||||||||
We have issued nonqualified stock options, restricted stock awards, restricted stock units, and performance share units under our shareholder-approved equity compensation plans. Our restricted stock awards and restricted stock units, as described below and/or in note 7 to the consolidated financial statements in our 2013 Form 10-K, are expensed and reported as nonvested shares. We recognized share-based compensation expense of $3.0 million and $3.7 million in the third quarter of 2014 and the third quarter of 2013, respectively, and $8.0 million and $11.5 million for the year-to-date 2014 and the year-to-date 2013, respectively. | ||||||||||||||
The weighted-average fair value of stock options granted and assumptions used in the model to estimate the fair value of stock options granted during each of the respective periods were as follows: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
2013 | 2013 | |||||||||||||
Weighted-average fair value of stock options granted | $ | 11.83 | $ | 12.08 | ||||||||||
Risk-free interest rate | 1.1 | % | 0.7 | % | ||||||||||
Expected life (years) | 4.2 | 4.2 | ||||||||||||
Expected volatility | 39.9 | % | 42.1 | % | ||||||||||
Expected annual forfeiture rate | 3 | % | 3 | % | ||||||||||
During the year-to-date 2014, we granted no stock options. | ||||||||||||||
The following table summarizes stock option activity for the year-to-date 2014: | ||||||||||||||
Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000's) | |||||||||||
Outstanding stock options at February 1, 2014 | 3,377,303 | $ | 34.88 | |||||||||||
Exercised | (243,218 | ) | 26.9 | |||||||||||
Forfeited | (139,850 | ) | 38.63 | |||||||||||
Outstanding stock options at May 3, 2014 | 2,994,235 | $ | 35.35 | 4.2 | $ | 16,314 | ||||||||
Exercised | (464,400 | ) | 36.73 | |||||||||||
Forfeited | (50,700 | ) | 40.35 | |||||||||||
Outstanding stock options at August 2, 2014 | 2,479,135 | $ | 35 | 4.1 | $ | 20,850 | ||||||||
Exercised | (541,797 | ) | 25.75 | |||||||||||
Forfeited | (72,500 | ) | 39.15 | |||||||||||
Outstanding stock options at November 1, 2014 | 1,864,838 | $ | 37.52 | 4.3 | $ | 15,162 | ||||||||
Vested or expected to vest at November 1, 2014 | 1,775,684 | $ | 37.48 | 4.2 | $ | 14,515 | ||||||||
Exercisable at November 1, 2014 | 895,774 | $ | 36.89 | 3.5 | $ | 7,845 | ||||||||
The stock options granted in prior years vest in equal amounts on the first four anniversaries of the grant date and have a contractual term of seven years. The number of stock options expected to vest was based on our annual forfeiture rate assumption. | ||||||||||||||
The following table summarizes the non-vested restricted stock awards and restricted stock units activity for the year-to-date 2014: | ||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value Per Share | |||||||||||||
Outstanding non-vested restricted stock at February 1, 2014 | 664,101 | $ | 38.34 | |||||||||||
Granted | 281,056 | 37.12 | ||||||||||||
Vested | (13,500 | ) | 34.75 | |||||||||||
Forfeited | (99,200 | ) | 40.19 | |||||||||||
Outstanding non-vested restricted stock at May 3, 2014 | 832,457 | $ | 37.77 | |||||||||||
Granted | 32,987 | 42.86 | ||||||||||||
Vested | (23,776 | ) | 33.65 | |||||||||||
Forfeited | (22,490 | ) | 39.61 | |||||||||||
Outstanding non-vested restricted stock at August 2, 2014 | 819,178 | $ | 38.04 | |||||||||||
Granted | 2,012 | 43.87 | ||||||||||||
Vested | (31,000 | ) | 34.75 | |||||||||||
Forfeited | (28,990 | ) | 38.84 | |||||||||||
Outstanding non-vested restricted stock at November 1, 2014 | 761,200 | $ | 38.16 | |||||||||||
The non-vested restricted stock units granted in the year-to-date 2014 generally vest on a ratable basis over three years from the grant date of the award, if certain threshold financial performance objectives are achieved and the grantee remains employed by us through the vesting dates. | ||||||||||||||
The non-vested restricted stock awards granted in prior years vest if certain financial performance objectives are achieved. If we meet a threshold financial performance objective and the grantee remains employed by us, the restricted stock will vest on the opening of our first trading window five years after the grant date of the award. If we meet a higher financial performance objective and the grantee remains employed by us, the restricted stock will vest on the first trading day after we file our Annual Report on Form 10-K with the SEC for the fiscal year in which the higher objective is met. As of February 1, 2014, we estimated a five-year period for vesting of all non-vested restricted stock awards granted in prior years, as we do not anticipate achieving the higher financial performance objective for any outstanding grants. | ||||||||||||||
In 2013, in connection with his appointment as CEO and President, Mr. David J. Campisi was awarded 37,800 performance share units, which vest based on the achievement of share price performance goals, that had a weighted average grant-date fair value per share of $34.68. The performance share units have a contractual term of seven years. In the second quarter of 2014, Mr. Campisi’s first tranche of 12,600 performance share units vested. In the third quarter of 2014, Mr. Campisi’s second tranche of 12,600 performance share units vested. If the performance goals applicable to the remaining performance share units are not achieved prior to expiration, the awards will be forfeited. A total of 12,600 performance share units remain outstanding at November 1, 2014. | ||||||||||||||
In the year-to-date 2014, we issued 434,124 performance share units, net of forfeitures, to certain members of management, which vest if certain financial performance objectives are achieved over a three-year performance period and the grantee remains employed by us during that period. The financial performance objectives for each fiscal year within the three-year performance period are approved by the Compensation Committee of our Board of Directors during the first quarter of the respective fiscal year. As a result of the process used to establish the financial performance objectives, we will only meet the requirements of establishing a grant date for the performance share units when we communicate the financial performance objectives for the third fiscal year of the award to the award recipients, which will then trigger the service inception date, the fair value of the awards, and the associated expense recognition period. Therefore, we have recognized no expense for these issued performance share units in the year-to-date 2014. If we meet the applicable threshold financial performance objectives over the three-year performance period and the grantee remains employed by us through the end of the performance period, the performance share units will vest on the first trading day after we file our Annual Report on Form 10-K three years after the initial issuance of the award. | ||||||||||||||
In the second quarter of 2014, 23,776 common shares underlying the restricted stock awards granted in 2013 to the non-employee members of our Board of Directors vested on the trading day immediately preceding our 2014 Annual Meeting of Shareholders. These awards were part of the annual compensation granted in 2013 to the non-employee members of the Board of Directors. Additionally, in the second quarter of 2014, each non-employee elected to our Board of Directors at our 2014 Annual Meeting of Shareholders received an annual restricted stock award having a grant date fair value of approximately $110,000. The 2014 restricted stock awards will vest on the earlier of (1) the trading day immediately preceding our 2015 Annual Meeting of Shareholders, or (2) the non-employee director’s death or disability. However, the restricted stock award will not vest if the non-employee director ceases to serve on our Board of Directors before either vesting event occurs. | ||||||||||||||
The following activity occurred under our share-based plans during the respective periods shown: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Total intrinsic value of stock options exercised | $ | 11,050 | $ | 625 | $ | 16,980 | $ | 2,414 | ||||||
Total fair value of restricted stock vested | 1,325 | — | 2,736 | 1,434 | ||||||||||
Total fair value of performance shares vested | 585 | — | 1,143 | — | ||||||||||
The total unearned compensation cost related to all share-based awards outstanding at November 1, 2014 was approximately $23.8 million. This compensation cost is expected to be recognized through January 2019 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 2.0 years from November 1, 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||
We maintain a qualified defined benefit pension plan and a nonqualified supplemental defined benefit pension plan covering certain employees whose hire date occurred before April 1, 1994. | ||||||||||||||
The weighted-average assumptions used to determine net periodic pension cost for our plans were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 5 | % | 4.6 | % | ||||||||||
Rate of increase in compensation levels | 3 | % | 3.5 | % | ||||||||||
Expected long-term rate of return | 6 | % | 5.1 | % | ||||||||||
The components of combined net periodic pension cost were as follows: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost - benefits earned in the period | $ | 489 | $ | 521 | $ | 1,463 | $ | 1,564 | ||||||
Interest cost on projected benefit obligation | 799 | 761 | 2,413 | 2,281 | ||||||||||
Expected investment return on plan assets | (804 | ) | (723 | ) | (2,414 | ) | (2,170 | ) | ||||||
Amortization of actuarial loss | 380 | 423 | 1,123 | 1,269 | ||||||||||
Amortization of prior service cost | (9 | ) | (9 | ) | (26 | ) | (26 | ) | ||||||
Amortization of transition obligation | — | 3 | — | 9 | ||||||||||
Settlement loss | 164 | 83 | 164 | 83 | ||||||||||
Net periodic pension cost | $ | 1,019 | $ | 1,059 | $ | 2,723 | $ | 3,010 | ||||||
We currently expect no required contributions to the qualified defined benefit pension plan during 2014. We will contribute to the nonqualified supplemental defined benefit pension plan as benefits are paid to plan participants, if any, because the nonqualified plan is not a funded plan. |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 01, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
In conjunction with the wind down of our former Canadian segment, our Canadian subsidiary was dissolved during the second quarter of 2014 which resulted in a write-off of the net deferred tax assets (including a net operating loss carryforward) for the Canadian jurisdiction and a release of the corresponding valuation allowance. | |
We have estimated the reasonably possible expected net change in unrecognized tax benefits through October 31, 2015, based on (1) expected cash and noncash settlements or payments of uncertain tax positions, and (2) lapses of the applicable statutes of limitations for unrecognized tax benefits. The estimated net decrease in unrecognized tax benefits for the next 12 months is approximately $4.0 million. Actual results may differ materially from this estimate. |
Contingencies
Contingencies | 9 Months Ended |
Nov. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
On May 21, May 22 and July 2, 2012, three shareholder derivative lawsuits were filed in the U.S. District Court for the Southern District of Ohio against us and certain of our current and former outside directors and executive officers (Jeffrey Berger, David Kollat, Brenda Lauderback, Philip Mallott, Russell Solt, Dennis Tishkoff, Robert Claxton, Joe Cooper, Steven Fishman, Charles Haubiel, Timothy Johnson, John Martin, Norman Rankin, Paul Schroeder, Robert Segal and Steven Smart). The lawsuits were consolidated, and, on August 13, 2012, plaintiffs filed a consolidated complaint, which generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The consolidated complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, misappropriation of trade secrets and corporate waste and seeks declaratory relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. The defendants have filed a motion to dismiss the consolidated complaint, and that motion is fully briefed and awaiting a decision. | |
We received a letter dated January 28, 2013, sent on behalf of a shareholder demanding that our Board of Directors investigate and take action in connection with the allegations made in the derivative and securities lawsuits described above. The shareholder indicated that he would commence a derivative lawsuit if our Board of Directors failed to take the demanded action. On March 6, 2013, our Board of Directors referred the shareholder’s letter to a committee of independent directors to investigate the matter. That committee, with the assistance of independent outside counsel, investigated the allegations in the shareholder’s demand letter and, on August 28, 2013, reported its findings to our Board of Directors along with its recommendation that the Board reject the shareholder’s demand. Our Board of Directors unanimously accepted the recommendation of the demand investigation committee and, on September 9, 2013, outside counsel for the committee sent a letter to counsel for the shareholder informing the shareholder of the Board’s determination. On October 18, 2013, the shareholder filed a derivative lawsuit in the U.S. District Court for the Southern District of Ohio against us and each of the current and former outside directors and executive officers named in the 2012 shareholder derivative lawsuit. The plaintiff’s complaint generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, corporate waste and misappropriation of trade secrets and seeks damages, injunctive relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. The defendants have filed a motion to dismiss the complaint, and that motion is fully briefed and awaiting a decision. | |
On February 10, 2014, a shareholder derivative lawsuit was filed in the Franklin County Common Pleas Court in Columbus, Ohio, against us and certain of our current and former outside directors and executive officers (David Campisi, Steven Fishman, Joe Cooper, Charles Haubiel, Timothy Johnson, Robert Claxton, John Martin, Norman Rankin, Paul Schroeder, Robert Segal, Steven Smart, David Kollat, Jeffrey Berger, James Chambers, Peter Hayes, Brenda Lauderback, Philip Mallott, Russell Solt, James Tener and Dennis Tishkoff). The plaintiff’s complaint generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The complaint also alleges that we and various individual defendants made false and misleading statements regarding our Canadian operations prior to our announcement on December 5, 2013 that we were exiting the Canadian market. The complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, waste of corporate assets and misappropriation of insider information and seeks damages, injunctive relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys’ fees and expenses. At the parties’ request, the court has stayed this lawsuit until after the judge in the federal lawsuits discussed in the preceding paragraphs has ruled on the motions to dismiss pending in those federal lawsuits. | |
On July 9, 2012, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of Ohio on behalf of persons who acquired our common shares between February 2, 2012 and April 23, 2012. This lawsuit was filed against us, Lisa Bachmann, Mr. Cooper, Mr. Fishman and Mr. Haubiel. The complaint in the putative class action generally alleges that the defendants made statements concerning our financial performance that were false or misleading. The complaint asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 and seeks damages in an unspecified amount, plus attorneys’ fees and expenses. The lead plaintiff filed an amended complaint on April 4, 2013, which added Mr. Johnson as a defendant, removed Ms. Bachmann as a defendant, and extended the putative class period to August 23, 2012. The defendants have filed a motion to dismiss the putative class action complaint, and that motion is fully briefed and awaiting a decision. | |
We believe that the shareholder derivative and putative class action lawsuits are without merit, and we intend to defend ourselves vigorously against the allegations levied in these lawsuits. While a loss from these lawsuits is reasonably possible, at this time, we cannot reasonably estimate the amount of any loss that may result or whether the lawsuits will have a material impact on our financial statements. | |
On June 13, 2013, we received a voluntary document request from the Division of Enforcement of the SEC relating principally to our participation in investor and analyst meetings in the first fiscal quarter of 2012. We have produced documents and are cooperating with the SEC’s investigation, which is ongoing. | |
On October 1, 2013, we received a subpoena from the District Attorney for the County of Alameda, State of California, seeking information concerning our handling of hazardous materials and hazardous waste in the State of California. We have provided information and are cooperating with the authorities from multiple counties and cities in California in connection with this ongoing matter. While a loss related to this matter is reasonably possible, at this time, we cannot reasonably estimate the possible loss or range of loss that may arise from this matter or whether this matter will have a material impact on our financial statements. | |
We are involved in other legal actions and claims arising in the ordinary course of business. We currently believe that each such action and claim will be resolved without a material effect on our financial condition, results of operations, or liquidity. However, litigation involves an element of uncertainty. Future developments could cause these actions or claims to have a material effect on our financial condition, results of operations, and liquidity. |
Business_Segment_Data
Business Segment Data | 9 Months Ended | |||||||||||||||
Nov. 01, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
BUSINESS SEGMENT DATA | ' | |||||||||||||||
BUSINESS SEGMENT DATA | ||||||||||||||||
We use the following seven merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Soft Home, Hard Home, Furniture & Home Décor, Seasonal, and Electronics & Accessories. The Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes our health and beauty, plastics, paper, chemical, and pet departments. The Soft Home category includes the fashion bedding, utility bedding, bath, window, decorative textile, and flooring departments. The Hard Home category includes our small appliances, table top, food preparation, stationery, greeting card, tools, paint, and home maintenance departments. The Furniture & Home Décor category includes our upholstery, mattress, ready-to-assemble, case goods, home décor, and frames departments. The Seasonal category includes our lawn & garden, summer, Christmas, toys, books, sporting goods, and other holiday departments. The Electronics & Accessories category includes the electronics, jewelry, apparel, hosiery, and infant accessories departments. | ||||||||||||||||
The following table presents net sales data by merchandise category: | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Furniture & Home Décor | $ | 270,242 | $ | 246,093 | $ | 843,952 | $ | 796,178 | ||||||||
Consumables | 230,191 | 226,420 | 693,102 | 671,603 | ||||||||||||
Food | 202,352 | 185,959 | 584,762 | 530,216 | ||||||||||||
Hard Home | 115,414 | 132,498 | 338,187 | 394,542 | ||||||||||||
Soft Home | 110,292 | 105,286 | 328,398 | 305,468 | ||||||||||||
Seasonal | 95,942 | 106,951 | 549,200 | 552,349 | ||||||||||||
Electronics & Accessories | 82,662 | 101,711 | 246,128 | 302,487 | ||||||||||||
Net sales | $ | 1,107,095 | $ | 1,104,918 | $ | 3,583,729 | $ | 3,552,843 | ||||||||
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||
Nov. 01, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | |||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during 2013 and 2014: | ||||||||||||
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | |||||||||
Balance at February 2, 2013 | $ | (1,433 | ) | $ | (11,897 | ) | $ | (13,330 | ) | |||
Other comprehensive income before reclassifications | (2,189 | ) | 50 | (2,139 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 751 | 751 | |||||||||
Net period change | (2,189 | ) | 801 | (1,388 | ) | |||||||
Balance at November 2, 2013 | (3,622 | ) | (11,096 | ) | (14,718 | ) | ||||||
Other comprehensive income before reclassifications | (1,400 | ) | 2,302 | 902 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 305 | 305 | |||||||||
Net period change | (1,400 | ) | 2,607 | 1,207 | ||||||||
Balance at February 1, 2014 | (5,022 | ) | (8,489 | ) | (13,511 | ) | ||||||
Other comprehensive income before reclassifications | (39 | ) | (368 | ) | (407 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 5,061 | 727 | 5,788 | |||||||||
Net period change | 5,022 | 359 | 5,381 | |||||||||
Balance at November 1, 2014 | $ | — | $ | (8,130 | ) | $ | (8,130 | ) | ||||
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during the third quarter of 2013: | ||||||||||||
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | |||||||||
Balance at August 3, 2013 | $ | (3,398 | ) | $ | (11,398 | ) | $ | (14,796 | ) | |||
Other comprehensive income before reclassifications | (224 | ) | 50 | (174 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 252 | 252 | |||||||||
Net period change | (224 | ) | 302 | 78 | ||||||||
Balance at November 2, 2013 | $ | (3,622 | ) | $ | (11,096 | ) | $ | (14,718 | ) | |||
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during the third quarter of 2014: | ||||||||||||
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | |||||||||
Balance at August 2, 2014 | $ | — | $ | (8,066 | ) | $ | (8,066 | ) | ||||
Other comprehensive income before reclassifications | — | (368 | ) | (368 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 304 | 304 | |||||||||
Net period change | — | (64 | ) | (64 | ) | |||||||
Balance at November 1, 2014 | $ | — | $ | (8,130 | ) | $ | (8,130 | ) | ||||
The amounts reclassified from accumulated other comprehensive income associated with our pension plans have been reclassified to selling and administrative expenses in our statements of operations. Please see note 6 to the consolidated financial statements for further information on our pension plans. | ||||||||||||
The amounts reclassified from accumulated other comprehensive income associated with foreign currency translation have been reclassified to income (loss) from discontinued operations in our statements of operations, as the amounts related to our Canadian operations. Please see note 12 to the consolidated financial statements for further information on our discontinued operations. |
Costs_Associated_with_Wind_Dow
Costs Associated with Wind Down Activities | 9 Months Ended | |||||||||||
Nov. 01, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
COSTS ASSOCIATED WITH WIND DOWN ACTIVITIES | ' | |||||||||||
COSTS ASSOCIATED WITH WIND DOWN ACTIVITIES | ||||||||||||
Wholesale Business | ||||||||||||
During the third quarter of 2013, we announced our intention to wind down the operations of our wholesale business during the fourth quarter of 2013. At that time, we recorded a severance charge for this exit activity. During the fourth quarter of 2013, we closed the leased facilities in which we operated our wholesale business, recorded contract termination costs, and fully paid those obligations. | ||||||||||||
In the fourth quarter of 2013 we established a liability of $0.5 million for severance related cost associated with the wind down of our wholesale business. During the six months ended August 2, 2014 we paid $0.5 million in severance cost reducing the liability to zero at August 2, 2014. We anticipate no additional charges associated with the wind down of the operations of our wholesale business. | ||||||||||||
As the operations of the wholesale business had ceased as of February 1, 2014, the results of operations of the wholesale business were reclassified to discontinued operations. Please see the Wholesale Business section of note 12 to the consolidated financial statements for further information regarding this discontinued operation. | ||||||||||||
Canadian Operations | ||||||||||||
During the fourth quarter of 2013, we announced our intention to wind down the operations of our former Canadian segment. We conducted detailed evaluations of our long range strategic objectives and performed a preliminary review of our 2014 financial plan. As a result of this evaluation and review, we determined our Canadian operations did not fit into our strategic plan for maximizing long-term shareholder returns based on our expectations of the required investments necessary to improve our Canadian operations’ financial performance, both in the near and long-term. During the fourth quarter of 2013, we began a markdown strategy with the intent to liquidate our inventory prior to closing our stores. At February 1, 2014, we revalued our inventory at our net realizable value based on estimated cash proceeds prior to closing, which represents our estimate of its market value. During the fourth quarter of 2013, we also conducted a review of our long lived assets. We determined that the elimination of future cash flows from our operations beyond the first quarter of 2014 resulted in the impairment of our property and equipment and our tradename intangible assets. Additionally, we conducted an impairment review of our goodwill associated with our Canadian operations, determined that the goodwill had been fully impaired, and we recorded an impairment charge. | ||||||||||||
The wind down of our Canadian operations was separated into two phases: our distribution centers and our stores. During the fourth quarter of 2013, we ceased the operations of our Canadian distribution centers, as receiving, processing, and distributing activities were completed. We recorded a severance charge of approximately $2.7 million relating to the closure of our distribution centers and certain administrative activities. Additionally, with the closure of certain leased distribution centers, we recorded contract termination costs of approximately $1.3 million. | ||||||||||||
During the first quarter of 2014, we closed all of our stores, ceased their operations, and closed our Canadian corporate office. We recorded severance and contract termination costs of approximately $2.2 million and $23.0 million relating to the closure of our stores and our remaining administrative activities, respectively. In addition, in connection with the substantial completion of the wind down activities, we recorded a foreign currency translation loss of $5.1 million, which related to the realization of the cumulative translation adjustment on our investment in our Canadian operations. | ||||||||||||
The following table summarizes the components of our wind down activities associated with our Canadian operations and the activities within the related liabilities during 2014: | ||||||||||||
(In thousands) | Severance | Contract Termination Costs | Total | |||||||||
Balance at February 1, 2014 | $ | 2,420 | $ | 1,276 | $ | 3,696 | ||||||
Charges | 2,206 | 22,984 | 25,190 | |||||||||
Adjustments | — | 553 | 553 | |||||||||
Payments | (3,997 | ) | (15,577 | ) | (19,574 | ) | ||||||
Foreign currency translation | (38 | ) | 74 | 36 | ||||||||
Period change | (1,829 | ) | 8,034 | 6,205 | ||||||||
Balance at May 3, 2014 | $ | 591 | $ | 9,310 | $ | 9,901 | ||||||
Charges | — | 28 | 28 | |||||||||
Adjustments | — | (335 | ) | (335 | ) | |||||||
Payments | (591 | ) | (7,942 | ) | (8,533 | ) | ||||||
Foreign currency translation | — | 95 | 95 | |||||||||
Period change | (591 | ) | (8,154 | ) | (8,745 | ) | ||||||
Balance at August 2, 2014 | $ | — | $ | 1,156 | $ | 1,156 | ||||||
Charges | — | 114 | 114 | |||||||||
Adjustments | — | — | — | |||||||||
Payments | — | (1,012 | ) | (1,012 | ) | |||||||
Foreign currency translation | — | (8 | ) | (8 | ) | |||||||
Period change | — | (906 | ) | (906 | ) | |||||||
Balance at November 1, 2014 | $ | — | $ | 250 | $ | 250 | ||||||
During February 2014, we closed all of our Canadian stores, terminated all remaining Canadian employees, and accrued an obligation for the associated severance and contract termination costs. As of November 1, 2014, we anticipate any future charges associated with the wind down of our Canadian operations will be immaterial. As our Canadian operations had ceased as of May 3, 2014, the results of our Canadian operations were reclassified to discontinued operations. Please see the Canadian Operations section of note 12 to the consolidated financial statements for further information regarding this discontinued operation. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||
Our discontinued operations for the third quarter and year-to-date of 2014 and 2013 were comprised of the following: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
(In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||
Canadian operations | $ | (475 | ) | $ | (4,977 | ) | $ | (35,629 | ) | $ | (13,269 | ) | ||
Wholesale business | (58 | ) | (4,296 | ) | (216 | ) | (4,697 | ) | ||||||
KB Toys matters | — | — | 9 | — | ||||||||||
Other | — | — | — | 1 | ||||||||||
Total loss from discontinued operations, pretax | $ | (533 | ) | $ | (9,273 | ) | $ | (35,836 | ) | $ | (17,965 | ) | ||
Canadian Operations | ||||||||||||||
During the fourth quarter of 2013, we announced our intention to wind down our Canadian operations. We began the wind down activities during the fourth quarter of 2013, which included the closing of our Canadian distribution centers, and completed the wind down activities during the first quarter of 2014, which included the closing of our Canadian stores and corporate offices. Therefore, we determined the results of our Canadian operations should be reported as discontinued operations for all periods presented. The results of our Canadian operations have historically consisted of sales of product to retail customers, the costs associated with those products, and selling and administrative expenses, including personnel, purchasing, warehousing, distribution, occupancy and overhead costs. During the year-to-date 2014, the results of our Canadian operations also included significant contract termination costs associated with the wind down of the operations. Please see the Canadian Operations section of note 11 to the consolidated financial statements for additional details regarding the costs we incurred in connection with the wind down of our Canadian operations during the year-to-date 2014. | ||||||||||||||
In addition to the costs associated with our Canadian operations, we reclassified to discontinued operations the direct expenses incurred by our U.S. operations to facilitate the wind down. These costs primarily consist of professional fees. We also reclassified the income tax benefit that we expect our U.S. operations to generate as a result of the wind down of our Canadian operations, based on our ability to recover a worthless stock deduction in the foreseeable future. During the third quarter of 2014 and the year-to-date 2014, the amount of this income tax benefit that we recognized was approximately $0.2 million and $12.9 million, respectively. | ||||||||||||||
Wholesale Business | ||||||||||||||
During the third quarter of 2013, we announced our intention to wind down the operations of our wholesale business, within our U.S. segment. During the fourth quarter of 2013, we executed our wind down plan and ceased the operations of our wholesale business. Therefore, we determined that the results of our wholesale business should be reported as discontinued operations for all periods presented. The results of operations of our wholesale business primarily consisted of sales of product to wholesale customers, the costs associated with those products, and selling and administrative expenses, including personnel, purchasing, warehousing, distribution, occupancy and overhead costs. Please see the Wholesale Business section of note 11 to the consolidated financial statements for additional details regarding the costs we incurred in connection with the wind down of our wholesale business during the year-to-date 2014. | ||||||||||||||
KB Toys Matters | ||||||||||||||
We acquired the KB Toys business from Melville Corporation (now known as CVS New York, Inc., and, together with its subsidiaries, “CVS”) in May 1996. As part of that acquisition, we provided, among other things, an indemnity to CVS with respect to any losses resulting from KB Toys' failure to pay all monies due and owing under any KB Toys lease or mortgage obligation. While we controlled the KB Toys business, we provided guarantees with respect to a limited number of additional KB Toys store leases. We sold the KB Toys business to KB Acquisition Corp. (“KBAC”), an affiliate of Bain Capital, pursuant to a Stock Purchase Agreement. KBAC similarly agreed to indemnify us with respect to all lease and mortgage obligations. On January 14, 2004, KBAC and certain affiliated entities (collectively referred to as “KB-I”) filed for bankruptcy protection pursuant to Chapter 11 of title 11 of the United States Code. On August 30, 2005, in connection with the acquisition by an affiliate of Prentice Capital Management of majority ownership of KB-I, KB-I emerged from its 2004 bankruptcy (the KB Toys business that emerged from bankruptcy is hereinafter referred to as “KB-II”). On December 11, 2008, KB-II filed for bankruptcy protection pursuant to Chapter 11 of title 11 of the United States Code. | ||||||||||||||
Associated with the KB-I and KB-II bankruptcies, we believed we had exposure to certain lease obligations for which we had recorded estimated liabilities in prior years. During the fourth quarter of 2013, we received a final distribution from the KB-I bankruptcy estate. Additionally, in the fourth quarter of 2013, we reduced the amount of our estimated obligation associated with the KB-II bankruptcy to zero in our consolidated balance sheet. We based this reversal on the following factors: (1) we had not received any new demand letters from landlords during the past two years; (2) all prior demands against us by landlords had been settled or paid or the landlords had stopped pursuing their demands; (3) the KB-II bankruptcy occurred more than five years prior to the end of 2008 and most of the lease rejections occurred more than two years prior to the end of 2013; and (4) we believed that the likelihood of new claims against us was remote and, if incurred, the amount would be immaterial. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Fiscal Period, Policy [Policy Text Block] | ' |
Fiscal Periods | |
Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2014 (“2014”) is comprised of the 52 weeks that began on February 2, 2014 and will end on January 31, 2015. Fiscal year 2013 (“2013”) was comprised of the 52 weeks that began on February 3, 2013 and ended on February 1, 2014. The fiscal quarters ended November 1, 2014 (“third quarter of 2014”) and November 2, 2013 (“third quarter of 2013”) were both comprised of 13 weeks. The year-to-date periods ended November 1, 2014 (“year-to-date 2014”) and November 2, 2013 (“year-to-date 2013”) were both comprised of 39 weeks. | |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' |
Selling and Administrative Expenses | |
Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include distribution and outbound transportation costs in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $40.9 million and $41.2 million for the third quarter of 2014 and the third quarter of 2013, respectively, and $119.0 million and $117.1 million for the year-to-date 2014 and the year-to-date 2013, respectively. | |
Advertising Costs, Policy [Policy Text Block] | ' |
Advertising Expense | |
Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, internet marketing and advertising, and in-store presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $16.9 million and $18.2 million for the third quarter of 2014 and the third quarter of 2013, respectively, and $57.7 million and $61.2 million for the year-to-date 2014 and the year-to-date 2013, respectively. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Translation | |
The functional currency of our former international subsidiary was the local currency of the country in which the subsidiary was located. We had one foreign subsidiary domiciled in Canada. Foreign currency denominated assets and liabilities are translated into U.S. Dollars using the exchange rate in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities was included as a component of shareholders’ equity in accumulated other comprehensive loss in 2013. Gains and losses from foreign currency transactions are included in discontinued operations because our Canadian subsidiary has ceased operations. There were losses from foreign currency transactions of $0.1 million, $0.1 million, $4.8 million, and $0.4 million for the third quarter of 2014, the third quarter of 2013, the year-to-date 2014, and the year-to-date 2013, respectively. Included in the foreign currency loss in the year-to-date 2014 is a $5.1 million loss related to the realization of the cumulative translation adjustment on our investment in our Canadian operations. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Wholesale Business | |
During the fourth quarter of 2013, we executed our wind down plan and ceased the operations of our wholesale business. Therefore, we determined that the results of our wholesale business should be reported as discontinued operations. As such, we have reclassified our results for all periods presented. Please see the Wholesale Business section of note 11 and note 12 to the consolidated financial statements for further discussion of the wind down of our wholesale business and the costs we incurred in connection with the wind down during the year-to-date 2014. | |
Canadian Operations | |
During the first quarter of 2014, we executed the remainder of our wind down plan and ceased the operations of our former Canadian segment. Therefore, we determined that the results of our former Canadian segment should be reported as discontinued operations. As such, we have reclassified our results for all periods presented. Please see the Canadian Operations section of note 11 and note 12 to the consolidated financial statements for further discussion of the wind down of our Canadian operations and the costs we incurred in connection with the wind down during the year-to-date 2014. | |
Merchandise Categories | |
In the fourth quarter of 2013, we realigned select merchandise categories to be consistent with the realignment of our merchandising team and changes to our management reporting. We now use the following merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Soft Home, Hard Home, Furniture & Home Décor, Seasonal, and Electronics & Accessories. The Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes our health and beauty, plastics, paper, chemical, and pet departments. The Soft Home category includes the fashion bedding, utility bedding, bath, window, decorative textile, and flooring departments. The Hard Home category includes our small appliances, table top, food preparation, stationery, greeting card, tools, paint, and home maintenance departments. The Furniture & Home Décor category includes our upholstery, mattress, ready-to-assemble, case goods, home décor, and frames departments. The Seasonal category includes our lawn & garden, summer, Christmas, toys, books, sporting goods, and other holiday departments. The Electronics & Accessories category includes the electronics, jewelry, apparel, hosiery, and infant accessories departments. In order to provide comparative information, we have reclassified our net sales by merchandise category into the new alignment for all periods presented in note 9 to the consolidated financial statements. | |
We periodically make minor adjustments to our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Account Policies (Tables) | 9 Months Ended | |||||||
Nov. 01, 2014 | ||||||||
Other Significant Noncash Transactions [Line Items] | ' | |||||||
Schedule of Other Significant Noncash Transactions [Table Text Block] | ' | |||||||
The following table provides supplemental cash flow information for the year-to-date 2014 and the year-to-date 2013: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
(In thousands) | November 1, 2014 | November 2, 2013 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, including capital leases | $ | 825 | $ | 1,858 | ||||
Cash paid for income taxes, excluding impact of refunds | 69,573 | 122,012 | ||||||
Gross proceeds from borrowings under the bank credit facility | 1,131,900 | 970,000 | ||||||
Gross repayments of borrowings under the bank credit facility | 925,500 | 817,200 | ||||||
Non-cash activity: | ||||||||
Assets acquired under capital leases | 11,317 | — | ||||||
Accrued property and equipment | 11,557 | 9,018 | ||||||
Share repurchases payable | $ | 10,642 | $ | — | ||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||
Nov. 01, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Dividends Declared [Table Text Block] | ' | |||||||||||
The Company declared and paid cash dividends per common share during the periods presented as follows: | ||||||||||||
Dividends | Amount Declared | Amount Paid | ||||||||||
Per Share | ||||||||||||
2014:00:00 | (in thousands) | (in thousands) | ||||||||||
Third quarter | $ | 0.17 | $ | 9,718 | $ | 9,457 | ||||||
Second quarter | 0.17 | 9,585 | 9,366 | |||||||||
Total | $ | 0.34 | $ | 19,303 | $ | 18,823 | ||||||
ShareBased_Plans_Tables
Share-Based Plans (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The weighted-average fair value of stock options granted and assumptions used in the model to estimate the fair value of stock options granted during each of the respective periods were as follows: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
2013 | 2013 | |||||||||||||
Weighted-average fair value of stock options granted | $ | 11.83 | $ | 12.08 | ||||||||||
Risk-free interest rate | 1.1 | % | 0.7 | % | ||||||||||
Expected life (years) | 4.2 | 4.2 | ||||||||||||
Expected volatility | 39.9 | % | 42.1 | % | ||||||||||
Expected annual forfeiture rate | 3 | % | 3 | % | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes stock option activity for the year-to-date 2014: | ||||||||||||||
Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000's) | |||||||||||
Outstanding stock options at February 1, 2014 | 3,377,303 | $ | 34.88 | |||||||||||
Exercised | (243,218 | ) | 26.9 | |||||||||||
Forfeited | (139,850 | ) | 38.63 | |||||||||||
Outstanding stock options at May 3, 2014 | 2,994,235 | $ | 35.35 | 4.2 | $ | 16,314 | ||||||||
Exercised | (464,400 | ) | 36.73 | |||||||||||
Forfeited | (50,700 | ) | 40.35 | |||||||||||
Outstanding stock options at August 2, 2014 | 2,479,135 | $ | 35 | 4.1 | $ | 20,850 | ||||||||
Exercised | (541,797 | ) | 25.75 | |||||||||||
Forfeited | (72,500 | ) | 39.15 | |||||||||||
Outstanding stock options at November 1, 2014 | 1,864,838 | $ | 37.52 | 4.3 | $ | 15,162 | ||||||||
Vested or expected to vest at November 1, 2014 | 1,775,684 | $ | 37.48 | 4.2 | $ | 14,515 | ||||||||
Exercisable at November 1, 2014 | 895,774 | $ | 36.89 | 3.5 | $ | 7,845 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units, Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes the non-vested restricted stock awards and restricted stock units activity for the year-to-date 2014: | ||||||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value Per Share | |||||||||||||
Outstanding non-vested restricted stock at February 1, 2014 | 664,101 | $ | 38.34 | |||||||||||
Granted | 281,056 | 37.12 | ||||||||||||
Vested | (13,500 | ) | 34.75 | |||||||||||
Forfeited | (99,200 | ) | 40.19 | |||||||||||
Outstanding non-vested restricted stock at May 3, 2014 | 832,457 | $ | 37.77 | |||||||||||
Granted | 32,987 | 42.86 | ||||||||||||
Vested | (23,776 | ) | 33.65 | |||||||||||
Forfeited | (22,490 | ) | 39.61 | |||||||||||
Outstanding non-vested restricted stock at August 2, 2014 | 819,178 | $ | 38.04 | |||||||||||
Granted | 2,012 | 43.87 | ||||||||||||
Vested | (31,000 | ) | 34.75 | |||||||||||
Forfeited | (28,990 | ) | 38.84 | |||||||||||
Outstanding non-vested restricted stock at November 1, 2014 | 761,200 | $ | 38.16 | |||||||||||
Schedule of Share Based Compensation, Additional Information [Table Text Block] | ' | |||||||||||||
The following activity occurred under our share-based plans during the respective periods shown: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Total intrinsic value of stock options exercised | $ | 11,050 | $ | 625 | $ | 16,980 | $ | 2,414 | ||||||
Total fair value of restricted stock vested | 1,325 | — | 2,736 | 1,434 | ||||||||||
Total fair value of performance shares vested | 585 | — | 1,143 | — | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||
The weighted-average assumptions used to determine net periodic pension cost for our plans were as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 5 | % | 4.6 | % | ||||||||||
Rate of increase in compensation levels | 3 | % | 3.5 | % | ||||||||||
Expected long-term rate of return | 6 | % | 5.1 | % | ||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||
The components of combined net periodic pension cost were as follows: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost - benefits earned in the period | $ | 489 | $ | 521 | $ | 1,463 | $ | 1,564 | ||||||
Interest cost on projected benefit obligation | 799 | 761 | 2,413 | 2,281 | ||||||||||
Expected investment return on plan assets | (804 | ) | (723 | ) | (2,414 | ) | (2,170 | ) | ||||||
Amortization of actuarial loss | 380 | 423 | 1,123 | 1,269 | ||||||||||
Amortization of prior service cost | (9 | ) | (9 | ) | (26 | ) | (26 | ) | ||||||
Amortization of transition obligation | — | 3 | — | 9 | ||||||||||
Settlement loss | 164 | 83 | 164 | 83 | ||||||||||
Net periodic pension cost | $ | 1,019 | $ | 1,059 | $ | 2,723 | $ | 3,010 | ||||||
Business_Segment_Data_Tables
Business Segment Data (Tables) | 9 Months Ended | |||||||||||||||
Nov. 01, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Net Sales by Category [Table Text Block] | ' | |||||||||||||||
The following table presents net sales data by merchandise category: | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Furniture & Home Décor | $ | 270,242 | $ | 246,093 | $ | 843,952 | $ | 796,178 | ||||||||
Consumables | 230,191 | 226,420 | 693,102 | 671,603 | ||||||||||||
Food | 202,352 | 185,959 | 584,762 | 530,216 | ||||||||||||
Hard Home | 115,414 | 132,498 | 338,187 | 394,542 | ||||||||||||
Soft Home | 110,292 | 105,286 | 328,398 | 305,468 | ||||||||||||
Seasonal | 95,942 | 106,951 | 549,200 | 552,349 | ||||||||||||
Electronics & Accessories | 82,662 | 101,711 | 246,128 | 302,487 | ||||||||||||
Net sales | $ | 1,107,095 | $ | 1,104,918 | $ | 3,583,729 | $ | 3,552,843 | ||||||||
Components_of_Accumulated_Othe1
Components of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | ||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |||||||||||||||||||||||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ' | ' | |||||||||||||||||||||||||||||||||
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during the third quarter of 2014: | The following table summarizes the components of accumulated other comprehensive loss, net of tax, during the third quarter of 2013: | The following table summarizes the components of accumulated other comprehensive loss, net of tax, during 2013 and 2014: | ||||||||||||||||||||||||||||||||||
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | (In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | (In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | |||||||||||||||||||||||||
Balance at August 2, 2014 | $ | — | $ | (8,066 | ) | $ | (8,066 | ) | Balance at August 3, 2013 | $ | (3,398 | ) | $ | (11,398 | ) | $ | (14,796 | ) | Balance at February 2, 2013 | $ | (1,433 | ) | $ | (11,897 | ) | $ | (13,330 | ) | ||||||||
Other comprehensive income before reclassifications | (224 | ) | 50 | (174 | ) | Other comprehensive income before reclassifications | (2,189 | ) | 50 | (2,139 | ) | |||||||||||||||||||||||||
Other comprehensive income before reclassifications | — | (368 | ) | (368 | ) | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 252 | 252 | Amounts reclassified from accumulated other comprehensive loss | — | 751 | 751 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 304 | 304 | |||||||||||||||||||||||||||||||||
Net period change | (224 | ) | 302 | 78 | Net period change | (2,189 | ) | 801 | (1,388 | ) | ||||||||||||||||||||||||||
Net period change | — | (64 | ) | (64 | ) | |||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | (3,622 | ) | $ | (11,096 | ) | $ | (14,718 | ) | Balance at November 2, 2013 | (3,622 | ) | (11,096 | ) | (14,718 | ) | ||||||||||||||||||||
Balance at November 1, 2014 | $ | — | $ | (8,130 | ) | $ | (8,130 | ) | Other comprehensive income before reclassifications | (1,400 | ) | 2,302 | 902 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 305 | 305 | |||||||||||||||||||||||||||||||||
Net period change | (1,400 | ) | 2,607 | 1,207 | ||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | (5,022 | ) | (8,489 | ) | (13,511 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | (39 | ) | (368 | ) | (407 | ) | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 5,061 | 727 | 5,788 | |||||||||||||||||||||||||||||||||
Net period change | 5,022 | 359 | 5,381 | |||||||||||||||||||||||||||||||||
Balance at November 1, 2014 | $ | — | $ | (8,130 | ) | $ | (8,130 | ) | ||||||||||||||||||||||||||||
Costs_Associated_with_Wind_Dow1
Costs Associated with Wind Down Activities (Tables) (CANADA) | 9 Months Ended | |||||||||||
Nov. 01, 2014 | ||||||||||||
CANADA | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Restructuring and Related Costs [Table Text Block] | ' | |||||||||||
The following table summarizes the components of our wind down activities associated with our Canadian operations and the activities within the related liabilities during 2014: | ||||||||||||
(In thousands) | Severance | Contract Termination Costs | Total | |||||||||
Balance at February 1, 2014 | $ | 2,420 | $ | 1,276 | $ | 3,696 | ||||||
Charges | 2,206 | 22,984 | 25,190 | |||||||||
Adjustments | — | 553 | 553 | |||||||||
Payments | (3,997 | ) | (15,577 | ) | (19,574 | ) | ||||||
Foreign currency translation | (38 | ) | 74 | 36 | ||||||||
Period change | (1,829 | ) | 8,034 | 6,205 | ||||||||
Balance at May 3, 2014 | $ | 591 | $ | 9,310 | $ | 9,901 | ||||||
Charges | — | 28 | 28 | |||||||||
Adjustments | — | (335 | ) | (335 | ) | |||||||
Payments | (591 | ) | (7,942 | ) | (8,533 | ) | ||||||
Foreign currency translation | — | 95 | 95 | |||||||||
Period change | (591 | ) | (8,154 | ) | (8,745 | ) | ||||||
Balance at August 2, 2014 | $ | — | $ | 1,156 | $ | 1,156 | ||||||
Charges | — | 114 | 114 | |||||||||
Adjustments | — | — | — | |||||||||
Payments | — | (1,012 | ) | (1,012 | ) | |||||||
Foreign currency translation | — | (8 | ) | (8 | ) | |||||||
Period change | — | (906 | ) | (906 | ) | |||||||
Balance at November 1, 2014 | $ | — | $ | 250 | $ | 250 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||
Our discontinued operations for the third quarter and year-to-date of 2014 and 2013 were comprised of the following: | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
(In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||
Canadian operations | $ | (475 | ) | $ | (4,977 | ) | $ | (35,629 | ) | $ | (13,269 | ) | ||
Wholesale business | (58 | ) | (4,296 | ) | (216 | ) | (4,697 | ) | ||||||
KB Toys matters | — | — | 9 | — | ||||||||||
Other | — | — | — | 1 | ||||||||||
Total loss from discontinued operations, pretax | $ | (533 | ) | $ | (9,273 | ) | $ | (35,836 | ) | $ | (17,965 | ) |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' | ' | ' |
Number of Stores | 1,496 | ' | 1,496 | ' | ' |
Operating Cycle | ' | ' | '52 or 53 weeks | ' | ' |
Fiscal Period | ' | ' | 'P52W | ' | 'P52W |
Current Quarter Period | 'P13W | 'P13W | ' | ' | ' |
Current Quarter Year To Date Period | ' | ' | 'P39W | 'P39W | ' |
Distribution and Outbound Transportation Costs | $40.90 | $41.20 | $119 | $117.10 | ' |
Advertising Expense | 16.9 | 18.2 | 57.7 | 61.2 | ' |
Foreign Currency Transaction Gain (Loss), before Tax | -0.1 | -0.1 | -4.8 | -0.4 | ' |
CANADA | ' | ' | ' | ' | ' |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | ($5.10) | ' | ' |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest, including capital leases | $825 | $1,858 |
Cash paid for income taxes, excluding impact of refunds | 69,573 | 122,012 |
Gross proceeds from borrowings under the bank credit facility | 1,131,900 | 970,000 |
Gross repayments of borrowings under the bank credit facility | 925,500 | 817,200 |
Non-cash activity: | ' | ' |
Assets acquired under capital leases | 11,317 | 0 |
Accrued property and equipment | 11,557 | 9,018 |
Share repurchases payable | $10,642 | $0 |
Bank_Credit_Facility_Details
Bank Credit Facility (Details) (2011 Credit Agreement [Member], USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | 30-May-13 | Nov. 01, 2014 | Jul. 21, 2011 |
2011 Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $700 | ' | ' |
Debt Instrument, Term | '5 years | ' | ' |
Deferred Finance Costs, Gross | 0.9 | ' | 3 |
Line of Credit Facility, Swing Loan Sublimit | ' | 30 | ' |
Line of Credit Facility, Letter of Credit Sublimit | ' | 150 | ' |
Line of Credit Facility, Amount Outstanding | ' | 283.4 | ' |
Line of Credit Facility, Letters of Credit Outstanding | ' | 11.2 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | $405.40 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], Level 1 [Member], USD $) | Nov. 01, 2014 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading Securities, Fair Value Disclosure | $16.80 | $21.20 |
Shareholders_Equity_Earnings_P
Shareholders' Equity - Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | 0 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 600,000 | 2,400,000 | 1,700,000 | 2,800,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Shareholders_Equity_Share_Repu
Shareholders' Equity - Share Repurchase Programs (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Share data in Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Mar. 31, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Aug. 31, 2014 |
2014 Repurchase Programs [Member] | March 2014 Repurchase Program [Member] | March 2014 Repurchase Program [Member] | August 2014 Repurchase Program [Member] | August 2014 Repurchase Program [Member] | August 2014 Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | $125,000,000 | ' | ' | $125,000,000 |
Stock Repurchased During Period, Shares | ' | ' | ' | 5,900 | 3,300 | ' | 2,600 | 2,600 | ' |
Stock Repurchased During Period, Value | $0 | $240,462,000 | $214,000 | $239,800,000 | $125,000,000 | ' | $114,800,000 | $114,800,000 | ' |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equiity - Dividends (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Aug. 02, 2014 | Nov. 01, 2014 |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||
Dividends, Common Stock [Abstract] | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | $0.17 | $0.17 | $0.34 |
Amount declared (Dividends) | $19,303 | ' | $9,718 | $9,585 | $19,303 |
Amount paid (Dividends) | $18,823 | $0 | $9,457 | $9,366 | $18,823 |
ShareBased_Plans_Details
Share-Based Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $3,000,000 | ' | ' | $3,700,000 | $8,000,000 | $11,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of stock options granted | ' | ' | ' | $11.83 | ' | $12.08 | ' |
Risk-free interest rate | ' | ' | ' | 1.10% | ' | 0.70% | ' |
Expected life (years) | ' | ' | ' | '4 years 2 months 12 days | ' | '4 years 2 months 12 days | ' |
Expected volatility | ' | ' | ' | 39.90% | ' | 42.10% | ' |
Expected annual forfeiture rate | ' | ' | ' | 3.00% | ' | 3.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock options | 2,479,135 | 2,994,235 | 3,377,303 | ' | 3,377,303 | ' | ' |
Granted | ' | ' | ' | ' | 0 | ' | ' |
Exercised | -541,797 | -464,400 | -243,218 | ' | ' | ' | ' |
Forfeited | -72,500 | -50,700 | -139,850 | ' | ' | ' | ' |
Outstanding stock options | 1,864,838 | 2,479,135 | 2,994,235 | ' | 1,864,838 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Number | 1,775,684 | ' | ' | ' | 1,775,684 | ' | ' |
Options, Exercisable, Number | 895,774 | ' | ' | ' | 895,774 | ' | ' |
Options, Outstanding, Weighted Average Exercise Price | $37.52 | $35 | $35.35 | ' | $37.52 | ' | $34.88 |
Options, Exercises in Period, Weighted Average Exercise Price | $25.75 | $36.73 | $26.90 | ' | ' | ' | ' |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $39.15 | $40.35 | $38.63 | ' | ' | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $37.48 | ' | ' | ' | $37.48 | ' | ' |
Options, Exercisable, Weighted Average Exercise Price | $36.89 | ' | ' | ' | $36.89 | ' | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '4 years 3 months 18 days | '4 years 1 month | '4 years 2 months 18 days | ' | ' | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '4 years 2 months 12 days | ' | ' | ' | ' | ' | ' |
Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 6 months | ' | ' | ' | ' | ' | ' |
Options, Outstanding, Intrinsic Value | 15,162,000 | 20,850,000 | 16,314,000 | ' | 15,162,000 | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 14,515,000 | ' | ' | ' | 14,515,000 | ' | ' |
Options, Exercisable, Intrinsic Value | 7,845,000 | ' | ' | ' | 7,845,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of stock options exercised | 11,050,000 | ' | ' | 625,000 | 16,980,000 | 2,414,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 23,800,000 | ' | ' | ' | 23,800,000 | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 0 months 2 days | ' | ' | ' | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | ' | ' | ' | ' | '4 years | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Award Expiration Period From Grant Date | ' | ' | ' | ' | '7 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | ' | ' | ' | ' | '4 years | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Award Expiration Period From Grant Date | ' | ' | ' | ' | '7 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Nonvested, beginning balance | 819,178 | 832,457 | 664,101 | ' | 664,101 | ' | ' |
Granted | 2,012 | 32,987 | 281,056 | ' | ' | ' | ' |
Vested | -31,000 | -23,776 | -13,500 | ' | ' | ' | ' |
Forfeited | -28,990 | -22,490 | -99,200 | ' | ' | ' | ' |
Nonvested, ending balance | 761,200 | 819,178 | 832,457 | ' | 761,200 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Weighted Average Grant Date Fair Value | $38.16 | $38.04 | $37.77 | ' | $38.16 | ' | $38.34 |
Grants in Period, Weighted Average Grant Date Fair Value | $43.87 | $42.86 | $37.12 | ' | ' | ' | ' |
Vested in Period, Weighted Average Grant Date Fair Value | $34.75 | $33.65 | $34.75 | ' | ' | ' | ' |
Forfeited in Period, Weighted Average Grant Date Fair Value | $38.84 | $39.61 | $40.19 | ' | ' | ' | ' |
Restricted Stock [Member] | Nonemployee Board of Directors [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Vested | ' | -23,776 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement, Fair Value of Shares Issued to Each Director | ' | 110,000 | ' | ' | ' | ' | ' |
Restricted Stock Awards (RSAs) [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | ' | ' | ' | ' | '5 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | ' | ' | ' | ' | '5 years | ' | ' |
Total fair value of equity instrument other than options vested | 1,325,000 | ' | ' | 0 | 2,736,000 | 1,434,000 | ' |
Restricted Stock Awards (RSAs) [Member] | Current [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '5 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '5 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '3 years | ' | ' |
Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | ' | ' | 434,124 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '3 years | ' | ' |
CEO Performance Share Units [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Award Expiration Period From Grant Date | ' | ' | ' | ' | '7 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Nonvested, beginning balance | ' | ' | 37,800 | ' | 37,800 | ' | ' |
Vested | -12,600 | -12,600 | ' | ' | ' | ' | ' |
Nonvested, ending balance | 12,600 | ' | ' | ' | 12,600 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | $34.68 |
Share Based Compensation Arrangement By Share Based Payment Award, Award Expiration Period From Grant Date | ' | ' | ' | ' | '7 years | ' | ' |
Total fair value of equity instrument other than options vested | $585,000 | ' | ' | $0 | $1,143,000 | $0 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Discount Rate | ' | ' | 5.00% | 4.60% |
Rate of Increase in Compensation Levels | ' | ' | 3.00% | 3.50% |
Expected Long-term Rate of Return | ' | ' | 6.00% | 5.10% |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost - benefits earned in the period | $489 | $521 | $1,463 | $1,564 |
Interest cost on projected benefit obligation | 799 | 761 | 2,413 | 2,281 |
Expected investment return on plan assets | -804 | -723 | -2,414 | -2,170 |
Amortization of actuarial loss | 380 | 423 | 1,123 | 1,269 |
Amortization of prior service cost | -9 | -9 | -26 | -26 |
Amortization of transition obligation | 0 | 3 | 0 | 9 |
Settlement loss | 164 | 83 | 164 | 83 |
Net periodic pension cost | 1,019 | 1,059 | 2,723 | 3,010 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | ' | ' | $0 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Nov. 01, 2014 |
In Millions, unless otherwise specified | |
Income Tax Contingency [Line Items] | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $4 |
Contingencies_Details
Contingencies (Details) (Pending Litigation [Member]) | 9 Months Ended |
Nov. 01, 2014 | |
Pending Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of Shareholder Derivative Lawsuits | 3 |
Business_Segment_Data_Details
Business Segment Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,107,095 | $1,104,918 | $3,583,729 | $3,552,843 |
Furniture & Home Decor [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 270,242 | 246,093 | 843,952 | 796,178 |
Consumables [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 230,191 | 226,420 | 693,102 | 671,603 |
Food [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 202,352 | 185,959 | 584,762 | 530,216 |
Hard Home [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 115,414 | 132,498 | 338,187 | 394,542 |
Soft Home [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 110,292 | 105,286 | 328,398 | 305,468 |
Seasonal [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 95,942 | 106,951 | 549,200 | 552,349 |
Electronics & Accessories [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $82,662 | $101,711 | $246,128 | $302,487 |
Components_of_Accumulated_Othe2
Components of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $0 | ($3,622) | ($3,398) | ($5,022) | ($1,433) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | -1,400 | -224 | -39 | -2,189 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | 0 | 5,061 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | -1,400 | -224 | 5,022 | -2,189 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 0 | -5,022 | -3,622 | 0 | -3,622 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -8,066 | -11,096 | -11,398 | -8,489 | -11,897 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | -368 | 2,302 | 50 | -368 | 50 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 304 | 305 | 252 | 727 | 751 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -64 | 2,607 | 302 | 359 | 801 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -8,130 | -8,489 | -11,096 | -8,130 | -11,096 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -8,066 | -14,718 | -14,796 | -13,511 | -13,330 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -368 | 902 | -174 | -407 | -2,139 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 304 | 305 | 252 | 5,788 | 751 |
Total other comprehensive income (loss) | -64 | 1,207 | 78 | 5,381 | -1,388 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($8,130) | ($13,511) | ($14,718) | ($8,130) | ($14,718) |
Costs_Associated_with_Wind_Dow2
Costs Associated with Wind Down Activities (Details) (USD $) | Nov. 01, 2014 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Aug. 02, 2014 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 |
Wholesale [Member] | CANADA | CANADA | CANADA | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Contract Termination [Member] | Contract Termination [Member] | Contract Termination [Member] | Contract Termination [Member] | |
Wholesale [Member] | CANADA | CANADA | CANADA | CANADA | CANADA | CANADA | CANADA | CANADA | |||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | ' | $1,156,000 | $9,901,000 | $3,696,000 | $500,000 | $0 | $591,000 | $2,420,000 | ' | $1,156,000 | $9,310,000 | $1,276,000 | ' |
Charges | ' | 114,000 | 28,000 | 25,190,000 | ' | 0 | 0 | 2,206,000 | ' | 114,000 | 28,000 | 22,984,000 | ' |
Adjustments | ' | 0 | -335,000 | 553,000 | ' | 0 | 0 | 0 | ' | 0 | -335,000 | 553,000 | ' |
Payments | ' | -1,012,000 | -8,533,000 | -19,574,000 | 500,000 | 0 | -591,000 | -3,997,000 | ' | -1,012,000 | -7,942,000 | -15,577,000 | ' |
Foreign currency translation | ' | -8,000 | 95,000 | 36,000 | ' | 0 | 0 | -38,000 | ' | -8,000 | 95,000 | 74,000 | ' |
Period change | ' | -906,000 | -8,745,000 | 6,205,000 | ' | 0 | -591,000 | -1,829,000 | ' | -906,000 | -8,154,000 | 8,034,000 | ' |
Restructuring Reserve | ' | 250,000 | 1,156,000 | 9,901,000 | ' | 0 | 0 | 591,000 | 2,420,000 | 250,000 | 1,156,000 | 9,310,000 | 1,276,000 |
Restructuring and Related Cost, Expected Cost Remaining | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance Costs | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | 2,700,000 | ' | ' | ' | ' |
Contract Termination Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | 1,300,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | ' | ' | ' | $5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
CANADA | CANADA | CANADA | CANADA | Wholesale [Member] | Wholesale [Member] | Wholesale [Member] | Wholesale [Member] | KB Toys [Member] | KB Toys [Member] | KB Toys [Member] | KB Toys [Member] | KB-II Bankruptcy [Member] | Closed Stores [Member] | Closed Stores [Member] | Closed Stores [Member] | Closed Stores [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loss from discontinued operations, preax | ($533,000) | ($9,273,000) | ($35,836,000) | ($17,965,000) | ($475,000) | ($4,977,000) | ($35,629,000) | ($13,269,000) | ($58,000) | ($4,296,000) | ($216,000) | ($4,697,000) | $0 | $0 | $9,000 | $0 | ' | $0 | $0 | $0 | $1,000 |
Discontinued operations, tax expense (benefit) | -207,000 | -1,704,000 | -13,003,000 | -1,846,000 | -200,000 | ' | -12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' |