Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
May 01, 2021 | Jun. 04, 2021 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 1, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-08897 | |
Entity Registrant Name | BIG LOTS, INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 06-1119097 | |
Entity Address, Address Line One | 4900 E. Dublin-Granville Road | |
Entity Address, City or Town | Columbus | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43081 | |
City Area Code | 614 | |
Local Phone Number | 278-6800 | |
Entity Central Index Key | 0000768835 | |
Title of 12(b) Security | Common shares | |
Trading Symbol | BIG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,639,480 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --01-31 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Filer Category | Large Accelerated Filer |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Net sales | $ 1,625,552 | $ 1,439,149 |
Cost of sales (exclusive of depreciation expense shown separately below) | 971,605 | 868,393 |
Gross margin | 653,947 | 570,756 |
Selling and administrative expenses | 497,418 | 458,631 |
Depreciation expense | 33,977 | 37,690 |
Operating profit | 122,552 | 74,435 |
Interest expense | (2,568) | (3,322) |
Other income (expense) | 960 | (3,317) |
Income before income taxes | 120,944 | 67,796 |
Income tax expense | 26,381 | 18,473 |
Net income and comprehensive income | $ 94,563 | $ 49,323 |
Earnings per common share | ||
Earnings per common share - basic (in dollars per share) | $ 2.68 | $ 1.26 |
Earnings per common share - diluted (in dollars per share) | $ 2.62 | $ 1.26 |
Weighted-average common shares outstanding: | ||
Basic | 35,349 | 39,129 |
Dilutive effect of share-based awards | 693 | 111 |
Diluted | 36,042 | 39,240 |
Cash dividends declared per common share | $ 0.30 | $ 0.30 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 613,329 | $ 559,556 |
Inventories | 901,482 | 940,294 |
Other current assets | 114,001 | 85,939 |
Total current assets | 1,628,812 | 1,585,789 |
Operating lease right-of-use assets | 1,631,817 | 1,649,009 |
Property and equipment - net | 723,158 | 717,216 |
Deferred income taxes | 17,741 | 16,329 |
Other assets | 36,008 | 68,914 |
Total assets | 4,037,536 | 4,037,257 |
Current liabilities: | ||
Accounts payable | 380,942 | 398,433 |
Current operating lease liabilities | 219,367 | 226,075 |
Property, payroll, and other taxes | 112,532 | 109,694 |
Accrued operating expenses | 158,136 | 138,331 |
Insurance reserves | 34,803 | 34,660 |
Accrued salaries and wages | 73,799 | 49,830 |
Income taxes payable | 70,340 | 43,601 |
Total current liabilities | 1,049,919 | 1,000,624 |
Long-term debt | 32,063 | 35,764 |
Noncurrent operating lease liabilities | 1,466,090 | 1,465,433 |
Deferred income taxes | 3,805 | 7,762 |
Insurance reserves | 59,379 | 57,452 |
Unrecognized tax benefits | 10,601 | 11,304 |
Other liabilities | 147,177 | 181,187 |
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 34,920 shares and 35,535 shares, respectively | 1,175 | 1,175 |
Treasury shares - 82.575 shares and 81,960 shares, respectively, at cost | (2,782,987) | (2,709,259) |
Additional paid-in capital | 615,955 | 634,813 |
Retained earnings | 3,434,359 | 3,351,002 |
Total shareholders' equity | 1,268,502 | 1,277,731 |
Total liabilities and shareholders' equity | $ 4,037,536 | $ 4,037,257 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | May 01, 2021 | Jan. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 298,000 | 298,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 117,495 | 117,495 |
Common Stock, Shares, Outstanding | 34,920 | 35,535 |
Treasury Stock, Shares | 82,575 | 81,960 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Performance Shares [Member] | Common Stock [Member] | Common Stock [Member]Performance Shares [Member] | Treasury Stock [Member] | Treasury Stock [Member]Performance Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Performance Shares [Member] | Retained Earnings [Member] | Retained Earnings [Member]Performance Shares [Member] |
Balance at Feb. 01, 2020 | $ 845,464 | $ 1,175 | $ (2,546,232) | $ 620,728 | $ 2,769,793 | |||||
Balance (in shares) at Feb. 01, 2020 | 39,037 | |||||||||
Treasury stock (in shares) at Feb. 01, 2020 | 78,458 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 49,323 | $ 0 | $ 0 | 0 | 49,323 | |||||
Dividends declared | (11,905) | 0 | 0 | 0 | (11,905) | |||||
Purchases of common shares | (1,940) | $ 0 | $ (1,940) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (119) | 119 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 7,782 | (7,782) | 0 | |||||
Restricted shares vested, (in shares) | 240 | (240) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 2,107 | $ (2,107) | $ 0 | |||||
Performance shares vested (in shares) | 65 | (65) | ||||||||
Other | 6 | $ 0 | $ 7 | (1) | 0 | |||||
Other (in shares) | 0 | 0 | ||||||||
Share-based employee compensation expense | 2,985 | $ 0 | $ 0 | 2,985 | 0 | |||||
Balance at May. 02, 2020 | 883,933 | $ 1,175 | $ (2,538,276) | 613,823 | 2,807,211 | |||||
Balance (in shares) at May. 02, 2020 | 39,223 | |||||||||
Treasury stock (in shares) at May. 02, 2020 | 78,272 | |||||||||
Balance at Jan. 30, 2021 | $ 1,277,731 | $ 1,175 | $ (2,709,259) | 634,813 | 3,351,002 | |||||
Balance (in shares) at Jan. 30, 2021 | 35,535 | 35,535 | ||||||||
Treasury stock (in shares) at Jan. 30, 2021 | 81,960 | 81,960 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | $ 94,563 | $ 0 | $ 0 | 0 | 94,563 | |||||
Dividends declared | (11,206) | 0 | 0 | 0 | (11,206) | |||||
Purchases of common shares | (104,491) | $ 0 | $ (104,491) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (1,538) | 1,538 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 12,995 | (12,995) | 0 | |||||
Restricted shares vested, (in shares) | 390 | (390) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 17,770 | $ (17,770) | $ 0 | |||||
Performance shares vested (in shares) | 533 | (533) | ||||||||
Other | (2) | $ 0 | $ (2) | 0 | 0 | |||||
Other (in shares) | 0 | 0 | ||||||||
Share-based employee compensation expense | 11,907 | $ 0 | $ 0 | 11,907 | 0 | |||||
Balance at May. 01, 2021 | $ 1,268,502 | $ 1,175 | $ (2,782,987) | $ 615,955 | $ 3,434,359 | |||||
Balance (in shares) at May. 01, 2021 | 34,920 | 34,920 | ||||||||
Treasury stock (in shares) at May. 01, 2021 | 82,575 | 82,575 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share | $ 0.30 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Operating activities: | ||
Net income | $ 94,563 | $ 49,323 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 34,116 | 37,819 |
Non-cash lease expense | 64,457 | 57,766 |
Deferred income taxes | (5,369) | (8,838) |
Non-cash impairment charge | 194 | 362 |
Loss on disposition of equipment | 780 | 129 |
Non-cash share-based compensation expense | 11,907 | 2,985 |
Unrealized (gain) loss on fuel derivatives | (1,005) | 3,144 |
Change in assets and liabilities | ||
Inventories | 38,813 | 114,707 |
Accounts payable | (17,492) | (102,779) |
Operating lease liabilities | (53,511) | (54,919) |
Current income taxes | 29,435 | 27,077 |
Other current assets | 1,294 | (486) |
Other current liabilities | 2,703 | 16,315 |
Other assets | 389 | 4,395 |
Other liabilities | 3,019 | (879) |
Net cash provided by operating activities | 204,293 | 146,121 |
Investing activities: | ||
Capital expenditures | (32,160) | (28,928) |
Cash proceeds from sale of property and equipment | 7 | 26 |
Other | (17) | (11) |
Net cash used in investing activities | (32,170) | (28,913) |
Financing activities: | ||
Net (repayments of) proceeds from long-term debt | 3,580 | (157,337) |
Payment of finance lease obligations | 1,293 | 982 |
Dividends paid | (12,460) | (12,478) |
Payment for treasury shares acquired | (101,016) | (1,940) |
Other | (1) | 6 |
Net cash (used in) provided by financing activities | (118,350) | 141,943 |
Increase in cash and cash equivalents | 53,773 | 259,151 |
Cash and cash equivalents: | ||
Beginning of period | 559,556 | 52,721 |
End of period | $ 613,329 | $ 311,872 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies Supplemental Cash Flow Disclosures | 3 Months Ended |
May 01, 2021 | |
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 first quarter of 2021 and the first quarter of 2020: Thirteen Weeks Ended (In thousands) May 1, 2021 May 2, 2020 Supplemental disclosure of cash flow information: Cash paid for interest $ 468 $ 3,211 Cash paid for income taxes, excluding impact of refunds 2,303 122 Gross proceeds from long-term debt — 514,500 Gross payments of long-term debt 3,580 357,163 Cash paid for operating lease liabilities 76,727 75,317 Non-cash activity: Share repurchases payable 3,476 — Accrued property and equipment 26,306 27,213 Operating lease right-of-use assets obtained in exchange for operating lease liabilities 47,661 62,641 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
May 01, 2021 | |
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 neighborhood discount retailer operating in the United States (“U.S.”). At May 1, 2021, we operated 1,413 stores in 47 states and an e-commerce platform. 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. The 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, including as a result of the COVID-19 coronavirus pandemic, which has disrupted and may continue to disrupt our business. We have historically experienced seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. However, due to demand volatility we have experienced during the COVID-19 coronavirus pandemic, the seasonality of our 2021 results may differ from our historical experience. 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 January 30, 2021 (“2020 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 2021 (“2021”) is comprised of the 52 weeks that began on January 31, 2021 and will end on January 29, 2022. Fiscal year 2020 (“2020”) was comprised of the 52 weeks that began on February 2, 2020 and ended on January 30, 2021. The fiscal quarters ended May 1, 2021 (“first quarter of 2021”) and May 2, 2020 (“first quarter of 2020”) were both comprised of 13 weeks. Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing (which includes rent), distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Warehousing, distribution, and outbound transportation costs included in selling and administrative expenses were $66.2 million and $52.3 million for the first quarter of 2021 and the first quarter of 2020, respectively. Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, internet and e-mail marketing and advertising, and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $21.8 million and $23.0 million for the first quarter of 2021 and the first quarter of 2020, respectively. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the first quarter of 2021 and the first quarter of 2020: Thirteen Weeks Ended (In thousands) May 1, 2021 May 2, 2020 Supplemental disclosure of cash flow information: Cash paid for interest $ 468 $ 3,211 Cash paid for income taxes, excluding impact of refunds 2,303 122 Gross proceeds from long-term debt — 514,500 Gross payments of long-term debt 3,580 357,163 Cash paid for operating lease liabilities 76,727 75,317 Non-cash activity: Share repurchases payable 3,476 — Accrued property and equipment 26,306 27,213 Operating lease right-of-use assets obtained in exchange for operating lease liabilities 47,661 62,641 Reclassifications In the first quarter of 2021, we realigned select merchandise categories to be consistent with the initial realignment of our merchandising team and changes to our management reporting. We eliminated our Electronics, Toys, & Accessories category by absorbing its former merchandise departments into three of our existing merchandise categories. We moved our apparel, jewelry, and hosiery departments into our Soft Home merchandise category, our toys department into our Seasonal merchandise category, and our electronics department into our Hard Home merchandise category. Our six merchandise categories, which match our internal management and reporting of merchandise net sales are now as follows: Food; Consumables; Soft Home; Hard Home; Furniture; and Seasonal. The Food category includes our beverage & grocery; candy & snacks; and specialty foods departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; chemical; and pet departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; home organization; area rugs; apparel; hosiery; and jewelry departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; and electronics departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; toys; and other holiday departments. In order to provide comparative information, we have reclassified our results into the new alignment for both periods presented. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us. |
Debt
Debt | 3 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Bank Credit Facility On August 31, 2018, we entered into a $700 million five Borrowings under the Credit Agreement are available for general corporate purposes, working capital, and to repay certain indebtedness. The Credit Agreement includes a $30 million swing loan sublimit, a $75 million letter of credit sublimit, a $75 million sublimit for loans to foreign borrowers, and a $200 million optional currency sublimit. The interest rates, pricing and fees under the Credit Agreement fluctuate based on our debt rating. The 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 Credit Agreement. The 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. The covenants of the Credit Agreement do not restrict our ability to pay dividends. Additionally, we are subject to cross-default provisions associated with the synthetic lease for our distribution center in Apple Valley, CA. A violation of any of the covenants could result in a default under the Credit Agreement that would permit the lenders to restrict our ability to further access the Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the Credit Agreement. At May 1, 2021, we had no borrowings outstanding under the Credit Agreement, while $5.8 million was committed to outstanding letters of credit, leaving $694.2 million available under the Credit Agreement. Secured Equipment Term Note On August 7, 2019, we entered into a $70.0 million term note agreement (“2019 Term Note”), which is secured by the equipment at our Apple Valley, CA distribution center. In connection with our entry into the 2019 Term Note, we paid debt issuance costs of $0.2 million. In light of our strong liquidity and current market conditions, on June 7, 2021, we prepaid the remaining $44.3 million principal balance under the 2019 Term Note. In connection with the prepayment, we incurred a $0.4 million prepayment fee and recognized a $0.5 million loss on debt extinguishment in the second quarter of 2021. The interest rate on the 2019 Term Note was 3.3%. Debt was recorded in our consolidated balance sheets as follows: Instrument (In thousands) May 1, 2021 January 30, 2021 2019 Term Note $ 46,684 $ 50,264 Credit Agreement — — Total debt $ 46,684 $ 50,264 Less current portion of long-term debt (included in Accrued operating expenses) $ (14,621) $ (14,500) Long-term debt $ 32,063 $ 35,764 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 01, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS At May 1, 2021 and January 30, 2021, we held investments in money market funds, which were recorded in our consolidated balance sheets at their fair value. The fair values of the money market 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. At May 1, 2021 and January 30, 2021, in connection with our nonqualified deferred compensation plan, we had mutual fund investments, which 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. As of May 1, 2021, the fair value of our investments were recorded in our consolidated balance sheets as follows: (In thousands) Balance Sheet Location May 1, Level 1 Assets: Money market funds Cash and cash equivalents $ 175,135 $ 175,135 Mutual funds - deferred compensation plan Other current assets $ 29,988 $ 29,988 As of January 30, 2021, the fair value of our investments were recorded in our consolidated balance sheets as follows: (In thousands) Balance Sheet Location January 30, Level 1 Assets: Money market funds Cash and cash equivalents $ 175,113 $ 175,113 Mutual funds - deferred compensation plan Other assets $ 32,484 $ 32,484 The fair value of our long-term obligations under the 2019 Term Note are based on quoted market prices and are classified as Level 2 within the fair value hierarchy. The carrying value of the instrument approximates its fair value. The carrying value of accounts receivable and accounts payable approximates fair value because of the relatively short maturity of these items. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
May 01, 2021 | |
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. At May 2, 2020, we excluded performance restricted share units (“PRSUs”) from the securities outstanding for the computation of earnings per share because the minimum applicable performance conditions had not been attained. At May 1, 2021, all outstanding awards were included in our computation of earnings per share because the minimum applicable performance conditions had been attained. Antidilutive restricted stock units, performance share units (“PSUs”), and PRSUs, are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The restricted stock units, PSUs, and PRSUs that were antidilutive, as determined under the treasury stock method, were 0.1 million and 0.3 million for the first quarter of 2021 and the first quarter of 2020, respectively. Share Repurchase Programs On August 27, 2020, our Board of Directors authorized the repurchase of up to $500 million of our common shares (“2020 Repurchase Authorization”). Pursuant to the 2020 Repurchase Authorization, 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 2020 Repurchase Authorization will be available to meet obligations under our equity compensation plans and for general corporate purposes. The 2020 Repurchase Authorization has no scheduled termination date. During the first quarter of 2021, we acquired approximately 1.1 million of our outstanding common shares for $77.5 million under the 2020 Repurchase Authorization. As of May 1, 2021, we had $249.6 million available for future repurchases under the 2020 Repurchase Authorization. In addition to shares repurchased under the 2020 Repurchase Authorization, purchases of common shares reported in the consolidated statements of shareholders’ equity include shares acquired to satisfy income tax withholdings associated with the vesting of share-based awards. Dividends We declared and paid cash dividends per common share during the first quarter of 2021 as follows: Dividends Amount Declared Amount Paid 2021: (In thousands) (In thousands) First quarter $ 0.30 $ 11,206 $ 12,460 Total $ 0.30 $ 11,206 $ 12,460 The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock units, PSUs, and PRSUs. The payment of future dividends will be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors. |
Share-Based Plans
Share-Based Plans | 3 Months Ended |
May 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED PLANS | SHARE-BASED PLANS We have issued restricted stock units, PSUs, and PRSUs under our shareholder-approved equity compensation plans. We recognized share-based compensation expense of $11.9 million and $3.0 million in the first quarter of 2021 and the first quarter of 2020, respectively. Non-vested Restricted Stock Units The following table summarizes the non-vested restricted stock units activity for the first quarter of 2021: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested restricted stock units at January 30, 2021 1,214,212 $ 22.71 Granted 206,685 70.77 Vested (390,116) 22.74 Forfeited (31,181) 25.26 Outstanding non-vested restricted stock units at May 1, 2021 999,600 $ 32.56 The non-vested restricted stock units granted in the first quarter of 2021 generally vest and are expensed on a ratable basis over three years from the grant date of the award, if a threshold financial performance objective is achieved and the grantee remains employed by us through the vesting dates. Performance Share Units In the first quarter of 2020, we awarded PRSUs to certain members of senior management, which vest based on the achievement of share price performance goals and a minimum service requirement of one year. The PRSUs have a contractual term of three years. Shares issued in connection with vested PRSUs are generally restricted from sale, transfer, or other disposition prior to the third anniversary of the grant date except under certain circumstances, including death, disability, or change in control. The majority of PRSUs awarded in 2020 vested in the first quarter of 2021. At May 1, 2021, the share price performance goals applicable to the remaining 3,223 outstanding PRSUs had been attained and we expect the PRSUs outstanding at May 1, 2021 to vest in the second quarter of 2021. Prior to 2020 and in the first quarter of 2021, we issued PSUs to certain members of management, which will vest if certain financial performance objectives are achieved over a three As a result of the process used to establish the financial performance objectives, we will only meet the requirements for establishing a grant date for PSUs 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. 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 PSUs will vest on the first trading day after we file our Annual Report on Form 10-K for the last fiscal year in the performance period. We have begun or expect to begin recognizing expense related to PSUs and PRSUs as follows: Issue Year Outstanding PSUs and PRSUs at May 1, 2021 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2019 255,487 March 2021 Fiscal 2021 2020 3,223 April 2020 Fiscal 2020-2021 2021 166,055 March 2023 Fiscal 2023 Total 424,765 The number of shares to be distributed upon vesting of the PSUs depends on the average performance attained during the three-year performance period compared to the performance targets established by the Compensation Committee, and may result in the distribution of an amount of shares that is greater or less than the number of PSUs granted, as defined in the award agreement. During the first quarter of 2021, the PSUs issued in 2018 vested with an average performance attainment higher than the targets established. During the first quarters of 2021 and 2020, we recognized $8.6 million and $0.4 million in share-based compensation expense related to PSUs and PRSUs, respectively. The following table summarizes the activity related to PSUs and PRSUs for the first quarter of 2021: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs and PRSUs at January 30, 2021 474,031 $ 24.31 Granted 263,787 70.24 Vested (470,808) 24.27 Forfeited (8,300) 70.24 Outstanding PSUs and PRSUs at May 1, 2021 258,710 $ 69.74 The following activity occurred under our share-based plans during the respective periods shown: First Quarter (In thousands) 2021 2020 Total fair value of restricted stock vested $ 26,901 $ 4,040 Total fair value of performance shares vested $ 37,168 $ 924 |
Income Taxes
Income Taxes | 3 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESWe have estimated the reasonably possible expected net change in unrecognized tax benefits through April 30, 2022, 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 | 3 Months Ended |
May 01, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Legal Proceedings We are involved in 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 | 3 Months Ended |
May 01, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT DATA | BUSINESS SEGMENT DATA We use the following six merchandise categories, which are consistent with our internal management and reporting of merchandise net sales: Food; Consumables; Soft Home; Hard Home; Furniture; and Seasonal. The Food category includes our beverage & grocery; candy & snacks; and specialty foods departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; chemical; and pet departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; home organization; area rugs; jewelry; apparel; and hosiery departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; and electronics departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; toys; and other holiday departments. In the first quarter of 2021, we realigned our merchandise categories and eliminated our Electronics, Toys, & Accessories merchandise category, which comprised $75.1 million of net sales reported in the first quarter of 2020. See the reclassifications section of n ote 1 to the consolidated financial statements for further discussion. The following table presents net sales data by merchandise category: First Quarter (In thousands) 2021 2020 Furniture $ 481,431 $ 415,700 Seasonal 328,794 215,302 Soft Home 303,981 248,743 Consumables 204,015 237,241 Food 175,131 203,819 Hard Home 132,200 118,344 Net sales $ 1,625,552 $ 1,439,149 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 01, 2021 | |
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 2021 (“2021”) is comprised of the 52 weeks that began on January 31, 2021 and will end on January 29, 2022. Fiscal year 2020 (“2020”) was comprised of the 52 weeks that began on February 2, 2020 and ended on January 30, 2021. The fiscal quarters ended May 1, 2021 (“first quarter of 2021”) and May 2, 2020 (“first quarter of 2020”) were both comprised of 13 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 (which includes rent), distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Warehousing, distribution, and outbound transportation costs included in selling and administrative expenses were $66.2 million and $52.3 million for the first quarter of 2021 and the first quarter of 2020, respectively. |
Advertising Cost [Policy Text Block] | Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, internet and e-mail marketing and advertising, and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $21.8 million and $23.0 million for the first quarter of 2021 and the first quarter of 2020, respectively. |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassifications In the first quarter of 2021, we realigned select merchandise categories to be consistent with the initial realignment of our merchandising team and changes to our management reporting. We eliminated our Electronics, Toys, & Accessories category by absorbing its former merchandise departments into three of our existing merchandise categories. We moved our apparel, jewelry, and hosiery departments into our Soft Home merchandise category, our toys department into our Seasonal merchandise category, and our electronics department into our Hard Home merchandise category. Our six merchandise categories, which match our internal management and reporting of merchandise net sales are now as follows: Food; Consumables; Soft Home; Hard Home; Furniture; and Seasonal. The Food category includes our beverage & grocery; candy & snacks; and specialty foods departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; chemical; and pet departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; home organization; area rugs; apparel; hosiery; and jewelry departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; and electronics departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; toys; and other holiday departments. In order to provide comparative information, we have reclassified our results into the new alignment for both periods presented. |
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. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
May 01, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt was recorded in our consolidated balance sheets as follows: Instrument (In thousands) May 1, 2021 January 30, 2021 2019 Term Note $ 46,684 $ 50,264 Credit Agreement — — Total debt $ 46,684 $ 50,264 Less current portion of long-term debt (included in Accrued operating expenses) $ (14,621) $ (14,500) Long-term debt $ 32,063 $ 35,764 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 01, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of May 1, 2021, the fair value of our investments were recorded in our consolidated balance sheets as follows: (In thousands) Balance Sheet Location May 1, Level 1 Assets: Money market funds Cash and cash equivalents $ 175,135 $ 175,135 Mutual funds - deferred compensation plan Other current assets $ 29,988 $ 29,988 As of January 30, 2021, the fair value of our investments were recorded in our consolidated balance sheets as follows: (In thousands) Balance Sheet Location January 30, Level 1 Assets: Money market funds Cash and cash equivalents $ 175,113 $ 175,113 Mutual funds - deferred compensation plan Other assets $ 32,484 $ 32,484 |
Shareholders' Equity Dividends
Shareholders' Equity Dividends Declared (Tables) | 3 Months Ended |
May 01, 2021 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | We declared and paid cash dividends per common share during the first quarter of 2021 as follows: Dividends Amount Declared Amount Paid 2021: (In thousands) (In thousands) First quarter $ 0.30 $ 11,206 $ 12,460 Total $ 0.30 $ 11,206 $ 12,460 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 3 Months Ended |
May 01, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table summarizes the non-vested restricted stock units activity for the first quarter of 2021: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested restricted stock units at January 30, 2021 1,214,212 $ 22.71 Granted 206,685 70.77 Vested (390,116) 22.74 Forfeited (31,181) 25.26 Outstanding non-vested restricted stock units at May 1, 2021 999,600 $ 32.56 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes the activity related to PSUs and PRSUs for the first quarter of 2021: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs and PRSUs at January 30, 2021 474,031 $ 24.31 Granted 263,787 70.24 Vested (470,808) 24.27 Forfeited (8,300) 70.24 Outstanding PSUs and PRSUs at May 1, 2021 258,710 $ 69.74 |
Schedule of Share Based Compensation, Additional Information [Table Text Block] | The following activity occurred under our share-based plans during the respective periods shown: First Quarter (In thousands) 2021 2020 Total fair value of restricted stock vested $ 26,901 $ 4,040 Total fair value of performance shares vested $ 37,168 $ 924 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Compensation, Additional Information [Table Text Block] | We have begun or expect to begin recognizing expense related to PSUs and PRSUs as follows: Issue Year Outstanding PSUs and PRSUs at May 1, 2021 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2019 255,487 March 2021 Fiscal 2021 2020 3,223 April 2020 Fiscal 2020-2021 2021 166,055 March 2023 Fiscal 2023 Total 424,765 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 3 Months Ended |
May 01, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Category [Table Text Block] | The following table presents net sales data by merchandise category: First Quarter (In thousands) 2021 2020 Furniture $ 481,431 $ 415,700 Seasonal 328,794 215,302 Soft Home 303,981 248,743 Consumables 204,015 237,241 Food 175,131 203,819 Hard Home 132,200 118,344 Net sales $ 1,625,552 $ 1,439,149 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 01, 2021USD ($)store | May 02, 2020USD ($) | Jan. 29, 2022 | Jan. 30, 2021 | |
Components of Operating Cost and Expense [Abstract] | ||||
Number of Stores | store | 1,413 | |||
Number of States in which Entity Operates | 47 | |||
Fiscal Period Duration | 91 days | 91 days | 364 days | 364 days |
Distribution and Outbound Transportation Costs | $ 66.2 | $ 52.3 | ||
Advertising Expense | $ 21.8 | $ 23 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 468 | $ 3,211 |
Cash paid for income taxes, excluding impact of refunds | 2,303 | 122 |
Gross proceeds from long-term debt | 0 | 514,500 |
Gross payments of long-term debt | 3,580 | 357,163 |
Cash paid for operating lease liabilities | 76,727 | 75,317 |
Non-cash activity: | ||
Share repurchases payable | 3,476 | 0 |
Accrued property and equipment | 26,306 | 27,213 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 47,661 | $ 62,641 |
Debt (Details)
Debt (Details) - Credit Agreement [Member] - USD ($) $ in Millions | 1 Months Ended | |
Aug. 31, 2018 | May 01, 2021 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility | $ 700 | |
Debt Instrument, Term | 5 years | |
Debt Issuance Costs, Gross | $ 1.5 | |
Line of Credit Facility, Swing Loan Sublimit | 30 | |
Line of Credit Facility, Letter of Credit Sublimit | 75 | |
Line of Credit Facility, Foreign Borrower Sublimit | 75 | |
Line of Credit Facility, Optional Currency Sublimit | $ 200 | |
Line of Credit Facility, Amount Outstanding | $ 0 | |
Line of Credit Facility, Letters of Credit Outstanding | 5.8 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 694.2 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 07, 2021 | May 01, 2021 | Jan. 30, 2021 | Aug. 07, 2019 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||||
Total Debt | $ 46,684 | $ 50,264 | ||
Secured Debt, Current | (14,621) | (14,500) | ||
Long-term debt | 32,063 | 35,764 | ||
2019 Term Note [Member] | ||||
Secured Debt [Abstract] | ||||
Secured Debt | 46,684 | 50,264 | $ 70,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.30% | |||
Debt Issuance Costs, Gross | $ 200 | |||
Extinguishment of Debt, Amount | $ 44,300 | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | 400 | |||
Gain (Loss) on Extinguishment of Debt | $ 500 | |||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||||
Secured Debt | 46,684 | 50,264 | $ 70,000 | |
Line of Credit [Member] | ||||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||||
Long-term Line of Credit | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | $ 29,988 | $ 32,484 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 175,135 | 175,113 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 29,988 | 32,484 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 175,135 | $ 175,113 |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings Per Share (Details) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Class of Stock [Line Items] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 | 300,000 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Programs (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | Aug. 27, 2020 | |
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Value | $ 104,491 | $ 1,940 | |
Common Stock [Member] | 2020 Repurchase Authorization [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||
Stock Repurchased During Period, Shares | 1,100 | ||
Stock Repurchased During Period, Value | $ 77,500 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 249,600 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | |
Amount declared (Dividends) | $ 11,206 | $ 11,905 |
Amount paid (Dividends) | $ (12,460) | $ (12,478) |
Share-Based Plans - General and
Share-Based Plans - General and Other than Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 11,900 | $ 3,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 46,200 | ||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning balance | 1,214,212 | ||
Granted | 206,685 | ||
Vested | (390,116) | ||
Forfeited | (31,181) | ||
Nonvested, ending balance | 999,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested, Weighted Average Grant Date Fair Value | $ 32.56 | $ 22.71 | |
Grants in Period, Weighted Average Grant Date Fair Value | 70.77 | ||
Vested in Period, Weighted Average Grant Date Fair Value | 22.74 | ||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 25.26 | ||
Award Requisite Service Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Total fair value of other than options vested | $ 26,901 | 4,040 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 8,600 | 400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning balance | 474,031 | ||
Granted | 263,787 | ||
Vested | (470,808) | ||
Forfeited | (8,300) | ||
Nonvested, ending balance | 258,710 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested, Weighted Average Grant Date Fair Value | $ 69.74 | $ 24.31 | |
Grants in Period, Weighted Average Grant Date Fair Value | 70.24 | ||
Vested in Period, Weighted Average Grant Date Fair Value | 24.27 | ||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 70.24 | ||
Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 424,765 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Total fair value of other than options vested | $ 37,168 | $ 924 | |
2019 PSU Awards [Member] | |||
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, Performance Share Units Issued, Nonvested, Number | 255,487 | ||
2020 PRSU Awards [Member] | |||
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, Performance Share Units Issued, Nonvested, Number | 3,223 | ||
Award Requisite Service Period | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Term | 3 years | ||
2021 PSU Awards [Member] | |||
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, Performance Share Units Issued, Nonvested, Number | 166,055 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | May 01, 2021USD ($) |
Income Tax Contingency [Line Items] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ (4) |
Business Segment Data (Details)
Business Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,625,552 | $ 1,439,149 |
Furniture [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 481,431 | 415,700 |
Seasonal [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 328,794 | 215,302 |
Soft Home [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 303,981 | 248,743 |
Consumables [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 204,015 | 237,241 |
Food [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 175,131 | 203,819 |
Hard Home [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 132,200 | 118,344 |
Electronics, Toys, & Accessories [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 75,100 |