Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Oct. 30, 2021 | Dec. 03, 2021 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 30, 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 Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,540,270 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-31 | |
Amendment Flag | false | |
Entity Small Business | false |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Net sales | $ 1,335,656 | $ 1,377,925 | $ 4,418,582 | $ 4,461,271 |
Cost of sales (exclusive of depreciation expense shown separately below) | 816,475 | 820,032 | 2,667,657 | 2,649,058 |
Gross margin | 519,181 | 557,893 | 1,750,925 | 1,812,213 |
Selling and administrative expenses | 487,378 | 482,307 | 1,473,454 | 1,444,938 |
Depreciation expense | 35,930 | 33,086 | 105,196 | 104,750 |
Gain on sale of distribution centers | 0 | 0 | 0 | (463,053) |
Operating (loss) profit | (4,127) | 42,500 | 172,275 | 725,578 |
Interest expense | (2,284) | (2,586) | (7,148) | (8,456) |
Other income (expense) | 285 | (484) | 1,112 | (2,444) |
(Loss) income before income taxes | (6,126) | 39,430 | 166,239 | 714,678 |
Income tax (benefit) expense | (1,796) | 9,520 | 38,299 | 183,473 |
Net (loss) income and comprehensive (loss) income | $ (4,330) | $ 29,910 | $ 127,940 | $ 531,205 |
Earnings (loss) per common share | ||||
Earnings (loss) per common share - basic (in dollars per share) | $ (0.14) | $ 0.79 | $ 3.80 | $ 13.69 |
Earnings (loss) per common share - diluted (in dollars per share) | $ (0.14) | $ 0.76 | $ 3.73 | $ 13.46 |
Weighted-average common shares outstanding: | ||||
Basic | 31,679 | 38,054 | 33,677 | 38,807 |
Dilutive effect of share-based awards | 0 | 1,137 | 617 | 659 |
Diluted | 31,679 | 39,191 | 34,294 | 39,466 |
Cash dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.90 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 70,596 | $ 559,556 |
Inventories | 1,277,225 | 940,294 |
Other current assets | 148,959 | 85,939 |
Total current assets | 1,496,780 | 1,585,789 |
Operating lease right-of-use assets | 1,745,291 | 1,649,009 |
Property and equipment - net | 738,673 | 717,216 |
Deferred income taxes | 16,055 | 16,329 |
Other assets | 35,524 | 68,914 |
Total assets | 4,032,323 | 4,037,257 |
Current liabilities: | ||
Accounts payable | 605,336 | 398,433 |
Current operating lease liabilities | 235,473 | 226,075 |
Property, payroll, and other taxes | 104,806 | 109,694 |
Accrued operating expenses | 123,304 | 138,331 |
Insurance reserves | 35,616 | 34,660 |
Accrued salaries and wages | 74,648 | 49,830 |
Income taxes payable | 508 | 43,601 |
Total current liabilities | 1,179,691 | 1,000,624 |
Long-term debt | 0 | 35,764 |
Noncurrent operating lease liabilities | 1,579,209 | 1,465,433 |
Deferred income taxes | 8,504 | 7,762 |
Insurance reserves | 58,330 | 57,452 |
Unrecognized tax benefits | 10,415 | 11,304 |
Other liabilities | 146,334 | 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 30,535 shares and 35,535 shares, respectively | 1,175 | 1,175 |
Treasury shares - 86,960 shares and 81,960 shares, respectively, at cost | (3,031,084) | (2,709,259) |
Additional paid-in capital | 632,833 | 634,813 |
Retained earnings | 3,446,916 | 3,351,002 |
Total shareholders' equity | 1,049,840 | 1,277,731 |
Total liabilities and shareholders' equity | $ 4,032,323 | $ 4,037,257 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Oct. 30, 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 | 30,535 | 35,535 |
Treasury Stock, Shares | 86,960 | 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 | 531,205 | $ 0 | $ 0 | 0 | 531,205 | |||||
Dividends declared | (36,233) | 0 | 0 | 0 | (36,233) | |||||
Purchases of common shares | (102,641) | $ 0 | $ (102,641) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (2,316) | 2,316 | ||||||||
Exercise of stock options | 108 | $ 0 | $ 101 | 7 | 0 | |||||
Exercise of stock options (in shares) | 3 | (3) | ||||||||
Restricted shares vested | 0 | $ 0 | $ 9,679 | (9,679) | 0 | |||||
Restricted shares vested, (in shares) | 298 | (298) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 2,107 | $ (2,107) | $ 0 | |||||
Performance shares vested (in shares) | 65 | (65) | ||||||||
Other | 55 | $ 0 | $ 47 | 8 | 0 | |||||
Other (in shares) | 1 | (1) | ||||||||
Share-based employee compensation expense | 18,344 | $ 0 | $ 0 | 18,344 | 0 | |||||
Balance at Oct. 31, 2020 | 1,256,302 | $ 1,175 | $ (2,636,939) | 627,301 | 3,264,765 | |||||
Balance (in shares) at Oct. 31, 2020 | 37,088 | |||||||||
Treasury stock (in shares) at Oct. 31, 2020 | 80,407 | |||||||||
Balance at Aug. 01, 2020 | 1,328,160 | $ 1,175 | $ (2,537,359) | 617,496 | 3,246,848 | |||||
Balance (in shares) at Aug. 01, 2020 | 39,251 | |||||||||
Treasury stock (in shares) at Aug. 01, 2020 | 78,244 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 29,910 | $ 0 | $ 0 | 0 | 29,910 | |||||
Dividends declared | (11,993) | 0 | 0 | 0 | (11,993) | |||||
Purchases of common shares | (100,690) | $ 0 | $ (100,690) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (2,197) | 2,197 | ||||||||
Exercise of stock options | 10 | $ 0 | $ 10 | 0 | 0 | |||||
Exercise of stock options (in shares) | 0 | 0 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 1,102 | (1,102) | 0 | |||||
Restricted shares vested, (in shares) | 34 | (34) | ||||||||
Performance shares vested | 0 | $ 0 | $ 0 | 0 | 0 | |||||
Performance shares vested (in shares) | 0 | 0 | ||||||||
Other | (1) | $ 0 | $ (2) | 1 | 0 | |||||
Other (in shares) | 0 | 0 | ||||||||
Share-based employee compensation expense | 10,906 | $ 0 | $ 0 | 10,906 | 0 | |||||
Balance at Oct. 31, 2020 | 1,256,302 | $ 1,175 | $ (2,636,939) | 627,301 | 3,264,765 | |||||
Balance (in shares) at Oct. 31, 2020 | 37,088 | |||||||||
Treasury stock (in shares) at Oct. 31, 2020 | 80,407 | |||||||||
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 | $ 127,940 | $ 0 | $ 0 | 0 | 127,940 | |||||
Dividends declared | (32,026) | 0 | 0 | 0 | (32,026) | |||||
Purchases of common shares | (355,508) | $ 0 | $ (355,508) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (6,008) | 6,008 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 15,778 | (15,778) | 0 | |||||
Restricted shares vested, (in shares) | 471 | (471) | ||||||||
Performance shares vested | 0 | $ 0 | $ 17,879 | (17,879) | 0 | |||||
Performance shares vested (in shares) | 536 | (536) | ||||||||
Other | 58 | $ 0 | $ 26 | 32 | 0 | |||||
Other (in shares) | 1 | (1) | ||||||||
Share-based employee compensation expense | 31,645 | $ 0 | $ 0 | 31,645 | 0 | |||||
Balance at Oct. 30, 2021 | $ 1,049,840 | $ 1,175 | $ (3,031,084) | 632,833 | 3,446,916 | |||||
Balance (in shares) at Oct. 30, 2021 | 30,535 | 30,535 | ||||||||
Treasury stock (in shares) at Oct. 30, 2021 | 86,960 | 86,960 | ||||||||
Balance at Jul. 31, 2021 | $ 1,153,369 | $ 1,175 | $ (2,934,912) | 625,651 | 3,461,455 | |||||
Balance (in shares) at Jul. 31, 2021 | 32,550 | |||||||||
Treasury stock (in shares) at Jul. 31, 2021 | 84,945 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | (4,330) | $ 0 | $ 0 | 0 | (4,330) | |||||
Dividends declared | (10,209) | 0 | 0 | 0 | (10,209) | |||||
Purchases of common shares | (97,690) | $ 0 | $ (97,690) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (2,059) | 2,059 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 1,518 | (1,518) | 0 | |||||
Restricted shares vested, (in shares) | 43 | (43) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Performance shares vested (in shares) | 0 | 0 | ||||||||
Other | (1) | $ 0 | $ 0 | (1) | 0 | |||||
Other (in shares) | 1 | (1) | ||||||||
Share-based employee compensation expense | 8,701 | $ 0 | $ 0 | 8,701 | 0 | |||||
Balance at Oct. 30, 2021 | $ 1,049,840 | $ 1,175 | $ (3,031,084) | $ 632,833 | $ 3,446,916 | |||||
Balance (in shares) at Oct. 30, 2021 | 30,535 | 30,535 | ||||||||
Treasury stock (in shares) at Oct. 30, 2021 | 86,960 | 86,960 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Operating activities: | ||
Net income | $ 127,940 | $ 531,205 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 106,058 | 105,136 |
Non-cash lease amortization expense | 196,826 | 175,174 |
Deferred income taxes | 1,015 | (49,973) |
Non-cash impairment charge | 1,015 | 920 |
Loss (gain) on disposition of property and equipment | 1,104 | (463,191) |
Non-cash share-based compensation expense | 31,645 | 18,344 |
Unrealized (gain) loss on fuel derivatives | (1,582) | 1,635 |
Loss on extinguishment of debt | 535 | 0 |
Change in assets and liabilities | ||
Inventories | (336,931) | (167,801) |
Accounts payable | 206,903 | 191,193 |
Operating lease liabilities | (170,950) | (193,818) |
Current income taxes | (72,497) | 62,204 |
Other current assets | (2,867) | (7,738) |
Other current liabilities | (14,812) | 36,823 |
Other assets | 1,545 | 2,420 |
Other liabilities | 759 | 24,877 |
Net cash provided by operating activities | 75,706 | 267,410 |
Investing activities: | ||
Capital expenditures | (122,696) | (103,000) |
Cash proceeds from sale of property and equipment | 185 | 588,231 |
Other | (34) | (22) |
Net cash (used in) provided by investing activities | (122,545) | 485,209 |
Financing activities: | ||
Net repayments of long-term debt | (50,264) | (239,677) |
Net financing proceeds from sale and leaseback | 0 | 123,435 |
Payment of finance lease obligations | (2,268) | (2,962) |
Dividends paid | (32,554) | (35,825) |
Proceeds from the exercise of stock options | 0 | 108 |
Payment for treasury shares acquired | (355,508) | (102,641) |
Payments for debt issuance cost | (1,147) | 0 |
Payments to extinguish debt | (438) | 0 |
Other | 58 | 53 |
Net cash used in financing activities | (442,121) | (257,509) |
(Decrease) increase in cash and cash equivalents | (488,960) | 495,110 |
Cash and cash equivalents: | ||
Beginning of period | 559,556 | 52,721 |
End of period | $ 70,596 | $ 547,831 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures | 9 Months Ended |
Oct. 30, 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 year-to-date 2021 and the year-to-date 2020: Thirty-Nine Weeks Ended (In thousands) October 30, 2021 October 31, 2020 Supplemental disclosure of cash flow information: Cash paid for interest $ 5,167 $ 5,864 Cash paid for income taxes, excluding impact of refunds 109,787 171,155 Gross proceeds from long-term debt 1,800 514,500 Gross payments of long-term debt 52,064 754,177 Gross financing proceeds from sale and leaseback — 133,999 Gross repayments of financing from sale and leaseback — 10,564 Cash paid for operating lease liabilities 251,671 264,676 Non-cash activity: Assets acquired under finance leases 260 — Accrued property and equipment 22,491 19,608 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 294,327 $ 661,182 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 30, 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 October 30, 2021, we operated 1,424 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 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, supply chain disruption, and other effects we have experienced as a result of the COVID-19 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 October 30, 2021 (“third quarter of 2021”) and October 31, 2020 (“third quarter of 2020”) were both comprised of 13 weeks. The year-to-date periods ended October 30, 2021 (“year-to-date 2021”) and October 31, 2020 (“year-to-date 2020”) 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 (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 $79.6 million and $66.3 million for the third quarter of 2021 and the third quarter of 2020, respectively, and $217.7 million and $178.3 million for the year-to-date 2021 and the year-to-date 2020, respectively. Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, social media, internet and e-mail marketing, payment card-linked marketing, and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $18.3 million and $24.4 million for the third quarter of 2021 and the third quarter of 2020, respectively, and $62.1 million and $69.2 million for the year-to-date 2021 and the year-to-date 2020, respectively. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the year-to-date 2021 and the year-to-date 2020: Thirty-Nine Weeks Ended (In thousands) October 30, 2021 October 31, 2020 Supplemental disclosure of cash flow information: Cash paid for interest $ 5,167 $ 5,864 Cash paid for income taxes, excluding impact of refunds 109,787 171,155 Gross proceeds from long-term debt 1,800 514,500 Gross payments of long-term debt 52,064 754,177 Gross financing proceeds from sale and leaseback — 133,999 Gross repayments of financing from sale and leaseback — 10,564 Cash paid for operating lease liabilities 251,671 264,676 Non-cash activity: Assets acquired under finance leases 260 — Accrued property and equipment 22,491 19,608 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 294,327 $ 661,182 Reclassifications In the year-to-date 2021, we realigned select merchandise categories to be consistent with the realignment of our merchandising team and changes to our management reporting. To better suit the new alignment, we renamed our Electronics, Toys, & Accessories category as Apparel, Electronics, & Other. We moved our pet department from our Consumables category to our Food category; our home organization department from our Soft Home category to our Hard Home category; our toys department from our Apparel, Electronics, & Other category to our Hard Home category; our candy & snacks from our Food category to our Apparel, Electronics, & Other category; and added new departments for the merchandise assortments for The Lot, our cross-category presentation solution, and the Queue Line, our streamlined checkout experience, to the Apparel, Electronics, & Other category. Our seven merchandise categories, which match our internal management and reporting of merchandise net sales are now as follows: Food; Consumables; Soft Home; Hard Home; Furniture; Seasonal; and Apparel, Electronics, & Other. The Food category includes our beverage & grocery; specialty foods; and pet departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; and chemical departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; and area rugs departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; home organization; and toys departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; and other holiday departments. The Apparel, Electronics, & Other department includes our apparel; electronics; jewelry; hosiery; and candy & snacks departments, as well as the assortments for The Lot and the Queue Line. In order to provide comparative information, we have reclassified our results into the new alignment for all periods presented. Recently Adopted Accounting Standards In the third quarter of 2021, the Company adopted Accounting Standards Update (“ASU”) 2020-04 Reference Rate Reform. This ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, leases, and other transactions affected by the potential fallback of LIBOR. The Company adopted ASU 2020-04 in connection with its entry into a new credit facility (see note 2 to the consolidated financial statements) that includes language to address LIBOR fallback and in connection with an amendment to the lease for our Apple Valley, CA distribution center including similar LIBOR fallback language. The impact of the adoption was immaterial to the consolidated financial statements. |
Debt
Debt | 9 Months Ended |
Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Bank Credit Facility On September 22, 2021, we entered into a $600 million five five Borrowings under the 2021 Credit Agreement are available for general corporate purposes, working capital, and to repay certain indebtedness. The 2021 Credit Agreement includes a $50 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 2021 Credit Agreement also contains an environmental, social and governance (“ESG”) provision, which may provide favorable pricing and fee adjustments if we meet ESG performance criteria to be established by a future amendment to the 2021 Credit Agreement. Under the 2021 Credit Agreement, we have the option to establish incremental term loans and/or increases in the revolving credit limits in an aggregate amount of up to $300 million, subject to the lenders agreeing to increase their commitments. Additionally, the 2021 Credit Agreement includes two options to extend the maturity date of the 2021 Credit Agreement by one year each, subject to each lender agreeing to extend the maturity date of its respective loans. The interest rates, pricing and fees under the 2021 Credit Agreement fluctuate based on our debt rating or leverage ratio, whichever results in more favorable pricing to us. The 2021 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. The 2021 Credit Agreement updated the LIBOR fallback language to implement fallback provisions, pursuant to which the interest rate on the loans will transition to an alternative rate upon the occurrence of certain LIBOR cessation events. Loans made under the 2021 Credit Agreement may be prepaid without penalty. The 2021 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 2021 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, which was amended concurrent with our entry into the 2021 Credit Agreement to conform with the covenants of the 2021 Credit Agreement. A violation of any of the covenants could result in a default under the 2021 Credit Agreement that would permit the lenders to restrict our ability to further access the 2021 Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the 2021 Credit Agreement. At October 30, 2021, we had no borrowings outstanding under the 2021 Credit Agreement, while $5.1 million was committed to outstanding letters of credit, leaving $594.9 million available under the 2021 Credit Agreement. Secured Equipment Term Note On August 7, 2019, we entered into a $70 million term note agreement (“2019 Term Note”), which was secured by the equipment at our Apple Valley, CA distribution center and carried an interest rate of 3.3%. 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 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, which was recorded in Other income (expense) in the consolidated statements of operations and comprehensive income, in the second quarter of 2021. Debt was recorded in our consolidated balance sheets as follows: Instrument (In thousands) October 30, 2021 January 30, 2021 2019 Term Note $ — $ 50,264 2018 Credit Agreement & 2021 Credit Agreement — — Total debt $ — $ 50,264 Less current portion of long-term debt (included in Accrued operating expenses) $ — $ (14,500) Long-term debt $ — $ 35,764 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS At October 30, 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. At 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. As of October 30, 2021, the fair value of our investments were recorded in our consolidated balance sheets as follows: (In thousands) Balance Sheet Location October 30, Level 1 Assets: Money market funds Cash and cash equivalents $ — $ — Mutual funds - deferred compensation plan Other current assets $ 27,534 $ 27,534 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 carrying value of accounts receivable and accounts payable approximates fair value because of the relatively short maturity of these items. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 30, 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. Antidilutive restricted stock units, performance share units (“PSUs”), and performance restricted share units (“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 0.2 million and immaterial for the third quarter of 2021 and the third quarter of 2020, respectively, and 0.2 million and immaterial for the year-to-date 2021 and the year-to-date 2020, respectively. Due to the net loss in third quarter of 2021, any potentially dilutive shares were excluded from the denominator in computing diluted earnings (loss) per common share for the third quarter of 2021. 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”). Common shares acquired through the 2020 Repurchase Authorization are available to meet obligations under our equity compensation plans and for general corporate purposes. The 2020 Repurchase Authorization was exhausted during the third quarter of 2021. The Company repurchased shares under the 2020 Repurchase Authorization during the year-to-date 2021 as follows: Number of Shares Repurchased Amount of Repurchased Shares 2021: (In thousands) (In thousands) First quarter 1,149 $ 77,533 Second quarter 2,405 152,883 Third quarter 2,040 96,751 Total 5,594 $ 327,167 In addition to shares repurchased under the 2020 Repurchase Authorization, purchases of common shares reported in the consolidated statements of shareholders’ equity include shares repurchased to satisfy income tax withholdings associated with the vesting of share-based awards. Dividends The Company declared and paid cash dividends per common share during the quarterly periods presented as follows: Dividends Amount Declared Amount Paid 2021: (In thousands) (In thousands) First quarter $ 0.30 $ 11,206 $ 12,460 Second quarter 0.30 10,611 10,204 Third quarter 0.30 10,209 9,890 Total $ 0.90 $ 32,026 $ 32,554 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 | 9 Months Ended |
Oct. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED PLANS | SHARE-BASED PLANS We have issued restricted stock units, PSUs, PRSUs, and nonqualified stock options under our shareholder-approved equity compensation plans. At October 30, 2021, we had no outstanding PRSUs and no outstanding nonqualified stock options. We recognized share-based compensation expense of $8.7 million and $10.9 million in the third quarter of 2021 and the third quarter of 2020, respectively, and $31.6 million and $18.3 million for the year-to-date 2021 and the year-to-date 2020, respectively. Non-vested Restricted Stock Units The following table summarizes the non-vested restricted stock units activity for the year-to-date 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 Granted 34,847 64.55 Vested (37,454) 32.85 Forfeited (12,851) 25.39 Outstanding non-vested restricted stock units at July 31, 2021 984,142 $ 33.77 Granted 9,641 $ 48.23 Vested (43,744) $ 39.99 Forfeited (23,746) $ 33.56 Outstanding non-vested restricted stock units at October 30, 2021 926,293 $ 33.64 The non-vested restricted stock units granted in the year-to-date 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. Non-vested Restricted Stock Units Granted to Non-Employee Directors In the second quarter of 2021, 22,850 common shares underlying the restricted stock units granted in 2020 to the non-employee members of our Board vested on the trading day immediately preceding our 2021 Annual Meeting of Shareholders (“2021 Annual Meeting”). These units were part of the annual compensation of the non-employee directors of the Board. Additionally, in the second quarter of 2021, the chairman of our Board received an annual restricted stock unit grant having a grant date fair value of approximately $245,000. The remaining non-employees elected to our Board at our 2021 Annual Meeting each received an annual restricted stock unit grant having a grant date fair value of approximately $145,000. The 2021 restricted stock units will vest on the earlier of (1) the trading day immediately preceding our 2022 Annual Meeting of Shareholders, or (2) the non-employee director’s death or disability. However, the non-employee directors will forfeit their restricted stock units if their service on the Board terminates before either vesting event occurs. Performance Share Units In the year-to-date 2020, we awarded PRSUs to certain members of senior management, which were subject to vesting based on the achievement of share price performance goals and a minimum service requirement of one three Prior to 2020, and in the year-to-date 2021, we issued PSUs to certain members of management, which will vest if certain financial performance objectives are achieved over a three period will be 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 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 as follows: Issue Year Outstanding PSUs at October 30, 2021 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2019 245,092 March 2021 Fiscal 2021 2021 174,735 March 2023 Fiscal 2023 Total 419,827 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. We recognized $5.0 million and $7.8 million in the third quarter of 2021 and 2020, respectively, and $20.7 million and $9.4 million in the year-to-date 2021 and 2020 respectively, of share-based compensation expense related to PSUs and PRSUs. The following table summarizes the activity related to PSUs and PRSUs for the year-to-date 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 Granted — — Vested (3,223) 29.93 Forfeited (627) 70.24 Outstanding PSUs and PRSUs at July 31, 2021 254,860 $ 70.24 Granted — $ — Vested — $ — Forfeited (9,768) $ 70.24 Outstanding PSUs and PRSUs at October 30, 2021 245,092 $ 70.24 The following activity occurred under our share-based plans during the respective periods shown: Third Quarter Year-to-Date (In thousands) 2021 2020 2021 2020 Total intrinsic value of stock options exercised $ — $ 4 $ — $ 16 Total fair value of restricted stock vested 2,141 1,694 31,459 6,584 Total fair value of performance shares vested $ — $ — $ 37,387 $ 924 The total unearned compensation cost related to all share-based awards outstanding, excluding PSUs issued in 2021, at October 30, 2021 was approximately $27.3 million. This compensation cost is expected to be recognized through October 2024 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 1.6 years from October 30, 2021. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESWe have estimated the reasonably possible expected net change in unrecognized tax benefits through October 29, 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 | 9 Months Ended |
Oct. 30, 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 | 9 Months Ended |
Oct. 30, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT DATA | BUSINESS SEGMENT DATA We use the following seven merchandise categories, which are consistent with our internal management and reporting of merchandise net sales: Food; Consumables; Soft Home; Hard Home; Furniture; Seasonal; and Apparel, Electronics, & Other. The Food category includes our beverage & grocery; specialty foods; and pet departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; and chemical departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; and area rugs departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; home organization; and toys departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; and other holiday departments. The Apparel, Electronics, & Other department includes our apparel; electronics; jewelry; hosiery; and candy & snacks departments, as well as the assortments for The Lot and Queue Line. In the year-to-date 2021, we realigned our merchandise categories and renamed our Electronics, Toys, & Accessories merchandise category as Apparel, Electronics, & Other. See the reclassifications section of note 1 to the consolidated financial statements for further discussion. The following table presents net sales data by merchandise category: Third Quarter Year-to-Date (In thousands) 2021 2020 2021 2020 Furniture $ 401,256 $ 429,305 $ 1,291,765 $ 1,284,743 Soft Home 194,217 215,253 601,320 654,669 Food 182,936 194,713 541,400 615,624 Consumables 163,350 169,584 485,039 542,515 Hard Home 141,905 160,238 439,805 465,936 Apparel, Electronics, & Other 126,845 108,003 370,506 300,934 Seasonal 125,147 100,829 688,747 596,850 Net sales $ 1,335,656 $ 1,377,925 $ 4,418,582 $ 4,461,271 |
Gain on Sale of Distribution Ce
Gain on Sale of Distribution Centers | 9 Months Ended |
Oct. 30, 2021 | |
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | |
GAIN ON SALE OF DISTRIBUTION CENTERS | GAIN ON SALE OF DISTRIBUTION CENTERSOn June 12, 2020, we completed sale and leaseback transactions for our distribution centers located in Columbus, OH; Durant, OK; Montgomery, AL; and Tremont, PA. The aggregate sale price for the transactions was $725.0 million. Due to sale-leaseback accounting requirements, the proceeds received in the transactions were allocated between proceeds on the sale of the distribution centers and financing proceeds. Accordingly, aggregate net proceeds, before income taxes, on the sales of the distribution centers were $586.9 million and the aggregate gain on the sales was $463.1 million. Additionally, we incurred $4.0 million of additional selling and administrative expenses in connection with the transaction, which primarily consisted of consulting services. The remainder of consideration received was financing liability proceeds of $134.0 million. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTOn December 1, 2021, our Board of Directors authorized the repurchase of up to $250 million of our common shares (“2021 Repurchase Authorization”). Pursuant to the 2021 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 2021 Repurchase Authorization will be available to meet obligations under our equity compensation plans and for general corporate purposes. The 2021 Repurchase Authorization has no scheduled termination date. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 30, 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 October 30, 2021 (“third quarter of 2021”) and October 31, 2020 (“third quarter of 2020”) were both comprised of 13 weeks. The year-to-date periods ended October 30, 2021 (“year-to-date 2021”) and October 31, 2020 (“year-to-date 2020”) 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 (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 $79.6 million and $66.3 million for the third quarter of 2021 and the third quarter of 2020, respectively, and $217.7 million and $178.3 million for the year-to-date 2021 and the year-to-date 2020, respectively. |
Advertising Cost [Policy Text Block] | Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, social media, internet and e-mail marketing, payment card-linked marketing, and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $18.3 million and $24.4 million for the third quarter of 2021 and the third quarter of 2020, respectively, and $62.1 million and $69.2 million for the year-to-date 2021 and the year-to-date 2020, respectively. |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassifications In the year-to-date 2021, we realigned select merchandise categories to be consistent with the realignment of our merchandising team and changes to our management reporting. To better suit the new alignment, we renamed our Electronics, Toys, & Accessories category as Apparel, Electronics, & Other. We moved our pet department from our Consumables category to our Food category; our home organization department from our Soft Home category to our Hard Home category; our toys department from our Apparel, Electronics, & Other category to our Hard Home category; our candy & snacks from our Food category to our Apparel, Electronics, & Other category; and added new departments for the merchandise assortments for The Lot, our cross-category presentation solution, and the Queue Line, our streamlined checkout experience, to the Apparel, Electronics, & Other category. Our seven merchandise categories, which match our internal management and reporting of merchandise net sales are now as follows: Food; Consumables; Soft Home; Hard Home; Furniture; Seasonal; and Apparel, Electronics, & Other. The Food category includes our beverage & grocery; specialty foods; and pet departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; and chemical departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; and area rugs departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; home organization; and toys departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; and other holiday departments. The Apparel, Electronics, & Other department includes our apparel; electronics; jewelry; hosiery; and candy & snacks departments, as well as the assortments for The Lot and the Queue Line. In order to provide comparative information, we have reclassified our results into the new alignment for all periods presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In the third quarter of 2021, the Company adopted Accounting Standards Update (“ASU”) 2020-04 Reference Rate Reform. This ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, leases, and other transactions affected by the potential fallback of LIBOR. The Company adopted ASU 2020-04 in connection with its entry into a new credit facility (see note 2 to the consolidated financial statements) that includes language to address LIBOR fallback and in connection with an amendment to the lease for our Apple Valley, CA distribution center including similar LIBOR fallback language. The impact of the adoption was immaterial to the consolidated financial statements. |
Debt Long-term Debt (Tables)
Debt Long-term Debt (Tables) | 9 Months Ended |
Oct. 30, 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) October 30, 2021 January 30, 2021 2019 Term Note $ — $ 50,264 2018 Credit Agreement & 2021 Credit Agreement — — Total debt $ — $ 50,264 Less current portion of long-term debt (included in Accrued operating expenses) $ — $ (14,500) Long-term debt $ — $ 35,764 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of October 30, 2021, the fair value of our investments were recorded in our consolidated balance sheets as follows: (In thousands) Balance Sheet Location October 30, Level 1 Assets: Money market funds Cash and cash equivalents $ — $ — Mutual funds - deferred compensation plan Other current assets $ 27,534 $ 27,534 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) | 9 Months Ended |
Oct. 30, 2021 | |
Equity [Abstract] | |
Schedule of Repurchase Agreements | The Company repurchased shares under the 2020 Repurchase Authorization during the year-to-date 2021 as follows: Number of Shares Repurchased Amount of Repurchased Shares 2021: (In thousands) (In thousands) First quarter 1,149 $ 77,533 Second quarter 2,405 152,883 Third quarter 2,040 96,751 Total 5,594 $ 327,167 |
Dividends Declared [Table Text Block] | The Company declared and paid cash dividends per common share during the quarterly periods presented as follows: Dividends Amount Declared Amount Paid 2021: (In thousands) (In thousands) First quarter $ 0.30 $ 11,206 $ 12,460 Second quarter 0.30 10,611 10,204 Third quarter 0.30 10,209 9,890 Total $ 0.90 $ 32,026 $ 32,554 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 9 Months Ended |
Oct. 30, 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 year-to-date 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 Granted 34,847 64.55 Vested (37,454) 32.85 Forfeited (12,851) 25.39 Outstanding non-vested restricted stock units at July 31, 2021 984,142 $ 33.77 Granted 9,641 $ 48.23 Vested (43,744) $ 39.99 Forfeited (23,746) $ 33.56 Outstanding non-vested restricted stock units at October 30, 2021 926,293 $ 33.64 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes the activity related to PSUs and PRSUs for the year-to-date 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 Granted — — Vested (3,223) 29.93 Forfeited (627) 70.24 Outstanding PSUs and PRSUs at July 31, 2021 254,860 $ 70.24 Granted — $ — Vested — $ — Forfeited (9,768) $ 70.24 Outstanding PSUs and PRSUs at October 30, 2021 245,092 $ 70.24 |
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) 2021 2020 2021 2020 Total intrinsic value of stock options exercised $ — $ 4 $ — $ 16 Total fair value of restricted stock vested 2,141 1,694 31,459 6,584 Total fair value of performance shares vested $ — $ — $ 37,387 $ 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 as follows: Issue Year Outstanding PSUs at October 30, 2021 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2019 245,092 March 2021 Fiscal 2021 2021 174,735 March 2023 Fiscal 2023 Total 419,827 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
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) 2021 2020 2021 2020 Furniture $ 401,256 $ 429,305 $ 1,291,765 $ 1,284,743 Soft Home 194,217 215,253 601,320 654,669 Food 182,936 194,713 541,400 615,624 Consumables 163,350 169,584 485,039 542,515 Hard Home 141,905 160,238 439,805 465,936 Apparel, Electronics, & Other 126,845 108,003 370,506 300,934 Seasonal 125,147 100,829 688,747 596,850 Net sales $ 1,335,656 $ 1,377,925 $ 4,418,582 $ 4,461,271 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 30, 2021USD ($)store | Oct. 31, 2020USD ($) | Oct. 30, 2021USD ($)store | Oct. 31, 2020USD ($) | Jan. 29, 2022 | |
Components of Operating Cost and Expense [Abstract] | |||||
Number of Stores | store | 1,424 | 1,424 | |||
Number of States in which Entity Operates | 47 | 47 | |||
Fiscal Period Duration | 91 days | 91 days | 273 days | 273 days | 364 days |
Distribution and Outbound Transportation Costs | $ 79.6 | $ 66.3 | $ 217.7 | $ 178.3 | |
Advertising Expense | $ 18.3 | $ 24.4 | $ 62.1 | $ 69.2 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 5,167 | $ 5,864 |
Cash paid for income taxes, excluding impact of refunds | 109,787 | 171,155 |
Gross proceeds from long-term debt | 1,800 | 514,500 |
Gross payments of long-term debt | 52,064 | 754,177 |
Gross financing proceeds from sale and leaseback | 0 | 133,999 |
Gross repayments of financing from sale and leaseback | 0 | 10,564 |
Cash paid for operating lease liabilities | 251,671 | 264,676 |
Non-cash activity: | ||
Assets acquired under finance leases | 260 | 0 |
Accrued property and equipment | 22,491 | 19,608 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 294,327 | $ 661,182 |
Debt Line of Credit (Details)
Debt Line of Credit (Details) - USD ($) | 1 Months Ended | ||
Sep. 22, 2021 | Aug. 31, 2018 | Oct. 30, 2021 | |
2018 Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000,000 | ||
Debt Instrument, Term | 5 years | ||
2021 Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | ||
Debt Instrument, Term | 5 years | ||
Deferred Finance Costs, Gross | 1,100,000 | ||
Line of Credit Facility, Swing Loan Sublimit | 50,000,000 | ||
Line of Credit Facility, Letter of Credit Sublimit | 75,000,000 | ||
Line of Credit Facility, Foreign Borrower Sublimit | 75,000,000 | ||
Line of Credit Facility, Optional Currency Sublimit | 200,000,000 | ||
Line of Credit Facility, Optional Incremental Term Loans and/or Borrowing Capacity | $ 300,000,000 | ||
Line of Credit Facility, Amount Outstanding | $ 0 | ||
Line of Credit Facility, Letters of Credit Outstanding | 5,100,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 594,900,000 |
Debt Long-term Debt (Details)
Debt Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 07, 2021 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | Aug. 07, 2019 |
Secured Debt [Abstract] | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 438 | $ 0 | |||
Gain (Loss) on Extinguishment of Debt | 535 | $ 0 | |||
Debt, Long-term and Short-term, Combined Amount [Abstract] | |||||
Total debt | 0 | $ 50,264 | |||
Less current portion of long-term debt (included in Accrued operating expenses) | 0 | (14,500) | |||
Long-term debt | 0 | 35,764 | |||
2019 Term Note [Member] | |||||
Secured Debt [Abstract] | |||||
Secured Debt | 0 | 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 | $ 0 | 50,264 | $ 70,000 | ||
Line of Credit [Member] | |||||
Debt, Long-term and Short-term, Combined Amount [Abstract] | |||||
Long-term Line of Credit | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
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 | $ 27,534 | $ 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 | 0 | 175,113 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | 27,534 | 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 | $ 0 | $ 175,113 |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Class of Stock [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | 0 | 200 | 0 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Programs (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Aug. 27, 2020 | |
Class of Stock [Line Items] | |||||||
Stock Repurchased During Period, Value | $ 97,690 | $ 100,690 | $ 355,508 | $ 102,641 | |||
Common Stock [Member] | 2020 Repurchase Authorization [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | ||||||
Stock Repurchased During Period, Shares | 2,040 | 2,405 | 1,149 | 5,594 | |||
Stock Repurchased During Period, Value | $ 96,751 | $ 152,883 | $ 77,533 | $ 327,167 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Equity [Abstract] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.90 | ||
Amount declared (Dividends) | $ 10,209 | $ 10,611 | $ 11,206 | $ 11,993 | $ 32,026 | $ 36,233 |
Amount paid (Dividends) | $ (9,890) | $ (10,204) | $ (12,460) | $ (32,554) | $ (35,825) |
Share-Based Plans - General and
Share-Based Plans - General and Other than Options (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Expense | $ 8,700,000 | $ 10,900,000 | $ 31,600,000 | $ 18,300,000 | |||
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 | $ 27,300,000 | $ 27,300,000 | |||||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 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 | 984,142 | 999,600 | 1,214,212 | 1,214,212 | |||
Granted | 9,641 | 34,847 | 206,685 | ||||
Vested | (43,744) | (37,454) | (390,116) | ||||
Forfeited | (23,746) | (12,851) | (31,181) | ||||
Nonvested, ending balance | 926,293 | 984,142 | 999,600 | 926,293 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 33.64 | $ 33.77 | $ 32.56 | $ 33.64 | $ 22.71 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 48.23 | 64.55 | 70.77 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 39.99 | 32.85 | 22.74 | ||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 33.56 | $ 25.39 | $ 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 | $ 2,141,000 | 1,694,000 | $ 31,459,000 | 6,584,000 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Vested | (22,850) | ||||||
DeferredCompensationArrangementFairValueOfSharesIssuedToEachDirector | $ 145,000 | ||||||
Restricted Stock Units (RSUs) [Member] | Board of Directors Chairman [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
DeferredCompensationArrangementFairValueOfSharesIssuedToEachDirector | 245,000 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Expense | $ 5,000,000 | 7,800,000 | $ 20,700,000 | 9,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested, beginning balance | 254,860 | 258,710 | 474,031 | 474,031 | |||
Granted | 0 | 0 | 263,787 | ||||
Vested | 0 | (3,223) | (470,808) | ||||
Forfeited | (9,768) | (627) | (8,300) | ||||
Nonvested, ending balance | 245,092 | 254,860 | 258,710 | 245,092 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 70.24 | $ 70.24 | $ 69.74 | $ 70.24 | $ 24.31 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 70.24 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 0 | 29.93 | 24.27 | ||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 70.24 | $ 70.24 | $ 70.24 | ||||
Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 419,827 | 419,827 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||||||
Total fair value of other than options vested | $ 0 | 0 | $ 37,387,000 | 924,000 | |||
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 | 245,092 | 245,092 | |||||
2020 PRSU [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Award Requisite Service Period | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 0 | 0 | |||||
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 | 174,735 | 174,735 | |||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||||||
Total intrinsic value of stock options exercised | $ 0 | $ 4,000 | $ 0 | $ 16,000 |
Share-Based Plans Share-Based P
Share-Based Plans Share-Based Plans - Options (Details) shares in Thousands | 3 Months Ended |
Oct. 30, 2021shares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding stock options, ending balance | 0 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Oct. 30, 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 | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,335,656 | $ 1,377,925 | $ 4,418,582 | $ 4,461,271 |
Furniture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 401,256 | 429,305 | 1,291,765 | 1,284,743 |
Soft Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 194,217 | 215,253 | 601,320 | 654,669 |
Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 182,936 | 194,713 | 541,400 | 615,624 |
Consumables [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 163,350 | 169,584 | 485,039 | 542,515 |
Hard Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 141,905 | 160,238 | 439,805 | 465,936 |
Apparel, Electronics, & Other[Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 126,845 | 108,003 | 370,506 | 300,934 |
Seasonal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 125,147 | $ 100,829 | $ 688,747 | $ 596,850 |
Gain on Sale of Distribution _2
Gain on Sale of Distribution Centers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Gain on sale of distribution centers | $ 0 | $ 0 | $ 0 | $ 463,053 | |
Gross financing proceeds from sale and leaseback | $ 0 | $ 133,999 | |||
Land and Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross Proceeds from Sale of Real Estate | $ 725,000 | ||||
Net Proceeds from Sale of Real Estate | 586,900 | ||||
Gain on sale of distribution centers | 463,100 | ||||
Selling and administrative expenses, sale and leaseback transaction | 4,000 | ||||
Gross financing proceeds from sale and leaseback | $ 134,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Dec. 01, 2021USD ($) |
Common Stock [Member] | 2021 Share Repurchase Program [Member] | |
Subsequent Event [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 250 |