Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Oct. 29, 2022 | Dec. 02, 2022 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 29, 2022 | |
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 | 28,958,865 | |
Document Fiscal Year Focus | 2022 | |
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. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Net sales | $ 1,204,281 | $ 1,335,656 | $ 3,925,216 | $ 4,418,582 |
Cost of sales (exclusive of depreciation expense shown separately below) | 794,821 | 816,475 | 2,572,614 | 2,667,657 |
Gross margin | 409,460 | 519,181 | 1,352,602 | 1,750,925 |
Selling and administrative expenses | 503,016 | 487,378 | 1,494,239 | 1,473,454 |
Depreciation expense | 37,255 | 35,930 | 111,808 | 105,196 |
Operating (loss) profit | (130,811) | (4,127) | (253,445) | 172,275 |
Interest expense | (6,256) | (2,284) | (12,910) | (7,148) |
Other income (expense) | 62 | 285 | 1,359 | 1,112 |
(Loss) income before income taxes | (137,005) | (6,126) | (264,996) | 166,239 |
Income tax (benefit) expense | (33,992) | (1,796) | (66,751) | 38,299 |
Net (loss) income and comprehensive (loss) income | $ (103,013) | $ (4,330) | $ (198,245) | $ 127,940 |
Earnings (loss) per common share | ||||
Earnings (loss) per common share - basic (in dollars per share) | $ (3.56) | $ (0.14) | $ (6.88) | $ 3.80 |
Earnings (loss) per common share - diluted (in dollars per share) | $ (3.56) | $ (0.14) | $ (6.88) | $ 3.73 |
Weighted-average common shares outstanding: | ||||
Basic | 28,943 | 31,679 | 28,828 | 33,677 |
Dilutive effect of share-based awards | 0 | 0 | 0 | 617 |
Diluted | 28,943 | 31,679 | 28,828 | 34,294 |
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. 29, 2022 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 62,138 | $ 53,722 |
Inventories | 1,345,280 | 1,237,797 |
Other current assets | 122,581 | 119,449 |
Total current assets | 1,529,999 | 1,410,968 |
Operating lease right-of-use assets | 1,693,138 | 1,731,995 |
Property and equipment - net | 718,642 | 735,826 |
Deferred income taxes | 53,962 | 10,973 |
Other assets | 39,671 | 37,491 |
Total assets | 4,035,412 | 3,927,253 |
Current liabilities: | ||
Accounts payable | 481,779 | 587,496 |
Current operating lease liabilities | 245,768 | 242,275 |
Property, payroll, and other taxes | 101,597 | 90,728 |
Accrued operating expenses | 125,518 | 120,684 |
Insurance reserves | 39,335 | 36,748 |
Accrued salaries and wages | 27,700 | 45,762 |
Income taxes payable | 1,225 | 894 |
Total current liabilities | 1,022,922 | 1,124,587 |
Long-term debt | 459,900 | 3,500 |
Noncurrent operating lease liabilities | 1,575,678 | 1,569,713 |
Deferred income taxes | 0 | 21,413 |
Insurance reserves | 60,269 | 62,591 |
Unrecognized tax benefits | 8,170 | 10,557 |
Other liabilities | 126,243 | 127,529 |
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 28,949 shares and 28,476 shares, respectively | 1,175 | 1,175 |
Treasury shares - 88,546 shares and 89,019 shares, respectively, at cost | (3,105,617) | (3,121,602) |
Additional paid-in capital | 624,894 | 640,522 |
Retained earnings | 3,261,778 | 3,487,268 |
Total shareholders' equity | 782,230 | 1,007,363 |
Total liabilities and shareholders' equity | $ 4,035,412 | $ 3,927,253 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Oct. 29, 2022 | Jan. 29, 2022 |
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 | 28,949 | 28,476 |
Treasury Stock, Shares | 88,546 | 89,019 |
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 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 | |||||||||
Treasury stock (in shares) at Jan. 30, 2021 | 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 | |||||||||
Treasury stock (in shares) at Oct. 30, 2021 | 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 | |||||||||
Treasury stock (in shares) at Oct. 30, 2021 | 86,960 | |||||||||
Balance at Jan. 29, 2022 | $ 1,007,363 | $ 1,175 | $ (3,121,602) | 640,522 | 3,487,268 | |||||
Balance (in shares) at Jan. 29, 2022 | 28,476 | 28,476 | ||||||||
Treasury stock (in shares) at Jan. 29, 2022 | 89,019 | 89,019 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | $ (198,245) | $ 0 | $ 0 | 0 | (198,245) | |||||
Dividends declared | (27,245) | 0 | 0 | 0 | (27,245) | |||||
Purchases of common shares | (11,070) | $ 0 | $ (11,070) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (298) | 298 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 14,888 | (14,888) | 0 | |||||
Restricted shares vested, (in shares) | 424 | (424) | ||||||||
Performance shares vested | 0 | $ 0 | $ 12,167 | (12,167) | 0 | |||||
Performance shares vested (in shares) | 347 | (347) | ||||||||
Share-based employee compensation expense | 11,427 | $ 0 | $ 0 | 11,427 | 0 | |||||
Balance at Oct. 29, 2022 | $ 782,230 | $ 1,175 | $ (3,105,617) | 624,894 | 3,261,778 | |||||
Balance (in shares) at Oct. 29, 2022 | 28,949 | 28,949 | ||||||||
Treasury stock (in shares) at Oct. 29, 2022 | 88,546 | 88,546 | ||||||||
Balance at Jul. 30, 2022 | $ 890,727 | $ 1,175 | $ (3,106,360) | 621,925 | 3,373,987 | |||||
Balance (in shares) at Jul. 30, 2022 | 28,932 | |||||||||
Treasury stock (in shares) at Jul. 30, 2022 | 88,563 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | (103,013) | $ 0 | $ 0 | 0 | (103,013) | |||||
Dividends declared | (9,196) | 0 | 0 | 0 | (9,196) | |||||
Purchases of common shares | (190) | $ 0 | $ (190) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (9) | 9 | ||||||||
Restricted shares vested | 0 | $ 0 | $ 718 | (718) | 0 | |||||
Restricted shares vested, (in shares) | 20 | (20) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 215 | $ (215) | $ 0 | |||||
Performance shares vested (in shares) | 6 | (6) | ||||||||
Share-based employee compensation expense | 3,902 | $ 0 | $ 0 | 3,902 | 0 | |||||
Balance at Oct. 29, 2022 | $ 782,230 | $ 1,175 | $ (3,105,617) | $ 624,894 | $ 3,261,778 | |||||
Balance (in shares) at Oct. 29, 2022 | 28,949 | 28,949 | ||||||||
Treasury stock (in shares) at Oct. 29, 2022 | 88,546 | 88,546 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
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. 29, 2022 | Oct. 30, 2021 | |
Operating activities: | ||
Net (loss) income | $ (198,245) | $ 127,940 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization expense | 112,818 | 106,058 |
Non-cash lease amortization expense | 205,481 | 196,826 |
Deferred income taxes | (64,402) | 1,015 |
Non-cash impairment charge | 46,051 | 1,015 |
(Gain) loss on disposition of property and equipment | (1,492) | 1,104 |
Non-cash share-based compensation expense | 11,427 | 31,645 |
Unrealized loss (gain) on fuel derivatives | 285 | (1,582) |
Loss on extinguishment of debt | 0 | 535 |
Change in assets and liabilities | ||
Inventories | (107,483) | (336,931) |
Accounts payable | (105,717) | 206,903 |
Operating lease liabilities | (191,211) | (170,950) |
Current income taxes | 17,516 | (72,497) |
Other current assets | 5,853 | (2,867) |
Other current liabilities | (5,530) | (14,812) |
Other assets | 857 | 1,545 |
Other liabilities | (5,247) | 759 |
Net cash (used in) provided by operating activities | (279,039) | 75,706 |
Investing activities: | ||
Capital expenditures | (127,355) | (122,696) |
Cash proceeds from sale of property and equipment | 2,521 | 185 |
Other | (17) | (34) |
Net cash used in investing activities | (124,851) | (122,545) |
Financing activities: | ||
Net proceeds from (repayments of) long-term debt | 456,400 | (50,264) |
Payment of finance lease obligations | (1,383) | (2,268) |
Dividends paid | (28,263) | (32,554) |
Payment for treasury shares acquired | (11,070) | (355,508) |
Payments for debt issuance cost | (3,378) | (1,147) |
Payments to extinguish debt | 0 | (438) |
Other | 0 | 58 |
Net cash provided by (used in) financing activities | 412,306 | (442,121) |
Increase (decrease) in cash and cash equivalents | 8,416 | (488,960) |
Cash and cash equivalents: | ||
Beginning of Period | 53,722 | 559,556 |
End of Period | $ 62,138 | $ 70,596 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures | 9 Months Ended |
Oct. 29, 2022 | |
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 2022 and the year-to-date 2021: Thirty-nine Weeks Ended (In thousands) October 29, 2022 October 30, 2021 Supplemental disclosure of cash flow information: Cash paid for interest $ 14,213 $ 5,167 Cash paid for income taxes, excluding impact of refunds 4,283 109,787 Gross proceeds from long-term debt 1,877,700 1,800 Gross payments of long-term debt 1,421,300 52,064 Cash paid for operating lease liabilities 276,919 251,671 Non-cash activity: Assets acquired under finance lease 3,859 260 Accrued property and equipment 26,210 22,491 Operating lease assets obtained in exchange for operating lease liabilities 200,669 294,327 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 29, 2022 | |
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 home discount retailer in the United States (“U.S.”). At October 29, 2022, we operated 1,457 stores in 48 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. We have historically experienced seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. The accompanying consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (“2021 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 2022 (“2022”) is comprised of the 52 weeks that began on January 30, 2022 and will end on January 28, 2023. Fiscal year 2021 (“2021”) was comprised of the 52 weeks that began on January 31, 2021 and ended on January 29, 2022. The fiscal quarters ended October 29, 2022 (“third quarter of 2022”) and October 30, 2021 (“third quarter of 2021”) were both comprised of 13 weeks. The year-to-date periods ended October 29, 2022 (“year-to-date 2022”) and October 30, 2021 (“year-to-date 2021”) were both comprised of 39 weeks. Long-Lived Assets As a result of the net loss and decline in net sales during year-to-date 2022, we performed impairment analyses at the store level. Our long-lived assets primarily consist of property and equipment - net and operating lease right-of-use assets. If the net book value of a store’s long-lived assets is not recoverable by the expected undiscounted future cash flows of the store, we estimate the fair value of the store’s assets and recognize an impairment charge for the excess net book value of the store’s long-lived assets over its fair value (categorized as Level 3 under the fair value hierarchy). Fair value at the store level is typically based on projected discounted cash flows over the remaining lease term. During the third quarter of 2022, the Company recorded aggregate asset impairment charges of $21.7 million related to 86 underperforming store locations, which were comprised of $16.3 million of operating lease right-of-use assets and $5.4 million of property and equipment - net. In the year-to-date 2022, the Company recorded aggregate asset impairment charges of $45.8 million related to 104 underperforming store locations, which were comprised of $33.8 million of operating lease right-of-use assets and $12.0 million of property and equipment - net. The impairment charges were recorded in selling and administrative expenses in our accompanying consolidated statements of operations and comprehensive income. In the third quarter of 2022, the Company entered into multiple purchase and sale agreements to sell land and building-related assets for 25 owned store locations and one unoccupied land parcel. The Company expects to complete the majority of these sales during the fiscal quarter ended January 28, 2023 (“fourth quarter of 2022”) and the remainder in fiscal 2023, subject to customary closing conditions. Accordingly, at October 29, 2022, land and building-related assets for such 25 owned store locations and one unoccupied land parcel with an aggregate carrying value of $30.6 million were classified as held for sale on the consolidated balance sheets. We expect the proceeds from these asset sales to significantly exceed the carrying value. The assets held for sale were recorded within other current assets within our accompanying consolidated balance sheets. Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, impairment charges, 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 to stores in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $81.8 million and $79.6 million for the third quarter of 2022 and the third quarter of 2021, respectively, and $245.8 million and $217.7 million for the year-to-date 2022 and the year-to-date 2021, 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 and advertising, 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 $20.9 million and $18.3 million for the third quarter of 2022 and the third quarter of 2021, respectively, and $64.3 million and $62.1 million for the year-to-date 2022 and the year-to-date 2021, respectively. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the year-to-date 2022 and the year-to-date 2021: Thirty-nine Weeks Ended (In thousands) October 29, 2022 October 30, 2021 Supplemental disclosure of cash flow information: Cash paid for interest $ 14,213 $ 5,167 Cash paid for income taxes, excluding impact of refunds 4,283 109,787 Gross proceeds from long-term debt 1,877,700 1,800 Gross payments of long-term debt 1,421,300 52,064 Cash paid for operating lease liabilities 276,919 251,671 Non-cash activity: Assets acquired under finance lease 3,859 260 Accrued property and equipment 26,210 22,491 Operating lease assets obtained in exchange for operating lease liabilities 200,669 294,327 Reclassifications We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. Recent Accounting Pronouncements |
Debt
Debt | 9 Months Ended |
Oct. 29, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Bank Credit Facility On September 21, 2022, we entered into a five The 2022 Credit Agreement replaced the $600 million five Revolving loans under the 2022 Credit Agreement are available in an aggregate amount equal to the lesser of (1) the aggregate Commitments and (2) a borrowing base consisting of eligible credit card receivables and eligible inventory (including in-transit inventory), subject to customary exceptions and reserves and a reserve for the then outstanding balance owing under the Synthetic Lease (as defined below). Under the 2022 Credit Agreement, we may obtain additional Commitments on no more than five occasions in an aggregate amount of up to $300 million, subject to agreement by the lenders to increase their respective Commitments and certain other conditions. The 2022 Credit Agreement includes a swing loan sublimit of 10% of the then applicable aggregate Commitments and a $90 million letter of credit sublimit. Loans made under the 2022 Credit Agreement may be prepaid without penalty. Borrowings under the 2022 Credit Agreement are available for general corporate purposes, working capital and to repay certain of our indebtedness. Our obligations under the 2022 Credit Agreement are secured by our working capital assets (including inventory, credit card receivables and other accounts receivable, deposit accounts, and cash), subject to customary exceptions. The pricing and certain fees under the 2022 Credit Agreement fluctuate based on our availability under the 2022 Credit Agreement. The 2022 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 one, three or six month adjusted Term SOFR. We will also pay an unused commitment fee of 0.20% per annum on the unused Commitments. The 2022 Credit Agreement 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 2022 Credit Agreement. The 2022 Credit Agreement contains customary affirmative and negative covenants (including, where applicable, restrictions on our ability to, among other things, incur additional indebtedness, pay dividends, redeem or repurchase stock, prepay certain indebtedness, make certain loans and investments, dispose of assets, enter into restrictive agreements, engage in transactions with affiliates, modify organizational documents, incur liens and consummate mergers and other fundamental changes) and events of default. In addition, the 2022 Credit Agreement requires us to maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if (1) certain events of default occur and continue or (2) borrowing availability under the 2022 Credit Agreement is less than the greater of (a) 10% of the Maximum Credit Amount (as defined in the 2022 Credit Agreement) or (b) $67.5 million. A violation of these covenants could result in a default under the 2022 Credit Agreement which could permit the lenders to restrict our ability to further access the 2022 Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the 2022 Credit Agreement. As of October 29, 2022, we had a Borrowing Base (as defined under the 2022 Credit Agreement) of $876.5 million under the 2022 Credit Agreement. At October 29, 2022, we had $459.9 million in borrowings outstanding under the 2022 Credit Agreement and $35.3 million committed to outstanding letters of credit, leaving $381.3 million available under the 2022 Credit Agreement, subject to certain borrowing base limitations as further discussed above. Synthetic Lease Simultaneous with our entry into the 2022 Credit Agreement, we entered into an amendment (the “Synthetic Lease Amendment”) to the synthetic lease for our distribution center in Apple Valley, CA (the “Synthetic Lease”). The Synthetic Lease Amendment amended the Synthetic Lease to, among other things, (1) amend the lessor yield payable thereunder from a LIBOR-based rate to a SOFR-based rate, and to fix the SOFR margin paid on the lessor yield at 2.60%, (2) remove the financial covenants thereunder, (3) change the maturity date of the Synthetic Lease from May 30, 2024 to June 1, 2023, (4) permit the liens and indebtedness under the 2022 Credit Agreement, and (5) restrict our ability to amend the 2022 Credit Agreement, without the consent of all of the Synthetic Lease participants, to (a) increase the Commitments under the 2022 Credit Agreement to an amount in excess of $900 million, (b) remove or reduce the reserve for the then outstanding balance under the Synthetic Lease from the borrowing base under the 2022 Credit Agreement and (c) revise the maturity date under the 2022 Credit Agreement to an earlier date. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 29, 2022 | |
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 for all periods presented. At October 29, 2022, performance share units that vest based on relative total shareholder return (“TSR PSUs” - see Note 4 for a more detailed description of these awards), were excluded from our computation of earnings (loss) per share because the minimum applicable performance conditions had not been attained. Antidilutive restricted stock units (“RSUs”), performance share units (“PSUs”), and TSR PSUs are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The RSUs, PSUs, and TSR PSUs that were antidilutive, as determined under the treasury stock method, were 0.6 million and 0.2 million for the third quarter of 2022 and the third quarter of 2021, respectively, and 0.4 million and 0.2 million for the year-to-date 2022 and the year-to-date 2021, respectively. Due to the net loss in the third quarter of 2022 and the year-to-date 2022, any potentially dilutive shares were excluded from the denominator in computing diluted earnings (loss) per common share for the third quarter of 2022 and the year-to-date 2022. Share Repurchase Programs On 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, our compliance with the terms of the 2022 Credit Agreement, and other factors. The 2021 Repurchase Authorization has no scheduled termination date. In the third quarter of 2022 and in the year-to-date 2022, no shares were repurchased under the 2021 Repurchase Authorization. As of October 29, 2022, we had $159.4 million available for future repurchases under the 2021 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 The Company declared and paid cash dividends per common share during the quarterly periods presented as follows: Dividends Amount Declared Amount Paid 2022: (In thousands) (In thousands) First quarter $ 0.30 $ 8,981 $ 10,705 Second quarter 0.30 9,068 8,791 Third quarter 0.30 9,196 8,767 Total $ 0.90 $ 27,245 $ 28,263 The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of share-based awards. 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, including the 2022 Credit Agreement, and any other factors deemed relevant by our Board of Directors. |
Share-Based Plans
Share-Based Plans | 9 Months Ended |
Oct. 29, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED PLANS | SHARE-BASED PLANS We have issued RSUs, PSUs, and TSR PSUs under our shareholder-approved equity compensation plans. We recognized share-based compensation expense of $3.9 million and $8.7 million in the third quarter of 2022 and the third quarter of 2021, respectively, and $11.4 million and $31.6 million for the year-to-date 2022 and the year-to-date 2021, respectively. Non-vested Restricted Stock Units The following table summarizes the non-vested restricted stock units activity for the year-to-date 2022: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested RSUs at January 29, 2022 909,287 $ 33.87 Granted 418,247 $ 38.13 Vested (355,911) $ 29.29 Forfeited (23,271) $ 29.59 Outstanding non-vested RSUs at April 30, 2022 948,352 $ 37.52 Granted 83,912 $ 27.34 Vested (48,096) $ 43.03 Forfeited (83,399) $ 41.98 Outstanding non-vested RSUs at July 30, 2022 900,769 $ 35.87 Granted 46,307 $ 19.66 Vested (20,489) $ 30.40 Forfeited (15,741) $ 37.71 Outstanding non-vested RSUs at October 29, 2022 910,846 $ 35.13 The non-vested restricted stock units granted in the year-to-date 2022 generally vest and are expensed on a ratable basis over three years from the grant date of the award, as a threshold financial performance objective is expected to be achieved and the grantee remains employed by us through the vesting dates. In the year-to-date 2022, an immaterial amount of non-vested restricted stock units were granted with a minimum service requirement of one year and no required financial performance objectives. Non-vested Restricted Stock Units Granted to Non-Employee Directors In the second quarter of 2022, 14,770 common shares underlying the restricted stock units granted in 2021 to the non-employee directors vested on the trading day immediately preceding our 2022 Annual Meeting of Shareholders (“2022 Annual Meeting”). These units were part of the annual compensation of the non-employee directors of the Board. In the second quarter of 2022, the chairman of our Board received an annual restricted stock unit grant having a grant date fair value of approximately $245,000 and the remaining non-employees elected to our Board at our 2022 Annual Meeting each received an annual restricted stock unit grant having a grant date fair value of approximately $145,000. The 2022 restricted stock units will vest on the earlier of (1) the trading day immediately preceding our 2023 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 Prior to 2020, in 2021, and in the year-to-date 2022, 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. The number of shares 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. In the year-to-date 2022, we also awarded TSR PSUs to certain members of management, which vest based on the achievement of total shareholder return (“TSR”) targets relative to a peer group over a three The number of shares distributed upon vesting of the TSR 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 TSR PSUs granted, as defined in the award agreement. As of October 29, 2022, we have granted 63,491 TSR PSU shares, which will be expensed through fiscal 2024. We have begun or expect to begin recognizing expense related to PSUs as follows: Issue Year Outstanding PSUs at October 29, 2022 Expected Valuation (Grant) Date Actual or Expected Expense Period 2021 143,062 March 2023 Fiscal 2023 2022 254,003 March 2024 Fiscal 2024 Total 397,065 As of October 29, 2022, we had a total of 460,556 outstanding performance share units. We recognized $0.3 million and $5.0 million of share-based compensation expense related to performance share units in the third quarter of 2022 and third quarter of 2021, respectively, and $0.7 million and $20.7 million of share-based compensation expense related to performance share units in the year-to-date 2022 and the year-to-date 2021, respectively. The following table summarizes the activity related to PSUs and TSR PSUs for the year-to-date 2022: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs and TSR PSUs at January 29, 2022 240,110 $ 70.24 Granted 68,231 $ 58.09 Vested (234,001) $ 70.24 Forfeited — $ — Outstanding PSUs and TSR PSUs at April 30, 2022 74,340 $ 59.09 Granted 2,609 $ 30.33 Vested — $ — Forfeited (9,605) $ 58.09 Outstanding PSUs and TSR PSUs at July 30, 2022 67,344 $ 58.12 Granted 2,494 $ 30.33 Vested (6,109) $ 70.24 Forfeited (238) $ 58.09 Outstanding PSUs and TSR PSUs at October 29, 2022 63,491 $ 55.86 The following activity occurred under our share-based plans during the respective periods shown: Third Quarter Year-to-Date (In thousands) 2022 2021 2022 2021 Total fair value of restricted stock vested $ 418 $ 2,141 $ 14,339 $ 31,459 Total fair value of performance shares vested $ 125 $ — $ 13,877 $ 37,387 The total unearned compensation cost related to all share-based awards outstanding, excluding PSUs issued in 2021 and 2022, at October 29, 2022 was approximately $23.8 million. We expect to recognize this compensation cost through October 2025 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 1.9 years from October 29, 2022. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes was based on a current estimate of the annual effective tax rate, adjusted to reflect the effect of discrete items. For the year-to-date 2022, the Company determined it could estimate the effective income tax rate with sufficient precision. Therefore, the income tax benefit was based on the estimated annual effective tax rate, adjusted to reflect the effect of discrete items. We have estimated the reasonably possible expected net change in unrecognized tax benefits through October 28, 2023, 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 $1.0 million. Actual results may differ materially from this estimate. As of October 29, 2022, the net deferred tax assets were $54.0 million compared to net deferred tax liabilities of $10.4 million as of January 29, 2022. The change was primarily driven by deferred tax assets recorded during year-to-date 2022 as a result of the net operating losses generated during fiscal 2022. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 29, 2022 | |
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. 29, 2022 | |
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, our cross-category presentation solution, and the Queue Line, our streamlined checkout experience. We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. The following table presents net sales data by merchandise category: Third Quarter Year-to-Date (In thousands) 2022 2021 2022 2021 Furniture $ 303,703 $ 401,256 $ 988,307 $ 1,291,765 Food 187,021 182,936 536,153 541,400 Soft Home 168,243 194,217 489,325 601,320 Consumables 156,224 163,350 462,066 485,039 Seasonal 136,970 125,147 702,440 688,747 Hard Home 126,622 141,905 383,325 439,805 Apparel, Electronics, & Other 125,498 126,845 363,600 370,506 Net sales $ 1,204,281 $ 1,335,656 $ 3,925,216 $ 4,418,582 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 29, 2022 | |
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 2022 (“2022”) is comprised of the 52 weeks that began on January 30, 2022 and will end on January 28, 2023. Fiscal year 2021 (“2021”) was comprised of the 52 weeks that began on January 31, 2021 and ended on January 29, 2022. The fiscal quarters ended October 29, 2022 (“third quarter of 2022”) and October 30, 2021 (“third quarter of 2021”) were both comprised of 13 weeks. The year-to-date periods ended October 29, 2022 (“year-to-date 2022”) and October 30, 2021 (“year-to-date 2021”) were both comprised of 39 weeks. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets As a result of the net loss and decline in net sales during year-to-date 2022, we performed impairment analyses at the store level. Our long-lived assets primarily consist of property and equipment - net and operating lease right-of-use assets. If the net book value of a store’s long-lived assets is not recoverable by the expected undiscounted future cash flows of the store, we estimate the fair value of the store’s assets and recognize an impairment charge for the excess net book value of the store’s long-lived assets over its fair value (categorized as Level 3 under the fair value hierarchy). Fair value at the store level is typically based on projected discounted cash flows over the remaining lease term. During the third quarter of 2022, the Company recorded aggregate asset impairment charges of $21.7 million related to 86 underperforming store locations, which were comprised of $16.3 million of operating lease right-of-use assets and $5.4 million of property and equipment - net. In the year-to-date 2022, the Company recorded aggregate asset impairment charges of $45.8 million related to 104 underperforming store locations, which were comprised of $33.8 million of operating lease right-of-use assets and $12.0 million of property and equipment - net. The impairment charges were recorded in selling and administrative expenses in our accompanying consolidated statements of operations and comprehensive income. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, impairment charges, 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 to stores in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $81.8 million and $79.6 million for the third quarter of 2022 and the third quarter of 2021, respectively, and $245.8 million and $217.7 million for the year-to-date 2022 and the year-to-date 2021, 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 and advertising, 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 $20.9 million and $18.3 million for the third quarter of 2022 and the third quarter of 2021, respectively, and $64.3 million and $62.1 million for the year-to-date 2022 and the year-to-date 2021, respectively. |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassifications We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting PronouncementsIn September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Enhanced Disclosures about Supplier Finance Programs. ASU 2022-04 is effective for interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that this standard will have on our consolidated financial statements. We do not expect to early adopt this standard. |
Shareholders' Equity Dividends
Shareholders' Equity Dividends Declared (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Equity [Abstract] | |
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 2022: (In thousands) (In thousands) First quarter $ 0.30 $ 8,981 $ 10,705 Second quarter 0.30 9,068 8,791 Third quarter 0.30 9,196 8,767 Total $ 0.90 $ 27,245 $ 28,263 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
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 2022: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested RSUs at January 29, 2022 909,287 $ 33.87 Granted 418,247 $ 38.13 Vested (355,911) $ 29.29 Forfeited (23,271) $ 29.59 Outstanding non-vested RSUs at April 30, 2022 948,352 $ 37.52 Granted 83,912 $ 27.34 Vested (48,096) $ 43.03 Forfeited (83,399) $ 41.98 Outstanding non-vested RSUs at July 30, 2022 900,769 $ 35.87 Granted 46,307 $ 19.66 Vested (20,489) $ 30.40 Forfeited (15,741) $ 37.71 Outstanding non-vested RSUs at October 29, 2022 910,846 $ 35.13 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes the activity related to PSUs and TSR PSUs for the year-to-date 2022: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs and TSR PSUs at January 29, 2022 240,110 $ 70.24 Granted 68,231 $ 58.09 Vested (234,001) $ 70.24 Forfeited — $ — Outstanding PSUs and TSR PSUs at April 30, 2022 74,340 $ 59.09 Granted 2,609 $ 30.33 Vested — $ — Forfeited (9,605) $ 58.09 Outstanding PSUs and TSR PSUs at July 30, 2022 67,344 $ 58.12 Granted 2,494 $ 30.33 Vested (6,109) $ 70.24 Forfeited (238) $ 58.09 Outstanding PSUs and TSR PSUs at October 29, 2022 63,491 $ 55.86 |
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) 2022 2021 2022 2021 Total fair value of restricted stock vested $ 418 $ 2,141 $ 14,339 $ 31,459 Total fair value of performance shares vested $ 125 $ — $ 13,877 $ 37,387 |
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 29, 2022 Expected Valuation (Grant) Date Actual or Expected Expense Period 2021 143,062 March 2023 Fiscal 2023 2022 254,003 March 2024 Fiscal 2024 Total 397,065 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
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) 2022 2021 2022 2021 Furniture $ 303,703 $ 401,256 $ 988,307 $ 1,291,765 Food 187,021 182,936 536,153 541,400 Soft Home 168,243 194,217 489,325 601,320 Consumables 156,224 163,350 462,066 485,039 Seasonal 136,970 125,147 702,440 688,747 Hard Home 126,622 141,905 383,325 439,805 Apparel, Electronics, & Other 125,498 126,845 363,600 370,506 Net sales $ 1,204,281 $ 1,335,656 $ 3,925,216 $ 4,418,582 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 29, 2022 USD ($) store landParcel | Oct. 30, 2021 USD ($) | Oct. 29, 2022 USD ($) store landParcel | Oct. 30, 2021 USD ($) | Jan. 28, 2023 | Jan. 29, 2022 | |
Components of Operating Cost and Expense [Abstract] | ||||||
Number of Stores | store | 1,457 | 1,457 | ||||
Number of States in which Entity Operates | 48 | 48 | ||||
Fiscal Period Duration | 91 days | 91 days | 273 days | 273 days | 364 days | 364 days |
Number of Stores Impaired [Member] | store | 86 | 104 | ||||
Impairment due to store underperformance [Member] | $ 21,700 | $ 45,800 | ||||
Operating Lease, Impairment Loss | 16,300 | 33,800 | ||||
Tangible Asset Impairment Charge | 5,400 | $ 12,000 | ||||
Assets Held for Sale | $ 30,600 | |||||
Number of Stores, Held for Sale [Member] | store | 25 | 25 | ||||
Number of Land Parcels, Held for Sale | landParcel | 1 | 1 | ||||
Distribution and Outbound Transportation Costs | $ 81,800 | $ 79,600 | $ 245,800 | $ 217,700 | ||
Advertising Expense | $ 20,900 | $ 18,300 | $ 64,300 | $ 62,100 |
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. 29, 2022 | Oct. 30, 2021 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 14,213 | $ 5,167 |
Cash paid for income taxes, excluding impact of refunds | 4,283 | 109,787 |
Gross proceeds from long-term debt | 1,877,700 | 1,800 |
Gross payments of long-term debt | 1,421,300 | 52,064 |
Cash paid for operating lease liabilities | 276,919 | 251,671 |
Non-cash activity: | ||
Assets acquired under finance leases | 3,859 | 260 |
Accrued property and equipment | 26,210 | 22,491 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 200,669 | $ 294,327 |
Debt Line of Credit (Details)
Debt Line of Credit (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Sep. 21, 2022 | Sep. 22, 2021 | Oct. 29, 2022 | |
2021 Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | ||
Debt Instrument, Term | 5 years | ||
2022 Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900 | ||
Debt Instrument, Term | 5 years | ||
Deferred Finance Costs, Gross | $ 3.4 | ||
Line of Credit Facility, Swing Loan Sublimit | 10% | ||
Line of Credit Facility, Letter of Credit Sublimit | $ 90 | ||
Line of Credit Facility, Optional Incremental Term Loans and/or Borrowing Capacity | $ 300 | ||
Line of Credit Facility, Amount Outstanding | $ 459.9 | ||
Line of Credit Facility, Letters of Credit Outstanding | 35.3 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 381.3 | ||
Line of Credit Facility, Unused Commitment Fee | 0.20% | ||
Line of Credit Facility, Current Borrowing Capacity | $ 876.5 | ||
Line of Credit Facility, Fixed Minimum Coverage Ratio | 1 | ||
Line of Credit Facility, Covenant Minimum Monetary Availability | $ 67.5 | ||
Line of Credit Facility, Covenant Minimum Percent Availability | 10% |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
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 | 600,000 | 200,000 | 400,000 | 200,000 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Programs (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | Dec. 01, 2021 | |
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Value | $ 190 | $ 97,690 | $ 11,070 | $ 355,508 | |
Common Stock [Member] | 2021 Repurchase Authorization [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 159,400 | $ 159,400 | $ 250,000 | ||
Stock Repurchased During Period, Shares | 0 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Equity [Abstract] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.90 | ||
Amount declared (Dividends) | $ 9,196 | $ 9,068 | $ 8,981 | $ 10,209 | $ 27,245 | $ 32,026 |
Amount paid (Dividends) | $ (8,767) | $ (8,791) | $ (10,705) | $ (28,263) | $ (32,554) |
Share-Based Plans - General and
Share-Based Plans - General and Other than Options (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Expense | $ 3,900,000 | $ 8,700,000 | $ 11,400,000 | $ 31,600,000 | |||
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 | $ 23,800,000 | $ 23,800,000 | |||||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 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 | 900,769 | 948,352 | 909,287 | 909,287 | |||
Granted | 46,307 | 83,912 | 418,247 | ||||
Vested | (20,489) | (48,096) | (355,911) | ||||
Forfeited | (15,741) | (83,399) | (23,271) | ||||
Nonvested, ending balance | 910,846 | 900,769 | 948,352 | 910,846 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 35.13 | $ 35.87 | $ 37.52 | $ 35.13 | $ 33.87 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 19.66 | 27.34 | 38.13 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 30.40 | 43.03 | 29.29 | ||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 37.71 | $ 41.98 | $ 29.59 | ||||
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 | $ 418,000 | 2,141,000 | $ 14,339,000 | 31,459,000 | |||
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 | (14,770) | ||||||
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 | ||||||
Restricted Stock Units (2022) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Award Requisite Service Period | 1 year | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Expense | $ 300,000 | 5,000,000 | $ 700,000 | 20,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested, beginning balance | 67,344 | 74,340 | 240,110 | 240,110 | |||
Granted | 2,494 | 2,609 | 68,231 | ||||
Vested | (6,109) | 0 | (234,001) | ||||
Forfeited | (238) | (9,605) | 0 | ||||
Nonvested, ending balance | 63,491 | 67,344 | 74,340 | 63,491 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 55.86 | $ 58.12 | $ 59.09 | $ 55.86 | $ 70.24 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 30.33 | 30.33 | 58.09 | ||||
Vested in Period, Weighted Average Grant Date Fair Value | 70.24 | 0 | 70.24 | ||||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 58.09 | $ 58.09 | $ 0 | ||||
Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 460,556 | 460,556 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||||||
Total fair value of other than options vested | $ 125,000 | $ 0 | $ 13,877,000 | $ 37,387,000 | |||
PSU [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 | 397,065 | 397,065 | |||||
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 | 143,062 | 143,062 | |||||
2022 TSR 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 | 63,491 | 63,491 | |||||
2022 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 | 254,003 | 254,003 |
Income Taxes (Details)
Income Taxes (Details) | Oct. 29, 2022 USD ($) |
Income Tax Contingency [Line Items] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ (1,000,000) |
Components of Deferred Tax Assets and Liabilities [Abstract] | |
Deferred Tax Liabilities, Net | 10,400,000 |
Deferred Tax Assets, Net | $ 54,000,000 |
Business Segment Data (Details)
Business Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,204,281 | $ 1,335,656 | $ 3,925,216 | $ 4,418,582 |
Furniture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 303,703 | 401,256 | 988,307 | 1,291,765 |
Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 187,021 | 182,936 | 536,153 | 541,400 |
Soft Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 168,243 | 194,217 | 489,325 | 601,320 |
Consumables [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 156,224 | 163,350 | 462,066 | 485,039 |
Seasonal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 136,970 | 125,147 | 702,440 | 688,747 |
Hard Home [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 126,622 | 141,905 | 383,325 | 439,805 |
Apparel, Electronics, & Other[Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 125,498 | $ 126,845 | $ 363,600 | $ 370,506 |