Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Dec. 16, 2013 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ck0000786110 | ' |
Entity Registrant Name | 'GYMBOREE CORP | ' |
Entity Central Index Key | '0000786110 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Current Assets: | ' | ' | ' |
Cash and cash equivalents | $19,079 | $33,328 | $42,586 |
Accounts receivable | 32,485 | 27,542 | 27,232 |
Merchandise inventories | 222,414 | 197,935 | 255,722 |
Prepaid income taxes | 1,815 | 2,903 | 5,165 |
Prepaid expenses | 19,986 | 17,341 | 6,539 |
Deferred income taxes | 11,721 | 31,383 | 38,660 |
Total current assets | 307,500 | 310,432 | 375,904 |
Property and equipment: | ' | ' | ' |
Land and buildings | 22,428 | 22,428 | 22,428 |
Leasehold improvements | 199,308 | 174,616 | 168,127 |
Furniture, fixtures and equipment | 108,650 | 99,120 | 95,148 |
Property, Plant and Equipment, Gross, Total | 330,386 | 296,164 | 285,703 |
Less accumulated depreciation and amortization | -121,119 | -90,839 | -80,217 |
Net property and equipment | 209,267 | 205,325 | 205,486 |
Goodwill | 898,983 | 898,966 | 899,097 |
Other intangible assets | 576,744 | 580,641 | 585,277 |
Deferred financing costs | 34,067 | 40,040 | 43,018 |
Other assets | 12,604 | 7,809 | 5,816 |
Total assets | 2,039,165 | 2,043,213 | 2,114,598 |
Current Liabilities: | ' | ' | ' |
Accounts payable | 87,323 | 90,133 | 88,824 |
Accrued liabilities | 113,472 | 90,443 | 101,573 |
Line of credit | 24,000 | ' | ' |
Current obligation under capital lease | 492 | ' | ' |
Total current liabilities | 225,287 | 180,576 | 190,397 |
Long-Term Liabilities: | ' | ' | ' |
Long-term debt | 1,113,668 | 1,138,455 | 1,192,383 |
Long-term obligation under capital lease | 3,532 | ' | ' |
Lease incentives and other deferred liabilities | 49,772 | 40,104 | 38,955 |
Unrecognized tax benefits | 12,416 | 7,848 | 7,685 |
Deferred income taxes | 217,908 | 234,593 | 235,935 |
Total liabilities | 1,622,583 | 1,601,576 | 1,665,355 |
Commitments and contingencies (see Notes 6, 7, 9 and 15) | ' | ' | ' |
Stockholders' equity: | ' | ' | ' |
Common stock, including additional paid-in capital ($.001 par value: 1,000 shares authorized, issued and outstanding) | 516,629 | 519,687 | 521,918 |
Accumulated deficit | -112,102 | -76,231 | -70,540 |
Accumulated other comprehensive loss | -5,795 | -5,914 | -5,901 |
Total stockholders' equity | 398,732 | 437,542 | 445,477 |
Noncontrolling interest | 17,850 | 4,095 | 3,766 |
Total equity | 416,582 | 441,637 | 449,243 |
Total liabilities and stockholders' equity | $2,039,165 | $2,043,213 | $2,114,598 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 1,000 | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 | 1,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net sales: | ' | ' | ' | ' |
Net sales | $309,838 | $311,518 | $893,537 | $878,021 |
Cost of goods sold, including buying and occupancy expenses | -186,370 | -185,915 | -542,010 | -541,406 |
Gross profit | 123,468 | 125,603 | 351,527 | 336,615 |
Selling, general and administrative expenses | -111,199 | -99,016 | -317,351 | -286,350 |
Operating income (loss) | 12,269 | 26,587 | 34,176 | 50,265 |
Interest income | 41 | 42 | 143 | 146 |
Interest expense | -20,483 | -21,312 | -61,352 | -64,163 |
Loss on extinguishment of debt | -834 | ' | -834 | -1,237 |
Other income (expense), net | 853 | 86 | 751 | -4 |
(Loss) income before income taxes | -8,154 | 5,403 | -27,116 | -14,993 |
Income tax (expense) benefit | -16,244 | -493 | -9,455 | 10,007 |
Net (loss) income | -24,398 | 4,910 | -36,571 | -4,986 |
Net loss attributable to noncontrolling interest | 413 | 1,211 | 700 | 2,835 |
Net (loss) income attributable to The Gymboree Corporation | -23,985 | 6,121 | -35,871 | -2,151 |
Retail Stores | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 297,352 | 299,965 | 857,173 | 847,195 |
Gymboree Play & Music | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 6,821 | 6,390 | 19,409 | 17,981 |
International Retail Franchise | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | $5,665 | $5,163 | $16,955 | $12,845 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net (loss) income | ($24,398) | $4,910 | ($36,571) | ($4,986) |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 8 | 92 | -415 | 33 |
Unrealized net (loss) gain on cash flow hedges, net of tax (expense) benefit of ($501), $123, $0 and $386 | -871 | -208 | 635 | -109 |
Total other comprehensive (loss) income, net of tax | -863 | -116 | 220 | -76 |
Comprehensive (loss) income | -25,261 | 4,794 | -36,351 | -5,062 |
Comprehensive loss attributable to noncontrolling interest | 369 | 1,120 | 599 | 2,776 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ($24,892) | $5,914 | ($35,752) | ($2,286) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Unrealized net gain (loss) on cash flow hedges, tax benefit | ($501) | $123 | $0 | $386 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net (loss) income | ($36,571) | ($4,986) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Loss on extinguishment of debt | 834 | 1,237 |
Depreciation and amortization | 34,825 | 43,776 |
Amortization of deferred financing costs and accretion of original issue discount | 5,112 | 5,216 |
Interest rate cap contracts - adjustment to market | 742 | 182 |
Loss on disposal/impairment of assets | 5,662 | 2,090 |
Deferred income taxes | 2,969 | -12,986 |
Share-based compensation expense | 4,417 | 3,220 |
Other | 40 | 1,685 |
Change in assets and liabilities: | ' | ' |
Accounts receivable | 4,382 | -2,317 |
Merchandise inventories | -24,264 | -45,850 |
Prepaid income taxes | 1,223 | -769 |
Prepaid expenses and other assets | -5,144 | -1,021 |
Accounts payable | -2,807 | 9,785 |
Accrued liabilities | 17,344 | 70 |
Lease incentives and other deferred liabilities | 14,522 | 12,547 |
Net cash provided by operating activities | 23,286 | 11,879 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -35,213 | -31,902 |
Other | -235 | -584 |
Net cash used in investing activities | -35,448 | -32,486 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Term Loan | ' | -17,698 |
Proceeds from ABL facility | 79,000 | ' |
Payments on ABL facility | -55,000 | ' |
Repurchase of notes | -24,760 | ' |
Payments of deferred financing costs | ' | -1,347 |
Payments on capital lease | -78 | ' |
Investment by affiliate of Parent | ' | 2,400 |
Dividend payment to parent | -7,475 | ' |
Capital contribution received by noncontrolling interest | 6,506 | 1,595 |
Net cash provided by (used in) financing activities | -1,807 | -15,050 |
Effect of exchange rate fluctuations on cash and cash equivalents | -280 | 333 |
Net decrease in cash and cash equivalents | -14,249 | -35,324 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of Period | 33,328 | 77,910 |
End of period | 19,079 | 42,586 |
OTHER CASH FLOW INFORMATION: | ' | ' |
Cash paid for income taxes, net of refunds received | 1,591 | 3,185 |
Cash paid for interest | $47,948 | $50,682 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Nov. 02, 2013 | |
Basis of Presentation | ' |
1. Basis of Presentation | |
The unaudited interim condensed consolidated financial statements, which include The Gymboree Corporation (the “Company,” “we” or “us”) and our 100%-owned subsidiaries, as well as Gymboree (China) Commercial and Trading Co. Ltd. (“Gymboree China”) and Gymboree (Tianjin) Educational Information Consultation Co. Ltd. (“Gymboree Tianjin”) (collectively, the “VIEs”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with generally accepted accounting principles have been omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended February 2, 2013 filed with the Securities and Exchange Commission on May 2, 2013. | |
The accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented. The results of operations for the 13 and 39 weeks ended November 2, 2013 are not necessarily indicative of the operating results that may be expected for the 52-week period ending February 1, 2014 (“fiscal 2013”) or any future period. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Nov. 02, 2013 | |
Recently Issued Accounting Standards | ' |
2. Recently Issued Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. We are currently evaluating the impact of this guidance on our consolidated financial statements. | |
In February 2013, the FASB issued guidance to finalize the reporting of amounts reclassified out of accumulated other comprehensive income. This new standard requires the registrant to disclose either in a single note, or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The guidance is effective for annual reporting periods and interim periods within those years beginning after December 15, 2012. We adopted this guidance in the first quarter of fiscal 2013 as presented in Note 13. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets and Liabilities | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Goodwill and Intangible Assets and Liabilities | ' | ||||||||||||||||
3. Goodwill and Intangible Assets and Liabilities | |||||||||||||||||
Goodwill | |||||||||||||||||
Operating income for our retail stores segment has declined $19.6 million or 46% during the first nine months of fiscal 2013 compared to the same period last year. Due to recent trends impacting our retail stores segment, we qualitatively assessed the valuation of our retail segment reporting units. This qualitative assessment resulted in a determination that it was more likely than not that the fair value of these reporting units exceeded their carrying amount at November 2, 2013. If these trends continue through the remainder of the year and our forecast of future operating performance further declines, there is the potential for goodwill impairment related to our Gymboree Retail and Gymboree Outlet reporting units. | |||||||||||||||||
In addition, other significant adverse changes to our business environment or future cash flows could cause us to record additional impairment charges in future periods, which could be material. Our annual goodwill impairment test will be performed for our annual test date, which is November 30, 2013, which will be completed prior to filing our 10-K and the results of which will be reported in our Form 10-K for the fiscal year ending February 1, 2014. | |||||||||||||||||
During the 13 and 39 week periods ended October 27, 2012, we did not identify any impairment indicators for goodwill or other indefinite-lived intangible assets. | |||||||||||||||||
Intangible Assets and Liabilities | |||||||||||||||||
Intangible assets and liabilities consist of the following (in thousands): | |||||||||||||||||
November 2, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Net Amount | |||||||||||||||
Amount | Amortization | ||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,494 | $ | 567,494 | |||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 36,400 | $ | (36,400 | ) | — | ||||||||||||
Below market leases | 7,055 | (3,908 | ) | 3,147 | |||||||||||||
Co-branded credit card agreement | 4,000 | (1,804 | ) | 2,196 | |||||||||||||
Franchise agreements | 6,600 | (2,693 | ) | 3,907 | |||||||||||||
54,055 | (44,805 | ) | 9,250 | ||||||||||||||
Total other intangible assets | $ | 621,549 | $ | (44,805 | ) | $ | 576,744 | ||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631 | ) | $ | 9,366 | $ | (7,265 | ) | |||||||||
2-Feb-13 | |||||||||||||||||
Gross Carrying | Accumulated | Net Amount | |||||||||||||||
Amount | Amortization | ||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,494 | $ | 567,494 | |||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 36,400 | $ | (34,525 | ) | 1,875 | ||||||||||||
Below market leases | 7,055 | (3,037 | ) | 4,018 | |||||||||||||
Co-branded credit card agreement | 4,000 | (1,342 | ) | 2,658 | |||||||||||||
Franchise agreements | 6,600 | (2,004 | ) | 4,596 | |||||||||||||
54,055 | (40,908 | ) | 13,147 | ||||||||||||||
Total other intangible assets | $ | 621,549 | $ | (40,908 | ) | $ | 580,641 | ||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631 | ) | $ | 7,382 | $ | (9,249 | ) | |||||||||
October 27, 2012 | |||||||||||||||||
Gross Carrying | Accumulated | Net Amount | |||||||||||||||
Amount | Amortization | ||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,447 | $ | 567,447 | |||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 36,400 | $ | (30,569 | ) | 5,831 | ||||||||||||
Below market leases | 7,055 | (2,693 | ) | 4,362 | |||||||||||||
Co-branded credit card agreement | 4,000 | (1,189 | ) | 2,811 | |||||||||||||
Franchise agreements | 6,600 | (1,774 | ) | 4,826 | |||||||||||||
54,055 | (36,225 | ) | 17,830 | ||||||||||||||
Total other intangible assets | $ | 621,502 | $ | (36,225 | ) | $ | 585,277 | ||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631 | ) | $ | 6,613 | $ | (10,018 | ) | |||||||||
During the 13 week periods ended November 2, 2013 and October 27, 2012, we recorded net amortization income of approximately $0.3 million and $0.5 million, respectively, in cost of goods sold (“COGS”). During the 39 week periods ended November 2, 2013 and October 27, 2012, we recorded net amortization income of approximately $1.1 million and $1.5 million, respectively, in COGS. | |||||||||||||||||
During the 13 week periods ended November 2, 2013 and October 27, 2012, we recorded amortization expense of approximately $0.4 million and $4.3 million, respectively, in selling, general and administrative expenses (“SG&A”). During the 39 week periods ended November 2, 2013 and October 27, 2012, we recorded amortization expense of approximately $3.0 million and $13.0 million, respectively, in SG&A. | |||||||||||||||||
We estimate that amortization expense (income) related to intangible assets and liabilities will be as follows for the remainder of fiscal 2013 and each of the next five fiscal years (in thousands): | |||||||||||||||||
Fiscal | Below Market | Above Market | Other | Total | |||||||||||||
Leases | Leases | Intangibles | |||||||||||||||
2013 (remaining 13 weeks) | $ | 287 | $ | (624 | ) | $ | 384 | $ | 47 | ||||||||
2014 | 1,059 | (2,023 | ) | 1,534 | 570 | ||||||||||||
2015 | 835 | (1,579 | ) | 1,534 | 790 | ||||||||||||
2016 | 483 | (1,428 | ) | 1,393 | 448 | ||||||||||||
2017 | 342 | (1,016 | ) | 332 | (342 | ) | |||||||||||
2018 and remaining | 141 | (595 | ) | 926 | 472 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
4. Derivative Financial Instruments | |||||||||||||||||||||||||
We enter into forward foreign exchange contracts with respect to certain purchases in United States dollars of inventory to be sold in our retail stores in Canada. The purpose of these contracts is to protect our margins on the eventual sale of the inventory from fluctuations in the exchange rate for Canadian and United States dollars. The term of these forward foreign exchange contracts is generally less than one year. These contracts are treated as cash-flow hedges. Amounts reported in accumulated other comprehensive income (loss) related to these forward foreign exchange contracts will be reclassified to cost of goods sold over a three-month period. We also enter into forward foreign exchange contracts with respect to short-term intercompany balances between U.S. and foreign entities in Canada and Australia. The purpose of these contracts is to protect us from fluctuations in the exchange rates upon the settlement of such balances. These contracts are not designated as hedges. Consequently, changes in the fair value of these contracts are included in other income. | |||||||||||||||||||||||||
We use interest rate caps to hedge against rising interest rates associated with our Term Loan (see Note 7) above the strike rate of the cap through December 23, 2016, the maturity date of the caps. The interest rate caps were designated on the date of execution as cash-flow hedges. In December 2010, we paid approximately $12.1 million to enter into these interest rate caps. This premium, and any related amounts reported in accumulated other comprehensive loss, are being amortized to interest expense through December 23, 2016, as interest payments are made on the underlying Term Loan. During the 13 week periods ended November 2, 2013 and October 27, 2012, we reclassified approximately $0.3 million and $0.1 million respectively, from accumulated other comprehensive loss to interest expense. During the 39 week period ended November 2, 2013 and October 27, 2012, we reclassified approximately $0.7 million and $0.2 million respectively, from accumulated other comprehensive loss to interest expense. We estimate that approximately $1.8 million will be reclassified from accumulated other comprehensive loss to interest expense within the next 12 months. | |||||||||||||||||||||||||
For a derivative instrument designated as a cash-flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (loss) and is subsequently recognized in earnings when the hedged exposure is recognized in earnings. Gains or losses on the derivative representing either hedge components excluded from the assessment of effectiveness or hedge ineffectiveness are recognized in earnings. | |||||||||||||||||||||||||
We had the following outstanding derivatives designated as cash-flow hedges (in thousands): | |||||||||||||||||||||||||
November 2, 2013 | 2-Feb-13 | October 27, 2012 | |||||||||||||||||||||||
Number of | Notional | Number of | Notional | Number of | Notional | ||||||||||||||||||||
Instruments | (USD) | Instruments | (USD) | Instruments | (USD) | ||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||
Purchased Caps | 4 | $ | 700,000 | 4 | $ | 700,000 | 4 | $ | 700,000 | ||||||||||||||||
Foreign exchange derivatives | |||||||||||||||||||||||||
Forward foreign exchange contracts | 3 | 3,420 | 6 | 6,377 | 3 | 3,922 | |||||||||||||||||||
Total | 7 | $ | 703,420 | 10 | $ | 706,377 | 7 | $ | 703,922 | ||||||||||||||||
In addition to the cash flow hedges above, as of November 2, 2013 and February 2, 2013, the Company had one forward foreign exchange contract with a notional amount of $0.4 million and $1.0 million, respectively, which was not designated as a hedge. We had no such forward foreign exchange contracts as of October 27, 2012. | |||||||||||||||||||||||||
The table below presents the fair value of all of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets (in thousands). | |||||||||||||||||||||||||
November 2, 2013 | 2-Feb-13 | October 27, 2012 | |||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Purchased Interest Rate Caps | $ | 641 | $ | — | $ | 964 | $ | — | $ | 817 | $ | — | |||||||||||||
Forward foreign exchange contracts | 107 | — | — | — | — | — | |||||||||||||||||||
Accrued Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | — | — | — | 18 | — | 41 | |||||||||||||||||||
Total | $ | 748 | $ | — | $ | 964 | $ | 18 | $ | 817 | $ | 41 | |||||||||||||
The tables below present the effect of all of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive income (loss) for the 13 and 39 weeks ended November 2, 2013 and October 27, 2012 (in thousands). No amounts were reclassified from accumulated other comprehensive loss into income as a result of forecasted transactions that failed to occur or as a result of hedge ineffectiveness for either period. | |||||||||||||||||||||||||
13 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Gains /(Losses) | Location of Gains | Gains /(Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (546 | ) | Interest expense | $ | (310 | ) | ||||||||||||||||||
Forward foreign exchange contracts | 3 | Cost of goods sold | 137 | ||||||||||||||||||||||
Total | $ | (543 | ) | $ | (173 | ) | |||||||||||||||||||
13 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Gains /(Losses) | Location of Gains | Gains /(Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (270 | ) | Interest expense | $ | (69 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (98 | ) | Cost of goods sold | 34 | |||||||||||||||||||||
Total | $ | (368 | ) | $ | (35 | ) | |||||||||||||||||||
39 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (323 | ) | Interest expense | $ | (742 | ) | ||||||||||||||||||
Forward foreign exchange contracts | 407 | Cost of goods sold | 191 | ||||||||||||||||||||||
Total | $ | 84 | $ | (551 | ) | ||||||||||||||||||||
39 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (544 | ) | Interest expense | $ | (182 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (14 | ) | Cost of goods sold | 122 | |||||||||||||||||||||
Total | $ | (558 | ) | $ | (60 | ) | |||||||||||||||||||
In the tables above, for the 13 and 39 weeks ended October 27, 2012, the previously disclosed amounts of gain (loss) recognized in OCI for both the effective portion of our interest rate caps of ($201) and ($361), respectively, and the effective portions of our forward foreign exchange contracts of ($78) and ($25), respectively, have been corrected. These corrections had no impact on the accompanying condensed consolidated balance sheet or statements of operations and comprehensive income (loss). |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
5. Fair Value Measurements | |||||||||||||||||||||||||
We record our money market funds, forward foreign exchange contracts and interest rate caps at fair value. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2 – Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. | |||||||||||||||||||||||||
Level 3 – Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |||||||||||||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The tables below present our assets and liabilities measured at fair value on a recurring basis as of November 2, 2013, February 2, 2013 and October 27, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no transfers into or out of Level 1 and Level 2 during the 13 and 39 weeks ended November 2, 2013 and October 27, 2012, or for the year ended February 2, 2013. | |||||||||||||||||||||||||
November 2, 2013 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest rate caps | $ | — | $ | 641 | $ | — | $ | 641 | |||||||||||||||||
Forward foreign exchange contracts | — | 107 | — | 107 | |||||||||||||||||||||
Total | $ | — | $ | 748 | $ | — | $ | 748 | |||||||||||||||||
2-Feb-13 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Money market funds | $ | 17,297 | $ | — | $ | — | $ | 17,297 | |||||||||||||||||
Interest rate caps | — | 964 | — | 964 | |||||||||||||||||||||
Total | $ | 17,297 | $ | 964 | $ | — | $ | 18,261 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 18 | $ | — | $ | 18 | |||||||||||||||||
27-Oct-12 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Money market funds | $ | 19,030 | $ | — | $ | — | $ | 19,030 | |||||||||||||||||
Interest rate caps | — | 817 | — | 817 | |||||||||||||||||||||
Total | $ | 19,030 | $ | 817 | $ | — | $ | 19,847 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 41 | $ | — | $ | 41 | |||||||||||||||||
Our cash equivalents, which are primarily placed in money market funds, are valued at their original purchase prices plus interest that has accrued at the stated rate. | |||||||||||||||||||||||||
The fair value of our interest rate caps was determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) were based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, were incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of these contracts for the effect of nonperformance risk, we have considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. | |||||||||||||||||||||||||
Although we have determined that the majority of the inputs used to value our interest rate caps fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of November 2, 2013, February 2, 2013, and October 27, 2012, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate cap positions and determined that the credit valuation adjustment was not significant to the overall valuation. As a result, we classified our interest rate caps derivative valuations in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
The fair value of our forward foreign exchange contracts was determined using the market approach and Level 2 inputs. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. | |||||||||||||||||||||||||
The carrying value of cash and cash equivalents, receivables and payables balances approximate their estimated fair values due to the short maturities of these instruments. We estimate the fair value of our long-term debt using current market yields of similar debt. These current market yields are considered Level 2 inputs. The estimated fair value of long-term debt is as follows (in thousands): | |||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan | $ | 767,668 | $ | 746,029 | $ | 767,455 | $ | 749,874 | $ | 792,383 | $ | 774,554 | |||||||||||||
Notes | 346,000 | 332,160 | 371,000 | 348,740 | 400,000 | 381,520 | |||||||||||||||||||
$ | 1,113,668 | $ | 1,078,189 | $ | 1,138,455 | $ | 1,098,614 | $ | 1,192,383 | $ | 1,156,074 | ||||||||||||||
We had no other financial assets or liabilities measured at fair value as of November 2, 2013, February 2, 2013, and October 27, 2012. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||
Our non-financial assets, which primarily consist of goodwill, other intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial assets are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering external market participant assumptions. | |||||||||||||||||||||||||
During each of the 13 weeks ended November 2, 2013 and October 27, 2012, we recorded an impairment charge of $0.5 million, related to assets for under-performing stores. During the 39 weeks ended November 2, 2013 and October 27, 2012, we recorded an impairment charge of $1.5 million and $1.4 million, respectively, related to assets for under-performing stores. The fair market value of these non-financial assets was determined using the income approach and Level 3 inputs, which required management to make significant estimates about future cash flows. Management estimates the amount and timing of future cash flows based on historical operating results and its experience and knowledge of the retail market in which each store operates. | |||||||||||||||||||||||||
These impairment charges are included in selling, general and administrative expenses in the accompanying condensed consolidated statement of operations. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Nov. 02, 2013 | |
Line of Credit | ' |
6. Line of Credit | |
We have a senior secured asset-based revolving credit facility, which was amended and restated in March 2012 to, among other things, lower the interest rate and extend the maturity date (as so amended and restated, the “ABL”). As a result of this amendment, we recorded a loss on extinguishment of debt of $1.2 million during the first quarter of fiscal 2012 for the write-off of deferred financing costs related to the ABL. The ABL provides senior secured financing of up to $225 million, subject to a borrowing base. Availability under the ABL is subject to the assets of the Company, any subsidiary co-borrowers and any subsidiary guarantors that are available to collateralize the borrowings thereunder, and is reduced by the level of outstanding letters of credit. As of November 2, 2013, there was $35.1 million of commercial and standby letters of credit outstanding and $24.0 million of borrowings outstanding. As of November 2, 2013, availability under the ABL was approximately $165.9 million. There were borrowings of $79.0 million and repayments of $55.0 million during the 13 and 39 week periods ended November 2, 2013. Average borrowings outstanding under the ABL amounted to $10.6 million and $3.5 million, during the 13 and 39 week periods ended November 2, 2013, respectively. There were no borrowings during the 13 and 39 week periods ended October 27, 2012. | |
The ABL provides us the right to request up to $125 million of additional commitments under this facility (or, if less, the amount permitted under the Term Loan described in Note 7), subject to the satisfaction of certain conditions. Principal amounts outstanding under the ABL are due and payable in full in March 2017. Borrowings under the ABL bear interest at a rate per annum equal to, at our option, either (a) a base rate determined by reference to the highest of (1) the prime rate of Bank of America, N.A., (2) the federal funds effective rate plus 0.50%, and (3) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%, or (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs (“Adjusted LIBOR”), in each case plus an applicable margin. In addition to paying interest on outstanding principal under the ABL, we are required to pay a commitment fee on unutilized commitments thereunder, which is 0.375% per annum under the amended ABL. | |
If at any time the aggregate amount of outstanding loans, unreimbursed letter of credit drawings and undrawn letters of credit under the ABL exceeds the lesser of (a) the commitment amount and (b) the borrowing base, we will be required to repay outstanding loans and/or cash collateralize letters of credit in an aggregate amount equal to such excess, with no reduction of the commitment amount. The ABL contains financial and other covenants that, among other things, restrict our ability to incur additional indebtedness and pay dividends. As of November 2, 2013, we were in compliance with these covenants. The obligations under the ABL are secured, subject to certain exceptions, by substantially all of our assets. We and our 100%-owned domestic subsidiaries have fully and unconditionally guaranteed our obligations under the ABL. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
7. Long-Term Debt | |||||||||||||
Long-term debt consists of (in thousands): | |||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||
Senior secured term loan facility, net of discount of $1,434, $1,647 and $1,719 | $ | 767,668 | $ | 767,455 | $ | 792,383 | |||||||
9.125% senior notes | 346,000 | 371,000 | 400,000 | ||||||||||
Long-term debt | $ | 1,113,668 | $ | 1,138,455 | $ | 1,192,383 | |||||||
We have an agreement with several lenders for an $820 million senior secured Term Loan, with a maturity date of February 2018. The Term Loan allows us to request additional tranches of term loans in an aggregate amount not to exceed $200 million, subject to the satisfaction of certain conditions, provided that such amount will be subject to reduction by the amount of any additional commitments incurred under the ABL described in Note 6. The interest rate for borrowings under the Term Loan is, at our option, a base rate plus an additional marginal rate of 2.5% or the Adjusted LIBOR rate (with a 1.5% floor) plus an additional rate of 3.5%. As of November 2, 2013, the interest rate under our Term Loan was 5%. | |||||||||||||
The Term Loan requires us to make quarterly payments equal to 0.25% of the original $820 million principal amount of the Term Loan made on the closing date plus accrued and unpaid interest thereon, with the balance due in February 2018. The Term Loan also has mandatory and voluntary pre-payment provisions, including a requirement that we prepay the Term Loan with a certain percentage of our annual excess cash flow. | |||||||||||||
We calculated our excess cash flow using fiscal 2012 operating results and concluded that we are not required to make any excess cash flow payments on the Term Loan during the first quarter of fiscal 2013. During fiscal 2012, we made one quarterly amortization payment of $2.1 million, prepaid $15.6 million of our Term Loan with our excess cash flow, and made a voluntary prepayment of $25.0 million. The excess cash flow payment made during fiscal 2012 was calculated based on fiscal 2011 operating results. We applied the voluntary prepayment and the excess cash flow prepayment toward our remaining quarterly amortization payments payable under the Term Loan in fiscal 2012 and applied the remainder of such prepayments toward our quarterly amortization payments payable under the Term Loan in fiscal 2013 through fiscal 2017. Future minimum principal payments on long-term debt excluding original issuance discount of $1.4 million as of November 2, 2013 are, as follows (in thousands): | |||||||||||||
Fiscal years | |||||||||||||
2013 | $ | — | |||||||||||
2014 | — | ||||||||||||
2015 | — | ||||||||||||
2016 | — | ||||||||||||
2017 | 6,502 | ||||||||||||
Thereafter | 1,108,600 | ||||||||||||
Total | $ | 1,115,102 | |||||||||||
The Term Loan is presented net of the related original issue discount (“OID”). Accretion of OID is included in interest expense and was not material for the 13 and 39 weeks ended November 2, 2013 or October 27, 2012. The obligations under the Term Loan are secured, subject to certain exceptions, by substantially all of our assets and those of our 100%-owned domestic subsidiaries. The Company and our 100%-owned domestic subsidiaries also have fully and unconditionally guaranteed the Company’s obligations under the Term Loan. | |||||||||||||
In fiscal 2010, we issued $400 million aggregate principal amount of 9.125% senior notes due in December 2018 (the “Notes”). Interest on the Notes is payable semi-annually. If the Company or our subsidiaries sell certain assets, we generally must either invest the net cash proceeds from such sale in our business within a certain period of time, use the proceeds to prepay senior secured debt, or make an offer to purchase a principal amount of the Notes equal to the excess net cash proceeds at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest. Upon a change in control, we may also be required to make an offer to purchase all of the Notes at a redemption price equal to 101% of the principal amount of the Notes redeemed plus accrued and unpaid interest. The Notes also contain optional redemption provisions, but subject to certain exceptions, we will not be entitled to redeem the Notes at our option prior to December 1, 2014. The Notes are unsecured senior obligations of the Company. The Company and our 100%-owned domestic subsidiaries have fully and unconditionally guaranteed the Company’s obligations under the Notes (see Note 18). During the third quarter of fiscal 2013, we repurchased Notes with an aggregate principal amount of $25 million for $24.8 million in cash through privately negotiated transactions. We recorded a $0.2 million gain on extinguishment of debt and a $1.0 million charge related to the write-off of deferred financing costs associated with the extinguished debt. During the fourth quarter of fiscal 2012, we repurchased Notes with an aggregate principal amount of $29 million for $26.6 million in cash in privately negotiated transactions. We recorded a $2.4 million gain on extinguishment of debt and a $1.4 million charge related to the write-off of deferred financing costs associated with the extinguished debt. | |||||||||||||
Interest expense was $20.5 million and $61.4 million for the 13 and 39 weeks ended November 2, 2013, including $1.8 million and $5.1 million, respectively, of amortization of deferred financing costs and accretion of OID. For the 13 and 39 weeks ended October 27, 2012, interest expense was $21.3 million and $64.2 million, respectively, including $1.7 million and $5.2 million, respectively, of amortization of deferred financing costs and accretion of OID. |
Lease_Incentives_and_Other_Def
Lease Incentives and Other Deferred Liabilities | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Lease Incentives and Other Deferred Liabilities | ' | ||||||||||||
8. Lease Incentives and Other Deferred Liabilities | |||||||||||||
Lease incentives and other deferred liabilities consist of the following (in thousands): | |||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||
Above market leases | $ | 7,265 | $ | 9,249 | $ | 10,018 | |||||||
Deferred rent | 14,493 | 11,269 | 10,074 | ||||||||||
Lease allowances | 24,474 | 18,059 | 17,268 | ||||||||||
Other | 3,540 | 1,527 | 1,595 | ||||||||||
Total | $ | 49,772 | $ | 40,104 | $ | 38,955 | |||||||
Leases
Leases | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Leases | ' | ||||
9. Leases | |||||
During the third quarter of fiscal 2013, we outsourced the fulfillment of certain online customer orders to a third-party fulfillment center in Ohio, under an operating services agreement. The agreement provides us with warehousing, fulfillment and logistic services for Gymboree.com products for approximately $8.8 million per year commencing in the third quarter of fiscal 2013 and ending in the second quarter of fiscal 2019. Certain assets under the operating services agreement, including leasehold improvements, equipment and software, are treated as a capital lease which commenced in the third quarter of fiscal 2013 and ends in fiscal 2019. Assets recorded under capital lease were recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of the capital lease assets were included in the line item “Selling, general and administrative expenses” in our condensed consolidated statements of operations. As of the third quarter of fiscal 2013, the following assets under capital lease are included under the line “Property and equipment” in our condensed consolidated balance sheet (in thousands): | |||||
November 2, 2013 | |||||
Leasehold improvements | $ | 1,776 | |||
Furniture, fixtures and equipment | 2,326 | ||||
Total assets under capital lease | 4,102 | ||||
Less: Accumulated depreciation | (119 | ) | |||
Net assets under capital lease | $ | 3,983 | |||
Annual future minimum obligations under capital leases for each of the next five years and thereafter, as of the third quarter of fiscal 2013 are as follows (in thousands): | |||||
Fiscal Years | Capital Leases | ||||
2013 | $ | 210 | |||
2014 | 838 | ||||
2015 | 838 | ||||
2016 | 838 | ||||
2017 | 838 | ||||
Thereafter | 1,714 | ||||
Total minimum lease payments | 5,276 | ||||
Less amount representing interest | (1,252 | ) | |||
Total future minimum lease payments | 4,024 | ||||
Less current portion of obligation under capital lease | (492 | ) | |||
Obligations under capital lease, less current portion | $ | 3,532 | |||
The Company capitalized asset retirement costs and recorded a related asset retirement obligation of $2.0 million on inception of the capital lease for restoration of the leased property to its original condition upon completion of the agreement. These items are included in the line “Leasehold improvements” and “Lease incentives and other deferred liabilities,” respectively in our condensed consolidated balance sheet. Total amortization and accretion expense related to the asset retirement obligation of the capital lease were not material for the third quarter of fiscal 2013. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
10. Share-Based Compensation | |||||||||||||||||
2010 Equity Incentive Plan | |||||||||||||||||
Share-based compensation expense is included as a component of selling, general and administrative expenses. Share-based compensation expense consisted of the following (in thousands): | |||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | ||||||||||||||
Share-based compensation expense | $ | 1,443 | $ | 303 | $ | 4,417 | $ | 3,220 | |||||||||
2013 Gymboree China Phantom Equity Incentive Plan | |||||||||||||||||
Units awarded under the Company’s 2013 Gymboree China Phantom Equity Incentive Plan (the “Phantom Plan”) represent a hypothetical equity interest in Gymboree Hong Kong Limited, the unconsolidated direct parent of the VIEs (“Gymboree HK”). The Company is a member of a related party group that controls Gymboree HK. Each award gives the holder of the award the conditional right to receive, in accordance with the terms of the Phantom Plan and the award, a specified interest in the value of the “Pool.” For this purpose, the “Pool” means an amount of cash equal to 10% of the amount by which the sum of the amount of cash and the fair market value of marketable securities, in each case, received by Bain Fund X, L.P. and its permitted transferees in respect of shares of common stock of Gymboree HK they beneficially own exceeds a number equal to $12 million plus the amount of any additional equity investment, whether direct or indirect, by the Bain Fund X, L.P. and its permitted transferees in Gymboree HK. | |||||||||||||||||
Under a form of award adopted under the Phantom Plan on September 12, 2013, each award will conditionally vest as to 20% of the Units subject to the award on each of the first five anniversaries of the date specified by the Plan administrator, subject to continued employment or service with the Company through the applicable anniversary. | |||||||||||||||||
Under that form of award, each award will only vest and become payable if a “Payment Event” (an occurrence of sale or a qualified IPO as defined in the Phantom Plan) occurs at a time when the award is outstanding. Upon the occurrence of a Payment Event, the Company is obligated to make a payment in cash to the holder of the award equal to the product of (i) the value of the Pool and (ii) (A) the number of conditionally vested Units that were outstanding under the participant’s award immediately prior to the Payment Event divided by (B) 1,000,000. All Units subject to the award will conditionally vest in full upon the occurrence of a “Sale” (as defined in the Phantom Plan). If the Payment Event is not a Sale, any portion of an award that is not then conditionally vested will remain eligible to conditionally vest in accordance with its original conditional vesting schedule. With respect to Units that conditionally vest after the occurrence of a Payment Event, if any, on the date such Units conditionally vest, the Company will make a payment in cash to the holder of the award equal to product of (i) the value of the Pool and (ii) (A) the number of Units that conditionally vested on such date divided by (B) 1,000,000. | |||||||||||||||||
During the third quarter of fiscal 2013, the compensation committee of the Board of Directors of the Company, which currently serves as the administrator of the Phantom Plan, granted 0.7 million awards under the Phantom Plan. Since payment is contingent upon a Payment Event, share-based compensation expense will be recorded on these awards in the period that a Payment Event occurs. |
Dividend_Payment_to_Parent
Dividend Payment to Parent | 9 Months Ended |
Nov. 02, 2013 | |
Dividend Payment to Parent | ' |
11. Dividend Payment to Parent | |
In the first and third quarters of fiscal 2013, we distributed in the form of a dividend to Giraffe Holding, Inc., our indirect parent holding company (“Parent”), $0.2 million and $0.6 million, respectively, which was used by Parent to repurchase shares of its stock. During the third quarter of 2013, we distributed $6.7 million in the form of a dividend to Parent, which was used by Parent’s shareholders to fund their equity investment in the VIE (see Note 17). No dividend was distributed during the 39 week period ended October 27, 2012. |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
Income Taxes | ' |
12. Income Taxes | |
We believe that it is reasonably possible that the total amount of unrecognized tax benefits of $12.1 million as of November 2, 2013 will decrease by as much as $5.6 million during the next twelve months due to the resolution of certain tax contingencies and lapses of applicable statutes of limitations. | |
Accounting Standards Codification (“ASC”) 740 requires a valuation allowance to be established when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. We consider all available positive and negative evidence, including prior operating results, the nature and reason for any losses, our forecast of future taxable income and the dates on which any deferred tax assets are expected to expire, in evaluating whether a valuation allowance is required. As a result of weighing the available objective evidence and our evaluation as of November 2, 2013, we recorded an $18.4 million increase to income tax expense in order to establish a valuation allowance against certain deferred tax assets. As of November 2, 2013, February 2, 2013, and October 27, 2012, the total valuation allowance against deferred tax assets was $25.2 million, $4.4 million and $2.9 million, respectively. The valuation allowance as of November 2, 2013, represents a full valuation allowance against deferred tax assets in certain jurisdictions. We intend to maintain a valuation allowance until sufficient positive evidence exists to support its reversal. | |
As of November 2, 2013, we also concluded it is “more likely than not” that $5.9 million of our net deferred tax assets will be realized. However, this realization is not assured. The amount actually realized could vary if there are differences in the timing or amount of future reversals of existing deferred tax liabilities. If we determine that we will not realize all or part of these deferred tax assets, we will record an additional valuation allowance against our deferred tax assets and an associated charge to income tax expense in the period such determination is made. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
13. Accumulated Other Comprehensive Loss | |||||||||||||
The following table shows the components of accumulated other comprehensive income (loss) (“OCI”), net of tax (in thousands): | |||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||
Foreign currency translation | $ | 292 | $ | 808 | $ | 788 | |||||||
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,982, $3,982 and $4,301 | (6,087 | ) | (6,722 | ) | (6,689 | ) | |||||||
Total accumulated other comprehensive loss | $ | (5,795 | ) | $ | (5,914 | ) | $ | (5,901 | ) | ||||
Changes in accumulated OCI balance by component are shown below (in thousands): | |||||||||||||
13 Weeks Ended November 2, 2013 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (5,216 | ) | $ | 328 | $ | (4,888 | ) | |||||
Other comprehensive loss recognized before reclassifications | (543 | ) | 8 | (535 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 173 | — | 173 | ||||||||||
Tax expense | (501 | ) | — | (501 | ) | ||||||||
Net current-period other comprehensive loss | (871 | ) | 8 | (863 | ) | ||||||||
Other comprehensive income attributable to noncontrolling interest | — | (44 | ) | (44 | ) | ||||||||
Ending balance | $ | (6,087 | ) | $ | 292 | $ | (5,795 | ) | |||||
13 Weeks Ended October 27, 2012 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,480 | ) | $ | 697 | $ | (5,783 | ) | |||||
Other comprehensive (loss) income before reclassifications | (368 | ) | 91 | (277 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 35 | — | 35 | ||||||||||
Tax benefit | 124 | — | 124 | ||||||||||
Net current-period other comprehensive (loss) income | (209 | ) | 91 | (118 | ) | ||||||||
Other comprehensive income attributable to noncontrolling interest | — | — | — | ||||||||||
Ending balance | $ | (6,689 | ) | $ | 788 | $ | (5,901 | ) | |||||
39 Weeks Ended November 2, 2013 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,722 | ) | $ | 808 | $ | (5,914 | ) | |||||
Other comprehensive income (loss) recognized before reclassifications | 84 | (415 | ) | (331 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 551 | — | 551 | ||||||||||
Tax benefit | — | — | — | ||||||||||
Net current-period other comprehensive income (loss) | 635 | (415 | ) | 220 | |||||||||
Other comprehensive income attributable to noncontrolling interest | — | (101 | ) | (101 | ) | ||||||||
Ending balance | $ | (6,087 | ) | $ | 292 | $ | (5,795 | ) | |||||
39 Weeks Ended October 27, 2012 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,579 | ) | $ | 754 | $ | (5,825 | ) | |||||
Other comprehensive (loss) income before reclassifications | (558 | ) | 34 | (524 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 61 | — | 61 | ||||||||||
Tax benefit | 387 | — | 387 | ||||||||||
Net current-period other comprehensive (loss) income | (110 | ) | 34 | (76 | ) | ||||||||
Other comprehensive income attributable to noncontrolling interest | — | — | — | ||||||||||
Ending balance | $ | (6,689 | ) | $ | 788 | $ | (5,901 | ) | |||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Nov. 02, 2013 | |
Related Party Transactions | ' |
14. Related Party Transactions | |
During the 13 and 39 week periods ended November 2, 2013, we sold inventory to a company controlled by Bain Capital for $0.7 million and $8.7 million, respectively, and purchased services from another company controlled by Bain Capital for $0.6 million and $1.8 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments and Contingencies | ' |
15. Commitments and Contingencies | |
During the third quarter of fiscal 2013, we outsourced the fulfillment of certain online customer orders to a third-party fulfillment center in Ohio, under an operating services agreement. The agreement provides us with warehousing, fulfillment and logistic services for Gymboree.com products for approximately $8.8 million per year commencing in the third quarter of fiscal 2013 and ending in the second quarter of fiscal 2019. | |
There have been no other significant changes to our contractual obligations and commercial commitments as disclosed in our Annual Report on Form 10-K as of February 2, 2013, other than those which occur in the normal course of business. | |
Contingencies | |
From time to time, we are subject to various legal actions arising in the ordinary course of our business. Many of these legal actions raise complex factual and legal issues, which are subject to uncertainties. We cannot predict with reasonable assurance the outcome of these legal actions brought against us. Accordingly, any settlements or resolutions in these legal actions may occur and affect our net income in the quarter of such settlement or resolution. However, we do not believe that the outcome of any legal actions would have a material effect on our condensed consolidated financial statements taken as a whole. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
16. Segment Information | |||||||||||||||||||||||||
We have four reportable segments: retail stores, Gymboree Play & Music, International Retail Franchise, and one reportable segment related to the activities of our consolidated VIEs. These reportable segments were identified based on how our business is managed and evaluated by our chief operating decision maker. The retail stores segment includes four operating segments (brands), which sell high-quality apparel for children: Gymboree Retail (including an online store), Gymboree Outlet, Janie and Jack (including an online store), and Crazy 8 (including an online store). These four operating segments have been aggregated into one reportable segment because these operating segments have similar historical economic characteristics and/or are expected to have similar economic characteristics and similar long-term financial performance in the future. Gross margin is the principal measure we consider in determining whether the economic characteristics are similar. In addition, each operating segment has similar products, production processes and type or class of customer. We believe that disaggregating our operating segments would not provide material additional information. Corporate overhead (costs related to our distribution center and shared corporate services) is included in the retail stores segment. | |||||||||||||||||||||||||
The following table provides the summary financial data of each reportable segment (in thousands): | |||||||||||||||||||||||||
13 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Stores | Play & Music | Franchise | Elimination | ||||||||||||||||||||||
Net sales | $ | 295,969 | $ | 3,879 | $ | 5,791 | $ | 5,395 | $ | (1,196 | ) | $ | 309,838 | ||||||||||||
Operating income (loss) | 8,786 | 1,836 | 2,430 | (803 | ) | 20 | 12,269 | ||||||||||||||||||
Total assets | 1,924,170 | 61,034 | 29,403 | 26,028 | (1,470 | ) | 2,039,165 | ||||||||||||||||||
13 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Retail Stores | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Play & Music | Franchise | Elimination | |||||||||||||||||||||||
Net sales | $ | 299,476 | $ | 6,320 | $ | 5,212 | $ | 3,123 | $ | (2,613 | ) | $ | 311,518 | ||||||||||||
Operating income (loss) | 23,245 | 1,745 | 1,704 | (23 | ) | (84 | ) | 26,587 | |||||||||||||||||
Total assets | 2,013,305 | 60,369 | 30,349 | 14,504 | (3,929 | ) | 2,114,598 | ||||||||||||||||||
39 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Retail Stores | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Play & Music | Franchise | Elimination | |||||||||||||||||||||||
Net sales | $ | 853,422 | $ | 11,524 | $ | 17,318 | $ | 15,027 | $ | (3,754 | ) | $ | 893,537 | ||||||||||||
Operating income (loss) | 22,657 | 5,284 | 7,499 | (1,318 | ) | 54 | 34,176 | ||||||||||||||||||
Total assets | 1,924,170 | 61,034 | 29,403 | 26,028 | (1,470 | ) | 2,039,165 | ||||||||||||||||||
39 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Retail Stores | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Play & Music | Franchise | Elimination | |||||||||||||||||||||||
Net sales | $ | 845,978 | $ | 17,522 | $ | 12,930 | $ | 8,322 | $ | (6,731 | ) | $ | 878,021 | ||||||||||||
Operating income (loss) | 42,249 | 5,380 | 4,723 | (1,889 | ) | (198 | ) | 50,265 | |||||||||||||||||
Total assets | 2,013,305 | 60,369 | 30,349 | 14,504 | (3,929 | ) | 2,114,598 | ||||||||||||||||||
Interest expense, depreciation and amortization expense and capital expenditures have not been separately disclosed above as the amounts primarily relate to the retail segment. The Gymboree Play & Music and International Retail Franchise segments recorded intersegment revenues of $1.1 million and $0.1 million, respectively, for the 13 weeks ended November 2, 2013, and $3.4 million and $0.4 million, respectively, for the 39 weeks ended November 2, 2013. The Gymboree Play & Music and VIE segments recorded intersegment revenues of $0.5 million and $2.0 million, respectively, for the 13 weeks ended October 27, 2012 and $1.1 million and $5.5 million, respectively, for the 39 weeks ended October 27, 2012. There were no other material intersegment revenues. | |||||||||||||||||||||||||
We attribute retail store revenues to individual countries based on selling location. For Gymboree International Retail Franchise, all sales were attributed to the United States geographic segment. | |||||||||||||||||||||||||
Effective November 2012, as a result of a modification to the Master Service Agreement with Gymboree Tianjin, China Play & Music franchisee sales are attributable to the international geographic segment and all other Gymboree Play & Music sales are attributable to the U.S. geographic segment. | |||||||||||||||||||||||||
Long-lived assets include net property and equipment, goodwill, other intangibles, deferred financing costs and other assets. The following tables provide the summary financial data of each of our two geographical segments, United States and international (in thousands): | |||||||||||||||||||||||||
13 Weeks Ended | |||||||||||||||||||||||||
2-Nov-13 | 27-Oct-12 | ||||||||||||||||||||||||
United States | International | United States | International | ||||||||||||||||||||||
Net sales | $ | 290,962 | $ | 18,876 | $ | 297,415 | $ | 14,103 | |||||||||||||||||
Long-lived assets | 1,671,918 | 59,747 | 1,686,209 | 52,485 | |||||||||||||||||||||
39 Weeks Ended | |||||||||||||||||||||||||
2-Nov-13 | 27-Oct-12 | ||||||||||||||||||||||||
United States | International | United States | International | ||||||||||||||||||||||
Net sales | $ | 841,855 | $ | 51,682 | $ | 839,018 | $ | 39,003 | |||||||||||||||||
Long-lived assets | 1,671,918 | 59,747 | 1,686,209 | 52,485 |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||
17. Variable Interest Entities | |||||||||||||||||
Gymboree China, Gymboree Tianjin and the Company are indirectly controlled by Gymboree Holding, Ltd. and investment funds sponsored by Bain Capital. Gymboree China and Gymboree Tianjin have been determined to be variable interest entities, and we (as well as our 100%-owned subsidiaries) are a member of a related party group that controls the VIEs and absorbs the economics of the VIEs. Based on our relationship with the VIEs, we determined that we are most closely associated with the VIEs, and therefore, consolidate them as the primary beneficiary. However, as we have a 0% ownership interest in the VIEs, 100% of the results of operations of the VIEs are recorded as noncontrolling interest. The assets of the VIEs cannot be used by us. The liabilities of the VIEs are comprised mainly of short-term accrued expenses, and their creditors have no recourse to our general credit or assets. | |||||||||||||||||
The following tables reflect the impact of the VIEs on the condensed consolidated balance sheets as of November 2, 2013, February 2, 2013 and October 27, 2012 and the condensed consolidated statements of operations for the 13 and 39 weeks ended November 2, 2013 and October 27, 2012 (in thousands): | |||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||
November, 2 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 13,743 | $ | 5,336 | $ | — | $ | 19,079 | |||||||||
Other current assets | 273,798 | 16,093 | (1,470 | ) | 288,421 | ||||||||||||
Total current assets | 287,541 | 21,429 | (1,470 | ) | 307,500 | ||||||||||||
Non-current assets | 1,727,065 | 4,599 | 1 | 1,731,665 | |||||||||||||
Total assets | $ | 2,014,606 | $ | 26,028 | $ | (1,469 | ) | $ | 2,039,165 | ||||||||
Current liabilities | $ | 218,665 | $ | 7,916 | $ | (1,294 | ) | $ | 225,287 | ||||||||
Non-current liabilities | 1,397,034 | 262 | — | 1,397,296 | |||||||||||||
Total liabilities | 1,615,699 | 8,178 | (1,294 | ) | 1,622,583 | ||||||||||||
Total stockholders’ equity | 398,907 | — | (175 | ) | 398,732 | ||||||||||||
Noncontrolling interest | — | 17,850 | — | 17,850 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,014,606 | $ | 26,028 | $ | (1,469 | ) | $ | 2,039,165 | ||||||||
February 2, 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 27,223 | $ | 6,105 | $ | — | $ | 33,328 | |||||||||
Other current assets | 276,121 | 5,448 | (4,465 | ) | 277,104 | ||||||||||||
Total current assets | 303,344 | 11,553 | (4,465 | ) | 310,432 | ||||||||||||
Non-current assets | 1,730,865 | 1,916 | — | 1,732,781 | |||||||||||||
Total assets | $ | 2,034,209 | $ | 13,469 | $ | (4,465 | ) | $ | 2,043,213 | ||||||||
Current liabilities | $ | 175,555 | $ | 9,244 | $ | (4,223 | ) | $ | 180,576 | ||||||||
Non-current liabilities | 1,420,870 | 130 | — | 1,421,000 | |||||||||||||
Total liabilities | 1,596,425 | 9,374 | (4,223 | ) | 1,601,576 | ||||||||||||
Total stockholders’ equity | 437,784 | — | (242 | ) | 437,542 | ||||||||||||
Noncontrolling interest | — | 4,095 | — | 4,095 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,034,209 | $ | 13,469 | $ | (4,465 | ) | $ | 2,043,213 | ||||||||
October 27, 2012 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 34,721 | $ | 7,865 | $ | — | $ | 42,586 | |||||||||
Other current assets | 331,842 | 5,405 | (3,929 | ) | 333,318 | ||||||||||||
Total current assets | 366,563 | 13,270 | (3,929 | ) | 375,904 | ||||||||||||
Non-current assets | 1,737,460 | 1,234 | — | 1,738,694 | |||||||||||||
Total assets | $ | 2,104,023 | $ | 14,504 | $ | (3,929 | ) | $ | 2,114,598 | ||||||||
Current liabilities | $ | 183,479 | $ | 10,658 | $ | (3,740 | ) | $ | 190,397 | ||||||||
Non-current liabilities | 1,474,878 | 80 | — | 1,474,958 | |||||||||||||
Total liabilities | 1,658,357 | 10,738 | (3,740 | ) | 1,665,355 | ||||||||||||
Total stockholders’ equity | 445,666 | — | (189 | ) | 445,477 | ||||||||||||
Noncontrolling interest | — | 3,766 | — | 3,766 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,104,023 | $ | 14,504 | $ | (3,929 | ) | $ | 2,114,598 | ||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||
For the 13 Weeks Ended November 2, 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 305,639 | $ | 5,395 | $ | (1,196 | ) | $ | 309,838 | ||||||||
Cost of goods sold | (185,116 | ) | (1,297 | ) | 43 | (186,370 | ) | ||||||||||
Operating expenses | (107,471 | ) | (4,901 | ) | 1,173 | (111,199 | ) | ||||||||||
Operating income (loss) | 13,052 | (803 | ) | 20 | 12,269 | ||||||||||||
Other non-operating (expense) income | (21,140 | ) | 717 | — | (20,423 | ) | |||||||||||
Loss before income taxes | (8,088 | ) | (86 | ) | 20 | (8,154 | ) | ||||||||||
Income tax expense | (15,917 | ) | (327 | ) | — | (16,244 | ) | ||||||||||
Net (loss) income | (24,005 | ) | (413 | ) | 20 | (24,398 | ) | ||||||||||
Net loss attributable to noncontrolling interest | — | 413 | — | 413 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (24,005 | ) | $ | — | $ | 20 | $ | (23,985 | ) | |||||||
For the 13 Weeks Ended October 27, 2012 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 311,008 | $ | 3,123 | $ | (2,613 | ) | $ | 311,518 | ||||||||
Cost of goods sold | (185,529 | ) | (818 | ) | 432 | (185,915 | ) | ||||||||||
Operating expenses | (98,785 | ) | (2,328 | ) | 2,097 | (99,016 | ) | ||||||||||
Operating income (loss) | 26,694 | (23 | ) | (84 | ) | 26,587 | |||||||||||
Other non-operating (expense) income | (21,265 | ) | 81 | — | (21,184 | ) | |||||||||||
Income before income taxes | 5,429 | 58 | (84 | ) | 5,403 | ||||||||||||
Income tax benefit (expense) | 776 | (1,269 | ) | — | (493 | ) | |||||||||||
Net income (loss) | 6,205 | (1,211 | ) | (84 | ) | 4,910 | |||||||||||
Net loss attributable to noncontrolling interest | — | 1,211 | — | 1,211 | |||||||||||||
Net income attributable to The Gymboree Corporation | $ | 6,205 | $ | — | $ | (84 | ) | $ | 6,121 | ||||||||
For the 39 weeks Ended November 2, 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 882,264 | $ | 15,027 | $ | (3,754 | ) | $ | 893,537 | ||||||||
Cost of goods sold | (538,591 | ) | (3,868 | ) | 449 | (542,010 | ) | ||||||||||
Operating expenses | (308,233 | ) | (12,477 | ) | 3,359 | (317,351 | ) | ||||||||||
Operating income (loss) | 35,440 | (1,318 | ) | 54 | 34,176 | ||||||||||||
Other non-operating (expense) income | (62,163 | ) | 871 | — | (61,292 | ) | |||||||||||
Loss before income taxes | (26,723 | ) | (447 | ) | 54 | (27,116 | ) | ||||||||||
Income tax expense | (9,202 | ) | (253 | ) | — | (9,455 | ) | ||||||||||
Net loss | (35,925 | ) | (700 | ) | 54 | (36,571 | ) | ||||||||||
Net loss attributable to noncontrolling interest | — | 700 | — | 700 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (35,925 | ) | $ | — | $ | 54 | $ | (35,871 | ) | |||||||
For the 39 weeks Ended October 27, 2012 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 876,430 | $ | 8,322 | $ | (6,731 | ) | $ | 878,021 | ||||||||
Cost of goods sold | (540,091 | ) | (2,262 | ) | 947 | (541,406 | ) | ||||||||||
Operating expenses | (283,987 | ) | (7,949 | ) | 5,586 | (286,350 | ) | ||||||||||
Operating income (loss) | 52,352 | (1,889 | ) | (198 | ) | 50,265 | |||||||||||
Other non-operating (expense) income | (65,356 | ) | 98 | — | (65,258 | ) | |||||||||||
Loss before income taxes | (13,004 | ) | (1,791 | ) | (198 | ) | (14,993 | ) | |||||||||
Income tax benefit (expense) | 11,051 | (1,044 | ) | — | 10,007 | ||||||||||||
Net loss | (1,953 | ) | (2,835 | ) | (198 | ) | (4,986 | ) | |||||||||
Net loss attributable to noncontrolling interest | — | 2,835 | — | 2,835 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (1,953 | ) | $ | — | $ | (198 | ) | $ | (2,151 | ) | ||||||
Condensed_Guarantor_Data
Condensed Guarantor Data | 9 Months Ended | ||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||
Condensed Guarantor Data | ' | ||||||||||||||||||||
18. Condensed Guarantor Data | |||||||||||||||||||||
The Company and its 100%-owned domestic subsidiaries have fully and unconditionally guaranteed the Notes. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of The Gymboree Corporation and the guarantor and non-guarantor subsidiaries. The VIEs financial results are included in those of the non-guarantor subsidiaries. | |||||||||||||||||||||
Advance Pricing Agreement | |||||||||||||||||||||
During the third quarter of fiscal 2013, we established the terms of a bilateral Advance Pricing Agreement (“APA”) between the United States and Canadian tax authorities. The APA established a methodology for determining arm’s length transfer prices between our United States and Canadian subsidiaries. The APA required us to recalculate transfer prices from fiscal years 2007 through 2012 using this methodology. Consequently, in the third quarter of fiscal 2013, we recorded in our Canadian subsidiary, included in our condensed non-guarantor balance sheet, a $9.2 million increase to both our February 3, 2013 accumulated deficit and intercompany payable to our U.S. subsidiaries related to fiscal years 2007 through 2012. Correspondingly, in the third quarter of fiscal 2013, our U.S. subsidiaries, included in our condensed The Gymboree Corporation and guarantor balance sheets, recorded a $3.7 million and $5.5 million increase, respectively, in both our February 3, 2013 retained earnings and intercompany receivable from our Canadian subsidiary. These adjustments were eliminated on consolidation and do not impact our previously reported consolidated balance sheets and statements of operations. | |||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of November 2, 2013 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,438 | $ | 3,381 | $ | 14,260 | $ | — | $ | 19,079 | |||||||||||
Accounts receivable, net of allowance | 367 | 20,087 | 12,031 | — | 32,485 | ||||||||||||||||
Merchandise inventories | — | 216,605 | 6,231 | (422 | ) | 222,414 | |||||||||||||||
Prepaid income taxes | 1,478 | — | 337 | — | 1,815 | ||||||||||||||||
Prepaid expenses | 4,011 | 14,659 | 1,316 | — | 19,986 | ||||||||||||||||
Deferred income taxes | — | 15,295 | 864 | (4,438 | ) | 11,721 | |||||||||||||||
Intercompany receivable | — | 489,942 | — | (489,942 | ) | — | |||||||||||||||
Total current assets | 7,294 | 759,969 | 35,039 | (494,802 | ) | 307,500 | |||||||||||||||
Property and Equipment, net | 13,166 | 185,689 | 10,412 | — | 209,267 | ||||||||||||||||
Goodwill | — | 859,165 | 39,818 | — | 898,983 | ||||||||||||||||
Other Intangible Assets | — | 576,623 | 121 | — | 576,744 | ||||||||||||||||
Deferred Financing Costs | 34,067 | — | — | — | 34,067 | ||||||||||||||||
Other Assets | 21,321 | 2,142 | 13,696 | (24,555 | ) | 12,604 | |||||||||||||||
Investment in Subsidiaries | 1,985,248 | — | — | (1,985,248 | ) | — | |||||||||||||||
Total Assets | $ | 2,061,096 | $ | 2,383,588 | $ | 99,086 | $ | (2,504,605 | ) | $ | 2,039,165 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | 8,756 | $ | 77,192 | $ | 1,375 | $ | — | $ | 87,323 | |||||||||||
Accrued liabilities | 38,548 | 66,832 | 8,092 | — | 113,472 | ||||||||||||||||
Deferred income taxes | 4,363 | — | 75 | (4,438 | ) | — | |||||||||||||||
Line of credit | 24,000 | — | — | — | 24,000 | ||||||||||||||||
Current obligation under capital lease | — | 492 | — | — | 492 | ||||||||||||||||
Current portion of long-term debt | — | — | — | — | — | ||||||||||||||||
Intercompany payable | 468,686 | — | 21,678 | (490,364 | ) | — | |||||||||||||||
Total current liabilities | 544,353 | 144,516 | 31,220 | (494,802 | ) | 225,287 | |||||||||||||||
Long-Term Liabilities: | |||||||||||||||||||||
Long-term debt | 1,113,668 | — | — | — | 1,113,668 | ||||||||||||||||
Long-term obligation under capital lease | — | 3,532 | — | — | 3,532 | ||||||||||||||||
Lease incentives and other liabilities | 4,343 | 47,638 | 10,207 | — | 62,188 | ||||||||||||||||
Deferred income taxes | — | 242,463 | — | (24,555 | ) | 217,908 | |||||||||||||||
Total Liabilities | 1,662,364 | 438,149 | 41,427 | (519,357 | ) | 1,622,583 | |||||||||||||||
Total stockholders’ equity | 398,732 | 1,945,439 | 39,809 | (1,985,248 | ) | 398,732 | |||||||||||||||
Noncontrolling interest | — | — | 17,850 | — | 17,850 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,061,096 | $ | 2,383,588 | $ | 99,086 | $ | (2,504,605 | ) | $ | 2,039,165 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 18,431 | $ | 3,128 | $ | 11,769 | $ | — | $ | 33,328 | |||||||||||
Accounts receivable, net of allowance | 1,280 | 23,679 | 2,583 | — | 27,542 | ||||||||||||||||
Merchandise inventories | — | 193,003 | 4,907 | 25 | 197,935 | ||||||||||||||||
Prepaid income taxes | 1,821 | 682 | 400 | — | 2,903 | ||||||||||||||||
Prepaid expenses | 3,142 | 12,909 | 1,290 | — | 17,341 | ||||||||||||||||
Deferred income taxes | 15,488 | 16,528 | — | (633 | ) | 31,383 | |||||||||||||||
Intercompany receivable | — | 468,919 | — | (468,919 | ) | — | |||||||||||||||
Total current assets | 40,162 | 718,848 | 20,949 | (469,527 | ) | 310,432 | |||||||||||||||
Property and Equipment, net | 15,679 | 180,021 | 9,625 | — | 205,325 | ||||||||||||||||
Goodwill | — | 859,166 | 39,800 | — | 898,966 | ||||||||||||||||
Other Intangible Assets | — | 580,492 | 149 | — | 580,641 | ||||||||||||||||
Deferred Financing Costs | 40,040 | — | — | — | 40,040 | ||||||||||||||||
Other Assets | 15,409 | 2,061 | 7,067 | (16,728 | ) | 7,809 | |||||||||||||||
Investment in subsidiaries | 1,976,277 | — | — | (1,976,277 | ) | — | |||||||||||||||
Total Assets | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | (2,462,532 | ) | $ | 2,043,213 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | 14,269 | $ | 74,589 | $ | 1,275 | $ | — | $ | 90,133 | |||||||||||
Accrued liabilities | 35,991 | 48,446 | 6,006 | — | 90,443 | ||||||||||||||||
Deferred income taxes | — | — | 633 | (633 | ) | — | |||||||||||||||
Intercompany payable | 456,934 | — | 11,960 | (468,894 | ) | — | |||||||||||||||
Total current liabilities | 507,194 | 123,035 | 19,874 | (469,527 | ) | 180,576 | |||||||||||||||
Long-Term Liabilities: | |||||||||||||||||||||
Long-term debt | 1,138,455 | — | — | — | 1,138,455 | ||||||||||||||||
Lease incentives and other liabilities | 4,376 | 38,693 | 4,883 | — | 47,952 | ||||||||||||||||
Deferred income taxes | — | 250,427 | 894 | (16,728 | ) | 234,593 | |||||||||||||||
Total Liabilities | 1,650,025 | 412,155 | 25,651 | (486,255 | ) | 1,601,576 | |||||||||||||||
Total stockholders’ equity | 437,542 | 1,928,433 | 47,844 | (1,976,277 | ) | 437,542 | |||||||||||||||
Noncontrolling interest | — | — | 4,095 | — | 4,095 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | (2,462,532 | ) | $ | 2,043,213 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of October 27, 2012 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 19,899 | $ | 9,209 | $ | 13,478 | $ | — | $ | 42,586 | |||||||||||
Accounts receivable, net of allowance | 1,323 | 22,682 | 3,227 | — | 27,232 | ||||||||||||||||
Merchandise inventories | — | 249,825 | 5,969 | (72 | ) | 255,722 | |||||||||||||||
Prepaid income taxes | 3,582 | 714 | 869 | — | 5,165 | ||||||||||||||||
Prepaid expenses | 3,880 | 2,126 | 533 | — | 6,539 | ||||||||||||||||
Deferred income taxes | 26,593 | 12,576 | — | (509 | ) | 38,660 | |||||||||||||||
Intercompany receivable | — | 413,419 | — | (413,419 | ) | — | |||||||||||||||
Total current assets | 55,277 | 710,551 | 24,076 | (414,000 | ) | 375,904 | |||||||||||||||
Property and Equipment, net | 16,568 | 179,363 | 9,555 | — | 205,486 | ||||||||||||||||
Goodwill | — | 859,297 | 39,800 | — | 899,097 | ||||||||||||||||
Other Intangible Assets | — | 585,116 | 161 | — | 585,277 | ||||||||||||||||
Deferred Financing Costs | 43,018 | — | — | — | 43,018 | ||||||||||||||||
Other Assets | 13,706 | 1,667 | 5,260 | (14,817 | ) | 5,816 | |||||||||||||||
Investment in Subsidiaries | 1,960,041 | — | — | (1,960,041 | ) | — | |||||||||||||||
Total Assets | $ | 2,088,610 | $ | 2,335,994 | $ | 78,852 | $ | (2,388,858 | ) | $ | 2,114,598 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | 5,545 | $ | 82,299 | $ | 980 | $ | — | $ | 88,824 | |||||||||||
Accrued liabilities | 38,259 | 54,872 | 8,442 | — | 101,573 | ||||||||||||||||
Deferred income taxes | — | — | 508 | (508 | ) | — | |||||||||||||||
Intercompany payable | 402,999 | — | 9,935 | (412,934 | ) | — | |||||||||||||||
Total current liabilities | 446,803 | 137,171 | 19,865 | (413,442 | ) | 190,397 | |||||||||||||||
Long-Term Liabilities: | |||||||||||||||||||||
Long-term debt | 1,192,383 | — | — | — | 1,192,383 | ||||||||||||||||
Lease incentives and other liabilities | 3,947 | 37,672 | 5,021 | — | 46,640 | ||||||||||||||||
Deferred income taxes | — | 250,752 | — | (14,817 | ) | 235,935 | |||||||||||||||
Total Liabilities | 1,643,133 | 425,595 | 24,886 | (428,259 | ) | 1,665,355 | |||||||||||||||
Total Stockholders’ Equity | 445,477 | 1,910,399 | 50,200 | (1,960,599 | ) | 445,477 | |||||||||||||||
Noncontrolling interest | — | — | 3,766 | — | 3,766 | ||||||||||||||||
Total Equity | 445,477 | 1,910,399 | 53,966 | (1,960,599 | ) | 449,243 | |||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,088,610 | $ | 2,335,994 | $ | 78,852 | $ | (2,388,858 | ) | $ | 2,114,598 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 443 | $ | 287,574 | $ | 16,232 | $ | (6,897 | ) | $ | 297,352 | ||||||||||
Gymboree Play & Music | — | 2,808 | 4,013 | — | 6,821 | ||||||||||||||||
Retail Franchise | — | 5,665 | — | — | 5,665 | ||||||||||||||||
Intercompany revenue | 12,866 | 1,490 | — | (14,356 | ) | — | |||||||||||||||
Total net sales | 13,309 | 297,537 | 20,245 | (21,253 | ) | 309,838 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (1,435 | ) | (180,116 | ) | (10,720 | ) | 5,901 | (186,370 | ) | ||||||||||||
Gross profit | 11,874 | 117,421 | 9,525 | (15,352 | ) | 123,468 | |||||||||||||||
Selling, general and administrative expenses | (14,271 | ) | (103,254 | ) | (9,090 | ) | 15,416 | (111,199 | ) | ||||||||||||
Operating (loss) income | (2,397 | ) | 14,167 | 435 | 64 | 12,269 | |||||||||||||||
Interest income | 29 | 6 | 5 | 1 | 41 | ||||||||||||||||
Interest expense | (20,421 | ) | (62 | ) | — | — | (20,483 | ) | |||||||||||||
Loss on extinguishment of debt | (834 | ) | — | — | — | (834 | ) | ||||||||||||||
Other (expense) income, net | (37 | ) | (4 | ) | 894 | — | 853 | ||||||||||||||
(Loss) income before income taxes | (23,660 | ) | 14,107 | 1,334 | 65 | (8,154 | ) | ||||||||||||||
Income tax (expense) benefit | (2,244 | ) | (14,626 | ) | 626 | — | (16,244 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | 1,919 | — | — | (1,919 | ) | — | |||||||||||||||
Net (loss) income | (23,985 | ) | (519 | ) | 1,960 | (1,854 | ) | (24,398 | ) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 413 | — | 413 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (23,985 | ) | $ | (519 | ) | $ | 2,373 | $ | (1,854 | ) | $ | (23,985 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 478 | $ | 291,922 | $ | 14,564 | $ | (6,999 | ) | $ | 299,965 | ||||||||||
Gymboree Play & Music | — | 5,801 | 589 | — | 6,390 | ||||||||||||||||
Retail Franchise | — | 5,163 | — | — | 5,163 | ||||||||||||||||
Intercompany revenue | 11,825 | 837 | 2,046 | (14,708 | ) | — | |||||||||||||||
Total net sales | 12,303 | 303,723 | 17,199 | (21,707 | ) | 311,518 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (1,340 | ) | (182,017 | ) | (10,093 | ) | 7,535 | (185,915 | ) | ||||||||||||
Gross profit | 10,963 | 121,706 | 7,106 | (14,172 | ) | 125,603 | |||||||||||||||
Selling, general and administrative expenses | (11,440 | ) | (95,197 | ) | (6,394 | ) | 14,015 | (99,016 | ) | ||||||||||||
Operating (loss) income | (477 | ) | 26,509 | 712 | (157 | ) | 26,587 | ||||||||||||||
Interest income | 13 | 9 | 20 | — | 42 | ||||||||||||||||
Interest expense | (21,312 | ) | — | — | — | (21,312 | ) | ||||||||||||||
Other income, net | 5 | 2 | 79 | — | 86 | ||||||||||||||||
(Loss) income before income taxes | (21,771 | ) | 26,520 | 811 | (157 | ) | 5,403 | ||||||||||||||
Income tax benefit (expense) | 9,714 | (8,172 | ) | (2,035 | ) | — | (493 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | 18,178 | — | — | (18,178 | ) | — | |||||||||||||||
Net income (loss) | 6,121 | 18,348 | (1,224 | ) | (18,335 | ) | 4,910 | ||||||||||||||
Net loss attributable to noncontrolling interest | — | — | 1,211 | — | 1,211 | ||||||||||||||||
Net income (loss) attributable to The Gymboree Corporation | $ | 6,121 | $ | 18,348 | $ | (13 | ) | $ | (18,335 | ) | $ | 6,121 | |||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 1,365 | $ | 831,597 | $ | 44,597 | $ | (20,386 | ) | $ | 857,173 | ||||||||||
Gymboree Play & Music | — | 8,132 | 11,277 | — | 19,409 | ||||||||||||||||
Retail Franchise | — | 16,955 | — | — | 16,955 | ||||||||||||||||
Intercompany revenue | 45,883 | 4,592 | — | (50,475 | ) | — | |||||||||||||||
Total net sales | 47,248 | 861,276 | 55,874 | (70,861 | ) | 893,537 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (4,389 | ) | (525,280 | ) | (30,172 | ) | 17,831 | (542,010 | ) | ||||||||||||
Gross profit | 42,859 | 335,996 | 25,702 | (53,030 | ) | 351,527 | |||||||||||||||
Selling, general and administrative expenses | (49,249 | ) | (295,002 | ) | (26,150 | ) | 53,050 | (317,351 | ) | ||||||||||||
Operating (loss) income | (6,390 | ) | 40,994 | (448 | ) | 20 | 34,176 | ||||||||||||||
Interest income | 62 | 29 | 52 | — | 143 | ||||||||||||||||
Interest expense | (61,290 | ) | (62 | ) | (1 | ) | 1 | (61,352 | ) | ||||||||||||
Loss on extinguishment of debt | (834 | ) | — | — | — | (834 | ) | ||||||||||||||
Other (expense) income, net | (261 | ) | (5 | ) | 1,017 | — | 751 | ||||||||||||||
(Loss) income before income taxes | (68,713 | ) | 40,956 | 620 | 21 | (27,116 | ) | ||||||||||||||
Income tax benefit (expense) | 19,834 | (29,467 | ) | 178 | — | (9,455 | ) | ||||||||||||||
Equity in earnings of affiliates, net of tax | 13,008 | — | — | (13,008 | ) | — | |||||||||||||||
Net (loss) income | (35,871 | ) | 11,489 | 798 | (12,987 | ) | (36,571 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 700 | — | 700 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (35,871 | ) | $ | 11,489 | $ | 1,498 | $ | (12,987 | ) | $ | (35,871 | ) | ||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 1,307 | $ | 825,274 | $ | 41,029 | $ | (20,415 | ) | $ | 847,195 | ||||||||||
Gymboree Play & Music | — | 16,379 | 1,602 | — | 17,981 | ||||||||||||||||
Retail Franchise | — | 12,845 | — | — | 12,845 | ||||||||||||||||
Intercompany revenue | 35,518 | 2,151 | 5,505 | (43,174 | ) | — | |||||||||||||||
Total net sales | 36,825 | 856,649 | 48,136 | (63,589 | ) | 878,021 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (4,009 | ) | (528,161 | ) | (29,129 | ) | 19,893 | (541,406 | ) | ||||||||||||
Gross profit | 32,816 | 328,488 | 19,007 | (43,696 | ) | 336,615 | |||||||||||||||
Selling, general and administrative expenses | (37,090 | ) | (274,852 | ) | (17,855 | ) | 43,447 | (286,350 | ) | ||||||||||||
Operating (loss) income | (4,274 | ) | 53,636 | 1,152 | (249 | ) | 50,265 | ||||||||||||||
Interest income | 65 | 10 | 71 | — | 146 | ||||||||||||||||
Interest expense | (64,163 | ) | — | — | — | (64,163 | ) | ||||||||||||||
Loss on extinguishment of debt | (1,237 | ) | — | — | — | (1,237 | ) | ||||||||||||||
Other (expense) income, net | (46 | ) | — | 42 | — | (4 | ) | ||||||||||||||
(Loss) income before income taxes | (69,655 | ) | 53,646 | 1,265 | (249 | ) | (14,993 | ) | |||||||||||||
Income tax benefit (expense) | 35,347 | (23,921 | ) | (1,419 | ) | — | 10,007 | ||||||||||||||
Equity in earnings of affiliates, net of tax | 32,157 | — | — | (32,157 | ) | — | |||||||||||||||
Net (loss) income | (2,151 | ) | 29,725 | (154 | ) | (32,406 | ) | (4,986 | ) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 2,835 | — | 2,835 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (2,151 | ) | $ | 29,725 | $ | 2,681 | $ | (32,406 | ) | $ | (2,151 | ) | ||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net (loss) income | $ | (23,985 | ) | $ | (519 | ) | $ | 1,960 | $ | (1,854 | ) | $ | (24,398 | ) | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | (36 | ) | — | (11 | ) | 55 | 8 | ||||||||||||||
Unrealized net loss on cash flow hedges, net of tax expense of $501 | (871 | ) | — | (191 | ) | 191 | (871 | ) | |||||||||||||
Total other comprehensive loss, net of tax | (907 | ) | — | (202 | ) | 246 | (863 | ) | |||||||||||||
Comprehensive (loss) income | (24,892 | ) | (519 | ) | 1,758 | (1,608 | ) | (25,261 | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | 369 | — | 369 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (24,892 | ) | $ | (519 | ) | $ | 2,127 | $ | (1,608 | ) | $ | (24,892 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | 6,121 | $ | 18,348 | $ | (1,224 | ) | $ | (18,335 | ) | $ | 4,910 | |||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | 92 | — | 92 | ||||||||||||||||
Unrealized net loss on cash flow hedges, net of tax benefit of $123 | (123 | ) | — | (85 | ) | — | (208 | ) | |||||||||||||
Total other comprehensive (loss) income, net of tax | (123 | ) | — | 7 | — | (116 | ) | ||||||||||||||
Comprehensive income (loss) | 5,998 | 18,348 | (1,217 | ) | (18,335 | ) | 4,794 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 1,120 | — | 1,120 | ||||||||||||||||
Comprehensive income (loss) attributable to The Gymboree Corporation | $ | 5,998 | $ | 18,348 | $ | (97 | ) | $ | (18,335 | ) | $ | 5,914 | |||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net (loss) income | $ | (35,871 | ) | $ | 11,489 | $ | 798 | $ | (12,987 | ) | $ | (36,571 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | (516 | ) | — | (456 | ) | 557 | (415 | ) | |||||||||||||
Unrealized net gain on cash flow hedges, net of tax benefit of $0 | 635 | — | 217 | (217 | ) | 635 | |||||||||||||||
Total other comprehensive income (loss), net of tax | 119 | — | (239 | ) | 340 | 220 | |||||||||||||||
Comprehensive (loss) income | (35,752 | ) | 11,489 | 559 | (12,647 | ) | (36,351 | ) | |||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 599 | — | 599 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (35,752 | ) | $ | 11,489 | $ | 1,158 | $ | (12,647 | ) | $ | (35,752 | ) | ||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net (loss) income | $ | (2,151 | ) | $ | 29,725 | $ | (154 | ) | $ | (32,406 | ) | $ | (4,986 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | 33 | — | 33 | ||||||||||||||||
Unrealized net loss on cash flow hedges, net of tax benefit of $386 | (59 | ) | — | (50 | ) | — | (109 | ) | |||||||||||||
Total other comprehensive loss, net of tax | (59 | ) | — | (17 | ) | — | (76 | ) | |||||||||||||
Comprehensive (loss) income | (2,210 | ) | 29,725 | (171 | ) | (32,406 | ) | (5,062 | ) | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 2,776 | — | 2,776 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (2,210 | ) | $ | 29,725 | $ | 2,605 | $ | (32,406 | ) | $ | (2,286 | ) | ||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (52,645 | ) | $ | 85,441 | $ | (9,510 | ) | $ | — | $ | 23,286 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (1,648 | ) | (30,438 | ) | (3,127 | ) | — | (35,213 | ) | ||||||||||||
Other | — | 11 | (246 | ) | — | (235 | ) | ||||||||||||||
Net cash used in investing activities | (1,648 | ) | (30,427 | ) | (3,373 | ) | — | (35,448 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | 45,535 | (54,683 | ) | 9,148 | — | — | |||||||||||||||
Proceeds from ABL facility | 79,000 | — | — | — | 79,000 | ||||||||||||||||
Payments on ABL facility | (55,000 | ) | — | — | — | (55,000 | ) | ||||||||||||||
Repurchase of notes | (24,760 | ) | — | — | — | (24,760 | ) | ||||||||||||||
Payments on capital lease | — | (78 | ) | — | — | (78 | ) | ||||||||||||||
Dividend payment to parent | (7,475 | ) | — | — | — | (7,475 | ) | ||||||||||||||
Capital contribution received by noncontrolling interest | — | — | 6,506 | — | 6,506 | ||||||||||||||||
Net cash provided by (used in) financing activities | 37,300 | (54,761 | ) | 15,654 | — | (1,807 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | (280 | ) | — | (280 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (16,993 | ) | 253 | 2,491 | — | (14,249 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 18,431 | 3,128 | 11,769 | — | 33,328 | ||||||||||||||||
End of Period | $ | 1,438 | $ | 3,381 | $ | 14,260 | $ | — | $ | 19,079 | |||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (38,940 | ) | $ | 49,393 | $ | 1,426 | $ | — | $ | 11,879 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (1,881 | ) | (28,372 | ) | (1,649 | ) | — | (31,902 | ) | ||||||||||||
Investment in subsidiaries | (180 | ) | — | — | 180 | — | |||||||||||||||
Other | — | (159 | ) | (425 | ) | — | (584 | ) | |||||||||||||
Net cash used in investing activities | (2,061 | ) | (28,531 | ) | (2,074 | ) | 180 | (32,486 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | 18,635 | (18,040 | ) | (595 | ) | — | — | ||||||||||||||
Payments on Term Loan | (17,698 | ) | — | — | — | (17,698 | ) | ||||||||||||||
Payments of deferred financing costs | (1,347 | ) | — | — | — | (1,347 | ) | ||||||||||||||
Investment by Parent | — | — | 180 | (180 | ) | — | |||||||||||||||
Investment by affiliate of Parent | 2,400 | — | — | — | 2,400 | ||||||||||||||||
Capital contribution received by noncontrolling interest | — | — | 1,595 | — | 1,595 | ||||||||||||||||
Net cash provided by (used in) financing activities | 1,990 | (18,040 | ) | 1,180 | (180 | ) | (15,050 | ) | |||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | 333 | — | 333 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (39,011 | ) | 2,822 | 865 | — | (35,324 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 58,910 | 6,387 | 12,613 | — | 77,910 | ||||||||||||||||
End of Period | $ | 19,899 | $ | 9,209 | $ | 13,478 | $ | — | $ | 42,586 | |||||||||||
The Company and its guarantor subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the guarantor subsidiary bank accounts and those of the Company. In addition, we pay expenses on behalf of our guarantor and non-guarantor subsidiaries on a regular basis. These types of transactions have been accounted for as intercompany transfers within financing activities. | |||||||||||||||||||||
The Company’s transactions include interest, tax payments and intercompany sales transactions related to administrative costs incurred by the Company, which are billed to guarantor and non-guarantor subsidiaries on a cost plus basis. All intercompany transactions are presumed to be settled in cash and therefore are included in operating activities. Non-operating cash flow changes have been classified as financing activities. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Intangible Assets and Liabilities | ' | ||||||||||||||||
Intangible Assets and Liabilities | |||||||||||||||||
Intangible assets and liabilities consist of the following (in thousands): | |||||||||||||||||
November 2, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Net Amount | |||||||||||||||
Amount | Amortization | ||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,494 | $ | 567,494 | |||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 36,400 | $ | (36,400 | ) | — | ||||||||||||
Below market leases | 7,055 | (3,908 | ) | 3,147 | |||||||||||||
Co-branded credit card agreement | 4,000 | (1,804 | ) | 2,196 | |||||||||||||
Franchise agreements | 6,600 | (2,693 | ) | 3,907 | |||||||||||||
54,055 | (44,805 | ) | 9,250 | ||||||||||||||
Total other intangible assets | $ | 621,549 | $ | (44,805 | ) | $ | 576,744 | ||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631 | ) | $ | 9,366 | $ | (7,265 | ) | |||||||||
2-Feb-13 | |||||||||||||||||
Gross Carrying | Accumulated | Net Amount | |||||||||||||||
Amount | Amortization | ||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,494 | $ | 567,494 | |||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 36,400 | $ | (34,525 | ) | 1,875 | ||||||||||||
Below market leases | 7,055 | (3,037 | ) | 4,018 | |||||||||||||
Co-branded credit card agreement | 4,000 | (1,342 | ) | 2,658 | |||||||||||||
Franchise agreements | 6,600 | (2,004 | ) | 4,596 | |||||||||||||
54,055 | (40,908 | ) | 13,147 | ||||||||||||||
Total other intangible assets | $ | 621,549 | $ | (40,908 | ) | $ | 580,641 | ||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631 | ) | $ | 7,382 | $ | (9,249 | ) | |||||||||
October 27, 2012 | |||||||||||||||||
Gross Carrying | Accumulated | Net Amount | |||||||||||||||
Amount | Amortization | ||||||||||||||||
Intangible Assets Not Subject to Amortization: | |||||||||||||||||
Trade names | $ | 567,447 | $ | 567,447 | |||||||||||||
Intangible Assets Subject to Amortization: | |||||||||||||||||
Customer relationships | 36,400 | $ | (30,569 | ) | 5,831 | ||||||||||||
Below market leases | 7,055 | (2,693 | ) | 4,362 | |||||||||||||
Co-branded credit card agreement | 4,000 | (1,189 | ) | 2,811 | |||||||||||||
Franchise agreements | 6,600 | (1,774 | ) | 4,826 | |||||||||||||
54,055 | (36,225 | ) | 17,830 | ||||||||||||||
Total other intangible assets | $ | 621,502 | $ | (36,225 | ) | $ | 585,277 | ||||||||||
Intangible Liabilities Subject to Amortization: | |||||||||||||||||
Above market leases (included in Lease incentives and other deferred liabilities) | $ | (16,631 | ) | $ | 6,613 | $ | (10,018 | ) | |||||||||
Estimated Amortization Expense Income Related to Intangible Assets and Liabilities | ' | ||||||||||||||||
We estimate that amortization expense (income) related to intangible assets and liabilities will be as follows for the remainder of fiscal 2013 and each of the next five fiscal years (in thousands): | |||||||||||||||||
Fiscal | Below Market | Above Market | Other | Total | |||||||||||||
Leases | Leases | Intangibles | |||||||||||||||
2013 (remaining 13 weeks) | $ | 287 | $ | (624 | ) | $ | 384 | $ | 47 | ||||||||
2014 | 1,059 | (2,023 | ) | 1,534 | 570 | ||||||||||||
2015 | 835 | (1,579 | ) | 1,534 | 790 | ||||||||||||
2016 | 483 | (1,428 | ) | 1,393 | 448 | ||||||||||||
2017 | 342 | (1,016 | ) | 332 | (342 | ) | |||||||||||
2018 and remaining | 141 | (595 | ) | 926 | 472 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Outstanding Derivatives Designated as Cash Flow Hedges | ' | ||||||||||||||||||||||||
We had the following outstanding derivatives designated as cash-flow hedges (in thousands): | |||||||||||||||||||||||||
November 2, 2013 | 2-Feb-13 | October 27, 2012 | |||||||||||||||||||||||
Number of | Notional | Number of | Notional | Number of | Notional | ||||||||||||||||||||
Instruments | (USD) | Instruments | (USD) | Instruments | (USD) | ||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||
Purchased Caps | 4 | $ | 700,000 | 4 | $ | 700,000 | 4 | $ | 700,000 | ||||||||||||||||
Foreign exchange derivatives | |||||||||||||||||||||||||
Forward foreign exchange contracts | 3 | 3,420 | 6 | 6,377 | 3 | 3,922 | |||||||||||||||||||
Total | 7 | $ | 703,420 | 10 | $ | 706,377 | 7 | $ | 703,922 | ||||||||||||||||
Fair Value of Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The table below presents the fair value of all of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets (in thousands). | |||||||||||||||||||||||||
November 2, 2013 | 2-Feb-13 | October 27, 2012 | |||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Purchased Interest Rate Caps | $ | 641 | $ | — | $ | 964 | $ | — | $ | 817 | $ | — | |||||||||||||
Forward foreign exchange contracts | 107 | — | — | — | — | — | |||||||||||||||||||
Accrued Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | — | — | — | 18 | — | 41 | |||||||||||||||||||
Total | $ | 748 | $ | — | $ | 964 | $ | 18 | $ | 817 | $ | 41 | |||||||||||||
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | ' | ||||||||||||||||||||||||
The tables below present the effect of all of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive income (loss) for the 13 and 39 weeks ended November 2, 2013 and October 27, 2012 (in thousands). No amounts were reclassified from accumulated other comprehensive loss into income as a result of forecasted transactions that failed to occur or as a result of hedge ineffectiveness for either period. | |||||||||||||||||||||||||
13 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Gains /(Losses) | Location of Gains | Gains /(Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (546 | ) | Interest expense | $ | (310 | ) | ||||||||||||||||||
Forward foreign exchange contracts | 3 | Cost of goods sold | 137 | ||||||||||||||||||||||
Total | $ | (543 | ) | $ | (173 | ) | |||||||||||||||||||
13 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Gains /(Losses) | Location of Gains | Gains /(Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (270 | ) | Interest expense | $ | (69 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (98 | ) | Cost of goods sold | 34 | |||||||||||||||||||||
Total | $ | (368 | ) | $ | (35 | ) | |||||||||||||||||||
39 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (323 | ) | Interest expense | $ | (742 | ) | ||||||||||||||||||
Forward foreign exchange contracts | 407 | Cost of goods sold | 191 | ||||||||||||||||||||||
Total | $ | 84 | $ | (551 | ) | ||||||||||||||||||||
39 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Gains / (Losses) | Location of Gains | Gains / (Losses) | |||||||||||||||||||||||
Recognized in OCI on | (Losses) Reclassified | Reclassified from | |||||||||||||||||||||||
Derivative (Effective | from Accumulated OCI | Accumulated OCI | |||||||||||||||||||||||
Portion) | into Income (Effective | into Income | |||||||||||||||||||||||
Portion) | (Effective Portion) | ||||||||||||||||||||||||
Interest rate caps | $ | (544 | ) | Interest expense | $ | (182 | ) | ||||||||||||||||||
Forward foreign exchange contracts | (14 | ) | Cost of goods sold | 122 | |||||||||||||||||||||
Total | $ | (558 | ) | $ | (60 | ) | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||
The tables below present our assets and liabilities measured at fair value on a recurring basis as of November 2, 2013, February 2, 2013 and October 27, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no transfers into or out of Level 1 and Level 2 during the 13 and 39 weeks ended November 2, 2013 and October 27, 2012, or for the year ended February 2, 2013. | |||||||||||||||||||||||||
November 2, 2013 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest rate caps | $ | — | $ | 641 | $ | — | $ | 641 | |||||||||||||||||
Forward foreign exchange contracts | — | 107 | — | 107 | |||||||||||||||||||||
Total | $ | — | $ | 748 | $ | — | $ | 748 | |||||||||||||||||
2-Feb-13 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Money market funds | $ | 17,297 | $ | — | $ | — | $ | 17,297 | |||||||||||||||||
Interest rate caps | — | 964 | — | 964 | |||||||||||||||||||||
Total | $ | 17,297 | $ | 964 | $ | — | $ | 18,261 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 18 | $ | — | $ | 18 | |||||||||||||||||
27-Oct-12 | |||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | ||||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets and | (Level 2) | Inputs | |||||||||||||||||||||||
Liabilities | (Level 3) | ||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Money market funds | $ | 19,030 | $ | — | $ | — | $ | 19,030 | |||||||||||||||||
Interest rate caps | — | 817 | — | 817 | |||||||||||||||||||||
Total | $ | 19,030 | $ | 817 | $ | — | $ | 19,847 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | — | $ | 41 | $ | — | $ | 41 | |||||||||||||||||
Estimated Fair Value of Long-Term Debt | ' | ||||||||||||||||||||||||
The estimated fair value of long-term debt is as follows (in thousands): | |||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Term loan | $ | 767,668 | $ | 746,029 | $ | 767,455 | $ | 749,874 | $ | 792,383 | $ | 774,554 | |||||||||||||
Notes | 346,000 | 332,160 | 371,000 | 348,740 | 400,000 | 381,520 | |||||||||||||||||||
$ | 1,113,668 | $ | 1,078,189 | $ | 1,138,455 | $ | 1,098,614 | $ | 1,192,383 | $ | 1,156,074 | ||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Long Term Debt | ' | ||||||||||||
Long-term debt consists of (in thousands): | |||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||
Senior secured term loan facility, net of discount of $1,434, $1,647 and $1,719 | $ | 767,668 | $ | 767,455 | $ | 792,383 | |||||||
9.125% senior notes | 346,000 | 371,000 | 400,000 | ||||||||||
Long-term debt | $ | 1,113,668 | $ | 1,138,455 | $ | 1,192,383 | |||||||
Scheduled Future Minimum Principal Payments on Long Term Debt | ' | ||||||||||||
under the Term Loan in fiscal 2013 through fiscal 2017. Future minimum principal payments on long-term debt excluding original issuance discount of $1.4 million as of November 2, 2013 are, as follows (in thousands): | |||||||||||||
Fiscal years | |||||||||||||
2013 | $ | — | |||||||||||
2014 | — | ||||||||||||
2015 | — | ||||||||||||
2016 | — | ||||||||||||
2017 | 6,502 | ||||||||||||
Thereafter | 1,108,600 | ||||||||||||
Total | $ | 1,115,102 | |||||||||||
Lease_Incentives_and_Other_Def1
Lease Incentives and Other Deferred Liabilities (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Lease Incentives and Other Deferred Liabilities | ' | ||||||||||||
Lease incentives and other deferred liabilities consist of the following (in thousands): | |||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||
Above market leases | $ | 7,265 | $ | 9,249 | $ | 10,018 | |||||||
Deferred rent | 14,493 | 11,269 | 10,074 | ||||||||||
Lease allowances | 24,474 | 18,059 | 17,268 | ||||||||||
Other | 3,540 | 1,527 | 1,595 | ||||||||||
Total | $ | 49,772 | $ | 40,104 | $ | 38,955 | |||||||
Leases_Tables
Leases (Tables) | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Assets Under Capital Lease | ' | ||||
As of the third quarter of fiscal 2013, the following assets under capital lease are included under the line “Property and equipment” in our condensed consolidated balance sheet (in thousands): | |||||
November 2, 2013 | |||||
Leasehold improvements | $ | 1,776 | |||
Furniture, fixtures and equipment | 2,326 | ||||
Total assets under capital lease | 4,102 | ||||
Less: Accumulated depreciation | (119 | ) | |||
Net assets under capital lease | $ | 3,983 | |||
Future Minimum Obligations under Capital Leases | ' | ||||
Annual future minimum obligations under capital leases for each of the next five years and thereafter, as of the third quarter of fiscal 2013 are as follows (in thousands): | |||||
Fiscal Years | Capital Leases | ||||
2013 | $ | 210 | |||
2014 | 838 | ||||
2015 | 838 | ||||
2016 | 838 | ||||
2017 | 838 | ||||
Thereafter | 1,714 | ||||
Total minimum lease payments | 5,276 | ||||
Less amount representing interest | (1,252 | ) | |||
Total future minimum lease payments | 4,024 | ||||
Less current portion of obligation under capital lease | (492 | ) | |||
Obligations under capital lease, less current portion | $ | 3,532 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Share-based Compensation Expense | ' | ||||||||||||||||
Share-based compensation expense is included as a component of selling, general and administrative expenses. Share-based compensation expense consisted of the following (in thousands): | |||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | ||||||||||||||
Share-based compensation expense | $ | 1,443 | $ | 303 | $ | 4,417 | $ | 3,220 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Gain or Loss Recognized in Other Comprehensive Income (Loss) ("OCI") and Reclassified from Accumulated OCI into Income | ' | ||||||||||||
The following table shows the components of accumulated other comprehensive income (loss) (“OCI”), net of tax (in thousands): | |||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||
Foreign currency translation | $ | 292 | $ | 808 | $ | 788 | |||||||
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,982, $3,982 and $4,301 | (6,087 | ) | (6,722 | ) | (6,689 | ) | |||||||
Total accumulated other comprehensive loss | $ | (5,795 | ) | $ | (5,914 | ) | $ | (5,901 | ) | ||||
Changes in Accumulated OCI Balance by Component | ' | ||||||||||||
Changes in accumulated OCI balance by component are shown below (in thousands): | |||||||||||||
13 Weeks Ended November 2, 2013 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (5,216 | ) | $ | 328 | $ | (4,888 | ) | |||||
Other comprehensive loss recognized before reclassifications | (543 | ) | 8 | (535 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 173 | — | 173 | ||||||||||
Tax expense | (501 | ) | — | (501 | ) | ||||||||
Net current-period other comprehensive loss | (871 | ) | 8 | (863 | ) | ||||||||
Other comprehensive income attributable to noncontrolling interest | — | (44 | ) | (44 | ) | ||||||||
Ending balance | $ | (6,087 | ) | $ | 292 | $ | (5,795 | ) | |||||
13 Weeks Ended October 27, 2012 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,480 | ) | $ | 697 | $ | (5,783 | ) | |||||
Other comprehensive (loss) income before reclassifications | (368 | ) | 91 | (277 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 35 | — | 35 | ||||||||||
Tax benefit | 124 | — | 124 | ||||||||||
Net current-period other comprehensive (loss) income | (209 | ) | 91 | (118 | ) | ||||||||
Other comprehensive income attributable to noncontrolling interest | — | — | — | ||||||||||
Ending balance | $ | (6,689 | ) | $ | 788 | $ | (5,901 | ) | |||||
39 Weeks Ended November 2, 2013 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,722 | ) | $ | 808 | $ | (5,914 | ) | |||||
Other comprehensive income (loss) recognized before reclassifications | 84 | (415 | ) | (331 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 551 | — | 551 | ||||||||||
Tax benefit | — | — | — | ||||||||||
Net current-period other comprehensive income (loss) | 635 | (415 | ) | 220 | |||||||||
Other comprehensive income attributable to noncontrolling interest | — | (101 | ) | (101 | ) | ||||||||
Ending balance | $ | (6,087 | ) | $ | 292 | $ | (5,795 | ) | |||||
39 Weeks Ended October 27, 2012 | |||||||||||||
Derivatives | Foreign Currency | Total Comprehensive | |||||||||||
(Loss) Income Including | |||||||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | (6,579 | ) | $ | 754 | $ | (5,825 | ) | |||||
Other comprehensive (loss) income before reclassifications | (558 | ) | 34 | (524 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings | 61 | — | 61 | ||||||||||
Tax benefit | 387 | — | 387 | ||||||||||
Net current-period other comprehensive (loss) income | (110 | ) | 34 | (76 | ) | ||||||||
Other comprehensive income attributable to noncontrolling interest | — | — | — | ||||||||||
Ending balance | $ | (6,689 | ) | $ | 788 | $ | (5,901 | ) | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Financial Data of Each Reportable Segment | ' | ||||||||||||||||||||||||
The following table provides the summary financial data of each reportable segment (in thousands): | |||||||||||||||||||||||||
13 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Retail | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Stores | Play & Music | Franchise | Elimination | ||||||||||||||||||||||
Net sales | $ | 295,969 | $ | 3,879 | $ | 5,791 | $ | 5,395 | $ | (1,196 | ) | $ | 309,838 | ||||||||||||
Operating income (loss) | 8,786 | 1,836 | 2,430 | (803 | ) | 20 | 12,269 | ||||||||||||||||||
Total assets | 1,924,170 | 61,034 | 29,403 | 26,028 | (1,470 | ) | 2,039,165 | ||||||||||||||||||
13 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Retail Stores | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Play & Music | Franchise | Elimination | |||||||||||||||||||||||
Net sales | $ | 299,476 | $ | 6,320 | $ | 5,212 | $ | 3,123 | $ | (2,613 | ) | $ | 311,518 | ||||||||||||
Operating income (loss) | 23,245 | 1,745 | 1,704 | (23 | ) | (84 | ) | 26,587 | |||||||||||||||||
Total assets | 2,013,305 | 60,369 | 30,349 | 14,504 | (3,929 | ) | 2,114,598 | ||||||||||||||||||
39 Weeks Ended November 2, 2013 | |||||||||||||||||||||||||
Retail Stores | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Play & Music | Franchise | Elimination | |||||||||||||||||||||||
Net sales | $ | 853,422 | $ | 11,524 | $ | 17,318 | $ | 15,027 | $ | (3,754 | ) | $ | 893,537 | ||||||||||||
Operating income (loss) | 22,657 | 5,284 | 7,499 | (1,318 | ) | 54 | 34,176 | ||||||||||||||||||
Total assets | 1,924,170 | 61,034 | 29,403 | 26,028 | (1,470 | ) | 2,039,165 | ||||||||||||||||||
39 Weeks Ended October 27, 2012 | |||||||||||||||||||||||||
Retail Stores | Gymboree | International Retail | VIEs | Intersegment | Total | ||||||||||||||||||||
Play & Music | Franchise | Elimination | |||||||||||||||||||||||
Net sales | $ | 845,978 | $ | 17,522 | $ | 12,930 | $ | 8,322 | $ | (6,731 | ) | $ | 878,021 | ||||||||||||
Operating income (loss) | 42,249 | 5,380 | 4,723 | (1,889 | ) | (198 | ) | 50,265 | |||||||||||||||||
Total assets | 2,013,305 | 60,369 | 30,349 | 14,504 | (3,929 | ) | 2,114,598 | ||||||||||||||||||
Financial Data of Each Geographical Segment | ' | ||||||||||||||||||||||||
The following tables provide the summary financial data of each of our two geographical segments, United States and international (in thousands): | |||||||||||||||||||||||||
13 Weeks Ended | |||||||||||||||||||||||||
2-Nov-13 | 27-Oct-12 | ||||||||||||||||||||||||
United States | International | United States | International | ||||||||||||||||||||||
Net sales | $ | 290,962 | $ | 18,876 | $ | 297,415 | $ | 14,103 | |||||||||||||||||
Long-lived assets | 1,671,918 | 59,747 | 1,686,209 | 52,485 | |||||||||||||||||||||
39 Weeks Ended | |||||||||||||||||||||||||
2-Nov-13 | 27-Oct-12 | ||||||||||||||||||||||||
United States | International | United States | International | ||||||||||||||||||||||
Net sales | $ | 841,855 | $ | 51,682 | $ | 839,018 | $ | 39,003 | |||||||||||||||||
Long-lived assets | 1,671,918 | 59,747 | 1,686,209 | 52,485 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Impact of Variable Interest Entities on Condensed Consolidating Balance Sheets and Condensed Consolidating Statements of Operations | ' | ||||||||||||||||
The following tables reflect the impact of the VIEs on the condensed consolidated balance sheets as of November 2, 2013, February 2, 2013 and October 27, 2012 and the condensed consolidated statements of operations for the 13 and 39 weeks ended November 2, 2013 and October 27, 2012 (in thousands): | |||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||
November, 2 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 13,743 | $ | 5,336 | $ | — | $ | 19,079 | |||||||||
Other current assets | 273,798 | 16,093 | (1,470 | ) | 288,421 | ||||||||||||
Total current assets | 287,541 | 21,429 | (1,470 | ) | 307,500 | ||||||||||||
Non-current assets | 1,727,065 | 4,599 | 1 | 1,731,665 | |||||||||||||
Total assets | $ | 2,014,606 | $ | 26,028 | $ | (1,469 | ) | $ | 2,039,165 | ||||||||
Current liabilities | $ | 218,665 | $ | 7,916 | $ | (1,294 | ) | $ | 225,287 | ||||||||
Non-current liabilities | 1,397,034 | 262 | — | 1,397,296 | |||||||||||||
Total liabilities | 1,615,699 | 8,178 | (1,294 | ) | 1,622,583 | ||||||||||||
Total stockholders’ equity | 398,907 | — | (175 | ) | 398,732 | ||||||||||||
Noncontrolling interest | — | 17,850 | — | 17,850 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,014,606 | $ | 26,028 | $ | (1,469 | ) | $ | 2,039,165 | ||||||||
February 2, 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 27,223 | $ | 6,105 | $ | — | $ | 33,328 | |||||||||
Other current assets | 276,121 | 5,448 | (4,465 | ) | 277,104 | ||||||||||||
Total current assets | 303,344 | 11,553 | (4,465 | ) | 310,432 | ||||||||||||
Non-current assets | 1,730,865 | 1,916 | — | 1,732,781 | |||||||||||||
Total assets | $ | 2,034,209 | $ | 13,469 | $ | (4,465 | ) | $ | 2,043,213 | ||||||||
Current liabilities | $ | 175,555 | $ | 9,244 | $ | (4,223 | ) | $ | 180,576 | ||||||||
Non-current liabilities | 1,420,870 | 130 | — | 1,421,000 | |||||||||||||
Total liabilities | 1,596,425 | 9,374 | (4,223 | ) | 1,601,576 | ||||||||||||
Total stockholders’ equity | 437,784 | — | (242 | ) | 437,542 | ||||||||||||
Noncontrolling interest | — | 4,095 | — | 4,095 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,034,209 | $ | 13,469 | $ | (4,465 | ) | $ | 2,043,213 | ||||||||
October 27, 2012 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Cash and cash equivalents | $ | 34,721 | $ | 7,865 | $ | — | $ | 42,586 | |||||||||
Other current assets | 331,842 | 5,405 | (3,929 | ) | 333,318 | ||||||||||||
Total current assets | 366,563 | 13,270 | (3,929 | ) | 375,904 | ||||||||||||
Non-current assets | 1,737,460 | 1,234 | — | 1,738,694 | |||||||||||||
Total assets | $ | 2,104,023 | $ | 14,504 | $ | (3,929 | ) | $ | 2,114,598 | ||||||||
Current liabilities | $ | 183,479 | $ | 10,658 | $ | (3,740 | ) | $ | 190,397 | ||||||||
Non-current liabilities | 1,474,878 | 80 | — | 1,474,958 | |||||||||||||
Total liabilities | 1,658,357 | 10,738 | (3,740 | ) | 1,665,355 | ||||||||||||
Total stockholders’ equity | 445,666 | — | (189 | ) | 445,477 | ||||||||||||
Noncontrolling interest | — | 3,766 | — | 3,766 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,104,023 | $ | 14,504 | $ | (3,929 | ) | $ | 2,114,598 | ||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||
For the 13 Weeks Ended November 2, 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 305,639 | $ | 5,395 | $ | (1,196 | ) | $ | 309,838 | ||||||||
Cost of goods sold | (185,116 | ) | (1,297 | ) | 43 | (186,370 | ) | ||||||||||
Operating expenses | (107,471 | ) | (4,901 | ) | 1,173 | (111,199 | ) | ||||||||||
Operating income (loss) | 13,052 | (803 | ) | 20 | 12,269 | ||||||||||||
Other non-operating (expense) income | (21,140 | ) | 717 | — | (20,423 | ) | |||||||||||
Loss before income taxes | (8,088 | ) | (86 | ) | 20 | (8,154 | ) | ||||||||||
Income tax expense | (15,917 | ) | (327 | ) | — | (16,244 | ) | ||||||||||
Net (loss) income | (24,005 | ) | (413 | ) | 20 | (24,398 | ) | ||||||||||
Net loss attributable to noncontrolling interest | — | 413 | — | 413 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (24,005 | ) | $ | — | $ | 20 | $ | (23,985 | ) | |||||||
For the 13 Weeks Ended October 27, 2012 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 311,008 | $ | 3,123 | $ | (2,613 | ) | $ | 311,518 | ||||||||
Cost of goods sold | (185,529 | ) | (818 | ) | 432 | (185,915 | ) | ||||||||||
Operating expenses | (98,785 | ) | (2,328 | ) | 2,097 | (99,016 | ) | ||||||||||
Operating income (loss) | 26,694 | (23 | ) | (84 | ) | 26,587 | |||||||||||
Other non-operating (expense) income | (21,265 | ) | 81 | — | (21,184 | ) | |||||||||||
Income before income taxes | 5,429 | 58 | (84 | ) | 5,403 | ||||||||||||
Income tax benefit (expense) | 776 | (1,269 | ) | — | (493 | ) | |||||||||||
Net income (loss) | 6,205 | (1,211 | ) | (84 | ) | 4,910 | |||||||||||
Net loss attributable to noncontrolling interest | — | 1,211 | — | 1,211 | |||||||||||||
Net income attributable to The Gymboree Corporation | $ | 6,205 | $ | — | $ | (84 | ) | $ | 6,121 | ||||||||
For the 39 weeks Ended November 2, 2013 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 882,264 | $ | 15,027 | $ | (3,754 | ) | $ | 893,537 | ||||||||
Cost of goods sold | (538,591 | ) | (3,868 | ) | 449 | (542,010 | ) | ||||||||||
Operating expenses | (308,233 | ) | (12,477 | ) | 3,359 | (317,351 | ) | ||||||||||
Operating income (loss) | 35,440 | (1,318 | ) | 54 | 34,176 | ||||||||||||
Other non-operating (expense) income | (62,163 | ) | 871 | — | (61,292 | ) | |||||||||||
Loss before income taxes | (26,723 | ) | (447 | ) | 54 | (27,116 | ) | ||||||||||
Income tax expense | (9,202 | ) | (253 | ) | — | (9,455 | ) | ||||||||||
Net loss | (35,925 | ) | (700 | ) | 54 | (36,571 | ) | ||||||||||
Net loss attributable to noncontrolling interest | — | 700 | — | 700 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (35,925 | ) | $ | — | $ | 54 | $ | (35,871 | ) | |||||||
For the 39 weeks Ended October 27, 2012 | |||||||||||||||||
Balance Before | VIEs | Eliminations | As | ||||||||||||||
Consolidation | Reported | ||||||||||||||||
of VIEs | |||||||||||||||||
Net sales | $ | 876,430 | $ | 8,322 | $ | (6,731 | ) | $ | 878,021 | ||||||||
Cost of goods sold | (540,091 | ) | (2,262 | ) | 947 | (541,406 | ) | ||||||||||
Operating expenses | (283,987 | ) | (7,949 | ) | 5,586 | (286,350 | ) | ||||||||||
Operating income (loss) | 52,352 | (1,889 | ) | (198 | ) | 50,265 | |||||||||||
Other non-operating (expense) income | (65,356 | ) | 98 | — | (65,258 | ) | |||||||||||
Loss before income taxes | (13,004 | ) | (1,791 | ) | (198 | ) | (14,993 | ) | |||||||||
Income tax benefit (expense) | 11,051 | (1,044 | ) | — | 10,007 | ||||||||||||
Net loss | (1,953 | ) | (2,835 | ) | (198 | ) | (4,986 | ) | |||||||||
Net loss attributable to noncontrolling interest | — | 2,835 | — | 2,835 | |||||||||||||
Net loss attributable to The Gymboree Corporation | $ | (1,953 | ) | $ | — | $ | (198 | ) | $ | (2,151 | ) | ||||||
Condensed_Guarantor_Data_Table
Condensed Guarantor Data (Tables) | 9 Months Ended | ||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of November 2, 2013 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,438 | $ | 3,381 | $ | 14,260 | $ | — | $ | 19,079 | |||||||||||
Accounts receivable, net of allowance | 367 | 20,087 | 12,031 | — | 32,485 | ||||||||||||||||
Merchandise inventories | — | 216,605 | 6,231 | (422 | ) | 222,414 | |||||||||||||||
Prepaid income taxes | 1,478 | — | 337 | — | 1,815 | ||||||||||||||||
Prepaid expenses | 4,011 | 14,659 | 1,316 | — | 19,986 | ||||||||||||||||
Deferred income taxes | — | 15,295 | 864 | (4,438 | ) | 11,721 | |||||||||||||||
Intercompany receivable | — | 489,942 | — | (489,942 | ) | — | |||||||||||||||
Total current assets | 7,294 | 759,969 | 35,039 | (494,802 | ) | 307,500 | |||||||||||||||
Property and Equipment, net | 13,166 | 185,689 | 10,412 | — | 209,267 | ||||||||||||||||
Goodwill | — | 859,165 | 39,818 | — | 898,983 | ||||||||||||||||
Other Intangible Assets | — | 576,623 | 121 | — | 576,744 | ||||||||||||||||
Deferred Financing Costs | 34,067 | — | — | — | 34,067 | ||||||||||||||||
Other Assets | 21,321 | 2,142 | 13,696 | (24,555 | ) | 12,604 | |||||||||||||||
Investment in Subsidiaries | 1,985,248 | — | — | (1,985,248 | ) | — | |||||||||||||||
Total Assets | $ | 2,061,096 | $ | 2,383,588 | $ | 99,086 | $ | (2,504,605 | ) | $ | 2,039,165 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | 8,756 | $ | 77,192 | $ | 1,375 | $ | — | $ | 87,323 | |||||||||||
Accrued liabilities | 38,548 | 66,832 | 8,092 | — | 113,472 | ||||||||||||||||
Deferred income taxes | 4,363 | — | 75 | (4,438 | ) | — | |||||||||||||||
Line of credit | 24,000 | — | — | — | 24,000 | ||||||||||||||||
Current obligation under capital lease | — | 492 | — | — | 492 | ||||||||||||||||
Current portion of long-term debt | — | — | — | — | — | ||||||||||||||||
Intercompany payable | 468,686 | — | 21,678 | (490,364 | ) | — | |||||||||||||||
Total current liabilities | 544,353 | 144,516 | 31,220 | (494,802 | ) | 225,287 | |||||||||||||||
Long-Term Liabilities: | |||||||||||||||||||||
Long-term debt | 1,113,668 | — | — | — | 1,113,668 | ||||||||||||||||
Long-term obligation under capital lease | — | 3,532 | — | — | 3,532 | ||||||||||||||||
Lease incentives and other liabilities | 4,343 | 47,638 | 10,207 | — | 62,188 | ||||||||||||||||
Deferred income taxes | — | 242,463 | — | (24,555 | ) | 217,908 | |||||||||||||||
Total Liabilities | 1,662,364 | 438,149 | 41,427 | (519,357 | ) | 1,622,583 | |||||||||||||||
Total stockholders’ equity | 398,732 | 1,945,439 | 39,809 | (1,985,248 | ) | 398,732 | |||||||||||||||
Noncontrolling interest | — | — | 17,850 | — | 17,850 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,061,096 | $ | 2,383,588 | $ | 99,086 | $ | (2,504,605 | ) | $ | 2,039,165 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of February 2, 2013 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 18,431 | $ | 3,128 | $ | 11,769 | $ | — | $ | 33,328 | |||||||||||
Accounts receivable, net of allowance | 1,280 | 23,679 | 2,583 | — | 27,542 | ||||||||||||||||
Merchandise inventories | — | 193,003 | 4,907 | 25 | 197,935 | ||||||||||||||||
Prepaid income taxes | 1,821 | 682 | 400 | — | 2,903 | ||||||||||||||||
Prepaid expenses | 3,142 | 12,909 | 1,290 | — | 17,341 | ||||||||||||||||
Deferred income taxes | 15,488 | 16,528 | — | (633 | ) | 31,383 | |||||||||||||||
Intercompany receivable | — | 468,919 | — | (468,919 | ) | — | |||||||||||||||
Total current assets | 40,162 | 718,848 | 20,949 | (469,527 | ) | 310,432 | |||||||||||||||
Property and Equipment, net | 15,679 | 180,021 | 9,625 | — | 205,325 | ||||||||||||||||
Goodwill | — | 859,166 | 39,800 | — | 898,966 | ||||||||||||||||
Other Intangible Assets | — | 580,492 | 149 | — | 580,641 | ||||||||||||||||
Deferred Financing Costs | 40,040 | — | — | — | 40,040 | ||||||||||||||||
Other Assets | 15,409 | 2,061 | 7,067 | (16,728 | ) | 7,809 | |||||||||||||||
Investment in subsidiaries | 1,976,277 | — | — | (1,976,277 | ) | — | |||||||||||||||
Total Assets | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | (2,462,532 | ) | $ | 2,043,213 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | 14,269 | $ | 74,589 | $ | 1,275 | $ | — | $ | 90,133 | |||||||||||
Accrued liabilities | 35,991 | 48,446 | 6,006 | — | 90,443 | ||||||||||||||||
Deferred income taxes | — | — | 633 | (633 | ) | — | |||||||||||||||
Intercompany payable | 456,934 | — | 11,960 | (468,894 | ) | — | |||||||||||||||
Total current liabilities | 507,194 | 123,035 | 19,874 | (469,527 | ) | 180,576 | |||||||||||||||
Long-Term Liabilities: | |||||||||||||||||||||
Long-term debt | 1,138,455 | — | — | — | 1,138,455 | ||||||||||||||||
Lease incentives and other liabilities | 4,376 | 38,693 | 4,883 | — | 47,952 | ||||||||||||||||
Deferred income taxes | — | 250,427 | 894 | (16,728 | ) | 234,593 | |||||||||||||||
Total Liabilities | 1,650,025 | 412,155 | 25,651 | (486,255 | ) | 1,601,576 | |||||||||||||||
Total stockholders’ equity | 437,542 | 1,928,433 | 47,844 | (1,976,277 | ) | 437,542 | |||||||||||||||
Noncontrolling interest | — | — | 4,095 | — | 4,095 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,087,567 | $ | 2,340,588 | $ | 77,590 | $ | (2,462,532 | ) | $ | 2,043,213 | ||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of October 27, 2012 | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 19,899 | $ | 9,209 | $ | 13,478 | $ | — | $ | 42,586 | |||||||||||
Accounts receivable, net of allowance | 1,323 | 22,682 | 3,227 | — | 27,232 | ||||||||||||||||
Merchandise inventories | — | 249,825 | 5,969 | (72 | ) | 255,722 | |||||||||||||||
Prepaid income taxes | 3,582 | 714 | 869 | — | 5,165 | ||||||||||||||||
Prepaid expenses | 3,880 | 2,126 | 533 | — | 6,539 | ||||||||||||||||
Deferred income taxes | 26,593 | 12,576 | — | (509 | ) | 38,660 | |||||||||||||||
Intercompany receivable | — | 413,419 | — | (413,419 | ) | — | |||||||||||||||
Total current assets | 55,277 | 710,551 | 24,076 | (414,000 | ) | 375,904 | |||||||||||||||
Property and Equipment, net | 16,568 | 179,363 | 9,555 | — | 205,486 | ||||||||||||||||
Goodwill | — | 859,297 | 39,800 | — | 899,097 | ||||||||||||||||
Other Intangible Assets | — | 585,116 | 161 | — | 585,277 | ||||||||||||||||
Deferred Financing Costs | 43,018 | — | — | — | 43,018 | ||||||||||||||||
Other Assets | 13,706 | 1,667 | 5,260 | (14,817 | ) | 5,816 | |||||||||||||||
Investment in Subsidiaries | 1,960,041 | — | — | (1,960,041 | ) | — | |||||||||||||||
Total Assets | $ | 2,088,610 | $ | 2,335,994 | $ | 78,852 | $ | (2,388,858 | ) | $ | 2,114,598 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | 5,545 | $ | 82,299 | $ | 980 | $ | — | $ | 88,824 | |||||||||||
Accrued liabilities | 38,259 | 54,872 | 8,442 | — | 101,573 | ||||||||||||||||
Deferred income taxes | — | — | 508 | (508 | ) | — | |||||||||||||||
Intercompany payable | 402,999 | — | 9,935 | (412,934 | ) | — | |||||||||||||||
Total current liabilities | 446,803 | 137,171 | 19,865 | (413,442 | ) | 190,397 | |||||||||||||||
Long-Term Liabilities: | |||||||||||||||||||||
Long-term debt | 1,192,383 | — | — | — | 1,192,383 | ||||||||||||||||
Lease incentives and other liabilities | 3,947 | 37,672 | 5,021 | — | 46,640 | ||||||||||||||||
Deferred income taxes | — | 250,752 | — | (14,817 | ) | 235,935 | |||||||||||||||
Total Liabilities | 1,643,133 | 425,595 | 24,886 | (428,259 | ) | 1,665,355 | |||||||||||||||
Total Stockholders’ Equity | 445,477 | 1,910,399 | 50,200 | (1,960,599 | ) | 445,477 | |||||||||||||||
Noncontrolling interest | — | — | 3,766 | — | 3,766 | ||||||||||||||||
Total Equity | 445,477 | 1,910,399 | 53,966 | (1,960,599 | ) | 449,243 | |||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,088,610 | $ | 2,335,994 | $ | 78,852 | $ | (2,388,858 | ) | $ | 2,114,598 | ||||||||||
Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 443 | $ | 287,574 | $ | 16,232 | $ | (6,897 | ) | $ | 297,352 | ||||||||||
Gymboree Play & Music | — | 2,808 | 4,013 | — | 6,821 | ||||||||||||||||
Retail Franchise | — | 5,665 | — | — | 5,665 | ||||||||||||||||
Intercompany revenue | 12,866 | 1,490 | — | (14,356 | ) | — | |||||||||||||||
Total net sales | 13,309 | 297,537 | 20,245 | (21,253 | ) | 309,838 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (1,435 | ) | (180,116 | ) | (10,720 | ) | 5,901 | (186,370 | ) | ||||||||||||
Gross profit | 11,874 | 117,421 | 9,525 | (15,352 | ) | 123,468 | |||||||||||||||
Selling, general and administrative expenses | (14,271 | ) | (103,254 | ) | (9,090 | ) | 15,416 | (111,199 | ) | ||||||||||||
Operating (loss) income | (2,397 | ) | 14,167 | 435 | 64 | 12,269 | |||||||||||||||
Interest income | 29 | 6 | 5 | 1 | 41 | ||||||||||||||||
Interest expense | (20,421 | ) | (62 | ) | — | — | (20,483 | ) | |||||||||||||
Loss on extinguishment of debt | (834 | ) | — | — | — | (834 | ) | ||||||||||||||
Other (expense) income, net | (37 | ) | (4 | ) | 894 | — | 853 | ||||||||||||||
(Loss) income before income taxes | (23,660 | ) | 14,107 | 1,334 | 65 | (8,154 | ) | ||||||||||||||
Income tax (expense) benefit | (2,244 | ) | (14,626 | ) | 626 | — | (16,244 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | 1,919 | — | — | (1,919 | ) | — | |||||||||||||||
Net (loss) income | (23,985 | ) | (519 | ) | 1,960 | (1,854 | ) | (24,398 | ) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 413 | — | 413 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (23,985 | ) | $ | (519 | ) | $ | 2,373 | $ | (1,854 | ) | $ | (23,985 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 478 | $ | 291,922 | $ | 14,564 | $ | (6,999 | ) | $ | 299,965 | ||||||||||
Gymboree Play & Music | — | 5,801 | 589 | — | 6,390 | ||||||||||||||||
Retail Franchise | — | 5,163 | — | — | 5,163 | ||||||||||||||||
Intercompany revenue | 11,825 | 837 | 2,046 | (14,708 | ) | — | |||||||||||||||
Total net sales | 12,303 | 303,723 | 17,199 | (21,707 | ) | 311,518 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (1,340 | ) | (182,017 | ) | (10,093 | ) | 7,535 | (185,915 | ) | ||||||||||||
Gross profit | 10,963 | 121,706 | 7,106 | (14,172 | ) | 125,603 | |||||||||||||||
Selling, general and administrative expenses | (11,440 | ) | (95,197 | ) | (6,394 | ) | 14,015 | (99,016 | ) | ||||||||||||
Operating (loss) income | (477 | ) | 26,509 | 712 | (157 | ) | 26,587 | ||||||||||||||
Interest income | 13 | 9 | 20 | — | 42 | ||||||||||||||||
Interest expense | (21,312 | ) | — | — | — | (21,312 | ) | ||||||||||||||
Other income, net | 5 | 2 | 79 | — | 86 | ||||||||||||||||
(Loss) income before income taxes | (21,771 | ) | 26,520 | 811 | (157 | ) | 5,403 | ||||||||||||||
Income tax benefit (expense) | 9,714 | (8,172 | ) | (2,035 | ) | — | (493 | ) | |||||||||||||
Equity in earnings of affiliates, net of tax | 18,178 | — | — | (18,178 | ) | — | |||||||||||||||
Net income (loss) | 6,121 | 18,348 | (1,224 | ) | (18,335 | ) | 4,910 | ||||||||||||||
Net loss attributable to noncontrolling interest | — | — | 1,211 | — | 1,211 | ||||||||||||||||
Net income (loss) attributable to The Gymboree Corporation | $ | 6,121 | $ | 18,348 | $ | (13 | ) | $ | (18,335 | ) | $ | 6,121 | |||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 1,365 | $ | 831,597 | $ | 44,597 | $ | (20,386 | ) | $ | 857,173 | ||||||||||
Gymboree Play & Music | — | 8,132 | 11,277 | — | 19,409 | ||||||||||||||||
Retail Franchise | — | 16,955 | — | — | 16,955 | ||||||||||||||||
Intercompany revenue | 45,883 | 4,592 | — | (50,475 | ) | — | |||||||||||||||
Total net sales | 47,248 | 861,276 | 55,874 | (70,861 | ) | 893,537 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (4,389 | ) | (525,280 | ) | (30,172 | ) | 17,831 | (542,010 | ) | ||||||||||||
Gross profit | 42,859 | 335,996 | 25,702 | (53,030 | ) | 351,527 | |||||||||||||||
Selling, general and administrative expenses | (49,249 | ) | (295,002 | ) | (26,150 | ) | 53,050 | (317,351 | ) | ||||||||||||
Operating (loss) income | (6,390 | ) | 40,994 | (448 | ) | 20 | 34,176 | ||||||||||||||
Interest income | 62 | 29 | 52 | — | 143 | ||||||||||||||||
Interest expense | (61,290 | ) | (62 | ) | (1 | ) | 1 | (61,352 | ) | ||||||||||||
Loss on extinguishment of debt | (834 | ) | — | — | — | (834 | ) | ||||||||||||||
Other (expense) income, net | (261 | ) | (5 | ) | 1,017 | — | 751 | ||||||||||||||
(Loss) income before income taxes | (68,713 | ) | 40,956 | 620 | 21 | (27,116 | ) | ||||||||||||||
Income tax benefit (expense) | 19,834 | (29,467 | ) | 178 | — | (9,455 | ) | ||||||||||||||
Equity in earnings of affiliates, net of tax | 13,008 | — | — | (13,008 | ) | — | |||||||||||||||
Net (loss) income | (35,871 | ) | 11,489 | 798 | (12,987 | ) | (36,571 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | 700 | — | 700 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (35,871 | ) | $ | 11,489 | $ | 1,498 | $ | (12,987 | ) | $ | (35,871 | ) | ||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales: | |||||||||||||||||||||
Retail | $ | 1,307 | $ | 825,274 | $ | 41,029 | $ | (20,415 | ) | $ | 847,195 | ||||||||||
Gymboree Play & Music | — | 16,379 | 1,602 | — | 17,981 | ||||||||||||||||
Retail Franchise | — | 12,845 | — | — | 12,845 | ||||||||||||||||
Intercompany revenue | 35,518 | 2,151 | 5,505 | (43,174 | ) | — | |||||||||||||||
Total net sales | 36,825 | 856,649 | 48,136 | (63,589 | ) | 878,021 | |||||||||||||||
Cost of goods sold, including buying and occupancy expenses | (4,009 | ) | (528,161 | ) | (29,129 | ) | 19,893 | (541,406 | ) | ||||||||||||
Gross profit | 32,816 | 328,488 | 19,007 | (43,696 | ) | 336,615 | |||||||||||||||
Selling, general and administrative expenses | (37,090 | ) | (274,852 | ) | (17,855 | ) | 43,447 | (286,350 | ) | ||||||||||||
Operating (loss) income | (4,274 | ) | 53,636 | 1,152 | (249 | ) | 50,265 | ||||||||||||||
Interest income | 65 | 10 | 71 | — | 146 | ||||||||||||||||
Interest expense | (64,163 | ) | — | — | — | (64,163 | ) | ||||||||||||||
Loss on extinguishment of debt | (1,237 | ) | — | — | — | (1,237 | ) | ||||||||||||||
Other (expense) income, net | (46 | ) | — | 42 | — | (4 | ) | ||||||||||||||
(Loss) income before income taxes | (69,655 | ) | 53,646 | 1,265 | (249 | ) | (14,993 | ) | |||||||||||||
Income tax benefit (expense) | 35,347 | (23,921 | ) | (1,419 | ) | — | 10,007 | ||||||||||||||
Equity in earnings of affiliates, net of tax | 32,157 | — | — | (32,157 | ) | — | |||||||||||||||
Net (loss) income | (2,151 | ) | 29,725 | (154 | ) | (32,406 | ) | (4,986 | ) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | 2,835 | — | 2,835 | ||||||||||||||||
Net (loss) income attributable to The Gymboree Corporation | $ | (2,151 | ) | $ | 29,725 | $ | 2,681 | $ | (32,406 | ) | $ | (2,151 | ) | ||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net (loss) income | $ | (23,985 | ) | $ | (519 | ) | $ | 1,960 | $ | (1,854 | ) | $ | (24,398 | ) | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | (36 | ) | — | (11 | ) | 55 | 8 | ||||||||||||||
Unrealized net loss on cash flow hedges, net of tax expense of $501 | (871 | ) | — | (191 | ) | 191 | (871 | ) | |||||||||||||
Total other comprehensive loss, net of tax | (907 | ) | — | (202 | ) | 246 | (863 | ) | |||||||||||||
Comprehensive (loss) income | (24,892 | ) | (519 | ) | 1,758 | (1,608 | ) | (25,261 | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | 369 | — | 369 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (24,892 | ) | $ | (519 | ) | $ | 2,127 | $ | (1,608 | ) | $ | (24,892 | ) | |||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 13 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | 6,121 | $ | 18,348 | $ | (1,224 | ) | $ | (18,335 | ) | $ | 4,910 | |||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | 92 | — | 92 | ||||||||||||||||
Unrealized net loss on cash flow hedges, net of tax benefit of $123 | (123 | ) | — | (85 | ) | — | (208 | ) | |||||||||||||
Total other comprehensive (loss) income, net of tax | (123 | ) | — | 7 | — | (116 | ) | ||||||||||||||
Comprehensive income (loss) | 5,998 | 18,348 | (1,217 | ) | (18,335 | ) | 4,794 | ||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 1,120 | — | 1,120 | ||||||||||||||||
Comprehensive income (loss) attributable to The Gymboree Corporation | $ | 5,998 | $ | 18,348 | $ | (97 | ) | $ | (18,335 | ) | $ | 5,914 | |||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net (loss) income | $ | (35,871 | ) | $ | 11,489 | $ | 798 | $ | (12,987 | ) | $ | (36,571 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | (516 | ) | — | (456 | ) | 557 | (415 | ) | |||||||||||||
Unrealized net gain on cash flow hedges, net of tax benefit of $0 | 635 | — | 217 | (217 | ) | 635 | |||||||||||||||
Total other comprehensive income (loss), net of tax | 119 | — | (239 | ) | 340 | 220 | |||||||||||||||
Comprehensive (loss) income | (35,752 | ) | 11,489 | 559 | (12,647 | ) | (36,351 | ) | |||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 599 | — | 599 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (35,752 | ) | $ | 11,489 | $ | 1,158 | $ | (12,647 | ) | $ | (35,752 | ) | ||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net (loss) income | $ | (2,151 | ) | $ | 29,725 | $ | (154 | ) | $ | (32,406 | ) | $ | (4,986 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | 33 | — | 33 | ||||||||||||||||
Unrealized net loss on cash flow hedges, net of tax benefit of $386 | (59 | ) | — | (50 | ) | — | (109 | ) | |||||||||||||
Total other comprehensive loss, net of tax | (59 | ) | — | (17 | ) | — | (76 | ) | |||||||||||||
Comprehensive (loss) income | (2,210 | ) | 29,725 | (171 | ) | (32,406 | ) | (5,062 | ) | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 2,776 | — | 2,776 | ||||||||||||||||
Comprehensive (loss) income attributable to The Gymboree Corporation | $ | (2,210 | ) | $ | 29,725 | $ | 2,605 | $ | (32,406 | ) | $ | (2,286 | ) | ||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (52,645 | ) | $ | 85,441 | $ | (9,510 | ) | $ | — | $ | 23,286 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (1,648 | ) | (30,438 | ) | (3,127 | ) | — | (35,213 | ) | ||||||||||||
Other | — | 11 | (246 | ) | — | (235 | ) | ||||||||||||||
Net cash used in investing activities | (1,648 | ) | (30,427 | ) | (3,373 | ) | — | (35,448 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | 45,535 | (54,683 | ) | 9,148 | — | — | |||||||||||||||
Proceeds from ABL facility | 79,000 | — | — | — | 79,000 | ||||||||||||||||
Payments on ABL facility | (55,000 | ) | — | — | — | (55,000 | ) | ||||||||||||||
Repurchase of notes | (24,760 | ) | — | — | — | (24,760 | ) | ||||||||||||||
Payments on capital lease | — | (78 | ) | — | — | (78 | ) | ||||||||||||||
Dividend payment to parent | (7,475 | ) | — | — | — | (7,475 | ) | ||||||||||||||
Capital contribution received by noncontrolling interest | — | — | 6,506 | — | 6,506 | ||||||||||||||||
Net cash provided by (used in) financing activities | 37,300 | (54,761 | ) | 15,654 | — | (1,807 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | (280 | ) | — | (280 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (16,993 | ) | 253 | 2,491 | — | (14,249 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 18,431 | 3,128 | 11,769 | — | 33,328 | ||||||||||||||||
End of Period | $ | 1,438 | $ | 3,381 | $ | 14,260 | $ | — | $ | 19,079 | |||||||||||
THE GYMBOREE CORPORATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
FOR THE 39 WEEKS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
The Gymboree | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (38,940 | ) | $ | 49,393 | $ | 1,426 | $ | — | $ | 11,879 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures | (1,881 | ) | (28,372 | ) | (1,649 | ) | — | (31,902 | ) | ||||||||||||
Investment in subsidiaries | (180 | ) | — | — | 180 | — | |||||||||||||||
Other | — | (159 | ) | (425 | ) | — | (584 | ) | |||||||||||||
Net cash used in investing activities | (2,061 | ) | (28,531 | ) | (2,074 | ) | 180 | (32,486 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Intercompany transfers | 18,635 | (18,040 | ) | (595 | ) | — | — | ||||||||||||||
Payments on Term Loan | (17,698 | ) | — | — | — | (17,698 | ) | ||||||||||||||
Payments of deferred financing costs | (1,347 | ) | — | — | — | (1,347 | ) | ||||||||||||||
Investment by Parent | — | — | 180 | (180 | ) | — | |||||||||||||||
Investment by affiliate of Parent | 2,400 | — | — | — | 2,400 | ||||||||||||||||
Capital contribution received by noncontrolling interest | — | — | 1,595 | — | 1,595 | ||||||||||||||||
Net cash provided by (used in) financing activities | 1,990 | (18,040 | ) | 1,180 | (180 | ) | (15,050 | ) | |||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | 333 | — | 333 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (39,011 | ) | 2,822 | 865 | — | (35,324 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||||||||||
Beginning of Period | 58,910 | 6,387 | 12,613 | — | 77,910 | ||||||||||||||||
End of Period | $ | 19,899 | $ | 9,209 | $ | 13,478 | $ | — | $ | 42,586 | |||||||||||
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets and Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Decrease in operating income | ' | ' | $19.60 | ' |
Decrease in operating income percentage | ' | ' | 46.00% | ' |
Impairment for goodwill | ' | 0 | ' | 0 |
Cost of Goods Sold | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Net amortization income recorded in cost of goods sold | 0.3 | 0.5 | 1.1 | 1.5 |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization expense recorded in selling, general and administrative expenses | $0.40 | $4.30 | $3 | $13 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | $621,549 | $621,549 | $621,502 |
Accumulated Amortization | -44,805 | -40,908 | -36,225 |
Net Amount | 576,744 | 580,641 | 585,277 |
Customer relationships | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 36,400 | 36,400 | 36,400 |
Accumulated Amortization | -36,400 | -34,525 | -30,569 |
Net Amount | ' | 1,875 | 5,831 |
Below Market Leases | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 7,055 | 7,055 | 7,055 |
Accumulated Amortization | -3,908 | -3,037 | -2,693 |
Net Amount | 3,147 | 4,018 | 4,362 |
Co-branded credit card agreement | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 4,000 | 4,000 | 4,000 |
Accumulated Amortization | -1,804 | -1,342 | -1,189 |
Net Amount | 2,196 | 2,658 | 2,811 |
Franchise Agreements | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 6,600 | 6,600 | 6,600 |
Accumulated Amortization | -2,693 | -2,004 | -1,774 |
Net Amount | 3,907 | 4,596 | 4,826 |
Amortizable Intangible Assets | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 54,055 | 54,055 | 54,055 |
Accumulated Amortization | -44,805 | -40,908 | -36,225 |
Net Amount | 9,250 | 13,147 | 17,830 |
Trade names | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 567,494 | 567,494 | 567,447 |
Net Amount | $567,494 | $567,494 | $567,447 |
Intangible_Liabilities_Detail
Intangible Liabilities (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Intangible Liabilities [Line Items] | ' | ' | ' |
Gross carrying amount | ($16,631) | ($16,631) | ($16,631) |
Accumulated amount | 9,366 | 7,382 | 6,613 |
Net amount | ($7,265) | ($9,249) | ($10,018) |
Estimated_Amortization_Expense
Estimated Amortization Expense Income Related to Intangible Assets and Liabilities (Detail) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2013 (remaining 13 weeks) | $47 |
2014 | 570 |
2015 | 790 |
2016 | 448 |
2017 | -342 |
2018 and remaining | 472 |
Below Market Leases | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2013 (remaining 13 weeks) | 287 |
2014 | 1,059 |
2015 | 835 |
2016 | 483 |
2017 | 342 |
2018 and remaining | 141 |
Above Market Leases | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2013 (remaining 13 weeks) | -624 |
2014 | -2,023 |
2015 | -1,579 |
2016 | -1,428 |
2017 | -1,016 |
2018 and remaining | -595 |
Other Intangibles | ' |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2013 (remaining 13 weeks) | 384 |
2014 | 1,534 |
2015 | 1,534 |
2016 | 1,393 |
2017 | 332 |
2018 and remaining | $926 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Oct. 27, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Dec. 31, 2010 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Contract | Contract | Contract | Contract | Contract | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Derivatives Not Designated As Cash Flow Hedges | Derivatives Not Designated As Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |
Forward foreign exchange contracts | Forward foreign exchange contracts | Forward foreign exchange contracts | Forward foreign exchange contracts | Previously Reported | Previously Reported | Purchased Caps | Purchased Caps | Purchased Caps | Purchased Caps | Previously Reported | Previously Reported | Foreign exchange derivatives | Foreign exchange derivatives | |||||||||||
Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | Forward foreign exchange contracts | Forward foreign exchange contracts | Interest Expense | Interest Expense | Interest Expense | Interest Expense | Purchased Caps | Purchased Caps | |||||||||||||
Cost of Goods Sold | Cost of Goods Sold | Interest Expense | Interest Expense | |||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward exchange contracts term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate caps, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Dec-16 | ' | ' | ' | ' |
Payment for interest rate caps hedging | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,100,000 | ' | ' | ' | ' |
Reclassified from accumulated other comprehensive loss to interest expense within the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' |
Reclassified from other comprehensive loss to interest expense | 20,483,000 | 21,312,000 | 61,352,000 | 64,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 100,000 | 700,000 | 200,000 |
Number of forward foreign exchange contract not designated as a hedge | 1 | 0 | 1 | 0 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward foreign exchange contract not designated as a hedge, notional amount | 703,420,000 | 703,922,000 | 703,420,000 | 703,922,000 | 706,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,000,000 | ' | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in OCI on Derivative (Effective Portion) | ($543,000) | ($368,000) | $84,000 | ($558,000) | ' | $3,000 | ($98,000) | $407,000 | ($14,000) | ($78,000) | ($25,000) | ($546,000) | ($270,000) | ($323,000) | ($544,000) | ($201,000) | ($361,000) | ' | ' | ' | ' | ' | ' | ' |
Outstanding_Derivatives_Design
Outstanding Derivatives Designated as Cash Flow Hedges (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Derivative [Line Items] | ' | ' | ' |
Number of Instruments | 7 | 10 | 7 |
Notional | $703,420 | $706,377 | $703,922 |
Derivatives Designated As Cash Flow Hedges | Interest rate derivatives | Purchased Caps | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Number of Instruments | 4 | 4 | 4 |
Notional | 700,000 | 700,000 | 700,000 |
Derivatives Designated As Cash Flow Hedges | Foreign exchange derivatives | Forward foreign exchange contracts | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Number of Instruments | 3 | 6 | 3 |
Notional | $3,420 | $6,377 | $3,922 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Assets | $748 | $964 | $817 |
Derivative Liabilities | ' | 18 | 41 |
Interest rate derivatives | Purchased Caps | Other Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Assets | 641 | 964 | 817 |
Foreign exchange derivatives | Forward foreign exchange contracts | Other Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Assets | 107 | ' | ' |
Foreign exchange derivatives | Forward foreign exchange contracts | Accrued Liabilities | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liabilities | ' | $18 | $41 |
Effect_of_Derivative_Financial
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains / (Losses) Recognized in OCI on Derivative (Effective Portion) | ($543) | ($368) | $84 | ($558) |
Gains / (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | -173 | -35 | -551 | -60 |
Interest rate derivatives | Purchased Caps | Interest Expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains / (Losses) Recognized in OCI on Derivative (Effective Portion) | -546 | -270 | -323 | -544 |
Gains / (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | -310 | -69 | -742 | -182 |
Foreign exchange derivatives | Forward foreign exchange contracts | Cost of Goods Sold | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains / (Losses) Recognized in OCI on Derivative (Effective Portion) | 3 | -98 | 407 | -14 |
Gains / (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | $137 | $34 | $191 | $122 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | $748 | $18,261 | $19,847 |
Money Market Funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | ' | 17,297 | 19,030 |
Interest Rate Caps | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | 641 | 964 | 817 |
Forward foreign exchange contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | 107 | ' | ' |
Forward foreign exchange contracts | ' | 18 | 41 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | ' | 17,297 | 19,030 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Money Market Funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | ' | 17,297 | 19,030 |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | 748 | 964 | 817 |
Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | 641 | 964 | 817 |
Significant Other Observable Inputs (Level 2) | Forward foreign exchange contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Fair Value | 107 | ' | ' |
Forward foreign exchange contracts | ' | $18 | $41 |
Estimated_Fair_Value_of_LongTe
Estimated Fair Value of Long-Term Debt (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Amount | $1,113,668 | $1,138,455 | $1,192,383 |
Fair Value | 1,078,189 | 1,098,614 | 1,156,074 |
Term Loan | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Amount | 767,668 | 767,455 | 792,383 |
Fair Value | 746,029 | 749,874 | 774,554 |
Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Carrying Amount | 346,000 | 371,000 | 400,000 |
Fair Value | $332,160 | $348,740 | $381,520 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Fair Value Measurements On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Other financial assets measured at fair value | $0 | $0 | $0 | $0 | $0 |
Other financial liabilities measured at fair value | 0 | 0 | 0 | 0 | 0 |
Long lived assets, Impairment | $0.50 | $0.50 | $1.50 | $1.40 | ' |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2013 | Oct. 27, 2012 | Apr. 28, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ($834,000) | ' | ' | ($834,000) | ($1,237,000) |
Line of credit, additional commitments | ' | ' | ' | 79,000,000 | ' |
Line of credit, gross repayments | ' | ' | ' | 55,000,000 | ' |
Senior Secured Asset Based Revolving Credit Facility | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | 1,200,000 | ' | ' |
Line of credit, borrowing capacity | 225,000,000 | ' | ' | 225,000,000 | ' |
Line of credit, additional commitments | ' | ' | ' | 79,000,000 | ' |
Line of credit, gross repayments | ' | ' | ' | 55,000,000 | ' |
Line of credit, average borrowing | 10,600,000 | ' | ' | 3,500,000 | ' |
Line of credit, borrowings during the period | ' | 0 | ' | ' | 0 |
Line of credit, Principal amounts outstanding due date | '2017-03 | ' | ' | '2017-03 | ' |
Senior Secured Asset Based Revolving Credit Facility | Federal Funds Effective Rate | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, interest rate | ' | ' | ' | 0.50% | ' |
Senior Secured Asset Based Revolving Credit Facility | One Month Adjusted London Interbank Offered Rate | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, interest rate | ' | ' | ' | 1.00% | ' |
Senior Secured Asset Based Revolving Credit Facility | Maximum | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, additional commitments | ' | ' | ' | 125,000,000 | ' |
Senior Secured Asset Based Revolving Credit Facility | Commercial and Standby Letters of Credit | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, outstanding | 35,100,000 | ' | ' | 35,100,000 | ' |
Line of credit, additional commitments | 24,000,000 | ' | ' | ' | ' |
Line of credit, available balance | $165,900,000 | ' | ' | $165,900,000 | ' |
Senior Secured Asset Based Revolving Credit Facility | After Amendment | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, commitment fee | ' | ' | ' | 0.38% | ' |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | $1,113,668 | $1,138,455 | $1,192,383 |
Term Loan | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 767,668 | 767,455 | 792,383 |
Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | $346,000 | $371,000 | $400,000 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Term Loan | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior secured term loan facility, discount | $1,434 | $1,647 | $1,719 |
Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes, interest rate | 9.13% | 9.13% | 9.13% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | Feb. 02, 2013 | |
Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Notes | Notes | Notes | Notes | Notes | |||||
Interest Rate Floor | Base Rate | Adjusted London Interbank Offered Rate | Bank Term Loan | Voluntary Prepayment | Maximum | Change in Control of Company | Minimum | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt instrument, amount | ' | ' | ' | ' | ' | $820,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' |
Long-term debt instrument, due date | ' | ' | ' | ' | ' | '2018-02 | ' | ' | ' | ' | ' | ' | ' | ' | '2018-12 | ' | ' | ' |
Long-term debt, allowed additional tranches of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' |
Interest rate under term loan | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' |
London interbank offering rate floor | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, payment percentage | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, voluntary prepaid with a certain percentage of excess cash flow | ' | ' | ' | ' | 15,600,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' |
Payments on Term Loan | ' | ' | ' | 17,698,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan facility, discount | ' | ' | ' | ' | 1,647,000 | 1,434,000 | 1,719,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.13% | 9.13% | 9.13% | ' | ' |
Long-term debt, redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 101.00% | ' |
Long-term debt, redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-14 |
Aggregate principal amount of Notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 29,000,000 | ' | ' | ' |
Payments on Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,800,000 | 26,600,000 | ' | ' | ' |
Gain (loss) on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 2,400,000 | ' | ' | ' |
Long-term debt, loss on extinguishment of debt, write-off of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,400,000 | ' | ' | ' |
Long-term debt, Interest expense | 20,483,000 | 21,312,000 | 61,352,000 | 64,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt interest expense, amortization of deferred financing costs and accretion of OID | $1,800,000 | $1,700,000 | $5,112,000 | $5,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled_Future_Minimum_Princ
Scheduled Future Minimum Principal Payments on Long Term Debt (Detail) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' |
2013 | ' |
2014 | ' |
2015 | ' |
2016 | ' |
2017 | 6,502 |
Thereafter | 1,108,600 |
Total | $1,115,102 |
Lease_Incentives_and_Other_Def2
Lease Incentives and Other Deferred Liabilities (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Lease Liability Activity [Line Items] | ' | ' | ' |
Above market leases | $7,265 | $9,249 | $10,018 |
Deferred rent | 14,493 | 11,269 | 10,074 |
Lease allowances | 24,474 | 18,059 | 17,268 |
Other | 3,540 | 1,527 | 1,595 |
Total | $49,772 | $40,104 | $38,955 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | Nov. 02, 2013 |
Capital Leased Assets [Line Items] | ' |
Capital leased asset | $4,102,000 |
Capitalized asset retirement costs | 2,000,000 |
Asset retirement obligation | 2,000,000 |
Lease Agreements | ' |
Capital Leased Assets [Line Items] | ' |
Capital leased asset | $8,800,000 |
Assets_under_Capital_Lease_Det
Assets under Capital Lease (Detail) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Capital Leased Assets [Line Items] | ' |
Total assets under capital lease | $4,102 |
Less: Accumulated depreciation | -119 |
Net assets under capital lease | 3,983 |
Leasehold Improvements | ' |
Capital Leased Assets [Line Items] | ' |
Total assets under capital lease | 1,776 |
Furniture, Fixtures and Equipment | ' |
Capital Leased Assets [Line Items] | ' |
Total assets under capital lease | $2,326 |
Future_Minimum_Obligations_und
Future Minimum Obligations under Capital Leases (Detail) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Capital Lease Obligations [Line Items] | ' |
2013 | $210 |
2014 | 838 |
2015 | 838 |
2016 | 838 |
2017 | 838 |
Thereafter | 1,714 |
Total minimum lease payments | 5,276 |
Less amount representing interest | -1,252 |
Total future minimum lease payments | 4,024 |
Less current portion of obligation under capital lease | -492 |
Obligations under capital lease, less current portion | $3,532 |
ShareBased_Compensation_Expens
Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1,443 | $303 | $4,417 | $3,220 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (China Phantom Equity Incentive Plan, USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 12, 2013 | Nov. 02, 2013 | Nov. 02, 2013 |
China Phantom Equity Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of fair market value of marketable securities | ' | ' | 10.00% |
Conditional rights to receive the specified interest in the value the pool greater than amount | ' | ' | $12 |
Percentage of units vest on each of the first five anniversaries | 20.00% | ' | ' |
Number of anniversary years on which awards conditionally vest | '5 years | ' | ' |
Number of units granted under the plan | ' | 0.7 | ' |
Dividend_Payment_to_Parent_Add
Dividend Payment to Parent - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 | 4-May-13 | Oct. 27, 2012 | Nov. 02, 2013 |
Used by Parent to repurchase shares of its stock | Used by Parent to repurchase shares of its stock | Used by Parent to repurchase shares of its stock | Used by Parent's shareholders to fund their equity investment in the VIE | ||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' |
Dividend payment to Parent | $7,475 | $600 | $200 | $0 | $6,700 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Unrecognized tax benefits | $12.10 | ' | ' |
Unrecognized tax benefits decrease during next twelve months | 5.6 | ' | ' |
Increase to income tax expenses | 18.4 | ' | ' |
Valuation allowance | 25.2 | 4.4 | 2.9 |
Net deferred tax assets to be realized | $5.90 | ' | ' |
Components_of_Accumulated_OCI_
Components of Accumulated OCI, net of Taxes (Detail) (USD $) | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign currency translation | $292 | $328 | $808 | $788 | $697 | $754 |
Accumulated changes in fair value of derivative financial instruments, net of tax benefit of $3,982, $3,982 and $4,301 | -6,087 | ' | -6,722 | -6,689 | ' | ' |
Total accumulated other comprehensive loss | ($5,795) | ($4,888) | ($5,914) | ($5,901) | ($5,783) | ($5,825) |
Components_of_Accumulated_OCI_1
Components of Accumulated OCI, net of Taxes (Parenthetical) (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated changes in fair value of derivative financial instruments, tax benefit | $3,982 | $3,982 | $4,301 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income Balance by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance,Derivatives | ($5,216) | ($6,480) | ($6,722) | ($6,579) |
Other comprehensive income (loss) recognized before reclassifications, Derivatives | -543 | -368 | 84 | -558 |
Amounts reclassified from accumulated other comprehensive loss to earnings, Derivatives | 173 | 35 | 551 | 61 |
Tax benefit (expense), Derivatives | -501 | 123 | 0 | 386 |
Net current-period other comprehensive income (loss), Derivatives | -871 | -208 | 635 | -109 |
Other comprehensive income (loss) attributable to noncontrolling interest, Derivatives | ' | ' | ' | ' |
Ending balance, Derivatives | -6,087 | -6,689 | -6,087 | -6,689 |
Beginning balance, Foreign Currency | 328 | 697 | 808 | 754 |
Other comprehensive income (loss) recognized before reclassifications, Foreign Currency | 8 | 91 | -415 | 34 |
Amounts reclassified from accumulated other comprehensive loss to earnings, Foreign Currency | ' | ' | ' | ' |
Tax benefit (expense), Foreign Currency | ' | ' | ' | ' |
Net current-period other comprehensive income (loss), Foreign Currency | 8 | 92 | -415 | 33 |
Other comprehensive income (loss) attributable to noncontrolling interest, Foreign Currency | -44 | ' | -101 | ' |
Ending balance, Foreign Currency | 292 | 788 | 292 | 788 |
Beginning balance | -4,888 | -5,783 | -5,914 | -5,825 |
Other comprehensive income (loss) recognized before reclassifications | -535 | -277 | -331 | -524 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 173 | 35 | 551 | 61 |
Tax benefit (expense) | -501 | 124 | ' | 387 |
Total other comprehensive (loss) income, net of tax | -863 | -116 | 220 | -76 |
Other comprehensive income (loss) attributable to noncontrolling interest | -44 | ' | -101 | ' |
Ending balance | -5,795 | -5,901 | -5,795 | -5,901 |
Previously Reported | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Tax benefit (expense), Derivatives | ' | 124 | ' | 387 |
Net current-period other comprehensive income (loss), Derivatives | ' | -209 | ' | -110 |
Tax benefit (expense), Foreign Currency | ' | ' | ' | ' |
Net current-period other comprehensive income (loss), Foreign Currency | ' | 91 | ' | 34 |
Total other comprehensive (loss) income, net of tax | ' | ($118) | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 |
Transactions with Third Party [Line Items] | ' | ' |
Inventory sold | $0.70 | $8.70 |
Purchased Services | $0.60 | $1.80 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 4-May-13 |
Schedule Of Commitments And Contingencies [Line Items] | ' |
Agreement to purchase equipment and services per year | $8.80 |
Purchase obligation expiry date | '2019 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 4 | ' |
Retail Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of operating segments | ' | ' | 4 | ' |
Gymboree Play & Music | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment revenue | $1.10 | $0.50 | $3.40 | $1.10 |
VIEs | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment revenue | ' | 2 | ' | 5.5 |
International Retail Franchise | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment revenue | $0.10 | ' | $0.40 | ' |
Financial_Data_of_Each_Reporta
Financial Data of Each Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable segment, sales | $309,838 | $311,518 | $893,537 | $878,021 |
Reportable segment, operating income (loss) | 12,269 | 26,587 | 34,176 | 50,265 |
Reportable segment, Total assets | 2,039,165 | 2,114,598 | 2,039,165 | 2,114,598 |
Retail Stores | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable segment, sales | 295,969 | 299,476 | 853,422 | 845,978 |
Reportable segment, operating income (loss) | 8,786 | 23,245 | 22,657 | 42,249 |
Reportable segment, Total assets | 1,924,170 | 2,013,305 | 1,924,170 | 2,013,305 |
Gymboree Play & Music | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable segment, sales | 3,879 | 6,320 | 11,524 | 17,522 |
Reportable segment, operating income (loss) | 1,836 | 1,745 | 5,284 | 5,380 |
Reportable segment, Total assets | 61,034 | 60,369 | 61,034 | 60,369 |
International Retail Franchise | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable segment, sales | 5,791 | 5,212 | 17,318 | 12,930 |
Reportable segment, operating income (loss) | 2,430 | 1,704 | 7,499 | 4,723 |
Reportable segment, Total assets | 29,403 | 30,349 | 29,403 | 30,349 |
VIEs | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable segment, sales | 5,395 | 3,123 | 15,027 | 8,322 |
Reportable segment, operating income (loss) | -803 | -23 | -1,318 | -1,889 |
Reportable segment, Total assets | 26,028 | 14,504 | 26,028 | 14,504 |
Intersegment elimination | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable segment, sales | -1,196 | -2,613 | -3,754 | -6,731 |
Reportable segment, operating income (loss) | 20 | -84 | 54 | -198 |
Reportable segment, Total assets | ($1,470) | ($3,929) | ($1,470) | ($3,929) |
Financial_Data_of_Each_Geograp
Financial Data of Each Geographical Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Net sales | $309,838 | $311,518 | $893,537 | $878,021 | ' |
Long-lived assets | 1,731,665 | 1,738,694 | 1,731,665 | 1,738,694 | 1,732,781 |
UNITED STATES | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Net sales | 290,962 | 297,415 | 841,855 | 839,018 | ' |
Long-lived assets | 1,671,918 | 1,686,209 | 1,671,918 | 1,686,209 | ' |
international geographical segment | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' |
Net sales | 18,876 | 14,103 | 51,682 | 39,003 | ' |
Long-lived assets | $59,747 | $52,485 | $59,747 | $52,485 | ' |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (VIEs) | 9 Months Ended |
Nov. 02, 2013 | |
VIEs | ' |
Variable Interest Entity [Line Items] | ' |
Variable interest entity, percentage of ownership interest | 0.00% |
Variable interest entity, percentage of result of operation recorded as noncontrolling interest | 100.00% |
Impact_of_VIES_on_Condensed_Co
Impact of VIES on Condensed Consolidated Balance sheets (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $19,079 | $33,328 | $42,586 | $77,910 |
Other current assets | 288,421 | 277,104 | 333,318 | ' |
Total current assets | 307,500 | 310,432 | 375,904 | ' |
Non-current assets | 1,731,665 | 1,732,781 | 1,738,694 | ' |
Total assets | 2,039,165 | 2,043,213 | 2,114,598 | ' |
Current liabilities | 225,287 | 180,576 | 190,397 | ' |
Non-current liabilities | 1,397,296 | 1,421,000 | 1,474,958 | ' |
Total liabilities | 1,622,583 | 1,601,576 | 1,665,355 | ' |
Total Stockholders' Equity | 398,732 | 437,542 | 445,477 | ' |
Noncontrolling interest | 17,850 | 4,095 | 3,766 | ' |
Total liabilities and stockholders' equity | 2,039,165 | 2,043,213 | 2,114,598 | ' |
Balance Before Consolidation of VIEs | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 13,743 | 27,223 | 34,721 | ' |
Other current assets | 273,798 | 276,121 | 331,842 | ' |
Total current assets | 287,541 | 303,344 | 366,563 | ' |
Non-current assets | 1,727,065 | 1,730,865 | 1,737,460 | ' |
Total assets | 2,014,606 | 2,034,209 | 2,104,023 | ' |
Current liabilities | 218,665 | 175,555 | 183,479 | ' |
Non-current liabilities | 1,397,034 | 1,420,870 | 1,474,878 | ' |
Total liabilities | 1,615,699 | 1,596,425 | 1,658,357 | ' |
Total Stockholders' Equity | 398,907 | 437,784 | 445,666 | ' |
Total liabilities and stockholders' equity | 2,014,606 | 2,034,209 | 2,104,023 | ' |
VIEs | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 5,336 | 6,105 | 7,865 | ' |
Other current assets | 16,093 | 5,448 | 5,405 | ' |
Total current assets | 21,429 | 11,553 | 13,270 | ' |
Non-current assets | 4,599 | 1,916 | 1,234 | ' |
Total assets | 26,028 | 13,469 | 14,504 | ' |
Current liabilities | 7,916 | 9,244 | 10,658 | ' |
Non-current liabilities | 262 | 130 | 80 | ' |
Total liabilities | 8,178 | 9,374 | 10,738 | ' |
Noncontrolling interest | 17,850 | 4,095 | 3,766 | ' |
Total liabilities and stockholders' equity | 26,028 | 13,469 | 14,504 | ' |
Eliminations | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Other current assets | -1,470 | -4,465 | -3,929 | ' |
Total current assets | -1,470 | -4,465 | -3,929 | ' |
Non-current assets | 1 | ' | ' | ' |
Total assets | -1,469 | -4,465 | -3,929 | ' |
Current liabilities | -1,294 | -4,223 | -3,740 | ' |
Total liabilities | -1,294 | -4,223 | -3,740 | ' |
Total Stockholders' Equity | -175 | -242 | -189 | ' |
Total liabilities and stockholders' equity | ($1,469) | ($4,465) | ($3,929) | ' |
Impact_of_VIES_on_Condensed_Co1
Impact of VIES on Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Net sales | $309,838 | $311,518 | $893,537 | $878,021 |
Cost of goods sold | -186,370 | -185,915 | -542,010 | -541,406 |
Operating expenses | -111,199 | -99,016 | -317,351 | -286,350 |
Operating income (loss) | 12,269 | 26,587 | 34,176 | 50,265 |
Other non-operating (expense) income | -20,423 | -21,184 | -61,292 | -65,258 |
(Loss) income before income taxes | -8,154 | 5,403 | -27,116 | -14,993 |
Income tax (expense) benefit | -16,244 | -493 | -9,455 | 10,007 |
Net (loss) income | -24,398 | 4,910 | -36,571 | -4,986 |
Net loss attributable to noncontrolling interest | 413 | 1,211 | 700 | 2,835 |
Net (loss) income attributable to The Gymboree Corporation | -23,985 | 6,121 | -35,871 | -2,151 |
Balance Before Consolidation of VIEs | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Net sales | 305,639 | 311,008 | 882,264 | 876,430 |
Cost of goods sold | -185,116 | -185,529 | -538,591 | -540,091 |
Operating expenses | -107,471 | -98,785 | -308,233 | -283,987 |
Operating income (loss) | 13,052 | 26,694 | 35,440 | 52,352 |
Other non-operating (expense) income | -21,140 | -21,265 | -62,163 | -65,356 |
(Loss) income before income taxes | -8,088 | 5,429 | -26,723 | -13,004 |
Income tax (expense) benefit | -15,917 | 776 | -9,202 | 11,051 |
Net (loss) income | -24,005 | 6,205 | -35,925 | -1,953 |
Net (loss) income attributable to The Gymboree Corporation | -24,005 | 6,205 | -35,925 | -1,953 |
VIEs | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Net sales | 5,395 | 3,123 | 15,027 | 8,322 |
Cost of goods sold | -1,297 | -818 | -3,868 | -2,262 |
Operating expenses | -4,901 | -2,328 | -12,477 | -7,949 |
Operating income (loss) | -803 | -23 | -1,318 | -1,889 |
Other non-operating (expense) income | 717 | 81 | 871 | 98 |
(Loss) income before income taxes | -86 | 58 | -447 | -1,791 |
Income tax (expense) benefit | -327 | -1,269 | -253 | -1,044 |
Net (loss) income | -413 | -1,211 | -700 | -2,835 |
Net loss attributable to noncontrolling interest | 413 | 1,211 | 700 | 2,835 |
Eliminations | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Net sales | -1,196 | -2,613 | -3,754 | -6,731 |
Cost of goods sold | 43 | 432 | 449 | 947 |
Operating expenses | 1,173 | 2,097 | 3,359 | 5,586 |
Operating income (loss) | 20 | -84 | 54 | -198 |
(Loss) income before income taxes | 20 | -84 | 54 | -198 |
Net (loss) income | 20 | -84 | 54 | -198 |
Net (loss) income attributable to The Gymboree Corporation | $20 | ($84) | $54 | ($198) |
Condensed_Guarantor_Data_Addit
Condensed Guarantor Data - Additional Information (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Feb. 04, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Feb. 04, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Feb. 04, 2013 |
In Thousands, unless otherwise specified | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | The Gymboree Corporation | The Gymboree Corporation | The Gymboree Corporation | The Gymboree Corporation | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | |||
Intersegment elimination | Intersegment elimination | Intersegment elimination | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic subsidiaries, ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in accumulated deficit | ($112,102) | ($76,231) | ($70,540) | ' | ' | ' | ($9,200) | ' | ' | ' | $3,700 | ' | ' | ' | $5,500 |
Intercompany payable | ' | ' | ' | 21,678 | 11,960 | 9,935 | 9,200 | 468,686 | 456,934 | 402,999 | ' | ' | ' | ' | ' |
Intercompany receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,700 | $489,942 | $468,919 | $413,419 | $5,500 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $19,079 | $33,328 | $42,586 | $77,910 |
Accounts receivable, net of allowance | 32,485 | 27,542 | 27,232 | ' |
Merchandise inventories | 222,414 | 197,935 | 255,722 | ' |
Prepaid income taxes | 1,815 | 2,903 | 5,165 | ' |
Prepaid expenses | 19,986 | 17,341 | 6,539 | ' |
Deferred income taxes | 11,721 | 31,383 | 38,660 | ' |
Total current assets | 307,500 | 310,432 | 375,904 | ' |
Property and Equipment, net | 209,267 | 205,325 | 205,486 | ' |
Goodwill | 898,983 | 898,966 | 899,097 | ' |
Other intangible assets | 576,744 | 580,641 | 585,277 | ' |
Deferred financing costs | 34,067 | 40,040 | 43,018 | ' |
Other assets | 12,604 | 7,809 | 5,816 | ' |
Total assets | 2,039,165 | 2,043,213 | 2,114,598 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 87,323 | 90,133 | 88,824 | ' |
Accrued liabilities | 113,472 | 90,443 | 101,573 | ' |
Line of credit | 24,000 | ' | ' | ' |
Current obligation under capital lease | 492 | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' | ' |
Total current liabilities | 225,287 | 180,576 | 190,397 | ' |
Long-Term Liabilities: | ' | ' | ' | ' |
Long-term debt | 1,113,668 | 1,138,455 | 1,192,383 | ' |
Long-term obligation under capital lease | 3,532 | ' | ' | ' |
Lease incentives and other liabilities | 62,188 | 47,952 | 46,640 | ' |
Deferred income taxes | 217,908 | 234,593 | 235,935 | ' |
Total liabilities | 1,622,583 | 1,601,576 | 1,665,355 | ' |
Total Stockholders' Equity | 398,732 | 437,542 | 445,477 | ' |
Noncontrolling interest | 17,850 | 4,095 | 3,766 | ' |
Total Equity | 416,582 | 441,637 | 449,243 | ' |
Total liabilities and stockholders' equity | 2,039,165 | 2,043,213 | 2,114,598 | ' |
The Gymboree Corporation | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,438 | 18,431 | 19,899 | 58,910 |
Accounts receivable, net of allowance | 367 | 1,280 | 1,323 | ' |
Prepaid income taxes | 1,478 | 1,821 | 3,582 | ' |
Prepaid expenses | 4,011 | 3,142 | 3,880 | ' |
Deferred income taxes | ' | 15,488 | 26,593 | ' |
Total current assets | 7,294 | 40,162 | 55,277 | ' |
Property and Equipment, net | 13,166 | 15,679 | 16,568 | ' |
Deferred financing costs | 34,067 | 40,040 | 43,018 | ' |
Other assets | 21,321 | 15,409 | 13,706 | ' |
Investment in Subsidiaries | 1,985,248 | 1,976,277 | 1,960,041 | ' |
Total assets | 2,061,096 | 2,087,567 | 2,088,610 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 8,756 | 14,269 | 5,545 | ' |
Accrued liabilities | 38,548 | 35,991 | 38,259 | ' |
Deferred income taxes | 4,363 | ' | ' | ' |
Line of credit | 24,000 | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' | ' |
Intercompany payable | 468,686 | 456,934 | 402,999 | ' |
Total current liabilities | 544,353 | 507,194 | 446,803 | ' |
Long-Term Liabilities: | ' | ' | ' | ' |
Long-term debt | 1,113,668 | 1,138,455 | 1,192,383 | ' |
Lease incentives and other liabilities | 4,343 | 4,376 | 3,947 | ' |
Total liabilities | 1,662,364 | 1,650,025 | 1,643,133 | ' |
Total Stockholders' Equity | 398,732 | 437,542 | 445,477 | ' |
Total Equity | ' | ' | 445,477 | ' |
Total liabilities and stockholders' equity | 2,061,096 | 2,087,567 | 2,088,610 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3,381 | 3,128 | 9,209 | 6,387 |
Accounts receivable, net of allowance | 20,087 | 23,679 | 22,682 | ' |
Merchandise inventories | 216,605 | 193,003 | 249,825 | ' |
Prepaid income taxes | ' | 682 | 714 | ' |
Prepaid expenses | 14,659 | 12,909 | 2,126 | ' |
Deferred income taxes | 15,295 | 16,528 | 12,576 | ' |
Intercompany receivable | 489,942 | 468,919 | 413,419 | ' |
Total current assets | 759,969 | 718,848 | 710,551 | ' |
Property and Equipment, net | 185,689 | 180,021 | 179,363 | ' |
Goodwill | 859,165 | 859,166 | 859,297 | ' |
Other intangible assets | 576,623 | 580,492 | 585,116 | ' |
Other assets | 2,142 | 2,061 | 1,667 | ' |
Total assets | 2,383,588 | 2,340,588 | 2,335,994 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 77,192 | 74,589 | 82,299 | ' |
Accrued liabilities | 66,832 | 48,446 | 54,872 | ' |
Current obligation under capital lease | 492 | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' | ' |
Total current liabilities | 144,516 | 123,035 | 137,171 | ' |
Long-Term Liabilities: | ' | ' | ' | ' |
Long-term obligation under capital lease | 3,532 | ' | ' | ' |
Lease incentives and other liabilities | 47,638 | 38,693 | 37,672 | ' |
Deferred income taxes | 242,463 | 250,427 | 250,752 | ' |
Total liabilities | 438,149 | 412,155 | 425,595 | ' |
Total Stockholders' Equity | 1,945,439 | 1,928,433 | 1,910,399 | ' |
Total Equity | ' | ' | 1,910,399 | ' |
Total liabilities and stockholders' equity | 2,383,588 | 2,340,588 | 2,335,994 | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 14,260 | 11,769 | 13,478 | 12,613 |
Accounts receivable, net of allowance | 12,031 | 2,583 | 3,227 | ' |
Merchandise inventories | 6,231 | 4,907 | 5,969 | ' |
Prepaid income taxes | 337 | 400 | 869 | ' |
Prepaid expenses | 1,316 | 1,290 | 533 | ' |
Deferred income taxes | 864 | ' | ' | ' |
Total current assets | 35,039 | 20,949 | 24,076 | ' |
Property and Equipment, net | 10,412 | 9,625 | 9,555 | ' |
Goodwill | 39,818 | 39,800 | 39,800 | ' |
Other intangible assets | 121 | 149 | 161 | ' |
Other assets | 13,696 | 7,067 | 5,260 | ' |
Total assets | 99,086 | 77,590 | 78,852 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 1,375 | 1,275 | 980 | ' |
Accrued liabilities | 8,092 | 6,006 | 8,442 | ' |
Deferred income taxes | 75 | 633 | 508 | ' |
Current portion of long-term debt | ' | ' | ' | ' |
Intercompany payable | 21,678 | 11,960 | 9,935 | ' |
Total current liabilities | 31,220 | 19,874 | 19,865 | ' |
Long-Term Liabilities: | ' | ' | ' | ' |
Lease incentives and other liabilities | 10,207 | 4,883 | 5,021 | ' |
Deferred income taxes | ' | 894 | ' | ' |
Total liabilities | 41,427 | 25,651 | 24,886 | ' |
Total Stockholders' Equity | 39,809 | 47,844 | 50,200 | ' |
Noncontrolling interest | 17,850 | 4,095 | 3,766 | ' |
Total Equity | ' | ' | 53,966 | ' |
Total liabilities and stockholders' equity | 99,086 | 77,590 | 78,852 | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Merchandise inventories | -422 | 25 | -72 | ' |
Deferred income taxes | -4,438 | -633 | -509 | ' |
Intercompany receivable | -489,942 | -468,919 | -413,419 | ' |
Total current assets | -494,802 | -469,527 | -414,000 | ' |
Other assets | -24,555 | -16,728 | -14,817 | ' |
Investment in Subsidiaries | -1,985,248 | -1,976,277 | -1,960,041 | ' |
Total assets | -2,504,605 | -2,462,532 | -2,388,858 | ' |
Current Liabilities: | ' | ' | ' | ' |
Deferred income taxes | -4,438 | -633 | -508 | ' |
Current portion of long-term debt | ' | ' | ' | ' |
Intercompany payable | -490,364 | -468,894 | -412,934 | ' |
Total current liabilities | -494,802 | -469,527 | -413,442 | ' |
Long-Term Liabilities: | ' | ' | ' | ' |
Deferred income taxes | -24,555 | -16,728 | -14,817 | ' |
Total liabilities | -519,357 | -486,255 | -428,259 | ' |
Total Stockholders' Equity | -1,985,248 | -1,976,277 | -1,960,599 | ' |
Total Equity | ' | ' | -1,960,599 | ' |
Total liabilities and stockholders' equity | ($2,504,605) | ($2,462,532) | ($2,388,858) | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net sales: | ' | ' | ' | ' |
Net sales | $309,838 | $311,518 | $893,537 | $878,021 |
Cost of goods sold, including buying and occupancy expenses | -186,370 | -185,915 | -542,010 | -541,406 |
Gross profit | 123,468 | 125,603 | 351,527 | 336,615 |
Selling, general and administrative expenses | -111,199 | -99,016 | -317,351 | -286,350 |
Operating (loss) income | 12,269 | 26,587 | 34,176 | 50,265 |
Interest income | 41 | 42 | 143 | 146 |
Interest expense | -20,483 | -21,312 | -61,352 | -64,163 |
Loss on extinguishment of debt | -834 | ' | -834 | -1,237 |
Other (expense) income, net | 853 | 86 | 751 | -4 |
(Loss) income before income taxes | -8,154 | 5,403 | -27,116 | -14,993 |
Income tax (expense) benefit | -16,244 | -493 | -9,455 | 10,007 |
Net (loss) income | -24,398 | 4,910 | -36,571 | -4,986 |
Net loss (income) attributable to noncontrolling interest | 413 | 1,211 | 700 | 2,835 |
Net (loss) income attributable to The Gymboree Corporation | -23,985 | 6,121 | -35,871 | -2,151 |
Retail Stores | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 297,352 | 299,965 | 857,173 | 847,195 |
Gymboree Play & Music | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 6,821 | 6,390 | 19,409 | 17,981 |
International Retail Franchise | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 5,665 | 5,163 | 16,955 | 12,845 |
The Gymboree Corporation | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 13,309 | 12,303 | 47,248 | 36,825 |
Cost of goods sold, including buying and occupancy expenses | -1,435 | -1,340 | -4,389 | -4,009 |
Gross profit | 11,874 | 10,963 | 42,859 | 32,816 |
Selling, general and administrative expenses | -14,271 | -11,440 | -49,249 | -37,090 |
Operating (loss) income | -2,397 | -477 | -6,390 | -4,274 |
Interest income | 29 | 13 | 62 | 65 |
Interest expense | -20,421 | -21,312 | -61,290 | -64,163 |
Loss on extinguishment of debt | -834 | ' | -834 | -1,237 |
Other (expense) income, net | -37 | 5 | -261 | -46 |
(Loss) income before income taxes | -23,660 | -21,771 | -68,713 | -69,655 |
Income tax (expense) benefit | -2,244 | 9,714 | 19,834 | 35,347 |
Equity in earnings (loss) of affiliates, net of tax | 1,919 | 18,178 | 13,008 | 32,157 |
Net (loss) income | -23,985 | 6,121 | -35,871 | -2,151 |
Net (loss) income attributable to The Gymboree Corporation | -23,985 | 6,121 | -35,871 | -2,151 |
The Gymboree Corporation | Retail Stores | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 443 | 478 | 1,365 | 1,307 |
The Gymboree Corporation | Intercompany revenue | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 12,866 | 11,825 | 45,883 | 35,518 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 297,537 | 303,723 | 861,276 | 856,649 |
Cost of goods sold, including buying and occupancy expenses | -180,116 | -182,017 | -525,280 | -528,161 |
Gross profit | 117,421 | 121,706 | 335,996 | 328,488 |
Selling, general and administrative expenses | -103,254 | -95,197 | -295,002 | -274,852 |
Operating (loss) income | 14,167 | 26,509 | 40,994 | 53,636 |
Interest income | 6 | 9 | 29 | 10 |
Interest expense | -62 | ' | -62 | ' |
Other (expense) income, net | -4 | 2 | -5 | ' |
(Loss) income before income taxes | 14,107 | 26,520 | 40,956 | 53,646 |
Income tax (expense) benefit | -14,626 | -8,172 | -29,467 | -23,921 |
Net (loss) income | -519 | 18,348 | 11,489 | 29,725 |
Net (loss) income attributable to The Gymboree Corporation | -519 | 18,348 | 11,489 | 29,725 |
Guarantor Subsidiaries | Retail Stores | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 287,574 | 291,922 | 831,597 | 825,274 |
Guarantor Subsidiaries | Gymboree Play & Music | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 2,808 | 5,801 | 8,132 | 16,379 |
Guarantor Subsidiaries | International Retail Franchise | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 5,665 | 5,163 | 16,955 | 12,845 |
Guarantor Subsidiaries | Intercompany revenue | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 1,490 | 837 | 4,592 | 2,151 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 20,245 | 17,199 | 55,874 | 48,136 |
Cost of goods sold, including buying and occupancy expenses | -10,720 | -10,093 | -30,172 | -29,129 |
Gross profit | 9,525 | 7,106 | 25,702 | 19,007 |
Selling, general and administrative expenses | -9,090 | -6,394 | -26,150 | -17,855 |
Operating (loss) income | 435 | 712 | -448 | 1,152 |
Interest income | 5 | 20 | 52 | 71 |
Interest expense | ' | ' | -1 | ' |
Other (expense) income, net | 894 | 79 | 1,017 | 42 |
(Loss) income before income taxes | 1,334 | 811 | 620 | 1,265 |
Income tax (expense) benefit | 626 | -2,035 | 178 | -1,419 |
Net (loss) income | 1,960 | -1,224 | 798 | -154 |
Net loss (income) attributable to noncontrolling interest | 413 | 1,211 | 700 | 2,835 |
Net (loss) income attributable to The Gymboree Corporation | 2,373 | -13 | 1,498 | 2,681 |
Non-Guarantor Subsidiaries | Retail Stores | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 16,232 | 14,564 | 44,597 | 41,029 |
Non-Guarantor Subsidiaries | Gymboree Play & Music | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 4,013 | 589 | 11,277 | 1,602 |
Non-Guarantor Subsidiaries | Intercompany revenue | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | ' | 2,046 | ' | 5,505 |
Eliminations | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | -21,253 | -21,707 | -70,861 | -63,589 |
Cost of goods sold, including buying and occupancy expenses | 5,901 | 7,535 | 17,831 | 19,893 |
Gross profit | -15,352 | -14,172 | -53,030 | -43,696 |
Selling, general and administrative expenses | 15,416 | 14,015 | 53,050 | 43,447 |
Operating (loss) income | 64 | -157 | 20 | -249 |
Interest income | 1 | ' | ' | ' |
Interest expense | ' | ' | 1 | ' |
(Loss) income before income taxes | 65 | -157 | 21 | -249 |
Equity in earnings (loss) of affiliates, net of tax | -1,919 | -18,178 | -13,008 | -32,157 |
Net (loss) income | -1,854 | -18,335 | -12,987 | -32,406 |
Net (loss) income attributable to The Gymboree Corporation | -1,854 | -18,335 | -12,987 | -32,406 |
Eliminations | Retail Stores | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | -6,897 | -6,999 | -20,386 | -20,415 |
Eliminations | Intercompany revenue | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | ($14,356) | ($14,708) | ($50,475) | ($43,174) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income or Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | ($24,398) | $4,910 | ($36,571) | ($4,986) |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 8 | 92 | -415 | 33 |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | -871 | -208 | 635 | -109 |
Total other comprehensive (loss) income, net of tax | -863 | -116 | 220 | -76 |
Comprehensive (loss) income | -25,261 | 4,794 | -36,351 | -5,062 |
Comprehensive loss (income) attributable to noncontrolling interest | 369 | 1,120 | 599 | 2,776 |
Comprehensive (loss) income attributable to The Gymboree Corporation | -24,892 | 5,914 | -35,752 | -2,286 |
The Gymboree Corporation | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | -23,985 | 6,121 | -35,871 | -2,151 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -36 | ' | -516 | ' |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | -871 | -123 | 635 | -59 |
Total other comprehensive (loss) income, net of tax | -907 | -123 | 119 | -59 |
Comprehensive (loss) income | -24,892 | 5,998 | -35,752 | -2,210 |
Comprehensive (loss) income attributable to The Gymboree Corporation | -24,892 | 5,998 | -35,752 | -2,210 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | -519 | 18,348 | 11,489 | 29,725 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Comprehensive (loss) income | -519 | 18,348 | 11,489 | 29,725 |
Comprehensive (loss) income attributable to The Gymboree Corporation | -519 | 18,348 | 11,489 | 29,725 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | 1,960 | -1,224 | 798 | -154 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -11 | 92 | -456 | 33 |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | -191 | -85 | 217 | -50 |
Total other comprehensive (loss) income, net of tax | -202 | 7 | -239 | -17 |
Comprehensive (loss) income | 1,758 | -1,217 | 559 | -171 |
Comprehensive loss (income) attributable to noncontrolling interest | 369 | 1,120 | 599 | 2,776 |
Comprehensive (loss) income attributable to The Gymboree Corporation | 2,127 | -97 | 1,158 | 2,605 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | -1,854 | -18,335 | -12,987 | -32,406 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 55 | ' | 557 | ' |
Unrealized net (loss) gain on cash flow hedges, net of tax benefit | 191 | ' | -217 | ' |
Total other comprehensive (loss) income, net of tax | 246 | ' | 340 | ' |
Comprehensive (loss) income | -1,608 | -18,335 | -12,647 | -32,406 |
Comprehensive (loss) income attributable to The Gymboree Corporation | ($1,608) | ($18,335) | ($12,647) | ($32,406) |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Comprehensive Income or Loss (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Unrealized net gain (loss) on cash flow hedges, tax benefit | $501 | ($123) | $0 | ($386) |
Condensed_Consolidating_Statem3
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net cash (used in) provided by operating activities | $23,286 | $11,879 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -35,213 | -31,902 |
Other | -235 | -584 |
Net cash used in investing activities | -35,448 | -32,486 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from ABL facility | 79,000 | ' |
Payments on Term Loan | ' | -17,698 |
Payments on ABL facility | -55,000 | ' |
Payments of deferred financing costs | ' | -1,347 |
Repurchase of notes | -24,760 | ' |
Payments on capital lease | -78 | ' |
Investment by affiliate of Parent | ' | 2,400 |
Dividend payment to parent | -7,475 | ' |
Capital contribution received by noncontrolling interest | 6,506 | 1,595 |
Net cash provided by (used in) financing activities | -1,807 | -15,050 |
Effect of exchange rate fluctuations on cash and cash equivalents | -280 | 333 |
Net (decrease) increase in cash and cash equivalents | -14,249 | -35,324 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of Period | 33,328 | 77,910 |
End of period | 19,079 | 42,586 |
The Gymboree Corporation | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net cash (used in) provided by operating activities | -52,645 | -38,940 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -1,648 | -1,881 |
Investment in subsidiaries | ' | -180 |
Net cash used in investing activities | -1,648 | -2,061 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transfers | 45,535 | 18,635 |
Proceeds from ABL facility | 79,000 | ' |
Payments on Term Loan | ' | -17,698 |
Payments on ABL facility | -55,000 | ' |
Payments of deferred financing costs | ' | -1,347 |
Repurchase of notes | -24,760 | ' |
Investment by affiliate of Parent | ' | 2,400 |
Dividend payment to parent | -7,475 | ' |
Net cash provided by (used in) financing activities | 37,300 | 1,990 |
Net (decrease) increase in cash and cash equivalents | -16,993 | -39,011 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of Period | 18,431 | 58,910 |
End of period | 1,438 | 19,899 |
Guarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net cash (used in) provided by operating activities | 85,441 | 49,393 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -30,438 | -28,372 |
Other | 11 | -159 |
Net cash used in investing activities | -30,427 | -28,531 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transfers | -54,683 | -18,040 |
Payments on capital lease | -78 | ' |
Net cash provided by (used in) financing activities | -54,761 | -18,040 |
Net (decrease) increase in cash and cash equivalents | 253 | 2,822 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of Period | 3,128 | 6,387 |
End of period | 3,381 | 9,209 |
Non-Guarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net cash (used in) provided by operating activities | -9,510 | 1,426 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -3,127 | -1,649 |
Other | -246 | -425 |
Net cash used in investing activities | -3,373 | -2,074 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transfers | 9,148 | -595 |
Investment by Parent | ' | 180 |
Capital contribution received by noncontrolling interest | 6,506 | 1,595 |
Net cash provided by (used in) financing activities | 15,654 | 1,180 |
Effect of exchange rate fluctuations on cash and cash equivalents | -280 | 333 |
Net (decrease) increase in cash and cash equivalents | 2,491 | 865 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of Period | 11,769 | 12,613 |
End of period | 14,260 | 13,478 |
Eliminations | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Investment in subsidiaries | ' | 180 |
Net cash used in investing activities | ' | 180 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Investment by Parent | ' | -180 |
Net cash provided by (used in) financing activities | ' | ($180) |