Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2022 | Aug. 19, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | DXLG | |
Entity Registrant Name | DESTINATION XL GROUP, INC. | |
Entity Central Index Key | 0000813298 | |
Current Fiscal Year End Date | --01-28 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 61,756,167 | |
Entity File Number | 01-34219 | |
Entity Tax Identification Number | 04-2623104 | |
Entity Address, Address Line One | 555 Turnpike Street | |
Entity Address, City or Town | Canton | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02021 | |
City Area Code | 781 | |
Local Phone Number | 828-9300 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 22,176 | $ 15,506 |
Accounts receivable | 1,450 | 2,110 |
Inventories | 96,728 | 81,764 |
Prepaid expenses and other current assets | 8,504 | 6,615 |
Total current assets | 128,858 | 105,995 |
Non-current assets: | ||
Property and equipment, net of accumulated depreciation and amortization | 39,763 | 44,442 |
Operating lease right-of-use assets | 127,443 | 127,812 |
Deferred income taxes, net of valuation allowance | 35,538 | |
Intangible assets | 1,150 | 1,150 |
Other assets | 567 | 559 |
Total assets | 333,319 | 279,958 |
Current liabilities: | ||
Accounts payable | 27,962 | 25,165 |
Accrued expenses and other current liabilities | 29,587 | 35,102 |
Operating leases, current | 37,114 | 35,191 |
Total current liabilities | 94,663 | 95,458 |
Long-term liabilities: | ||
Operating leases, non-current | 114,456 | 120,414 |
Other long-term liabilities | 6,505 | 5,867 |
Total long-term liabilities | 120,961 | 126,281 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 125,000,000 shares authorized, 77,359,687 and 77,025,419 shares issued at July 30, 2022 and January 29, 2022, respectively | 774 | 770 |
Additional paid-in capital | 321,253 | 319,511 |
Treasury stock at cost, 15,625,172 shares and 12,755,873 shares at July 30, 2022 and January 29, 2022, respectively | (105,386) | (92,658) |
Accumulated deficit | (93,549) | (163,879) |
Accumulated other comprehensive loss | (5,397) | (5,525) |
Total stockholders' equity | 117,695 | 58,219 |
Total liabilities and stockholders' equity | $ 333,319 | $ 279,958 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jul. 30, 2022 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 77,359,687 | 77,025,419 |
Treasury stock, shares | 15,625,172 | 12,755,873 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||||
Sales | $ 144,634,000 | $ 138,590,000 | $ 272,289,000 | $ 250,084,000 |
Cost of goods sold including occupancy costs | 69,316,000 | 66,988,000 | 133,104,000 | 127,649,000 |
Gross profit | 75,318,000 | 71,602,000 | 139,185,000 | 122,435,000 |
Expenses: | ||||
Selling, general and administrative | 49,461,000 | 41,776,000 | 96,058,000 | 78,894,000 |
Impairment (gain) of assets | (47,000) | (365,000) | (398,000) | (1,017,000) |
Depreciation and amortization | 3,992,000 | 4,389,000 | 7,979,000 | 8,889,000 |
Total expenses | 53,406,000 | 45,800,000 | 103,639,000 | 86,766,000 |
Operating income | 21,912,000 | 25,802,000 | 35,546,000 | 35,669,000 |
Interest expense, net | (100,000) | (925,000) | (243,000) | (2,067,000) |
Income before provision (benefit) for income taxes | 21,812,000 | 24,877,000 | 35,303,000 | 33,602,000 |
Provision (benefit) for income taxes | (35,130,000) | 426,000 | (35,027,000) | 454,000 |
Net income | $ 56,942,000 | $ 24,451,000 | $ 70,330,000 | $ 33,148,000 |
Net income per share - basic | $ 0.91 | $ 0.38 | $ 1.11 | $ 0.53 |
Net income per share - diluted | $ 0.85 | $ 0.36 | $ 1.04 | $ 0.50 |
Weighted-average number of common shares outstanding: | ||||
Basic | 62,688 | 63,527 | 63,384 | 62,840 |
Diluted | 66,670 | 67,615 | 67,519 | 65,938 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 56,942 | $ 24,451 | $ 70,330 | $ 33,148 |
Other comprehensive income before taxes: | ||||
Foreign currency translation | (3) | (17) | (7) | (42) |
Pension plans | 68 | 78 | 135 | 156 |
Other comprehensive income before taxes | 65 | 61 | 128 | 114 |
Other comprehensive income, net of tax | 65 | 61 | 128 | 114 |
Comprehensive income | $ 57,007 | $ 24,512 | $ 70,458 | $ 33,262 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 30, 2021 | $ (4,077) | $ 647 | $ 314,747 | $ (92,658) | $ (220,592) | $ (6,221) |
Beginning Balance (in shares) at Jan. 30, 2021 | 64,656 | (12,755) | ||||
Issuance of common stock through private direct offering, net of offering costs | 4,375 | $ 111 | 4,264 | |||
Issuance of common stock through private direct offering, net of offering costs (in shares) | 11,111 | |||||
Board of directors compensation | 109 | $ 1 | 108 | |||
Board of directors compensation (in shares) | 137 | |||||
Stock compensation expense | 327 | 327 | ||||
Issuance of common stock, upon RSUs release | $ 3 | (3) | ||||
Issuance of common stock, upon RSUs release (in shares) | 308 | |||||
Accumulated other comprehensive income (loss): | ||||||
Pension plan, net of taxes | 78 | 78 | ||||
Foreign currency, net of taxes | (25) | (25) | ||||
Net income | 8,697 | 8,697 | ||||
Ending Balance at May. 01, 2021 | 9,484 | $ 762 | 319,443 | $ (92,658) | (211,895) | (6,168) |
Ending Balance (in shares) at May. 01, 2021 | 76,212 | (12,755) | ||||
Beginning Balance at Jan. 30, 2021 | (4,077) | $ 647 | 314,747 | $ (92,658) | (220,592) | (6,221) |
Beginning Balance (in shares) at Jan. 30, 2021 | 64,656 | (12,755) | ||||
Accumulated other comprehensive income (loss): | ||||||
Net income | 33,148 | |||||
Ending Balance at Jul. 31, 2021 | 34,426 | $ 763 | 319,872 | $ (92,658) | (187,444) | (6,107) |
Ending Balance (in shares) at Jul. 31, 2021 | 76,289 | (12,755) | ||||
Beginning Balance at May. 01, 2021 | 9,484 | $ 762 | 319,443 | $ (92,658) | (211,895) | (6,168) |
Beginning Balance (in shares) at May. 01, 2021 | 76,212 | (12,755) | ||||
Board of directors compensation | 110 | $ 1 | 109 | |||
Board of directors compensation (in shares) | 70 | |||||
Stock compensation expense | 316 | 316 | ||||
Exercise of stock options | 4 | 4 | ||||
Exercise of stock options (in shares) | 7 | |||||
Accumulated other comprehensive income (loss): | ||||||
Pension plan, net of taxes | 78 | 78 | ||||
Foreign currency, net of taxes | (17) | (17) | ||||
Net income | 24,451 | 24,451 | ||||
Ending Balance at Jul. 31, 2021 | 34,426 | $ 763 | 319,872 | $ (92,658) | (187,444) | (6,107) |
Ending Balance (in shares) at Jul. 31, 2021 | 76,289 | (12,755) | ||||
Beginning Balance at Jan. 29, 2022 | 58,219 | $ 770 | 319,511 | $ (92,658) | (163,879) | (5,525) |
Beginning Balance (in shares) at Jan. 29, 2022 | 77,025 | (12,755) | ||||
Board of directors compensation | 125 | 125 | ||||
Board of directors compensation (in shares) | 29 | |||||
Stock compensation expense | 366 | 366 | ||||
Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity | 1,138 | 1,138 | ||||
Issuance of common stock, upon RSUs release | $ 3 | (3) | ||||
Issuance of common stock, upon RSUs release (in shares) | 313 | |||||
Shares withheld for taxes related to net share settlement | (415) | $ (1) | (414) | |||
Shares withheld for taxes related to net share settlement (in shares) | (85) | |||||
Exercise of stock options | 23 | $ 1 | 22 | |||
Exercise of stock options (in shares) | 41 | |||||
Repurchase of common stock | (4,847) | $ (4,847) | ||||
Repurchase of common stock, (in shares) | (946) | |||||
Accumulated other comprehensive income (loss): | ||||||
Pension plan, net of taxes | 67 | 67 | ||||
Foreign currency, net of taxes | (4) | (4) | ||||
Net income | 13,388 | 13,388 | ||||
Ending Balance at Apr. 30, 2022 | 68,060 | $ 773 | 320,745 | $ (97,505) | (150,491) | (5,462) |
Ending Balance (in shares) at Apr. 30, 2022 | 77,323 | (13,702) | ||||
Beginning Balance at Jan. 29, 2022 | 58,219 | $ 770 | 319,511 | $ (92,658) | (163,879) | (5,525) |
Beginning Balance (in shares) at Jan. 29, 2022 | 77,025 | (12,755) | ||||
Accumulated other comprehensive income (loss): | ||||||
Net income | 70,330 | |||||
Ending Balance at Jul. 30, 2022 | 117,695 | $ 774 | 321,253 | $ (105,386) | (93,549) | (5,397) |
Ending Balance (in shares) at Jul. 30, 2022 | 77,360 | (15,625) | ||||
Beginning Balance at Apr. 30, 2022 | 68,060 | $ 773 | 320,745 | $ (97,505) | (150,491) | (5,462) |
Beginning Balance (in shares) at Apr. 30, 2022 | 77,323 | (13,702) | ||||
Board of directors compensation | 126 | $ 1 | 125 | |||
Board of directors compensation (in shares) | 25 | |||||
Stock compensation expense | 386 | 386 | ||||
Issuance of common stock, upon RSUs release (in shares) | 5 | |||||
Shares withheld for taxes related to net share settlement | (6) | (6) | ||||
Exercise of stock options | 3 | 3 | ||||
Exercise of stock options (in shares) | 7 | |||||
Repurchase of common stock | (7,881) | $ (7,881) | ||||
Repurchase of common stock, (in shares) | (1,923) | |||||
Accumulated other comprehensive income (loss): | ||||||
Pension plan, net of taxes | 68 | 68 | ||||
Foreign currency, net of taxes | (3) | (3) | ||||
Net income | 56,942 | 56,942 | ||||
Ending Balance at Jul. 30, 2022 | $ 117,695 | $ 774 | $ 321,253 | $ (105,386) | $ (93,549) | $ (5,397) |
Ending Balance (in shares) at Jul. 30, 2022 | 77,360 | (15,625) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 70,330 | $ 33,148 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and write-off of deferred debt issuance costs | 38 | 328 |
Impairment (gain) of assets | (398) | (1,017) |
Depreciation and amortization | 7,979 | 8,889 |
Deferred taxes, net of valuation allowance | (35,538) | |
Stock compensation expense | 752 | 643 |
Board of directors stock compensation | 251 | 219 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 660 | 4,406 |
Inventories | (14,964) | 11,660 |
Prepaid expenses and other current assets | (1,889) | (1,901) |
Other assets | (46) | 34 |
Accounts payable | 2,797 | (7,214) |
Operating leases, net | (3,268) | (9,781) |
Accrued expenses and other liabilities | (2,855) | 2,829 |
Net cash provided by operating activities | 23,849 | 42,243 |
Cash flows from investing activities: | ||
Additions to property and equipment, net | (4,056) | (1,723) |
Net cash used for investing activities | (4,056) | (1,723) |
Cash flows from financing activities: | ||
Repurchase of common stock | (12,728) | |
Proceeds from issuance of common stock from private direct offering, net of offering costs | 4,375 | |
Repayment of FILO loan | (15,000) | |
Proceeds from new FILO loan | 17,500 | |
Net repayments under credit facility | (59,733) | |
Debt issuance costs | (818) | |
Tax withholdings paid related to net share settlements | (421) | |
Proceeds from the exercise of stock options | 26 | 4 |
Net cash used for financing activities | (13,123) | (53,672) |
Net increase (decrease) in cash and cash equivalents | 6,670 | (13,152) |
Cash and cash equivalents: | ||
Beginning of period | 15,506 | 18,997 |
End of period | $ 22,176 | $ 5,845 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation In the opinion of management of Destination XL Group, Inc., a Delaware corporation (collectively with its subsidiaries, referred to as the “Company”), the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company’s audited Consolidated Financial Statements for the fiscal year ended January 29, 2022 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 17, 2022. The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2022 and fiscal 2021 are 52-week periods ending on January 28, 2023 and January 29, 2022, respectively. Segment Information The Company has two principal operating segments: its stores and its direct business. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. The Company’s wholesale business was a third operating segment. In the first quarter of fiscal 2022, the Company ended its relationship with its primary wholesale customer. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for all periods presented. Fair Value of Financial Instruments ASC Topic 825, Financial Instruments , requires disclosure of the fair value of certain financial instruments. ASC Topic 820, “ Fair Value Measurements and Disclosures ,” defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments. Accumulated Other Comprehensive Income (Loss) - (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three and six months ended July 30, 2022 and July 31, 2021, respectively, were as follows: July 30, 2022 July 31, 2021 For the three months ended: (in thousands) Pension Foreign Total Pension Foreign Total Balance at beginning of the quarter $ ( 5,399 ) $ ( 63 ) $ ( 5,462 ) $ ( 6,146 ) $ ( 22 ) $ ( 6,168 ) Other comprehensive income (loss) before 76 ( 3 ) 73 90 ( 17 ) 73 Amounts reclassified from accumulated other (1) ( 8 ) — ( 8 ) ( 12 ) — ( 12 ) Other comprehensive income (loss) for the period 68 ( 3 ) 65 78 ( 17 ) 61 Balance at end of quarter $ ( 5,331 ) $ ( 66 ) $ ( 5,397 ) $ ( 6,068 ) $ ( 39 ) $ ( 6,107 ) July 30, 2022 July 31, 2021 For the six months ended: (in thousands) Pension Foreign Total Pension Foreign Total Balance at beginning of fiscal year $ ( 5,466 ) $ ( 59 ) $ ( 5,525 ) $ ( 6,224 ) $ 3 $ ( 6,221 ) Other comprehensive income (loss) before 155 ( 7 ) 148 180 ( 42 ) 138 Amounts reclassified from accumulated other (1) ( 20 ) — ( 20 ) ( 24 ) — ( 24 ) Other comprehensive income (loss) for the period 135 ( 7 ) 128 156 ( 42 ) 114 Balance at end of quarter $ ( 5,331 ) $ ( 66 ) $ ( 5,397 ) $ ( 6,068 ) $ ( 39 ) $ ( 6,107 ) (1) Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The Company recognized income of $ 8,000 and $ 12,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, and income of $ 20,000 and $ 24,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for the three and six months ended July 30, 2022 and July 31, 2021. Stock-based Compensation All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the Consolidated Statements of Operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first six months of fiscal 2022 and fiscal 2021. July 30, 2022 July 31, 2021 Expected volatility 109.0 %- 123.7 % 97.4 % - 104.9 % Risk-free interest rate 2.52 %- 2.87 % 0.31 % - 0.60 % Expected term 2.5 - 3.5 yrs. 3.0 - 4.0 yrs. Dividend rate — — Weighted average fair value of options granted $ 4.98 $ 0.47 The Company has outstanding performance stock units (PSUs) with a market condition. The respective grant-date fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model. The valuation included assumptions with respect to the Company’s historical volatility, risk-free rate and cost of equity and the related stock compensation expense was fully expensed by the end of fiscal 2021. Impairment of Long-Lived Assets The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company’s judgment regarding the identification of impairment indicators is based on operational performance at the store level. Factors considered by the Company that could result in an impairment triggering event include significant changes in the use of assets, a current period operating or cash flow loss, underperformance of a store relative to historical or expected operating results, and an accumulation of costs significantly in excess of the amount originally expected for the construction of the long-lived store assets. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. The Company recognized non-cash gains of $ 0.1 million and $ 0.4 million, respectively, for the second quarter of fiscal 2022 and fiscal 2021 and non-cash gains of $ 0.6 million and $ 1.1 million, respectively, for the first six months of fiscal 2022 and fiscal 2021 related to the Company’s decision to close certain retail stores, which resulted in a revaluation of the existing lease liabilities. The portion of the gains that related to previously recorded impairment charges against the operating lease right-of-use asset were included as an offset to previously recorded asset impairment charges. Accordingly, for the second quarter of fiscal 2022 and fiscal 2021, $ 0.1 million and $ 0.4 million, respectively, were included as an offset to asset impairment charges. For the first six months of fiscal 2022 and fiscal 2021, $ 0.4 million and $ 1.0 million, respectively, were included as an offset to asset impairment charges. The remaining gains for the second quarter and first six months of fiscal 2022 and fiscal 2021 were included as a reduction of store occupancy costs. Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) ” in fiscal 2019. Under ASC 842, the Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs and any lease incentives are included in the value of those right-of use assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date, to determine the present value of future payments. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases, with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. At July 30, 2022 , the Company had no short-term leases. The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, when the Company considers it reasonably certain that it will exercise an option to extend, the associated payment of that option will be included in the measurement of the right-of-use asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20 -year term . At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years . For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note 4 ‘‘ Leases ’’ for additional information. Recently Issued Accounting Pronouncements No new accounting pronouncements, issued or effective during the first six months of fiscal 2022, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The Company operates as a retailer of big and tall men’s clothing, which includes stores, direct and wholesale. Revenue is recognized by the operating segment that initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. Direct sales are defined as sales that originate online, including those initiated online at the store level, on its website or on third-party marketplaces. Wholesale sales are defined as sales made to wholesale customers pursuant to the terms of each customer’s contract with the Company. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included as part of accrued expenses on the Consolidated Balance Sheets. ̶ Revenue from the Company’s store operations is recorded upon purchase of merchandise by customers, net of an allowance for sales returns, which is estimated based upon historical experience. ̶ Revenue from the Company’s direct operations is recognized at the time a customer order is delivered, net of an allowance for sales returns, which is estimated based upon historical experience. ̶ Revenue from the Company’s wholesale operations is recognized at the time the wholesale customer takes physical receipt of the merchandise, net of any identified discounts in accordance with each individual order. For the first six months of fiscal 2022 and fiscal 2021, chargebacks were immaterial. Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers. Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Based on historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as “breakage”. Breakage is recognized over two years in proportion to historical redemption trends and is recorded as sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $ 2.3 million and $ 3.3 million at July 30, 2022 and January 29, 2022, respectively. Unredeemed Loyalty Coupons. The Company offers a free loyalty program to its customers for which points accumulate based on the purchase of merchandise. Approximately 90 % of the Company’s customers participate in the loyalty program. Under ASC 606, Revenue from Contracts with Customers , these loyalty points provide the customer with a material right and a distinct performance obligation with revenue deferred and recognized when the points are expected to redeem or expire. The cycle of earning and redeeming loyalty points is generally under one year in duration. The loyalty accrual, net of breakage, was $ 1.1 million and $ 1.3 million at July 30, 2022 and January 29, 2022, respectively. Shipping. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in sales, and the related costs are recorded in cost of goods sold, including occupancy costs, in the Consolidated Statements of Operations. Disaggregation of Revenue As noted above under Segment Information in Note 1, the Company’s business consists of one reportable segment, its retail segment. Substantially all of the Company’s revenue is generated from its stores and direct businesses. The operating results from the wholesale segment, which were immaterial, have been aggregated with this reportable segment, but the revenues are separately reported below. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors: For the Three Months Ended For the Six Months Ended (in thousands) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Store sales $ 100,924 69.8 % $ 99,043 71.9 % $ 189,203 69.6 % $ 173,923 70.7 % Direct sales 43,693 30.2 % 38,664 28.1 % 82,687 30.4 % 72,206 29.3 % Retail segment $ 144,617 $ 137,707 $ 271,890 $ 246,129 Wholesale segment 17 883 399 3,955 Total sales $ 144,634 $ 138,590 $ 272,289 $ 250,084 |
Debt
Debt | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt Credit Agreement with Citizens Bank, N.A. On October 28, 2021, the Company entered into a credit facility with Citizens Bank, N.A. (the "Credit Facility”). The Credit Facility is a $ 125.0 million secured, asset-based credit facility with a maturity date of October 28, 2026 . The maximum committed borrowing of $ 125.0 million includes a sublimit of $ 20.0 million for commercial and standby letter of credits and a sublimit of up to $ 15.0 million for swing line loans. The Company’s ability to borrow under the Credit Facility is determined using an availability formula based on eligible assets . Borrowings made pursuant to the Credit Facility will be made pursuant to either a Base Rate loan or LIBOR Rate loan, at the Company's option. Base Rate loans will bear interest, at a rate equal to (i) the greater of: (a) the Prime Rate, (b) the Federal Funds effective rate plus 0.50 % per annum and (c) the daily LIBOR rate plus 1.00 % per annum, plus (ii) a varying percentage, based on the Company’s average excess availability, of either 0.25 % or 0.50 %. LIBOR Rate loans, which may be either for 1 month or 3 months, will bear interest at (i) the LIBOR rate, or the Benchmark Rate as defined in the credit agreement plus (ii) a varying percentage based on the Company’s average excess availability, of either 1.25 % or 1.50 %. Any swingline loan will bear interest at a rate equal to the rate of a Base Rate loan, plus a varying percentage based on the Company’s average excess availability, of either 0.25 % or 0.50 %. The Company will be subject to an unused line fee of 0.25 %. The Company’s obligations under the Credit Facility are secured by a lien on substantially all of its assets. If the Company’s availability under the Credit Facility at any time is less than the greater of (i) 10 % of the Revolving Loan Cap (the lesser of the aggregate revolving commitments or the borrowing base) and (ii) $ 7.5 million, then the Company is required to maintain a minimum consolidated fixed charge coverage ratio of 1.0 :1.0 until such time as availability has exceeded the greater of (1) 10 % of the Revolving Loan Cap and (2) $ 7.5 million for 30 consecutive days. At July 30, 2022 , the Company had no borrowings outstanding under the revolving credit facility and availability under the Credit Facility was $ 85.1 million. The Company had no borrowings during the first six months of fiscal 2022, resulting in an average unused excess availability of approximately $ 79.9 million. Outstanding standby letters of credit were $ 2.4 million and outstanding documentary letters were $ 1.0 million at July 30, 2022. At July 30, 2022, the Company’s prime-based interest rate was 5.75 % . Borrowings and repayments for the first six months ended July 31, 2021 were as follows: For the six months ended (in thousands) July 31, 2021 Borrowings $ 33,696 Repayments ( 93,429 ) Net borrowings (repayments) $ ( 59,733 ) Long-Term Debt The Company had no outstanding long-term debt during the first six months of fiscal 2022. During the first quarter of fiscal 2021, the Company refinanced its then existing $ 15.0 million FILO (first-in, last-out) loan and entered into a new $ 17.5 million FILO loan, which was subsequently repaid in full in September 2021. The Company paid interest and fees totaling $ 0.1 million and $ 1.7 million for the six months ended July 30, 2022 and July 31, 2021, respectively. |
Leases
Leases | 6 Months Ended |
Jul. 30, 2022 | |
Leases [Abstract] | |
Leases | 4. Leases The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years , with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarter was for 20 years, with the opportunity to extend for six additional consecutive periods of five years , beginning in fiscal 2026 . The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years . The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred. ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. In April 2020, the FASB issued guidance allowing entities to make a policy election to account for lease concessions related to the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. The Company opted not to elect this practical expedient and instead accounted for these rent concessions as lease modifications in accordance with ASC 842. As of July 30, 2022, the Company’s operating leases liabilities represent the present value of the remaining future minimum lease payments updated based on concessions and lease modifications. Lease costs related to store locations are included in cost of goods sold including occupancy costs on the Consolidated Statements of Operations, and expenses and lease costs related to the corporate headquarters and equipment leases are included in selling, general and administrative expenses on the Consolidated Statements of Operations. The following table is a summary of the Company’s components of net lease cost for the three and six months ended July 30, 2022 and July 31, 2021: For the three months ended For the six months ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 (in thousands) Operating lease cost $ 10,744 $ 10,516 $ 21,758 $ 21,642 Variable lease costs (1) 3,119 3,436 6,273 7,181 Total lease costs $ 13,863 $ 13,952 $ 28,031 $ 28,823 (1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. Supplemental cash flow and balance sheet information related to leases for the first six months ended July 30, 2022 and July 31, 2021 is as follows: (dollars in thousands) For the six months ended Cash paid for amounts included in the measurement of lease liabilities: July 30, 2022 July 31, 2021 Operating cash flows for operating leases (1) $ 28,281 $ 30,954 Non-cash operating activities: Right-of-use assets obtained in exchange for operating lease liabilities $ 14,167 $ 4,749 Weighted average remaining lease term 4.4 yrs. 4.3 yrs. Weighted average discount rate 6.56 % 6.87 % (1) The cash paid for the first six months of fiscal 2022 and fiscal 2021 includes prepaid rent of $ 3.6 million and $ 3.8 million, respectively. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of July 30, 2022: (in thousands) 2022 (remaining) $ 21,146 2023 47,506 2024 38,912 2025 30,624 2026 18,252 Thereafter 17,069 Total minimum lease payments $ 173,509 Less: amount of lease payments representing interest 21,939 Present value of future minimum lease payments $ 151,570 Less: current obligations under leases 37,114 Long-term lease obligations $ 114,456 |
Long-Term Incentive Plans
Long-Term Incentive Plans | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Long-Term Incentive Plans | 5. Long-Term Incentive Plans The following is a summary of the Company’s Long-Term Incentive Plan (“LTIP”). All equity awards granted under long-term incentive plans are issued from the Company’s stockholder-approved 2016 Incentive Compensation Plan. See Note 6, Stock-Based Compensation . The LTIPs are granted annually and each LTIP covers a three-year performance period. Each participant in the LTIP participates based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her LTIP percentage. Under each LTIP, 50 % of each participant’s Target Cash Value is subject to time-based vesting and 50 % is subject to performance-based vesting. Awards for any achievement of performance targets are not granted until the performance targets are achieved and then are subject to additional vesting through August 31 following the end of the applicable performance period. 2019-2021 LTIP The performance targets for the Company’s 2019-2021 LTIP were approved by the Compensation Committee of the Board of Directors (the "Compensation Committee”) on August 7, 2019 and covered a three-year period performance period, which ended on January 29, 2022. The time-vested portion of the 2019-2021 LTIP vests in four annual installments, with the remaining installment vesting on April 1, 2023. In the first quarter of fiscal 2022, on March 21, 2022, the Compensation Committee approved a 141.9 % payout of its performance targets for the 2019-2021 LTIP. On that date, the Company granted awards totaling $ 2.7 million, in a combination of 50 % cash and 50 % restricted stock units (RSUs), which will vest, net of any forfeitures, on August 31, 2022. In connection with the grant of 269,162 RSUs, the Company reclassified $ 1.1 million of its liability accrual from “Accrued expenses and other current liabilities” to “Additional paid-in capital” in the first quarter of fiscal 2022. See the Consolidated Statement of Changes in Stockholders’ Equity. Active LTIPs At July 30, 2022 , the Company had three active LTIPs: the 2020-2022 LTIP, the 2021-2023 LTIP and the 2022-2024 LTIP. The time-based awards under the 2020-2022 LTIP were granted in a combination of 50 % stock options and 50 % cash; the 2021-2023 LTIP time-based awards were granted in a combination of 25 % stock options and 75 % cash; and the 2022-2024 LTIP time-based awards were granted in a combination of 50 % RSUs and 50 % cash. Performance targets for the 2020-2022 LTIP, 2021-2023 LTIP and 2022-2024 LTIP were established and approved by the Compensation Committee on June 11, 2020, March 8, 2021 and April 9, 2022, respectively. The performance period for each LTIP is three years . Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2023, August 31, 2024 and August 31, 2025, respectively. The time-based awards under the 2020-2022 LTIP, 2021-2023 LTIP and 2022-2024 LTIP vest in four equal installments through April 1, 2024, April 1, 2025 and April 1, 2026, respectively. Assuming that the Company achieves the performance targets at target levels and all time-based awards vest, the compensation expense associated with the 2020-2022 LTIP, 2021-2023 LTIP and 2022-2024 LTIP is estimated to be approximately $ 3.8 million, $ 4.0 million and $ 4.5 million, respectively. Approximately half of the compensation expense for each LTIP relates to the time-based awards, which are being expensed straight-line over 46 months, 49 months and 48 months, respectively. At July 30, 2022 , the Company had accrued $ 1.9 million under the 2020-2022 LTIP, $ 1.2 million under the 2021-2023 LTIP and $ 0.2 million under the 2022-2024 LTIP for the performance awards. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation The Company has one active stock-based compensation plan: the 2016 Incentive Compensation Plan (the “2016 Plan”). The initial share reserve under the 2016 Plan was 5,725,538 shares of common stock. A grant of a stock option award or stock appreciation right will reduce the outstanding reserve on a one-for-one basis, meaning one share for every share granted. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, will reduce the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. The Company’s shareholders approved amendments to increase the share reserve by 2,800,000 shares on August 8, 2019, an additional 1,740,000 shares on August 12, 2020 and an additional 4,855,000 on August 5, 2021. At July 30, 2022, the Company had 3,825,095 shares available under the 2016 Plan. In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. At July 30, 2022 , 298,231 stock options remained outstanding under the 2006 Plan. The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5 % of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant. The following tables summarize the share activity and stock option activity for the first six months of fiscal 2022: RSUs (1) Deferred (2) Performance (3) Fully-Vested (4) Total number Weighted- Shares Outstanding non-vested shares at beginning of year 515,291 435,568 240,000 — 1,190,859 $ 1.57 Shares granted 496,467 — — 17,532 513,999 $ 4.98 Shares vested and/or issued ( 318,657 ) — — ( 17,532 ) ( 336,189 ) $ 2.35 Shares forfeited ( 2,604 ) ( 2,604 ) $ 5.02 Outstanding non-vested shares at end of quarter 690,497 435,568 240,000 — 1,366,065 $ 2.66 (1) During the first six months of fiscal 2022, the Company granted RSUs for the achievement of performance metrics under the 2019-2021 LTIP that are subject to additional vesting through August 31, 2022 and time-based RSUs under its 2022-2024 LTIP. See Note 5, Long-Term Incentive Plans . As a result of net share settlements, of the 318,657 RSUs that vested, only 232,027 shares of common stock were issued (2) The outstanding deferred shares will be issued upon the director’s separation from service. (3) Represents the remaining performance stock units (“PSUs”) granted to Mr. Kanter in February 2019. The 240,000 PSUs will vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $ 8.00 . The PSUs will expire on April 1, 2023 if the $ 8.00 VWAP is not achieved by that date. (4) Represents compensation, with a fair value of $ 80,985 , to certain directors, who are required to receive shares, in lieu of cash, in order to satisfy their minimum equity ownership under the Non-Employee Director Plan. Voluntary shares received, in lieu of cash, are reported below under Non-Employee Director Compensation Plan . Number of Weighted- Weighted- Aggregate Stock Options Outstanding options at beginning of year 4,621,550 $ 0.90 8.2 years $ 16,066,914 Options granted 3,640 $ 4.70 — — Options exercised ( 48,019 ) $ 0.54 211,710 Options expired and canceled ( 19,269 ) $ 0.63 — 66,641 Outstanding options at end of quarter 4,557,902 $ 0.91 7.6 years $ 15,006,017 Options exercisable at end of quarter 1,969,767 $ 1.30 6.8 years $ 5,881,812 For the first six months of fiscal 2022, the Company granted stock options to purchase an aggregate of 3,640 shares of common stock, 496,467 restricted stock units and 17,532 fully-vested shares. For the first six months of fiscal 2021, the Company granted stock options to purchase an aggregate of 1,518,154 shares of common stock and 8,054 restricted stock units. Non-Employee Director Compensation Plan The Company granted 36,690 shares of common stock, with a fair value of approximately $ 169,482 , to certain of its non-employee directors as compensation in lieu of cash in the first six months of fiscal 2022. These shares are in addition to any shares that may be granted under the 2016 Plan related to the requirement to receive equity if a director has not yet satisfied his or her minimum equity ownership requirement under the Non-Employee Director Compensation Plan. Stock Compensation Expense The Company recognized total stock-based compensation expense of $ 0.8 million and $ 0.6 million for the first six months of fiscal 2022 and fiscal 2021, respectively. The total compensation cost related to time-vested stock options and RSU awards not yet recognized as of July 30, 2022 was approximately $ 2.1 million, net of estimated forfeitures, which will be expensed over a weighted average remaining life of 32 months. |
Equity and Earnings per Share
Equity and Earnings per Share | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Equity and Earnings per Share | 7. Equity and Earnings per Share The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: For the three months ended For the six months ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 62,688 63,527 63,384 62,840 Common stock equivalents – stock options, restricted stock units and deferred stock 3,982 4,088 4,135 3,098 Diluted weighted average common shares outstanding 66,670 67,615 67,519 65,938 The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each period, because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect. For the three months ended For the six months ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 (in thousands, except exercise prices) Stock options 306 409 306 424 Restricted stock units 490 — 488 — Range of exercise prices of such options $ 4.48 -$ 5.50 $ 4.49 - $ 5.50 $ 4.48 - $ 5.50 $ 2.25 - $ 5.50 The above options, which were outstanding at July 30, 2022 , expire from January 31, 2023 to June 12, 2032 . Excluded from the computation of basic and diluted earnings per share were 240,000 shares for the second quarter and first six months of fiscal 2022 and 720,000 shares for the second quarter and first six months of fiscal 2021 of unvested performance stock units. These performance-based awards are included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 435,568 shares of deferred stock at July 30, 2022 and at July 31, 2021 were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period. |
Stock Repurchase Program
Stock Repurchase Program | 6 Months Ended |
Jul. 30, 2022 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program | 8. Stock Repurchase Program On March 15, 2022, the Company’s Board of Directors approved a stock repurchase program. Under the stock repurchase program, the Company may repurchase up to $ 15.0 million of its common stock through open market and privately negotiated transactions. The timing and the amount of any repurchases of common stock will be determined based on the Company’s evaluation of market conditions and other factors. The stock repurchase program commenced in the first quarter of fiscal 2022 and will expire on March 15, 2023 , but may be suspended, terminated or modified at any time for any reason. The Company expects to finance the repurchases from operating funds and/or periodic borrowings on its credit facility. For the first six months of fiscal 2022, the Company repurchased 2.9 million shares at an aggregate cost of $ 12.7 million, including fees, from available cash on hand. Shares of repurchased common stock are held as treasury stock. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes Since the end of fiscal 2013, the Company has maintained a full valuation allowance against its deferred tax assets. During the second quarter of fiscal 2022, the Company determined that it was more likely than not that it would be able to realize the benefit of substantially all of its deferred tax assets in the United States. In reaching this determination, the Company considered the cumulative three years of profitability, its expectations regarding the generation of future taxable income as well as the overall improvement in the Company's business and its current market position. As a result, in the second quarter of fiscal 2022, the Company recognized a discrete tax benefit related to the release of approximately $ 35.5 million in valuation allowance against its deferred tax assets in the United States that are expected to be realized in future years. At July 30, 2022, the Company continued to provide a valuation allowance of $ 2.4 million primarily against certain state and foreign net operating losses ("NOLs"). During the second quarter and first six months of fiscal 2022, the Company recorded an income tax benefit of $ 35.1 million and $ 35.0 million, respectively. Excluding the release of $ 35.5 million in valuation allowance, the Company recorded income tax expense of $ 408,000 and $ 511,000 , respectively, primarily related to income tax in states where NOL usage is statutorily limited. During the second quarter and first six months of fiscal 2021, the Company recorded income tax expense of $ 426,000 and $ 454,000 , respectively, primarily related to income tax in states where NOL usage is statutorily limited. For federal income tax purposes, at the end of fiscal 2021, the Company had net operating loss carryforwards of approximately $ 100.7 million, which will expire from fiscal 2028 through fiscal 2037 , and net operating loss carryforwards of $ 43.1 million that are not subject to expiration. For state purposes, at the end of fiscal 2021, the Company had $ 90.0 million of net operating losses that are available to offset future taxable income, the majority of which will expire from fiscal 2028 through fiscal 2041 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Segment Information | Segment Information The Company has two principal operating segments: its stores and its direct business. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. The Company’s wholesale business was a third operating segment. In the first quarter of fiscal 2022, the Company ended its relationship with its primary wholesale customer. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for all periods presented. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 825, Financial Instruments , requires disclosure of the fair value of certain financial instruments. ASC Topic 820, “ Fair Value Measurements and Disclosures ,” defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments. |
Accumulated Other Comprehensive Income (Loss) - ("AOCI") | Accumulated Other Comprehensive Income (Loss) - (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three and six months ended July 30, 2022 and July 31, 2021, respectively, were as follows: July 30, 2022 July 31, 2021 For the three months ended: (in thousands) Pension Foreign Total Pension Foreign Total Balance at beginning of the quarter $ ( 5,399 ) $ ( 63 ) $ ( 5,462 ) $ ( 6,146 ) $ ( 22 ) $ ( 6,168 ) Other comprehensive income (loss) before 76 ( 3 ) 73 90 ( 17 ) 73 Amounts reclassified from accumulated other (1) ( 8 ) — ( 8 ) ( 12 ) — ( 12 ) Other comprehensive income (loss) for the period 68 ( 3 ) 65 78 ( 17 ) 61 Balance at end of quarter $ ( 5,331 ) $ ( 66 ) $ ( 5,397 ) $ ( 6,068 ) $ ( 39 ) $ ( 6,107 ) July 30, 2022 July 31, 2021 For the six months ended: (in thousands) Pension Foreign Total Pension Foreign Total Balance at beginning of fiscal year $ ( 5,466 ) $ ( 59 ) $ ( 5,525 ) $ ( 6,224 ) $ 3 $ ( 6,221 ) Other comprehensive income (loss) before 155 ( 7 ) 148 180 ( 42 ) 138 Amounts reclassified from accumulated other (1) ( 20 ) — ( 20 ) ( 24 ) — ( 24 ) Other comprehensive income (loss) for the period 135 ( 7 ) 128 156 ( 42 ) 114 Balance at end of quarter $ ( 5,331 ) $ ( 66 ) $ ( 5,397 ) $ ( 6,068 ) $ ( 39 ) $ ( 6,107 ) (1) Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The Company recognized income of $ 8,000 and $ 12,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, and income of $ 20,000 and $ 24,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for the three and six months ended July 30, 2022 and July 31, 2021. |
Stock-based Compensation | Stock-based Compensation All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the Consolidated Statements of Operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first six months of fiscal 2022 and fiscal 2021. July 30, 2022 July 31, 2021 Expected volatility 109.0 %- 123.7 % 97.4 % - 104.9 % Risk-free interest rate 2.52 %- 2.87 % 0.31 % - 0.60 % Expected term 2.5 - 3.5 yrs. 3.0 - 4.0 yrs. Dividend rate — — Weighted average fair value of options granted $ 4.98 $ 0.47 The Company has outstanding performance stock units (PSUs) with a market condition. The respective grant-date fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model. The valuation included assumptions with respect to the Company’s historical volatility, risk-free rate and cost of equity and the related stock compensation expense was fully expensed by the end of fiscal 2021. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company’s judgment regarding the identification of impairment indicators is based on operational performance at the store level. Factors considered by the Company that could result in an impairment triggering event include significant changes in the use of assets, a current period operating or cash flow loss, underperformance of a store relative to historical or expected operating results, and an accumulation of costs significantly in excess of the amount originally expected for the construction of the long-lived store assets. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. The Company recognized non-cash gains of $ 0.1 million and $ 0.4 million, respectively, for the second quarter of fiscal 2022 and fiscal 2021 and non-cash gains of $ 0.6 million and $ 1.1 million, respectively, for the first six months of fiscal 2022 and fiscal 2021 related to the Company’s decision to close certain retail stores, which resulted in a revaluation of the existing lease liabilities. The portion of the gains that related to previously recorded impairment charges against the operating lease right-of-use asset were included as an offset to previously recorded asset impairment charges. Accordingly, for the second quarter of fiscal 2022 and fiscal 2021, $ 0.1 million and $ 0.4 million, respectively, were included as an offset to asset impairment charges. For the first six months of fiscal 2022 and fiscal 2021, $ 0.4 million and $ 1.0 million, respectively, were included as an offset to asset impairment charges. The remaining gains for the second quarter and first six months of fiscal 2022 and fiscal 2021 were included as a reduction of store occupancy costs. |
Leases | Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) ” in fiscal 2019. Under ASC 842, the Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs and any lease incentives are included in the value of those right-of use assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date, to determine the present value of future payments. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases, with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. At July 30, 2022 , the Company had no short-term leases. The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, when the Company considers it reasonably certain that it will exercise an option to extend, the associated payment of that option will be included in the measurement of the right-of-use asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20 -year term . At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years . For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note 4 ‘‘ Leases ’’ for additional information. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements No new accounting pronouncements, issued or effective during the first six months of fiscal 2022, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Other Comprehensive Income (Loss) and Reclassifications from AOCI | Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three and six months ended July 30, 2022 and July 31, 2021, respectively, were as follows: July 30, 2022 July 31, 2021 For the three months ended: (in thousands) Pension Foreign Total Pension Foreign Total Balance at beginning of the quarter $ ( 5,399 ) $ ( 63 ) $ ( 5,462 ) $ ( 6,146 ) $ ( 22 ) $ ( 6,168 ) Other comprehensive income (loss) before 76 ( 3 ) 73 90 ( 17 ) 73 Amounts reclassified from accumulated other (1) ( 8 ) — ( 8 ) ( 12 ) — ( 12 ) Other comprehensive income (loss) for the period 68 ( 3 ) 65 78 ( 17 ) 61 Balance at end of quarter $ ( 5,331 ) $ ( 66 ) $ ( 5,397 ) $ ( 6,068 ) $ ( 39 ) $ ( 6,107 ) July 30, 2022 July 31, 2021 For the six months ended: (in thousands) Pension Foreign Total Pension Foreign Total Balance at beginning of fiscal year $ ( 5,466 ) $ ( 59 ) $ ( 5,525 ) $ ( 6,224 ) $ 3 $ ( 6,221 ) Other comprehensive income (loss) before 155 ( 7 ) 148 180 ( 42 ) 138 Amounts reclassified from accumulated other (1) ( 20 ) — ( 20 ) ( 24 ) — ( 24 ) Other comprehensive income (loss) for the period 135 ( 7 ) 128 156 ( 42 ) 114 Balance at end of quarter $ ( 5,331 ) $ ( 66 ) $ ( 5,397 ) $ ( 6,068 ) $ ( 39 ) $ ( 6,107 ) (1) Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The Company recognized income of $ 8,000 and $ 12,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, and income of $ 20,000 and $ 24,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for the three and six months ended July 30, 2022 and July 31, 2021. |
Valuation Assumptions for Stock Options | The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first six months of fiscal 2022 and fiscal 2021. July 30, 2022 July 31, 2021 Expected volatility 109.0 %- 123.7 % 97.4 % - 104.9 % Risk-free interest rate 2.52 %- 2.87 % 0.31 % - 0.60 % Expected term 2.5 - 3.5 yrs. 3.0 - 4.0 yrs. Dividend rate — — Weighted average fair value of options granted $ 4.98 $ 0.47 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | As noted above under Segment Information in Note 1, the Company’s business consists of one reportable segment, its retail segment. Substantially all of the Company’s revenue is generated from its stores and direct businesses. The operating results from the wholesale segment, which were immaterial, have been aggregated with this reportable segment, but the revenues are separately reported below. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors: For the Three Months Ended For the Six Months Ended (in thousands) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Store sales $ 100,924 69.8 % $ 99,043 71.9 % $ 189,203 69.6 % $ 173,923 70.7 % Direct sales 43,693 30.2 % 38,664 28.1 % 82,687 30.4 % 72,206 29.3 % Retail segment $ 144,617 $ 137,707 $ 271,890 $ 246,129 Wholesale segment 17 883 399 3,955 Total sales $ 144,634 $ 138,590 $ 272,289 $ 250,084 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings and Repayments | Borrowings and repayments for the first six months ended July 31, 2021 were as follows: For the six months ended (in thousands) July 31, 2021 Borrowings $ 33,696 Repayments ( 93,429 ) Net borrowings (repayments) $ ( 59,733 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Leases [Abstract] | |
Summary of Components of Net Lease Cost | The following table is a summary of the Company’s components of net lease cost for the three and six months ended July 30, 2022 and July 31, 2021: For the three months ended For the six months ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 (in thousands) Operating lease cost $ 10,744 $ 10,516 $ 21,758 $ 21,642 Variable lease costs (1) 3,119 3,436 6,273 7,181 Total lease costs $ 13,863 $ 13,952 $ 28,031 $ 28,823 (1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow and balance sheet information related to leases for the first six months ended July 30, 2022 and July 31, 2021 is as follows: (dollars in thousands) For the six months ended Cash paid for amounts included in the measurement of lease liabilities: July 30, 2022 July 31, 2021 Operating cash flows for operating leases (1) $ 28,281 $ 30,954 Non-cash operating activities: Right-of-use assets obtained in exchange for operating lease liabilities $ 14,167 $ 4,749 Weighted average remaining lease term 4.4 yrs. 4.3 yrs. Weighted average discount rate 6.56 % 6.87 % (1) The cash paid for the first six months of fiscal 2022 and fiscal 2021 includes prepaid rent of $ 3.6 million and $ 3.8 million, respectively. |
Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of July 30, 2022: (in thousands) 2022 (remaining) $ 21,146 2023 47,506 2024 38,912 2025 30,624 2026 18,252 Thereafter 17,069 Total minimum lease payments $ 173,509 Less: amount of lease payments representing interest 21,939 Present value of future minimum lease payments $ 151,570 Less: current obligations under leases 37,114 Long-term lease obligations $ 114,456 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the first six months of fiscal 2022: RSUs (1) Deferred (2) Performance (3) Fully-Vested (4) Total number Weighted- Shares Outstanding non-vested shares at beginning of year 515,291 435,568 240,000 — 1,190,859 $ 1.57 Shares granted 496,467 — — 17,532 513,999 $ 4.98 Shares vested and/or issued ( 318,657 ) — — ( 17,532 ) ( 336,189 ) $ 2.35 Shares forfeited ( 2,604 ) ( 2,604 ) $ 5.02 Outstanding non-vested shares at end of quarter 690,497 435,568 240,000 — 1,366,065 $ 2.66 (1) During the first six months of fiscal 2022, the Company granted RSUs for the achievement of performance metrics under the 2019-2021 LTIP that are subject to additional vesting through August 31, 2022 and time-based RSUs under its 2022-2024 LTIP. See Note 5, Long-Term Incentive Plans . As a result of net share settlements, of the 318,657 RSUs that vested, only 232,027 shares of common stock were issued (2) The outstanding deferred shares will be issued upon the director’s separation from service. (3) Represents the remaining performance stock units (“PSUs”) granted to Mr. Kanter in February 2019. The 240,000 PSUs will vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $ 8.00 . The PSUs will expire on April 1, 2023 if the $ 8.00 VWAP is not achieved by that date. (4) Represents compensation, with a fair value of $ 80,985 , to certain directors, who are required to receive shares, in lieu of cash, in order to satisfy their minimum equity ownership under the Non-Employee Director Plan. Voluntary shares received, in lieu of cash, are reported below under Non-Employee Director Compensation Plan . |
Stock Option Activity | Number of Weighted- Weighted- Aggregate Stock Options Outstanding options at beginning of year 4,621,550 $ 0.90 8.2 years $ 16,066,914 Options granted 3,640 $ 4.70 — — Options exercised ( 48,019 ) $ 0.54 211,710 Options expired and canceled ( 19,269 ) $ 0.63 — 66,641 Outstanding options at end of quarter 4,557,902 $ 0.91 7.6 years $ 15,006,017 Options exercisable at end of quarter 1,969,767 $ 1.30 6.8 years $ 5,881,812 |
Equity and Earnings per Share (
Equity and Earnings per Share (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: For the three months ended For the six months ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 62,688 63,527 63,384 62,840 Common stock equivalents – stock options, restricted stock units and deferred stock 3,982 4,088 4,135 3,098 Diluted weighted average common shares outstanding 66,670 67,615 67,519 65,938 |
Potential Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share | The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each period, because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect. For the three months ended For the six months ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 (in thousands, except exercise prices) Stock options 306 409 306 424 Restricted stock units 490 — 488 — Range of exercise prices of such options $ 4.48 -$ 5.50 $ 4.49 - $ 5.50 $ 4.48 - $ 5.50 $ 2.25 - $ 5.50 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 USD ($) RenewalOption | Jul. 31, 2021 USD ($) | Jul. 30, 2022 USD ($) Segment RenewalOption | Jul. 31, 2021 USD ($) | |
Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Number of operating segments | Segment | 2 | |||
Non-cash gain on closing of retail stores | $ 100,000 | $ 400,000 | $ 600,000 | $ 1,100,000 |
Impairment of right-of-use asset | $ 100,000 | $ 400,000 | 400,000 | $ 1,000,000 |
Short term leases | $ 0 | |||
Operating lease, option to extend | Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term | |||
Store | ||||
Accounting Policies [Line Items] | ||||
Operating lease, option to extend | The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, when the Company considers it reasonably certain that it will exercise an option to extend, the associated payment of that option will be included in the measurement of the right-of-use asset and lease liability. | |||
Operating lease renewal term | 5 years | 5 years | ||
Store | Maximum | ||||
Accounting Policies [Line Items] | ||||
Operating lease renewal term | 5 years | 5 years | ||
Operating lease initial term | 10 years | 10 years | ||
Store | Minimum | ||||
Accounting Policies [Line Items] | ||||
Operating lease renewal term | 5 years | 5 years | ||
Operating lease initial term | 5 years | 5 years | ||
Corporate Headquarter | ||||
Accounting Policies [Line Items] | ||||
Operating lease renewal term | 5 years | 5 years | ||
Operating lease initial term | 20 years | 20 years | ||
Number of renewal options | RenewalOption | 6 | 6 |
Basis of Presentation - Other C
Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ 68,060 | $ 9,484 | $ 58,219 | $ (4,077) | |
Other comprehensive income (loss) for the period | 65 | 61 | 128 | 114 | |
Ending Balance | 117,695 | 34,426 | 117,695 | 34,426 | |
Pension Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (5,399) | (6,146) | (5,466) | (6,224) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 76 | 90 | 155 | 180 | |
Amounts reclassified from accumulated other comprehensive income, net of taxes | [1] | (8) | (12) | (20) | (24) |
Other comprehensive income (loss) for the period | 68 | 78 | 135 | 156 | |
Ending Balance | (5,331) | (6,068) | (5,331) | (6,068) | |
Foreign Currency | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (63) | (22) | (59) | 3 | |
Other comprehensive income (loss) before reclassifications, net of taxes | (3) | (17) | (7) | (42) | |
Other comprehensive income (loss) for the period | (3) | (17) | (7) | (42) | |
Ending Balance | (66) | (39) | (66) | (39) | |
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (5,462) | (6,168) | (5,525) | (6,221) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 73 | 73 | 148 | 138 | |
Amounts reclassified from accumulated other comprehensive income, net of taxes | [1] | (8) | (12) | (20) | (24) |
Other comprehensive income (loss) for the period | 65 | 61 | 128 | 114 | |
Ending Balance | $ (5,397) | $ (6,107) | $ (5,397) | $ (6,107) | |
[1] Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The Company recognized income of $ 8,000 and $ 12,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, and income of $ 20,000 and $ 24,000 for the three months ended July 30, 2022 and July 31, 2021 , respectively, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for the three and six months ended July 30, 2022 and July 31, 2021. |
Basis of Presentation - Other_2
Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Parenthetical) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax provision | $ (35,130,000) | $ 426,000 | $ (35,027,000) | $ 454,000 |
Reclassification out of Accumulated Other Comprehensive Income | Pension Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income recognized due to change in amortization | 8,000 | 12,000 | 20,000 | 24,000 |
Tax provision | $ 0 | $ 0 | $ 0 | $ 0 |
Basis of Presentation - Valuati
Basis of Presentation - Valuation Assumptions for Stock Options (Details) - $ / shares | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility, minimum | 109% | 97.40% |
Expected volatility, maximum | 123.70% | 104.90% |
Risk-free interest rate, minimum | 2.52% | 0.31% |
Risk-free interest rate, maximum | 2.87% | 0.60% |
Weighted average fair value of options granted | $ 4.98 | $ 0.47 |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 2 years 6 months | 3 years |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 3 years 6 months | 4 years |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jul. 30, 2022 USD ($) Segment | Jan. 29, 2022 USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Gift card liability, net of breakage | $ 2.3 | $ 3.3 |
Percentage of customers participate in loyalty program | 90% | |
Loyalty accrual, net of breakage | $ 1.1 | $ 1.3 |
Number of reportable segments | Segment | 1 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details1) | Jul. 30, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-31 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Cycle of earning and redeeming loyalty points period | 1 year |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 144,634 | $ 138,590 | $ 272,289 | $ 250,084 |
Store Sales | Sales Revenue Net | Product Concentration Risk | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales, percentage | 69.80% | 71.90% | 69.60% | 70.70% |
Direct Sales | Sales Revenue Net | Product Concentration Risk | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales, percentage | 30.20% | 28.10% | 30.40% | 29.30% |
Retail Segment | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 144,617 | $ 137,707 | $ 271,890 | $ 246,129 |
Retail Segment | Store Sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 100,924 | 99,043 | 189,203 | 173,923 |
Retail Segment | Direct Sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 43,693 | 38,664 | 82,687 | 72,206 |
Wholesale Segment | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 17 | $ 883 | $ 399 | $ 3,955 |
Debt - Additional Information (
Debt - Additional Information (Details) | 6 Months Ended | |||
Oct. 28, 2021 USD ($) d | Jul. 30, 2022 USD ($) | Jul. 31, 2021 USD ($) | May 01, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Outstanding obligations paid | $ 93,429,000 | |||
Interest and fees paid | $ 100,000 | $ 1,700,000 | ||
Revolver Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, amount outstanding | $ 0 | |||
Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | |||
Debt instrument, interest rate terms | Borrowings made pursuant to the Credit Facility will be made pursuant to either a Base Rate loan or LIBOR Rate loan, at the Company's option. Base Rate loans will bear interest, at a rate equal to (i) the greater of: (a) the Prime Rate, (b) the Federal Funds effective rate plus 0.50% per annum and (c) the daily LIBOR rate plus 1.00% per annum, plus (ii) a varying percentage, based on the Company’s average excess availability, of either 0.25% or 0.50%. LIBOR Rate loans, which may be either for 1 month or 3 months, will bear interest at (i) the LIBOR rate, or the Benchmark Rate as defined in the credit agreement plus (ii) a varying percentage based on the Company’s average excess availability, of either 1.25% or 1.50%. Any swingline loan will bear interest at a rate equal to the rate of a Base Rate loan, plus a varying percentage based on the Company’s average excess availability, of either 0.25% or 0.50%. | |||
Debt instrument, covenant description | (i) 10% of the Revolving Loan Cap (the lesser of the aggregate revolving commitments or the borrowing base) and (ii) $7.5 million, then the Company is required to maintain a minimum consolidated fixed charge coverage ratio of 1.0:1.0 until such time as availability has exceeded the greater of (1) 10% of the Revolving Loan Cap and (2) $7.5 million for 30 consecutive days. | |||
Minimum loan cap percentage | 10% | |||
Line of credit facility | $ 7,500,000 | |||
Minimum consolidated fixed charge coverage ratio | 1 | |||
Number of consecutive days | d | 30 | |||
Line of credit facility, maturity date | Oct. 28, 2026 | |||
Line of credit facility, remaining borrowing capacity | $ 85,100,000 | |||
Line of credit facility, average unused excess availability | $ 79,900,000 | |||
Unused line fee | 0.25% | |||
Credit Facility | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.50% | |||
Credit Facility | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 1% | |||
Credit Facility | Prime-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility interest rate | 5.75% | |||
Credit Facility | Minimum | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.25% | |||
Credit Facility | Minimum | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 1.25% | |||
Credit Facility | Maximum | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.50% | |||
Credit Facility | Maximum | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 1.50% | |||
Credit Facility | Commercial And Standby Letter Of Credits | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |||
Credit Facility | Swing Line Loans | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||
Credit Facility | Swing Line Loans | Minimum | Base Rate Loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.25% | |||
Credit Facility | Swing Line Loans | Maximum | Base Rate Loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.50% | |||
Credit Facility | Standby Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | $ 2,400,000 | |||
Credit Facility | Documentary Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | $ 1,000,000 | |||
FILO Loan - Existing | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, amount outstanding | $ 15,000,000 | |||
New FILO Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 17,500,000 |
Debt - Schedule of Borrowings a
Debt - Schedule of Borrowings and Repayments (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2021 USD ($) | |
Line Of Credit Facility [Line Items] | |
Borrowings | $ 33,696 |
Repayments | (93,429) |
Net borrowings (repayments) | $ (59,733) |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jul. 30, 2022 RenewalOption | |
Lessee Lease Description [Line Items] | |
Operating lease renewal option beginning year | 2026 |
Store | |
Lessee Lease Description [Line Items] | |
Operating lease option to extend | 5 years |
Store | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 5 years |
Operating lease option to extend | 5 years |
Store | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 10 years |
Operating lease option to extend | 5 years |
Corporate Headquarter | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 20 years |
Operating lease option to extend | 5 years |
Number of renewal options | 6 |
Equipment and Other Assets | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 3 years |
Equipment and Other Assets | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 5 years |
Leases - Summary of Components
Leases - Summary of Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | ||
Leases [Abstract] | |||||
Operating lease cost | $ 10,744 | $ 10,516 | $ 21,758 | $ 21,642 | |
Variable lease costs | [1] | 3,119 | 3,436 | 6,273 | 7,181 |
Total lease costs | $ 13,863 | $ 13,952 | $ 28,031 | $ 28,823 | |
[1] Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | [1] | $ 28,281 | $ 30,954 |
Non-cash operating activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 14,167 | $ 4,749 | |
Weighted average remaining lease term | 4 years 4 months 24 days | 4 years 3 months 18 days | |
Weighted average discount rate | 6.56% | 6.87% | |
[1] The cash paid for the first six months of fiscal 2022 and fiscal 2021 includes prepaid rent of $ 3.6 million and $ 3.8 million, respectively. |
Leases - Supplemental Cash Fl_2
Leases - Supplemental Cash Flow Information Related to Leases (Parenthetical) (Details) - USD ($) $ in Millions | Jul. 30, 2022 | Jul. 31, 2021 |
Leases [Abstract] | ||
Prepaid rent | $ 3.6 | $ 3.8 |
Leases - Schedule of Reconcilia
Leases - Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Leases [Abstract] | ||
2022 (remaining) | $ 21,146 | |
2023 | 47,506 | |
2024 | 38,912 | |
2025 | 30,624 | |
2026 | 18,252 | |
Thereafter | 17,069 | |
Total minimum lease payments | 173,509 | |
Less: amount of lease payments representing interest | 21,939 | |
Present value of future minimum lease payments | 151,570 | |
Less: current obligations under leases | 37,114 | $ 35,191 |
Long-term lease obligations | $ 114,456 | $ 120,414 |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 21, 2022 | Apr. 30, 2022 | Jul. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Incentive plan performance targets covering period | 3 years | ||
Vesting terms | The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2023, August 31, 2024 and August 31, 2025, respectively. The time-based awards under the 2020-2022 LTIP, 2021-2023 LTIP and 2022-2024 LTIP vest in four equal installments through April 1, 2024, April 1, 2025 and April 1, 2026, respectively. | ||
Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity | $ 1,138 | ||
2019-2021 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity | $ 1,100 | ||
Awards granted | $ 2,700 | ||
Payout performance targets | 141.90% | ||
Time Based Vesting Schedule | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Time Based Vesting Schedule | 2020-2022 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock compensation cost incurred | $ 3,800 | ||
Stock compensation cost, period | 46 months | ||
Time Based Vesting Schedule | 2021-2023 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock compensation cost incurred | $ 4,000 | ||
Stock compensation cost, period | 49 months | ||
Time Based Vesting Schedule | 2022-2024 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock compensation cost incurred | $ 4,500 | ||
Stock compensation cost, period | 48 months | ||
Performance Based Vesting Schedule | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Performance Based Vesting Schedule | 2020-2022 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Accrued compensation expense | $ 1,900 | ||
Performance Based Vesting Schedule | 2021-2023 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Accrued compensation expense | 1,200 | ||
Performance Based Vesting Schedule | 2022-2024 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Accrued compensation expense | $ 200 | ||
RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
RSUs | 2019-2021 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
RSUs granted | 269,162 | ||
RSUs | 2022-2024 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Stock Options | 2020-2022 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Stock Options | 2021-2023 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 25% | ||
Cash | 2019-2021 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Cash | 2020-2022 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Cash | 2021-2023 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 75% | ||
Cash | 2022-2024 LTIP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting percentage | 50% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 6 Months Ended | ||||||
Aug. 05, 2021 | Aug. 12, 2020 | Aug. 08, 2019 | Aug. 04, 2016 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock compensation expense | $ 752,000 | $ 643,000 | |||||
Non Employee Directors | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares of common stock issued | 36,690 | ||||||
Fair value of common stock issued | $ 169,482 | ||||||
RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Fully-vested shares | 318,657 | ||||||
Time Vested Stock Options and RSU Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized stock compensation cost | $ 2,100,000 | ||||||
Unrecognized stock compensation cost weighted average recognition period | 32 months | ||||||
2016 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserve, shares | 5,725,538 | ||||||
Reduction in outstanding reserve for share granted | 1% | ||||||
Reduction in outstanding reserve for share granted, full-value award | 1.90% | ||||||
Shares available for grant | 3,825,095 | ||||||
Number of additional shares authorized to increase share reserve | 4,855,000 | 1,740,000 | 2,800,000 | ||||
Share-based compensation arrangement by share-based payment award, description | In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. At July 30, 2022, 298,231 stock options remained outstanding under the 2006 Plan. | ||||||
Stock option outstanding | 4,557,902 | 4,621,550 | |||||
Percent of shares available for awards | 5% | ||||||
Share-based compensation description | Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant. | ||||||
Options granted | 3,640 | 1,518,154 | |||||
Shares granted | 513,999 | ||||||
Fully-vested shares | 336,189 | ||||||
2016 Plan | RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares granted | 496,467 | 8,054 | |||||
Fully-vested shares | 318,657 | ||||||
2016 Plan | Fully-vested shares | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares granted | 17,532 | ||||||
Fully-vested shares | 17,532 | ||||||
2006 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option outstanding | 298,231 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Details) - $ / shares | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
RSUs | ||
Total number of shares | ||
Shares vested and/or issued | (318,657) | |
Performance Share Units | ||
Total number of shares | ||
Shares vested and/or issued | (240,000) | |
2016 Plan | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 1,190,859 | |
Shares granted | 513,999 | |
Shares vested and/or issued | (336,189) | |
Shares forfeited | (2,604) | |
Outstanding non-vested shares at end of quarter | 1,366,065 | |
Weighted-average Grant-Date Fair value | ||
Outstanding non-vested shares at beginning of year | $ 1.57 | |
Shares granted | 4.98 | |
Shares vested and/or issued | 2.35 | |
Shares forfeited | 5.02 | |
Outstanding non-vested shares at end of quarter | $ 2.66 | |
2016 Plan | RSUs | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 515,291 | |
Shares granted | 496,467 | 8,054 |
Shares vested and/or issued | (318,657) | |
Shares forfeited | (2,604) | |
Outstanding non-vested shares at end of quarter | 690,497 | |
2016 Plan | Deferred stock | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 435,568 | |
Outstanding non-vested shares at end of quarter | 435,568 | |
2016 Plan | Performance Share Units | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 240,000 | |
Outstanding non-vested shares at end of quarter | 240,000 | |
2016 Plan | Fully-vested shares | ||
Total number of shares | ||
Shares granted | 17,532 | |
Shares vested and/or issued | (17,532) |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
May 01, 2021 | Jul. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted, vesting terms | The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2023, August 31, 2024 and August 31, 2025, respectively. The time-based awards under the 2020-2022 LTIP, 2021-2023 LTIP and 2022-2024 LTIP vest in four equal installments through April 1, 2024, April 1, 2025 and April 1, 2026, respectively. | |
Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares sold | 11,111,000 | |
Director | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of common stock issued | $ 80,985 | |
2022-2024 LTIP | Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares sold | 232,027 | |
Restricted stock units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares vested | 318,657 | |
Performance stock units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted, vesting terms | The 240,000 PSUs will vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $8.00. The PSUs will expire on April 1, 2023 if the $8.00 VWAP is not achieved by that date. | |
Number of shares vested | 240,000 | |
Performance stock units | When VWAP is $8.00 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volume-weighted average closing stock price | $ 8 | |
Performance stock units | $8.00 VWAP is Not Achieved by That Date | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volume-weighted average closing stock price | $ 8 | |
Expiration date | Apr. 01, 2023 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
2016 Plan | |||
Number of shares | |||
Outstanding options at beginning of year | 4,621,550 | ||
Options granted | 3,640 | 1,518,154 | |
Options exercised | (48,019) | ||
Options expired and canceled | (19,269) | ||
Outstanding options at end of quarter | 4,557,902 | 4,621,550 | |
Options exercisable at end of quarter | 1,969,767 | ||
2006 Plan | |||
Number of shares | |||
Outstanding options at end of quarter | 298,231 | ||
Weighted-average exercise price per option | |||
Outstanding options at beginning of year | $ 0.90 | ||
Options granted | 4.70 | ||
Options exercised | 0.54 | ||
Options expired and canceled | 0.63 | ||
Outstanding options at end of quarter | 0.91 | $ 0.90 | |
Options exercisable at end of quarter | $ 1.30 | ||
Weighted-average remaining contractual term | |||
Outstanding options | 7 years 7 months 6 days | 8 years 2 months 12 days | |
Options exercisable at end of quarter | 6 years 9 months 18 days | ||
Aggregate Intrinsic Value | |||
Outstanding options at beginning of year | $ 16,066,914 | ||
Options exercised | 211,710 | ||
Options expired and cancelled | 66,641 | ||
Outstanding options at end of quarter | 15,006,017 | $ 16,066,914 | |
Options exercisable at end of quarter | $ 5,881,812 |
Equity and Earnings per Share -
Equity and Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Earnings Per Share [Line Items] | |||||
Common stock, shares authorized | 125,000,000 | 125,000,000 | 125,000,000 | ||
Deferred Stock | |||||
Earnings Per Share [Line Items] | |||||
Shares excluded from computation of basic and diluted earnings per share | 435,568 | 435,568 | |||
Stock Options | |||||
Earnings Per Share [Line Items] | |||||
Shares excluded from computation of basic and diluted earnings per share | 306,000 | 409,000 | 306,000 | 424,000 | |
Stock Options | Minimum | |||||
Earnings Per Share [Line Items] | |||||
Share-based compensation arrangement, expiration date | Jan. 31, 2023 | ||||
Stock Options | Maximum | |||||
Earnings Per Share [Line Items] | |||||
Share-based compensation arrangement, expiration date | Jun. 12, 2032 | ||||
Performance Stock Units | |||||
Earnings Per Share [Line Items] | |||||
Shares excluded from computation of basic and diluted earnings per share | 240,000 | 720,000 | 240,000 | 720,000 |
Equity and Earnings per Share_2
Equity and Earnings per Share - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Common stock outstanding: | ||||
Basic weighted average common shares outstanding | 62,688 | 63,527 | 63,384 | 62,840 |
Common stock equivalents - stock options, restricted stock units and deferred stock | 3,982 | 4,088 | 4,135 | 3,098 |
Diluted weighted average common shares outstanding | 66,670 | 67,615 | 67,519 | 65,938 |
Equity and Earnings per Share_3
Equity and Earnings per Share - Potential Common Stock Equivalents Excluded From Computation of Diluted Earning Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti dilutive shares | 306 | 409 | 306 | 424 |
Range of exercise prices of such options, minimum | $ 4.48 | $ 4.49 | $ 4.48 | $ 2.25 |
Range of exercise prices of such options, maximum | $ 5.50 | $ 5.50 | $ 5.50 | $ 5.50 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti dilutive shares | 490 | 488 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 15, 2022 | Jul. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program expiration date | Mar. 15, 2023 | |
Number of shares repurchased | 2,900,000 | |
Aggregate cost of repurchased shares | $ 12.7 | |
Common Stock | Maximum | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, repurchase amount | $ 15 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Income Taxes [Line Items] | |||||
Discrete tax benefit release in valuation allowance | $ (35,500,000) | $ (35,538,000) | |||
Valuation allowance | 2,400,000 | 2,400,000 | |||
Income tax expense (benefit) | (35,130,000) | $ 426,000 | (35,027,000) | $ 454,000 | |
Federal | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards subject to expiration | $ 100,700,000 | ||||
Net operating loss carryforwards not subject to expiration | $ 43,100,000 | ||||
Federal | Minimum | |||||
Income Taxes [Line Items] | |||||
Federal net operating loss carry forwards expiration period minimum | 2028 | ||||
Federal | Maximum | |||||
Income Taxes [Line Items] | |||||
Federal net operating loss carry forwards expiration period maximum | 2037 | ||||
State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Income tax expense (benefit) | $ 408,000 | $ 511,000 | |||
Net operating loss carryforwards | $ 90,000,000 | ||||
State and Local Jurisdiction | Minimum | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards expiration year | 2028 | ||||
State and Local Jurisdiction | Maximum | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards expiration year | 2041 |