Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Mar. 06, 2015 | Aug. 02, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DXLG | ||
Entity Registrant Name | DESTINATION XL GROUP, INC. | ||
Entity Central Index Key | 813298 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 50,698,965 | ||
Entity Public Float | $158.70 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $4,586 | $4,544 |
Accounts receivable | 3,619 | 8,347 |
Inventories | 115,220 | 105,556 |
Prepaid expenses and other current assets | 9,190 | 7,994 |
Total current assets | 132,615 | 126,441 |
Property and equipment, net of accumulated depreciation and amortization | 120,328 | 102,939 |
Other assets: | ||
Intangible assets | 3,308 | 4,393 |
Other assets | 4,849 | 3,608 |
Total assets | 261,100 | 237,381 |
Current liabilities: | ||
Current portion of long-term debt | 7,489 | 4,561 |
Current portion of deferred gain on sale-leaseback | 1,465 | 1,465 |
Accounts payable | 29,979 | 32,945 |
Accrued expenses and other current liabilities | 31,972 | 28,227 |
Borrowings under credit facility | 19,402 | 9,029 |
Total current liabilities | 90,307 | 76,227 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 26,651 | 12,145 |
Deferred rent and lease incentives | 28,850 | 22,835 |
Deferred gain on sale-leaseback, net of current portion | 14,654 | 16,120 |
Deferred tax liability | 91 | |
Other long-term liabilities | 8,157 | 5,083 |
Total long-term liabilities | 78,403 | 56,183 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 61,560,544 and 61,473,083 shares issued at January 31, 2015 and February 1, 2014, respectively | 616 | 615 |
Additional paid-in capital | 299,892 | 296,501 |
Treasury stock at cost, 10,877,439 shares at January 31, 2015 and February 1, 2014 | -87,977 | -87,977 |
Accumulated deficit | -111,903 | -99,608 |
Accumulated other comprehensive loss | -8,238 | -4,560 |
Total stockholders' equity | 92,390 | 104,971 |
Total liabilities and stockholders' equity | $261,100 | $237,381 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
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 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 61,560,544 | 61,473,083 |
Treasury stock, shares | 10,877,439 | 10,877,439 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||
Income Statement [Abstract] | ||||||
Sales | $414,020 | [1] | $386,495 | [1] | $397,582 | |
Cost of goods sold including occupancy costs | 224,006 | 210,139 | 213,885 | |||
Gross profit | 190,014 | [1] | 176,356 | [1] | 183,697 | |
Expenses: | ||||||
Selling, general and administrative | 174,814 | 169,062 | 154,372 | |||
Depreciation and amortization | 24,002 | 20,841 | 15,469 | |||
Total expenses | 198,816 | 189,903 | 169,841 | |||
Operating income (loss) | -8,802 | [1] | -13,547 | [1] | 13,856 | |
Interest expense, net | -2,132 | -1,046 | -621 | |||
Income (loss) from continuing operations before provision for income taxes | -10,934 | [1] | -14,593 | [1] | 13,235 | |
Provision (benefit) for income taxes | 243 | [2],[3] | 45,661 | [2],[3] | 5,244 | [3] |
Income (loss) from continuing operations | -11,177 | [1] | -60,254 | [1] | 7,991 | |
Income (loss) from discontinued operations, net of taxes | -1,118 | [1] | 468 | [1] | -1,865 | |
Net income (loss) | ($12,295) | [1] | ($59,786) | [1] | $6,126 | |
Net income (loss) per share - basic and diluted: | ||||||
Income (loss) from continuing operations | ($0.23) | ($1.24) | $0.17 | |||
Income (loss) from discontinued operations | ($0.02) | $0.01 | ($0.04) | |||
Net income (loss) per share - basic and diluted | ($0.25) | [1] | ($1.23) | [1] | $0.13 | |
Weighted-average number of common shares outstanding: | ||||||
Basic | 48,740 | 48,473 | 47,947 | |||
Diluted | 48,740 | 48,473 | 48,385 | |||
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. | |||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, bIncome Taxesb for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. | |||||
[3] | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income (loss) | ($12,295) | [1] | ($59,786) | [1] | $6,126 |
Other comprehensive income (loss) before taxes: | |||||
Foreign currency translation | -430 | -280 | -5 | ||
Pension plan | -3,248 | 1,281 | 199 | ||
Other comprehensive income (loss) before taxes | -3,678 | 1,001 | 194 | ||
Tax provision related to items of other comprehensive income (loss) | -39 | ||||
Other comprehensive income (loss), net of tax | -3,678 | 1,001 | 155 | ||
Comprehensive income (loss) | ($15,973) | ($58,785) | $6,281 | ||
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance at Jan. 28, 2012 | $154,358 | $594 | $293,405 | ($87,977) | ($45,948) | ($5,716) | |
Beginning Balance (in shares) at Jan. 28, 2012 | 59,359,000 | -10,877,000 | |||||
Stock compensation expense | 777 | 777 | |||||
Excess tax benefits from stock-based awards | 31 | 31 | |||||
Stock compensation in excess of tax benefits | -359 | -359 | |||||
Exercises under option program | 1 | -1 | |||||
Exercises under option program (in shares) | 116,000 | ||||||
Cancellations of restricted stock, net of issuances | -30,000 | ||||||
Board of Directors compensation | 124 | 124 | |||||
Board of Directors compensation (in shares) | 32,000 | ||||||
Accumulated other comprehensive income (loss): | |||||||
Unrecognized gain (loss) associated with pension Plan | 121 | 121 | |||||
Foreign currency, net of taxes | 34 | 34 | |||||
Net income (loss) | 6,126 | 6,126 | |||||
Ending Balance at Feb. 02, 2013 | 161,212 | 595 | 293,977 | -87,977 | -39,822 | -5,561 | |
Ending Balance (in shares) at Feb. 02, 2013 | 59,477,000 | -10,877,000 | |||||
Stock compensation expense | 1,893 | 1,893 | |||||
Exercises under option program | 395 | 1 | 394 | ||||
Exercises under option program (in shares) | 106,000 | ||||||
Issuances of restricted stock, net of cancellations | 18 | -18 | |||||
Issuance of restricted stock, net of cancellations (in shares) | 1,846,000 | ||||||
Board of Directors compensation | 256 | 1 | 255 | ||||
Board of Directors compensation (in shares) | 44,000 | ||||||
Accumulated other comprehensive income (loss): | |||||||
Unrecognized gain (loss) associated with pension Plan | 1,281 | 1,281 | |||||
Foreign currency, net of taxes | -280 | -280 | |||||
Net income (loss) | -59,786 | [1] | -59,786 | ||||
Ending Balance at Feb. 01, 2014 | 104,971 | 615 | 296,501 | -87,977 | -99,608 | -4,560 | |
Ending Balance (in shares) at Feb. 01, 2014 | 61,473,083 | 61,473,000 | -10,877,000 | ||||
Stock compensation expense | 2,996 | 2,996 | |||||
Exercises under option program | 123 | 123 | |||||
Exercises under option program (in shares) | 27,000 | ||||||
Issuance of restricted stock, net of cancellations (in shares) | 20,000 | ||||||
Board of Directors compensation | 273 | 1 | 272 | ||||
Board of Directors compensation (in shares) | 41,000 | ||||||
Accumulated other comprehensive income (loss): | |||||||
Unrecognized gain (loss) associated with pension Plan | -3,248 | -3,248 | |||||
Foreign currency, net of taxes | -430 | -430 | |||||
Net income (loss) | -12,295 | [1] | -12,295 | ||||
Ending Balance at Jan. 31, 2015 | $92,390 | $616 | $299,892 | ($87,977) | ($111,903) | ($8,238) | |
Ending Balance (in shares) at Jan. 31, 2015 | 61,560,544 | 61,560,000 | -10,877,000 | ||||
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 02, 2013 |
Statement Of Stockholders Equity [Abstract] | |
Unrecognized gain (loss) associated with Pension Plan, taxes | $0.10 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Cash flows from operating activities: | |||||
Net income (loss) | ($12,295) | [1] | ($59,786) | [1] | $6,126 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Amortization of deferred gain on sale leaseback | -1,466 | -1,465 | -1,466 | ||
Depreciation and amortization | 24,002 | 20,841 | 15,469 | ||
Deferred taxes, net of valuation allowance | 91 | 45,313 | 5,057 | ||
Stock compensation in excess of tax benefits | -359 | ||||
Excess tax benefits from stock-based awards | -31 | ||||
Stock compensation expense | 2,996 | 1,893 | 777 | ||
Issuance of common stock to Board of Directors | 273 | 256 | 124 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 4,728 | -3,340 | -1,653 | ||
Inventories | -9,664 | -1,345 | -44 | ||
Prepaid expenses and other current assets | -1,196 | 1,087 | -437 | ||
Other assets | -475 | -1,080 | 52 | ||
Accounts payable | -2,966 | 7,481 | 807 | ||
Deferred rent and lease incentives | 6,015 | 11,273 | 2,818 | ||
Accrued expenses and other liabilities | 3,762 | 3,770 | 2,655 | ||
Net cash provided by operating activities | 13,805 | 24,898 | 29,895 | ||
Cash flows from investing activities: | |||||
Additions to property and equipment, net | -40,927 | -54,125 | -32,390 | ||
Proceeds from sale of business | 273 | ||||
Net cash used for investing activities | -40,927 | -54,125 | -32,117 | ||
Cash flows from financing activities: | |||||
Net borrowings under credit facility | 10,373 | 9,029 | |||
Proceeds from the issuance of long-term debt | 23,912 | 17,523 | |||
Principal payments on long-term debt | -6,478 | -817 | |||
Costs associated with amendment to credit facility and long-term debt issuances | -766 | -521 | |||
Proceeds from the exercise of stock options | 123 | 395 | |||
Excess tax benefits from stock-based awards | 31 | ||||
Net cash provided by financing activities | 27,164 | 25,609 | 31 | ||
Net increase (decrease) in cash and cash equivalents | 42 | -3,618 | -2,191 | ||
Cash and cash equivalents: | |||||
Beginning of period | 4,544 | 8,162 | |||
End of period | $4,586 | $4,544 | $8,162 | ||
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||||||||||||||
Nature of Business | |||||||||||||||||||||||||||||||||||||
Destination XL Group, Inc. (formerly known as Casual Male Retail Group, Inc. and collectively referred to as the “Company”) is the largest specialty retailer in the United States of big & tall men’s apparel. The Company operates under the trade names of Destination XL® (DXL®), DXL Outlets®, Casual Male XL®, Casual Male XL Outlets, Rochester Clothing, ShoesXL® and LivingXL®. At January 31, 2015, the Company operated 138 DXL® stores, 157 Casual Male XL, 48 Casual Male XL outlets, 2 DXL outlets and 8 Rochester Clothing stores located throughout the United States, including one store in London, England. The Company also operates a direct business, which includes brand mailers and an aggregated e-commerce site to support its brands and product extensions. | |||||||||||||||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts, transactions and profits are eliminated. | |||||||||||||||||||||||||||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from estimates. | |||||||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||||||
Results for fiscal 2013 and fiscal 2012 have been restated to reflect the operating results of the Company’s direct business with Sears Canada as discontinued operations. Results for fiscal 2014 include the restatement of the Company’s first three quarters of fiscal 2014 to reflect discontinued operations. See Note J, “Discontinued Operations.” | |||||||||||||||||||||||||||||||||||||
For fiscal 2014, the Company is reporting revenue from its on-site tailoring and the related tailoring costs associated with such revenue as part of “Sales” and “Costs of Goods Sold Including Occupancy Costs,” respectively, on the Consolidated Statement of Operations. The Company has reclassified the revenue and related costs of goods sold for fiscal 2013 and fiscal 2012 from “Selling, General and Administrative Expenses,” where the amounts were previously netted, to “Sales” and “Cost of Goods Sold Including Occupancy Costs.” | |||||||||||||||||||||||||||||||||||||
Subsequent Events | |||||||||||||||||||||||||||||||||||||
All appropriate subsequent event disclosures, if any, have been made in these Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||||||||||||||
The Company reports its operations as one reportable segment, Big & Tall Men’s Apparel, which consists of two principal operating segments: its retail business and its direct business. The Company considers its operating segments to be similar in terms of economic characteristics, production processes and operations, and have therefore aggregated them into a single reporting segment, consistent with its omni-channel business approach. The direct operating segment includes the operating results and assets for LivingXL and ShoesXL. | |||||||||||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||||||||||
The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. Fiscal years 2014 and 2013, which were 52-week periods, ended on January 31, 2015 and February 1, 2014, respectively. Fiscal 2012 was a 53-week period that ended on February 2, 2013. | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents consist of cash in banks and short-term investments, which have a maturity of ninety days or less when acquired. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. | |||||||||||||||||||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||||||||||||||||||
Accounts receivable primarily includes amounts due for tenant allowances and from the Company’s business partners. For fiscal 2014, fiscal 2013 and fiscal 2012, the Company has not incurred any losses on its accounts receivable. | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||
ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these 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 asset 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 fair value of long-term debt at January 31, 2015 approximates the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. See Note C, “Debt Obligations”, for more discussion. | |||||||||||||||||||||||||||||||||||||
The fair value of indefinite-lived assets, which consists of the Company’s “Rochester” trademark, is measured on a non-recurring basis in connection with the Company’s annual impairment test. The fair value of the trademark is determined using a projected discounted cash flow analysis based on unobservable inputs and are classified within Level 3 of the valuation hierarchy. See Intangibles below. | |||||||||||||||||||||||||||||||||||||
Retail stores that have indicators of impairment and fail the recoverability test are measured for impairment by comparing the fair value of the assets against their carrying value. Fair value of the assets is estimated using a projected discounted cash flow analysis and is classified within Level 3 of the valuation hierarchy. See Impairment of Long-Lived Assets below. | |||||||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||||||
All inventories are valued at the lower of cost or market, using a weighted-average cost method. | |||||||||||||||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||||||||||||||
Property and equipment are stated at cost. Major additions and improvements are capitalized while repairs and maintenance are charged to expense as incurred. Upon retirement or other disposition, the cost and related depreciation of the assets are removed from the accounts and the resulting gain or loss, if any, is reflected in income. Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: | |||||||||||||||||||||||||||||||||||||
Furniture and fixtures | Five to ten years | ||||||||||||||||||||||||||||||||||||
Equipment | Five to ten years | ||||||||||||||||||||||||||||||||||||
Leasehold improvements | Lesser of useful lives or related lease term | ||||||||||||||||||||||||||||||||||||
Hardware and software | Three to seven years | ||||||||||||||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||||||||||||||
ASC Topic 805, “Business Combinations”, requires that all business combinations be accounted for under the purchase method. The statement further requires separate recognition of intangible assets that meet one of two criteria set forth in the statement. Under ASC Topic 350, “Intangibles Goodwill and Other”, goodwill and intangible assets with indefinite lives are tested at least annually for impairment. At each reporting period, management analyzes current events and circumstances to determine whether the indefinite life classification for its “Rochester” trademark continues to be valid. If circumstances warrant a change to a finite life, the carrying value of the intangible asset would then be amortized prospectively over the estimated remaining useful life. The Company’s “Casual Male” trademark is considered a finite life asset. Other intangible assets with defined lives are amortized over their useful lives. | |||||||||||||||||||||||||||||||||||||
At least annually, as of the Company’s December month-end, the Company evaluates its “Rochester” trademark. The Company performs an impairment analysis and records an impairment charge for any intangible assets with a carrying value in excess of its fair value. | |||||||||||||||||||||||||||||||||||||
In the fourth quarter of fiscal 2014, the “Rochester” trademark was tested for potential impairment, utilizing an income approach with applicable royalty rates applied. The Company concluded that the “Rochester” trademark, with a carrying value of $1.5 million at January 31, 2015, was not impaired. Although some of the Rochester locations are closing as part of the DXL expansion, the Rochester Clothing stores that will remain open are currently expected to generate more than sufficient cash flows to support the carrying value of $1.5 million for the “Rochester” trademark. | |||||||||||||||||||||||||||||||||||||
During the fiscal 2011 annual evaluation of intangibles, the Company determined that its “Casual Male” trademark could no longer be considered an indefinite-lived asset. As the Company opens DXL stores, it is closing the majority of its Casual Male XL stores in those respective markets. By the end of fiscal 2017, the Company expects to have only 75 to 100 Casual Male XL retail and outlet stores open. The carrying value of the trademark is being amortized on an accelerated basis against projected cash flows through fiscal 2018, its estimated remaining useful life. | |||||||||||||||||||||||||||||||||||||
Below is a table showing the changes in the carrying value of the Company’s intangible assets from February 1, 2014 to January 31, 2015: | |||||||||||||||||||||||||||||||||||||
(in thousands) | 1-Feb-14 | Additions | Impairment | Amortization | 31-Jan-15 | ||||||||||||||||||||||||||||||||
"Rochester" trademark | $ | 1,500 | $ | — | $ | — | $ | — | $ | 1,500 | |||||||||||||||||||||||||||
"Casual Male" trademark (1) | 2,464 | — | — | (985 | ) | 1,479 | |||||||||||||||||||||||||||||||
Other intangibles | 429 | — | — | (100 | ) | 329 | |||||||||||||||||||||||||||||||
Total intangible assets | $ | 4,393 | $ | — | $ | — | $ | (1,085 | ) | $ | 3,308 | ||||||||||||||||||||||||||
-1 | The “Casual Male” trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012. | ||||||||||||||||||||||||||||||||||||
Other intangibles consist of customer lists, which have a finite life of 16 years based on its estimated economic useful life. At January 31, 2015, customer lists have a remaining life of 3.3 years. | |||||||||||||||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the customer lists and “Casual Male” trademark, subject to amortization, were $7.7 million and $5.9 million, respectively, at January 31, 2015 and $7.7 million and $4.8 million, respectively, at February 1, 2014. Amortization expense for fiscal 2014, 2013 and 2012 was $1.1 million, $1.9 million and $2.4 million, respectively. | |||||||||||||||||||||||||||||||||||||
Expected amortization expense for the Company’s “Casual Male” trademark and customer lists, for the next five fiscal years is as follows: | |||||||||||||||||||||||||||||||||||||
FISCAL YEAR | (in thousands) | ||||||||||||||||||||||||||||||||||||
2015 | $ | 639 | |||||||||||||||||||||||||||||||||||
2016 | $ | 441 | |||||||||||||||||||||||||||||||||||
2017 | $ | 407 | |||||||||||||||||||||||||||||||||||
2018 | $ | 321 | |||||||||||||||||||||||||||||||||||
2019 | $ | - | |||||||||||||||||||||||||||||||||||
Pre-opening Costs | |||||||||||||||||||||||||||||||||||||
The Company expenses all pre-opening costs for its stores as incurred. | |||||||||||||||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||||||||||||||
The Company expenses in-store advertising costs as incurred. Television advertising costs are expensed in the period in which the advertising is first aired. Direct response advertising costs, which consist of catalog production and postage costs, are deferred and amortized over the period of expected direct marketing revenues, which is less than one year. There were no deferred direct response costs at January 31, 2015 and February 1, 2014. Advertising expense, which is included in selling, general and administrative expenses, was $26.0 million, $27.1 million and $17.8 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||||||||||
Revenue from the Company’s retail store operation is recorded upon purchase of merchandise by customers, net of an allowance for sales returns. Revenue from the Company’s e-commerce operations is recognized at the time a customer order is delivered, net of an allowance for sales returns. Revenue is recognized by the operating segment that fulfills a customer’s order. | |||||||||||||||||||||||||||||||||||||
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. Other comprehensive income and reclassifications from AOCI for fiscal 2014, fiscal 2013 and fiscal 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Pension | Foreign | Total | Pension | Foreign | Total | Pension | Foreign | Total | |||||||||||||||||||||||||||||
Plans | Currency | Plans | Currency | Plans | Currency | ||||||||||||||||||||||||||||||||
Balance at beginning of fiscal | $ | (4,547 | ) | $ | (13 | ) | $ | (4,560 | ) | $ | (5,828 | ) | $ | 267 | $ | (5,561 | ) | $ | (5,949 | ) | $ | 233 | $ | (5,716 | ) | ||||||||||||
year | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (3,506 | ) | (184 | ) | (3,690 | ) | 887 | (280 | ) | 607 | (191 | ) | 34 | (157 | ) | ||||||||||||||||||||||
(loss) before reclassifications, | |||||||||||||||||||||||||||||||||||||
net of taxes | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from | 258 | (246 | ) | 12 | 394 | — | 394 | 312 | — | 312 | |||||||||||||||||||||||||||
accumulated other | |||||||||||||||||||||||||||||||||||||
comprehensive income (loss), | |||||||||||||||||||||||||||||||||||||
net of taxes (1) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (3,248 | ) | (430 | ) | (3,678 | ) | 1,281 | (280 | ) | 1,001 | 121 | 34 | 155 | ||||||||||||||||||||||||
(loss) for the period | |||||||||||||||||||||||||||||||||||||
Balance at end of fiscal year | $ | (7,795 | ) | $ | (443 | ) | $ | (8,238 | ) | $ | (4,547 | ) | $ | (13 | ) | $ | (4,560 | ) | $ | (5,828 | ) | $ | 267 | $ | (5,561 | ) | |||||||||||
-1 | Includes the amortization of the unrecognized (gain)/loss on pension plans which was charged to Selling, General and Administrative expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $258,000, $394,000 and $516,000 for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. There was no corresponding tax benefit for fiscal 2014 and fiscal 2013. The corresponding tax benefit was $204,000 for fiscal 2012. Fiscal 2014 includes the recognition of $246,000 related to the substantial liquidation of the Company’s direct business with Sears Canada. The $246,000, with no corresponding tax provision, was recognized in Discontinued Operations on the Consolidated Statement of Operations for fiscal 2014. | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||||||||||||
At January 31, 2015, the Company has one Rochester Clothing store located in London, England. Assets and liabilities for this store are translated into U.S. dollars at the exchange rates in effect at each balance sheet date. Stockholders’ equity is translated at applicable historical exchange rates. Income, expense and cash flow items are translated at average exchange rates during the period. Resulting translation adjustments are reported as a separate component of stockholders’ equity. | |||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||||||||||||||||||||||
Shipping and handling costs are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in net sales, and the related costs are recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||||
Deferred income taxes are provided to recognize the effect of temporary differences between tax and financial statement reporting. Such taxes are provided for using enacted tax rates expected to be in place when such temporary differences are realized. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that the full deferred tax asset would not be realized. If it is subsequently determined that a deferred tax asset will more likely than not be realized, a credit to earnings is recorded to reduce the allowance. | |||||||||||||||||||||||||||||||||||||
ASC Topic 740, Income Taxes (“ASC 740”) clarifies a company’s accounting for uncertain income tax positions that are recognized in its financial statements and also provides guidance on a company’s de-recognition of uncertain positions, financial statement classification, accounting for interest and penalties, accounting for interim periods, and disclosure requirements. In accordance with ASC 740, the Company will recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense in its consolidated statement of operations. The Company has not accrued or paid interest or penalties which were material to its results of operations for fiscal 2014, fiscal 2013 and fiscal 2012. | |||||||||||||||||||||||||||||||||||||
The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for years through fiscal 2001, with remaining fiscal years subject to income tax examination by federal and state tax authorities. | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||||||||||||||||||||||
Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share is determined by giving effect to unvested shares of restricted stock and the exercise of stock options using the treasury stock method. The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||||||
FISCAL YEARS ENDED | |||||||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Common stock outstanding: | |||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 48,740 | 48,473 | 47,947 | ||||||||||||||||||||||||||||||||||
Common stock equivalents – stock options | — | — | 438 | ||||||||||||||||||||||||||||||||||
and restricted stock | |||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares | 48,740 | 48,473 | 48,385 | ||||||||||||||||||||||||||||||||||
outstanding | |||||||||||||||||||||||||||||||||||||
-1 | Common stock equivalents of 497 shares and 443 shares for January 31, 2015 and February 1, 2014, respectively, were excluded due to the net loss. | ||||||||||||||||||||||||||||||||||||
The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or the impact of ASC Topic 718, Compensation – Stock Compensation, primarily related to unearned compensation. | |||||||||||||||||||||||||||||||||||||
FISCAL YEARS ENDED | |||||||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||||||
(in thousands, except exercise prices) | |||||||||||||||||||||||||||||||||||||
Stock options (time-vested) | 1,545 | 2,088 | 1,634 | ||||||||||||||||||||||||||||||||||
Restricted stock (time-vested) | — | — | — | ||||||||||||||||||||||||||||||||||
Range of exercise prices of such options | $4.96-$7.52 | $4.96-$10.26 | $3.76-$10.26 | ||||||||||||||||||||||||||||||||||
Excluded from the Company’s computation of basic and diluted earnings per share for fiscal 2014 were 933,486 shares of unvested performance-based restricted stock and 1,175,000 performance-based stock options. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 751,804 shares of unvested time-based restricted stock and 11,238 shares of deferred stock are excluded from the computation of basic earnings per share until such shares vest. See Note F, “Long-Term Performance Share Bonus Plan”, for a discussion of the Company’s 2013-2016 Long-Term Incentive Plan (“2013-2016 LTIP”) and the respective performance targets. | |||||||||||||||||||||||||||||||||||||
Although the shares of performance-based and time-based restricted stock issued in connection with the 2013-2016 LTIP are not considered outstanding or common stock equivalents for earnings per share purposes until certain vesting and performance thresholds are achieved, all 1,685,290 shares of restricted stock are considered issued and outstanding. Each share of restricted stock has all of the rights of a holder of the Company’s common stock, including, but not limited to, the right to vote and the right to receive dividends, which rights are forfeited if the restricted stock is forfeited. Outstanding shares of deferred stock of 11,238 shares are not considered issued and outstanding until the vesting date of the deferral period. | |||||||||||||||||||||||||||||||||||||
Stock-based Compensation | |||||||||||||||||||||||||||||||||||||
ASC Topic 718, Compensation – Stock Compensation, requires measurement of compensation cost for all stock awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. 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”). As required under the accounting rules, 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 expense over the vesting period, net of estimated forfeitures. The estimation of stock awards that will ultimately vest requires significant judgment. Actual results, and future changes in estimates, may differ from the Company’s current estimates. | |||||||||||||||||||||||||||||||||||||
The Company recognized total compensation expense of $3.0 million, with no tax effect, $1.9 million, with no tax effect, and $0.8 million, or $0.5 million after tax, for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The total compensation cost related to time-vested stock options and time-based restricted stock awards not yet recognized as of January 31, 2015 is approximately $2.5 million which will be expensed over a weighted average remaining life of approximately 19 months. At January 31, 2015, the Company had $7.1 million of unrecognized compensation expense related to its performance-based stock options and restricted stock. As discussed below in Note F, “Long-Term Performance Share Bonus Plan,” the Company would begin recognizing compensation when achievement of the performance targets becomes probable. | |||||||||||||||||||||||||||||||||||||
The total fair value of options vested was $1.2 million, $0.1 million and $0.1 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The cumulative compensation cost of stock-based awards is treated as a temporary difference for stock-based awards that are deductible for tax purposes. If a deduction reported on a tax return exceeds the cumulative compensation cost for those awards, any resulting realized tax benefit that exceeds the previously recognized deferred tax asset for those awards (the excess tax benefit) is recognized as additional paid-in capital. If the amount deductible is less than the cumulative compensation cost recognized for financial reporting purposes, the write-off of a deferred tax asset related to that deficiency, net of the related valuation allowance, if any, is first offset to the extent of any remaining additional paid-in capital from excess tax benefits from previous awards with the remainder recognized through income tax expense. | |||||||||||||||||||||||||||||||||||||
Valuation Assumptions for Stock Options | |||||||||||||||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Fiscal years ended: | 31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||||||||||||||||||||||||||
Expected volatility | 46 | % | 52 | % | 55 | % | |||||||||||||||||||||||||||||||
Risk-free interest rate | 0.79%-0.95% | 0.34%-0.79% | 0.31%-0.67% | ||||||||||||||||||||||||||||||||||
Expected life (in years) | 2.6-3.5 | 3.0-4.1 | 3.0-4.5 | ||||||||||||||||||||||||||||||||||
Dividend rate | — | — | — | ||||||||||||||||||||||||||||||||||
Weighted average fair value of options granted | $ | 1.71 | $ | 2.07 | $ | 1.46 | |||||||||||||||||||||||||||||||
Expected volatilities are based on historical volatilities of the Company’s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and historical exercise patterns; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. | |||||||||||||||||||||||||||||||||||||
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 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 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. | |||||||||||||||||||||||||||||||||||||
For fiscal 2014 and fiscal 2013, the Company recorded impairment charges of $0.3 million and $1.5 million, respectively, for the write-down of property and equipment. These impairment charges related to stores where the carrying value exceeded fair value. The fair value of these assets, based on Level 3 inputs, was determined using estimated discounted cash flows. The impairment charges are included in Depreciation and Amortization on the Consolidated Statement of Operations for fiscal 2014 and fiscal 2013. There was no impairment of assets in fiscal 2012. | |||||||||||||||||||||||||||||||||||||
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 our historical redemption patterns, we 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 net sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, at both January 31, 2015 and February 1, 2014 was $1.4 million. | |||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||||||||||||||
The Company has reviewed accounting pronouncements and interpretations thereof that have effective dates during the periods reported and in future periods. The Company believes that the following impending standards may have an impact on its future filings. The applicability of any standard will be evaluated by the Company and is still subject to review by the Company. | |||||||||||||||||||||||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity (“ASU 2014-08”). The objective of ASU No. 2014-08 is to clarify the criteria for determining which disposals are required to be presented as discontinued operations and also modifies related disclosure requirements. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and when the component or group of components meets the criteria to be classified as held for sale, is disposed by sale or is disposed of by other than by sale. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption is permitted for new disposals beginning in the first quarter of 2014, provided financial statements have not been issued before the release of this standard. The Company did not adopt this standard early and does not believe that there will be any material impact of ASU 2014-08 on its Consolidated Financial Statements in fiscal 2015. | |||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition,” as well as various other sections of the ASC, such as, but not limited to, ASC 340-20, “Other Assets and Deferred Costs - Capitalized Advertising Costs.” The core principle of ASU 2014-09 is that an entity should recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company does not believe that there will be any material impact of ASU 2014-09 on its Consolidated Financial Statements upon adoption. | |||||||||||||||||||||||||||||||||||||
In June 2014, FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period”. ASU 2014-12 affects entities that grant their employees share-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with earlier adoption permitted. The Company does not believe that there will be any material impact of ASU 2014-12 on its Consolidated Financial Statements upon adoption. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | B. PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consisted of the following at the dates indicated: | |||||||||
(in thousands) | 31-Jan-15 | 1-Feb-14 | |||||||
Furniture and fixtures | $ | 63,743 | $ | 55,097 | |||||
Equipment | 16,419 | 15,470 | |||||||
Leasehold improvements | 81,839 | 64,638 | |||||||
Hardware and software | 62,925 | 55,708 | |||||||
Construction in progress | 11,376 | 11,456 | |||||||
236,302 | 202,369 | ||||||||
Less: accumulated depreciation | 115,974 | 99,430 | |||||||
Total property and equipment | $ | 120,328 | $ | 102,939 | |||||
Depreciation expense related to continuing operations for fiscal 2014, 2013 and 2012 was $22.9 million, $19.0 million and $13.1 million, respectively. |
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Obligations | C. DEBT OBLIGATIONS | ||||||||
Credit Agreement with Bank of America, N.A. | |||||||||
On October 30, 2014, the Company amended its credit facility with Bank of America, N.A., effective October 29, 2014, by executing the Second Amendment to the Sixth Amended and Restated Loan and Security Agreement (as amended, the “Credit Facility”). | |||||||||
The Credit Facility provides for $125 million in committed borrowings. The Credit Facility includes, pursuant to an accordion feature, the ability to increase the Credit Facility by an additional $50 million upon the request of the Company and the agreement of the lender(s) participating in the increase. The Credit Facility includes a sublimit of $20 million for commercial and standby letter of credits and a sublimit of up to $15 million for swingline loans. The Company’s ability to borrow under the Credit Facility is determined using an availability formula based on eligible assets. The maturity date of the Credit Facility is October 29, 2019. The Company’s obligations under the Credit Facility are secured by a lien on substantially all of its assets, excluding (i) a first priority lien held by the lenders of the Term Loan Facility, as described below, on certain equipment of the Company and (ii) intellectual property. | |||||||||
At January 31, 2015, the Company had outstanding borrowings under the Credit Facility of $19.4 million. Outstanding standby letters of credit were $0.9 million and documentary letters of credit were $2.2 million. Unused excess availability at January 31, 2015 was $77.9 million. Average monthly borrowings outstanding under the Credit Facility during fiscal 2014 were $31.7 million, resulting in an average unused excess availability of approximately $66.7 million. The Company’s ability to borrow under the Credit Facility is determined using an availability formula based on eligible assets, with increased advance rates based on seasonality. Pursuant to the terms of the Credit Facility, if the Company’s excess availability under the Credit Facility fails to be equal to or greater than the greater of (i) 10% of the Loan Cap (as defined below) and (ii) $7.5 million, then the Company will be required to maintain a minimum consolidated fixed charge coverage ratio of 1.0:1.0 in order to pursue certain transactions, including but not limited to, stock repurchases, payment of dividends and business acquisitions. Under the Credit Facility, the Loan Cap is the lesser of the revolving credit commitments or the borrowing base at the relevant measurement time. | |||||||||
Borrowings made pursuant to the Credit Facility will bear interest at a rate equal to the base rate (determined as the highest of (a) Bank of America N.A.’s prime rate, (b) the Federal Funds rate plus 0.50% or (c) the annual ICE-LIBOR rate (“LIBOR”) for the respective interest period) plus a varying percentage, based on the Company’s borrowing base, of 0.50%-0.75% for prime-based borrowings and 1.50%-1.75% for LIBOR-based borrowings. The Company is also subject to an unused line fee of 0.25%. At January 31, 2015, the Company’s prime-based interest rate was 3.75%. | |||||||||
At January 31, 2015, the Company had approximately $15.0 million of its outstanding borrowings in a LIBOR-based contract with an interest rate of 1.64%. The LIBOR-based contract expired February 5, 2015. When a LIBOR-based borrowing expires, the borrowings revert back to prime-based borrowings unless the Company enters into a new LIBOR-based borrowing arrangement. | |||||||||
The fair value of the amount outstanding under the Credit Facility at January 31, 2015 approximated the carrying value. | |||||||||
Long-Term Debt | |||||||||
Components of long-term debt are as follows: | |||||||||
(in thousands) | 31-Jan-15 | 1-Feb-14 | |||||||
Equipment financing notes | $ | 19,390 | $ | 16,706 | |||||
Term loan, due 2019 | 14,750 | — | |||||||
Total long-term debt | 34,140 | 16,706 | |||||||
Less: current portion of long-term debt | 7,489 | 4,561 | |||||||
Long-term debt, net of current portion | $ | 26,651 | $ | 12,145 | |||||
Equipment Financing Loans | |||||||||
Pursuant to a Master Loan and Security Agreement with Banc of America Leasing & Capital, LLC, dated July 20, 2007 and amended September 30, 2013 (the “Master Agreement”), the Company has entered into twelve equipment security notes (in aggregate, the “Notes”). The Company borrowed an aggregate of $26.4 million between September 2013 and June 2014, of which $8.9 million was borrowed during fiscal 2014. The Notes are for a term of 48 months and accrue interest at fixed rates ranging from 3.07% and 3.50%. Principal and interest are paid monthly, in arrears. | |||||||||
The Notes are secured by a security interest in all of the Company’s rights, title and interest in and to certain equipment. The Company is subject to a prepayment penalty equal to 1% of the prepaid principal of the Notes until the first anniversary, 0.5% of the prepaid principal from the first anniversary until the second anniversary and no prepayment penalty thereafter. The Master Agreement includes default provisions that are customary for financings of this type and are similar and no more restrictive than the Company’s existing Credit Facility. | |||||||||
Term Loan | |||||||||
On October 30, 2014, the Company entered into a term loan agreement with respect to a new $15 million senior secured term loan facility with Wells Fargo Bank, National Association as administrative and collateral agent (the “Term Loan Facility”). The effective date of the Term Loan Facility was October 29, 2014 (the “Effective Date”). The proceeds from the Term Loan Facility were used to repay borrowings under the Credit Facility. | |||||||||
The Term Loan Facility bears interest at a rate per annum equal to the greater of (a) 1.00% and (b) the one month LIBOR rate, plus 6.50%. Interest payments are payable on the first business day of each calendar month, and increase by 2% following the occurrence and during the continuance of an “event of default,” as defined in the Term Loan Facility. The Term Loan Facility provides for quarterly principal payments on the first business day of each calendar quarter, which commenced the first business day of January 2015, in an aggregate principal amount equal to $250,000, subject to adjustment, with the balance payable on the termination date. | |||||||||
The Term Loan Facility includes usual and customary mandatory prepayment provisions for transactions of this type that are triggered by the occurrence of certain events. In addition, the amounts advanced under the Term Loan Facility can be optionally prepaid in whole or part. All prepayments are subject to an early termination fee in the amount of: (a) 4% of the amount prepaid if the prepayment is prior to the first anniversary of the Effective Date; (b) 2% of the amount prepaid if the prepayment is after the first anniversary, but prior to the second anniversary, of the Effective Date; and (c) 1% of the amount prepaid if the prepayment is after the second anniversary, but prior to the third anniversary, of the Effective Date. There is no prepayment penalty after the third anniversary of the Effective Date. | |||||||||
The Term Loan Facility matures on October 29, 2019. It is secured by a first priority lien on certain equipment of the Company, and a second priority lien on substantially all of the remaining assets of the Company, excluding intellectual property. | |||||||||
Long-term debt maturities | |||||||||
Annual maturities of long-term debt for the next five fiscal years are as follows: | |||||||||
(in thousands) | |||||||||
Fiscal 2015 | $ | 7,489 | |||||||
Fiscal 2016 | 7,312 | ||||||||
Fiscal 2017 | 7,088 | ||||||||
Fiscal 2018 | 1,501 | ||||||||
Fiscal 2019 | 10,750 | ||||||||
The Company paid interest and fees totaling $2.7 million, $1.4 million and $0.5 million for fiscal 2014, 2013 and fiscal 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | D. INCOME TAXES | ||||||||||||
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. Under ASC Topic 740, deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The accounting regulation requires current recognition of net deferred tax assets to the extent it is more likely than not such net assets will be realized. To the extent that the Company believes its net deferred tax assets will not be realized, a valuation allowance must be recorded against those assets. | |||||||||||||
In the fourth quarter of fiscal 2013, the Company entered into a three-year cumulative loss position and based on forecasts at that time, the Company expected the cumulative three-year loss to increase as of the end of fiscal 2014. Management determined that this represented significant negative evidence at February 1, 2014. While the Company has projected it will return to profitability, generate taxable income and ultimately emerge from a three-year cumulative loss, based on a consideration of all positive and negative evidence as of February 1, 2014, the Company recorded a charge of $51.3 million to establish a full allowance against its net deferred tax assets. Based on operating results for fiscal 2014 and the Company’s forecast for fiscal 2015, the Company believes that a full allowance remains appropriate at this time. Realization of the Company’s deferred tax assets, which relate principally to federal net operating loss carryforwards, which expire from 2022 through 2034, is dependent on generating sufficient taxable income in the near term. | |||||||||||||
As of January 31, 2015, the Company had net operating loss carryforwards of $130.5 million for federal income tax purposes and $68.3 million for state income tax purposes that are available to offset future taxable income through fiscal year 2034. Additionally, the Company has alternative minimum tax credit carryforwards of $2.3 million, which are available to further reduce income taxes over an indefinite period. Additionally, the Company has $0.1 million and $2.4 million of net operating loss carryforwards related to the Company’s operations in the Hong Kong and Canada, respectively, though both are expected to expire largely unutilized. | |||||||||||||
The utilization of net operating loss carryforwards and the realization of tax benefits in future years depends predominantly upon having taxable income. Under the provisions of the Internal Revenue Code, certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating loss carryforwards and tax credit carryforwards which may be used in future years. | |||||||||||||
Included in the net operating loss carryforwards for both federal and state income tax is approximately $13.3 million relating to stock compensation deductions, the tax benefit from which, if realized, will be credited to additional paid-in capital. | |||||||||||||
The components of the net deferred tax assets as of January 31, 2015 and February 1, 2014 are as follows (in thousands): | |||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||
Deferred tax assets, current: | |||||||||||||
Inventory reserves | $ | 2,602 | $ | 2,911 | |||||||||
Accrued Expenses and other | 5,035 | 3,378 | |||||||||||
Gain on sale-leaseback | 574 | 579 | |||||||||||
Valuation allowance (1) | (8,211 | ) | (6,868 | ) | |||||||||
Net deferred tax assets, current | $ | - | $ | - | |||||||||
Deferred tax assets, non-current: | |||||||||||||
Gain on sale-leaseback | 5,745 | 6,368 | |||||||||||
Lease accruals | 5,257 | 4,544 | |||||||||||
Net operating loss carryforward | 46,048 | 38,082 | |||||||||||
Capital loss carryforward | 3,021 | 3,162 | |||||||||||
Foreign tax credit carryforward | 907 | 852 | |||||||||||
Federal wage tax credit carryforward | 361 | 270 | |||||||||||
State tax credits | 95 | 75 | |||||||||||
Unrecognized loss on foreign exchange | 196 | 117 | |||||||||||
Unrecognized loss on pension and pension expense | 3,840 | 2,585 | |||||||||||
Alternative minimum tax credit carryforward | 2,292 | 2,292 | |||||||||||
Excess of tax over book depreciation/amortization | (21,170 | ) | (17,518 | ) | |||||||||
Goodwill and intangibles | 5,768 | 7,656 | |||||||||||
Subtotal | $ | 52,360 | $ | 48,485 | |||||||||
Valuation allowance (1) | (52,360 | ) | (48,485 | ) | |||||||||
Net deferred tax assets, non-current | $ | - | $ | - | |||||||||
Deferred tax liability, non-current: | |||||||||||||
Goodwill and intangibles | $ | (91 | ) | $ | - | ||||||||
Deferred tax liability, non-current | $ | (91 | ) | $ | - | ||||||||
-1 | For fiscal 2014, the Company had total deferred tax assets of $81.7 million, total deferred tax liabilities of $21.2 million and a valuation allowance of $60.6 million. | ||||||||||||
The provision for income taxes from continuing operations consists of the following: | |||||||||||||
FISCAL YEARS ENDED | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal and state | $ | 97 | $ | 77 | $ | 96 | |||||||
Foreign | 55 | 66 | 64 | ||||||||||
152 | 143 | 160 | |||||||||||
Deferred: | |||||||||||||
Federal and state | 91 | 45,518 | 5,084 | ||||||||||
Foreign | — | — | — | ||||||||||
91 | 45,518 | 5,084 | |||||||||||
Total provision (2) | $ | 243 | $ | 45,661 | $ | 5,244 | |||||||
-2 | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012. | ||||||||||||
The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax from continuing operations: | |||||||||||||
FISCAL YEARS ENDED | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | |||||||||||||
Federal income tax at the statutory rate | $ | (3,827 | ) | $ | (5,108 | ) | $ | 4,632 | |||||
State income and other taxes, net of federal tax benefit | (72 | ) | (810 | ) | 631 | ||||||||
Permanent items | 141 | 171 | 209 | ||||||||||
Change in uncertain tax provisions | — | — | — | ||||||||||
Charge/(income) for valuation allowance | 4,034 | 52,463 | (1 | ) | |||||||||
Other, net | (33 | ) | (1,055 | ) | (227 | ) | |||||||
Provision for income tax from continuing operations | $ | 243 | $ | 45,661 | $ | 5,244 | |||||||
As discussed in Note A, the Company’s financial statements reflect the expected future tax consequences of uncertain tax positions that the Company has taken or expects to take on a tax return, based solely on the technical merits of the tax position. The liability for unrecognized tax benefits at January 31, 2015 was approximately $3.1 million, and is associated with a prior tax position related to exiting the Company’s direct business in Europe during fiscal 2013. The amount of unrecognized tax benefits has been presented as a reduction in the reported amounts of our federal and state NOL carryforwards. No penalties or interest have been accrued on this liability because the carryforwards have not yet been utilized. The reversal of this liability would result in a tax benefit being recognized in the period in which the Company determines the liability is no longer necessary. At January 31, 2015, the Company had no material unrecognized tax benefits based on the provisions of ASC 740. | |||||||||||||
The Company made tax payments of $0.1 million, $0.2 million and $0.5 million for fiscal years 2014, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | E. COMMITMENTS AND CONTINGENCIES | ||||
At January 31, 2015, the Company was obligated under operating leases covering store and office space, automobiles and certain equipment for future minimum rentals and a non-merchandise purchase agreement as follows: | |||||
Total | |||||
FISCAL YEAR | (in millions) | ||||
Fiscal 2015 | $ | 53.2 | |||
Fiscal 2016 | 46.6 | ||||
Fiscal 2017 | 39.5 | ||||
Fiscal 2018 | 35.3 | ||||
Fiscal 2019 | 31.7 | ||||
Thereafter | 120.8 | ||||
$ | 327.1 | ||||
In addition to future minimum rental payments, many of the store leases include provisions for common area maintenance, mall charges, escalation clauses and additional rents based on a percentage of store sales above designated levels. The store leases are generally 5 to 10 years in length and contain renewal options extending their terms by 5 to 10 years. | |||||
Amounts charged to operations for all occupancy costs, automobile and leased equipment expense were $56.8 million, $57.8 million and $54.9 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |||||
In fiscal 2006, as part of a sale-leaseback transaction with a subsidiary of Spirit Finance Corp. (“Spirit”), the Company entered into a twenty-year lease agreement (the “Lease Agreement”) for its corporate headquarters and distribution center whereby the Company agreed to lease the property it sold to Spirit back for an annual rent of $4.6 million. The Company realized a gain of approximately $29.3 million on the sale of this property, which has been deferred and is being amortized over the initial 20 years of the related lease agreement. At the end of the initial term, the Company will have the opportunity to extend the Lease Agreement for six additional successive periods of five years. In addition, on February 1, 2011, the fifth anniversary of the Lease Agreement and for every fifth anniversary thereafter, the base rent will be subject to a rent increase not to exceed the lesser of 7% or a percentage based on changes in the Consumer Price Index. The Company’s current annual rent of $5.1 million will be offset each lease year by $1.5 million related to the amortization of this deferred gain. This lease commitment, excluding the impact of the gain, is included in the above table of expected future minimum rentals obligations. | |||||
During the fourth quarter of fiscal 2013, the Company incurred a charge of approximately $2.3 million for the accrual of severance payments and related legal costs for the former chief financial officer, reduced by the effect of forfeitures of previously expensed unvested restricted stock award costs. At January 31, 2015, approximately $1.0 million of the $2.3 million remains outstanding. |
LongTerm_Performance_Share_Bon
Long-Term Performance Share Bonus Plan | 12 Months Ended |
Jan. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Performance Share Bonus Plan | F. LONG-TERM PERFORMANCE SHARE BONUS PLAN |
The Company’s 2013-2016 Destination XL Group, Inc. Long-Term Incentive Plan (the “2013-2016 LTIP”) was approved in the second quarter of fiscal 2013. Pursuant to the terms of the 2013-2016 LTIP, on the date of grant, each participant was granted an unearned and unvested award equal in value to four times his/her annual salary multiplied by the applicable long-term incentive program percentage, which is 100% for the Company’s Chief Executive Officer, 70% for its senior executives and 50% for other participants in the plan, which the Company refers to as the “Projected Benefit Amount.” Each participant was granted 50% of the Projected Benefit Amount in shares of restricted stock, 25% in stock options and the remaining 25% in cash. All shares were granted from the Company’s 2006 Incentive Compensation Plan. | |
Of the total Projected Benefit Amount, 50% is subject to time-based vesting and 50% is subject to performance-based vesting. The time-vested portion of the award (half of the shares of restricted stock, options and cash) vests in three installments with 20% of the time-vested portion having vested at the end of fiscal 2014, 40% to vest at the end of fiscal 2015 and the remaining 40% vesting at the end of fiscal 2016. | |
For the performance-based portion of the award to vest, the Company must achieve, during any rolling four fiscal quarter period that ends on or before the end of fiscal 2015, revenue of at least $550 million and have an operating margin of not less than 8.0%. In the event that the Company achieves its target of $550 million in revenue with an operating margin of not less than 8.0% during any rolling fiscal four quarters prior to fiscal 2016, then the total Projected Benefit Amount vests in full. | |
If the targets for vesting of the performance-based portion of the award are not met by the end of fiscal 2015, then the performance-based target can still be met in fiscal 2016. In fiscal 2016, the Company must achieve revenue of at least $600 million and an operating margin of not less than 8.0% for the participants to receive 100% vesting of the performance-based portion of the Projected Benefit Amount. If the Company does not meet the performance target at the end of fiscal 2016, but the Company is able to achieve revenue equal to or greater than $510 million at the end of fiscal 2016 and the operating margin is not less than 8.0%, then the participants will receive a pro-rata portion of the performance-based award based on minimum sales of $510 million (50% payout) and $600 million (100% payout). | |
Assuming the Company achieves the performance target and 100% of the Projected Benefit Amount vests, excluding estimated forfeitures, the total potential value of all awards over this four-year period, as of January 31, 2015, would be approximately $19.4 million. Approximately $9.7 million of the $19.4 million relates to the time-vested awards, which is being expensed over forty-four months, based on the respective vesting dates. The remaining $9.7 million of compensation expense is for performance awards and because the performance targets were not deemed probable at January 31, 2015, no compensation expense for the performance-based awards has been recognized through fiscal 2014. However, as a result of four terminations during fiscal 2014, the Company did recognize additional stock compensation expense of approximately $0.2 million related to the partial pro-rata vesting of the performance awards that each former employee was entitled to pursuant to the terms of the 2013-2016 LTIP. In total, 20,850 shares of performance-related restricted stock vested and performance-related options to purchase 25,382 shares of common stock vested as a result of such terminations. | |
2016 Long-Term Incentive Wrap-Around Plan | |
On November 7, 2014, the Company’s Compensation Committee of the Company’s Board of Directors approved the 2016 Long-Term Incentive Wrap-Around Plan (the “Wrap-Around Plan”). The Wrap-Around Plan is a supplemental performance-based incentive plan that is only effective if there is no vesting of the performance-based awards under the 2013-2016 LTIP and, as a result, all performance-based awards under the 2013-2016 LTIP are forfeited. Under the Wrap-Around Plan, if the target level performance metrics for fiscal 2016 are met, participants will be eligible to receive a payout equal to 80% of the dollar value of the performance-based compensation they were eligible to receive under the 2013-2016 LTIP. If the target level performance metrics for fiscal 2016 under the Wrap-Around Plan are exceeded, the greatest payout that participants will be eligible to receive is 100% of the dollar value of the performance-based compensation they were eligible to receive under the 2013-2016 LTIP. Any award earned will be paid 50% in cash and 50% in shares of restricted stock. | |
The performance target under the Wrap-Around Plan consists of two metrics, Sales and EBITDA, with threshold (50%), target (80%) and maximum (100%) payout levels. Each metric is weighted as 50% of the total performance target. However, in order for there to be any payout under either metric, EBITDA for fiscal 2016 must be equal to or greater than the minimum threshold. | |
The Wrap-Around Plan also provides for an opportunity to receive additional shares of restricted stock if the performance targets are achieved and the Company’s closing stock price is $6.75 or higher on the day earnings for fiscal 2016 are publicly released. If the Company’s stock price is $6.75, the 50% payout in restricted shares will be increased by 20% and if the stock price is $7.25 or higher, the 50% payout in restricted shares will be increased by 30%, with a pro-rata payout between $6.75 and $7.25. All awards granted pursuant to the Wrap-Around Plan will not vest until the last day of the second quarter of fiscal 2017. | |
Assuming that the Company achieves the performance target at target levels under the Wrap-Around Plan, and further assuming that the Company’s stock price is greater than $7.25, at the time the Company’s earnings are publicly released, the compensation expense associated with this Wrap-Around Plan is estimated to be approximately $8.7 million. However, because the performance targets under the Wrap-Around Plan were not deemed probable at January 31, 2015, no compensation expense for the performance-based awards has been recognized through the end of fiscal 2014. |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||
Stock Options and Restricted Stock | G. STOCK OPTIONS AND RESTRICTED STOCK | ||||||||||||||
The Company has one active stock-based compensation plan: the 2006 Incentive Compensation Plan (as amended and restated effective as of August 1, 2013, the “2006 Plan”). Under the terms of the 2006 Plan, up to 7,250,000 shares of common stock are available for the granting of awards; provided, however, that the maximum number of those shares that may be subject to the granting of awards other than stock options and stock appreciation rights cannot exceed 4,250,000 shares. The terms of the 2006 Plan provide for grants of stock options, stock appreciation rights, restricted stock, deferred stock, other stock-related awards and performance awards that may be settled in cash, stock or other property. | |||||||||||||||
The 2006 Plan is administered by the Compensation Committee, all of the members of which are non-employee directors who qualify as independent under the listing standards of the Nasdaq Global Select Market. 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. Options granted to employees and executives typically vest over three years and options granted to non-employee directors vest over two years. Generally, options expire ten years from the date of grant. | |||||||||||||||
2006 Plan—Stock Option and Restricted Share Award Activity | |||||||||||||||
Stock Option Activity | |||||||||||||||
The following table summarizes stock option activity under the 2006 Plan for fiscal 2014: | |||||||||||||||
Number of | Weighted-average | Weighted-average | Aggregate | ||||||||||||
Shares | exercise price | remaining | intrinsic value | ||||||||||||
per option | contractual term | ||||||||||||||
Stock Options | |||||||||||||||
Outstanding options at beginning of year | 2,721,569 | $ | 4.95 | ||||||||||||
Options granted | 170,596 | $ | 5.29 | ||||||||||||
Options canceled | (118,139 | ) | $ | 4.32 | |||||||||||
Options exercised | (26,224 | ) | $ | 4.69 | |||||||||||
Outstanding options at end of year | 2,747,802 | $ | 4.97 | 7.9 years | $ | 457,575 | |||||||||
Options exercisable at end of year | 607,628 | $ | 4.77 | 6.4 years | $ | 309,799 | |||||||||
Vested and expected to vest at end of year | 1,585,755 | $ | 4.91 | 7.6 years | $ | 411,863 | |||||||||
The intrinsic value of options exercised was immaterial for fiscal 2014. The intrinsic value of options exercised in fiscal 2013 was $23,700. | |||||||||||||||
Restricted Share Activity | |||||||||||||||
The following table summarizes activity for non-vested shares (“restricted shares”) under the 2006 Plan for fiscal 2014: | |||||||||||||||
Number of | Weighted-average | ||||||||||||||
Shares | grant-date | ||||||||||||||
fair value (1) | |||||||||||||||
Restricted Shares | |||||||||||||||
Restricted shares outstanding at beginning of year | 2,017,940 | $ | 5.01 | ||||||||||||
Restricted shares granted | 115,166 | $ | 5.31 | ||||||||||||
Deferred shares granted (2) | 11,238 | $ | 5.22 | ||||||||||||
Restricted shares vested | (352,848 | ) | $ | 4.77 | |||||||||||
Restricted shares canceled | (94,968 | ) | $ | 5 | |||||||||||
Restricted and Deferred shares outstanding at end of year | 1,696,528 | $ | 5.09 | ||||||||||||
-1 | The fair value of a restricted share is equal to the Company’s closing stock price on the date of grant. | ||||||||||||||
-2 | During fiscal 2014, the Company granted 11,238 shares of deferred stock, with a fair value of approximately $58,643, to a director as compensation in lieu of cash and in accordance with his irrevocable election. The shares of deferred stock, which have no continued service requirement, will vest three years from the date of grant. The Company recognized compensation expense in full on the date of grant. | ||||||||||||||
Approximately $6.4 million of the total unrecognized stock compensation cost of $9.7 million is related to restricted shares unvested at January 31, 2015. Approximately $4.7 million of the $6.4 million of unrecognized stock compensation is tied to performance-based awards, which were not deemed probable at January 31, 2015. The remaining $1.7 million of unrecognized stock compensation is tied to time-based awards and is expected to be recognized over a weighted-average period of 17.3 months. | |||||||||||||||
Share Availability Under the 2006 Plan | |||||||||||||||
At January 31, 2015, the Company has 1,122,627 shares available for future grant under the 2006 Plan. Of this amount, 1,015,286 shares remain available for awards other than options and stock appreciation rights. | |||||||||||||||
1992 Plan—Stock Option Activity- | |||||||||||||||
Grants still remain outstanding under the Company’s previous 1992 Stock Incentive Plan (as amended, the “1992 Plan”). As a result of the adoption of the 2006 Plan, however, no further grants can be made under the 1992 Plan. The following table summarizes stock option activity under the 1992 Plan for fiscal 2014: | |||||||||||||||
Number of | Weighted-average | Weighted-average | Aggregate | ||||||||||||
Shares | exercise price | remaining | intrinsic value (1) | ||||||||||||
per option | contractual term | ||||||||||||||
Stock Options | |||||||||||||||
Outstanding options at beginning of year | 911,775 | $ | 6.82 | ||||||||||||
Options granted | — | — | |||||||||||||
Options canceled | (686,775 | ) | $ | 6.77 | |||||||||||
Options exercised (1) | (7,500 | ) | $ | 5.67 | |||||||||||
Outstanding options at end of year | 217,500 | $ | 7.01 | 0.3 years | — | ||||||||||
Options exercisable at end of year | 217,500 | $ | 7.01 | 0.3 years | — | ||||||||||
Vested and expected to vest at end of year | 217,500 | $ | 7.01 | 0.3 years | — | ||||||||||
-1 | The majority of outstanding options were out-of-the-money at January 31, 2015; therefore, the intrinsic value was immaterial. | ||||||||||||||
The total intrinsic value of options exercised was immaterial for fiscal 2014 and $182,900 for fiscal 2013. | |||||||||||||||
Non-Employee Director Compensation Plan | |||||||||||||||
In January 2010, the Company established a Non-Employee Director Stock Purchase Plan to provide a convenient method for its non-employee directors to acquire shares of the Company’s common stock at fair market value by voluntarily electing to receive shares of common stock in lieu of cash for service as a director. The substance of this plan is now encompassed within the Company’s Amended and Restated Non-Employee Director Compensation Plan. | |||||||||||||||
Beginning in fiscal 2015, the non-employee directors are required to take 50% of their annual retainer, which is paid quarterly, in equity. Any shares of stock, deferred stock or stock options issued to a director as part of this 50% requirement will be issued from the Company’s 2006 Plan. Only discretionary elections of equity will be issued from the Non-Employee Director Compensation Plan. | |||||||||||||||
The following shares of common stock, with the respective fair value, were issued to its non-employee directors as compensation for fiscal 2014, fiscal 2013 and fiscal 2012: | |||||||||||||||
Number of shares of | Fair value of | ||||||||||||||
common stock issued | common stock issued | ||||||||||||||
Fiscal 2014 | 40,910 | $ | 213,749 | ||||||||||||
Fiscal 2013 | 43,541 | $ | 255,884 | ||||||||||||
Fiscal 2012 | 31,707 | $ | 123,976 | ||||||||||||
Related_Parties
Related Parties | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | H. RELATED PARTIES |
Seymour Holtzman and Jewelcor Management, Inc. | |
Seymour Holtzman, the Executive Chairman of the Company’s Board of Directors (the “Board”), is the chairman, chief executive officer and president and, together with his wife, indirectly, the majority shareholder of Jewelcor Management, Inc. (“JMI”). Mr. Holtzman, who was initially appointed Chairman of the Board in April 2000, is the beneficial holder of approximately 9.8% of the outstanding common stock of the Company at January 31, 2015. | |
From October 1999 through August 7, 2014, the Company had an ongoing consulting agreement with JMI to provide the Company with services as may be agreed upon, from time to time, between JMI and the Company (the “Consulting Agreement”). In connection with the execution of the Employment and Chairman Compensation Agreement discussed below, on August 7, 2014, the Company terminated the Consulting Agreement. Prior to the execution of the Employment and Chairman Compensation Agreement and through August 7, 2014, Mr. Holtzman was primarily compensated by the Company for his services pursuant to this Consulting Agreement. Under the terms of the Consulting Agreement at the time of its termination, Mr. Holtzman was entitled to receive annual consulting compensation of $372,750 and a salary of $24,000. | |
On August 7, 2014, the Company entered into an Employment and Chairman Compensation Agreement with Mr. Holtzman. Pursuant to the terms of the agreement, Mr. Holtzman serves as both an employee of the Company, reporting to the Board, and, in his capacity as Chairman of the Board, as Executive Chairman, with the duties of the Chairman of the Board as set forth in the Company’s Third Amended and Restated By-Laws. The initial term of the agreement is for two years. Commencing August 7, 2015, the agreement can be automatically extended for an additional one-year term on each anniversary date. As compensation for the employment services, Mr. Holtzman receives an annual base salary of $24,000 and, as compensation for his services as Executive Chairman, Mr. Holtzman receives annual compensation of $372,750. | |
John E. Kyees | |
John Kyees, a director of the Company since 2010, was appointed and served as the Company’s interim Chief Financial Officer from February 2, 2014 through May 31, 2014. Pursuant to an employment agreement, Mr. Kyees was entitled to receive compensation at a rate of $3,000 per day plus benefits and reimbursement for all business and travel expenses. Mr. Kyees was also eligible to participate in the Company’s annual incentive program for the period in which he served as interim Chief Financial Officer. For fiscal 2014, Mr. Kyees earned total compensation from the Company of $389,920 for services he provided as interim Chief Financial Officer. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||
Employee Benefit Plans | I. EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||||||||||
The Company accounts for its employee benefit plans in accordance with ASC Topic 715 Compensation – Retirement Benefits. ASC Topic 715 requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. | |||||||||||||||||||||||||||||||||
These amounts will be subsequently recognized as net periodic pension cost pursuant to the Company’s historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods and are not recognized as net periodic pension cost in the same periods will be recognized as a component of accumulated other comprehensive items. The amortization of the unrecognized loss included in accumulated other comprehensive income (loss) and expected to be recognized in net periodic pension cost in fiscal 2015 is $943,000. | |||||||||||||||||||||||||||||||||
Noncontributory Pension Plan | |||||||||||||||||||||||||||||||||
In connection with the Casual Male acquisition, the Company assumed the assets and liabilities of the Casual Male Noncontributory Pension Plan “Casual Male Corp. Retirement Plan”, which was previously known as the J. Baker, Inc. Qualified Plan (the “Pension Plan”). Casual Male Corp. froze all future benefits under this plan on May 1, 1997. | |||||||||||||||||||||||||||||||||
The following table sets forth the Pension Plan’s funded status at January 31, 2015 and February 1, 2014: | |||||||||||||||||||||||||||||||||
January 31, | February 1, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
in thousands | |||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 15,685 | $ | 16,154 | |||||||||||||||||||||||||||||
Benefits and expenses paid | (623 | ) | (587 | ) | |||||||||||||||||||||||||||||
Interest costs | 669 | 651 | |||||||||||||||||||||||||||||||
Settlements | (226 | ) | (17 | ) | |||||||||||||||||||||||||||||
Actuarial (gain) loss | 3,422 | (516 | ) | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 18,927 | $ | 15,685 | |||||||||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 12,625 | $ | 11,813 | |||||||||||||||||||||||||||||
Actual return on plan assets | 701 | 995 | |||||||||||||||||||||||||||||||
Employer contributions | 468 | 421 | |||||||||||||||||||||||||||||||
Settlements | (226 | ) | (17 | ) | |||||||||||||||||||||||||||||
Benefits and expenses paid | (623 | ) | (587 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 12,945 | $ | 12,625 | |||||||||||||||||||||||||||||
Reconciliation of Funded Status | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 18,927 | $ | 15,685 | |||||||||||||||||||||||||||||
Fair value of plan assets | 12,945 | 12,625 | |||||||||||||||||||||||||||||||
Unfunded Status | $ | (5,982 | ) | $ | (3,060 | ) | |||||||||||||||||||||||||||
Balance Sheet Classification | |||||||||||||||||||||||||||||||||
Other long-term liabilities | $ | 5,982 | $ | 3,060 | |||||||||||||||||||||||||||||
Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended January 31, 2015, February 1, 2014 and February 2, 2013 include the following components: | |||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||
Net pension cost: | (in thousands) | ||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | $ | 669 | $ | 651 | $ | 661 | |||||||||||||||||||||||||||
Expected return on plan assets | (1,002 | ) | (937 | ) | (814 | ) | |||||||||||||||||||||||||||
Amortization of unrecognized loss | 591 | 680 | 669 | ||||||||||||||||||||||||||||||
Net pension cost | $ | 258 | $ | 394 | $ | 516 | |||||||||||||||||||||||||||
Other changes recognized in other comprehensive loss, | |||||||||||||||||||||||||||||||||
before taxes: | |||||||||||||||||||||||||||||||||
Unrecognized losses at the beginning of the year | $ | 6,614 | $ | 7,868 | $ | 8,097 | |||||||||||||||||||||||||||
Net periodic pension cost | (258 | ) | (394 | ) | (516 | ) | |||||||||||||||||||||||||||
Employer contribution | 468 | 421 | 723 | ||||||||||||||||||||||||||||||
Change in plan assets and benefit obligations | 2,922 | (1,281 | ) | (436 | ) | ||||||||||||||||||||||||||||
Unrecognized losses at the end of year | $ | 9,746 | $ | 6,614 | $ | 7,868 | |||||||||||||||||||||||||||
For fiscal 2015, the Company is expecting to make a contribution of $0.4 million to the plan. | |||||||||||||||||||||||||||||||||
Assumptions used to determine the benefit obligations as of January 31, 2015 and February 1, 2014 include a discount rate of 3.42% for fiscal 2014 and 4.43% for fiscal 2013. Assumptions used to determine the net periodic benefit cost for the years ended January 31, 2015, February 1, 2014 and February 2, 2013 included a discount rate of 3.42% for fiscal 2014, 4.43% for fiscal 2013 and 4.11% for fiscal 2012. At January 31, 2015, a new mortality table was used to estimate anticipated mortality rates that contributed to an increase in the Company’s projected benefit obligation of approximately $3.2 million. | |||||||||||||||||||||||||||||||||
The expected long-term rate of return for plan assets was assumed to be 8.00% for both fiscal 2014 and fiscal 2013. The expected long-term rate of return assumption was developed considering historical and future expectations for returns for each asset class. | |||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||||||
The estimated future benefits for the next ten fiscal years are as follows: | |||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
FISCAL YEAR | (in thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 695 | |||||||||||||||||||||||||||||||
2016 | 723 | ||||||||||||||||||||||||||||||||
2017 | 794 | ||||||||||||||||||||||||||||||||
2018 | 837 | ||||||||||||||||||||||||||||||||
2019 | 881 | ||||||||||||||||||||||||||||||||
2020-2024 | 5,181 | ||||||||||||||||||||||||||||||||
$ | 9,111 | ||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||
The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2014 and fiscal 2013, by asset category, are as follows: | |||||||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||||||
At January 31, 2015 | At February 1, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices | Significant | Significant Unobservable | Total | Quoted Prices in Active Markets | Significant | Significant Unobservable | Total | |||||||||||||||||||||||||
in Active | Observable | Inputs (Level 3) | for Identical | Observable | Inputs (Level 3) | ||||||||||||||||||||||||||||
Markets for | Inputs | Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Common Stock | $ | 7,103 | $ | — | $ | — | $ | 7,103 | $ | 6,838 | $ | — | $ | — | $ | 6,838 | |||||||||||||||||
Mutual Funds: | |||||||||||||||||||||||||||||||||
U.S. Equity | 472 | — | — | 472 | 504 | — | — | 504 | |||||||||||||||||||||||||
International Equity | 1,808 | — | — | 1,808 | 1,695 | — | — | 1,695 | |||||||||||||||||||||||||
Bond | 2,474 | — | — | 2,474 | 3,146 | — | — | 3,146 | |||||||||||||||||||||||||
Cash | 1,088 | — | — | 1,088 | 442 | — | — | 442 | |||||||||||||||||||||||||
Total | $ | 12,945 | $ | — | $ | — | $ | 12,945 | $ | 12,625 | $ | — | $ | — | $ | 12,625 | |||||||||||||||||
The Company’s target asset allocation for fiscal 2015 and its asset allocation at January 31, 2015 and February 1, 2014 were as follows, by asset category: | |||||||||||||||||||||||||||||||||
Target Allocation | Percentage of plan assets at | ||||||||||||||||||||||||||||||||
Fiscal 2015 | 31-Jan-15 | 1-Feb-14 | |||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Equity securities | 73 | % | 72.5 | % | 71.5 | % | |||||||||||||||||||||||||||
Debt securities | 24 | % | 19.1 | % | 24.9 | % | |||||||||||||||||||||||||||
Cash | 3 | % | 8.4 | % | 3.6 | % | |||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||
The target policy is set to maximize returns with consideration to the long-term nature of the obligations and maintaining a lower level of overall volatility through the allocation of fixed income. The asset allocation is reviewed throughout the year for adherence to the target policy and is rebalanced periodically towards the target weights. | |||||||||||||||||||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||||||||||||||||||
In connection with the Casual Male acquisition, the Company also assumed the liability of the Casual Male Supplemental Retirement Plan (the “SERP”). | |||||||||||||||||||||||||||||||||
The following table sets forth the SERP’s funded status at January 31, 2015 and February 1, 2014: | |||||||||||||||||||||||||||||||||
January 31, | February 1, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
in thousands | |||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 629 | $ | 656 | |||||||||||||||||||||||||||||
Benefits and expenses paid | (30 | ) | (30 | ) | |||||||||||||||||||||||||||||
Interest costs | 27 | 26 | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | 119 | (23 | ) | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | — | |||||||||||||||||||||||||||||
Employer contributions | 30 | 30 | |||||||||||||||||||||||||||||||
Benefits and expenses paid | (30 | ) | (30 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | — | |||||||||||||||||||||||||||||
Projected benefit obligation | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Reconciliation of Funded Status | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Fair value of plan assets | — | — | |||||||||||||||||||||||||||||||
Unfunded Status | $ | (745 | ) | $ | (629 | ) | |||||||||||||||||||||||||||
Balance Sheet Classification | |||||||||||||||||||||||||||||||||
Other long-term liabilities | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Other changes recognized in other comprehensive loss, before taxes (in thousands): | |||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||
Other changes recognized in other comprehensive loss, | in thousands | ||||||||||||||||||||||||||||||||
before taxes: | |||||||||||||||||||||||||||||||||
Unrecognized losses at the beginning of the year | $ | 142 | $ | 171 | $ | 144 | |||||||||||||||||||||||||||
Net periodic pension cost | (31 | ) | (30 | ) | (30 | ) | |||||||||||||||||||||||||||
Employer contribution | 30 | 30 | 30 | ||||||||||||||||||||||||||||||
Change in benefit obligations | 115 | (29 | ) | 27 | |||||||||||||||||||||||||||||
Unrecognized losses at the end of year | $ | 256 | $ | 142 | $ | 171 | |||||||||||||||||||||||||||
Assumptions used to determine the benefit obligations as of January 31, 2015 and February 1, 2014 included a discount rate of 3.42% for fiscal 2014 and 4.43% for fiscal 2013. Assumptions used to determine the net periodic benefit cost for the years ended January 31, 2015, February 1, 2014 and February 2, 2013 included a discount rate of 3.42% for fiscal 2014, 4.43% for fiscal 2013 and 4.11% for fiscal 2012. | |||||||||||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||||||||||
Through December 31, 2014, the Company had two defined contribution plans, the Casual Male 401(k) Salaried Plan and the Casual Male 401(k) Hourly Plan. Effective January 1, 2015, the two plans were merged and renamed the Destination XL Group, Inc. 401(k) Savings Plan (the “401(k) Plan”). Under the 401(k) Plan, the Company will offer a qualified automatic contribution arrangement (“QACA”) with the Company matching 100% of the first 1% of deferred compensation and 50% of the next 5% (with a maximum contribution of 3.5% of eligible compensation). As of January 1, 2015, employees who are 21 years of age or older are eligible to make deferrals after 6 months of employment and are eligible to receive a Company match after one year of employment and 1,000 hours. | |||||||||||||||||||||||||||||||||
The Company recognized $1.6 million, $1.5 million and $1.4 million of expense under these plans in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | J. DISCONTINUED OPERATIONS | ||||||||||||
Sears Canada | |||||||||||||
In the second quarter of fiscal 2014, the Company notified Sears Canada of its intent to exit the business and began the process of an orderly wind-down. The Company ceased taking new orders and completed the run-off of operations through a final settlement with Sears during the fourth quarter of fiscal 2014. Accordingly, the results of the direct business with Sears Canada have been reclassified to reflect the operating results as discontinued operations for all periods presented. The loss for fiscal 2014 includes a charge, recorded in the second quarter of fiscal 2014, of approximately $0.8 million related primarily to inventory reserves and sales allowances as a result of our decision to exit the business. | |||||||||||||
European Direct Business | |||||||||||||
In fiscal 2012, the Company exited its European direct business, terminating its business relationship with its vendor, who had provided all web store design, order processing, fulfillment and customer call center services for the company’s European web stores. This loss from discontinued operation of $1.9 million for fiscal 2012, includes an early termination fee of $1.1 million that was paid to the Company’s vendor. | |||||||||||||
The following table summarizes the results from discontinued operations for the fiscal years presented. The loss from discontinued operations of $1.9 million for fiscal 2012 is primarily due to the loss of $1.9 million for its European direct business, discussed above. The direct business with Sears Canada had income of $68,000 in fiscal 2012. There were no discontinued operations for the Company’s European direct Business for fiscal 2013 or fiscal 2014. | |||||||||||||
For the fiscal year ended: | 31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||
(in thousands) | |||||||||||||
Sales | $ | (450 | ) | $ | 3,227 | $ | 3,763 | ||||||
Gross margin | (998 | ) | 1,296 | 920 | |||||||||
Selling, general and administrative expenses | (120 | ) | (828 | ) | (2,777 | ) | |||||||
Depreciation and amortization | — | — | (8 | ) | |||||||||
Provision (benefit) from income taxes | — | — | — | ||||||||||
Income (loss) from discontinued operations | $ | (1,118 | ) | $ | 468 | $ | (1,865 | ) | |||||
Selected_Quarterly_Data_Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Selected Quarterly Data (Unaudited) | K. SELECTED QUARTERLY DATA (UNAUDITED) | ||||||||||||||||||||
(Certain columns may not foot due to rounding.) | |||||||||||||||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FULL YEAR | |||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||||||
FISCAL YEAR 2014 (1) | |||||||||||||||||||||
Sales | $ | 96,659 | $ | 104,162 | $ | 93,640 | $ | 119,559 | $ | 414,020 | |||||||||||
Gross profit | 43,938 | 48,239 | 40,571 | 57,266 | 190,014 | ||||||||||||||||
Operating income (loss) | (2,939 | ) | (2,562 | ) | (5,522 | ) | 2,221 | (8,802 | ) | ||||||||||||
Income (loss) before taxes | (3,350 | ) | (3,013 | ) | (6,028 | ) | 1,457 | (10,934 | ) | ||||||||||||
Income tax provision (benefit) (2) | 47 | 63 | 63 | 70 | 243 | ||||||||||||||||
Income (loss) from continuing operations | (3,397 | ) | (3,076 | ) | (6,091 | ) | 1,387 | (11,177 | ) | ||||||||||||
Income (loss) from discontinued operations | (139 | ) | (956 | ) | (190 | ) | 167 | (1,118 | ) | ||||||||||||
Net income (loss) | $ | (3,536 | ) | $ | (4,032 | ) | $ | (6,281 | ) | $ | 1,554 | $ | (12,295 | ) | |||||||
Earnings per share – basic and diluted | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.13 | ) | $ | 0.03 | $ | (0.25 | ) | |||||||
FISCAL YEAR 2013 (1) | |||||||||||||||||||||
Sales | $ | 93,442 | $ | 97,355 | $ | 88,009 | $ | 107,689 | $ | 386,495 | |||||||||||
Gross profit | 44,138 | 44,945 | 39,013 | 48,260 | 176,356 | ||||||||||||||||
Operating income (loss) | 1,977 | (2,433 | ) | (6,576 | ) | (6,516 | ) | (13,547 | ) | ||||||||||||
Income (loss) before taxes | 1,799 | (2,674 | ) | (6,856 | ) | (6,863 | ) | (14,593 | ) | ||||||||||||
Income tax provision (benefit) (2) | 792 | (995 | ) | (2,905 | ) | 48,769 | 45,661 | ||||||||||||||
Income (loss) from continuing operations | 1,007 | (1,679 | ) | (3,951 | ) | (55,632 | ) | (60,254 | ) | ||||||||||||
Income (loss) from discontinued operations | 4 | 92 | (112 | ) | 485 | 468 | |||||||||||||||
Net income (loss) | $ | 1,011 | $ | (1,587 | ) | $ | (4,063 | ) | $ | (55,147 | ) | $ | (59,786 | ) | |||||||
Earnings per share – basic and diluted | $ | 0.02 | $ | (0.03 | ) | $ | (0.08 | ) | $ | (1.14 | ) | $ | (1.23 | ) | |||||||
-1 | As discussed in Note J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. | ||||||||||||||||||||
-2 | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, “Income Taxes” for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. | ||||||||||||||||||||
The Company’s fiscal quarters are based on a retail cycle of 13 weeks. Historically, and consistent with the retail industry, the Company has experienced seasonal fluctuations as it relates to its operating income and net income. Traditionally, a significant portion of the Company’s operating income and net income is generated in the fourth quarter, as a result of the holiday selling season. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Nature of Business | Nature of Business | ||||||||||||||||||||||||||||||||||||
Destination XL Group, Inc. (formerly known as Casual Male Retail Group, Inc. and collectively referred to as the “Company”) is the largest specialty retailer in the United States of big & tall men’s apparel. The Company operates under the trade names of Destination XL® (DXL®), DXL Outlets®, Casual Male XL®, Casual Male XL Outlets, Rochester Clothing, ShoesXL® and LivingXL®. At January 31, 2015, the Company operated 138 DXL® stores, 157 Casual Male XL, 48 Casual Male XL outlets, 2 DXL outlets and 8 Rochester Clothing stores located throughout the United States, including one store in London, England. The Company also operates a direct business, which includes brand mailers and an aggregated e-commerce site to support its brands and product extensions. | |||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts, transactions and profits are eliminated. | |||||||||||||||||||||||||||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from estimates. | |||||||||||||||||||||||||||||||||||||
Reclassifications | Reclassifications | ||||||||||||||||||||||||||||||||||||
Results for fiscal 2013 and fiscal 2012 have been restated to reflect the operating results of the Company’s direct business with Sears Canada as discontinued operations. Results for fiscal 2014 include the restatement of the Company’s first three quarters of fiscal 2014 to reflect discontinued operations. See Note J, “Discontinued Operations.” | |||||||||||||||||||||||||||||||||||||
For fiscal 2014, the Company is reporting revenue from its on-site tailoring and the related tailoring costs associated with such revenue as part of “Sales” and “Costs of Goods Sold Including Occupancy Costs,” respectively, on the Consolidated Statement of Operations. The Company has reclassified the revenue and related costs of goods sold for fiscal 2013 and fiscal 2012 from “Selling, General and Administrative Expenses,” where the amounts were previously netted, to “Sales” and “Cost of Goods Sold Including Occupancy Costs.” | |||||||||||||||||||||||||||||||||||||
Subsequent Events | Subsequent Events | ||||||||||||||||||||||||||||||||||||
All appropriate subsequent event disclosures, if any, have been made in these Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting | ||||||||||||||||||||||||||||||||||||
The Company reports its operations as one reportable segment, Big & Tall Men’s Apparel, which consists of two principal operating segments: its retail business and its direct business. The Company considers its operating segments to be similar in terms of economic characteristics, production processes and operations, and have therefore aggregated them into a single reporting segment, consistent with its omni-channel business approach. The direct operating segment includes the operating results and assets for LivingXL and ShoesXL. | |||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year | ||||||||||||||||||||||||||||||||||||
The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. Fiscal years 2014 and 2013, which were 52-week periods, ended on January 31, 2015 and February 1, 2014, respectively. Fiscal 2012 was a 53-week period that ended on February 2, 2013. | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents consist of cash in banks and short-term investments, which have a maturity of ninety days or less when acquired. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. | |||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||||||||||||||||||||||
Accounts receivable primarily includes amounts due for tenant allowances and from the Company’s business partners. For fiscal 2014, fiscal 2013 and fiscal 2012, the Company has not incurred any losses on its accounts receivable. | |||||||||||||||||||||||||||||||||||||
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. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these 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 asset 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 fair value of long-term debt at January 31, 2015 approximates the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. See Note C, “Debt Obligations”, for more discussion. | |||||||||||||||||||||||||||||||||||||
The fair value of indefinite-lived assets, which consists of the Company’s “Rochester” trademark, is measured on a non-recurring basis in connection with the Company’s annual impairment test. The fair value of the trademark is determined using a projected discounted cash flow analysis based on unobservable inputs and are classified within Level 3 of the valuation hierarchy. See Intangibles below. | |||||||||||||||||||||||||||||||||||||
Retail stores that have indicators of impairment and fail the recoverability test are measured for impairment by comparing the fair value of the assets against their carrying value. Fair value of the assets is estimated using a projected discounted cash flow analysis and is classified within Level 3 of the valuation hierarchy. See Impairment of Long-Lived Assets below. | |||||||||||||||||||||||||||||||||||||
Inventories | Inventories | ||||||||||||||||||||||||||||||||||||
All inventories are valued at the lower of cost or market, using a weighted-average cost method. | |||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||||||||||||||||||||||
Property and equipment are stated at cost. Major additions and improvements are capitalized while repairs and maintenance are charged to expense as incurred. Upon retirement or other disposition, the cost and related depreciation of the assets are removed from the accounts and the resulting gain or loss, if any, is reflected in income. Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: | |||||||||||||||||||||||||||||||||||||
Furniture and fixtures | Five to ten years | ||||||||||||||||||||||||||||||||||||
Equipment | Five to ten years | ||||||||||||||||||||||||||||||||||||
Leasehold improvements | Lesser of useful lives or related lease term | ||||||||||||||||||||||||||||||||||||
Hardware and software | Three to seven years | ||||||||||||||||||||||||||||||||||||
Intangibles | Intangibles | ||||||||||||||||||||||||||||||||||||
ASC Topic 805, “Business Combinations”, requires that all business combinations be accounted for under the purchase method. The statement further requires separate recognition of intangible assets that meet one of two criteria set forth in the statement. Under ASC Topic 350, “Intangibles Goodwill and Other”, goodwill and intangible assets with indefinite lives are tested at least annually for impairment. At each reporting period, management analyzes current events and circumstances to determine whether the indefinite life classification for its “Rochester” trademark continues to be valid. If circumstances warrant a change to a finite life, the carrying value of the intangible asset would then be amortized prospectively over the estimated remaining useful life. The Company’s “Casual Male” trademark is considered a finite life asset. Other intangible assets with defined lives are amortized over their useful lives. | |||||||||||||||||||||||||||||||||||||
At least annually, as of the Company’s December month-end, the Company evaluates its “Rochester” trademark. The Company performs an impairment analysis and records an impairment charge for any intangible assets with a carrying value in excess of its fair value. | |||||||||||||||||||||||||||||||||||||
In the fourth quarter of fiscal 2014, the “Rochester” trademark was tested for potential impairment, utilizing an income approach with applicable royalty rates applied. The Company concluded that the “Rochester” trademark, with a carrying value of $1.5 million at January 31, 2015, was not impaired. Although some of the Rochester locations are closing as part of the DXL expansion, the Rochester Clothing stores that will remain open are currently expected to generate more than sufficient cash flows to support the carrying value of $1.5 million for the “Rochester” trademark. | |||||||||||||||||||||||||||||||||||||
During the fiscal 2011 annual evaluation of intangibles, the Company determined that its “Casual Male” trademark could no longer be considered an indefinite-lived asset. As the Company opens DXL stores, it is closing the majority of its Casual Male XL stores in those respective markets. By the end of fiscal 2017, the Company expects to have only 75 to 100 Casual Male XL retail and outlet stores open. The carrying value of the trademark is being amortized on an accelerated basis against projected cash flows through fiscal 2018, its estimated remaining useful life. | |||||||||||||||||||||||||||||||||||||
Below is a table showing the changes in the carrying value of the Company’s intangible assets from February 1, 2014 to January 31, 2015: | |||||||||||||||||||||||||||||||||||||
(in thousands) | 1-Feb-14 | Additions | Impairment | Amortization | 31-Jan-15 | ||||||||||||||||||||||||||||||||
"Rochester" trademark | $ | 1,500 | $ | — | $ | — | $ | — | $ | 1,500 | |||||||||||||||||||||||||||
"Casual Male" trademark (1) | 2,464 | — | — | (985 | ) | 1,479 | |||||||||||||||||||||||||||||||
Other intangibles | 429 | — | — | (100 | ) | 329 | |||||||||||||||||||||||||||||||
Total intangible assets | $ | 4,393 | $ | — | $ | — | $ | (1,085 | ) | $ | 3,308 | ||||||||||||||||||||||||||
— | The “Casual Male” trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012. | ||||||||||||||||||||||||||||||||||||
Other intangibles consist of customer lists, which have a finite life of 16 years based on its estimated economic useful life. At January 31, 2015, customer lists have a remaining life of 3.3 years. | |||||||||||||||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the customer lists and “Casual Male” trademark, subject to amortization, were $7.7 million and $5.9 million, respectively, at January 31, 2015 and $7.7 million and $4.8 million, respectively, at February 1, 2014. Amortization expense for fiscal 2014, 2013 and 2012 was $1.1 million, $1.9 million and $2.4 million, respectively. | |||||||||||||||||||||||||||||||||||||
Expected amortization expense for the Company’s “Casual Male” trademark and customer lists, for the next five fiscal years is as follows: | |||||||||||||||||||||||||||||||||||||
FISCAL YEAR | (in thousands) | ||||||||||||||||||||||||||||||||||||
2015 | $ | 639 | |||||||||||||||||||||||||||||||||||
2016 | $ | 441 | |||||||||||||||||||||||||||||||||||
2017 | $ | 407 | |||||||||||||||||||||||||||||||||||
2018 | $ | 321 | |||||||||||||||||||||||||||||||||||
2019 | $ | - | |||||||||||||||||||||||||||||||||||
Pre-opening Costs | Pre-opening Costs | ||||||||||||||||||||||||||||||||||||
The Company expenses all pre-opening costs for its stores as incurred. | |||||||||||||||||||||||||||||||||||||
Advertising Costs | Advertising Costs | ||||||||||||||||||||||||||||||||||||
The Company expenses in-store advertising costs as incurred. Television advertising costs are expensed in the period in which the advertising is first aired. Direct response advertising costs, which consist of catalog production and postage costs, are deferred and amortized over the period of expected direct marketing revenues, which is less than one year. There were no deferred direct response costs at January 31, 2015 and February 1, 2014. Advertising expense, which is included in selling, general and administrative expenses, was $26.0 million, $27.1 million and $17.8 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||||||||||||||||||
Revenue from the Company’s retail store operation is recorded upon purchase of merchandise by customers, net of an allowance for sales returns. Revenue from the Company’s e-commerce operations is recognized at the time a customer order is delivered, net of an allowance for sales returns. Revenue is recognized by the operating segment that fulfills a customer’s order. | |||||||||||||||||||||||||||||||||||||
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. Other comprehensive income and reclassifications from AOCI for fiscal 2014, fiscal 2013 and fiscal 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Pension | Foreign | Total | Pension | Foreign | Total | Pension | Foreign | Total | |||||||||||||||||||||||||||||
Plans | Currency | Plans | Currency | Plans | Currency | ||||||||||||||||||||||||||||||||
Balance at beginning of fiscal | $ | (4,547 | ) | $ | (13 | ) | $ | (4,560 | ) | $ | (5,828 | ) | $ | 267 | $ | (5,561 | ) | $ | (5,949 | ) | $ | 233 | $ | (5,716 | ) | ||||||||||||
year | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (3,506 | ) | (184 | ) | (3,690 | ) | 887 | (280 | ) | 607 | (191 | ) | 34 | (157 | ) | ||||||||||||||||||||||
(loss) before reclassifications, | |||||||||||||||||||||||||||||||||||||
net of taxes | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from | 258 | (246 | ) | 12 | 394 | — | 394 | 312 | — | 312 | |||||||||||||||||||||||||||
accumulated other | |||||||||||||||||||||||||||||||||||||
comprehensive income (loss), | |||||||||||||||||||||||||||||||||||||
net of taxes (1) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (3,248 | ) | (430 | ) | (3,678 | ) | 1,281 | (280 | ) | 1,001 | 121 | 34 | 155 | ||||||||||||||||||||||||
(loss) for the period | |||||||||||||||||||||||||||||||||||||
Balance at end of fiscal year | $ | (7,795 | ) | $ | (443 | ) | $ | (8,238 | ) | $ | (4,547 | ) | $ | (13 | ) | $ | (4,560 | ) | $ | (5,828 | ) | $ | 267 | $ | (5,561 | ) | |||||||||||
· | Includes the amortization of the unrecognized (gain)/loss on pension plans which was charged to Selling, General and Administrative expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $258,000, $394,000 and $516,000 for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. There was no corresponding tax benefit for fiscal 2014 and fiscal 2013. The corresponding tax benefit was $204,000 for fiscal 2012. Fiscal 2014 includes the recognition of $246,000 related to the substantial liquidation of the Company’s direct business with Sears Canada. The $246,000, with no corresponding tax provision, was recognized in Discontinued Operations on the Consolidated Statement of Operations for fiscal 2014. | ||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||||||||||||||||||||||||||
At January 31, 2015, the Company has one Rochester Clothing store located in London, England. Assets and liabilities for this store are translated into U.S. dollars at the exchange rates in effect at each balance sheet date. Stockholders’ equity is translated at applicable historical exchange rates. Income, expense and cash flow items are translated at average exchange rates during the period. Resulting translation adjustments are reported as a separate component of stockholders’ equity. | |||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs | Shipping and Handling Costs | ||||||||||||||||||||||||||||||||||||
Shipping and handling costs are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in net sales, and the related costs are recorded in cost of goods sold and occupancy expenses in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||||||||||||||
Deferred income taxes are provided to recognize the effect of temporary differences between tax and financial statement reporting. Such taxes are provided for using enacted tax rates expected to be in place when such temporary differences are realized. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that the full deferred tax asset would not be realized. If it is subsequently determined that a deferred tax asset will more likely than not be realized, a credit to earnings is recorded to reduce the allowance. | |||||||||||||||||||||||||||||||||||||
ASC Topic 740, Income Taxes (“ASC 740”) clarifies a company’s accounting for uncertain income tax positions that are recognized in its financial statements and also provides guidance on a company’s de-recognition of uncertain positions, financial statement classification, accounting for interest and penalties, accounting for interim periods, and disclosure requirements. In accordance with ASC 740, the Company will recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense in its consolidated statement of operations. The Company has not accrued or paid interest or penalties which were material to its results of operations for fiscal 2014, fiscal 2013 and fiscal 2012. | |||||||||||||||||||||||||||||||||||||
The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for years through fiscal 2001, with remaining fiscal years subject to income tax examination by federal and state tax authorities. | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share | Net Income (Loss) Per Share | ||||||||||||||||||||||||||||||||||||
Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share is determined by giving effect to unvested shares of restricted stock and the exercise of stock options using the treasury stock method. The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||||||
FISCAL YEARS ENDED | |||||||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Common stock outstanding: | |||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 48,740 | 48,473 | 47,947 | ||||||||||||||||||||||||||||||||||
Common stock equivalents – stock options | — | — | 438 | ||||||||||||||||||||||||||||||||||
and restricted stock | |||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares | 48,740 | 48,473 | 48,385 | ||||||||||||||||||||||||||||||||||
outstanding | |||||||||||||||||||||||||||||||||||||
— | Common stock equivalents of 497 shares and 443 shares for January 31, 2015 and February 1, 2014, respectively, were excluded due to the net loss. | ||||||||||||||||||||||||||||||||||||
The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or the impact of ASC Topic 718, Compensation – Stock Compensation, primarily related to unearned compensation. | |||||||||||||||||||||||||||||||||||||
FISCAL YEARS ENDED | |||||||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||||||
(in thousands, except exercise prices) | |||||||||||||||||||||||||||||||||||||
Stock options (time-vested) | 1,545 | 2,088 | 1,634 | ||||||||||||||||||||||||||||||||||
Restricted stock (time-vested) | — | — | — | ||||||||||||||||||||||||||||||||||
Range of exercise prices of such options | $4.96-$7.52 | $4.96-$10.26 | $3.76-$10.26 | ||||||||||||||||||||||||||||||||||
Excluded from the Company’s computation of basic and diluted earnings per share for fiscal 2014 were 933,486 shares of unvested performance-based restricted stock and 1,175,000 performance-based stock options. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 751,804 shares of unvested time-based restricted stock and 11,238 shares of deferred stock are excluded from the computation of basic earnings per share until such shares vest. See Note F, “Long-Term Performance Share Bonus Plan”, for a discussion of the Company’s 2013-2016 Long-Term Incentive Plan (“2013-2016 LTIP”) and the respective performance targets. | |||||||||||||||||||||||||||||||||||||
Although the shares of performance-based and time-based restricted stock issued in connection with the 2013-2016 LTIP are not considered outstanding or common stock equivalents for earnings per share purposes until certain vesting and performance thresholds are achieved, all 1,685,290 shares of restricted stock are considered issued and outstanding. Each share of restricted stock has all of the rights of a holder of the Company’s common stock, including, but not limited to, the right to vote and the right to receive dividends, which rights are forfeited if the restricted stock is forfeited. Outstanding shares of deferred stock of 11,238 shares are not considered issued and outstanding until the vesting date of the deferral period. | |||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation | ||||||||||||||||||||||||||||||||||||
ASC Topic 718, Compensation – Stock Compensation, requires measurement of compensation cost for all stock awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. 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”). As required under the accounting rules, 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 expense over the vesting period, net of estimated forfeitures. The estimation of stock awards that will ultimately vest requires significant judgment. Actual results, and future changes in estimates, may differ from the Company’s current estimates. | |||||||||||||||||||||||||||||||||||||
The Company recognized total compensation expense of $3.0 million, with no tax effect, $1.9 million, with no tax effect, and $0.8 million, or $0.5 million after tax, for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The total compensation cost related to time-vested stock options and time-based restricted stock awards not yet recognized as of January 31, 2015 is approximately $2.5 million which will be expensed over a weighted average remaining life of approximately 19 months. At January 31, 2015, the Company had $7.1 million of unrecognized compensation expense related to its performance-based stock options and restricted stock. As discussed below in Note F, “Long-Term Performance Share Bonus Plan,” the Company would begin recognizing compensation when achievement of the performance targets becomes probable. | |||||||||||||||||||||||||||||||||||||
The total fair value of options vested was $1.2 million, $0.1 million and $0.1 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The cumulative compensation cost of stock-based awards is treated as a temporary difference for stock-based awards that are deductible for tax purposes. If a deduction reported on a tax return exceeds the cumulative compensation cost for those awards, any resulting realized tax benefit that exceeds the previously recognized deferred tax asset for those awards (the excess tax benefit) is recognized as additional paid-in capital. If the amount deductible is less than the cumulative compensation cost recognized for financial reporting purposes, the write-off of a deferred tax asset related to that deficiency, net of the related valuation allowance, if any, is first offset to the extent of any remaining additional paid-in capital from excess tax benefits from previous awards with the remainder recognized through income tax expense. | |||||||||||||||||||||||||||||||||||||
Valuation Assumptions for Stock Options | |||||||||||||||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Fiscal years ended: | 31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||||||||||||||||||||||||||
Expected volatility | 46 | % | 52 | % | 55 | % | |||||||||||||||||||||||||||||||
Risk-free interest rate | 0.79%-0.95% | 0.34%-0.79% | 0.31%-0.67% | ||||||||||||||||||||||||||||||||||
Expected life (in years) | 2.6-3.5 | 3.0-4.1 | 3.0-4.5 | ||||||||||||||||||||||||||||||||||
Dividend rate | — | — | — | ||||||||||||||||||||||||||||||||||
Weighted average fair value of options granted | $ | 1.71 | $ | 2.07 | $ | 1.46 | |||||||||||||||||||||||||||||||
Expected volatilities are based on historical volatilities of the Company’s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and historical exercise patterns; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. | |||||||||||||||||||||||||||||||||||||
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 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 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. | |||||||||||||||||||||||||||||||||||||
For fiscal 2014 and fiscal 2013, the Company recorded impairment charges of $0.3 million and $1.5 million, respectively, for the write-down of property and equipment. These impairment charges related to stores where the carrying value exceeded fair value. The fair value of these assets, based on Level 3 inputs, was determined using estimated discounted cash flows. The impairment charges are included in Depreciation and Amortization on the Consolidated Statement of Operations for fiscal 2014 and fiscal 2013. There was no impairment of assets in fiscal 2012. | |||||||||||||||||||||||||||||||||||||
Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers | 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 our historical redemption patterns, we 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 net sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, at both January 31, 2015 and February 1, 2014 was $1.4 million. | |||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||||||||||||||||||
The Company has reviewed accounting pronouncements and interpretations thereof that have effective dates during the periods reported and in future periods. The Company believes that the following impending standards may have an impact on its future filings. The applicability of any standard will be evaluated by the Company and is still subject to review by the Company. | |||||||||||||||||||||||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity (“ASU 2014-08”). The objective of ASU No. 2014-08 is to clarify the criteria for determining which disposals are required to be presented as discontinued operations and also modifies related disclosure requirements. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and when the component or group of components meets the criteria to be classified as held for sale, is disposed by sale or is disposed of by other than by sale. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption is permitted for new disposals beginning in the first quarter of 2014, provided financial statements have not been issued before the release of this standard. The Company did not adopt this standard early and does not believe that there will be any material impact of ASU 2014-08 on its Consolidated Financial Statements in fiscal 2015. | |||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition,” as well as various other sections of the ASC, such as, but not limited to, ASC 340-20, “Other Assets and Deferred Costs - Capitalized Advertising Costs.” The core principle of ASU 2014-09 is that an entity should recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company does not believe that there will be any material impact of ASU 2014-09 on its Consolidated Financial Statements upon adoption. | |||||||||||||||||||||||||||||||||||||
In June 2014, FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period”. ASU 2014-12 affects entities that grant their employees share-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with earlier adoption permitted. The Company does not believe that there will be any material impact of ASU 2014-12 on its Consolidated Financial Statements upon adoption. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Estimated useful Life of Property and Equipment | Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: | ||||||||||||||||||||||||||||||||||||
Furniture and fixtures | Five to ten years | ||||||||||||||||||||||||||||||||||||
Equipment | Five to ten years | ||||||||||||||||||||||||||||||||||||
Leasehold improvements | Lesser of useful lives or related lease term | ||||||||||||||||||||||||||||||||||||
Hardware and software | Three to seven years | ||||||||||||||||||||||||||||||||||||
Changes in Carrying Value of Intangible Assets | Below is a table showing the changes in the carrying value of the Company’s intangible assets from February 1, 2014 to January 31, 2015: | ||||||||||||||||||||||||||||||||||||
(in thousands) | 1-Feb-14 | Additions | Impairment | Amortization | 31-Jan-15 | ||||||||||||||||||||||||||||||||
"Rochester" trademark | $ | 1,500 | $ | — | $ | — | $ | — | $ | 1,500 | |||||||||||||||||||||||||||
"Casual Male" trademark (1) | 2,464 | — | — | (985 | ) | 1,479 | |||||||||||||||||||||||||||||||
Other intangibles | 429 | — | — | (100 | ) | 329 | |||||||||||||||||||||||||||||||
Total intangible assets | $ | 4,393 | $ | — | $ | — | $ | (1,085 | ) | $ | 3,308 | ||||||||||||||||||||||||||
— | The “Casual Male” trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012. | ||||||||||||||||||||||||||||||||||||
Expected Amortization Expense for Casual Male Trademark and Customer Lists | Expected amortization expense for the Company’s “Casual Male” trademark and customer lists, for the next five fiscal years is as follows: | ||||||||||||||||||||||||||||||||||||
FISCAL YEAR | (in thousands) | ||||||||||||||||||||||||||||||||||||
2015 | $ | 639 | |||||||||||||||||||||||||||||||||||
2016 | $ | 441 | |||||||||||||||||||||||||||||||||||
2017 | $ | 407 | |||||||||||||||||||||||||||||||||||
2018 | $ | 321 | |||||||||||||||||||||||||||||||||||
2019 | $ | - | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income 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. Other comprehensive income and reclassifications from AOCI for fiscal 2014, fiscal 2013 and fiscal 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Pension | Foreign | Total | Pension | Foreign | Total | Pension | Foreign | Total | |||||||||||||||||||||||||||||
Plans | Currency | Plans | Currency | Plans | Currency | ||||||||||||||||||||||||||||||||
Balance at beginning of fiscal | $ | (4,547 | ) | $ | (13 | ) | $ | (4,560 | ) | $ | (5,828 | ) | $ | 267 | $ | (5,561 | ) | $ | (5,949 | ) | $ | 233 | $ | (5,716 | ) | ||||||||||||
year | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (3,506 | ) | (184 | ) | (3,690 | ) | 887 | (280 | ) | 607 | (191 | ) | 34 | (157 | ) | ||||||||||||||||||||||
(loss) before reclassifications, | |||||||||||||||||||||||||||||||||||||
net of taxes | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from | 258 | (246 | ) | 12 | 394 | — | 394 | 312 | — | 312 | |||||||||||||||||||||||||||
accumulated other | |||||||||||||||||||||||||||||||||||||
comprehensive income (loss), | |||||||||||||||||||||||||||||||||||||
net of taxes (1) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | (3,248 | ) | (430 | ) | (3,678 | ) | 1,281 | (280 | ) | 1,001 | 121 | 34 | 155 | ||||||||||||||||||||||||
(loss) for the period | |||||||||||||||||||||||||||||||||||||
Balance at end of fiscal year | $ | (7,795 | ) | $ | (443 | ) | $ | (8,238 | ) | $ | (4,547 | ) | $ | (13 | ) | $ | (4,560 | ) | $ | (5,828 | ) | $ | 267 | $ | (5,561 | ) | |||||||||||
— | Includes the amortization of the unrecognized (gain)/loss on pension plans which was charged to Selling, General and Administrative expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $258,000, $394,000 and $516,000 for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. There was no corresponding tax benefit for fiscal 2014 and fiscal 2013. The corresponding tax benefit was $204,000 for fiscal 2012. Fiscal 2014 includes the recognition of $246,000 related to the substantial liquidation of the Company’s direct business with Sears Canada. The $246,000, with no corresponding tax provision, was recognized in Discontinued Operations on the Consolidated Statement of Operations for fiscal 2014. | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
FISCAL YEARS ENDED | |||||||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Common stock outstanding: | |||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | 48,740 | 48,473 | 47,947 | ||||||||||||||||||||||||||||||||||
Common stock equivalents – stock options | — | — | 438 | ||||||||||||||||||||||||||||||||||
and restricted stock | |||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares | 48,740 | 48,473 | 48,385 | ||||||||||||||||||||||||||||||||||
outstanding | |||||||||||||||||||||||||||||||||||||
— | Common stock equivalents of 497 shares and 443 shares for January 31, 2015 and February 1, 2014, respectively, were excluded due to the net loss. | ||||||||||||||||||||||||||||||||||||
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 year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or the impact of ASC Topic 718, Compensation – Stock Compensation, primarily related to unearned compensation. | ||||||||||||||||||||||||||||||||||||
FISCAL YEARS ENDED | |||||||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||||||
(in thousands, except exercise prices) | |||||||||||||||||||||||||||||||||||||
Stock options (time-vested) | 1,545 | 2,088 | 1,634 | ||||||||||||||||||||||||||||||||||
Restricted stock (time-vested) | — | — | — | ||||||||||||||||||||||||||||||||||
Range of exercise prices of such options | $4.96-$7.52 | $4.96-$10.26 | $3.76-$10.26 | ||||||||||||||||||||||||||||||||||
Valuation Assumptions for Stock Options | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Fiscal years ended: | 31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||||||||||||||||||||||||||
Expected volatility | 46 | % | 52 | % | 55 | % | |||||||||||||||||||||||||||||||
Risk-free interest rate | 0.79%-0.95% | 0.34%-0.79% | 0.31%-0.67% | ||||||||||||||||||||||||||||||||||
Expected life (in years) | 2.6-3.5 | 3.0-4.1 | 3.0-4.5 | ||||||||||||||||||||||||||||||||||
Dividend rate | — | — | — | ||||||||||||||||||||||||||||||||||
Weighted average fair value of options granted | $ | 1.71 | $ | 2.07 | $ | 1.46 | |||||||||||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consisted of the following at the dates indicated: | ||||||||
(in thousands) | 31-Jan-15 | 1-Feb-14 | |||||||
Furniture and fixtures | $ | 63,743 | $ | 55,097 | |||||
Equipment | 16,419 | 15,470 | |||||||
Leasehold improvements | 81,839 | 64,638 | |||||||
Hardware and software | 62,925 | 55,708 | |||||||
Construction in progress | 11,376 | 11,456 | |||||||
236,302 | 202,369 | ||||||||
Less: accumulated depreciation | 115,974 | 99,430 | |||||||
Total property and equipment | $ | 120,328 | $ | 102,939 | |||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long Term Debt | Components of long-term debt are as follows: | ||||||||
(in thousands) | 31-Jan-15 | 1-Feb-14 | |||||||
Equipment financing notes | $ | 19,390 | $ | 16,706 | |||||
Term loan, due 2019 | 14,750 | — | |||||||
Total long-term debt | 34,140 | 16,706 | |||||||
Less: current portion of long-term debt | 7,489 | 4,561 | |||||||
Long-term debt, net of current portion | $ | 26,651 | $ | 12,145 | |||||
Annual Maturities of Long Term Debt | Annual maturities of long-term debt for the next five fiscal years are as follows: | ||||||||
(in thousands) | |||||||||
Fiscal 2015 | $ | 7,489 | |||||||
Fiscal 2016 | 7,312 | ||||||||
Fiscal 2017 | 7,088 | ||||||||
Fiscal 2018 | 1,501 | ||||||||
Fiscal 2019 | 10,750 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Net Deferred Tax Assets | The components of the net deferred tax assets as of January 31, 2015 and February 1, 2014 are as follows (in thousands): | ||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||
Deferred tax assets, current: | |||||||||||||
Inventory reserves | $ | 2,602 | $ | 2,911 | |||||||||
Accrued Expenses and other | 5,035 | 3,378 | |||||||||||
Gain on sale-leaseback | 574 | 579 | |||||||||||
Valuation allowance (1) | (8,211 | ) | (6,868 | ) | |||||||||
Net deferred tax assets, current | $ | - | $ | - | |||||||||
Deferred tax assets, non-current: | |||||||||||||
Gain on sale-leaseback | 5,745 | 6,368 | |||||||||||
Lease accruals | 5,257 | 4,544 | |||||||||||
Net operating loss carryforward | 46,048 | 38,082 | |||||||||||
Capital loss carryforward | 3,021 | 3,162 | |||||||||||
Foreign tax credit carryforward | 907 | 852 | |||||||||||
Federal wage tax credit carryforward | 361 | 270 | |||||||||||
State tax credits | 95 | 75 | |||||||||||
Unrecognized loss on foreign exchange | 196 | 117 | |||||||||||
Unrecognized loss on pension and pension expense | 3,840 | 2,585 | |||||||||||
Alternative minimum tax credit carryforward | 2,292 | 2,292 | |||||||||||
Excess of tax over book depreciation/amortization | (21,170 | ) | (17,518 | ) | |||||||||
Goodwill and intangibles | 5,768 | 7,656 | |||||||||||
Subtotal | $ | 52,360 | $ | 48,485 | |||||||||
Valuation allowance (1) | (52,360 | ) | (48,485 | ) | |||||||||
Net deferred tax assets, non-current | $ | - | $ | - | |||||||||
Deferred tax liability, non-current: | |||||||||||||
Goodwill and intangibles | $ | (91 | ) | $ | - | ||||||||
Deferred tax liability, non-current | $ | (91 | ) | $ | - | ||||||||
-1 | For fiscal 2014, the Company had total deferred tax assets of $81.7 million, total deferred tax liabilities of $21.2 million and a valuation allowance of $60.6 million. | ||||||||||||
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations consists of the following: | ||||||||||||
FISCAL YEARS ENDED | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal and state | $ | 97 | $ | 77 | $ | 96 | |||||||
Foreign | 55 | 66 | 64 | ||||||||||
152 | 143 | 160 | |||||||||||
Deferred: | |||||||||||||
Federal and state | 91 | 45,518 | 5,084 | ||||||||||
Foreign | — | — | — | ||||||||||
91 | 45,518 | 5,084 | |||||||||||
Total provision (2) | $ | 243 | $ | 45,661 | $ | 5,244 | |||||||
-2 | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012. | ||||||||||||
Reconciliation between Statutory and Effective Income Tax Rates | The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax from continuing operations: | ||||||||||||
FISCAL YEARS ENDED | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | |||||||||||||
Federal income tax at the statutory rate | $ | (3,827 | ) | $ | (5,108 | ) | $ | 4,632 | |||||
State income and other taxes, net of federal tax benefit | (72 | ) | (810 | ) | 631 | ||||||||
Permanent items | 141 | 171 | 209 | ||||||||||
Change in uncertain tax provisions | — | — | — | ||||||||||
Charge/(income) for valuation allowance | 4,034 | 52,463 | (1 | ) | |||||||||
Other, net | (33 | ) | (1,055 | ) | (227 | ) | |||||||
Provision for income tax from continuing operations | $ | 243 | $ | 45,661 | $ | 5,244 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Future Minimum Rentals under Operating Leases | At January 31, 2015, the Company was obligated under operating leases covering store and office space, automobiles and certain equipment for future minimum rentals and a non-merchandise purchase agreement as follows: | ||||
Total | |||||
FISCAL YEAR | (in millions) | ||||
Fiscal 2015 | $ | 53.2 | |||
Fiscal 2016 | 46.6 | ||||
Fiscal 2017 | 39.5 | ||||
Fiscal 2018 | 35.3 | ||||
Fiscal 2019 | 31.7 | ||||
Thereafter | 120.8 | ||||
$ | 327.1 | ||||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock (Tables) | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Summary of Activity for Non-Vested Shares (Restricted Shares) | The following table summarizes activity for non-vested shares (“restricted shares”) under the 2006 Plan for fiscal 2014: | ||||||||||||||
Number of | Weighted-average | ||||||||||||||
Shares | grant-date | ||||||||||||||
fair value (1) | |||||||||||||||
Restricted Shares | |||||||||||||||
Restricted shares outstanding at beginning of year | 2,017,940 | $ | 5.01 | ||||||||||||
Restricted shares granted | 115,166 | $ | 5.31 | ||||||||||||
Deferred shares granted (2) | 11,238 | $ | 5.22 | ||||||||||||
Restricted shares vested | (352,848 | ) | $ | 4.77 | |||||||||||
Restricted shares canceled | (94,968 | ) | $ | 5 | |||||||||||
Restricted and Deferred shares outstanding at end of year | 1,696,528 | $ | 5.09 | ||||||||||||
— | The fair value of a restricted share is equal to the Company’s closing stock price on the date of grant. | ||||||||||||||
— | During fiscal 2014, the Company granted 11,238 shares of deferred stock, with a fair value of approximately $58,643, to a director as compensation in lieu of cash and in accordance with his irrevocable election. The shares of deferred stock, which have no continued service requirement, will vest three years from the date of grant. The Company recognized compensation expense in full on the date of grant. | ||||||||||||||
Common Stock Shares Issued to Non-Employee Directors as Compensation | The following shares of common stock, with the respective fair value, were issued to its non-employee directors as compensation for fiscal 2014, fiscal 2013 and fiscal 2012: | ||||||||||||||
Number of shares of | Fair value of | ||||||||||||||
common stock issued | common stock issued | ||||||||||||||
Fiscal 2014 | 40,910 | $ | 213,749 | ||||||||||||
Fiscal 2013 | 43,541 | $ | 255,884 | ||||||||||||
Fiscal 2012 | 31,707 | $ | 123,976 | ||||||||||||
Employee Stock Plan, 2006 Plan | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Stock Option Activity | The following table summarizes stock option activity under the 2006 Plan for fiscal 2014: | ||||||||||||||
Number of | Weighted-average | Weighted-average | Aggregate | ||||||||||||
Shares | exercise price | remaining | intrinsic value | ||||||||||||
per option | contractual term | ||||||||||||||
Stock Options | |||||||||||||||
Outstanding options at beginning of year | 2,721,569 | $ | 4.95 | ||||||||||||
Options granted | 170,596 | $ | 5.29 | ||||||||||||
Options canceled | (118,139 | ) | $ | 4.32 | |||||||||||
Options exercised | (26,224 | ) | $ | 4.69 | |||||||||||
Outstanding options at end of year | 2,747,802 | $ | 4.97 | 7.9 years | $ | 457,575 | |||||||||
Options exercisable at end of year | 607,628 | $ | 4.77 | 6.4 years | $ | 309,799 | |||||||||
Vested and expected to vest at end of year | 1,585,755 | $ | 4.91 | 7.6 years | $ | 411,863 | |||||||||
Employee Stock Plan, 1992 Plan | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Stock Option Activity | The following table summarizes stock option activity under the 1992 Plan for fiscal 2014: | ||||||||||||||
Number of | Weighted-average | Weighted-average | Aggregate | ||||||||||||
Shares | exercise price | remaining | intrinsic value (1) | ||||||||||||
per option | contractual term | ||||||||||||||
Stock Options | |||||||||||||||
Outstanding options at beginning of year | 911,775 | $ | 6.82 | ||||||||||||
Options granted | — | — | |||||||||||||
Options canceled | (686,775 | ) | $ | 6.77 | |||||||||||
Options exercised (1) | (7,500 | ) | $ | 5.67 | |||||||||||
Outstanding options at end of year | 217,500 | $ | 7.01 | 0.3 years | — | ||||||||||
Options exercisable at end of year | 217,500 | $ | 7.01 | 0.3 years | — | ||||||||||
Vested and expected to vest at end of year | 217,500 | $ | 7.01 | 0.3 years | — | ||||||||||
-1 | The majority of outstanding options were out-of-the-money at January 31, 2015; therefore, the intrinsic value was immaterial. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Estimated Future Benefits for Next Ten Fiscal Years | The estimated future benefits for the next ten fiscal years are as follows: | ||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
FISCAL YEAR | (in thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 695 | |||||||||||||||||||||||||||||||
2016 | 723 | ||||||||||||||||||||||||||||||||
2017 | 794 | ||||||||||||||||||||||||||||||||
2018 | 837 | ||||||||||||||||||||||||||||||||
2019 | 881 | ||||||||||||||||||||||||||||||||
2020-2024 | 5,181 | ||||||||||||||||||||||||||||||||
$ | 9,111 | ||||||||||||||||||||||||||||||||
Fair Value of Noncontributory Defined Benefit Retirement Plan Assets | The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2014 and fiscal 2013, by asset category, are as follows: | ||||||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||||||
At January 31, 2015 | At February 1, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) | Quoted Prices | Significant | Significant Unobservable | Total | Quoted Prices in Active Markets | Significant | Significant Unobservable | Total | |||||||||||||||||||||||||
in Active | Observable | Inputs (Level 3) | for Identical | Observable | Inputs (Level 3) | ||||||||||||||||||||||||||||
Markets for | Inputs | Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Common Stock | $ | 7,103 | $ | — | $ | — | $ | 7,103 | $ | 6,838 | $ | — | $ | — | $ | 6,838 | |||||||||||||||||
Mutual Funds: | |||||||||||||||||||||||||||||||||
U.S. Equity | 472 | — | — | 472 | 504 | — | — | 504 | |||||||||||||||||||||||||
International Equity | 1,808 | — | — | 1,808 | 1,695 | — | — | 1,695 | |||||||||||||||||||||||||
Bond | 2,474 | — | — | 2,474 | 3,146 | — | — | 3,146 | |||||||||||||||||||||||||
Cash | 1,088 | — | — | 1,088 | 442 | — | — | 442 | |||||||||||||||||||||||||
Total | $ | 12,945 | $ | — | $ | — | $ | 12,945 | $ | 12,625 | $ | — | $ | — | $ | 12,625 | |||||||||||||||||
Target Asset Allocation | The Company’s target asset allocation for fiscal 2015 and its asset allocation at January 31, 2015 and February 1, 2014 were as follows, by asset category: | ||||||||||||||||||||||||||||||||
Target Allocation | Percentage of plan assets at | ||||||||||||||||||||||||||||||||
Fiscal 2015 | 31-Jan-15 | 1-Feb-14 | |||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||
Equity securities | 73 | % | 72.5 | % | 71.5 | % | |||||||||||||||||||||||||||
Debt securities | 24 | % | 19.1 | % | 24.9 | % | |||||||||||||||||||||||||||
Cash | 3 | % | 8.4 | % | 3.6 | % | |||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||
Noncontributory Pension Plan | |||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||
Pension and Retirement Plan's Funded Status | The following table sets forth the Pension Plan’s funded status at January 31, 2015 and February 1, 2014: | ||||||||||||||||||||||||||||||||
January 31, | February 1, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
in thousands | |||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 15,685 | $ | 16,154 | |||||||||||||||||||||||||||||
Benefits and expenses paid | (623 | ) | (587 | ) | |||||||||||||||||||||||||||||
Interest costs | 669 | 651 | |||||||||||||||||||||||||||||||
Settlements | (226 | ) | (17 | ) | |||||||||||||||||||||||||||||
Actuarial (gain) loss | 3,422 | (516 | ) | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 18,927 | $ | 15,685 | |||||||||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 12,625 | $ | 11,813 | |||||||||||||||||||||||||||||
Actual return on plan assets | 701 | 995 | |||||||||||||||||||||||||||||||
Employer contributions | 468 | 421 | |||||||||||||||||||||||||||||||
Settlements | (226 | ) | (17 | ) | |||||||||||||||||||||||||||||
Benefits and expenses paid | (623 | ) | (587 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 12,945 | $ | 12,625 | |||||||||||||||||||||||||||||
Reconciliation of Funded Status | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 18,927 | $ | 15,685 | |||||||||||||||||||||||||||||
Fair value of plan assets | 12,945 | 12,625 | |||||||||||||||||||||||||||||||
Unfunded Status | $ | (5,982 | ) | $ | (3,060 | ) | |||||||||||||||||||||||||||
Balance Sheet Classification | |||||||||||||||||||||||||||||||||
Other long-term liabilities | $ | 5,982 | $ | 3,060 | |||||||||||||||||||||||||||||
Total Plan Expense, Other Amounts, and Other Changes Recognized in Accumulated Other Comprehensive Loss | Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended January 31, 2015, February 1, 2014 and February 2, 2013 include the following components: | ||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||
Net pension cost: | (in thousands) | ||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | $ | 669 | $ | 651 | $ | 661 | |||||||||||||||||||||||||||
Expected return on plan assets | (1,002 | ) | (937 | ) | (814 | ) | |||||||||||||||||||||||||||
Amortization of unrecognized loss | 591 | 680 | 669 | ||||||||||||||||||||||||||||||
Net pension cost | $ | 258 | $ | 394 | $ | 516 | |||||||||||||||||||||||||||
Other changes recognized in other comprehensive loss, | |||||||||||||||||||||||||||||||||
before taxes: | |||||||||||||||||||||||||||||||||
Unrecognized losses at the beginning of the year | $ | 6,614 | $ | 7,868 | $ | 8,097 | |||||||||||||||||||||||||||
Net periodic pension cost | (258 | ) | (394 | ) | (516 | ) | |||||||||||||||||||||||||||
Employer contribution | 468 | 421 | 723 | ||||||||||||||||||||||||||||||
Change in plan assets and benefit obligations | 2,922 | (1,281 | ) | (436 | ) | ||||||||||||||||||||||||||||
Unrecognized losses at the end of year | $ | 9,746 | $ | 6,614 | $ | 7,868 | |||||||||||||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||
Pension and Retirement Plan's Funded Status | The following table sets forth the SERP’s funded status at January 31, 2015 and February 1, 2014: | ||||||||||||||||||||||||||||||||
January 31, | February 1, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
in thousands | |||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 629 | $ | 656 | |||||||||||||||||||||||||||||
Benefits and expenses paid | (30 | ) | (30 | ) | |||||||||||||||||||||||||||||
Interest costs | 27 | 26 | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | 119 | (23 | ) | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | — | |||||||||||||||||||||||||||||
Employer contributions | 30 | 30 | |||||||||||||||||||||||||||||||
Benefits and expenses paid | (30 | ) | (30 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | — | |||||||||||||||||||||||||||||
Projected benefit obligation | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Reconciliation of Funded Status | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Fair value of plan assets | — | — | |||||||||||||||||||||||||||||||
Unfunded Status | $ | (745 | ) | $ | (629 | ) | |||||||||||||||||||||||||||
Balance Sheet Classification | |||||||||||||||||||||||||||||||||
Other long-term liabilities | $ | 745 | $ | 629 | |||||||||||||||||||||||||||||
Total Plan Expense, Other Amounts, and Other Changes Recognized in Accumulated Other Comprehensive Loss | Other changes recognized in other comprehensive loss, before taxes (in thousands): | ||||||||||||||||||||||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||||
Other changes recognized in other comprehensive loss, | in thousands | ||||||||||||||||||||||||||||||||
before taxes: | |||||||||||||||||||||||||||||||||
Unrecognized losses at the beginning of the year | $ | 142 | $ | 171 | $ | 144 | |||||||||||||||||||||||||||
Net periodic pension cost | (31 | ) | (30 | ) | (30 | ) | |||||||||||||||||||||||||||
Employer contribution | 30 | 30 | 30 | ||||||||||||||||||||||||||||||
Change in benefit obligations | 115 | (29 | ) | 27 | |||||||||||||||||||||||||||||
Unrecognized losses at the end of year | $ | 256 | $ | 142 | $ | 171 | |||||||||||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||
Summary of Results from Discontinued Operations | The following table summarizes the results from discontinued operations for the fiscal years presented | ||||||||||||
For the fiscal year ended: | 31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||
(in thousands) | |||||||||||||
Sales | $ | (450 | ) | $ | 3,227 | $ | 3,763 | ||||||
Gross margin | (998 | ) | 1,296 | 920 | |||||||||
Selling, general and administrative expenses | (120 | ) | (828 | ) | (2,777 | ) | |||||||
Depreciation and amortization | — | — | (8 | ) | |||||||||
Provision (benefit) from income taxes | — | — | — | ||||||||||
Income (loss) from discontinued operations | $ | (1,118 | ) | $ | 468 | $ | (1,865 | ) | |||||
Selected_Quarterly_Data_Unaudi1
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Selected Quarterly Data | |||||||||||||||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FULL YEAR | |||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||||||
FISCAL YEAR 2014 (1) | |||||||||||||||||||||
Sales | $ | 96,659 | $ | 104,162 | $ | 93,640 | $ | 119,559 | $ | 414,020 | |||||||||||
Gross profit | 43,938 | 48,239 | 40,571 | 57,266 | 190,014 | ||||||||||||||||
Operating income (loss) | (2,939 | ) | (2,562 | ) | (5,522 | ) | 2,221 | (8,802 | ) | ||||||||||||
Income (loss) before taxes | (3,350 | ) | (3,013 | ) | (6,028 | ) | 1,457 | (10,934 | ) | ||||||||||||
Income tax provision (benefit) (2) | 47 | 63 | 63 | 70 | 243 | ||||||||||||||||
Income (loss) from continuing operations | (3,397 | ) | (3,076 | ) | (6,091 | ) | 1,387 | (11,177 | ) | ||||||||||||
Income (loss) from discontinued operations | (139 | ) | (956 | ) | (190 | ) | 167 | (1,118 | ) | ||||||||||||
Net income (loss) | $ | (3,536 | ) | $ | (4,032 | ) | $ | (6,281 | ) | $ | 1,554 | $ | (12,295 | ) | |||||||
Earnings per share – basic and diluted | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.13 | ) | $ | 0.03 | $ | (0.25 | ) | |||||||
FISCAL YEAR 2013 (1) | |||||||||||||||||||||
Sales | $ | 93,442 | $ | 97,355 | $ | 88,009 | $ | 107,689 | $ | 386,495 | |||||||||||
Gross profit | 44,138 | 44,945 | 39,013 | 48,260 | 176,356 | ||||||||||||||||
Operating income (loss) | 1,977 | (2,433 | ) | (6,576 | ) | (6,516 | ) | (13,547 | ) | ||||||||||||
Income (loss) before taxes | 1,799 | (2,674 | ) | (6,856 | ) | (6,863 | ) | (14,593 | ) | ||||||||||||
Income tax provision (benefit) (2) | 792 | (995 | ) | (2,905 | ) | 48,769 | 45,661 | ||||||||||||||
Income (loss) from continuing operations | 1,007 | (1,679 | ) | (3,951 | ) | (55,632 | ) | (60,254 | ) | ||||||||||||
Income (loss) from discontinued operations | 4 | 92 | (112 | ) | 485 | 468 | |||||||||||||||
Net income (loss) | $ | 1,011 | $ | (1,587 | ) | $ | (4,063 | ) | $ | (55,147 | ) | $ | (59,786 | ) | |||||||
Earnings per share – basic and diluted | $ | 0.02 | $ | (0.03 | ) | $ | (0.08 | ) | $ | (1.14 | ) | $ | (1.23 | ) | |||||||
-1 | As discussed in Note J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. | ||||||||||||||||||||
-2 | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, “Income Taxes” for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Segment | |||
Accounting Policies [Line Items] | |||
Number of reportable segments | 1 | ||
Number of operating segments | 2 | ||
Carrying value of trademark | $3,308,000 | $4,393,000 | |
Amortization expense of intangibles | 1,085,000 | 1,900,000 | 2,400,000 |
Direct response costs deferred | 0 | 0 | |
Anti dilutive shares | 497,000 | 443,000 | |
Shares of restricted stock issued | 1,685,290 | ||
Stock compensation expense | 2,996,000 | 1,893,000 | 777,000 |
Total compensation expenses after tax | 500,000 | ||
Total fair value of options vested | 1,200,000 | 100,000 | 100,000 |
Impairment charges | 300,000 | 1,500,000 | 0 |
Gift card liability, net of breakage | 1,400,000 | 1,400,000 | |
Unvested time-based restricted stock | |||
Accounting Policies [Line Items] | |||
Anti dilutive shares | 751,804 | ||
Unvested performance-based restricted stock | |||
Accounting Policies [Line Items] | |||
Securities excluded from computation of earnings per share, respective performance targets not yet achieved, amount | 933,486 | ||
Performance-Based Stock Options and Restricted Stock Awards | |||
Accounting Policies [Line Items] | |||
Securities excluded from computation of earnings per share, respective performance targets not yet achieved, amount | 1,175,000 | ||
Unrecognized stock compensation cost | 7,100,000 | ||
Deferred Stock | |||
Accounting Policies [Line Items] | |||
Shares excluded from computation of basic earnings per share | 11,238 | ||
outstanding shares | 11,238 | ||
Time-Vested Stock Options and Time-Based Restricted Stock Awards | |||
Accounting Policies [Line Items] | |||
Unrecognized stock compensation cost | 2,500,000 | ||
Unrecognized stock compensation cost weighted average recognition period | 27 months | ||
Selling, General and Administrative Expenses | |||
Accounting Policies [Line Items] | |||
Advertising expenses | 26,000,000 | 27,100,000 | 17,800,000 |
Other Intangible Assets | |||
Accounting Policies [Line Items] | |||
Carrying value of trademark | 329,000 | 429,000 | |
Intangible assets, estimated useful life | 16 years | ||
Weighted average amortization period remaining for other intangibles | 3 years 3 months 18 days | ||
Amortization expense of intangibles | 100,000 | ||
Customer Lists | |||
Accounting Policies [Line Items] | |||
Gross carrying amount of intangibles | 7,700,000 | 7,700,000 | |
Casual Male Trademark | |||
Accounting Policies [Line Items] | |||
Accumulated amortization of intangibles | 5,900,000 | 4,800,000 | |
Minimum | |||
Accounting Policies [Line Items] | |||
Credit card and debit card receivables from banks settlement period | 2 days | ||
Maximum | |||
Accounting Policies [Line Items] | |||
Credit card and debit card receivables from banks settlement period | 4 days | ||
Direct response advertising costs, amortization period | 1 year | ||
DXL Stores | UNITED STATES | |||
Accounting Policies [Line Items] | |||
Number of stores | 138 | ||
Casual Male XL Retail and Outlet Stores | |||
Accounting Policies [Line Items] | |||
Intangible assets, amortization period | 2018 | ||
Casual Male XL Retail and Outlet Stores | Minimum | |||
Accounting Policies [Line Items] | |||
Number of stores expected open by the end of 2017 | 75 | ||
Casual Male XL Retail and Outlet Stores | Maximum | |||
Accounting Policies [Line Items] | |||
Number of stores expected open by the end of 2017 | 100 | ||
Casual Male XL Retail and Outlet Stores | UNITED STATES | |||
Accounting Policies [Line Items] | |||
Number of stores | 157 | ||
Casual Male XL outlets | |||
Accounting Policies [Line Items] | |||
Number of stores | 48 | ||
DXL Outlets | |||
Accounting Policies [Line Items] | |||
Number of stores | 2 | ||
Rochester Clothing Stores | Trademarks | |||
Accounting Policies [Line Items] | |||
Carrying value of trademark | $1,500,000 | $1,500,000 | |
Rochester Clothing Stores | UNITED STATES | |||
Accounting Policies [Line Items] | |||
Number of stores | 8 | ||
Rochester Clothing Stores | UNITED KINGDOM | |||
Accounting Policies [Line Items] | |||
Number of stores | 1 |
Estimated_Useful_Life_of_Prope
Estimated Useful Life of Property and Equipment (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 5 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 10 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 5 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 10 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | Lesser of useful lives or related lease term |
Hardware And Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 3 years |
Hardware And Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 7 years |
Changes_in_Carrying_Value_of_I
Changes in Carrying Value of Intangible Assets (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Intangible Assets By Major Class [Line Items] | ||||
1-Feb-14 | $4,393 | |||
Amortization | -1,085 | -1,900 | -2,400 | |
31-Jan-15 | 3,308 | 4,393 | ||
Other Intangible Assets | ||||
Intangible Assets By Major Class [Line Items] | ||||
1-Feb-14 | 429 | |||
Amortization | -100 | |||
31-Jan-15 | 329 | |||
Rochester Clothing Stores | Trademarks | ||||
Intangible Assets By Major Class [Line Items] | ||||
31-Jan-15 | 1,500 | 1,500 | ||
Casual Male XL Retail and Outlet Stores | Trademarks | ||||
Intangible Assets By Major Class [Line Items] | ||||
1-Feb-14 | 2,464 | [1] | ||
Amortization | -985 | [1] | ||
31-Jan-15 | $1,479 | [1] | ||
[1] | The bCasual Maleb trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012. |
Expected_Amortization_Expense_
Expected Amortization Expense for Casual Male Trademark and Customer Lists (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2015 | $639 |
2016 | 441 |
2017 | 407 |
2018 | $321 |
Other_Comprehensive_Income_and
Other Comprehensive Income and Reclassifications from AOCI (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | ($4,560) | ($5,561) | ($5,716) | |||
Other comprehensive income (loss) before reclassifications, net of taxes | -3,690 | 607 | -157 | |||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | 12 | [1] | 394 | [1] | 312 | [1] |
Other comprehensive income (loss), net of tax | -3,678 | 1,001 | 155 | |||
Ending balance | -8,238 | -4,560 | -5,561 | |||
Pension Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -4,547 | -5,828 | -5,949 | |||
Other comprehensive income (loss) before reclassifications, net of taxes | -3,506 | 887 | -191 | |||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | 258 | [1] | 394 | [1] | 312 | [1] |
Other comprehensive income (loss), net of tax | -3,248 | 1,281 | 121 | |||
Ending balance | -7,795 | -4,547 | -5,828 | |||
Foreign Currency | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | -13 | 267 | 233 | |||
Other comprehensive income (loss) before reclassifications, net of taxes | -184 | -280 | 34 | |||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | -246 | [1] | ||||
Other comprehensive income (loss), net of tax | -430 | -280 | 34 | |||
Ending balance | ($443) | ($13) | $267 | |||
[1] | Includes the amortization of the unrecognized (gain)/loss on pension plans which was charged to Selling, General and Administrative expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $258,000, $394,000 and $516,000 for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. There was no corresponding tax benefit for fiscal 2014 and fiscal 2013. The corresponding tax benefit was $204,000 for fiscal 2012. Fiscal 2014 includes the recognition of $246,000 related to the substantial liquidation of the Companybs direct business with Sears Canada. The $246,000, with no corresponding tax provision, was recognized in Discontinued Operations on the Consolidated Statement of Operations for fiscal 2014. |
Other_Comprehensive_Income_and1
Other Comprehensive Income and Reclassifications from AOCI (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||
Selling, General & Administrative expense | $174,814,000 | $169,062,000 | $154,372,000 | |||||||||||||||||||
Tax benefit | -70,000 | [1] | -63,000 | [1] | -63,000 | [1] | -47,000 | [1] | -48,769,000 | [1] | 2,905,000 | [1] | 995,000 | [1] | -792,000 | [1] | -243,000 | [1],[2] | -45,661,000 | [1],[2] | -5,244,000 | [2] |
Amount recognized in discontinued operations | 0 | 0 | 0 | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension Plans | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||
Selling, General & Administrative expense | 258,000 | 394,000 | 516,000 | |||||||||||||||||||
Tax benefit | 0 | 0 | 204,000 | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Sears | Canada | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||
Amount recognized in discontinued operations | 246,000 | |||||||||||||||||||||
Corresponding tax provision | $0 | |||||||||||||||||||||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, bIncome Taxesb for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. | |||||||||||||||||||||
[2] | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012 |
Reconciliation_of_Number_of_Sh
Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Common stock outstanding: | |||
Basic weighted average common shares outstanding | 48,740 | 48,473 | 47,947 |
Common stock equivalents b stock options and restricted stock | 438 | ||
Diluted weighted average common shares outstanding | 48,740 | 48,473 | 48,385 |
Reconciliation_of_Number_of_Sh1
Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Parenthetical) (Detail) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Accounting Policies [Abstract] | ||
Common stock equivalents | 497 | 443 |
Potential_Common_Stock_Equival
Potential Common Stock Equivalents Excluded From Computation of Diluted Earning Per Share (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 497,000 | 443,000 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 1,545,000 | 2,088,000 | 1,634,000 |
Range of exercise prices of such options, minimum | $4.96 | $4.96 | $3.76 |
Range of exercise prices of such options, maximum | $7.52 | $10.26 | $10.26 |
Valuation_Assumptions_for_Stoc
Valuation Assumptions for Stock Options (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 46.00% | 52.00% | 55.00% |
Risk-free interest rate, minimum | 0.79% | 0.34% | 0.31% |
Risk-free interest rate, maximum | 0.95% | 0.79% | 0.67% |
Weighted average fair value of options granted | $1.71 | $2.07 | $1.46 |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 2 years 7 months 6 days | 3 years | 3 years |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 3 years 6 months | 4 years 1 month 6 days | 4 years 6 months |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $236,302 | $202,369 |
Less: accumulated depreciation | 115,974 | 99,430 |
Total property and equipment | 120,328 | 102,939 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 63,743 | 55,097 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,419 | 15,470 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,839 | 64,638 |
Hardware And Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 62,925 | 55,708 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $11,376 | $11,456 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Property Plant And Equipment [Abstract] | |||
Depreciation expenses | $22.90 | $19 | $13.10 |
Debt_Obligations_Additional_In
Debt Obligations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||
Oct. 31, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Oct. 30, 2014 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $125,000,000 | |||||
Line of credit facility, potential maximum borrowing capacity | 50,000,000 | |||||
Line of credit facility, expiration date | 29-Oct-19 | |||||
Line of credit facility, amount outstanding | 19,400,000 | |||||
Line of credit facility, remaining borrowing capacity | 77,900,000 | |||||
Line of credit facility, average monthly outstanding amount | 31,700,000 | |||||
Line of credit facility, average unused excess availability | 66,700,000 | |||||
Debt instrument interest rate | 10.00% | |||||
Line of credit facility | 7,500,000 | |||||
Line of credit facility, interest rate description | Borrowings made pursuant to the Credit Facility will bear interest at a rate equal to the base rate (determined as the highest of (a) Bank of America N.A.bs prime rate, (b) the Federal Funds rate plus 0.50% or (c) the annual ICE-LIBOR rate (bLIBORb) for the respective interest period) plus a varying percentage, based on the Companybs borrowing base, of 0.50%-0.75% for prime-based borrowings and 1.50%-1.75% for LIBOR-based borrowings. | |||||
Unused line fee | 0.25% | |||||
Line of credit facility, Initiation date | 30-Oct-14 | |||||
Interest and fees paid | 2,700,000 | 1,400,000 | 500,000 | |||
Term loan, due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 6.50% | |||||
Notes fixed interest rate, minimum | 1.00% | |||||
Secured term loan facility, face amount | 15,000,000 | |||||
Secured term loan facility, effective date | 29-Oct-14 | |||||
Debt Instrument, Interest Rate Terms | The Term Loan Facility bears interest at a rate per annum equal to the greater of (a) 1.00% and (b) the one month LIBOR rate, plus 6.50%. | |||||
Debt Instrument, Payment Terms | Interest payments are payable on the first business day of each calendar month, and increase by 2% following the occurrence and during the continuance of an bevent of default,b as defined in the Term Loan Facility. | |||||
Debt Instrument, Description of Variable Rate Basis | one month LIBOR rate | |||||
Debt Instrument Interest Rate Increase Decrease Of Event Of Default | 2.00% | |||||
Secured term loan facility, frequency of payments | Quarterly | |||||
Secured term loan facility, date of first required payment | 1-Jan-15 | |||||
Secured term loan facility, periodic payment principal | 250,000 | |||||
Debt instrument, maturity date | 29-Oct-19 | |||||
Term loan, due 2019 | 1st Anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayments percentage | 4.00% | |||||
Term loan, due 2019 | 1st Anniversary Until 2nd Anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayments percentage | 2.00% | |||||
Term loan, due 2019 | After second anniversary, but prior to third anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayments percentage | 1.00% | |||||
Term loan, due 2019 | After third anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayments percentage | 0.00% | |||||
Master Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Number of notes entered, equipment financing | 12 | |||||
Notes maturity term | 48 months | |||||
Notes fixed interest rate, minimum | 3.07% | |||||
Notes fixed interest rate, minimum | 3.50% | |||||
Master Agreement | Banc of America Leasing & Capital, LLC | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate amount of notes borrowed | 26,400,000 | 8,900,000 | ||||
Master Agreement | Banc of America Leasing & Capital, LLC | 1st Anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment penalty rate | 1.00% | |||||
Master Agreement | Banc of America Leasing & Capital, LLC | 1st Anniversary Until 2nd Anniversary | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment penalty rate | 0.50% | |||||
Federal Funds Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 0.50% | |||||
Prime-based Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility interest rate | 3.75% | |||||
LIBOR-based Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, expiration date | 5-Feb-15 | |||||
Line of credit facility, amount outstanding | 15,000,000 | |||||
Line of credit facility interest rate | 1.64% | |||||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Consolidated Fixed Coverage Ratio | 100.00% | |||||
Minimum | Prime-based Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 0.50% | |||||
Minimum | LIBOR-based Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 1.50% | |||||
Maximum | Prime-based Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 0.75% | |||||
Maximum | LIBOR-based Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 1.75% | |||||
Commercial and Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 20,000,000 | |||||
Swingline Loans | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 15,000,000 | |||||
Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding, amount | 900,000 | |||||
Documentary Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding, amount | $2,200,000 |
Components_of_Long_Term_Debt_D
Components of Long Term Debt (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $34,140 | $16,706 |
Current portion of long-term debt | 7,489 | 4,561 |
Long-term debt, net of current portion | 26,651 | 12,145 |
Equipment financing notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 19,390 | 16,706 |
Term loan, due 2019 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $14,750 |
Annual_Maturities_of_Long_Term
Annual Maturities of Long Term Debt (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Fiscal 2015 | $7,489 |
Fiscal 2016 | 7,312 |
Fiscal 2017 | 7,088 |
Fiscal 2018 | 1,501 |
Fiscal 2019 | $10,750 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Taxes [Line Items] | |||||
Change in valuation allowance | $51,300,000 | $51,300,000 | |||
Federal net operating loss carry forwards expiration period minimum | 2022 | ||||
Federal net operating loss carry forwards expiration period maximum | 2034 | ||||
Alternative minimum tax credits carryforwards | 2,292,000 | 2,292,000 | 2,292,000 | 2,292,000 | |
Liability for unrecognized tax benefits | 3,100,000 | ||||
Income taxes paid | 100,000 | 200,000 | 500,000 | ||
Federal | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 130,500,000 | ||||
State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 68,300,000 | ||||
Hong Kong | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 100,000 | ||||
Canada | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 2,400,000 | ||||
Domestic Tax Authority | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, expiration year | 2034 | ||||
Net operating loss carryforwards, stock compensation deductions | $13,300,000 |
Components_of_Net_Deferred_Tax
Components of Net Deferred Tax Assets (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | ||
In Thousands, unless otherwise specified | ||||
Deferred tax assets, current: | ||||
Inventory reserves | $2,602 | $2,911 | ||
Accrued Expenses and other | 5,035 | 3,378 | ||
Gain on sale-leaseback | 574 | 579 | ||
Valuation allowance | -8,211 | [1] | -6,868 | [1] |
Net deferred tax assets, current | 0 | 0 | ||
Deferred tax assets, non-current: | ||||
Gain on sale-leaseback | 5,745 | 6,368 | ||
Lease accruals | 5,257 | 4,544 | ||
Net operating loss carryforward | 46,048 | 38,082 | ||
Capital loss carryforward | 3,021 | 3,162 | ||
Foreign tax credit carryforward | 907 | 852 | ||
Federal wage tax credit carryforward | 361 | 270 | ||
State tax credits | 95 | 75 | ||
Unrecognized loss on foreign exchange | 196 | 117 | ||
Unrecognized loss on pension and pension expense | 3,840 | 2,585 | ||
Alternative minimum tax credit carryforward | 2,292 | 2,292 | ||
Excess of tax over book depreciation/amortization | -21,170 | -17,518 | ||
Goodwill and intangibles | 5,768 | 7,656 | ||
Subtotal | 52,360 | 48,485 | ||
Valuation allowance | -52,360 | [1] | -48,485 | [1] |
Net deferred tax assets, non-current | 0 | 0 | ||
Deferred tax liability, non-current: | ||||
Goodwill and intangibles | -91 | |||
Deferred tax liability, non-current | ($91) | |||
[1] | For fiscal 2014, the Company had total deferred tax assets of $81.7 million, total deferred tax liabilities of $21.2 million and a valuation allowance of $60.6 million. |
Components_of_Net_Deferred_Tax1
Components of Net Deferred Tax Assets (Parenthetical) (Detail) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Deferred tax assets | $81.70 |
Deferred tax liabilities | 21.2 |
Deferred tax assets, valuation allowance | $60.60 |
Provision_for_Income_Taxes_fro
Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||||||||||
Current: | ||||||||||||||||||||||
Federal and state | $97 | $77 | $96 | |||||||||||||||||||
Foreign | 55 | 66 | 64 | |||||||||||||||||||
Current Income Tax Expense (Benefit), Total | 152 | 143 | 160 | |||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal and state | 91 | 45,518 | 5,084 | |||||||||||||||||||
Deferred income tax provision, total | 91 | 45,518 | 5,084 | |||||||||||||||||||
Total provision for income tax from continuing operations | $70 | [1] | $63 | [1] | $63 | [1] | $47 | [1] | $48,769 | [1] | ($2,905) | [1] | ($995) | [1] | $792 | [1] | $243 | [1],[2] | $45,661 | [1],[2] | $5,244 | [2] |
[1] | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, bIncome Taxesb for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. | |||||||||||||||||||||
[2] | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012 |
Provision_for_Income_Taxes_fro1
Provision for Income Taxes from Continuing Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Benefit or provision recognized on the loss from discontinued operations | $0 | $0 | $0 |
Reconciliation_between_Statuto
Reconciliation between Statutory and Effective Income Tax Rates (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Federal income tax at the statutory rate | ($3,827) | ($5,108) | $4,632 | |||||||||||||||||||
State income and other taxes, net of federal tax benefit | -72 | -810 | 631 | |||||||||||||||||||
Permanent items | 141 | 171 | 209 | |||||||||||||||||||
Charge/(income) for valuation allowance | 4,034 | 52,463 | -1 | |||||||||||||||||||
Other, net | -33 | -1,055 | -227 | |||||||||||||||||||
Total provision for income tax from continuing operations | $70 | [1] | $63 | [1] | $63 | [1] | $47 | [1] | $48,769 | [1] | ($2,905) | [1] | ($995) | [1] | $792 | [1] | $243 | [1],[2] | $45,661 | [1],[2] | $5,244 | [2] |
[1] | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, bIncome Taxesb for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. | |||||||||||||||||||||
[2] | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012 |
Future_Minimum_Rentals_under_O
Future Minimum Rentals under Operating Leases (Detail) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2015 | $53.20 |
Fiscal 2016 | 46.6 |
Fiscal 2017 | 39.5 |
Fiscal 2018 | 35.3 |
Fiscal 2019 | 31.7 |
Thereafter | 120.8 |
Operating Leases, Future Minimum Payments Due, Total | $327.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 02, 2011 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Dec. 31, 2006 | |
Period | ||||||
Commitments and Contingencies [Line Items] | ||||||
Extension of lease term | 5 years | |||||
Occupancy costs, automobile and leased equipment expense | $56,800,000 | $57,800,000 | $54,900,000 | |||
Lease agreement term | 20 years | |||||
Sale leaseback transaction rent expense | 4,600,000 | |||||
Sale leaseback transaction deferred gain | 29,300,000 | |||||
Leased asset amortization period | 20 years | |||||
Operating leases renewal option, number of successive lease periods | 6 | |||||
Percentage of increase in annual rent on base rate | 7.00% | |||||
Current annual rent | 5,100,000 | |||||
Amortization of deferred gain | 1,500,000 | |||||
Severance charge | 2,300,000 | |||||
Severance charge, outstanding | 28,227,000 | 31,972,000 | 28,227,000 | |||
Severance Payments and Related Legal Costs | ||||||
Commitments and Contingencies [Line Items] | ||||||
Severance charge, outstanding | $1,000,000 | |||||
Minimum | ||||||
Commitments and Contingencies [Line Items] | ||||||
Store lease term | 5 years | |||||
Extension of lease term | 5 years | |||||
Maximum | ||||||
Commitments and Contingencies [Line Items] | ||||||
Store lease term | 10 years | |||||
Extension of lease term | 10 years |
LongTerm_Performance_Share_Bon1
Long-Term Performance Share Bonus Plan - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Nov. 07, 2014 | Aug. 03, 2013 | |
Employee | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Potential value of awards over the four-year period | $19,400,000 | ||||
Number of terminations | 4 | ||||
Additional stock compensation expense | 200,000 | ||||
Stock compensation expense | 2,996,000 | 1,893,000 | 777,000 | ||
2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance based compensation description | If the Companybs stock price is $6.75, the 50% payout in restricted shares will be increased by 20% and if the stock price is $7.25 or higher, the 50% payout in restricted shares will be increased by 30%, with a pro-rata payout between $6.75 and $7.25. | ||||
Stock compensation expense | 8,700,000 | ||||
Maximum | Employee Stock Plan, 2006 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Net revenue targets | 600,000,000 | ||||
Percentage of operating margin | 8.00% | ||||
Payout percentage | 100.00% | ||||
Maximum | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Payout percentage | 100.00% | ||||
Closing stock price | $7.25 | ||||
Projected benefit obligation percentage | 30.00% | ||||
Pro-rata payout share price | $7.25 | ||||
Minimum | Employee Stock Plan, 2006 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Net revenue targets | 510,000,000 | ||||
Payout percentage | 50.00% | ||||
Minimum | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Payout percentage | 80.00% | ||||
Closing stock price | $6.75 | ||||
Projected benefit obligation percentage | 20.00% | ||||
Pro-rata payout share price | $6.75 | ||||
Period 1 | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting plan | 20.00% | ||||
Period 2 | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting plan | 40.00% | ||||
Period 3 | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting plan | 40.00% | ||||
Restricted stocks | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 50.00% | ||||
Restricted stocks | Employee Stock Plan, 2006 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted shares vested | 352,848 | ||||
Restricted stocks | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 50.00% | ||||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 25.00% | ||||
Cash | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 25.00% | ||||
Cash | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 50.00% | ||||
Time Based Vesting Schedule | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 50.00% | ||||
Potential value of awards over the four-year period | 9,700,000 | ||||
Performance Based Vesting Schedule | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of benefit obligation | 50.00% | ||||
Potential value of awards over the four-year period | 9,700,000 | ||||
Stock compensation expense | 0 | ||||
Performance Based Vesting Schedule | Employee Stock Plan, 2006 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Net revenue targets | $550,000,000 | ||||
Performance-Related Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted shares vested | 20,850 | ||||
Performance Related Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common Stock shares vested | 25,382 | ||||
2016 Wrap-Around Plan | Maximum | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance based compensation percentage | 100.00% | ||||
2016 Wrap-Around Plan | Minimum | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance based compensation percentage | 80.00% | ||||
2016 Wrap-Around Plan | Threshold | 2016 Long Term Incentive Wrap Around Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance based compensation percentage | 50.00% | ||||
Chief Executive Officer | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of salary | 100.00% | ||||
Senior Executive | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of salary | 70.00% | ||||
Other Participants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of salary | 50.00% |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Non Employee Directors | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of annual retainer | 50.00% | ||
Employee Stock Plan, 2006 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock-based compensation plan | 1 | ||
Increase in authorized shares | 7,250,000 | ||
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | ||
Options expiration period from the date of grant | 10 years | ||
Intrinsic value of options exercised | $23,700 | ||
Unrecognized stock compensation cost | 6,400,000 | ||
Shares available for future grant | 1,122,627 | ||
Employee Stock Plan, 2006 Plan | Employees And Executives | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | ||
Employee Stock Plan, 2006 Plan | Non Employee Directors | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, vesting period | 2 years | ||
Employee Stock Plan, 2006 Plan | Awards Other Than Stock Options And Stock Appreciation Rights | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Increase in authorized shares | 4,250,000 | ||
Shares available for future grant | 1,015,286 | ||
Employee Stock Plan, 2006 Plan | Restricted stocks | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock compensation cost | 9,700,000 | ||
Employee Stock Plan, 2006 Plan | Performance Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock compensation cost | 4,700,000 | ||
Employee Stock Plan, 2006 Plan | Time Based Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock compensation cost | 1,700,000 | ||
Unrecognized stock compensation cost weighted average recognition period | 17 months 9 days | ||
Employee Stock Plan, 1992 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $182,900 |
Stock_Option_Activity_under_Tw
Stock Option Activity under Two Thousand Six Plan (Detail) (Employee Stock Plan, 2006 Plan, USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Employee Stock Plan, 2006 Plan | |
Number of Shares | |
Outstanding options at beginning of year | 2,721,569 |
Options granted | 170,596 |
Options canceled | -118,139 |
Options exercised | -26,224 |
Outstanding options at end of year | 2,747,802 |
Options exercisable at end of year | 607,628 |
Vested and expected to vest at end of year | 1,585,755 |
Weighted-average exercise price per option | |
Outstanding options at beginning of year | $4.95 |
Options granted | $5.29 |
Options canceled | $4.32 |
Options exercised | $4.69 |
Outstanding options at end of year | $4.97 |
Options exercisable at end of year | $4.77 |
Vested and expected to vest at end of year | $4.91 |
Weighted-average remaining contractual term | |
Outstanding options at end of year | 7 years 10 months 24 days |
Options exercisable at end of year | 6 years 4 months 24 days |
Vested and expected to vest at end of year | 7 years 7 months 6 days |
Aggregate Intrinsic Value | |
Outstanding options at end of year | $457,575 |
Options exercisable at end of year | 309,799 |
Vested and expected to vest at end of year | $411,863 |
Summary_of_Activity_for_Nonves
Summary of Activity for Non-vested Shares (Restricted Shares) (Detail) (Employee Stock Plan, 2006 Plan, USD $) | 12 Months Ended | |
Jan. 31, 2015 | ||
Restricted stocks | ||
Number of Shares | ||
Restricted shares outstanding at beginning of year | 2,017,940 | |
Shares granted | 115,166 | |
Restricted shares vested | -352,848 | |
Restricted shares canceled | -94,968 | |
Weighted-average Grant-Date Fair value | ||
Restricted shares outstanding at beginning of year | $5.01 | [1] |
Shares granted | $5.31 | [1] |
Restricted shares vested | $4.77 | [1] |
Restricted shares canceled | $5 | [1] |
Deferred Stock | ||
Number of Shares | ||
Shares granted | 11,238 | [2] |
Weighted-average Grant-Date Fair value | ||
Shares granted | $5.22 | [1],[2] |
Restricted And Deferred Shares | ||
Number of Shares | ||
Restricted and Deferred shares outstanding at end of year | 1,696,528 | |
Weighted-average Grant-Date Fair value | ||
Restricted and Deferred shares outstanding at end of year | $5.09 | [1] |
[1] | The fair value of a restricted share is equal to the Companybs closing stock price on the date of grant. | |
[2] | During fiscal 2014, the Company granted 11,238 shares of deferred stock, with a fair value of approximately $58,643, to a director as compensation in lieu of cash and in accordance with his irrevocable election. The shares of deferred stock, which have no continued service requirement, will vest three years from the date of grant. The Company recognized compensation expense in full on the date of grant. |
Summary_of_Activity_for_Nonves1
Summary of Activity for Non-vested Shares (Restricted Shares) (Parenthetical) (Detail) (Employee Stock Plan, 2006 Plan, USD $) | 12 Months Ended | |
Jan. 31, 2015 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted during the period, fair value | $58,643 | |
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | |
Deferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted | 11,238 | [1] |
[1] | During fiscal 2014, the Company granted 11,238 shares of deferred stock, with a fair value of approximately $58,643, to a director as compensation in lieu of cash and in accordance with his irrevocable election. The shares of deferred stock, which have no continued service requirement, will vest three years from the date of grant. The Company recognized compensation expense in full on the date of grant. |
Stock_Option_Activity_under_Ni
Stock Option Activity under Nineteen Ninety Two Plan (Detail) (Employee Stock Plan, 1992 Plan, USD $) | 12 Months Ended | |
Jan. 31, 2015 | ||
Employee Stock Plan, 1992 Plan | ||
Number of Shares | ||
Outstanding options at beginning of year | 911,775 | |
Options canceled | -686,775 | |
Options exercised | -7,500 | [1] |
Outstanding options at end of year | 217,500 | |
Options exercisable at end of year | 217,500 | |
Vested and expected to vest at end of year | 217,500 | |
Weighted-average exercise price per option | ||
Outstanding options at beginning of year | $6.82 | |
Options canceled | $6.77 | |
Options exercised | $5.67 | [1] |
Outstanding options at end of year | $7.01 | |
Options exercisable at end of year | $7.01 | |
Vested and expected to vest at end of year | $7.01 | |
Weighted-average remaining contractual term | ||
Outstanding options at end of year | 3 months 18 days | |
Options exercisable at end of year | 3 months 18 days | |
Vested and expected to vest at end of year | 3 months 18 days | |
[1] | The majority of outstanding options were out-of-the-money at JanuaryB 31, 2015; therefore, the intrinsic value was immaterial. |
Common_Stock_Shares_Issued_to_
Common Stock Shares Issued to Non-Employee Directors as Compensation (Detail) (Non Employee Directors, USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Non Employee Directors | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock issued | 40,910 | 43,541 | 31,707 |
Fair value of common stock issued | $213,749 | $255,884 | $123,976 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transaction [Line Items] | |
Annual base salary | $24,000 |
Annual compensation | 372,750 |
Termination date of Consulting Agreement | 7-Aug-14 |
Board of Directors Chairman | |
Related Party Transaction [Line Items] | |
Percentage of common stock outstanding owned | 9.80% |
Initial term of agreement | 2 years |
Agreement extension term | 1 year |
Annual base salary | 24,000 |
Annual compensation | 372,750 |
Chief Financial Officer | |
Related Party Transaction [Line Items] | |
Annual compensation | 389,920 |
Compensation to related party, per day | $3,000 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Age | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amortization of unrecognized loss expected to be recognized in fiscal 2015 | $943,000 | ||
Defined contribution plans eligible employees age | 21 | ||
Defined contribution plan service period for eligibility | 1000 hours | ||
Defined contribution plan expenses recognized | 1,600,000 | 1,500,000 | 1,400,000 |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan maximum employer contributions percentage of eligible compensation | 3.50% | ||
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan service period for eligibility | 6 months | ||
Defined contribution plan service period for eligibility to receive match | 1 year | ||
Noncontributory Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company expected contribution to the plan for fiscal 2015 | 400,000 | ||
Assumptions used to determine the benefit obligations, discount rate | 3.42% | 4.43% | |
Assumptions used to determine the net periodic benefit cost, discount rate | 3.42% | 4.43% | 4.11% |
Approximate increase in Company's projected benefit obligation | $3,200,000 | ||
Expected long-term rate of return for benefit obligation and the net periodic benefit cost | 8.00% | 8.00% | |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumptions used to determine the benefit obligations, discount rate | 3.42% | 4.43% | |
Assumptions used to determine the net periodic benefit cost, discount rate | 3.42% | 4.43% | 4.11% |
First Contributions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan employer matching contribution percent | 100.00% | ||
Defined benefit plan employee contribution percentage | 1.00% | ||
Next Contributions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan employer matching contribution percent | 50.00% | ||
Defined benefit plan employee contribution percentage | 5.00% |
Pension_Plans_Funded_Status_De
Pension Plan's Funded Status (Detail) (Noncontributory Pension Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Noncontributory Pension Plan | |||
Change in benefit obligation: | |||
Balance at beginning of period | $15,685 | $16,154 | |
Benefits and expenses paid | -623 | -587 | |
Interest costs | 669 | 651 | 661 |
Settlements | -226 | -17 | |
Actuarial (gain) loss | 3,422 | -516 | |
Balance at end of year | 18,927 | 15,685 | 16,154 |
Change in fair value of plan assets | |||
Balance at beginning of period | 12,625 | 11,813 | |
Actual return on plan assets | 701 | 995 | |
Employer contributions | 468 | 421 | 723 |
Settlements | -226 | -17 | |
Benefits and expenses paid | -623 | -587 | |
Balance at end of period | 12,945 | 12,625 | 11,813 |
Reconciliation of Funded Status | |||
Projected benefit obligation | 18,927 | 15,685 | 16,154 |
Fair value of plan assets | 12,945 | 12,625 | 11,813 |
Unfunded Status | -5,982 | -3,060 | |
Balance Sheet Classification | |||
Other long-term liabilities | $5,982 | $3,060 |
Total_Plan_Expense_and_Other_A
Total Plan Expense and Other Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (Noncontributory Pension Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Noncontributory Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $669 | $651 | $661 |
Expected return on plan assets | -1,002 | -937 | -814 |
Amortization of unrecognized loss | 591 | 680 | 669 |
Net pension cost | 258 | 394 | 516 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 6,614 | 7,868 | 8,097 |
Net periodic pension cost | -258 | -394 | -516 |
Employer contributions | 468 | 421 | 723 |
Change in plan assets and benefit obligations | 2,922 | -1,281 | -436 |
Unrecognized losses at the end of year | $9,746 | $6,614 | $7,868 |
Schedule_of_Estimated_Future_B
Schedule of Estimated Future Benefits for Next Ten Fiscal Years (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Compensation And Retirement Disclosure [Abstract] | |
2015 | $695 |
2016 | 723 |
2017 | 794 |
2018 | 837 |
2019 | 881 |
2020-2024 | 5,181 |
Estimated future benefits payments | $9,111 |
Fair_Value_of_Noncontributory_
Fair Value of Noncontributory Defined Benefit Retirement Plan Assets (Detail) (Noncontributory Pension Plan, USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $12,945 | $12,625 | $11,813 |
Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 7,103 | 6,838 | |
Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 12,945 | 12,625 | |
Mutual Funds | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 472 | 504 | |
Mutual Funds | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 1,808 | 1,695 | |
Mutual Funds | Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 2,474 | 3,146 | |
Mutual Funds | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 1,088 | 442 | |
Fair Value, Inputs, Level 1 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 7,103 | 6,838 | |
Fair Value, Inputs, Level 1 | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 12,945 | 12,625 | |
Fair Value, Inputs, Level 1 | Mutual Funds | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 472 | 504 | |
Fair Value, Inputs, Level 1 | Mutual Funds | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 1,808 | 1,695 | |
Fair Value, Inputs, Level 1 | Mutual Funds | Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 2,474 | 3,146 | |
Fair Value, Inputs, Level 1 | Mutual Funds | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $1,088 | $442 |
Target_Asset_Allocation_Detail
Target Asset Allocation (Detail) (Noncontributory Pension Plan) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percentage of plan assets | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 73.00% | |
Percentage of plan assets | 72.50% | 71.50% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 24.00% | |
Percentage of plan assets | 19.10% | 24.90% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 3.00% | |
Percentage of plan assets | 8.40% | 3.60% |
Supplemental_Plans_Funded_Stat
Supplemental Plan's Funded Status (Detail) (Supplemental Executive Retirement Plan, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Supplemental Executive Retirement Plan | ||
Change in benefit obligation: | ||
Balance at beginning of period | $629 | $656 |
Benefits and expenses paid | -30 | -30 |
Interest cost on projected benefit obligation | 27 | 26 |
Actuarial (gain) loss | 119 | -23 |
Balance at end of year | 745 | 629 |
Change in fair value of plan assets | ||
Employer contributions | 30 | 30 |
Benefits and expenses paid | -30 | -30 |
Projected benefit obligation | 745 | 629 |
Reconciliation of Funded Status | ||
Projected benefit obligation | 745 | 629 |
Unfunded Status | -745 | -629 |
Balance Sheet Classification | ||
Other long-term liabilities | $745 | $629 |
Other_Changes_Recognized_in_Ot
Other Changes Recognized in Other Comprehensive Loss (Detail) (Supplemental Executive Retirement Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized losses at the beginning of the year | $142 | $171 | $144 |
Net periodic pension cost | -31 | -30 | -30 |
Employer contribution | 30 | 30 | 30 |
Change in plan assets and benefit obligations | 115 | -29 | 27 |
Unrecognized losses at the end of year | $256 | $142 | $171 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Aug. 02, 2014 | Jan. 28, 2012 | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | $167,000 | [1] | ($190,000) | [1] | ($956,000) | [1] | ($139,000) | [1] | $485,000 | [1] | ($112,000) | [1] | $92,000 | [1] | $4,000 | [1] | ($1,118,000) | [1] | $468,000 | [1] | ($1,865,000) | ||
Sears | Canada | |||||||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | -800,000 | 68,000 | |||||||||||||||||||||
European Direct Business | |||||||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 0 | 0 | -1,900,000 | ||||||||||||||||||||
Early termination fee | $1,100,000 | ||||||||||||||||||||||
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. |
Summary_of_Results_from_Discon
Summary of Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||
Sales | ($450,000) | $3,227,000 | $3,763,000 | ||||||||||||||||||
Gross margin | -998,000 | 1,296,000 | 920,000 | ||||||||||||||||||
Selling, general and administrative expenses | -120,000 | -828,000 | -2,777,000 | ||||||||||||||||||
Depreciation and amortization | -8,000 | ||||||||||||||||||||
Provision (benefit) from income taxes | 0 | 0 | 0 | ||||||||||||||||||
Income (loss) from discontinued operations | $167,000 | [1] | ($190,000) | [1] | ($956,000) | [1] | ($139,000) | [1] | $485,000 | [1] | ($112,000) | [1] | $92,000 | [1] | $4,000 | [1] | ($1,118,000) | [1] | $468,000 | [1] | ($1,865,000) |
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. |
Selected_Quarterly_Data_Detail
Selected Quarterly Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Sales | $119,559 | [1] | $93,640 | [1] | $104,162 | [1] | $96,659 | [1] | $107,689 | [1] | $88,009 | [1] | $97,355 | [1] | $93,442 | [1] | $414,020 | [1] | $386,495 | [1] | $397,582 | |
Gross profit | 57,266 | [1] | 40,571 | [1] | 48,239 | [1] | 43,938 | [1] | 48,260 | [1] | 39,013 | [1] | 44,945 | [1] | 44,138 | [1] | 190,014 | [1] | 176,356 | [1] | 183,697 | |
Operating income (loss) | 2,221 | [1] | -5,522 | [1] | -2,562 | [1] | -2,939 | [1] | -6,516 | [1] | -6,576 | [1] | -2,433 | [1] | 1,977 | [1] | -8,802 | [1] | -13,547 | [1] | 13,856 | |
Income (loss) before taxes | 1,457 | [1] | -6,028 | [1] | -3,013 | [1] | -3,350 | [1] | -6,863 | [1] | -6,856 | [1] | -2,674 | [1] | 1,799 | [1] | -10,934 | [1] | -14,593 | [1] | 13,235 | |
Provision (benefit) for income taxes | 70 | [2] | 63 | [2] | 63 | [2] | 47 | [2] | 48,769 | [2] | -2,905 | [2] | -995 | [2] | 792 | [2] | 243 | [2],[3] | 45,661 | [2],[3] | 5,244 | [3] |
Income (loss) from continuing operations | 1,387 | [1] | -6,091 | [1] | -3,076 | [1] | -3,397 | [1] | -55,632 | [1] | -3,951 | [1] | -1,679 | [1] | 1,007 | [1] | -11,177 | [1] | -60,254 | [1] | 7,991 | |
Income (loss) from discontinued operations | 167 | [1] | -190 | [1] | -956 | [1] | -139 | [1] | 485 | [1] | -112 | [1] | 92 | [1] | 4 | [1] | -1,118 | [1] | 468 | [1] | -1,865 | |
Net income (loss) | $1,554 | [1] | ($6,281) | [1] | ($4,032) | [1] | ($3,536) | [1] | ($55,147) | [1] | ($4,063) | [1] | ($1,587) | [1] | $1,011 | [1] | ($12,295) | [1] | ($59,786) | [1] | $6,126 | |
Earnings per share b basic and diluted | $0.03 | [1] | ($0.13) | [1] | ($0.08) | [1] | ($0.07) | [1] | ($1.14) | [1] | ($0.08) | [1] | ($0.03) | [1] | $0.02 | [1] | ($0.25) | [1] | ($1.23) | [1] | $0.13 | |
[1] | As discussed in NoteB J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations. | |||||||||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014. See Note D, bIncome Taxesb for disclosure regarding the realizability of the deferred tax assets at January 31, 2015. | |||||||||||||||||||||
[3] | There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012 |
Selected_Quarterly_Data_Parent
Selected Quarterly Data (Parenthetical) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||
Non cash charge to establish deferred tax assets, valuation allowance allowance | $51,300,000 | $51,300,000 | |||
Benefit or provision recognized on the loss from discontinued operations | $0 | $0 | $0 |