Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Mar. 11, 2016 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DXLG | ||
Entity Registrant Name | DESTINATION XL GROUP, INC. | ||
Entity Central Index Key | 813,298 | ||
Current Fiscal Year End Date | --01-30 | ||
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 | 50,831,678 | ||
Entity Public Float | $ 116.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 5,170 | $ 4,586 |
Accounts receivable | 4,721 | 3,619 |
Inventories | 125,014 | 115,220 |
Prepaid expenses and other current assets | 8,254 | 8,913 |
Total current assets | 143,159 | 132,338 |
Property and equipment, net of accumulated depreciation and amortization | 124,962 | 120,328 |
Other assets: | ||
Intangible assets | 2,669 | 3,308 |
Other assets | 3,557 | 3,907 |
Total assets | 274,347 | 259,881 |
Current liabilities: | ||
Current portion of long-term debt | 7,155 | 7,335 |
Current portion of deferred gain on sale-leaseback | 1,465 | 1,465 |
Accounts payable | 30,684 | 29,979 |
Accrued expenses and other current liabilities | 33,778 | 31,972 |
Borrowings under credit facility | 41,984 | 18,817 |
Total current liabilities | 115,066 | 89,568 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 19,003 | 26,171 |
Deferred rent and lease incentives | 30,934 | 28,850 |
Deferred gain on sale-leaseback, net of current portion | 13,189 | 14,654 |
Deferred tax liability | 196 | 91 |
Other long-term liabilities | 7,555 | 8,157 |
Total long-term liabilities | $ 70,877 | $ 77,923 |
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, 61,692,285 and 61,560,544 shares issued at January 30, 2016 and January 31, 2015, respectively | $ 617 | $ 616 |
Additional paid-in capital | 302,727 | 299,892 |
Treasury stock at cost, 10,877,439 shares at January 30, 2016 and January 31, 2015 | (87,977) | (87,977) |
Accumulated deficit | (120,311) | (111,903) |
Accumulated other comprehensive loss | (6,652) | (8,238) |
Total stockholders' equity | 88,404 | 92,390 |
Total liabilities and stockholders' equity | $ 274,347 | $ 259,881 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2016 | Jan. 31, 2015 |
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 | 61,692,285 | 61,560,544 |
Treasury stock, shares | 10,877,439 | 10,877,439 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |||
Income Statement [Abstract] | |||||
Sales | $ 442,221 | $ 414,020 | [1] | $ 386,495 | |
Cost of goods sold including occupancy costs | 238,382 | 224,006 | 210,139 | ||
Gross profit | 203,839 | 190,014 | [1] | 176,356 | |
Expenses: | |||||
Selling, general and administrative | 180,570 | 174,814 | 169,062 | ||
Depreciation and amortization | 28,359 | 24,002 | 20,841 | ||
Total expenses | 208,929 | 198,816 | 189,903 | ||
Operating loss | (5,090) | (8,802) | [1] | (13,547) | |
Interest expense, net | (3,058) | (2,132) | (1,046) | ||
Loss from continuing operations before provision for income taxes | (8,148) | (10,934) | [1] | (14,593) | |
Provision for income taxes | [2] | 260 | 243 | [1] | 45,661 |
Loss from continuing operations | (8,408) | (11,177) | [1] | (60,254) | |
Income (loss) from discontinued operations, net of taxes | (1,118) | [1] | 468 | ||
Net loss | $ (8,408) | $ (12,295) | [1] | $ (59,786) | |
Net loss per share - basic and diluted: | |||||
Loss from continuing operations | $ (0.17) | $ (0.23) | $ (1.24) | ||
Income (loss) from discontinued operations | 0 | (0.02) | 0.01 | ||
Net loss per share - basic and diluted | $ (0.17) | $ (0.25) | [1] | $ (1.23) | |
Weighted-average number of common shares outstanding: | |||||
Basic | 49,089 | 48,740 | 48,473 | ||
Diluted | 49,089 | 48,740 | 48,473 | ||
[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 were restated for discontinued operations. | ||||
[2] | There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (8,408) | $ (12,295) | [1] | $ (59,786) |
Other comprehensive income (loss) before taxes: | ||||
Foreign currency translation | (96) | (430) | (280) | |
Pension plan | 1,682 | (3,248) | 1,281 | |
Other comprehensive income (loss) before taxes | 1,586 | (3,678) | 1,001 | |
Other comprehensive income (loss), net of tax | 1,586 | (3,678) | 1,001 | |
Comprehensive loss | $ (6,822) | $ (15,973) | $ (58,785) | |
[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 were restated for discontinued operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance at Feb. 02, 2013 | $ 161,212 | $ 595 | $ 293,977 | $ (87,977) | $ (39,822) | $ (5,561) | |
Beginning 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 | (280) | (280) | |||||
Net loss | (59,786) | (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 | 61,473,000 | (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 | (430) | (430) | |||||
Net 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 | 61,561,000 | (10,877,000) | ||||
Stock compensation expense | $ 2,195 | 2,195 | |||||
Exercises under option program | 101 | 101 | |||||
Exercises under option program (in shares) | 22,000 | ||||||
Issuance of restricted stock, net of cancellations (in shares) | 25,000 | ||||||
Board of Directors compensation | 540 | $ 1 | 539 | ||||
Board of Directors compensation (in shares) | 84,000 | ||||||
Accumulated other comprehensive income (loss): | |||||||
Unrecognized gain (loss) associated with pension Plan | 1,682 | 1,682 | |||||
Foreign currency | (96) | (96) | |||||
Net loss | (8,408) | (8,408) | |||||
Ending Balance at Jan. 30, 2016 | $ 88,404 | $ 617 | $ 302,727 | $ (87,977) | $ (120,311) | $ (6,652) | |
Ending Balance (in shares) at Jan. 30, 2016 | 61,692,285 | 61,692,000 | (10,877,000) | ||||
[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 were restated for discontinued operations. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Cash flows from operating activities: | ||||
Net loss | $ (8,408) | $ (12,295) | [1] | $ (59,786) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Amortization of deferred gain on sale-leaseback | (1,465) | (1,466) | (1,465) | |
Amortization of deferred debt issuance costs | 279 | 192 | 136 | |
Depreciation and amortization | 28,359 | 24,002 | 20,841 | |
Deferred taxes, net of valuation allowance | 105 | 91 | 45,313 | |
Stock compensation expense | 2,195 | 2,996 | 1,893 | |
Issuance of common stock to Board of Directors | 540 | 273 | 256 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (1,102) | 4,728 | (3,340) | |
Inventories | (9,794) | (9,664) | (1,345) | |
Prepaid expenses and other current assets | 659 | (1,196) | 1,087 | |
Other assets | 350 | (667) | (1,216) | |
Accounts payable | 705 | (2,966) | 7,481 | |
Deferred rent and lease incentives | 2,084 | 6,015 | 11,273 | |
Accrued expenses and other liabilities | 3,883 | 3,762 | 3,770 | |
Net cash provided by operating activities | 18,390 | 13,805 | 24,898 | |
Cash flows from investing activities: | ||||
Additions to property and equipment, net | (33,447) | (40,927) | (54,125) | |
Net cash used for investing activities | (33,447) | (40,927) | (54,125) | |
Cash flows from financing activities: | ||||
Net borrowings under credit facility | 23,044 | 10,373 | 9,029 | |
Proceeds from the issuance of long-term debt | 23,912 | 17,523 | ||
Principal payments on long-term debt | (7,489) | (6,478) | (817) | |
Costs associated with debt issuances | (15) | (766) | (521) | |
Proceeds from the exercise of stock options | 101 | 123 | 395 | |
Net cash provided by financing activities | 15,641 | 27,164 | 25,609 | |
Net increase (decrease) in cash and cash equivalents | 584 | 42 | (3,618) | |
Cash and cash equivalents: | ||||
Beginning of period | 4,586 | 4,544 | 8,162 | |
End of period | $ 5,170 | $ 4,586 | $ 4,544 | |
[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 were restated for discontinued operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
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 with its subsidiaries 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 ® ® ® ® ® ® ® 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. Change in Accounting Principle The Company historically presented deferred debt issuance costs, or fees directly related to issuing debt, as assets on the consolidated balance sheets. In the first quarter of fiscal 2015, the Company elected early adoption of ASU 2015-03, “ Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs The reclassification did not impact net loss previously reported or any prior amounts reported on the Consolidated Statement of Operations. The following table presents the effect of the retrospective application of this change in accounting principle on the Company’s Consolidated Balance Sheet as of January 31, 2015: As Reported Effect of Change in After Change in Consolidated Balance Sheets (in thousands) January 31, Accounting Principle Accounting Principle ASSETS Current assets: Prepaid expenses and other current assets $ 9,190 $ (277 ) $ 8,913 Total current assets 132,615 (277 ) 132,338 Noncurrent assets: Other assets 4,849 (942 ) 3,907 Total assets 261,100 (1,219 ) 259,881 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 7,489 $ (154 ) $ 7,335 Borrowings under credit facility 19,402 (585 ) 18,817 Total current liabilities 90,307 (739 ) 89,568 Long-term liabilities: Long-term debt, net of current portion 26,651 (480 ) 26,171 Total long-term liabilities 78,403 (480 ) 77,923 Total liabilities and stockholders' equity 261,100 (1,219 ) 259,881 Reclassifications As a result of the Company’s adopting ASU 2015-03, the Company has reclassified $192,000 and $136,000 from “Change in Other Assets” to “Amortization of Deferred Debt Issuance Costs” in the Consolidated Statement of Cash Flows for fiscal 2014 and fiscal 2013, respectively. 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 2015, 2014 and 2013, which were 52-week periods, ended on January 30, 2016, January 31, 2015 and February 1, 2014, respectively. 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 rebates from certain vendors. For fiscal 2015, fiscal 2014 and fiscal 2013, the Company has not incurred any losses on its accounts receivable. Fair Value of Financial Instruments ASC Topic 825, Financial Instruments, ASC Topic 820, Fair Value Measurements and Disclosures 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 30, 2016 approximates the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. See Note C, “Debt Obligations ” 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 the relief from royalty method based on unobservable inputs and are classified within Level 3 of the valuation hierarchy. See Intangibles Retail stores that have indicators of impairment and fail the recoverability test (based on discounted cash flows) 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 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 Intangibles Goodwill and Other” 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 2015, the “Rochester” trademark was tested for potential impairment, utilizing the relief from royalty method to determine the estimated fair value. The Company concluded that the “Rochester” trademark, with a carrying value of $1.5 million at January 30, 2016, 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 as well as the Rochester brands that are sold in our DXL stores 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. 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 January 31, 2015 to January 30, 2016: (in thousands) January 31, 2015 Additions Impairment Amortization January 30, 2016 "Rochester" trademark $ 1,500 $ — $ — $ — $ 1,500 "Casual Male" trademark (1) 1,479 — — (539 ) 940 Other intangibles 329 — — (100 ) 229 Total intangible assets $ 3,308 $ — $ — $ (639 ) $ 2,669 (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 30, 2016, customer lists have a remaining life of 2.3 years. The gross carrying amount and accumulated amortization of the customer lists and “Casual Male” trademark, subject to amortization, were $7.7 million and $6.5 million, respectively, at January 30, 2016 and $7.7 million and $5.9 million, respectively, at January 31, 2015. Amortization expense for fiscal 2015, 2014 and 2013 was $0.6 million, $1.1 million and $1.9 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) 2016 $ 441 2017 $ 407 2018 $ 321 2019 — 2020 — 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, if any, 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 30, 2016 and January 31, 2015. Advertising expense, which is included in selling, general and administrative expenses, was $23.6 million, $26.0 million and $27.1 million for fiscal 2015, 2014 and 2013, 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. Sales tax collected from customers is excluded from revenue and is included as part of accrued expenses on the Company’s Consolidated Balance Sheets. Accumulated Other Comprehensive Income (Loss) – (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income and reclassifications from AOCI for fiscal 2015, fiscal 2014 and fiscal 2013 are as follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of fiscal year $ (7,795 ) $ (443 ) $ (8,238 ) $ (4,547 ) $ (13 ) $ (4,560 ) $ (5,828 ) $ 267 $ (5,561 ) Other comprehensive income (loss) before reclassifications, net of taxes 1,035 (96 ) 939 (3,506 ) (184 ) (3,690 ) 887 (280 ) 607 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1) 647 — 647 258 (246 ) 12 394 — 394 Other comprehensive income (loss) for the period 1,682 (96 ) 1,586 (3,248 ) (430 ) (3,678 ) 1,281 (280 ) 1,001 Balance at end of fiscal year $ (6,113 ) $ (539 ) $ (6,652 ) $ (7,795 ) $ (443 ) $ (8,238 ) $ (4,547 ) $ (13 ) $ (4,560 ) (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 $647,000, $258,000 and $394,000 for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. There was no corresponding tax benefit. 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 30, 2016, 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, Including Occupancy Costs, 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 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 tax authorities. Net 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 January 30, 2016 January 31, 2015 February 1, 2014 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 49,089 48,740 48,473 Common stock equivalents – stock options and restricted stock (1) — — — Diluted weighted average common shares outstanding 49,089 48,740 48,473 (1) Common stock equivalents of 582,591 shares, 497,820 shares and 443,410 shares for January 30, 2016, 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 FISCAL YEARS ENDED January 30, 2016 January 31, 2015 February 1, 2014 (in thousands, except exercise prices) Stock options (time-vested) 1,244 1,545 2,088 Restricted stock (time-vested) 22 — — Range of exercise prices of such options $4.96-$7.52 $4.96-$7.52 $4.96-$10.26 Excluded from the Company’s computation of basic and diluted earnings per share for fiscal 2015 were 941,082 shares of unvested performance-based restricted stock and 1,181,168 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, 379,061 shares of unvested time-based restricted stock and 31,587 shares of deferred stock are excluded from the computation of basic earnings per share until such shares vest. See Note F, “ Long-Term Incentive Plans 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 1,320,143 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 31,587 shares are not considered issued and outstanding until the vesting date of the deferral period. Stock-based Compensation ASC Topic 718, Compensation – Stock Compensation The Company recognized total compensation expense, with no tax effect, of $2.2 million, $3.0 million and $1.9 million for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. The total compensation cost related to time-vested stock options and time-based restricted stock awards not yet recognized as of January 30, 2016 is approximately $0.9 million which will be expensed over a weighted average remaining life of approximately 14 months. At January 30, 2016, the Company had $7.2 million of unrecognized compensation expense related to its performance-based stock options and restricted stock under its 2013-2016 Long-Term Incentive Plan. As discussed below in Note F, “ Long-Term Incentive Plans The total grant-date fair value of options vested was $1.0 million, $1.2 million and $0.1 million for fiscal 2015, 2014 and 2013, 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 2015, 2014 and 2013: Fiscal years ended: January 30, 2016 January 31, 2015 February 1, 2014 Expected volatility 37%-39% 46.0 % 52.0 % Risk-free interest rate 0.75%-1.25% 0.79%-0.95% 0.34%-0.79% Expected life (in years) 1.8-4.0 2.6-3.5 3.0-4.1 Dividend rate — — — Weighted average fair value of options granted $ 1.44 $ 1.71 $ 2.07 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 material impairment of assets in fiscal 2015. 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, was $1.8 million and $1.4 million at January 30, 2016 and January 31, 2015, respectively. Recent Adopted Accounting Pronouncements As discussed above under “Change in Accounting Principle”, in the first quarter of fiscal 2015, the Company elected early adoption of ASU 2015-03, which simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as deduction from the corresponding liability, consistent with debt discounts. The Company applied the new guidance retrospectively to all prior periods presented in the financial statements. In November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The Company has early adopted this standard and has applied the requirements retrospectively to all periods presented. The adoption of this standard had no impact to the Consolidated Financial Statements for fiscal 2015, fiscal 2014 and fiscal 2013. 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 May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers Revenue Recognition Other Assets and Deferred Costs - Capitalized Advertising Costs Revenue from Contracts with Customers (Topic 606), 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”. In January 2015, the FASB issued ASU 2015-01, “ Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)”. In May 2015, the FASB issued ASU 2015-05, “ Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 330): Simplifying the Measurement of Inventory, In September 2015, the FASB issued ASU 2015-16, “ Business Combinations (Topic 805) In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) In the financial statements in which the ASU is first applied, leases shall be measured and recognized at the beginning of the earliest comparative period presented with an adjustment to equity. Practical expedients are available for election as a package and if applied consistently to all leases. The Company is currently evaluating the impact the pronouncement will have its Consolidated Financial Statements and related disclosures. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 30, 2016 | |
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) January 30, 2016 January 31, 2015 Furniture and fixtures $ 67,683 $ 63,743 Equipment 18,495 16,419 Leasehold improvements 94,767 81,839 Hardware and software 70,393 62,925 Construction in progress 10,516 11,376 261,854 236,302 Less: accumulated depreciation 136,892 115,974 Total property and equipment $ 124,962 $ 120,328 Depreciation expense related to continuing operations for fiscal 2015, 2014 and 2013 was $27.7 million, $22.9 million and $19.0 million, respectively. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Jan. 30, 2016 | |
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 letters of credit 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 30, 2016, the Company had outstanding borrowings under the Credit Facility of $42.4 million, before unamortized debt issuance costs of $0.4 million. Outstanding standby letters of credit were $2.5 million and documentary letters of credit were $0.7 million. Unused excess availability at January 30, 2016 was $66.0 million. Average monthly borrowings outstanding under the Credit Facility during fiscal 2015 were $42.6 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 (defined in the Credit Facility as the lesser of the revolving credit commitments at such time or the borrowing base at the relevant measurement time) and (ii) $7.5 million, 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. 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 30, 2016, the Company’s prime-based interest rate was 4.0%. At January 30, 2016, the Company had approximately $35.0 million of its outstanding borrowings in LIBOR-based contracts with an interest rate of approximately 1.92%. The LIBOR-based contracts expired February 7, 2016 and February 17, 2016. 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 30, 2016 approximated the carrying value. Long-Term Debt Components of long-term debt are as follows: (in thousands) January 30, 2016 January 31, 2015 Equipment financing notes $ 12,901 $ 19,390 Term loan, due 2019 13,750 14,750 Less: unamortized debt issuance costs (1) (493 ) (634 ) Total long-term debt 26,158 33,506 Less: current portion of long-term debt 7,155 7,335 Long-term debt, net of current portion $ 19,003 $ 26,171 (1) Includes the reclassification of debt issuance costs of $0.1 million from “Prepaid expenses and other current assets” and $0.5 million from “Other assets” at January 31, 2015 as a result of the Company adopting ASU 2015-03, see Note A . 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. 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 2016 $ 7,312 Fiscal 2017 7,088 Fiscal 2018 1,501 Fiscal 2019 10,750 Fiscal 2020 — The Company paid interest and fees totaling $2.8 million, $2.7 million and $1.4 million for fiscal 2015, 2014 and 2013, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | D. INCOME TAXES The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes 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 2015 and the Company’s forecast for fiscal 2016, 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 2035, is dependent on generating sufficient taxable income in the near term. As of January 30, 2016, the Company had net operating loss carryforwards of $141.2 million for federal income tax purposes and $78.1 million for state income tax purposes that are available to offset future taxable income through fiscal year 2035. 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 $2.3 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 $13.1 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 30, 2016 and January 31, 2015 are as follows (in thousands): January 30, 2016 January 31, 2015 Deferred tax assets: Net operating loss carryforward $ 50,199 $ 46,048 Gain on sale-leaseback 5,744 6,319 Accrued Expenses and other 5,667 5,035 Lease accruals 4,732 5,257 Goodwill and intangibles 3,694 5,768 Unrecognized loss on pension and pension expense 3,379 3,840 Capital loss carryforward 3,021 3,021 Inventory reserves 2,561 2,602 Alternative minimum tax credit carryforward 2,292 2,292 Foreign tax credit carryforward 963 907 Federal wage tax credit carryforward 521 361 Unrecognized loss on foreign exchange 234 196 State tax credits 102 95 Excess of tax over book depreciation/amortization (19,977 ) (21,170 ) Subtotal $ 63,132 $ 60,571 Valuation allowance (1) (63,132 ) (60,571 ) Net deferred tax assets $ — $ — Deferred tax liabilities: Goodwill and intangibles $ (196 ) $ (91 ) Deferred tax liabilities $ (196 ) $ (91 ) (1) For fiscal 2015, the Company had total deferred tax assets of $83.1 million, total deferred tax liabilities of $20.2 million and a valuation allowance of $63.1 million. The provision for income taxes from continuing operations consists of the following: FISCAL YEARS ENDED January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Current: Federal and state $ 104 $ 97 $ 77 Foreign 51 55 66 155 152 143 Deferred: Federal and state 94 91 45,518 Foreign 11 — — 105 91 45,518 Total provision (2) $ 260 $ 243 $ 45,661 (2) There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013. 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 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Federal income tax at the statutory rate $ (2,852 ) $ (3,827 ) $ (5,108 ) State income and other taxes, net of federal tax benefit (177 ) (72 ) (810 ) Permanent items 137 141 171 Change in uncertain tax provisions — — — Charge for valuation allowance 3,200 4,034 52,463 Other, net (48 ) (33 ) (1,055 ) Provision for income tax from continuing operations $ 260 $ 243 $ 45,661 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 30, 2016 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 net operating losses (“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 30, 2016, the Company had no material unrecognized tax benefits based on the provisions of ASC 740. The Company made tax payments of $0.1 million, $0.1 million and $0.2 million for fiscal 2015, 2014 and 2013, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | E. COMMITMENTS AND CONTINGENCIES At January 30, 2016, 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 2016 $ 55.1 Fiscal 2017 46.1 Fiscal 2018 41.0 Fiscal 2019 37.1 Fiscal 2020 33.9 Thereafter 110.1 $ 323.3 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 $62.0 million, $56.8 million and $57.8 million for fiscal 2015, fiscal 2014 and fiscal 2013, 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 $5.2 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. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Incentive Plans | F. LONG-TERM INCENTIVE PLANS 2013-2016 Long-Term Incentive 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% having vested 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. Although the performance targets were not met at the end of fiscal 2015, 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 30, 2016, would be approximately $19.6 million. Approximately $9.8 million of the $19.6 million relates to the time-vested awards, which is being expensed over forty-four months, based on the respective vesting dates. The remaining $9.8 million of compensation expense is for performance awards and because the performance targets were not deemed probable at January 30, 2016, no compensation expense for the performance-based awards has been recognized through fiscal 2015. 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 $8.8 million. During the fourth quarter of fiscal 2015, the Company accrued approximately $1.4 million in compensation expense related to the potential payout of performance awards under the Wrap-Around Plan. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation Plans | G. STOCK COMPENSATION PLANS 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 2015: Number of Shares Weighted-average exercise price per option Weighted-average remaining contractual term Aggregate intrinsic value Stock Options Outstanding options at beginning of year 2,747,802 $ 4.97 Options granted 63,242 $ 5.84 Options canceled (60,287 ) $ 5.04 Options exercised (22,136 ) $ 4.59 Outstanding options at end of year 2,728,621 $ 5.00 7.0 years $ 123,181 Options exercisable at end of year 1,040,220 $ 4.88 6.3 years $ 103,513 Vested and expected to vest at end of year 1,547,453 $ 4.94 6.7 years $ 123,181 The intrinsic value of options exercised was immaterial in fiscal 2015 and fiscal 2014. Non-Vested Share Activity The following table summarizes activity for non-vested shares under the 2006 Plan for fiscal 2015: Restricted shares Deferred shares (1) Fully-vested shares (2) Total number of shares Weighted-average grant-date fair value (3) Shares Outstanding non-vested shares at beginning of year 1,685,290 11,238 — 1,696,528 $ 5.09 Shares granted 25,192 20,349 59,466 105,007 $ 5.19 Shares vested/issued (390,339 ) — (59,466 ) (449,805 ) $ 5.10 Shares canceled — — — — — Outstanding non-vested shares at end of year 1,320,143 31,587 — 1,351,730 $ 5.09 Vested and expected to vest at end of year 377,813 31,587 — 409,400 $ 5.10 (1) During fiscal 2015, the Company granted 20,349 shares of deferred stock, with a fair of approximately $104,889, to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock vest three years from the date of grant or at separation of service, based on the irrevocable election of each director. (2) During fiscal 2015, the Company granted 59,466 shares of stock, with a fair value of approximately $306,669 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2015, directors are required to elect 50% of their quarterly retainer in equity. All shares paid to directors to satisfy this election are issued from the Company’s 2006 Plan. Any shares in excess of the minimum required election are issued from the Company’s Non-Employee Director Stock Purchase Plan. (3) The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price on the date of grant. Approximately $5.3 million of the total unrecognized stock compensation cost of $8.0 million is related to restricted shares unvested at January 30, 2016. Approximately $4.8 million of the $5.3 million of unrecognized stock compensation is tied to performance-based awards, which were not deemed probable at January 30, 2016. The remaining $0.5 million of unrecognized stock compensation is tied to time-based awards and is expected to be recognized over a weighted-average period of 12 months. Share Availability Under the 2006 Plan At January 30, 2016, the Company has 1,014,685 shares available for future grant under the 2006 Plan. Of this amount, 910,279 shares remain available for awards other than options and stock appreciation rights. The 2006 Plan will expire July 31, 2016. 1992 Plan—Stock Option Activity At January 30, 2016, no grants remain outstanding under the Company’s 1992 Stock Incentive Plan (as amended, the “1992 Plan”). The following table summarizes the final stock option activity under the 1992 Plan for fiscal 2015: Number of Shares Weighted-average exercise price per option Stock Options Outstanding options at beginning of year 217,500 $ 7.01 Options granted — — Options expired (216,500 ) $ 7.01 Options canceled (1,000 ) $ 7.38 Options exercised — — Outstanding options at end of year — $ — 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, most recently amended January 28, 2016. 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 2015, fiscal 2014 and fiscal 2013: Number of shares of common issued Fair value of common stock issued Fiscal 2015 24,947 $ 127,734 Fiscal 2014 40,910 $ 213,749 Fiscal 2013 43,541 $ 255,884 |
Related Parties
Related Parties | 12 Months Ended |
Jan. 30, 2016 | |
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 8.8% of the outstanding common stock of the Company at January 30, 2016. 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 Fourth 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. Accordingly, the current expiration date of the agreement is August 7, 2017. 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, served as the Company’s interim Chief Financial Officer from February 2, 2014 through May 31, 2014. Pursuant to an employment agreement, Mr. Kyees received 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. 30, 2016 | |
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 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 income (loss). 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 2016 is $852,000. 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 30, 2016 and January 31, 2015: January 30, 2016 January 31, 2015 in thousands Change in benefit obligation: Balance at beginning of period $ 18,927 $ 15,685 Benefits and expenses paid (668 ) (623 ) Interest costs 634 669 Settlements (21 ) (226 ) Actuarial (gain) loss (2,027 ) 3,422 Balance at end of year $ 16,845 $ 18,927 Change in fair value of plan assets Balance at beginning of period $ 12,945 $ 12,625 Actual return on plan assets (433 ) 701 Employer contributions 146 468 Settlements (21 ) (226 ) Benefits and expenses paid (668 ) (623 ) Balance at end of period $ 11,969 $ 12,945 Reconciliation of Funded Status Projected benefit obligation $ 16,845 $ 18,927 Fair value of plan assets 11,969 12,945 Unfunded Status $ (4,876 ) $ (5,982 ) Balance Sheet Classification Other long-term liabilities $ 4,876 $ 5,982 Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended January 30, 2016, January 31, 2015 and February 1, 2014 include the following components: January 30, 2016 January 31, 2015 February 1, 2014 Net pension cost: (in thousands) Interest cost on projected benefit obligation $ 634 $ 669 $ 651 Expected return on plan assets (1,013 ) (1,002 ) (937 ) Amortization of unrecognized loss 1,026 591 680 Net pension cost $ 647 $ 258 $ 394 Other changes recognized in other comprehensive loss, before taxes Unrecognized losses at the beginning of the year $ 9,746 $ 6,614 $ 7,868 Net periodic pension cost (647 ) (258 ) (394 ) Employer contribution 146 468 421 Change in plan assets and benefit obligations (1,106 ) 2,922 (1,281 ) Unrecognized losses at the end of year $ 8,139 $ 9,746 $ 6,614 There is no expected contribution for fiscal 2016. Assumptions used to determine the benefit obligations as of January 30, 2016 and January 31, 2015 include a discount rate of 4.16% for fiscal 2015 and 3.42% for fiscal 2014. Assumptions used to determine the net periodic benefit cost for the years ended January 30, 2016, January 31, 2015 and February 1, 2014 included a discount rate of 4.16% for fiscal 2015, 3.42% for fiscal 2014 and 4.43% for fiscal 2013. The expected long-term rate of return for plan assets was assumed to be 8.00% for both fiscal 2015 and fiscal 2014. 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) 2016 $ 740 2017 797 2018 837 2019 878 2020 964 2021-2025 5,216 $ 9,432 Plan Assets The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2015 and fiscal 2014, by asset category, are as follows: Fair Value Measurement January 30, 2016 January 31, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level Total Quoted Prices in Active Markets for Identical Assets (Level Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level Total Asset category: Common Stock $ 6,537 $ — $ — $ 6,537 $ 7,103 $ — $ — $ 7,103 Mutual Funds: U.S. Equity 407 — — 407 472 — — 472 International Equity 1,596 — — 1,596 1,808 — — 1,808 Bond 2,914 — — 2,914 2,474 — — 2,474 Cash 515 — — 515 1,088 — — 1,088 Total $ 11,969 $ — $ — $ 11,969 $ 12,945 $ — $ — $ 12,945 The Company’s target asset allocation for fiscal 2016 and its asset allocation at January 30, 2016 and January 31, 2015 were as follows, by asset category: Target Allocation Percentage of plan assets at Fiscal 2016 January 30, 2016 January 31, 2015 Asset category: Equity securities 73.0 % 71.4 % 72.5 % Debt securities 24.0 % 24.3 % 19.1 % Cash 3.0 % 4.3 % 8.4 % Total 100.0 % 100.0 % 100.0 % 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 30, 2016 and January 31, 2015: January 30, 2016 January 31, 2015 in thousands Change in benefit obligation: Balance at beginning of period $ 745 $ 629 Benefits and expenses paid (30 ) (30 ) Interest costs 25 27 Actuarial (gain) loss (70 ) 119 Balance at end of year $ 670 $ 745 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 $ 670 $ 745 Reconciliation of Funded Status Projected benefit obligation $ 670 $ 745 Fair value of plan assets — — Unfunded Status $ (670 ) $ (745 ) Balance Sheet Classification Other long-term liabilities $ 670 $ 745 Other changes recognized in other comprehensive loss, before taxes ( in thousands ): January 30, 2016 January 31, 2015 February 1, 2014 Other changes recognized in other comprehensive loss, before taxes: in thousands Unrecognized losses at the beginning of the year $ 256 $ 142 $ 171 Net periodic pension cost (34 ) (31 ) (30 ) Employer contribution 30 30 30 Change in benefit obligations (74 ) 115 (29 ) Unrecognized losses at the end of year $ 178 $ 256 $ 142 Assumptions used to determine the benefit obligations as of January 30, 2016 and January 31, 2015 included a discount rate of 4.16% for fiscal 2015 and 3.42% for fiscal 2014. Assumptions used to determine the net periodic benefit cost for the years ended January 30, 2016, January 31, 2015 and February 1, 2014 included a discount rate of 4.16% for fiscal 2015, 3.42% for fiscal 2014 and 4.43% for fiscal 2013. Defined Contribution Plan The Company has one defined contribution plan, the Destination XL Group, Inc. 401(k) Savings Plan (the “401(k) Plan”). Under the 401(k) Plan, the Company offers 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 $2.0 million, $1.6 million and $1.5 million of expense under this plan in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 30, 2016 | |
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. 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. The following are the results of operations for fiscal 2014 and fiscal 2013. There were no results of operations for this discontinued business in fiscal 2015. For the fiscal year ended: January 31, 2015 February 1, 2014 (in thousands) Sales $ (450 ) $ 3,227 Gross margin (998 ) 1,296 Selling, general and administrative expenses (120 ) (828 ) Depreciation and amortization — — Provision (benefit) from income taxes — — Income (loss) from discontinued operations $ (1,118 ) $ 468 |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Jan. 30, 2016 | |
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 2015 Sales $ 104,405 $ 114,147 $ 99,625 $ 124,044 $ 442,221 Gross profit 48,239 53,883 44,864 56,853 203,839 Operating income (loss) 248 (166 ) (4,626 ) (546 ) (5,090 ) Income (loss) before taxes (513 ) (912 ) (5,409 ) (1,314 ) (8,148 ) Income tax provision 61 67 63 69 260 Net loss $ (574 ) $ (979 ) $ (5,472 ) $ (1,383 ) $ (8,408 ) Earnings (loss) per share – basic and diluted $ (0.01 ) $ (0.02 ) $ (0.11 ) $ (0.03 ) $ (0.17 ) FISCAL YEAR 2014 (1) Sales $ 96,659 $ 104,162 $ 93,640 $ 119,559 $ 414,020 Gross profit 43,938 48,237 40,572 57,267 190,014 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 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 (loss) per share – basic and diluted $ (0.07 ) $ (0.08 ) $ (0.13 ) $ 0.03 $ (0.25 ) ( 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 were restated for discontinued operations. 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 Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Destination XL Group, Inc. (formerly known as Casual Male Retail Group, Inc. and collectively with its subsidiaries 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 ® ® ® ® ® ® ® |
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. |
Change in Accounting Principle | Change in Accounting Principle The Company historically presented deferred debt issuance costs, or fees directly related to issuing debt, as assets on the consolidated balance sheets. In the first quarter of fiscal 2015, the Company elected early adoption of ASU 2015-03, “ Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs The reclassification did not impact net loss previously reported or any prior amounts reported on the Consolidated Statement of Operations. The following table presents the effect of the retrospective application of this change in accounting principle on the Company’s Consolidated Balance Sheet as of January 31, 2015: As Reported Effect of Change in After Change in Consolidated Balance Sheets (in thousands) January 31, Accounting Principle Accounting Principle ASSETS Current assets: Prepaid expenses and other current assets $ 9,190 $ (277 ) $ 8,913 Total current assets 132,615 (277 ) 132,338 Noncurrent assets: Other assets 4,849 (942 ) 3,907 Total assets 261,100 (1,219 ) 259,881 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 7,489 $ (154 ) $ 7,335 Borrowings under credit facility 19,402 (585 ) 18,817 Total current liabilities 90,307 (739 ) 89,568 Long-term liabilities: Long-term debt, net of current portion 26,651 (480 ) 26,171 Total long-term liabilities 78,403 (480 ) 77,923 Total liabilities and stockholders' equity 261,100 (1,219 ) 259,881 |
Reclassifications | Reclassifications As a result of the Company’s adopting ASU 2015-03, the Company has reclassified $192,000 and $136,000 from “Change in Other Assets” to “Amortization of Deferred Debt Issuance Costs” in the Consolidated Statement of Cash Flows for fiscal 2014 and fiscal 2013, respectively. |
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 2015, 2014 and 2013, which were 52-week periods, ended on January 30, 2016, January 31, 2015 and February 1, 2014, respectively. |
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 rebates from certain vendors. For fiscal 2015, fiscal 2014 and fiscal 2013, 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, ASC Topic 820, Fair Value Measurements and Disclosures 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 30, 2016 approximates the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. See Note C, “Debt Obligations ” 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 the relief from royalty method based on unobservable inputs and are classified within Level 3 of the valuation hierarchy. See Intangibles Retail stores that have indicators of impairment and fail the recoverability test (based on discounted cash flows) 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 |
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 Intangibles Goodwill and Other” 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 2015, the “Rochester” trademark was tested for potential impairment, utilizing the relief from royalty method to determine the estimated fair value. The Company concluded that the “Rochester” trademark, with a carrying value of $1.5 million at January 30, 2016, 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 as well as the Rochester brands that are sold in our DXL stores 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. 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 January 31, 2015 to January 30, 2016: (in thousands) January 31, 2015 Additions Impairment Amortization January 30, 2016 "Rochester" trademark $ 1,500 $ — $ — $ — $ 1,500 "Casual Male" trademark (1) 1,479 — — (539 ) 940 Other intangibles 329 — — (100 ) 229 Total intangible assets $ 3,308 $ — $ — $ (639 ) $ 2,669 (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 30, 2016, customer lists have a remaining life of 2.3 years. The gross carrying amount and accumulated amortization of the customer lists and “Casual Male” trademark, subject to amortization, were $7.7 million and $6.5 million, respectively, at January 30, 2016 and $7.7 million and $5.9 million, respectively, at January 31, 2015. Amortization expense for fiscal 2015, 2014 and 2013 was $0.6 million, $1.1 million and $1.9 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) 2016 $ 441 2017 $ 407 2018 $ 321 2019 — 2020 — |
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, if any, 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 30, 2016 and January 31, 2015. Advertising expense, which is included in selling, general and administrative expenses, was $23.6 million, $26.0 million and $27.1 million for fiscal 2015, 2014 and 2013, 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. Sales tax collected from customers is excluded from revenue and is included as part of accrued expenses on the Company’s Consolidated Balance Sheets. |
Accumulated Other Comprehensive Income (Loss) - ("AOCI") | Accumulated Other Comprehensive Income (Loss) – (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income and reclassifications from AOCI for fiscal 2015, fiscal 2014 and fiscal 2013 are as follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of fiscal year $ (7,795 ) $ (443 ) $ (8,238 ) $ (4,547 ) $ (13 ) $ (4,560 ) $ (5,828 ) $ 267 $ (5,561 ) Other comprehensive income (loss) before reclassifications, net of taxes 1,035 (96 ) 939 (3,506 ) (184 ) (3,690 ) 887 (280 ) 607 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1) 647 — 647 258 (246 ) 12 394 — 394 Other comprehensive income (loss) for the period 1,682 (96 ) 1,586 (3,248 ) (430 ) (3,678 ) 1,281 (280 ) 1,001 Balance at end of fiscal year $ (6,113 ) $ (539 ) $ (6,652 ) $ (7,795 ) $ (443 ) $ (8,238 ) $ (4,547 ) $ (13 ) $ (4,560 ) (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 $647,000, $258,000 and $394,000 for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. There was no corresponding tax benefit. 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 30, 2016, 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, Including Occupancy Costs, 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 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 tax authorities. |
Net Loss Per Share | Net 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 January 30, 2016 January 31, 2015 February 1, 2014 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 49,089 48,740 48,473 Common stock equivalents – stock options and restricted stock (1) — — — Diluted weighted average common shares outstanding 49,089 48,740 48,473 (1) Common stock equivalents of 582,591 shares, 497,820 shares and 443,410 shares for January 30, 2016, 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 FISCAL YEARS ENDED January 30, 2016 January 31, 2015 February 1, 2014 (in thousands, except exercise prices) Stock options (time-vested) 1,244 1,545 2,088 Restricted stock (time-vested) 22 — — Range of exercise prices of such options $4.96-$7.52 $4.96-$7.52 $4.96-$10.26 Excluded from the Company’s computation of basic and diluted earnings per share for fiscal 2015 were 941,082 shares of unvested performance-based restricted stock and 1,181,168 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, 379,061 shares of unvested time-based restricted stock and 31,587 shares of deferred stock are excluded from the computation of basic earnings per share until such shares vest. See Note F, “ Long-Term Incentive Plans 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 1,320,143 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 31,587 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 The Company recognized total compensation expense, with no tax effect, of $2.2 million, $3.0 million and $1.9 million for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. The total compensation cost related to time-vested stock options and time-based restricted stock awards not yet recognized as of January 30, 2016 is approximately $0.9 million which will be expensed over a weighted average remaining life of approximately 14 months. At January 30, 2016, the Company had $7.2 million of unrecognized compensation expense related to its performance-based stock options and restricted stock under its 2013-2016 Long-Term Incentive Plan. As discussed below in Note F, “ Long-Term Incentive Plans The total grant-date fair value of options vested was $1.0 million, $1.2 million and $0.1 million for fiscal 2015, 2014 and 2013, 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 2015, 2014 and 2013: Fiscal years ended: January 30, 2016 January 31, 2015 February 1, 2014 Expected volatility 37%-39% 46.0 % 52.0 % Risk-free interest rate 0.75%-1.25% 0.79%-0.95% 0.34%-0.79% Expected life (in years) 1.8-4.0 2.6-3.5 3.0-4.1 Dividend rate — — — Weighted average fair value of options granted $ 1.44 $ 1.71 $ 2.07 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 material impairment of assets in fiscal 2015. |
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, was $1.8 million and $1.4 million at January 30, 2016 and January 31, 2015, respectively. |
Recent Adopted Accounting Pronouncements | Recent Adopted Accounting Pronouncements As discussed above under “Change in Accounting Principle”, in the first quarter of fiscal 2015, the Company elected early adoption of ASU 2015-03, which simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as deduction from the corresponding liability, consistent with debt discounts. The Company applied the new guidance retrospectively to all prior periods presented in the financial statements. In November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The Company has early adopted this standard and has applied the requirements retrospectively to all periods presented. The adoption of this standard had no impact to the Consolidated Financial Statements for fiscal 2015, fiscal 2014 and fiscal 2013. 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 May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers Revenue Recognition Other Assets and Deferred Costs - Capitalized Advertising Costs Revenue from Contracts with Customers (Topic 606), 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”. In January 2015, the FASB issued ASU 2015-01, “ Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)”. In May 2015, the FASB issued ASU 2015-05, “ Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 330): Simplifying the Measurement of Inventory, In September 2015, the FASB issued ASU 2015-16, “ Business Combinations (Topic 805) In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) In the financial statements in which the ASU is first applied, leases shall be measured and recognized at the beginning of the earliest comparative period presented with an adjustment to equity. Practical expedients are available for election as a package and if applied consistently to all leases. The Company is currently evaluating the impact the pronouncement will have its Consolidated Financial Statements and related disclosures. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Effect of Retrospective Application of Change in Accounting Principle on Company's Consolidated Balance Sheet | The reclassification did not impact net loss previously reported or any prior amounts reported on the Consolidated Statement of Operations. The following table presents the effect of the retrospective application of this change in accounting principle on the Company’s Consolidated Balance Sheet as of January 31, 2015: As Reported Effect of Change in After Change in Consolidated Balance Sheets (in thousands) January 31, Accounting Principle Accounting Principle ASSETS Current assets: Prepaid expenses and other current assets $ 9,190 $ (277 ) $ 8,913 Total current assets 132,615 (277 ) 132,338 Noncurrent assets: Other assets 4,849 (942 ) 3,907 Total assets 261,100 (1,219 ) 259,881 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 7,489 $ (154 ) $ 7,335 Borrowings under credit facility 19,402 (585 ) 18,817 Total current liabilities 90,307 (739 ) 89,568 Long-term liabilities: Long-term debt, net of current portion 26,651 (480 ) 26,171 Total long-term liabilities 78,403 (480 ) 77,923 Total liabilities and stockholders' equity 261,100 (1,219 ) 259,881 |
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 January 31, 2015 to January 30, 2016: (in thousands) January 31, 2015 Additions Impairment Amortization January 30, 2016 "Rochester" trademark $ 1,500 $ — $ — $ — $ 1,500 "Casual Male" trademark (1) 1,479 — — (539 ) 940 Other intangibles 329 — — (100 ) 229 Total intangible assets $ 3,308 $ — $ — $ (639 ) $ 2,669 (1) 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) 2016 $ 441 2017 $ 407 2018 $ 321 2019 — 2020 — |
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 (Loss). Other comprehensive income and reclassifications from AOCI for fiscal 2015, fiscal 2014 and fiscal 2013 are as follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of fiscal year $ (7,795 ) $ (443 ) $ (8,238 ) $ (4,547 ) $ (13 ) $ (4,560 ) $ (5,828 ) $ 267 $ (5,561 ) Other comprehensive income (loss) before reclassifications, net of taxes 1,035 (96 ) 939 (3,506 ) (184 ) (3,690 ) 887 (280 ) 607 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1) 647 — 647 258 (246 ) 12 394 — 394 Other comprehensive income (loss) for the period 1,682 (96 ) 1,586 (3,248 ) (430 ) (3,678 ) 1,281 (280 ) 1,001 Balance at end of fiscal year $ (6,113 ) $ (539 ) $ (6,652 ) $ (7,795 ) $ (443 ) $ (8,238 ) $ (4,547 ) $ (13 ) $ (4,560 ) (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 $647,000, $258,000 and $394,000 for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. There was no corresponding tax benefit. 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 January 30, 2016 January 31, 2015 February 1, 2014 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 49,089 48,740 48,473 Common stock equivalents – stock options and restricted stock (1) — — — Diluted weighted average common shares outstanding 49,089 48,740 48,473 (1) Common stock equivalents of 582,591 shares, 497,820 shares and 443,410 shares for January 30, 2016, 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 FISCAL YEARS ENDED January 30, 2016 January 31, 2015 February 1, 2014 (in thousands, except exercise prices) Stock options (time-vested) 1,244 1,545 2,088 Restricted stock (time-vested) 22 — — Range of exercise prices of such options $4.96-$7.52 $4.96-$7.52 $4.96-$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 2015, 2014 and 2013: Fiscal years ended: January 30, 2016 January 31, 2015 February 1, 2014 Expected volatility 37%-39% 46.0 % 52.0 % Risk-free interest rate 0.75%-1.25% 0.79%-0.95% 0.34%-0.79% Expected life (in years) 1.8-4.0 2.6-3.5 3.0-4.1 Dividend rate — — — Weighted average fair value of options granted $ 1.44 $ 1.71 $ 2.07 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at the dates indicated: (in thousands) January 30, 2016 January 31, 2015 Furniture and fixtures $ 67,683 $ 63,743 Equipment 18,495 16,419 Leasehold improvements 94,767 81,839 Hardware and software 70,393 62,925 Construction in progress 10,516 11,376 261,854 236,302 Less: accumulated depreciation 136,892 115,974 Total property and equipment $ 124,962 $ 120,328 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long Term Debt | Components of long-term debt are as follows: (in thousands) January 30, 2016 January 31, 2015 Equipment financing notes $ 12,901 $ 19,390 Term loan, due 2019 13,750 14,750 Less: unamortized debt issuance costs (1) (493 ) (634 ) Total long-term debt 26,158 33,506 Less: current portion of long-term debt 7,155 7,335 Long-term debt, net of current portion $ 19,003 $ 26,171 (1) Includes the reclassification of debt issuance costs of $0.1 million from “Prepaid expenses and other current assets” and $0.5 million from “Other assets” at January 31, 2015 as a result of the Company adopting ASU 2015-03, see Note A . |
Annual Maturities of Long Term Debt | Annual maturities of long-term debt for the next five fiscal years are as follows: (in thousands) Fiscal 2016 $ 7,312 Fiscal 2017 7,088 Fiscal 2018 1,501 Fiscal 2019 10,750 Fiscal 2020 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Tax Assets | The components of the net deferred tax assets as of January 30, 2016 and January 31, 2015 are as follows (in thousands): January 30, 2016 January 31, 2015 Deferred tax assets: Net operating loss carryforward $ 50,199 $ 46,048 Gain on sale-leaseback 5,744 6,319 Accrued Expenses and other 5,667 5,035 Lease accruals 4,732 5,257 Goodwill and intangibles 3,694 5,768 Unrecognized loss on pension and pension expense 3,379 3,840 Capital loss carryforward 3,021 3,021 Inventory reserves 2,561 2,602 Alternative minimum tax credit carryforward 2,292 2,292 Foreign tax credit carryforward 963 907 Federal wage tax credit carryforward 521 361 Unrecognized loss on foreign exchange 234 196 State tax credits 102 95 Excess of tax over book depreciation/amortization (19,977 ) (21,170 ) Subtotal $ 63,132 $ 60,571 Valuation allowance (1) (63,132 ) (60,571 ) Net deferred tax assets $ — $ — Deferred tax liabilities: Goodwill and intangibles $ (196 ) $ (91 ) Deferred tax liabilities $ (196 ) $ (91 ) (1) For fiscal 2015, the Company had total deferred tax assets of $83.1 million, total deferred tax liabilities of $20.2 million and a valuation allowance of $63.1 million. |
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations consists of the following: FISCAL YEARS ENDED January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Current: Federal and state $ 104 $ 97 $ 77 Foreign 51 55 66 155 152 143 Deferred: Federal and state 94 91 45,518 Foreign 11 — — 105 91 45,518 Total provision (2) $ 260 $ 243 $ 45,661 (2) There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013. |
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 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Federal income tax at the statutory rate $ (2,852 ) $ (3,827 ) $ (5,108 ) State income and other taxes, net of federal tax benefit (177 ) (72 ) (810 ) Permanent items 137 141 171 Change in uncertain tax provisions — — — Charge for valuation allowance 3,200 4,034 52,463 Other, net (48 ) (33 ) (1,055 ) Provision for income tax from continuing operations $ 260 $ 243 $ 45,661 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rentals under Operating Leases | At January 30, 2016, 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 2016 $ 55.1 Fiscal 2017 46.1 Fiscal 2018 41.0 Fiscal 2019 37.1 Fiscal 2020 33.9 Thereafter 110.1 $ 323.3 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Activity | The following table summarizes activity for non-vested shares under the 2006 Plan for fiscal 2015: Restricted shares Deferred shares (1) Fully-vested shares (2) Total number of shares Weighted-average grant-date fair value (3) Shares Outstanding non-vested shares at beginning of year 1,685,290 11,238 — 1,696,528 $ 5.09 Shares granted 25,192 20,349 59,466 105,007 $ 5.19 Shares vested/issued (390,339 ) — (59,466 ) (449,805 ) $ 5.10 Shares canceled — — — — — Outstanding non-vested shares at end of year 1,320,143 31,587 — 1,351,730 $ 5.09 Vested and expected to vest at end of year 377,813 31,587 — 409,400 $ 5.10 (1) During fiscal 2015, the Company granted 20,349 shares of deferred stock, with a fair of approximately $104,889, to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock vest three years from the date of grant or at separation of service, based on the irrevocable election of each director. (2) During fiscal 2015, the Company granted 59,466 shares of stock, with a fair value of approximately $306,669 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2015, directors are required to elect 50% of their quarterly retainer in equity. All shares paid to directors to satisfy this election are issued from the Company’s 2006 Plan. Any shares in excess of the minimum required election are issued from the Company’s Non-Employee Director Stock Purchase Plan. (3) The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price 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 2015, fiscal 2014 and fiscal 2013: Number of shares of common issued Fair value of common stock issued Fiscal 2015 24,947 $ 127,734 Fiscal 2014 40,910 $ 213,749 Fiscal 2013 43,541 $ 255,884 |
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 2015: Number of Shares Weighted-average exercise price per option Weighted-average remaining contractual term Aggregate intrinsic value Stock Options Outstanding options at beginning of year 2,747,802 $ 4.97 Options granted 63,242 $ 5.84 Options canceled (60,287 ) $ 5.04 Options exercised (22,136 ) $ 4.59 Outstanding options at end of year 2,728,621 $ 5.00 7.0 years $ 123,181 Options exercisable at end of year 1,040,220 $ 4.88 6.3 years $ 103,513 Vested and expected to vest at end of year 1,547,453 $ 4.94 6.7 years $ 123,181 |
Employee Stock Plan, 1992 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Option Activity | The following table summarizes the final stock option activity under the 1992 Plan for fiscal 2015: Number of Shares Weighted-average exercise price per option Stock Options Outstanding options at beginning of year 217,500 $ 7.01 Options granted — — Options expired (216,500 ) $ 7.01 Options canceled (1,000 ) $ 7.38 Options exercised — — Outstanding options at end of year — $ — |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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) 2016 $ 740 2017 797 2018 837 2019 878 2020 964 2021-2025 5,216 $ 9,432 |
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 2015 and fiscal 2014, by asset category, are as follows: Fair Value Measurement January 30, 2016 January 31, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level Total Quoted Prices in Active Markets for Identical Assets (Level Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level Total Asset category: Common Stock $ 6,537 $ — $ — $ 6,537 $ 7,103 $ — $ — $ 7,103 Mutual Funds: U.S. Equity 407 — — 407 472 — — 472 International Equity 1,596 — — 1,596 1,808 — — 1,808 Bond 2,914 — — 2,914 2,474 — — 2,474 Cash 515 — — 515 1,088 — — 1,088 Total $ 11,969 $ — $ — $ 11,969 $ 12,945 $ — $ — $ 12,945 |
Target Asset Allocation | The Company’s target asset allocation for fiscal 2016 and its asset allocation at January 30, 2016 and January 31, 2015 were as follows, by asset category: Target Allocation Percentage of plan assets at Fiscal 2016 January 30, 2016 January 31, 2015 Asset category: Equity securities 73.0 % 71.4 % 72.5 % Debt securities 24.0 % 24.3 % 19.1 % Cash 3.0 % 4.3 % 8.4 % Total 100.0 % 100.0 % 100.0 % |
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 30, 2016 and January 31, 2015: January 30, 2016 January 31, 2015 in thousands Change in benefit obligation: Balance at beginning of period $ 18,927 $ 15,685 Benefits and expenses paid (668 ) (623 ) Interest costs 634 669 Settlements (21 ) (226 ) Actuarial (gain) loss (2,027 ) 3,422 Balance at end of year $ 16,845 $ 18,927 Change in fair value of plan assets Balance at beginning of period $ 12,945 $ 12,625 Actual return on plan assets (433 ) 701 Employer contributions 146 468 Settlements (21 ) (226 ) Benefits and expenses paid (668 ) (623 ) Balance at end of period $ 11,969 $ 12,945 Reconciliation of Funded Status Projected benefit obligation $ 16,845 $ 18,927 Fair value of plan assets 11,969 12,945 Unfunded Status $ (4,876 ) $ (5,982 ) Balance Sheet Classification Other long-term liabilities $ 4,876 $ 5,982 |
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 30, 2016, January 31, 2015 and February 1, 2014 include the following components: January 30, 2016 January 31, 2015 February 1, 2014 Net pension cost: (in thousands) Interest cost on projected benefit obligation $ 634 $ 669 $ 651 Expected return on plan assets (1,013 ) (1,002 ) (937 ) Amortization of unrecognized loss 1,026 591 680 Net pension cost $ 647 $ 258 $ 394 Other changes recognized in other comprehensive loss, before taxes Unrecognized losses at the beginning of the year $ 9,746 $ 6,614 $ 7,868 Net periodic pension cost (647 ) (258 ) (394 ) Employer contribution 146 468 421 Change in plan assets and benefit obligations (1,106 ) 2,922 (1,281 ) Unrecognized losses at the end of year $ 8,139 $ 9,746 $ 6,614 |
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 30, 2016 and January 31, 2015: January 30, 2016 January 31, 2015 in thousands Change in benefit obligation: Balance at beginning of period $ 745 $ 629 Benefits and expenses paid (30 ) (30 ) Interest costs 25 27 Actuarial (gain) loss (70 ) 119 Balance at end of year $ 670 $ 745 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 $ 670 $ 745 Reconciliation of Funded Status Projected benefit obligation $ 670 $ 745 Fair value of plan assets — — Unfunded Status $ (670 ) $ (745 ) Balance Sheet Classification Other long-term liabilities $ 670 $ 745 |
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 ): January 30, 2016 January 31, 2015 February 1, 2014 Other changes recognized in other comprehensive loss, before taxes: in thousands Unrecognized losses at the beginning of the year $ 256 $ 142 $ 171 Net periodic pension cost (34 ) (31 ) (30 ) Employer contribution 30 30 30 Change in benefit obligations (74 ) 115 (29 ) Unrecognized losses at the end of year $ 178 $ 256 $ 142 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Results from Discontinued Operations | For the fiscal year ended: January 31, 2015 February 1, 2014 (in thousands) Sales $ (450 ) $ 3,227 Gross margin (998 ) 1,296 Selling, general and administrative expenses (120 ) (828 ) Depreciation and amortization — — Provision (benefit) from income taxes — — Income (loss) from discontinued operations $ (1,118 ) $ 468 |
Selected Quarterly Data (Unau28
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Data | FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER FULL YEAR (In Thousands, Except Per Share Data) FISCAL YEAR 2015 Sales $ 104,405 $ 114,147 $ 99,625 $ 124,044 $ 442,221 Gross profit 48,239 53,883 44,864 56,853 203,839 Operating income (loss) 248 (166 ) (4,626 ) (546 ) (5,090 ) Income (loss) before taxes (513 ) (912 ) (5,409 ) (1,314 ) (8,148 ) Income tax provision 61 67 63 69 260 Net loss $ (574 ) $ (979 ) $ (5,472 ) $ (1,383 ) $ (8,408 ) Earnings (loss) per share – basic and diluted $ (0.01 ) $ (0.02 ) $ (0.11 ) $ (0.03 ) $ (0.17 ) FISCAL YEAR 2014 (1) Sales $ 96,659 $ 104,162 $ 93,640 $ 119,559 $ 414,020 Gross profit 43,938 48,237 40,572 57,267 190,014 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 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 (loss) per share – basic and diluted $ (0.07 ) $ (0.08 ) $ (0.13 ) $ 0.03 $ (0.25 ) ( 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 were restated for discontinued operations. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Jan. 30, 2016USD ($)StoreSegmentshares | Jan. 31, 2015USD ($)shares | Feb. 01, 2014USD ($)shares | ||
Accounting Policies [Line Items] | ||||
Amortization of deferred debt issuance costs | $ 279,000 | $ 192,000 | $ 136,000 | |
Number of reportable segments | Segment | 1 | |||
Number of operating segments | Segment | 2 | |||
Amortization expense of intangibles | $ 639,000 | 1,100,000 | 1,900,000 | |
Direct response costs deferred | $ 0 | 0 | ||
Shares of restricted stock outstanding | shares | 1,320,143 | |||
Stock compensation expense | $ 2,195,000 | 2,996,000 | 1,893,000 | |
Total compensation expenses after tax | 0 | |||
Total grant-date fair value of options vested | 1,000,000 | 1,200,000 | 100,000 | |
Impairment charges | 300,000 | $ 1,500,000 | ||
Gift card liability, net of breakage | $ 1,800,000 | $ 1,400,000 | ||
Unvested time-based restricted stock | ||||
Accounting Policies [Line Items] | ||||
Dilutive shares | shares | 379,061 | |||
Unvested performance-based restricted stock | ||||
Accounting Policies [Line Items] | ||||
Securities excluded from computation of earnings per share, respective performance targets not yet achieved, amount | shares | 941,082 | |||
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 | shares | 1,181,168 | |||
Unrecognized stock compensation cost | $ 7,200,000 | |||
Deferred Stock | ||||
Accounting Policies [Line Items] | ||||
Shares excluded from computation of basic earnings per share | shares | 31,587 | |||
Outstanding shares | shares | 31,587 | |||
Time-Vested Stock Options and Time-Based Restricted Stock Awards | ||||
Accounting Policies [Line Items] | ||||
Unrecognized stock compensation cost | $ 900,000 | |||
Unrecognized stock compensation cost weighted average recognition period | 14 months | |||
Selling, General and Administrative Expenses | ||||
Accounting Policies [Line Items] | ||||
Advertising expenses | $ 23,600,000 | $ 26,000,000 | $ 27,100,000 | |
Other Intangible Assets | ||||
Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life | 16 years | |||
Weighted average amortization period remaining for other intangibles | 2 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 | 6,500,000 | $ 5,900,000 | ||
Amortization expense of intangibles | [1] | 539,000 | ||
Rochester Trademark | ||||
Accounting Policies [Line Items] | ||||
Indefinite-lived intangible asset, carrying value | $ 1,500,000 | |||
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 | Store | 166 | |||
Casual Male XL Retail and Outlet Stores | ||||
Accounting Policies [Line Items] | ||||
Intangible assets, amortization period | 2,018 | |||
Casual Male XL Retail and Outlet Stores | UNITED STATES | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 125 | |||
Casual Male XL outlets | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 40 | |||
DXL Outlets | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 9 | |||
Rochester Clothing Stores | UNITED STATES | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 5 | |||
Rochester Clothing Stores | UNITED KINGDOM | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 1 | |||
[1] | The “Casual Male” trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Effect of Retrospective Application of Change in Accounting Principle on Company's Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets: | ||
Prepaid expenses and other current assets | $ 8,254 | $ 8,913 |
Total current assets | 143,159 | 132,338 |
Noncurrent assets: | ||
Other assets | 3,557 | 3,907 |
Total assets | 274,347 | 259,881 |
Current liabilities: | ||
Current portion of long-term debt | 7,155 | 7,335 |
Borrowings under credit facility | 41,984 | 18,817 |
Total current liabilities | 115,066 | 89,568 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 19,003 | 26,171 |
Total long-term liabilities | 70,877 | 77,923 |
Total liabilities and stockholders' equity | $ 274,347 | 259,881 |
As Reported | ||
Current assets: | ||
Prepaid expenses and other current assets | 9,190 | |
Total current assets | 132,615 | |
Noncurrent assets: | ||
Other assets | 4,849 | |
Total assets | 261,100 | |
Current liabilities: | ||
Current portion of long-term debt | 7,489 | |
Borrowings under credit facility | 19,402 | |
Total current liabilities | 90,307 | |
Long-term liabilities: | ||
Long-term debt, net of current portion | 26,651 | |
Total long-term liabilities | 78,403 | |
Total liabilities and stockholders' equity | 261,100 | |
Effect of Change in Accounting Principle | ||
Current assets: | ||
Prepaid expenses and other current assets | (277) | |
Total current assets | (277) | |
Noncurrent assets: | ||
Other assets | (942) | |
Total assets | (1,219) | |
Current liabilities: | ||
Current portion of long-term debt | (154) | |
Borrowings under credit facility | (585) | |
Total current liabilities | (739) | |
Long-term liabilities: | ||
Long-term debt, net of current portion | (480) | |
Total long-term liabilities | (480) | |
Total liabilities and stockholders' equity | $ (1,219) |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Estimated Useful Life of Property and Equipment (Details) | 12 Months Ended |
Jan. 30, 2016 | |
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 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Changes in Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Intangible Assets By Major Class [Line Items] | ||||
January 31, 2015 | $ 3,308 | |||
Amortization | (639) | $ (1,100) | $ (1,900) | |
January 30, 2016 | 2,669 | 3,308 | ||
Casual Male Trademark | ||||
Intangible Assets By Major Class [Line Items] | ||||
January 31, 2015 | [1] | 1,479 | ||
Amortization | [1] | (539) | ||
January 30, 2016 | [1] | 940 | 1,479 | |
Other Intangible Assets | ||||
Intangible Assets By Major Class [Line Items] | ||||
January 31, 2015 | 329 | |||
Amortization | (100) | |||
January 30, 2016 | 229 | 329 | ||
Rochester Trademark | ||||
Intangible Assets By Major Class [Line Items] | ||||
January 31, 2015 | 1,500 | |||
January 30, 2016 | $ 1,500 | $ 1,500 | ||
[1] | The “Casual Male” trademark has been accounted for as a finite-lived asset since the beginning of fiscal 2012. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Expected Amortization Expense for Casual Male Trademark and Customer Lists (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,016 | $ 441 |
2,017 | 407 |
2,018 | $ 321 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Other Comprehensive Income and Reclassifications from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (8,238) | $ (4,560) | $ (5,561) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 939 | (3,690) | 607 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | 647 | 12 | 394 |
Other comprehensive income (loss), net of tax | 1,586 | (3,678) | 1,001 | |
Ending balance | (6,652) | (8,238) | (4,560) | |
Pension Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (7,795) | (4,547) | (5,828) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 1,035 | (3,506) | 887 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | 647 | 258 | 394 |
Other comprehensive income (loss), net of tax | 1,682 | (3,248) | 1,281 | |
Ending balance | (6,113) | (7,795) | (4,547) | |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (443) | (13) | 267 | |
Other comprehensive income (loss) before reclassifications, net of taxes | (96) | (184) | (280) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | (246) | ||
Other comprehensive income (loss), net of tax | (96) | (430) | (280) | |
Ending balance | $ (539) | $ (443) | $ (13) | |
[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 $647,000, $258,000 and $394,000 for fiscal 2015, fiscal 2014 and fiscal 2013, respectively. There was no corresponding tax benefit. Fiscal 2014 includes the recognition of $246,000 related to the substantial liquidation of the Company’s direct business with Sears Canada. The $246,000, with no corresponding tax provision, was recognized in Discontinued Operations on the Consolidated Statement of Operations for fiscal 2014. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Other Comprehensive Income and Reclassifications from AOCI (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | [1] | Nov. 01, 2014 | [1] | Aug. 02, 2014 | [1] | May. 03, 2014 | [1] | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Selling, general and administrative | $ 180,570,000 | $ 174,814,000 | $ 169,062,000 | |||||||||||||||
Tax benefit | $ 69,000 | $ 63,000 | $ 67,000 | $ 61,000 | $ 70,000 | $ 63,000 | $ 63,000 | $ 47,000 | 260,000 | [2] | 243,000 | [1],[2] | 45,661,000 | [2] | ||||
Amount recognized in discontinued operations | 0 | 0 | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension Plans | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Selling, general and administrative | 647,000 | 258,000 | 394,000 | |||||||||||||||
Tax benefit | $ 0 | 0 | $ 0 | |||||||||||||||
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] | 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 were restated for discontinued operations. | |||||||||||||||||
[2] | There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Common stock outstanding: | |||
Basic weighted average common shares outstanding | 49,089 | 48,740 | 48,473 |
Diluted weighted average common shares outstanding | 49,089 | 48,740 | 48,473 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Parenthetical) (Details) - shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accounting Policies [Abstract] | |||
Common stock equivalents | 582,591 | 497,820 | 443,410 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Potential Common Stock Equivalents Excluded from Computation of Diluted Earning Per Share (Details) - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 582,591 | 497,820 | 443,410 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 1,244,000 | 1,545,000 | 2,088,000 |
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 |
Restricted stock (time-vested) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 22,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Valuation Assumptions for Stock Options (Details) - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 37.00% | ||
Expected volatility, maximum | 39.00% | ||
Expected volatility | 46.00% | 52.00% | |
Risk-free interest rate, minimum | 0.75% | 0.79% | 0.34% |
Risk-free interest rate, maximum | 1.25% | 0.95% | 0.79% |
Weighted average fair value of options granted | $ 1.44 | $ 1.71 | $ 2.07 |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 1 year 9 months 18 days | 2 years 7 months 6 days | 3 years |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 4 years | 3 years 6 months | 4 years 1 month 6 days |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 261,854 | $ 236,302 |
Less: accumulated depreciation | 136,892 | 115,974 |
Total property and equipment | 124,962 | 120,328 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 67,683 | 63,743 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,495 | 16,419 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 94,767 | 81,839 |
Hardware And Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 70,393 | 62,925 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,516 | $ 11,376 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expenses | $ 27.7 | $ 22.9 | $ 19 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) | Oct. 30, 2014USD ($) | Jan. 30, 2016USD ($)Note | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 493,000 | $ 634,000 | ||
Interest and fees paid | 2,800,000 | $ 2,700,000 | $ 1,400,000 | |
Credit Facility | ||||
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 | Oct. 29, 2019 | |||
Line of credit facility, amount outstanding | 42,400,000 | |||
Unamortized debt issuance costs | 400,000 | |||
Line of credit facility, remaining borrowing capacity | 66,000,000 | |||
Line of credit facility, average monthly outstanding amount | 42,600,000 | |||
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.’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 | |||
Unused line fee | 0.25% | |||
Credit Facility | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.50% | |||
Credit Facility | Prime-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility interest rate | 4.00% | |||
Credit Facility | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, amount outstanding | $ 35,000,000 | |||
Line of credit facility interest rate | 1.92% | |||
Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Consolidated Fixed Coverage Ratio | 100.00% | |||
Credit Facility | Minimum | Prime-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.50% | |||
Credit Facility | Minimum | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration date | Feb. 7, 2016 | |||
Line of credit facility, basis spread on variable rate | 1.50% | |||
Credit Facility | Maximum | Prime-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, basis spread on variable rate | 0.75% | |||
Credit Facility | Maximum | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration date | Feb. 17, 2016 | |||
Line of credit facility, basis spread on variable rate | 1.75% | |||
Master Agreement | ||||
Debt Instrument [Line Items] | ||||
Number of notes entered, equipment financing | Note | 12 | |||
Notes maturity term | 48 months | |||
Notes fixed interest rate, minimum | 3.07% | |||
Notes fixed interest rate, maximum | 3.50% | |||
Master Agreement | Banc of America Leasing & Capital, LLC | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of notes borrowed | $ 26,400,000 | |||
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% | |||
Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, Initiation date | Oct. 30, 2014 | |||
Term Loan Facility | 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 | Oct. 29, 2014 | |||
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 “event of default,” 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 | Jan. 1, 2015 | |||
Secured term loan facility, periodic payment principal | $ 250,000 | |||
Debt instrument, maturity date | Oct. 29, 2019 | |||
Term Loan Facility | Term loan, due 2019 | 1st Anniversary | ||||
Debt Instrument [Line Items] | ||||
Prepayments percentage | 4.00% | |||
Term Loan Facility | Term loan, due 2019 | 1st Anniversary Until 2nd Anniversary | ||||
Debt Instrument [Line Items] | ||||
Prepayments percentage | 2.00% | |||
Term Loan Facility | Term loan, due 2019 | After second anniversary, but prior to third anniversary | ||||
Debt Instrument [Line Items] | ||||
Prepayments percentage | 1.00% | |||
Term Loan Facility | Term loan, due 2019 | After third anniversary | ||||
Debt Instrument [Line Items] | ||||
Prepayments percentage | 0.00% | |||
Commercial and Standby Letters of Credit | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |||
Swingline Loans | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||
Standby Letters of Credit | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | $ 2,500,000 | |||
Documentary Letters of Credit | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | $ 700,000 |
Debt Obligations - Components o
Debt Obligations - Components of Long Term Debt (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (493) | $ (634) |
Total long-term debt | 26,158 | 33,506 |
Current portion of long-term debt | 7,155 | 7,335 |
Long-term debt, net of current portion | 19,003 | 26,171 |
Equipment financing notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 12,901 | 19,390 |
Term loan, due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 13,750 | $ 14,750 |
Debt Obligations - Components44
Debt Obligations - Components of Long Term Debt (Parenthetical) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 493 | $ 634 |
Prepaid Expenses And Other Current Assets | Accounting Standards Update201503 | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 100 | |
Other Assets | Accounting Standards Update201503 | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 500 |
Debt Obligations - Annual Matur
Debt Obligations - Annual Maturities of Long Term Debt (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
Fiscal 2,016 | $ 7,312 |
Fiscal 2,017 | 7,088 |
Fiscal 2,018 | 1,501 |
Fiscal 2,019 | $ 10,750 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Feb. 01, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Income Taxes [Line Items] | ||||
Change in valuation allowance | $ 51,300 | |||
Federal net operating loss carry forwards expiration period minimum | 2,022 | |||
Federal net operating loss carry forwards expiration period maximum | 2,035 | |||
Alternative minimum tax credits carryforwards | $ 2,292 | $ 2,292 | ||
Liability for unrecognized tax benefits | 3,100 | |||
Income taxes paid | 100 | $ 100 | $ 200 | |
Federal | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 141,200 | |||
State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 78,100 | |||
Hong Kong | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 100 | |||
Canada | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 2,300 | |||
Domestic Tax Authority | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards, expiration year | 2,035 | |||
Net operating loss carryforwards, stock compensation deductions | $ 13,100 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | |
Deferred tax assets: | |||
Net operating loss carryforward | $ 50,199 | $ 46,048 | |
Gain on sale-leaseback | 5,744 | 6,319 | |
Accrued Expenses and other | 5,667 | 5,035 | |
Lease accruals | 4,732 | 5,257 | |
Goodwill and intangibles | 3,694 | 5,768 | |
Unrecognized loss on pension and pension expense | 3,379 | 3,840 | |
Capital loss carryforward | 3,021 | 3,021 | |
Inventory reserves | 2,561 | 2,602 | |
Alternative minimum tax credits carryforwards | 2,292 | 2,292 | |
Foreign tax credit carryforward | 963 | 907 | |
Federal wage tax credit carryforward | 521 | 361 | |
Unrecognized loss on foreign exchange | 234 | 196 | |
State tax credits | 102 | 95 | |
Excess of tax over book depreciation/amortization | (19,977) | (21,170) | |
Subtotal | 63,132 | 60,571 | |
Valuation allowance | [1] | (63,132) | (60,571) |
Net deferred tax assets | 0 | 0 | |
Deferred tax liabilities: | |||
Goodwill and intangibles | (196) | (91) | |
Deferred tax liabilities | $ (196) | $ (91) | |
[1] | For fiscal 2015, the Company had total deferred tax assets of $83.1 million, total deferred tax liabilities of $20.2 million and a valuation allowance of $63.1 million. |
Income Taxes - Components of 48
Income Taxes - Components of Net Deferred Tax Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax assets | $ 83,100 | ||
Deferred tax liabilities | 20,200 | ||
Deferred tax assets, valuation allowance | [1] | $ 63,132 | $ 60,571 |
[1] | For fiscal 2015, the Company had total deferred tax assets of $83.1 million, total deferred tax liabilities of $20.2 million and a valuation allowance of $63.1 million. |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | [1] | Nov. 01, 2014 | [1] | Aug. 02, 2014 | [1] | May. 03, 2014 | [1] | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||||
Current: | ||||||||||||||||||
Federal and state | $ 104 | $ 97 | $ 77 | |||||||||||||||
Foreign | 51 | 55 | 66 | |||||||||||||||
Current Income Tax Expense (Benefit), Total | 155 | 152 | 143 | |||||||||||||||
Deferred: | ||||||||||||||||||
Federal and state | 94 | 91 | 45,518 | |||||||||||||||
Foreign | 11 | |||||||||||||||||
Deferred income tax provision, total | 105 | 91 | 45,518 | |||||||||||||||
Total provision for income tax from continuing operations | $ 69 | $ 63 | $ 67 | $ 61 | $ 70 | $ 63 | $ 63 | $ 47 | $ 260 | [2] | $ 243 | [1],[2] | $ 45,661 | [2] | ||||
[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 were restated for discontinued operations. | |||||||||||||||||
[2] | There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013 |
Income Taxes - Provision for 50
Income Taxes - Provision for Income Taxes from Continuing Operations (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | ||
Provision (benefit) recognized on the income (loss) from discontinued operations | $ 0 | $ 0 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory and Effective Income Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | [1] | Nov. 01, 2014 | [1] | Aug. 02, 2014 | [1] | May. 03, 2014 | [1] | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||
Federal income tax at the statutory rate | $ (2,852) | $ (3,827) | $ (5,108) | |||||||||||||||
State income and other taxes, net of federal tax benefit | (177) | (72) | (810) | |||||||||||||||
Permanent items | 137 | 141 | 171 | |||||||||||||||
Charge for valuation allowance | 3,200 | 4,034 | 52,463 | |||||||||||||||
Other, net | (48) | (33) | (1,055) | |||||||||||||||
Total provision for income tax from continuing operations | $ 69 | $ 63 | $ 67 | $ 61 | $ 70 | $ 63 | $ 63 | $ 47 | $ 260 | [2] | $ 243 | [1],[2] | $ 45,661 | [2] | ||||
[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 were restated for discontinued operations. | |||||||||||||||||
[2] | There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rentals under Operating Leases (Details) $ in Millions | Jan. 30, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2,016 | $ 55.1 |
Fiscal 2,017 | 46.1 |
Fiscal 2,018 | 41 |
Fiscal 2,019 | 37.1 |
Fiscal 2,020 | 33.9 |
Thereafter | 110.1 |
Operating Leases, Future Minimum Payments Due, Total | $ 323.3 |
Commitments and Contingencies53
Commitments and Contingencies - Additional Information (Details) $ in Millions | Feb. 02, 2011 | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | Dec. 31, 2006USD ($)Period |
Commitments and Contingencies [Line Items] | |||||
Extension of lease term | 5 years | ||||
Occupancy costs, automobile and leased equipment expense | $ 62 | $ 56.8 | $ 57.8 | ||
Lease agreement term | 20 years | ||||
Sale leaseback transaction rent expense | $ 4.6 | ||||
Sale leaseback transaction deferred gain | $ 29.3 | ||||
Leased asset amortization period | 20 years | ||||
Operating leases renewal option, number of successive lease periods | Period | 6 | ||||
Percentage of increase in annual rent on base rate | 7.00% | ||||
Current annual rent | 5.2 | ||||
Amortization of deferred gain | $ 1.5 | ||||
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 |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Details) - USD ($) | Nov. 07, 2014 | Jan. 30, 2016 | Aug. 03, 2013 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Projected benefit obligation percentage paid in shares | 50.00% | |||||
Projected benefit obligation percentage paid in options | 25.00% | |||||
Projected benefit obligation percentage paid in cash | 25.00% | |||||
Potential value of awards over the four-year period | $ 19,600,000 | |||||
Stock compensation expense | $ 2,195,000 | $ 2,996,000 | $ 1,893,000 | |||
2016 Long Term Incentive Wrap Around Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Projected benefit obligation percentage paid in shares | 50.00% | |||||
Projected benefit obligation percentage paid in cash | 50.00% | |||||
Stock compensation expense | $ 8,800,000 | |||||
Performance based compensation description | 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. | |||||
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% | 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% | 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 One | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting plan | 20.00% | |||||
Period Two | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting plan | 40.00% | |||||
Period Three | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting plan | 40.00% | |||||
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 | $ 9,800,000 | |||||
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 | $ 9,800,000 | |||||
Stock compensation expense | $ 1,400,000 | 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 | |||||
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 Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Jan. 30, 2016USD ($)CompensationPlanshares | Jan. 31, 2015shares | |
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 | CompensationPlan | 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 | |
Unrecognized stock compensation cost | $ | $ 5.3 | |
Shares available for future grant | 1,014,685 | |
Grants remaining outstanding | 2,728,621 | 2,747,802 |
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 | 910,279 | |
Employee Stock Plan, 2006 Plan | Restricted stocks | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized stock compensation cost | $ | $ 8 | |
Employee Stock Plan, 2006 Plan | Performance Shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized stock compensation cost | $ | 4.8 | |
Employee Stock Plan, 2006 Plan | Time Based Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized stock compensation cost | $ | $ 0.5 | |
Unrecognized stock compensation cost weighted average recognition period | 12 months | |
Employee Stock Plan, 1992 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grants remaining outstanding | 0 | 217,500 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Activity under Two Thousand Six Plan (Detail) - Employee Stock Plan, 2006 Plan | 12 Months Ended |
Jan. 30, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding options at beginning of year | shares | 2,747,802 |
Options granted | shares | 63,242 |
Options canceled | shares | (60,287) |
Options exercised | shares | (22,136) |
Outstanding options at end of year | shares | 2,728,621 |
Options exercisable at end of year | shares | 1,040,220 |
Vested and expected to vest at end of year | shares | 1,547,453 |
Weighted-average exercise price per option | |
Outstanding options at beginning of year | $ / shares | $ 4.97 |
Options granted | $ / shares | 5.84 |
Options canceled | $ / shares | 5.04 |
Options exercised | $ / shares | 4.59 |
Outstanding options at end of year | $ / shares | 5 |
Options exercisable at end of year | $ / shares | 4.88 |
Vested and expected to vest at end of year | $ / shares | $ 4.94 |
Weighted-average remaining contractual term | |
Outstanding options at end of year | 7 years |
Options exercisable at end of year | 6 years 3 months 18 days |
Vested and expected to vest at end of year | 6 years 8 months 12 days |
Aggregate Intrinsic Value | |
Outstanding options at end of year | $ | $ 123,181 |
Options exercisable at end of year | $ | 103,513 |
Vested and expected to vest at end of year | $ | $ 123,181 |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Activity for Non-Vested Shares (Detail) - Employee Stock Plan, 2006 Plan | 12 Months Ended | |
Jan. 30, 2016$ / sharesshares | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 1,696,528 | |
Shares granted | 105,007 | |
Shares vested/issued | (449,805) | |
Outstanding non-vested shares at end of year | 1,351,730 | |
Vested and expected to vest at end of year | 409,400 | |
Weighted-average Grant-Date Fair value | ||
Outstanding non-vested shares at beginning of year | $ / shares | $ 5.09 | [1] |
Shares vested/issued | $ / shares | 5.10 | [1] |
Outstanding non-vested shares at end of year | $ / shares | 5.09 | [1] |
Vested and expected to vest at end of year | $ / shares | $ 5.10 | [1] |
Certain Directors | ||
Total number of shares | ||
Shares granted | 59,466 | |
Weighted-average Grant-Date Fair value | ||
Shares granted | $ / shares | $ 5.19 | [1] |
Restricted stocks | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 1,685,290 | |
Shares granted | 25,192 | |
Shares vested/issued | (390,339) | |
Outstanding non-vested shares at end of year | 1,320,143 | |
Vested and expected to vest at end of year | 377,813 | |
Deferred Stock | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 11,238 | [2] |
Shares granted | 20,349 | |
Outstanding non-vested shares at end of year | 31,587 | [2] |
Vested and expected to vest at end of year | 31,587 | [2] |
Deferred Stock | Certain Directors | ||
Total number of shares | ||
Shares granted | 20,349 | [2] |
Fully-vested shares | ||
Total number of shares | ||
Shares vested/issued | (59,466) | [3] |
Fully-vested shares | Certain Directors | ||
Total number of shares | ||
Shares granted | 59,466 | [3] |
[1] | The fair value of a restricted share, deferred share and fully-vested share is equal to the Company’s closing stock price on the date of grant. | |
[2] | During fiscal 2015, the Company granted 20,349 shares of deferred stock, with a fair of approximately $104,889, to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock vest three years from the date of grant or at separation of service, based on the irrevocable election of each director. | |
[3] | During fiscal 2015, the Company granted 59,466 shares of stock, with a fair value of approximately $306,669 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2015, directors are required to elect 50% of their quarterly retainer in equity. All shares paid to directors to satisfy this election are issued from the Company’s 2006 Plan. Any shares in excess of the minimum required election are issued from the Company’s Non-Employee Director Stock Purchase Plan |
Stock Compensation Plans - Su58
Stock Compensation Plans - Summary of Activity for Non-Vested Shares (Parenthetical) (Detail) - Employee Stock Plan, 2006 Plan | 12 Months Ended | |
Jan. 30, 2016USD ($)shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted | 105,007 | |
Shares granted during the period, fair value | $ | $ 104,889 | |
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | |
Certain Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted | 59,466 | |
Shares granted during the period, fair value | $ | $ 306,669 | |
Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of quarterly retainer | 50.00% | |
Deferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted | 20,349 | |
Deferred Stock | Certain Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares granted | 20,349 | [1] |
[1] | During fiscal 2015, the Company granted 20,349 shares of deferred stock, with a fair of approximately $104,889, to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock vest three years from the date of grant or at separation of service, based on the irrevocable election of each director. |
Stock Compensation Plans - St59
Stock Compensation Plans - Stock Option Activity under Nineteen Ninety Two Plan (Details) - Employee Stock Plan, 1992 Plan | 12 Months Ended |
Jan. 30, 2016$ / sharesshares | |
Number of Shares | |
Outstanding options at beginning of year | shares | 217,500 |
Options expired | shares | (216,500) |
Options canceled | shares | (1,000) |
Outstanding options at end of year | shares | 0 |
Weighted-average exercise price per option | |
Outstanding options at beginning of year | $ / shares | $ 7.01 |
Options expired | $ / shares | 7.01 |
Options canceled | $ / shares | $ 7.38 |
Outstanding options at end of year | $ / shares |
Stock Compensation Plans - Comm
Stock Compensation Plans - Common Stock Shares Issued to Non-Employee Directors as Compensation (Detail) - Non Employee Directors - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock issued | 24,947 | 40,910 | 43,541 |
Fair value of common stock issued | $ 127,734 | $ 213,749 | $ 255,884 |
Related Parties - Additional In
Related Parties - Additional Information (Details) | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | |
Annual base salary | $ 24,000 |
Annual compensation | $ 372,750 |
Termination date of Consulting Agreement | Aug. 7, 2014 |
Board of Directors Chairman | |
Related Party Transaction [Line Items] | |
Percentage of common stock outstanding owned | 8.80% |
Annual base salary | $ 24,000 |
Annual compensation | $ 372,750 |
Termination date of Consulting Agreement | Aug. 7, 2017 |
Initial term of agreement | 2 years |
Agreement extension term | 1 year |
Chief Financial Officer | |
Related Party Transaction [Line Items] | |
Annual compensation | $ 389,920 |
Compensation to related party, per day | $ 3,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Amortization of unrecognized loss expected to be recognized in fiscal 2016 | $ 852,000 | ||
Defined contribution plans eligible employees age | 21 years | ||
Defined contribution plan service period for eligibility | 1000 hours | ||
Defined contribution plan expenses recognized | 2,000,000 | $ 1,600,000 | $ 1,500,000 |
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 2016 | $ 0 | ||
Assumptions used to determine the benefit obligations, discount rate | 4.16% | 3.42% | |
Assumptions used to determine the net periodic benefit cost, discount rate | 4.16% | 3.42% | 4.43% |
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 | 4.16% | 3.42% | |
Assumptions used to determine the net periodic benefit cost, discount rate | 4.16% | 3.42% | 4.43% |
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% |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension and Retirement Plan's Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | |
Noncontributory Pension Plan | |||||
Change in benefit obligation: | |||||
Balance at beginning of period | $ 18,927 | $ 15,685 | |||
Benefits and expenses paid | (668) | (623) | |||
Interest costs | 634 | 669 | $ 651 | ||
Settlements | (21) | (226) | |||
Actuarial (gain) loss | (2,027) | 3,422 | |||
Balance at end of year | 16,845 | 18,927 | 15,685 | ||
Change in fair value of plan assets | |||||
Balance at beginning of period | 12,945 | 12,625 | |||
Actual return on plan assets | (433) | 701 | |||
Employer contributions | 146 | 468 | 421 | ||
Settlements | (21) | (226) | |||
Benefits and expenses paid | (668) | (623) | |||
Balance at end of period | 11,969 | 12,945 | 12,625 | ||
Projected benefit obligation | 18,927 | 18,927 | 15,685 | $ 16,845 | $ 18,927 |
Reconciliation of Funded Status | |||||
Projected benefit obligation | 18,927 | 18,927 | 15,685 | 16,845 | 18,927 |
Fair value of plan assets | 12,945 | 12,945 | 12,625 | 11,969 | 12,945 |
Unfunded Status | (4,876) | (5,982) | |||
Balance Sheet Classification | |||||
Other long-term liabilities | 4,876 | 5,982 | |||
Supplemental Executive Retirement Plan | |||||
Change in benefit obligation: | |||||
Balance at beginning of period | 745 | 629 | |||
Benefits and expenses paid | (30) | (30) | |||
Interest costs | 25 | 27 | |||
Actuarial (gain) loss | (70) | 119 | |||
Balance at end of year | 670 | 745 | 629 | ||
Change in fair value of plan assets | |||||
Employer contributions | 30 | 30 | 30 | ||
Benefits and expenses paid | (30) | (30) | |||
Projected benefit obligation | 745 | 745 | 629 | 670 | 745 |
Reconciliation of Funded Status | |||||
Projected benefit obligation | $ 745 | $ 745 | $ 629 | 670 | 745 |
Unfunded Status | (670) | (745) | |||
Balance Sheet Classification | |||||
Other long-term liabilities | $ 670 | $ 745 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Plan Expense, Other Amounts, and Other Changes Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Noncontributory Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 634 | $ 669 | $ 651 |
Expected return on plan assets | (1,013) | (1,002) | (937) |
Amortization of unrecognized loss | 1,026 | 591 | 680 |
Net pension cost | 647 | 258 | 394 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 9,746 | 6,614 | 7,868 |
Net periodic pension cost | (647) | (258) | (394) |
Employer contribution | 146 | 468 | 421 |
Change in plan assets and benefit obligations | (1,106) | 2,922 | (1,281) |
Unrecognized losses at the end of year | 8,139 | 9,746 | 6,614 |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | 25 | 27 | |
Net pension cost | 34 | 31 | 30 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 256 | 142 | 171 |
Net periodic pension cost | (34) | (31) | (30) |
Employer contribution | 30 | 30 | 30 |
Change in plan assets and benefit obligations | (74) | 115 | (29) |
Unrecognized losses at the end of year | $ 178 | $ 256 | $ 142 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Estimated Future Benefits for Next Ten Fiscal Years (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2,016 | $ 740 |
2,017 | 797 |
2,018 | 837 |
2,019 | 878 |
2,020 | 964 |
2021-2025 | 5,216 |
Estimated future benefits payments | $ 9,432 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Noncontributory Defined Benefit Retirement Plan Assets (Details) - Noncontributory Pension Plan - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $ 11,969 | $ 12,945 | $ 12,625 |
Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 6,537 | 7,103 | |
Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 11,969 | 12,945 | |
Mutual Funds | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 407 | 472 | |
Mutual Funds | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 1,596 | 1,808 | |
Mutual Funds | Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 2,914 | 2,474 | |
Mutual Funds | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 515 | 1,088 | |
Fair Value, Inputs, Level 1 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 6,537 | 7,103 | |
Fair Value, Inputs, Level 1 | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 11,969 | 12,945 | |
Fair Value, Inputs, Level 1 | Mutual Funds | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 407 | 472 | |
Fair Value, Inputs, Level 1 | Mutual Funds | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 1,596 | 1,808 | |
Fair Value, Inputs, Level 1 | Mutual Funds | Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 2,914 | 2,474 | |
Fair Value, Inputs, Level 1 | Mutual Funds | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $ 515 | $ 1,088 |
Employee Benefit Plans - Target
Employee Benefit Plans - Target Asset Allocation (Details) - Noncontributory Pension Plan | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
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 | 71.40% | 72.50% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 24.00% | |
Percentage of plan assets | 24.30% | 19.10% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 3.00% | |
Percentage of plan assets | 4.30% | 8.40% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2015 | [1] | Nov. 01, 2014 | [1] | Aug. 02, 2014 | [1] | May. 03, 2014 | [1] | Aug. 02, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | [1] | Feb. 01, 2014 | |
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 | $ (190,000) | $ (956,000) | $ (139,000) | $ (1,118,000) | $ 468,000 | |||||||
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) | $ 0 | |||||||||||
[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 were restated for discontinued operations. |
Discontinued Operations - Summa
Discontinued Operations - Summary of Results from Discontinued Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015 | [1] | Nov. 01, 2014 | [1] | Aug. 02, 2014 | [1] | May. 03, 2014 | [1] | Jan. 31, 2015 | Feb. 01, 2014 | ||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||
Sales | $ (450,000) | $ 3,227,000 | |||||||||
Gross margin | (998,000) | 1,296,000 | |||||||||
Selling, general and administrative expenses | (120,000) | (828,000) | |||||||||
Provision (benefit) from income taxes | 0 | 0 | |||||||||
Income (loss) from discontinued operations | $ 167,000 | $ (190,000) | $ (956,000) | $ (139,000) | $ (1,118,000) | [1] | $ 468,000 | ||||
[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 were restated for discontinued operations. |
Selected Quarterly Data - Sched
Selected Quarterly Data - Schedule of Selected Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | [1] | Nov. 01, 2014 | [1] | Aug. 02, 2014 | [1] | May. 03, 2014 | [1] | Jan. 30, 2016 | Jan. 31, 2015 | [1] | Feb. 01, 2014 | |||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Sales | $ 124,044 | $ 99,625 | $ 114,147 | $ 104,405 | $ 119,559 | $ 93,640 | $ 104,162 | $ 96,659 | $ 442,221 | $ 414,020 | $ 386,495 | |||||||
Gross profit | 56,853 | 44,864 | 53,883 | 48,239 | 57,267 | 40,572 | 48,237 | 43,938 | 203,839 | 190,014 | 176,356 | |||||||
Operating income (loss) | (546) | (4,626) | (166) | 248 | 2,221 | (5,522) | (2,562) | (2,939) | (5,090) | (8,802) | (13,547) | |||||||
Income (loss) before taxes | (1,314) | (5,409) | (912) | (513) | 1,457 | (6,028) | (3,013) | (3,350) | (8,148) | (10,934) | (14,593) | |||||||
Provision for income taxes | 69 | 63 | 67 | 61 | 70 | 63 | 63 | 47 | 260 | [2] | 243 | [2] | 45,661 | [2] | ||||
Income (loss) from continuing operations | 1,387 | (6,091) | (3,076) | (3,397) | (8,408) | (11,177) | (60,254) | |||||||||||
Income (loss) from discontinued operations | 167 | (190) | (956) | (139) | (1,118) | 468 | ||||||||||||
Net loss | $ (1,383) | $ (5,472) | $ (979) | $ (574) | $ 1,554 | $ (6,281) | $ (4,032) | $ (3,536) | $ (8,408) | $ (12,295) | $ (59,786) | |||||||
Earnings (loss) per share – basic and diluted | $ (0.03) | $ (0.11) | $ (0.02) | $ (0.01) | $ 0.03 | $ (0.13) | $ (0.08) | $ (0.07) | $ (0.17) | $ (0.25) | $ (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 were restated for discontinued operations. | |||||||||||||||||
[2] | There was no provision (benefit) recognized on the income (loss) from discontinued operations for fiscal 2014 or fiscal 2013 |