Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Mar. 16, 2018 | Jul. 29, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 3, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | --02-03 | ||
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 | 48,759,404 | ||
Entity Public Float | $ 67.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 5,362 | $ 5,572 |
Accounts receivable | 3,046 | 7,114 |
Inventories | 103,332 | 117,446 |
Prepaid expenses and other current assets | 9,927 | 8,817 |
Total current assets | 121,667 | 138,949 |
Property and equipment, net of accumulated depreciation and amortization | 111,032 | 124,347 |
Other assets: | ||
Intangible assets | 1,821 | 2,228 |
Other assets | 5,885 | 3,804 |
Total assets | 240,405 | 269,328 |
Current liabilities: | ||
Current portion of long-term debt | 1,392 | 6,941 |
Current portion of deferred gain on sale-leaseback | 1,465 | 1,465 |
Accounts payable | 33,987 | 31,258 |
Accrued expenses and other current liabilities | 25,585 | 31,938 |
Borrowings under credit facility | 47,385 | 44,097 |
Total current liabilities | 109,814 | 115,699 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 10,669 | 12,061 |
Deferred rent and lease incentives | 35,718 | 35,421 |
Deferred gain on sale-leaseback, net of current portion | 10,258 | 11,723 |
Deferred tax liability | 222 | |
Other long-term liabilities | 3,960 | 5,682 |
Total long-term liabilities | 60,605 | 65,109 |
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, 61,485,882 and 61,637,164 shares issued at February 3, 2018 and January 28, 2017, respectively | 615 | 616 |
Additional paid-in capital | 307,557 | 304,466 |
Treasury stock at cost, 12,755,873 and 10,877,439 shares at February 3, 2018 and January 28, 2017, respectively | (92,658) | (87,977) |
Accumulated deficit | (139,285) | (122,567) |
Accumulated other comprehensive loss | (6,243) | (6,018) |
Total stockholders' equity | 69,986 | 88,520 |
Total liabilities and stockholders' equity | $ 240,405 | $ 269,328 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 03, 2018 | Jan. 28, 2017 |
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 | 61,485,882 | 61,637,164 |
Treasury stock, shares | 12,755,873 | 10,877,439 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Statement [Abstract] | |||
Sales | $ 467,976 | $ 450,283 | $ 442,221 |
Cost of goods sold including occupancy costs | 257,619 | 245,402 | 238,382 |
Gross profit | 210,357 | 204,881 | 203,839 |
Expenses: | |||
Selling, general and administrative | 193,230 | 173,283 | 180,570 |
Impairment of assets | 4,095 | 376 | |
Depreciation and amortization | 31,073 | 30,245 | 28,359 |
Total expenses | 228,398 | 203,904 | 208,929 |
Operating income (loss) | (18,041) | 977 | (5,090) |
Interest expense, net | (3,357) | (3,067) | (3,058) |
Loss before provision (benefit) for income taxes | (21,398) | (2,090) | (8,148) |
Provision (benefit) for income taxes | (2,572) | 166 | 260 |
Net loss | $ (18,826) | $ (2,256) | $ (8,408) |
Net loss per share - basic and diluted | $ (0.39) | $ (0.05) | $ (0.17) |
Weighted-average number of common shares outstanding: | |||
Basic | 48,888 | 49,544 | 49,089 |
Diluted | 48,888 | 49,544 | 49,089 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (18,826) | $ (2,256) | $ (8,408) |
Other comprehensive income (loss) before taxes: | |||
Foreign currency translation | 393 | (242) | (96) |
Pension plan | 1,490 | 876 | 1,682 |
Other comprehensive income (loss) before taxes | 1,883 | 634 | 1,586 |
Other comprehensive income (loss), net of tax | 1,883 | 634 | 1,586 |
Comprehensive loss | $ (16,943) | $ (1,622) | $ (6,822) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Jan. 31, 2015 | $ 92,390 | $ 616 | $ 299,892 | $ (87,977) | $ (111,903) | $ (8,238) |
Beginning Balance (in shares) at Jan. 31, 2015 | 61,561 | (10,877) | ||||
Stock compensation expense | 2,195 | 2,195 | ||||
Exercises under option program | 101 | 101 | ||||
Exercises under option program (in shares) | 22 | |||||
Cancellations of restricted stock, net of issuances (in shares) | 25 | |||||
Board of Directors compensation | 540 | $ 1 | 539 | |||
Board of Directors compensation (in shares) | 84 | |||||
Accumulated other comprehensive income (loss): | ||||||
Unrecognized gain 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 | (10,877) | ||||
Stock compensation expense | 1,256 | 1,256 | ||||
Cancellations of restricted stock, net of issuances | $ (1) | 1 | ||||
Cancellations of restricted stock, net of issuances (in shares) | (123) | |||||
Board of Directors compensation | 482 | 482 | ||||
Board of Directors compensation (in shares) | 68 | |||||
Accumulated other comprehensive income (loss): | ||||||
Unrecognized gain associated with Pension Plan | 876 | 876 | ||||
Foreign currency | (242) | (242) | ||||
Net loss | (2,256) | (2,256) | ||||
Ending Balance at Jan. 28, 2017 | 88,520 | $ 616 | 304,466 | $ (87,977) | (122,567) | (6,018) |
Ending Balance (in shares) at Jan. 28, 2017 | 61,637 | (10,877) | ||||
Stock compensation expense | 1,636 | 1,636 | ||||
Restricted Stock issued, reclass from liability to equity | 920 | $ 4 | 916 | |||
Restricted Stock issued, reclass from liability to equity (in shares) | 425 | |||||
Cancellations of restricted stock, net of issuances | $ (7) | 7 | ||||
Cancellations of restricted stock, net of issuances (in shares) | (755) | |||||
Board of Directors compensation | 534 | $ 2 | 532 | |||
Board of Directors compensation (in shares) | 179 | |||||
Repurchase of common stock | (4,681) | $ (4,681) | ||||
Repurchase of common stock (in shares) | (1,878) | |||||
Accumulated other comprehensive income (loss): | ||||||
Unrecognized gain associated with Pension Plan | 1,490 | 1,490 | ||||
Foreign currency | 393 | 393 | ||||
Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) | 2,108 | (2,108) | ||||
Net loss | (18,826) | (18,826) | ||||
Ending Balance at Feb. 03, 2018 | $ 69,986 | $ 615 | $ 307,557 | $ (92,658) | $ (139,285) | $ (6,243) |
Ending Balance (in shares) at Feb. 03, 2018 | 61,486 | (12,755) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (18,826) | $ (2,256) | $ (8,408) |
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 | 270 | 276 | 279 |
Impairment of assets | 4,095 | 376 | |
Depreciation and amortization | 31,073 | 30,245 | 28,359 |
Deferred taxes, net of valuation allowance | (2,363) | 26 | 105 |
Stock compensation expense | 1,636 | 1,256 | 2,195 |
Issuance of common stock to Board of Directors | 534 | 482 | 540 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 4,068 | (2,393) | (1,102) |
Inventories | 14,114 | 7,568 | (9,794) |
Prepaid expenses and other current assets | (1,110) | (563) | 659 |
Other assets | 60 | (247) | 350 |
Accounts payable | 2,729 | 574 | 705 |
Deferred rent and lease incentives | 297 | 4,487 | 2,084 |
Accrued expenses and other liabilities | (4,153) | (3,405) | 3,883 |
Net cash provided by operating activities | 30,959 | 34,960 | 18,390 |
Cash flows from investing activities: | |||
Additions to property and equipment, net | (22,565) | (29,239) | (33,447) |
Net cash used for investing activities | (22,565) | (29,239) | (33,447) |
Cash flows from financing activities: | |||
Net borrowings under credit facility | 3,165 | 1,993 | 23,044 |
Principal payments on long-term debt | (7,088) | (7,312) | (7,489) |
Costs associated with debt issuances | (15) | ||
Repurchase of common stock | (4,681) | ||
Proceeds from the exercise of stock options | 101 | ||
Net cash provided by (used for) financing activities | (8,604) | (5,319) | 15,641 |
Net increase (decrease) in cash and cash equivalents | (210) | 402 | 584 |
Cash and cash equivalents: | |||
Beginning of period | 5,572 | 5,170 | 4,586 |
End of period | $ 5,362 | $ 5,572 | $ 5,170 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Destination XL Group, Inc. (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. Subsequent Events All appropriate subsequent event disclosures, if any, have been made in these Notes to the Consolidated Financial Statements. Prior Period Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. I mpairment of assets, which was previously included in “Depreciation and Amortization” on the Consolidated Statement of Operations for fiscal 2016 has been reclassified to “Impairment of Assets” for comparability to fiscal 2017. There was no such impairment of assets in fiscal 2015. 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 business operating segment includes the operating results and assets for LivingXL. Fiscal Year The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. Fiscal 2017 was a 53-week period which ended on February 3, 2018. Fiscal 2016 and 2015 were 52-week periods which ended on January 28, 2017 and January 30, 2016, 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 2017, fiscal 2016 and fiscal 2015, 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 February 3, 2018 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 undiscounted 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 2017, 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 February 3, 2018, was not impaired. Although some of the Rochester locations have closed as part of the DXL expansion, the Rochester Clothing stores that remain open as well as the Rochester brands that are sold in DXL stores and website 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 28, 2017 to February 3, 2018: (in thousands) January 28, 2017 Additions Impairment Amortization February 3, 2018 "Rochester" trademark $ 1,500 $ — $ — $ — $ 1,500 "Casual Male" trademark 599 — — (307 ) 292 Other intangibles (1) 129 — — (100 ) 29 Total intangible assets $ 2,228 $ — $ — $ (407 ) $ 1,821 (1) Other intangibles consist of customer lists, which have a finite life of 16 years based on its estimated economic useful life. At February 3, 2018, customer lists have a remaining life of 3 months. The gross carrying amount and accumulated amortization of the customer lists and “Casual Male” trademark, subject to amortization, were $7.7 million and $7.4 million, respectively, at February 3, 2018 and $7.7 million and $7.0 million, respectively, at January 28, 2017. Amortization expense for fiscal 2017, 2016 and 2015 was $0.4 million, $0.4 million and $0.6 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) 2018 $ 321 2019 — 2020 — 2021 — 2022 — 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 February 3, 2018 and January 28, 2017. Advertising expense, which is included in selling, general and administrative expenses, was $29.5 million, $18.2 million and $23.6 million for fiscal 2017, 2016 and 2015, respectively. Revenue Recognition Revenue from the Company’s retail store operations 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 initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. E-commerce sales are defined as sales that originate online, including those initiated online at the store level. 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 2017, fiscal 2016 and fiscal 2015 are as follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of fiscal year $ (5,237 ) $ (781 ) $ (6,018 ) $ (6,113 ) $ (539 ) $ (6,652 ) $ (7,795 ) $ (443 ) $ (8,238 ) Other comprehensive income (loss) before reclassifications, net of taxes 820 393 1,213 171 (242 ) (71 ) 1,035 (96 ) 939 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1) 670 — 670 705 — 705 647 — 647 Other comprehensive income (loss) for the period 1,490 393 1,883 876 (242 ) 634 1,682 (96 ) 1,586 Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) (2,093 ) (15 ) (2,108 ) — — — — — — Balance at end of fiscal year $ (5,840 ) $ (403 ) $ (6,243 ) $ (5,237 ) $ (781 ) $ (6,018 ) $ (6,113 ) $ (539 ) $ (6,652 ) (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 $670,000, $705,000 and $647,000 for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. There was no corresponding tax benefit. Foreign Currency Translation At February 3, 2018, the Company had one Rochester Clothing store located in London, England and two stores located in Toronto, Canada. Assets and liabilities for these stores 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 2002, 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 February 3, 2018 January 28, 2017 January 30, 2016 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 48,888 49,544 49,089 Common stock equivalents – stock options, restricted stock and restricted stock units (RSUs) (1) — — — Diluted weighted average common shares outstanding 48,888 49,544 49,089 (1) Common stock equivalents, in thousands, of 134 shares, 439 shares and 583 shares for February 3, 2018, January 28, 2017 and January 30, 2016, 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 because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect. FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands, except exercise prices) Stock options (time-vested) 1,196 1,162 1,244 RSUs (time-vested) 732 370 — Restricted and deferred stock 63 8 22 Range of exercise prices of such options $1.85-$7.52 $4.49-$7.52 $4.96-$7.52 Excluded from the computation of basic earnings per shares in fiscal 2017 were 36,666 shares of unvested time-based restricted shares and 115,457 shares of deferred stock until such shares vest. Although the shares of restricted stock are not considered outstanding for basic earnings per share purposes until vested, all shares of restricted stock were considered issued and outstanding at February 3, 2018. 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 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 stock-based compensation expense, with no tax effect, of $1.6 million, $1.3 million and $2.2 million for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. The total stock-based compensation cost related to time-vested awards not yet recognized as of February 3, 2018 was approximately $1.8 million and will be expensed over a weighted average remaining life of approximately 20 months. The total grant-date fair value of awards vested was $1.8 million, $2.9 million and $1.0 million for fiscal 2017, 2016 and 2015, respectively. Any excess tax benefits resulting from the exercise of stock options or the release of restricted shares are recognized as a component of income tax expense. Prior to the adoption of ASU 2016-09 in fiscal 2017, any excess tax benefits were recognized as additional paid-in capital. 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 2017, 2016 and 2015: Fiscal years ended: February 3, 2018 January 28, 2017 January 30, 2016 Expected volatility 49.9% 39.3%-42.7% 37.0%-39.0% Risk-free interest rate 1.44% 0.78%-1.23% 0.75%-1.25% Expected life (in years) 3.0 2.0 1.8-4.0 Dividend rate — — — Weighted average fair value of options granted $ 0.65 $1.02 $1.44 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 2017 and fiscal 2016, the Company recorded impairment charges of $4.1 million and $0.4 million, respectively, for the write-down of property and equipment. 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. Also included in the charge for fiscal 2017 was the write-off of certain costs of $1.9 million associated with technology projects that were abandoned. The impairment charge for fiscal 2016 was reclassified from “Depreciation and amortization” to “Impairment of assets” on the Consolidated Statement of Operations, for comparability with fiscal 2017. 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 historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as "breakage". Breakage is recognized over two years in proportion to historical redemption trends and is recorded as net sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $2.2 million and $2.4 million at February 3, 2018 and January 28, 2017, respectively. Recently Adopted Accounting Pronouncements In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 330): Simplifying the Measurement of Inventory, adopted this pronouncement as of January 29, 2017. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements In March 2016, the FASB issued ASU 2016-09, “ Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting Since there were for fiscal 2017, 2016 or 2015 this election did not result in a change in presentation on the Consolidated Statement of Cash Flows. 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. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Topic 606 The Company plans to adopt this standard in the first quarter of fiscal 2018, with no significant impact, using the modified retrospective approach. Generally, the Company’s performance obligations are satisfied the same day that contracts with customers are initiated. As such, the adoption of the new standard will not have a material impact on the Company’s Consolidated Financial Statements, business processes, controls or systems , but the Company expects to have enhanced disclosures related to disaggregation of revenue sources and accounting policies. In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) The Company has selected its leasing software solution and is in the process of identifying changes to its business processes, systems and controls to support adoption of the new standard in fiscal 2019. The Company is evaluating the impact that the new standard will have on the consolidated financial statements. While the Company is still in the process of quantifying the impact, it expects the adoption of the new standard to result in a material gross-up of its Consolidated Balance Sheets as a result of recognizing lease liabilities and right of use assets. In March 2016, the FASB issued ASU 2016 - 04 , “ Liabilities—Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products, ” which amends exempting gift cards and other prepaid stored-value products from the guidance on extinguishing financial liabilities. Rather, they will be subject to breakage accounting consistent with the new revenue guidance in Topic 606. However, the exemption only applies to breakage liabilities that are not subject to unclaimed property laws or that are attached to segregated bank accounts (e.g., consumer debit cards). The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt ASU 2016-04 in the first quarter of fiscal 2018 and does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which reduces the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 The Company will adopt ASU 2016-15 in the first quarter of fiscal 2018 and does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . In October 2016, the FASB issued ASU 2016-16, “ Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory reduces the existing diversity in practice in how income tax consequences of an intra-entity transfer of an asset other than inventory should be recognized. The amendments in ASU 2016 - 16 require an entity to recognize such income tax consequences when the intra-entity transfer occurs rather than waiting until such time as the asset has been sold to an outside party The Company does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . In May 2017, the FASB issued ASU 2017-09 Compensation—Stock Compensation (Topic 718)” The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt ASU 2017-09 in the first quarter of fiscal 2018 and does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . No other new accounting pronouncements, issued or effective during fiscal 2017, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Feb. 03, 2018 | |
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) February 3, 2018 January 28, 2017 Furniture and fixtures $ 75,895 $ 72,440 Equipment 21,612 20,453 Leasehold improvements 117,274 107,470 Hardware and software 84,532 76,923 Construction in progress 4,981 9,892 304,294 287,178 Less: accumulated depreciation 193,262 162,831 Total property and equipment $ 111,032 $ 124,347 Depreciation expense for fiscal 2017, 2016 and 2015 was $30.7 million, $29.8 million and $27.7 million, respectively. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Feb. 03, 2018 | |
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 February 3, 2018, the Company had outstanding borrowings under the Credit Facility of $47.6 million, before unamortized debt issuance costs of $0.2 million. Outstanding standby letters of credit were $3.3 million and documentary letters of credit were $1.3 million. Unused excess availability at February 3, 2018 was $37.5 million. Average monthly borrowings outstanding under the Credit Facility during fiscal 2017 were $59.7 million, resulting in an average unused excess availability of approximately $42.5 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 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 February 3, 2018, the Company’s prime-based interest rate was 5.00%. At February 3, 2018, the Company had approximately $40.0 million of its outstanding borrowings in a LIBOR-based contract with an interest rate of approximately 2.97%. The LIBOR-based contract expired February 6, 2018. 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 February 3, 2018 approximated the carrying value. Long-Term Debt Components of long-term debt are as follows: (in thousands) February 3, 2018 January 28, 2017 Equipment financing notes $ 501 $ 6,589 Term loan, due 2019 11,750 12,750 Less: unamortized debt issuance costs (190 ) (337 ) Total long-term debt 12,061 19,002 Less: current portion of long-term debt 1,392 6,941 Long-term debt, net of current portion $ 10,669 $ 12,061 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% to 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 was subject to prepayment penalties through the second anniversary of each of the Notes. The Company is no longer subject to any prepayment penalties. 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. The Company is no longer subject to any prepayment penalties. 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 2018 $ 1,501 Fiscal 2019 10,750 Fiscal 2020 — Fiscal 2021 — Fiscal 2022 — The Company paid interest and fees totaling $3.2 million, $2.8 million and $2.8 million for fiscal 2017, 2016 and 2015, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | D. INCOME TAXES The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Since the fourth quarter of fiscal 2013, the Company has maintained a valuation allowance against its deferred tax assets. While the Company has projected it will return to profitability, generate taxable income and ultimately emerge from a three-year cumulative loss, based on operating results for fiscal 2017 and the Company’s forecast for fiscal 2018, the Company believes that a full allowance remains appropriate at this time. Realization of the Company’s deferred tax assets is dependent on generating sufficient taxable income in the near term. The Tax Cuts and Jobs Act (the “2017 Tax Act”) was enacted on December 22, 2017. The 2017 Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%, eliminated the 20-year limit on the carryforward of losses, and resulted in the Company remeasuring its existing deferred tax balances. In addition, the 2017 Tax Act limits the future deductibility of certain items, such as certain compensation and interest expenses, and allows qualifying capital expenditures to be deducted fully in the year of purchase. The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. Because the Company’s valuation allowance against these deferred assets was also remeasured, there was no impact to the Company’s income tax provision, see the reconciliation table between the statutory and effective income tax rates. The Tax Act will allow for the indefinite carryforward of future net operating losses and will impose an annual limitation on the utilization of future losses, based on 80% of taxable income. As of February 3, 2018, for federal income tax purposes, the Company has net operating loss carryforwards of $141.4 million, which will expire from 2022 through 2036 and net operating loss carryforwards of $16.1 million that are not subject to expiration. For state income tax purposes, the Company has $88.6 million of net operating losses that are available to offset future taxable income. Additionally, the Company has $2.8 million of net operating loss carryforwards related to the Company’s operations in Canada. 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. As part of the 2017 Tax Act, the corporate alternative minimum tax (“AMT”) was repealed and the Company’s AMT credit of $2.1 million became refundable. Accordingly, the Company reversed its valuation allowance against the AMT credit, recognized an income tax benefit for $2.1 million and established a non-current receivable of $2.1 million, which will be realized over the next four years. During 2017, the Company reclassified approximately $2.1 million to accumulated deficit from accumulated other comprehensive income (loss) due to intraperiod tax allocations. Approximately $1.4 million of this pertained to years prior to FY 2017. The components of the net deferred tax assets as of February 3, 2018 and January 28, 2017 were as follows (in thousands): February 3, 2018 January 28, 2017 Deferred tax assets: Net operating loss carryforward $ 38,801 $ 50,399 Gain on sale-leaseback 3,036 5,170 Accrued expenses and other 2,089 4,340 Lease accruals 2,322 4,358 Goodwill and intangibles 338 1,513 Unrecognized loss on pension and pension expense 1,801 3,311 Capital loss carryforward 1,996 3,021 Inventory reserves 1,539 2,659 Alternative minimum tax credit carryforward — 2,292 Foreign tax credit carryforward 766 901 Federal wage tax credit carryforward 824 707 Unrecognized loss on foreign exchange 148 328 State tax credits 147 124 Excess of tax over book depreciation/amortization (6,144 ) (15,192 ) Subtotal $ 47,663 $ 63,931 Valuation allowance (47,663 ) (63,931 ) Net deferred tax assets $ — $ — Deferred tax liabilities: Goodwill and intangibles $ — $ (222 ) Deferred tax liabilities $ — $ (222 ) For fiscal 2017, the Company had total deferred tax assets of $53.8 million, total deferred tax liabilities of $6.1 million and a valuation allowance of $47.7 million. The provision (benefit) for income taxes consisted of the following: FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands) Current: Federal and state $ (109 ) $ 91 $ 104 Foreign (100 ) 49 51 (209 ) 140 155 Deferred: Federal and state (2,363 ) 23 94 Foreign — 3 11 (2,363 ) 26 105 Total provision (benefit) $ (2,572 ) $ 166 $ 260 The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision (benefit) for income tax: FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands) Federal income tax at the statutory rate (1) $ (7,215 ) $ (732 ) $ (2,852 ) State income and other taxes, net of federal tax benefit (407 ) (1 ) (177 ) Federal rate change on deferred assets (2) 22,796 — — Federal rate change on valuation allowance (2) (22,796 ) — — Permanent items 563 225 137 Change in uncertain tax provisions — — — Charge for valuation allowance 7,249 775 3,200 Refundable AMT credit (2,141 ) — — Other, net (621 ) (101 ) (48 ) Total provision (benefit) $ (2,572 ) $ 166 $ 260 (1) The federal income tax at the statutory rate for fiscal 2017 reflects a blended rate of 33.72%, based on the statutory rate decreasing from 35% to 21% on January 1, 2018. (2) This represents the federal rate change impact as of the end of fiscal 2017. The rate change impact on deferred assets and valuation allowance as a result of the 2017 Tax Act was $22.8 million. 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 February 3, 2018 and January 28, 2017 was approximately $2.0 million and $3.1 million, respectively, and was 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 the Company’s federal and state net operating losses 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. The Company made tax payments of $0.1 million, $0.1 million and $0.1 million for fiscal 2017, 2016 and 2015, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | E. COMMITMENTS AND CONTINGENCIES At February 3, 2018, the Company was obligated under operating leases covering store and office space, automobiles and certain equipment for future minimum rentals, merchandise purchase obligations and a non-merchandise purchase agreement as follows: Total FISCAL YEAR (in millions) Fiscal 2018 $ 70.1 Fiscal 2019 63.6 Fiscal 2020 59.8 Fiscal 2021 47.5 Fiscal 2022 43.5 Thereafter 90.0 $ 374.5 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 $66.0 million, $63.9 million and $62.0 million for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. In fiscal 2006, as part of a sale-leaseback transaction with a subsidiary of Spirit Finance Corp. (“Spirit”), the Company entered into a 20-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. Included in the table above, is a merchandise purchase obligation for which the Company is contractually committed to meet minimum purchases of $11.5 million in fiscal 2018, $10.0 million in fiscal 2019 and $10.0 million in fiscal 2020. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Incentive Plans | F. LONG-TERM INCENTIVE PLANS The following is a summary of the Company’s long-term incentive plans. All equity awards granted under these long-term incentive plans were issued from the Company’s 2006 Incentive Compensation Plan until July 31, 2016 when the 2006 Incentive Compensation Plan expired. As of August 4, 2016, all grants of equity awards are issued under the Company’s stockholder-approved 2016 Incentive Compensation Plan. See Note G, “Stock Compensation Plans.” 2016 Long-Term Incentive Wrap-Around Plan The 2016 Long-Term Incentive Wrap-Around Plan (the “2016 Wrap”), which was approved in the fourth quarter of fiscal 2014, was a supplemental performance-based incentive plan that was only effective if there was no vesting of the performance-based awards under the 2013-2016 LTIP and, as a result, all performance-based awards under that plan are forfeited. The performance targets under the 2013-2016 LTIP were not achieved at the end of fiscal 2016 and accordingly, the Wrap-Around Plan became effective. The performance target under the 2016 Wrap consisted of two metrics, Sales and EBITDA, with threshold (50%), target (80%) and maximum (100%) payout levels. Each metric was 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 2016 Wrap also provided for an opportunity to receive additional shares of restricted stock if the performance targets were achieved and the Company’s closing stock price was $6.75 or higher on the day earnings for fiscal 2016 are publicly released, which was March 20, 2017. The stock did not achieve a minimum of $6.75, therefore, no additional award was earned. Based on the operating results for fiscal 2016, the Company achieved 50.6% of its EBITDA target. The minimum threshold for the Sales target was not achieved. Accordingly, in the first quarter of fiscal 2017, the Compensation Committee of the Board of Directors approved awards totaling $2.3 million, with a grant date of March 20, 2017. On that date, the Company granted shares of restricted stock, with a fair value of approximately $1.0 million and cash awards totaling approximately $1.3 million. All outstanding awards vested on July 28, 2017. On March 20, 2017, in conjunction with the grant of these restricted stock awards, the Company reclassified $0.9 million of the liability accrual from “Accrued Expenses and Other Current Liabilities” to “Additional Paid-in Capital.” See the Consolidated Statements of Changes in Stockholders’ Equity. Long-Term Incentive Plan On March 15, 2016, the Compensation Committee approved the Destination XL Group, Inc. Long-Term Incentive Plan, as amended February 1, 2017 (the “LTIP”). Under the terms of the LTIP, each year the Compensation Committee will establish performance targets which will cover a two-year performance period (each a “Performance Period”), thereby creating overlapping Performance Periods. Each participant in the plan will be entitled to receive an award based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her long-term incentive program percentage, which is 100% for the Company’s Chief Executive Officer, 70% for its senior executives and 25% for other participants in the plan. The Target Cash Value for any award is based on one year of annual salary. For each participant, 50% of the Target Cash Value is subject to time-based vesting and 50% is subject to performance-based vesting. The time-vested portion of the award vests in two installments with 50% of the time-vested portion vesting on April 1 following the fiscal year end which marks the end of the applicable Performance Period and 50% vesting on April 1 the succeeding year. The performance-based vesting is subject to the achievement of the performance target(s) for the applicable Performance Period. Any performance award granted vests on August 31 following the end of the applicable Performance Period. For the 2016-2017 Performance Period, the Compensation Committee established two performance targets under the LTIP (the “2016-2017 LTIP”), each weighted 50%. The first target was EBITDA for fiscal 2017, defined as earnings before interest, taxes, depreciation and amortization, and the second target was “DXL Comparable Store Marginal Cash-Over-Cash Return,” defined as the aggregate of each comparable DXL store’s four-wall cash flow for fiscal 2017 divided by the aggregate capital investment, net of any tenant allowance, for each comparable DXL store. For the 2017-2018 Performance Period, the Compensation Committee established two performance targets under the LTIP (the “2017-2018 LTIP”), each weighted 50%. The first target is Total Company Comparable Sales and will be measured based on a two-year stack, which is the sum of the Total Company Comparable Sales for fiscal 2017 and fiscal 2018. The second target is a Modified ROIC, which is defined as Operating Income divided by Invested Capital (Total Debt plus Stockholders’ Equity). All time-based awards granted under both the 2016-2017 LTIP and 2017-2018 LTIP were in restricted stock units (RSUs). As of February 3, 2018, the stock-based compensation associated with the time-based awards of $1.9 million and $2.0 million, respectively, for the 2016-2017 LTIP and the 2017-2018 LTIP, is being expensed over thirty-six months, based on the respective vesting dates. With respect to the performance-based component, based on operating results for fiscal 2017, the Company achieved 54.4% payout of its DXL Comparable Store Marginal Cash-Over-Over-Cash Return target under the 2016-2017 LTIP. The minimum threshold for the EBITDA target was not achieved. Accordingly, subsequent to year-end, on March 21, 2018 the Compensation Committee approved the grant of restricted stock unit awards totaling $0.5 million, with a grant date of April 2, 2018. The awards are subject to further vesting through August 31, 2018. At February 3, 2018, $0.4 million of the $0.5 million performance-based component was accrued . Assuming that the Company achieves, at target, the performance targets under the 2017-2018 LTIP, the compensation expense is estimated to be approximately $2.0 million. Through the end of the fiscal 2017, because the performance targets were not deemed probable at February 3, 2018, no compensation expense for the performance-based compensation under the 2017-2018 LTIP has been recognized through fiscal 2017. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation Plans | G. STOCK COMPENSATION PLANS Through the end of the second quarter of fiscal 2016, the Company’s 2006 Incentive Compensation Plan (as amended and restated effective as of August 1, 2013, the “2006 Plan”) was the only stockholder approved plan. The 2006 Plan expired on July 31, 2016. In the third quarter of fiscal 2016, at the Company’s 2016 Annual Meeting of Stockholders held August 4, 2016, the Company’s stockholders approved the adoption of the 2016 Incentive Compensation Plan (the “2016 Plan”). 2016 Plan The initial share reserve under the 2016 Plan is 5,200,000 shares of the Company’s common stock. A grant of a stock option award or stock appreciation right reduces the outstanding reserve on a one-for-one basis. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, reduces the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. In addition to the initial share reserve of 5,200,000 shares, the 525,538 shares that remained available under the 2006 Plan were added and became available for issuance under the 2016 Plan on August 4, 2016. In accordance with the terms of the 2016 Plan, any shares outstanding under the 2006 Plan at August 4, 2016 that subsequently terminate, expire or are canceled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with options and stock appreciation rights being added back on a one-for-one basis and full-value awards being added back on a 1 to1.9 basis. Accordingly, an additional 3,610,963 shares have been added to share availability under the 2016 Plan since August 2016. At February 3, 2018, the Company had 6,536,551 shares available under the 2016 Plan. The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable or otherwise forfeitable unless such award has been outstanding for a minimum period of one year from its date of grant. The following tables summarize the stock option activity and share activity for the Company’s 2006 Plan and 2016 Plan, on a combined basis, during fiscal 2017: Stock Option Activity The following table summarizes stock option activity under the plans for fiscal 2017: 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 2,524,546 $ 4.98 Options granted 30,000 $ 1.85 Options canceled (1,358,636 ) $ 5.04 Options exercised — — Outstanding options at end of year 1,195,910 $ 4.80 4.4 years $ 21,750 Options exercisable at end of year 1,175,910 $ 4.85 4.4 years $ 7,250 Vested and expected to vest at end of year 1,195,910 $ 4.80 4.4 years $ 21,750 There were no exercises of options during fiscal 2017 or fiscal 2016. Non-Vested Share Activity The following table summarizes activity for non-vested shares under the plans for fiscal 2017: Restricted shares Restricted Stock Units (1) Deferred shares (2) Fully-vested shares (3) Total number of shares Weighted-average grant-date fair value (4) Shares Outstanding non-vested shares at beginning of year 856,332 369,828 64,876 — 1,291,036 $ 5.09 Shares granted 484,558 838,546 100,554 86,503 1,510,161 $ 2.64 Shares vested/issued (447,003 ) (42,453 ) (49,973 ) (86,503 ) (625,932 ) $ 2.71 Shares canceled (857,221 ) (117,369 ) — — (974,590 ) $ 4.87 Outstanding non-vested shares at end of year 36,666 1,048,552 115,457 — 1,200,675 $ 3.43 Vested and expected to vest at end of year 36,666 891,269 115,457 — 1,043,392 (1) Restricted Stock Units (“RSU”s) were primarily granted in connection with the time-vested portion of the 2017-2018 LTIP. The RSUs vest in two tranches with the first 50% vesting on April 1, 2019 and the remaining vesting 50% on April 1, 2020. (2) The 100,554 shares of deferred stock, with a fair value of approximately $232,064, represent compensation to certain directors 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 2017, the Company granted 86,503 shares of stock, with a fair value of approximately $204,477 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Directors are required to elect 50% of their quarterly retainer in equity. Any shares in excess of the minimum required election are issued from the Third Amended and Restated Non-Employee Director Stock Purchase Plan (the “Non-Employee Director Compensation Plan”). (4) 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. Total unrecognized stock compensation of $1.8 million at February 3, 2018 is expected to be recognized over a weighted-average period of 20 months. 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 Third Amended and Restated Non-Employee Director Compensation Plan. Beginning in fiscal 2015, the non-employee directors are required to take 50% of their annual retainer, which is paid quarterly, in equity. Any shares of stock, deferred stock or stock options issued to a director as part of this 50% requirement are issued from the 2016 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 2017, fiscal 2016 and fiscal 2015: Number of shares of common Fair value of common stock issued Fiscal 2017 42,450 $ 96,856 Fiscal 2016 14,509 $ 68,456 Fiscal 2015 24,947 $ 127,734 |
Related Parties
Related Parties | 12 Months Ended |
Feb. 03, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | H. RELATED PARTIES Seymour Holtzman and Jewelcor Management, Inc. Seymour Holtzman, the Executive Chairman of the Company’s Board of Directors (the “Board”), is the chairman, chief executive officer and president and, together with his wife, indirectly, the majority shareholder of Jewelcor Management, Inc. (“JMI”). Mr. Holtzman, who was initially appointed Chairman of the Board in April 2000, is the beneficial holder of approximately 9.2% of the outstanding common stock of the Company at February 3, 2018. On August 7, 2014, the Company entered into an Employment and Chairman Compensation Agreement (the “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 was for two years. Commencing August 7, 2015, on each anniversary date, the agreement automatically extends for an additional one-year term. Accordingly, the current expiration date of the agreement is August 7, 2019. Effective May 4, 2017, the Compensation Agreement was amended to reduce Mr. Holtzman’s annual compensation for his services as Executive Chairman from $ 372,750 $24,000 changes to the Employment and Chairman Compensation Agreement were made. Oliver Walsh Oliver Walsh was elected as a director at the Company’s Annual Meeting of Stockholders on August 3, 2017. On August 17, 2017, Mr. Walsh entered into a temporary consulting agreement with the Company to serve as the Interim Chief Marketing Officer through the Fall and Holiday selling seasons, while the Company searched for a Chief Marketing Officer. Pursuant to the terms of the temporary consulting agreement, Mr. Walsh was entitled to receive compensation at a rate of $7,000 per week plus reimbursement for all business and travel expenses. Because of the related party relationship, the temporary consulting agreement was approved by the Company’s Audit Committee. The temporary consulting agreement ended on December 18, 2017. For fiscal 2017, Mr. Walsh received total compensation pursuant to the temporary consulting agreement, excluding reimbursement of expenses, of $130,400. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 03, 2018 | |
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 2018 is approximately $699,000. Noncontributory Pension Plan In connection with the Casual Male acquisition in May 2002, 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 February 3, 2018 and January 28, 2017: February 3, 2018 January 28, 2017 in thousands Change in benefit obligation: Balance at beginning of period $ 16,456 $ 16,845 Benefits and expenses paid (775 ) (733 ) Interest costs 641 686 Settlements (410 ) (346 ) Actuarial loss 372 4 Balance at end of year $ 16,284 $ 16,456 Change in fair value of plan assets: Balance at beginning of period $ 11,734 $ 11,969 Actual return on plan assets 1,720 844 Employer contributions 586 — Settlements (410 ) (346 ) Benefits and expenses paid (775 ) (733 ) Balance at end of period $ 12,855 $ 11,734 Reconciliation of Funded Status Projected benefit obligation $ 16,284 $ 16,456 Fair value of plan assets 12,855 11,734 Unfunded Status $ (3,429 ) $ (4,722 ) Balance Sheet Classification Other long-term liabilities $ 3,429 $ 4,722 Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended February 3, 2018, January 28, 2017 and January 30, 2016 include the following components: February 3, 2018 January 28, 2017 January 30, 2016 Net pension cost: (in thousands) Interest cost on projected benefit obligation $ 641 $ 686 $ 634 Expected return on plan assets (813 ) (927 ) (1,013 ) Amortization of unrecognized loss 842 946 1,026 Net pension cost $ 670 $ 705 $ 647 Other changes recognized in other comprehensive loss, before taxes Unrecognized losses at the beginning of the year $ 7,280 $ 8,139 $ 9,746 Net periodic pension cost (670 ) (705 ) (647 ) Employer contribution 586 — 146 Change in plan assets and benefit obligations (1,293 ) (154 ) (1,106 ) Unrecognized losses at the end of year $ 5,903 $ 7,280 $ 8,139 The Company’s contribution for fiscal 2018 is estimated to be approximately $628,000. Assumptions used to determine the benefit obligations as of February 3, 2018 and January 28, 2017 include a discount rate of 3.68% for fiscal 2017 and 4.00% for fiscal 2016. Assumptions used to determine the net periodic benefit cost for the years ended February 3, 2018, January 28, 2017 and January 30, 2016 included a discount rate of 3.68% for fiscal 2017, 4.00% for fiscal 2016 and 4.16% for fiscal 2015. The expected long-term rate of return for plan assets was assumed to be 7.00% for fiscal 2017 and 8.00% for fiscal 2016. 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) 2018 $ 857 2019 878 2020 936 2021 961 2022 980 2023-2027 5,048 $ 9,660 Plan Assets The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2017 and fiscal 2016, by asset category, were as follows: Fair Value Measurement February 3, 2018 January 28, 2017 (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 : U.S. $ — $ — $ — $ — $ 2,645 $ — $ — $ 2,645 Foreign — — — — 210 — — 210 Mutual Funds: U.S. Equity 4,789 — — 4,789 2,153 — — 2,153 International Equity 3,662 — — 3,662 2,039 — — 2,039 Bond 4,074 — — 4,074 4,418 — — 4,418 Real Estate Investment Trust - — — — 6 — — 6 Cash 330 — — 330 263 — — 263 Total $ 12,855 $ — $ — $ 12,855 $ 11,734 $ — $ — $ 11,734 The Company’s target asset allocation for fiscal 2018 and its asset allocation at February 3, 2018 and January 28, 2017 were as follows, by asset category: Target Allocation Percentage of plan assets at Fiscal 2018 February 3, 2018 January 28, 2017 Asset category: Equity securities 60.0 % 65.7 % 60.1 % Debt securities 38.0 % 31.7 % 37.7 % Cash 2.0 % 2.6 % 2.2 % 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 February 3, 2018 and January 28, 2017: February 3, 2018 January 28, 2017 in thousands Change in benefit obligation: Balance at beginning of period $ 652 $ 670 Benefits and expenses paid (32 ) (30 ) Interest costs 25 27 Actuarial gain (115 ) (15 ) Balance at end of year $ 530 $ 652 Change in fair value of plan assets Balance at beginning of period $ — $ — Employer contributions 32 30 Benefits and expenses paid (32 ) (30 ) Balance at end of period $ — $ — Projected benefit obligation $ 530 $ 652 Reconciliation of Funded Status Projected benefit obligation $ 530 $ 652 Fair value of plan assets — — Unfunded Status $ (530 ) $ (652 ) Balance Sheet Classification Other long-term liabilities $ 530 $ 652 Other changes recognized in other comprehensive loss, before taxes ( in thousands ): February 3, 2018 January 28, 2017 January 30, 2016 Other changes recognized in other comprehensive loss, before taxes: in thousands Unrecognized losses at the beginning of the year $ 157 $ 178 $ 256 Net periodic pension cost (30 ) (33 ) (34 ) Employer contribution 32 30 30 Change in benefit obligations (122 ) (18 ) (74 ) Unrecognized losses at the end of year $ 37 $ 157 $ 178 Assumptions used to determine the benefit obligations as of February 3, 2018 and January 28, 2017 included a discount rate of 3.60% for fiscal 2017 and 4.00% for fiscal 2016. Assumptions used to determine the net periodic benefit cost for the years ended February 3, 2018, January 28, 2017 and January 30, 2016 included a discount rate of 3.60% for fiscal 2017, 4.00% for fiscal 2016 and 4.16% for fiscal 2015. 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 $2.3 million, $2.2 million and $2.0 million of expense under this plan in fiscal 2017, 2016 and 2015, respectively. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (Unaudited) | J. 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 2017 Sales $ 107,629 $ 121,125 $ 103,700 $ 135,522 $ 467,976 Gross profit 48,688 55,817 44,813 61,039 210,357 Operating income (loss) (5,234 ) (2,872 ) (4,835 ) (5,100 ) (18,041 ) Loss before taxes (6,036 ) (3,696 ) (5,706 ) (5,960 ) (21,398 ) Income tax provision (benefit) 29 35 — (2,636 ) (2,572 ) Net loss $ (6,065 ) $ (3,731 ) $ (5,706 ) $ (3,324 ) $ (18,826 ) Loss per share – basic and diluted $ (0.12 ) $ (0.08 ) $ (0.12 ) $ (0.07 ) $ (0.39 ) FISCAL YEAR 2016 Sales $ 107,891 $ 117,875 $ 101,871 $ 122,646 $ 450,283 Gross profit 49,766 54,843 45,238 55,034 204,881 Operating income (loss) 1,055 1,017 (3,639 ) 2,544 977 Income (loss) before taxes 271 234 (4,418 ) 1,823 (2,090 ) Income tax provision 57 35 34 40 166 Net income (loss) $ 214 $ 199 $ (4,452 ) $ 1,783 $ (2,256 ) Earnings (loss) per share – basic and diluted $ 0.00 $ 0.00 $ (0.09 ) $ 0.04 $ (0.05 ) The Company’s fiscal quarters are based on a retail cycle of 13 weeks. Fiscal 2017 was a 53-week year, therefore, the fourth quarter of fiscal 2017 was a 14-week period. 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Feb. 03, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | K. SUBSEQUENT EVENT On March 23, 2018, the Company announced that David Levin, President and Chief Executive Officer, has informed the board of directors of his plan to retire as President, CEO and director of the Company by the end of 2018. In connection with this announcement, the Company and Mr. Levin have entered in a Transition Agreement (“Transition Agreement”) addressing Mr. Levin’s future retirement and related successor issues. The Transition Agreement modifies and supplements certain terms of Mr. Levin’s existing employment agreement with the Company (“Employment Agreement”), which currently provides for an employment term for Mr. Levin running through December 31, 2019. Under the terms of the Transition Agreement Mr. Levin will continue to serve as Chief Executive Officer until the earlier of December 31, 2018 or the date that the Company employs a full-time successor Chief Executive Officer (the “Transition Date”). As of the Transition Date, Mr. Levin will resign and retire as President and Chief Executive Officer and as a Director of the Company. After the Transition Date and through December 31, 2019, Mr. Levin shall remain employed by the Company to perform reasonable transition duties or other consulting activities or projects, unless his employment is terminated as provided for in the Employment Agreement. If Mr. Levin remains employed after the Transition Date, he will perform transition duties and projects as requested through December 31, 2019 and continue to receive all compensation otherwise due him under the Employment Agreement. With respect to his ongoing employment through December 31, 2019, payments associated with Mr. Levin’s incentive awards for the fiscal year ending February 2, 2019 will be based on actual performance results and payments associated with his incentive awards for the fiscal year ending February 1, 2020 will be paid at target (regardless of actual performance). If there is a change in control of the Company while Mr. Levin remains employed, payments that would have otherwise been due him through December 31, 2019 shall be paid to him in a lump sum (with a limited gross up). So long as Mr. Levin remains employed through December 31, 2019 the vesting of his outstanding long term incentive awards will be treated based on the retirement provisions of the applicable plans. Except as otherwise modified by the Transition Agreement, Mr. Levin remains subject to the provisions of the Employment Agreement, including various restrictive covenants. The applicable restricted periods associated with those covenants commence on the earlier of December 31, 2018 or when his employment is terminated. Except as addressed in the Transition Agreement, the provisions of the Employment Agreement relating to any termination as a result of disability, death, resignation or with or without cause remain in effect. All payment obligations of the Company remain subject to Mr. Levin executing a general release within thirty days of the execution of the Transition Agreement and again within thirty days of his termination of employment. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Destination XL Group, Inc. (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. |
Subsequent Events | Subsequent Events All appropriate subsequent event disclosures, if any, have been made in these Notes to the Consolidated Financial Statements. |
Prior Period Reclassifications | Prior Period Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. I mpairment of assets, which was previously included in “Depreciation and Amortization” on the Consolidated Statement of Operations for fiscal 2016 has been reclassified to “Impairment of Assets” for comparability to fiscal 2017. There was no such impairment of assets in fiscal 2015. |
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 business operating segment includes the operating results and assets for LivingXL. |
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 2017 was a 53-week period which ended on February 3, 2018. Fiscal 2016 and 2015 were 52-week periods which ended on January 28, 2017 and January 30, 2016, 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 2017, fiscal 2016 and fiscal 2015, 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 February 3, 2018 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 undiscounted 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 2017, 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 February 3, 2018, was not impaired. Although some of the Rochester locations have closed as part of the DXL expansion, the Rochester Clothing stores that remain open as well as the Rochester brands that are sold in DXL stores and website 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 28, 2017 to February 3, 2018: (in thousands) January 28, 2017 Additions Impairment Amortization February 3, 2018 "Rochester" trademark $ 1,500 $ — $ — $ — $ 1,500 "Casual Male" trademark 599 — — (307 ) 292 Other intangibles (1) 129 — — (100 ) 29 Total intangible assets $ 2,228 $ — $ — $ (407 ) $ 1,821 (1) Other intangibles consist of customer lists, which have a finite life of 16 years based on its estimated economic useful life. At February 3, 2018, customer lists have a remaining life of 3 months. The gross carrying amount and accumulated amortization of the customer lists and “Casual Male” trademark, subject to amortization, were $7.7 million and $7.4 million, respectively, at February 3, 2018 and $7.7 million and $7.0 million, respectively, at January 28, 2017. Amortization expense for fiscal 2017, 2016 and 2015 was $0.4 million, $0.4 million and $0.6 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) 2018 $ 321 2019 — 2020 — 2021 — 2022 — |
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 February 3, 2018 and January 28, 2017. Advertising expense, which is included in selling, general and administrative expenses, was $29.5 million, $18.2 million and $23.6 million for fiscal 2017, 2016 and 2015, respectively. |
Revenue Recognition | Revenue Recognition Revenue from the Company’s retail store operations 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 initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. E-commerce sales are defined as sales that originate online, including those initiated online at the store level. 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 2017, fiscal 2016 and fiscal 2015 are as follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of fiscal year $ (5,237 ) $ (781 ) $ (6,018 ) $ (6,113 ) $ (539 ) $ (6,652 ) $ (7,795 ) $ (443 ) $ (8,238 ) Other comprehensive income (loss) before reclassifications, net of taxes 820 393 1,213 171 (242 ) (71 ) 1,035 (96 ) 939 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1) 670 — 670 705 — 705 647 — 647 Other comprehensive income (loss) for the period 1,490 393 1,883 876 (242 ) 634 1,682 (96 ) 1,586 Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) (2,093 ) (15 ) (2,108 ) — — — — — — Balance at end of fiscal year $ (5,840 ) $ (403 ) $ (6,243 ) $ (5,237 ) $ (781 ) $ (6,018 ) $ (6,113 ) $ (539 ) $ (6,652 ) (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 $670,000, $705,000 and $647,000 for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. There was no corresponding tax benefit. |
Foreign Currency Translation | Foreign Currency Translation At February 3, 2018, the Company had one Rochester Clothing store located in London, England and two stores located in Toronto, Canada. Assets and liabilities for these stores 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 2002, 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 February 3, 2018 January 28, 2017 January 30, 2016 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 48,888 49,544 49,089 Common stock equivalents – stock options, restricted stock and restricted stock units (RSUs) (1) — — — Diluted weighted average common shares outstanding 48,888 49,544 49,089 (1) Common stock equivalents, in thousands, of 134 shares, 439 shares and 583 shares for February 3, 2018, January 28, 2017 and January 30, 2016, 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 because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect. FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands, except exercise prices) Stock options (time-vested) 1,196 1,162 1,244 RSUs (time-vested) 732 370 — Restricted and deferred stock 63 8 22 Range of exercise prices of such options $1.85-$7.52 $4.49-$7.52 $4.96-$7.52 Excluded from the computation of basic earnings per shares in fiscal 2017 were 36,666 shares of unvested time-based restricted shares and 115,457 shares of deferred stock until such shares vest. Although the shares of restricted stock are not considered outstanding for basic earnings per share purposes until vested, all shares of restricted stock were considered issued and outstanding at February 3, 2018. 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 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 stock-based compensation expense, with no tax effect, of $1.6 million, $1.3 million and $2.2 million for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. The total stock-based compensation cost related to time-vested awards not yet recognized as of February 3, 2018 was approximately $1.8 million and will be expensed over a weighted average remaining life of approximately 20 months. The total grant-date fair value of awards vested was $1.8 million, $2.9 million and $1.0 million for fiscal 2017, 2016 and 2015, respectively. Any excess tax benefits resulting from the exercise of stock options or the release of restricted shares are recognized as a component of income tax expense. Prior to the adoption of ASU 2016-09 in fiscal 2017, any excess tax benefits were recognized as additional paid-in capital. 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 2017, 2016 and 2015: Fiscal years ended: February 3, 2018 January 28, 2017 January 30, 2016 Expected volatility 49.9% 39.3%-42.7% 37.0%-39.0% Risk-free interest rate 1.44% 0.78%-1.23% 0.75%-1.25% Expected life (in years) 3.0 2.0 1.8-4.0 Dividend rate — — — Weighted average fair value of options granted $ 0.65 $1.02 $1.44 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 2017 and fiscal 2016, the Company recorded impairment charges of $4.1 million and $0.4 million, respectively, for the write-down of property and equipment. 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. Also included in the charge for fiscal 2017 was the write-off of certain costs of $1.9 million associated with technology projects that were abandoned. The impairment charge for fiscal 2016 was reclassified from “Depreciation and amortization” to “Impairment of assets” on the Consolidated Statement of Operations, for comparability with fiscal 2017. 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 historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as "breakage". Breakage is recognized over two years in proportion to historical redemption trends and is recorded as net sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $2.2 million and $2.4 million at February 3, 2018 and January 28, 2017, respectively. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 330): Simplifying the Measurement of Inventory, adopted this pronouncement as of January 29, 2017. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements In March 2016, the FASB issued ASU 2016-09, “ Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting Since there were for fiscal 2017, 2016 or 2015 this election did not result in a change in presentation on the Consolidated Statement of Cash Flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed accounting pronouncements and interpretations thereof that have effective dates during the periods reported and in future periods. The Company believes that the following impending standards may have an impact on its future filings. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Topic 606 The Company plans to adopt this standard in the first quarter of fiscal 2018, with no significant impact, using the modified retrospective approach. Generally, the Company’s performance obligations are satisfied the same day that contracts with customers are initiated. As such, the adoption of the new standard will not have a material impact on the Company’s Consolidated Financial Statements, business processes, controls or systems , but the Company expects to have enhanced disclosures related to disaggregation of revenue sources and accounting policies. In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) The Company has selected its leasing software solution and is in the process of identifying changes to its business processes, systems and controls to support adoption of the new standard in fiscal 2019. The Company is evaluating the impact that the new standard will have on the consolidated financial statements. While the Company is still in the process of quantifying the impact, it expects the adoption of the new standard to result in a material gross-up of its Consolidated Balance Sheets as a result of recognizing lease liabilities and right of use assets. In March 2016, the FASB issued ASU 2016 - 04 , “ Liabilities—Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products, ” which amends exempting gift cards and other prepaid stored-value products from the guidance on extinguishing financial liabilities. Rather, they will be subject to breakage accounting consistent with the new revenue guidance in Topic 606. However, the exemption only applies to breakage liabilities that are not subject to unclaimed property laws or that are attached to segregated bank accounts (e.g., consumer debit cards). The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt ASU 2016-04 in the first quarter of fiscal 2018 and does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments which reduces the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 The Company will adopt ASU 2016-15 in the first quarter of fiscal 2018 and does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . In October 2016, the FASB issued ASU 2016-16, “ Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory reduces the existing diversity in practice in how income tax consequences of an intra-entity transfer of an asset other than inventory should be recognized. The amendments in ASU 2016 - 16 require an entity to recognize such income tax consequences when the intra-entity transfer occurs rather than waiting until such time as the asset has been sold to an outside party The Company does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . In May 2017, the FASB issued ASU 2017-09 Compensation—Stock Compensation (Topic 718)” The ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt ASU 2017-09 in the first quarter of fiscal 2018 and does not expect the adoption of this pronouncement to have a material impact on its Consolidated Financial Statements . No other new accounting pronouncements, issued or effective during fiscal 2017, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Life of Property and Equipment | Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: Furniture and fixtures Five to ten years Equipment Five to ten years Leasehold improvements Lesser of useful lives or related lease term Hardware and software Three to seven years |
Changes in Carrying Value of Intangible Assets | Below is a table showing the changes in the carrying value of the Company’s intangible assets from January 28, 2017 to February 3, 2018: (in thousands) January 28, 2017 Additions Impairment Amortization February 3, 2018 "Rochester" trademark $ 1,500 $ — $ — $ — $ 1,500 "Casual Male" trademark 599 — — (307 ) 292 Other intangibles (1) 129 — — (100 ) 29 Total intangible assets $ 2,228 $ — $ — $ (407 ) $ 1,821 (1) Other intangibles consist of customer lists, which have a finite life of 16 years based on its estimated economic useful life. At February 3, 2018, customer lists have a remaining life of 3 months. |
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) 2018 $ 321 2019 — 2020 — 2021 — 2022 — |
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 2017, fiscal 2016 and fiscal 2015 are as follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of fiscal year $ (5,237 ) $ (781 ) $ (6,018 ) $ (6,113 ) $ (539 ) $ (6,652 ) $ (7,795 ) $ (443 ) $ (8,238 ) Other comprehensive income (loss) before reclassifications, net of taxes 820 393 1,213 171 (242 ) (71 ) 1,035 (96 ) 939 Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (1) 670 — 670 705 — 705 647 — 647 Other comprehensive income (loss) for the period 1,490 393 1,883 876 (242 ) 634 1,682 (96 ) 1,586 Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) (2,093 ) (15 ) (2,108 ) — — — — — — Balance at end of fiscal year $ (5,840 ) $ (403 ) $ (6,243 ) $ (5,237 ) $ (781 ) $ (6,018 ) $ (6,113 ) $ (539 ) $ (6,652 ) (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 $670,000, $705,000 and $647,000 for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. There was no corresponding tax benefit. |
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 February 3, 2018 January 28, 2017 January 30, 2016 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 48,888 49,544 49,089 Common stock equivalents – stock options, restricted stock and restricted stock units (RSUs) (1) — — — Diluted weighted average common shares outstanding 48,888 49,544 49,089 (1) Common stock equivalents, in thousands, of 134 shares, 439 shares and 583 shares for February 3, 2018, January 28, 2017 and January 30, 2016, 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 because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect. FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands, except exercise prices) Stock options (time-vested) 1,196 1,162 1,244 RSUs (time-vested) 732 370 — Restricted and deferred stock 63 8 22 Range of exercise prices of such options $1.85-$7.52 $4.49-$7.52 $4.96-$7.52 |
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 2017, 2016 and 2015: Fiscal years ended: February 3, 2018 January 28, 2017 January 30, 2016 Expected volatility 49.9% 39.3%-42.7% 37.0%-39.0% Risk-free interest rate 1.44% 0.78%-1.23% 0.75%-1.25% Expected life (in years) 3.0 2.0 1.8-4.0 Dividend rate — — — Weighted average fair value of options granted $ 0.65 $1.02 $1.44 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at the dates indicated: (in thousands) February 3, 2018 January 28, 2017 Furniture and fixtures $ 75,895 $ 72,440 Equipment 21,612 20,453 Leasehold improvements 117,274 107,470 Hardware and software 84,532 76,923 Construction in progress 4,981 9,892 304,294 287,178 Less: accumulated depreciation 193,262 162,831 Total property and equipment $ 111,032 $ 124,347 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Components of long-term debt are as follows: (in thousands) February 3, 2018 January 28, 2017 Equipment financing notes $ 501 $ 6,589 Term loan, due 2019 11,750 12,750 Less: unamortized debt issuance costs (190 ) (337 ) Total long-term debt 12,061 19,002 Less: current portion of long-term debt 1,392 6,941 Long-term debt, net of current portion $ 10,669 $ 12,061 |
Annual Maturities of Long-Term Debt | Annual maturities of long-term debt for the next five fiscal years are as follows: (in thousands) Fiscal 2018 $ 1,501 Fiscal 2019 10,750 Fiscal 2020 — Fiscal 2021 — Fiscal 2022 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Tax Assets | The components of the net deferred tax assets as of February 3, 2018 and January 28, 2017 were as follows (in thousands): February 3, 2018 January 28, 2017 Deferred tax assets: Net operating loss carryforward $ 38,801 $ 50,399 Gain on sale-leaseback 3,036 5,170 Accrued expenses and other 2,089 4,340 Lease accruals 2,322 4,358 Goodwill and intangibles 338 1,513 Unrecognized loss on pension and pension expense 1,801 3,311 Capital loss carryforward 1,996 3,021 Inventory reserves 1,539 2,659 Alternative minimum tax credit carryforward — 2,292 Foreign tax credit carryforward 766 901 Federal wage tax credit carryforward 824 707 Unrecognized loss on foreign exchange 148 328 State tax credits 147 124 Excess of tax over book depreciation/amortization (6,144 ) (15,192 ) Subtotal $ 47,663 $ 63,931 Valuation allowance (47,663 ) (63,931 ) Net deferred tax assets $ — $ — Deferred tax liabilities: Goodwill and intangibles $ — $ (222 ) Deferred tax liabilities $ — $ (222 ) |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consisted of the following: FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands) Current: Federal and state $ (109 ) $ 91 $ 104 Foreign (100 ) 49 51 (209 ) 140 155 Deferred: Federal and state (2,363 ) 23 94 Foreign — 3 11 (2,363 ) 26 105 Total provision (benefit) $ (2,572 ) $ 166 $ 260 |
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 (benefit) for income tax: FISCAL YEARS ENDED February 3, 2018 January 28, 2017 January 30, 2016 (in thousands) Federal income tax at the statutory rate (1) $ (7,215 ) $ (732 ) $ (2,852 ) State income and other taxes, net of federal tax benefit (407 ) (1 ) (177 ) Federal rate change on deferred assets (2) 22,796 — — Federal rate change on valuation allowance (2) (22,796 ) — — Permanent items 563 225 137 Change in uncertain tax provisions — — — Charge for valuation allowance 7,249 775 3,200 Refundable AMT credit (2,141 ) — — Other, net (621 ) (101 ) (48 ) Total provision (benefit) $ (2,572 ) $ 166 $ 260 (1) The federal income tax at the statutory rate for fiscal 2017 reflects a blended rate of 33.72%, based on the statutory rate decreasing from 35% to 21% on January 1, 2018. (2) This represents the federal rate change impact as of the end of fiscal 2017. The rate change impact on deferred assets and valuation allowance as a result of the 2017 Tax Act was $22.8 million. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rentals under Operating Leases | At February 3, 2018, the Company was obligated under operating leases covering store and office space, automobiles and certain equipment for future minimum rentals, merchandise purchase obligations and a non-merchandise purchase agreement as follows: Total FISCAL YEAR (in millions) Fiscal 2018 $ 70.1 Fiscal 2019 63.6 Fiscal 2020 59.8 Fiscal 2021 47.5 Fiscal 2022 43.5 Thereafter 90.0 $ 374.5 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
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 2017, fiscal 2016 and fiscal 2015: Number of shares of common Fair value of common stock issued Fiscal 2017 42,450 $ 96,856 Fiscal 2016 14,509 $ 68,456 Fiscal 2015 24,947 $ 127,734 |
Employee Stock Plan, 2006 Plan and 2016 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Option Activity | The following table summarizes stock option activity under the plans for fiscal 2017: 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 2,524,546 $ 4.98 Options granted 30,000 $ 1.85 Options canceled (1,358,636 ) $ 5.04 Options exercised — — Outstanding options at end of year 1,195,910 $ 4.80 4.4 years $ 21,750 Options exercisable at end of year 1,175,910 $ 4.85 4.4 years $ 7,250 Vested and expected to vest at end of year 1,195,910 $ 4.80 4.4 years $ 21,750 |
Summary of Restricted Stock Activity | The following table summarizes activity for non-vested shares under the plans for fiscal 2017: Restricted shares Restricted Stock Units (1) Deferred shares (2) Fully-vested shares (3) Total number of shares Weighted-average grant-date fair value (4) Shares Outstanding non-vested shares at beginning of year 856,332 369,828 64,876 — 1,291,036 $ 5.09 Shares granted 484,558 838,546 100,554 86,503 1,510,161 $ 2.64 Shares vested/issued (447,003 ) (42,453 ) (49,973 ) (86,503 ) (625,932 ) $ 2.71 Shares canceled (857,221 ) (117,369 ) — — (974,590 ) $ 4.87 Outstanding non-vested shares at end of year 36,666 1,048,552 115,457 — 1,200,675 $ 3.43 Vested and expected to vest at end of year 36,666 891,269 115,457 — 1,043,392 (1) Restricted Stock Units (“RSU”s) were primarily granted in connection with the time-vested portion of the 2017-2018 LTIP. The RSUs vest in two tranches with the first 50% vesting on April 1, 2019 and the remaining vesting 50% on April 1, 2020. (2) The 100,554 shares of deferred stock, with a fair value of approximately $232,064, represent compensation to certain directors 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 2017, the Company granted 86,503 shares of stock, with a fair value of approximately $204,477 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Directors are required to elect 50% of their quarterly retainer in equity. Any shares in excess of the minimum required election are issued from the Third Amended and Restated Non-Employee Director Stock Purchase Plan (the “Non-Employee Director Compensation Plan”). (4) 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. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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) 2018 $ 857 2019 878 2020 936 2021 961 2022 980 2023-2027 5,048 $ 9,660 |
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 2017 and fiscal 2016, by asset category, were as follows: Fair Value Measurement February 3, 2018 January 28, 2017 (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 : U.S. $ — $ — $ — $ — $ 2,645 $ — $ — $ 2,645 Foreign — — — — 210 — — 210 Mutual Funds: U.S. Equity 4,789 — — 4,789 2,153 — — 2,153 International Equity 3,662 — — 3,662 2,039 — — 2,039 Bond 4,074 — — 4,074 4,418 — — 4,418 Real Estate Investment Trust - — — — 6 — — 6 Cash 330 — — 330 263 — — 263 Total $ 12,855 $ — $ — $ 12,855 $ 11,734 $ — $ — $ 11,734 |
Target Asset Allocation | The Company’s target asset allocation for fiscal 2018 and its asset allocation at February 3, 2018 and January 28, 2017 were as follows, by asset category: Target Allocation Percentage of plan assets at Fiscal 2018 February 3, 2018 January 28, 2017 Asset category: Equity securities 60.0 % 65.7 % 60.1 % Debt securities 38.0 % 31.7 % 37.7 % Cash 2.0 % 2.6 % 2.2 % 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 February 3, 2018 and January 28, 2017: February 3, 2018 January 28, 2017 in thousands Change in benefit obligation: Balance at beginning of period $ 16,456 $ 16,845 Benefits and expenses paid (775 ) (733 ) Interest costs 641 686 Settlements (410 ) (346 ) Actuarial loss 372 4 Balance at end of year $ 16,284 $ 16,456 Change in fair value of plan assets: Balance at beginning of period $ 11,734 $ 11,969 Actual return on plan assets 1,720 844 Employer contributions 586 — Settlements (410 ) (346 ) Benefits and expenses paid (775 ) (733 ) Balance at end of period $ 12,855 $ 11,734 Reconciliation of Funded Status Projected benefit obligation $ 16,284 $ 16,456 Fair value of plan assets 12,855 11,734 Unfunded Status $ (3,429 ) $ (4,722 ) Balance Sheet Classification Other long-term liabilities $ 3,429 $ 4,722 |
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 February 3, 2018, January 28, 2017 and January 30, 2016 include the following components: February 3, 2018 January 28, 2017 January 30, 2016 Net pension cost: (in thousands) Interest cost on projected benefit obligation $ 641 $ 686 $ 634 Expected return on plan assets (813 ) (927 ) (1,013 ) Amortization of unrecognized loss 842 946 1,026 Net pension cost $ 670 $ 705 $ 647 Other changes recognized in other comprehensive loss, before taxes Unrecognized losses at the beginning of the year $ 7,280 $ 8,139 $ 9,746 Net periodic pension cost (670 ) (705 ) (647 ) Employer contribution 586 — 146 Change in plan assets and benefit obligations (1,293 ) (154 ) (1,106 ) Unrecognized losses at the end of year $ 5,903 $ 7,280 $ 8,139 |
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 February 3, 2018 and January 28, 2017: February 3, 2018 January 28, 2017 in thousands Change in benefit obligation: Balance at beginning of period $ 652 $ 670 Benefits and expenses paid (32 ) (30 ) Interest costs 25 27 Actuarial gain (115 ) (15 ) Balance at end of year $ 530 $ 652 Change in fair value of plan assets Balance at beginning of period $ — $ — Employer contributions 32 30 Benefits and expenses paid (32 ) (30 ) Balance at end of period $ — $ — Projected benefit obligation $ 530 $ 652 Reconciliation of Funded Status Projected benefit obligation $ 530 $ 652 Fair value of plan assets — — Unfunded Status $ (530 ) $ (652 ) Balance Sheet Classification Other long-term liabilities $ 530 $ 652 |
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 ): February 3, 2018 January 28, 2017 January 30, 2016 Other changes recognized in other comprehensive loss, before taxes: in thousands Unrecognized losses at the beginning of the year $ 157 $ 178 $ 256 Net periodic pension cost (30 ) (33 ) (34 ) Employer contribution 32 30 30 Change in benefit obligations (122 ) (18 ) (74 ) Unrecognized losses at the end of year $ 37 $ 157 $ 178 |
Selected Quarterly Data (Unau27
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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 2017 Sales $ 107,629 $ 121,125 $ 103,700 $ 135,522 $ 467,976 Gross profit 48,688 55,817 44,813 61,039 210,357 Operating income (loss) (5,234 ) (2,872 ) (4,835 ) (5,100 ) (18,041 ) Loss before taxes (6,036 ) (3,696 ) (5,706 ) (5,960 ) (21,398 ) Income tax provision (benefit) 29 35 — (2,636 ) (2,572 ) Net loss $ (6,065 ) $ (3,731 ) $ (5,706 ) $ (3,324 ) $ (18,826 ) Loss per share – basic and diluted $ (0.12 ) $ (0.08 ) $ (0.12 ) $ (0.07 ) $ (0.39 ) FISCAL YEAR 2016 Sales $ 107,891 $ 117,875 $ 101,871 $ 122,646 $ 450,283 Gross profit 49,766 54,843 45,238 55,034 204,881 Operating income (loss) 1,055 1,017 (3,639 ) 2,544 977 Income (loss) before taxes 271 234 (4,418 ) 1,823 (2,090 ) Income tax provision 57 35 34 40 166 Net income (loss) $ 214 $ 199 $ (4,452 ) $ 1,783 $ (2,256 ) Earnings (loss) per share – basic and diluted $ 0.00 $ 0.00 $ (0.09 ) $ 0.04 $ (0.05 ) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Feb. 03, 2018USD ($)StoreSegmentshares | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
Accounting Policies [Line Items] | |||
Impairment charge | $ 4,100,000 | $ 400,000 | $ 0 |
Number of reportable segments | Segment | 1 | ||
Number of operating segments | Segment | 2 | ||
Amortization expense of intangibles | $ 407,000 | 400,000 | 600,000 |
Direct response advertising costs, amortization period | 1 year | ||
Direct response costs deferred | $ 0 | 0 | |
Stock compensation expense | 1,636,000 | 1,256,000 | 2,195,000 |
Total grant-date fair value of options vested | 1,800,000 | 2,900,000 | 1,000,000 |
Gift card liability, net of breakage | $ 2,200,000 | 2,400,000 | |
Unvested time-based restricted stock | |||
Accounting Policies [Line Items] | |||
Dilutive shares | shares | 36,666 | ||
Deferred Stock | |||
Accounting Policies [Line Items] | |||
Shares excluded from computation of basic earnings per share | shares | 115,457 | ||
Time-Vested Awards | |||
Accounting Policies [Line Items] | |||
Unrecognized stock compensation cost | $ 1,800,000 | ||
Unrecognized stock compensation cost weighted average recognition period | 20 months | ||
Selling, General and Administrative Expenses | |||
Accounting Policies [Line Items] | |||
Advertising expenses | $ 29,500,000 | 18,200,000 | $ 23,600,000 |
Casual Male Trademark | |||
Accounting Policies [Line Items] | |||
Intangible assets, amortization period | 2,018 | ||
Accumulated amortization of intangibles | $ 7,400,000 | 7,000,000 | |
Amortization expense of intangibles | 307,000 | ||
Customer Lists | |||
Accounting Policies [Line Items] | |||
Gross carrying amount of intangibles | 7,700,000 | $ 7,700,000 | |
Technology Projects | |||
Accounting Policies [Line Items] | |||
Impairment charge | 1,900,000 | ||
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 | ||
DXL Stores | UNITED STATES | |||
Accounting Policies [Line Items] | |||
Number of stores | Store | 212 | ||
Casual Male XL Retail and Outlet Stores | UNITED STATES | |||
Accounting Policies [Line Items] | |||
Number of stores | Store | 78 | ||
Casual Male XL outlets | |||
Accounting Policies [Line Items] | |||
Number of stores | Store | 33 | ||
DXL Outlets | |||
Accounting Policies [Line Items] | |||
Number of stores | Store | 14 | ||
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 | ||
Rochester Clothing Stores | Canada | |||
Accounting Policies [Line Items] | |||
Number of stores | Store | 2 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Estimated Useful Life of Property and Equipment (Details) | 12 Months Ended |
Feb. 03, 2018 | |
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 Accoun30
Summary of Significant Accounting Policies - Changes in Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Intangible Assets By Major Class [Line Items] | ||||
January 28, 2017 | $ 2,228 | |||
Amortization | (407) | $ (400) | $ (600) | |
February 3, 2018 | 1,821 | 2,228 | ||
Casual Male Trademark | ||||
Intangible Assets By Major Class [Line Items] | ||||
January 28, 2017 | 599 | |||
Amortization | (307) | |||
February 3, 2018 | 292 | 599 | ||
Other Intangible Assets | ||||
Intangible Assets By Major Class [Line Items] | ||||
January 28, 2017 | [1] | 129 | ||
Amortization | [1] | (100) | ||
February 3, 2018 | [1] | 29 | 129 | |
Rochester Trademark | ||||
Intangible Assets By Major Class [Line Items] | ||||
January 28, 2017 | 1,500 | |||
February 3, 2018 | $ 1,500 | $ 1,500 | ||
[1] | Other intangibles consist of customer lists, which have a finite life of 16 years based on its estimated economic useful life. At February 3, 2018, customer lists have a remaining life of 3 months. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Changes in Carrying Value of Intangible Assets (Parenthetical) (Details) - Other Intangible Assets | 12 Months Ended |
Feb. 03, 2018 | |
Intangible Assets By Major Class [Line Items] | |
Intangible assets, estimated useful life | 16 years |
Weighted average amortization period remaining for other intangibles | 3 months |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Expected Amortization Expense for Casual Male Trademark and Customer Lists (Details) $ in Thousands | Feb. 03, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,018 | $ 321 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Other Comprehensive Income and Reclassifications from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 88,520 | $ 88,404 | $ 92,390 | |
Other comprehensive income (loss), net of tax | 1,883 | 634 | 1,586 | |
Ending Balance | 69,986 | 88,520 | 88,404 | |
Pension Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,237) | (6,113) | (7,795) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 820 | 171 | 1,035 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | 670 | 705 | 647 |
Other comprehensive income (loss), net of tax | 1,490 | 876 | 1,682 | |
Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) | (2,093) | |||
Ending Balance | (5,840) | (5,237) | (6,113) | |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (781) | (539) | (443) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 393 | (242) | (96) | |
Other comprehensive income (loss), net of tax | 393 | (242) | (96) | |
Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) | (15) | |||
Ending Balance | (403) | (781) | (539) | |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,018) | (6,652) | (8,238) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 1,213 | (71) | 939 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | 670 | 705 | 647 |
Other comprehensive income (loss), net of tax | 1,883 | 634 | 1,586 | |
Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note D) | (2,108) | |||
Ending Balance | $ (6,243) | $ (6,018) | $ (6,652) | |
[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 $670,000, $705,000 and $647,000 for fiscal 2017, fiscal 2016 and fiscal 2015, respectively. There was no corresponding tax benefit. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Other Comprehensive Income and Reclassifications from AOCI (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 03, 2018 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Selling, general and administrative | $ 193,230,000 | $ 173,283,000 | $ 180,570,000 | |||||||
Tax benefit | $ (2,636,000) | $ 35,000 | $ 29,000 | $ 40,000 | $ 34,000 | $ 35,000 | $ 57,000 | (2,572,000) | 166,000 | 260,000 |
Reclassification out of Accumulated Other Comprehensive Income | Pension Plans | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Selling, general and administrative | 670,000 | 705,000 | 647,000 | |||||||
Tax benefit | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun35
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 | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Common stock outstanding: | |||
Basic weighted average common shares outstanding | 48,888 | 49,544 | 49,089 |
Diluted weighted average common shares outstanding | 48,888 | 49,544 | 49,089 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Parenthetical) (Details) - shares shares in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Accounting Policies [Abstract] | |||
Common stock equivalents | 134 | 439 | 583 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Potential Common Stock Equivalents Excluded from Computation of Diluted Earning Per Share (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 134 | 439 | 583 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 1,196 | 1,162 | 1,244 |
Range of exercise prices of such options, minimum | $ 1.85 | $ 4.49 | $ 4.96 |
Range of exercise prices of such options, maximum | $ 7.52 | $ 7.52 | $ 7.52 |
RSUs (time-vested) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 732 | 370 | |
Restricted and deferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 63 | 8 | 22 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Valuation Assumptions for Stock Options (Details) - $ / shares | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 39.30% | 37.00% | |
Expected volatility, maximum | 42.70% | 39.00% | |
Expected volatility | 49.90% | ||
Risk-free interest rate, minimum | 0.78% | 0.75% | |
Risk-free interest rate, maximum | 1.23% | 1.25% | |
Risk-free interest rate | 1.44% | ||
Expected life | 3 years | 2 years | |
Weighted average fair value of options granted | $ 0.65 | $ 1.02 | $ 1.44 |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 1 year 9 months 18 days | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 4 years |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 304,294 | $ 287,178 |
Less: accumulated depreciation | 193,262 | 162,831 |
Total property and equipment | 111,032 | 124,347 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 75,895 | 72,440 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 21,612 | 20,453 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 117,274 | 107,470 |
Hardware And Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 84,532 | 76,923 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,981 | $ 9,892 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expenses | $ 30.7 | $ 29.8 | $ 27.7 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) | Oct. 30, 2014USD ($) | Feb. 03, 2018USD ($)Note | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 190,000 | $ 337,000 | ||
Interest and fees paid | $ 3,200,000 | $ 2,800,000 | $ 2,800,000 | |
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 | $ 47,600,000 | |||
Unamortized debt issuance costs | 200,000 | |||
Line of credit facility, remaining borrowing capacity | 37,500,000 | |||
Line of credit facility, average monthly outstanding amount | 59,700,000 | |||
Line of credit facility, average unused excess availability | $ 42,500,000 | |||
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 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 | 5.00% | |||
Credit Facility | LIBOR-based Borrowings | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration date | Feb. 6, 2018 | |||
Line of credit facility, amount outstanding | $ 40,000,000 | |||
Line of credit facility interest rate | 2.97% | |||
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, 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, 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 | |||
Master Agreement | Banc of America Leasing & Capital, LLC | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of notes borrowed | $ 26,400,000 | |||
Master Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Notes fixed interest rate | 3.07% | |||
Master Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Notes fixed interest rate | 3.50% | |||
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 | 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 | |||
Prepayments percentage | 0.00% | |||
Debt instrument, maturity date | Oct. 29, 2019 | |||
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 | $ 3,300,000 | |||
Documentary Letters of Credit | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | $ 1,300,000 |
Debt Obligations - Components o
Debt Obligations - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (190) | $ (337) |
Total long-term debt | 12,061 | 19,002 |
Less: current portion of long-term debt | 1,392 | 6,941 |
Long-term debt, net of current portion | 10,669 | 12,061 |
Equipment financing notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 501 | 6,589 |
Term loan, due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 11,750 | $ 12,750 |
Debt Obligations - Annual Matur
Debt Obligations - Annual Maturities of Long-Term Debt (Details) $ in Thousands | Feb. 03, 2018USD ($) |
Debt Disclosure [Abstract] | |
Fiscal 2,018 | $ 1,501 |
Fiscal 2,019 | $ 10,750 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 33.72% | |||
Net operating loss carryforward limitation in use, description | Because the Company’s valuation allowance against these deferred assets was also remeasured, there was no impact to the Company’s income tax provision, see the reconciliation table between the statutory and effective income tax rates. The Tax Act will allow for the indefinite carryforward of future net operating losses and will impose an annual limitation on the utilization of future losses, based on 80% of taxable income | |||
Net operating loss carryforward limitation period | 20 years | |||
Tax cuts and jobs act of 2017, annual limitations on net operating loss carryforward percentage of taxable income | 80.00% | |||
Federal net operating loss carry forwards expiration period minimum | 2,022 | |||
Federal net operating loss carry forwards expiration period maximum | 2,036 | |||
Net operating loss carryforwards not subject to expiration | $ 16,100 | |||
Refundable AMT tax credit | 2,141 | |||
Tax cuts and jobs act of 2017, change in tax rate, income tax benefit recognized | 2,100 | |||
Tax cuts and jobs act of 2017, change in tax rate, noncurrent receivable | $ 2,100 | |||
Tax cuts and jobs act of 2017, change in tax rate, noncurrent receivable realization period | over the next four years | |||
Deferred tax assets | $ 53,800 | |||
Deferred tax liabilities | 6,100 | |||
Deferred tax assets, valuation allowance | 47,663 | $ 63,931 | ||
Liability for unrecognized tax benefits | 2,000 | $ 3,100 | ||
Income taxes paid | 100 | $ 100 | $ 100 | |
Accumulated Deficit | ||||
Income Taxes [Line Items] | ||||
Reclassification to accumulated deficitt from accumulated other comprehensive income (loss) | 2,108 | |||
Prior period reclassification to accumulated deficitt from accumulated other comprehensive income (loss) | 1,400 | |||
Federal | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 141,400 | |||
State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 88,600 | |||
Canada | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 2,800 | |||
Maximum | ||||
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 35.00% | |||
Scenario, Plan | ||||
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 21.00% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 38,801 | $ 50,399 |
Gain on sale-leaseback | 3,036 | 5,170 |
Accrued expenses and other | 2,089 | 4,340 |
Lease accruals | 2,322 | 4,358 |
Goodwill and intangibles | 338 | 1,513 |
Unrecognized loss on pension and pension expense | 1,801 | 3,311 |
Capital loss carryforward | 1,996 | 3,021 |
Inventory reserves | 1,539 | 2,659 |
Alternative minimum tax credit carryforward | 0 | 2,292 |
Foreign tax credit carryforward | 766 | 901 |
Federal wage tax credit carryforward | 824 | 707 |
Unrecognized loss on foreign exchange | 148 | 328 |
State tax credits | 147 | 124 |
Excess of tax over book depreciation/amortization | (6,144) | (15,192) |
Subtotal | 47,663 | 63,931 |
Valuation allowance | (47,663) | (63,931) |
Net deferred tax assets | 0 | 0 |
Deferred tax liabilities: | ||
Goodwill and intangibles | 0 | (222) |
Deferred tax liabilities | $ 0 | $ (222) |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 03, 2018 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Current: | ||||||||||
Federal and state | $ (109) | $ 91 | $ 104 | |||||||
Foreign | (100) | 49 | 51 | |||||||
Current Income Tax Expense (Benefit), Total | (209) | 140 | 155 | |||||||
Deferred: | ||||||||||
Federal and state | (2,363) | 23 | 94 | |||||||
Foreign | 3 | 11 | ||||||||
Deferred income tax provision (benefit), total | (2,363) | 26 | 105 | |||||||
Total provision (benefit) | $ (2,636) | $ 35 | $ 29 | $ 40 | $ 34 | $ 35 | $ 57 | $ (2,572) | $ 166 | $ 260 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory and Effective Income Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax at the statutory rate | [1] | $ (7,215) | $ (732) | $ (2,852) | |||||||
State income and other taxes, net of federal tax benefit | (407) | (1) | (177) | ||||||||
Federal rate change on deferred assets | [2] | 22,796 | |||||||||
Federal rate change on valuation allowance | [2] | (22,796) | |||||||||
Permanent items | 563 | 225 | 137 | ||||||||
Charge for valuation allowance | 7,249 | 775 | 3,200 | ||||||||
Refundable AMT credit | (2,141) | ||||||||||
Other, net | (621) | (101) | (48) | ||||||||
Total provision (benefit) | $ (2,636) | $ 35 | $ 29 | $ 40 | $ 34 | $ 35 | $ 57 | $ (2,572) | $ 166 | $ 260 | |
[1] | The federal income tax at the statutory rate for fiscal 2017 reflects a blended rate of 33.72%, based on the statutory rate decreasing from 35% to 21% on January 1, 2018 | ||||||||||
[2] | This represents the federal rate change impact as of the end of fiscal 2017. The rate change impact on deferred assets and valuation allowance as a result of the 2017 Tax Act was $22.8 million. |
Income Taxes - Reconciliation48
Income Taxes - Reconciliation between Statutory and Effective Income Tax Rates (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Income Taxes [Line Items] | ||
U.S. federal corporate tax rate | 33.72% | |
Federal rate change impact on deferred assets and valuation allowance | $ 22.8 | |
Maximum | ||
Income Taxes [Line Items] | ||
U.S. federal corporate tax rate | 35.00% | |
Scenario, Plan | ||
Income Taxes [Line Items] | ||
U.S. federal corporate tax rate | 21.00% |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rentals under Operating Leases (Details) $ in Millions | Feb. 03, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2,018 | $ 70.1 |
Fiscal 2,019 | 63.6 |
Fiscal 2,020 | 59.8 |
Fiscal 2,021 | 47.5 |
Fiscal 2,022 | 43.5 |
Thereafter | 90 |
Operating Leases, Future Minimum Payments Due, Total | $ 374.5 |
Commitments and Contingencies50
Commitments and Contingencies - Additional Information (Details) $ in Millions | Feb. 02, 2011 | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Dec. 31, 2006USD ($)Period |
Commitments and Contingencies [Line Items] | |||||
Extension of lease term | 5 years | ||||
Occupancy costs, automobile and leased equipment expense | $ 66 | $ 63.9 | $ 62 | ||
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 | ||||
Merchandise purchase obligation, fiscal 2018 | 11.5 | ||||
Merchandise purchase obligation, fiscal 2019 | 10 | ||||
Merchandise purchase obligation, fiscal 2020 | $ 10 | ||||
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 ($) $ / shares in Units, $ in Thousands | Apr. 02, 2018 | Mar. 20, 2017 | Feb. 01, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Amount of liability reclassified from accrued expenses and other current liabilities to additional paid-in capital in conjunction with the grant of restricted stock awards | $ 920 | |||||
Stock compensation expense | $ 1,636 | $ 1,256 | $ 2,195 | |||
2006 Incentive Compensation Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Incentive plan expiration date | Jul. 31, 2016 | |||||
2016 Long Term Incentive Wrap Around Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance based compensation description | The stock did not achieve a minimum of $6.75, therefore, no additional award was earned | |||||
Performance-based award payouts percentage | 50.60% | |||||
Shares granted | $ 2,300 | |||||
Cash awards | 1,300 | |||||
Amount of liability reclassified from accrued expenses and other current liabilities to additional paid-in capital in conjunction with the grant of restricted stock awards | 900 | |||||
2016 Long Term Incentive Wrap Around Plan | 2016 Wrap-Around Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance-based compensation percentage | 50.00% | |||||
2016 Long Term Incentive Wrap Around Plan | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares granted during the period, fair value | $ 1,000 | |||||
Awards vested date | Jul. 28, 2017 | |||||
2016 Long Term Incentive Wrap Around Plan | Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Closing stock price | $ 6.75 | |||||
2016 Long Term Incentive Wrap Around Plan | Minimum | 2016 Wrap-Around Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance-based compensation percentage | 80.00% | |||||
2016 Long Term Incentive Wrap Around Plan | Maximum | 2016 Wrap-Around Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance-based compensation percentage | 100.00% | |||||
2016-2017 Long Term Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Incentive plan expiration date | Mar. 15, 2016 | |||||
Performance-based award payouts percentage | 54.40% | |||||
2016-2017 Long Term Incentive Plan | Time Based Vesting Schedule | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock compensation expense | $ 1,900 | |||||
2016-2017 Long Term Incentive Plan | Performance Based Vesting Schedule | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock compensation expense | 500 | |||||
Accrued compensation expense | $ 400 | |||||
2016-2017 Long Term Incentive Plan | Restricted Stock Units (RSUs) | Scenario, Forecast | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares granted | $ 500 | |||||
New Long-Term Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Incentive plan terms | each year the Compensation Committee will establish performance targets which will cover a two-year performance period (each a “Performance Period”), thereby creating overlapping Performance Periods. Each participant in the plan will be entitled to receive an award based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her long-term incentive program percentage, which is 100% for the Company’s Chief Executive Officer, 70% for its senior executives and 25% for other participants in the plan. The Target Cash Value for any award is based on one year of annual salary. | |||||
Vesting plan | 50.00% | |||||
New Long-Term Incentive Plan | Chief Executive Officer | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of salary | 100.00% | |||||
New Long-Term Incentive Plan | Senior Executive | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of salary | 70.00% | |||||
New Long-Term Incentive Plan | Other Participants | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of salary | 25.00% | |||||
New Long-Term Incentive Plan | Time Based Vesting Schedule | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of benefit obligation | 50.00% | |||||
New Long-Term Incentive Plan | Performance Based Vesting Schedule | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of benefit obligation | 50.00% | |||||
2017-2018 Long Term Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share based compensation weighted based on sales used in calculation of performance targets | 50.00% | |||||
2017-2018 Long Term Incentive Plan | Time Based Vesting Schedule | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock compensation expense | $ 2,000 | |||||
2017-2018 Long Term Incentive Plan | Performance Based Compensation | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock compensation expense | $ 2,000 | $ 0 |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | Aug. 04, 2016 | Feb. 03, 2018 |
Non Employee Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of annual retainer | 50.00% | |
2016 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Incentive plan expiration date | Jul. 31, 2016 | |
Common stock reserve, shares | 5,200,000 | |
Reduction in outstanding reserve for share granted | 1.00% | |
Reduction in outstanding reserve for share granted, full-value award | 1.90% | |
Share-based compensation arrangement by share-based payment award, description | In addition to the initial share reserve of 5,200,000 shares, the 525,538 shares that remained available under the 2006 Plan were added and became available for issuance under the 2016 Plan on August 4, 2016. In accordance with the terms of the 2016 Plan, any shares outstanding under the 2006 Plan at August 4, 2016 that subsequently terminate, expire or are canceled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with options and stock appreciation rights being added back on a one-for-one basis and full-value awards being added back on a 1 to1.9 basis. Accordingly, an additional 3,610,963 shares have been added to share availability under the 2016 Plan since August 2016. At February 3, 2018, the Company had 6,536,551 shares available under the 2016 Plan. | |
Shares available for grant | 6,536,551 | |
Number of additional shares authorized | 525,538 | 3,610,963 |
Performance based compensation description | Plan are added back and become available for issuance under the 2016 Plan, with options and stock appreciation rights being added back on a one-for-one basis and full-value awards being added back on a 1 to1.9 basis. | |
Percent of shares available for awards | 5.00% | |
Share-based compensation description | Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable or otherwise forfeitable unless such award has been outstanding for a minimum period of one year from its date of grant. | |
Employee Stock Plan, 2006 Plan and 2016 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options exercised | 0 | |
Unrecognized stock compensation | $ 1.8 | |
Unrecognized stock compensation cost weighted average recognition period | 20 months |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Activity under Two Thousand Six And Two Thousand Sixteen Plan (Details) - Employee Stock Plan, 2006 Plan and 2016 Plan | 12 Months Ended |
Feb. 03, 2018USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding options at beginning of year | 2,524,546 |
Options granted | 30,000 |
Options canceled | (1,358,636) |
Options exercised | 0 |
Outstanding options at end of year | 1,195,910 |
Options exercisable at end of year | 1,175,910 |
Vested and expected to vest at end of year | 1,195,910 |
Weighted-average exercise price per option | |
Outstanding options at beginning of year | $ / shares | $ 4.98 |
Options granted | $ / shares | 1.85 |
Options canceled | $ / shares | 5.04 |
Outstanding options at end of year | $ / shares | 4.80 |
Options exercisable at end of year | $ / shares | 4.85 |
Vested and expected to vest at end of year | $ / shares | $ 4.80 |
Weighted-average remaining contractual term | |
Outstanding options at end of year | 4 years 4 months 24 days |
Options exercisable at end of year | 4 years 4 months 24 days |
Vested and expected to vest at end of year | 4 years 4 months 24 days |
Aggregate Intrinsic Value | |
Outstanding options at end of year | $ | $ 21,750 |
Options exercisable at end of year | $ | 7,250 |
Vested and expected to vest at end of year | $ | $ 21,750 |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Activity for Non-Vested Shares under Two Thousand Six And Two Thousand Sixteen Plan (Details) - Employee Stock Plan, 2006 Plan and 2016 Plan | 12 Months Ended | |
Feb. 03, 2018$ / sharesshares | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 1,291,036 | |
Shares granted | 1,510,161 | |
Shares vested/issued | (625,932) | |
Shares canceled | (974,590) | |
Outstanding non-vested shares at end of year | 1,200,675 | |
Vested and expected to vest at end of year | 1,043,392 | |
Weighted-average Grant-Date Fair value | ||
Outstanding non-vested shares at beginning of year | $ / shares | $ 5.09 | [1] |
Shares granted | $ / shares | 2.64 | [1] |
Shares vested/issued | $ / shares | 2.71 | [1] |
Shares canceled | $ / shares | 4.87 | [1] |
Outstanding non-vested shares at end of year | $ / shares | $ 3.43 | [1] |
Certain Directors | ||
Total number of shares | ||
Shares granted | 86,503 | |
Restricted stock | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 856,332 | |
Shares granted | 484,558 | |
Shares vested/issued | (447,003) | |
Shares canceled | (857,221) | |
Outstanding non-vested shares at end of year | 36,666 | |
Vested and expected to vest at end of year | 36,666 | |
Restricted Stock Units | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 369,828 | [2] |
Shares granted | 838,546 | [2] |
Shares vested/issued | (42,453) | [2] |
Shares canceled | (117,369) | [2] |
Outstanding non-vested shares at end of year | 1,048,552 | [2] |
Vested and expected to vest at end of year | 891,269 | [2] |
Deferred stock | ||
Total number of shares | ||
Outstanding non-vested shares at beginning of year | 64,876 | [3] |
Shares granted | 100,554 | |
Shares vested/issued | (49,973) | [3] |
Outstanding non-vested shares at end of year | 115,457 | [3] |
Vested and expected to vest at end of year | 115,457 | [3] |
Deferred stock | Certain Directors | ||
Total number of shares | ||
Shares granted | 100,554 | [3] |
Fully-vested shares | ||
Total number of shares | ||
Shares vested/issued | (86,503) | [4] |
Fully-vested shares | Certain Directors | ||
Total number of shares | ||
Shares granted | 86,503 | [4] |
[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] | Restricted Stock Units (“RSU”s) were primarily granted in connection with the time-vested portion of the 2017-2018 LTIP. The RSUs vest in two tranches with the first 50% vesting on April 1, 2019 and the remaining vesting 50% on April 1, 2020. | |
[3] | The 100,554 shares of deferred stock, with a fair value of approximately $232,064, represent compensation to certain directors 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. | |
[4] | During fiscal 2017, the Company granted 86,503 shares of stock, with a fair value of approximately $204,477 to certain directors as compensation in lieu of cash, in accordance with their irrevocable elections. Directors are required to elect 50% of their quarterly retainer in equity. Any shares in excess of the minimum required election are issued from the Third Amended and Restated Non-Employee Director Stock Purchase Plan (the “Non-Employee Director Compensation Plan”). |
Stock Compensation Plans - Su55
Stock Compensation Plans - Summary of Activity for Non-Vested Shares under Two Thousand Six And Two Thousand Sixteen Plan (Parenthetical) (Details) - Employee Stock Plan, 2006 Plan and 2016 Plan - USD ($) | Apr. 01, 2020 | Apr. 01, 2019 | Feb. 03, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 1,510,161 | |||
Shares granted during the period, fair value | $ 232,064 | |||
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | |||
Percentage of quarterly retainer | 50.00% | |||
Certain Directors | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 86,503 | |||
Shares granted during the period, fair value | $ 204,477 | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | [1] | 838,546 | ||
Restricted Stock Units | Scenario, Forecast | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting plan | 50.00% | 50.00% | ||
Deferred stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | 100,554 | |||
Deferred stock | Certain Directors | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares granted | [2] | 100,554 | ||
[1] | Restricted Stock Units (“RSU”s) were primarily granted in connection with the time-vested portion of the 2017-2018 LTIP. The RSUs vest in two tranches with the first 50% vesting on April 1, 2019 and the remaining vesting 50% on April 1, 2020. | |||
[2] | The 100,554 shares of deferred stock, with a fair value of approximately $232,064, represent compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. The shares of deferred stock vest three years from the date of grant or at separation of service, based on the irrevocable election of each director. |
Stock Compensation Plans - Comm
Stock Compensation Plans - Common Stock Shares Issued to Non-Employee Directors as Compensation (Detail) - Non Employee Directors - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock issued | 42,450 | 14,509 | 24,947 |
Fair value of common stock issued | $ 96,856 | $ 68,456 | $ 127,734 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | Aug. 17, 2017 | May 04, 2017 | May 03, 2017 | Feb. 03, 2018 |
Board of Directors Chairman | ||||
Related Party Transaction [Line Items] | ||||
Percentage of common stock outstanding owned | 9.20% | |||
Termination date of Consulting Agreement | Aug. 7, 2019 | |||
Initial term of agreement | 2 years | |||
Agreement extension term | 1 year | |||
Annual compensation | $ 200,000 | $ 372,750 | ||
Annual base salary | $ 24,000 | |||
Chief Marketing Officer | ||||
Related Party Transaction [Line Items] | ||||
Compensation to related party, per week | $ 7,000 | |||
Compensation to related party, excluding reimbursement expenses | $ 130,400 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | Jan. 01, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Amortization of unrecognized loss expected to be recognized in fiscal 2018 | $ 699,000 | |||
Defined contribution plans eligible employees age | 21 years | |||
Defined contribution plan service period for eligibility | 1000 hours | |||
Defined contribution plan expenses recognized | $ 2,300,000 | $ 2,200,000 | $ 2,000,000 | |
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 estimated contribution to the plan for fiscal 2018 | $ 628,000 | |||
Assumptions used to determine the benefit obligations, discount rate | 3.68% | 4.00% | ||
Assumptions used to determine the net periodic benefit cost, discount rate | 3.68% | 4.00% | 4.16% | |
Expected long-term rate of return for benefit obligation and the net periodic benefit cost | 7.00% | 8.00% | ||
Supplemental Executive Retirement Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Assumptions used to determine the benefit obligations, discount rate | 3.60% | 4.00% | ||
Assumptions used to determine the net periodic benefit cost, discount rate | 3.60% | 4.00% | 4.16% | |
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 | ||||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | |
Noncontributory Pension Plan | |||||
Change in benefit obligation: | |||||
Balance at beginning of period | $ 16,456 | $ 16,845 | |||
Benefits and expenses paid | (775) | (733) | |||
Interest costs | 641 | 686 | $ 634 | ||
Settlements | (410) | (346) | |||
Actuarial (gain) loss | 372 | 4 | |||
Balance at end of year | 16,284 | 16,456 | 16,845 | ||
Change in fair value of plan assets: | |||||
Balance at beginning of period | 11,734 | 11,969 | |||
Actual return on plan assets | 1,720 | 844 | |||
Employer contributions | 586 | 146 | |||
Settlements | (410) | (346) | |||
Benefits and expenses paid | (775) | (733) | |||
Balance at end of period | 12,855 | 11,734 | 11,969 | ||
Projected benefit obligation | 16,456 | 16,456 | 16,845 | $ 16,284 | $ 16,456 |
Reconciliation of Funded Status | |||||
Projected benefit obligation | 16,456 | 16,456 | 16,845 | 16,284 | 16,456 |
Fair value of plan assets | 11,734 | 11,734 | 11,969 | 12,855 | 11,734 |
Unfunded Status | (3,429) | (4,722) | |||
Balance Sheet Classification | |||||
Other long-term liabilities | 3,429 | 4,722 | |||
Supplemental Executive Retirement Plan | |||||
Change in benefit obligation: | |||||
Balance at beginning of period | 652 | 670 | |||
Benefits and expenses paid | (32) | (30) | |||
Interest costs | 25 | 27 | |||
Actuarial (gain) loss | (115) | (15) | |||
Balance at end of year | 530 | 652 | 670 | ||
Change in fair value of plan assets: | |||||
Employer contributions | 32 | 30 | 30 | ||
Benefits and expenses paid | (32) | (30) | |||
Projected benefit obligation | 652 | 652 | 670 | 530 | 652 |
Reconciliation of Funded Status | |||||
Projected benefit obligation | $ 652 | $ 652 | $ 670 | 530 | 652 |
Unfunded Status | (530) | (652) | |||
Balance Sheet Classification | |||||
Other long-term liabilities | $ 530 | $ 652 |
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 | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Noncontributory Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 641 | $ 686 | $ 634 |
Expected return on plan assets | (813) | (927) | (1,013) |
Amortization of unrecognized loss | 842 | 946 | 1,026 |
Net pension cost | 670 | 705 | 647 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 7,280 | 8,139 | 9,746 |
Net periodic pension cost | (670) | (705) | (647) |
Employer contribution | 586 | 146 | |
Change in plan assets and benefit obligations | (1,293) | (154) | (1,106) |
Unrecognized losses at the end of year | 5,903 | 7,280 | 8,139 |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | 25 | 27 | |
Net pension cost | 30 | 33 | 34 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 157 | 178 | 256 |
Net periodic pension cost | (30) | (33) | (34) |
Employer contribution | 32 | 30 | 30 |
Change in plan assets and benefit obligations | (122) | (18) | (74) |
Unrecognized losses at the end of year | $ 37 | $ 157 | $ 178 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Estimated Future Benefits for Next Ten Fiscal Years (Details) $ in Thousands | Feb. 03, 2018USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2,018 | $ 857 |
2,019 | 878 |
2,020 | 936 |
2,021 | 961 |
2,022 | 980 |
2023-2027 | 5,048 |
Estimated future benefits payments | $ 9,660 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Noncontributory Defined Benefit Retirement Plan Assets (Details) - Noncontributory Pension Plan - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $ 12,855 | $ 11,734 | $ 11,969 |
Common Stock | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 2,645 | ||
Common Stock | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 210 | ||
Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 4,074 | 4,418 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 330 | 263 | |
Real Estate Investment Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 6 | ||
Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 12,855 | 11,734 | |
Mutual Funds | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 4,789 | 2,153 | |
Mutual Funds | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 3,662 | 2,039 | |
Fair Value, Inputs, Level 1 | Common Stock | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 2,645 | ||
Fair Value, Inputs, Level 1 | Common Stock | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 210 | ||
Fair Value, Inputs, Level 1 | Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 4,074 | 4,418 | |
Fair Value, Inputs, Level 1 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 330 | 263 | |
Fair Value, Inputs, Level 1 | Real Estate Investment Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 6 | ||
Fair Value, Inputs, Level 1 | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 12,855 | 11,734 | |
Fair Value, Inputs, Level 1 | Mutual Funds | U.S. Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 4,789 | 2,153 | |
Fair Value, Inputs, Level 1 | Mutual Funds | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $ 3,662 | $ 2,039 |
Employee Benefit Plans - Target
Employee Benefit Plans - Target Asset Allocation (Details) - Noncontributory Pension Plan | Feb. 03, 2018 | Jan. 28, 2017 |
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 | 60.00% | |
Percentage of plan assets | 65.70% | 60.10% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 38.00% | |
Percentage of plan assets | 31.70% | 37.70% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2.00% | |
Percentage of plan assets | 2.60% | 2.20% |
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 | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 135,522 | $ 103,700 | $ 121,125 | $ 107,629 | $ 122,646 | $ 101,871 | $ 117,875 | $ 107,891 | $ 467,976 | $ 450,283 | $ 442,221 |
Gross profit | 61,039 | 44,813 | 55,817 | 48,688 | 55,034 | 45,238 | 54,843 | 49,766 | 210,357 | 204,881 | 203,839 |
Operating income (loss) | (5,100) | (4,835) | (2,872) | (5,234) | 2,544 | (3,639) | 1,017 | 1,055 | (18,041) | 977 | (5,090) |
Income (loss) before taxes | (5,960) | (5,706) | (3,696) | (6,036) | 1,823 | (4,418) | 234 | 271 | (21,398) | (2,090) | (8,148) |
Provision (benefit) for income taxes | (2,636) | 35 | 29 | 40 | 34 | 35 | 57 | (2,572) | 166 | 260 | |
Net loss | $ (3,324) | $ (5,706) | $ (3,731) | $ (6,065) | $ 1,783 | $ (4,452) | $ 199 | $ 214 | $ (18,826) | $ (2,256) | $ (8,408) |
Earnings (loss) per share – basic and diluted | $ (0.07) | $ (0.12) | $ (0.08) | $ (0.12) | $ 0.04 | $ (0.09) | $ 0 | $ 0 | $ (0.39) | $ (0.05) | $ (0.17) |