Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 01, 2021 | May 14, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 1, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | DXLG | |
Entity Registrant Name | DESTINATION XL GROUP, INC. | |
Entity Central Index Key | 0000813298 | |
Current Fiscal Year End Date | --01-29 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 63,526,601 | |
Entity File Number | 01-34219 | |
Entity Tax Identification Number | 04-2623104 | |
Entity Address, Address Line One | 555 Turnpike Street | |
Entity Address, City or Town | Canton | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02021 | |
City Area Code | 781 | |
Local Phone Number | 828-9300 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NONE | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,843 | $ 18,997 |
Accounts receivable | 4,671 | 6,416 |
Inventories | 88,390 | 85,028 |
Prepaid expenses and other current assets | 6,381 | 3,689 |
Total current assets | 105,285 | 114,130 |
Non-current assets: | ||
Property and equipment, net of accumulated depreciation and amortization | 52,591 | 56,552 |
Operating lease right-of-use assets | 130,061 | 134,321 |
Intangible assets | 1,150 | 1,150 |
Other assets | 598 | 602 |
Total assets | 289,685 | 306,755 |
Current liabilities: | ||
Current portion of long-term debt | 74 | |
Accounts payable | 31,639 | 27,091 |
Accrued expenses and other current liabilities | 25,450 | 24,825 |
Operating leases, current | 38,331 | 43,598 |
Borrowings under credit facility | 33,371 | 59,521 |
Total current liabilities | 128,865 | 155,035 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 16,669 | 14,869 |
Operating leases, non-current | 129,856 | 135,819 |
Other long-term liabilities | 4,811 | 5,109 |
Total long-term liabilities | 151,336 | 155,797 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 76,212,032 and 64,656,384 shares issued at May 1, 2021 and January 30, 2021, respectively | 762 | 647 |
Additional paid-in capital | 319,443 | 314,747 |
Treasury stock at cost, 12,755,873 shares at May 1, 2021 and January 30, 2021 | (92,658) | (92,658) |
Accumulated deficit | (211,895) | (220,592) |
Accumulated other comprehensive loss | (6,168) | (6,221) |
Total stockholders' equity (deficit) | 9,484 | (4,077) |
Total liabilities and stockholders' equity (deficit) | $ 289,685 | $ 306,755 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | May 01, 2021 | Jan. 30, 2021 |
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 | 76,212,032 | 64,656,384 |
Treasury stock, shares | 12,755,873 | 12,755,873 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Income Statement [Abstract] | ||
Sales | $ 111,494,000 | $ 57,227,000 |
Cost of goods sold including occupancy costs | 60,661,000 | 44,013,000 |
Gross profit | 50,833,000 | 13,214,000 |
Expenses: | ||
Selling, general and administrative | 37,118,000 | 32,112,000 |
Impairment of assets | (652,000) | 16,335,000 |
Depreciation and amortization | 4,500,000 | 5,732,000 |
Total expenses | 40,966,000 | 54,179,000 |
Operating income (loss) | 9,867,000 | (40,965,000) |
Interest expense, net | (1,142,000) | (741,000) |
Income (loss) before provision for income taxes | 8,725,000 | (41,706,000) |
Provision for income taxes | 28,000 | 20,000 |
Net income (loss) | $ 8,697,000 | $ (41,726,000) |
Net income (loss) per share - basic and diluted | $ 0.14 | $ (0.82) |
Weighted-average number of common shares outstanding: | ||
Basic | 62,153 | 50,758 |
Diluted | 63,000 | 50,758 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 8,697 | $ (41,726) |
Other comprehensive income before taxes: | ||
Foreign currency translation | (25) | (34) |
Pension plans | 78 | 242 |
Other comprehensive income before taxes | 53 | 208 |
Other comprehensive income, net of tax | 53 | 208 |
Comprehensive income (loss) | $ 8,750 | $ (41,518) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - 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 Feb. 01, 2020 | $ 58,423 | $ 633 | $ 312,933 | $ (92,658) | $ (156,054) | $ (6,431) |
Beginning Balance (in shares) at Feb. 01, 2020 | 63,297 | (12,755) | ||||
Board of directors compensation | 149 | $ 1 | 148 | |||
Board of directors compensation (in shares) | 93 | |||||
Stock compensation expense | 452 | 452 | ||||
Issuance of common stock, upon RSUs release | $ 4 | (4) | ||||
Issuance of common stock, upon RSUs release (in shares) | 437 | |||||
Deferred stock vested (in shares) | 6 | |||||
Accumulated other comprehensive income (loss): | ||||||
Pension plan, net of taxes | 242 | 242 | ||||
Foreign currency, net of taxes | (34) | (34) | ||||
Net income (loss) | (41,726) | (41,726) | ||||
Ending Balance at May. 02, 2020 | 17,506 | $ 638 | 313,529 | $ (92,658) | (197,780) | (6,223) |
Ending Balance (in shares) at May. 02, 2020 | 63,833 | (12,755) | ||||
Beginning Balance at Jan. 30, 2021 | (4,077) | $ 647 | 314,747 | $ (92,658) | (220,592) | (6,221) |
Beginning Balance (in shares) at Jan. 30, 2021 | 64,656 | (12,755) | ||||
Issuance of common stock through private direct offering, net of offering costs | 4,375 | $ 111 | 4,264 | |||
Issuance of common stock through private direct offering, net of offering costs (in shares) | 11,111 | |||||
Board of directors compensation | 109 | $ 1 | 108 | |||
Board of directors compensation (in shares) | 137 | |||||
Stock compensation expense | 327 | 327 | ||||
Issuance of common stock, upon RSUs release | $ 3 | (3) | ||||
Issuance of common stock, upon RSUs release (in shares) | 308 | |||||
Accumulated other comprehensive income (loss): | ||||||
Pension plan, net of taxes | 78 | 78 | ||||
Foreign currency, net of taxes | (25) | (25) | ||||
Net income (loss) | 8,697 | 8,697 | ||||
Ending Balance at May. 01, 2021 | $ 9,484 | $ 762 | $ 319,443 | $ (92,658) | $ (211,895) | $ (6,168) |
Ending Balance (in shares) at May. 01, 2021 | 76,212 | (12,755) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 8,697 | $ (41,726) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Amortization of deferred debt issuance costs | 215 | 35 |
Impairment of assets | (652) | 16,335 |
Depreciation and amortization | 4,500 | 5,732 |
Stock compensation expense | 327 | 452 |
Board of directors stock compensation | 109 | 149 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,745 | 4,281 |
Inventories | (3,362) | (5,905) |
Prepaid expenses and other current assets | (2,692) | 5,920 |
Other assets | 4 | 606 |
Accounts payable | 4,548 | 98 |
Operating leases, net | (6,318) | (1,327) |
Accrued expenses and other liabilities | 644 | (1,461) |
Net cash provided by (used for) operating activities | 7,765 | (16,811) |
Cash flows from investing activities: | ||
Additions to property and equipment, net | (803) | (1,590) |
Net cash used for investing activities | (803) | (1,590) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock from private direct offering, net of offering costs | 4,375 | |
Net borrowings (repayments) under credit facility | (26,173) | 40,214 |
Debt issuance costs | (818) | (4) |
Net cash provided by (used for) financing activities | (20,116) | 40,210 |
Net increase (decrease) in cash and cash equivalents | (13,154) | 21,809 |
Cash and cash equivalents: | ||
Beginning of period | 18,997 | 4,338 |
End of period | 5,843 | $ 26,147 |
FILO Loan | ||
Cash flows from financing activities: | ||
Repayment of existing FILO loan | (15,000) | |
Proceeds from new FILO loan | $ 17,500 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation In the opinion of management of Destination XL Group, Inc., a Delaware corporation (collectively with its subsidiaries, referred to as the “Company”), the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company’s audited Consolidated Financial Statements for the fiscal year ended January 30, 2021 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 19, 2021. The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2021 and fiscal 2020 are 52-week periods ending on January 29, 2022 and January 30, 2021, respectively. COVID-19 Pandemic and its impact on results and comparability of financial statements On March 11, 2020, the World Health Organization declared the current outbreak of a novel coronavirus disease (“COVID-19”) as a global pandemic. The COVID-19 pandemic had an adverse effect on the Company’s operations during fiscal 2020. All of the Company’s store locations were closed temporarily on March 17, 2020 and the The Company began reopening stores in late April and by the end of June 2020 all retail stores had been reopened but the majority with reduced operating hours. As a result of the impact of the pandemic on our business in fiscal 2020, including the closure of all of our stores in the first quarter of fiscal 2020, results for the first quarter fiscal of 2021 may not be comparable to the results for the first quarter of fiscal 2020. While vaccines are being widely distributed and many areas where our stores are located are beginning to re-open with limited or no restrictions, the duration of the COVID-19 pandemic and its variants remain uncertain and could continue to have a material adverse impact on the Company’s results of operations, financial condition and cash flows. Segment Information The Company has three principal operating segments: its stores, direct and wholesale businesses. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for both periods. Intangibles In fiscal 2018, the Company purchased the rights to the domain name “dxl.com.” The domain name has a carrying value of $1.2 million and is considered an indefinite-lived asset. During the first three months ended May 1, 2021, no event or circumstance occurred which would cause a reduction in the fair value of this intangible asset. Fair Value of Financial Instruments ASC Topic 825, Financial Instruments 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 assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. The fair value of long-term debt is classified within Level 2 of the valuation hierarchy. At May 1, 2021, the fair value approximated the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. The fair value of the “dxl.com” domain name, an indefinite-lived asset, is measured on a non-recurring basis in connection with the Company’s annual impairment test and is classified within Level 3 of the valuation hierarchy. See Intangibles above. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments. Accumulated Other Comprehensive Income (Loss) - (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three months ended May 1, 2021 and May 2, 2020, respectively, were as follows: May 1, 2021 May 2, 2020 For the three months ended: (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of the quarter $ (6,224 ) $ 3 $ (6,221 ) $ (6,478 ) $ 47 $ (6,431 ) Other comprehensive income (loss) before reclassifications, net of taxes 90 (25 ) 65 77 (34 ) 43 Amounts reclassified from accumulated other comprehensive income, net of taxes (1) (12 ) — (12 ) 165 — 165 Other comprehensive income (loss) for the period 78 (25 ) 53 242 (34 ) 208 Balance at end of quarter $ (6,146 ) $ (22 ) $ (6,168 ) $ (6,236 ) $ 13 $ (6,223 ) (1) Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $165,000 for the three-month period ended May 2, 2020. For the three months ended May 1, 2021, the Company recognized income of $12,000 as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for either period. Stock-based Compensation All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the Consolidated Statements of Operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first three months of fiscal 2021. There were no grants of stock options during the first three months of fiscal 2020. May 1, 2021 Expected volatility 97.4% - 104.9% Risk-free interest rate 0.31% - 0.60% Expected life 3.0 - 4.0 Dividend rate - Weighted average fair value of options granted $0.47 The Company has outstanding performance stock units (PSUs) with a market condition. The respective grant-date fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model. The valuation included assumptions with respect to the Company’s historical volatility, risk-free rate and cost of equity. 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 model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. For the first quarter of fiscal 2021, the Company recognized a non-cash gain of $0.8 million, related to the Company’s decision to close certain retail stores, which resulted in a revaluation of the existing lease liabilities. To the extent that such gain related to previously recorded impairment charges against the operating lease right-of-use asset, $0.7 million of the gain was included as an offset to asset impairment charges with the remaining $0.1 million of the gain included as a reduction in store occupancy costs. In the first quarter of fiscal 2020, as a result of the significant impact of the COVID-19 pandemic on the Company’s business and the continued uncertainty at that time, the Company recorded an impairment charge of $16.3 million in the first quarter of fiscal 2020. The impairment charge included approximately $12.5 million for the write-down of certain right-of-use assets and $3.8 million for the write-down of property and equipment, related to Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term. At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years. For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note 4 ‘‘ Leases Recently Issued Accounting Pronouncements No new accounting pronouncements, issued or effective during the first three months of fiscal 2021, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
May 01, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The Company operates as a retailer of big and tall men’s clothing, which includes stores, direct and wholesale. Revenue is recognized by the operating segment that initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. Direct sales are defined as sales that originate online, including those initiated online at the store level, on its website or on third-party marketplaces. Wholesale sales are defined as sales made to wholesale customers pursuant to the terms of each customer’s contract with the Company. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included as part of accrued expenses on the Consolidated Balance Sheets. ̶ Revenue from the Company’s store operations is recorded upon purchase of merchandise by customers, net of an allowance for sales returns, which is estimated based upon historical experience. ̶ Revenue from the Company’s direct operations is recognized at the time a customer order is delivered, net of an allowance for sales returns, which is estimated based upon historical experience. ̶ Revenue from the Company’s wholesale operations is recognized at the time the wholesale customer takes physical receipt of the merchandise, net of any identified discounts in accordance with each individual order. For the first three months of fiscal 2021 and fiscal 2020, chargebacks were immaterial. Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers. Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Based on historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as “breakage”. Breakage is recognized over two years in proportion to historical redemption trends and is recorded as sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $2.2 million and $2.8 million at May 1, 2021 and January 30, 2021, respectively. Unredeemed Loyalty Coupons. The Company offers a free loyalty program to its customers for which points accumulate based on the purchase of merchandise. Over 90% of the Company’s customers participate in the loyalty program. Under ASC 606, , these loyalty points provide the customer with a material right and a distinct performance obligation with revenue deferred and recognized when the points are expected to redeem or expire. The cycle of earning and redeeming loyalty points is generally under one year in duration. The loyalty accrual, net of breakage, was $1.0 million and $1.0 million at May 1, 2021 and January 30, 2021, respectively. Shipping. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in sales, and the related costs are recorded in cost of goods sold, including occupancy costs, in the Consolidated Statements of Operations. Disaggregation of Revenue As noted above under Segment Information wholesale segment, which were immaterial, have been aggregated with this reportable segment, but the revenues are separately reported below. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors: For the three months ended (in thousands) May 1, 2021 May 2, 2020 Store sales $ 74,880 69.1 % $ 32,327 58.6 % Direct sales 33,542 30.9 % 22,882 41.4 % Retail segment $ 108,422 $ 55,209 Wholesale segment 3,072 2,018 Total Sales $ 111,494 $ 57,227 |
Debt
Debt | 3 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt Credit Agreement with Bank of America, N.A. On May 24, 2018, the Company entered into the Seventh Amended and Restated Credit Agreement, as amended, with Bank of America, N.A., as agent, providing for a secured $125.0 million revolver facility and a $15.0 million “first-in, last-out” (FILO) term facility (the “existing FILO loan”). On March 16, 2021, the Company entered into the Fourth Amendment to the Seventh Amended and Restated Credit Facility, as amended (the “Fourth Amendment”) to allow for the refinancing of the “existing FILO loan”, which is discussed further under “ Long-Term Debt The Credit Facility provides maximum committed borrowings of $125.0 million in revolver loans, with the ability, pursuant to an accordion feature, to increase the Credit Facility by an additional $50.0 million upon the request of the Company and the agreement of the lender(s) participating in the increase (the “Revolving Facility”). The Revolving Facility provides for a sublimit of $20.0 million for commercial and standby letters of credit and up to $15.0 million for swingline loans. The Company’s ability to borrow under the Revolving Facility (the “Loan Cap”) is determined using an availability formula based on eligible assets. Pursuant to the Third Amendment, the excess availability under the Credit Facility cannot be less than the greater of (i) 10% of the Revolving Loan Cap (calculated without giving effect to the FILO (first-in, last-out) Push Down Reserve) or (ii) $10.0 million. The maturity date of the Credit Facility is May 24, 2023. The Company’s obligations under the Credit Facility are secured by a lien on substantially all of its assets. At May 1, 2021, the Company had outstanding borrowings under the Revolving Facility of $33.6 million, before unamortized debt issuance costs of $0.2 million. At May 1, 2021, outstanding standby letters of credit were $2.7 million and there were no outstanding documentary letters. Unused excess availability was $51.1 million at May 1, 2021. Average monthly borrowings outstanding under the Revolving Facility during the first three months of fiscal 2021 were $51.2 million, resulting in an average unused excess availability of approximately $24.3 million. The Company’s ability to borrow under the Revolving Facility was determined using an availability formula based on eligible assets, with increased advance rates based on seasonality. Borrowings made pursuant to the Revolving Facility bear interest, calculated under either the Federal Funds rate or the LIBOR rate, at a rate equal to the following: (a) the Federal Funds rate plus a varying percentage based on the Company’s excess availability, of either 1.75% or 2.00%, or (b) the LIBOR rate (the Company being able to select interest periods of 1 week, 1 month, 2 months, 3 months or 6 months) plus a varying percentage based on the Company’s excess availability, of either 2.75% or 3.00%. The Company was also subject to an unused line fee of 0.25%. At May 1, 2021, the Company’s prime-based interest rate was 5.25%. At May 1, 2021, the Company had approximately $28.0 million of its outstanding borrowings in LIBOR-based contracts with an interest rate of 4.00%. The LIBOR-based contracts expired on May 3, 2021. 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. Borrowings and repayments under the Revolving Facility for the three months ended May 1, 2021 and May 2, 2020 were as follows: For the three months ended (in thousands) May 1, 2021 May 2, 2020 Borrowings $ 15,136 $ 52,560 Repayments (41,309 ) (12,346 ) Net borrowings (repayments) $ (26,173 ) $ 40,214 The fair value of the amount outstanding under the Revolving Facility at May 1, 2021 approximated the carrying value. Long-Term Debt Long-term debt at May 1, 2021 and January 30, 2021 is as follows: (in thousands) May 1, 2021 January 30, 2021 FILO Loan –existing — $ 15,000 FILO Loan – new $ 17,500 — Less: unamortized debt issuance costs (757 ) (131 ) Total long-term debt 16,743 14,869 Less: current portion of long-term debt, net of debt issuance costs (74 ) — Long-term debt, net of current portion $ 16,669 $ 14,869 On March 16, 2021, the Company refinanced its existing $15.0 million FILO loan and entered into a new $17.5 million FILO loan (the “new FILO loan”). The total borrowing capacity under the new FILO loan is based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts (including certain trade names) that step down over time, plus a specified percentage of the value of eligible inventory that steps down over time. The new FILO loan will be subject to quarterly principal repayments of $218,750 beginning December 31, 2021. The new FILO loan is subject to a prepayment penalty, if any portion of the principal for the new FILO Loan is prepaid during the initial two-year Borrowings made under the new FILO loan will bear interest, at the LIBOR rate (with a LIBOR floor of 1.0%) plus an applicable margin rate of 7.50% through September 16, 2021. Thereafter, the applicable margin rate will be 7.50% for so long as the Company’s 12-month trailing consolidated EBITDA (as defined in the Credit Facility, as amended) measured as of the end of each month is less than $18.0 million, or 7.00% when the 12-month trailing consolidated EBITDA is equal to or greater than $18.0 million. Accordingly, the interest rate at May 1, 2021 was 8.5%. The Company paid interest and fees totaling $1.1 million and $0.7 million for the three months ended May 1, 2021 and May 2, 2020, respectively. |
Leases
Leases | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred. ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. In April 2020, the FASB issued guidance allowing entities to make a policy election to account for lease concessions related to the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. The Company has opted not to elect this practical expedient and instead account for these rent concessions as lease modifications in accordance with ASC 842. As of May 1, 2021, the Company’s operating leases liabilities represent the present value of the remaining future minimum lease payments updated based on concessions and lease modifications. The following table is a summary of the Company’s components of net lease cost for the first quarter ended May 1, 2021 and May 2, 2020: For the three months ended May 1, 2021 May 2, 2020 (in thousands) Operating lease cost $ 11,126 $ 12,640 Variable lease costs (1) 3,774 3,800 Total lease costs $ 14,900 $ 16,440 (1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. Supplemental cash flow and balance sheet information related to leases for the three months ended May 1, 2021 and May 2, 2020 is as follows: (dollars in thousands) For the three months ended Cash paid for amounts included in the measurement of lease liabilities: May 1, 2021 May 2, 2020 Operating cash flows for operating leases (1) $ 17,112 $ 9,805 Non-cash operating activities: Right-of-use assets obtained in exchange for operating lease liabilities $ 2,137 $ 559 Weighted average remaining lease term 4.4 yrs. 5.2 yrs. Weighted average discount rate 6.72% 7.08% (1) The cash paid for the first quarter of fiscal 2021 includes prepaid rent for May 2021 of $3.8 million. There was no unpaid rent at May 1, 2021. Due to store closures in the first quarter of fiscal 2020, the Company did not make scheduled rent payments, due April 1, 2020, of $4.2 million. This amount was included in the Accounts Payable at May 2, 2020. The Company also did not prepay May rent in the first quarter of fiscal 2020. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of May 1, 2021: (in thousands) 2021 (remaining) $ 35,609 2022 48,389 2023 40,987 2024 31,691 2025 23,102 Thereafter 15,787 Total minimum lease payments $ 195,565 Less: amount of lease payments representing interest 27,378 Present value of future minimum lease payments $ 168,187 Less: current obligations under leases 38,331 Long-term lease obligations $ 129,856 |
Long-Term Incentive Plans
Long-Term Incentive Plans | 3 Months Ended |
May 01, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Incentive Plans | 5. Long-Term Incentive Plans The following is a summary of the Company’s Long-Term Incentive Plan (“LTIP”). All equity awards granted under long-term incentive plans are issued from the Company’s stockholder-approved 2016 Incentive Compensation Plan. See Note 6, Stock-Based Compensation At May 1, 2021, the Company has three active LTIPs: 2019-2021 LTIP, 2020-2022 LTIP and the 2021-2023 LTIP. Each participant in the plan participates based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her LTIP percentage. Under each LTIP, 50% of each participant’s Target Cash Value is subject to time-based vesting and 50% is subject to performance-based vesting. The time-based awards under the 2019-2021 LTIP were granted in a combination of 50% RSUs and 50% cash. For the 2020-2022 LTIP, the time-based awards were granted in a combination of 50% stock options and 50% cash, and for the 2021-2023 LTIP the time-based awards were granted in a combination of 25% stock options and 75% cash. Performance targets for the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP were established and approved by the Compensation Committee on August 7, 2019, June 11, 2020, and March 8, 2021, respectively. The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. Assuming that the Company achieves the performance targets at target levels and all time-based awards vest, the compensation expense associated with the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP is estimated to be approximately $3.8 million, $3.8 million and $4.0 million, respectively. Approximately half of the compensation expense for each LTIP relates to the time-based awards, which are being expensed straight-line over 44 months, 46 months and 49 months, respectively. At May 1, 2021, the performance targets under the 2019-2021 LTIP was not deemed probable and, therefore, no accrual related to performance awards has been recorded. The Company has accrued $0.3 million under the 2020-2022 LTIP and $0.1 million under the 2021-2023 LTIP for the performance awards. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May 01, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation The Company has one active stock-based compensation plan: the 2016 Incentive Compensation Plan (the “2016 Plan”). The initial share reserve under the 2016 Plan was 5,725,538 shares of common stock. A grant of a stock option award or stock appreciation right will reduce the outstanding reserve on a one-for-one basis, meaning one share for every share granted. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, will reduce the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. The Company’s shareholders approved amendments to increase the share reserve by 2,800,000 shares on August 8, 2019 and by an additional 1,740,000 shares on August 12, 2020. At May 1, 2021, the Company had 22,901 shares available under the 2016 Plan. In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. At May 1, 2021, 412,826 stock options remained outstanding under the 2006 Plan. The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant. The following tables summarize the share activity and stock option activity for the first three months of fiscal 2021: RSUs (1) Deferred shares (2) Performance Share Units (3) Total number of shares Weighted-average grant-date fair value Shares Outstanding non-vested shares at beginning of year 815,292 435,568 720,000 1,970,860 $ 1.69 Shares granted 8,054 — — 8,054 $ 0.66 Shares vested/issued (308,055 ) — — (308,055 ) $ 2.22 Shares canceled — — — — — Outstanding non-vested shares at end of quarter 515,291 435,568 720,000 1,670,859 $ 1.58 (1) During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans ( 2 ) Represents compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2021, all equity issued to directors for compensation, in lieu of cash, is issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will vest upon the director’s separation from service. ( 3 ) The 720,000 shares of performance stock units (“PSUs”), with a fair value of $ 1.0 million, represent a sign-on grant to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90- day volume-weighted average closing stock price (“VWAP”) is $ 4.00 , one-third of the PSUs vest when the VWAP is $ 6.00 and one-third when the VWAP is $ 8.00 . All PSUs will expire on April 1, 2023 if no performance metric is achieved. The $ 1.0 million is being expensed over the respective derived service periods of each tranche of 16 months , 25 months and 30 months , respectively. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: the Company’s historical volatility of 55.9 %, a term of 4.1 years , stock price on the date of grant of $ 2.50 per share, a risk-free rate of 2.5 % and a cost of equity of 9.5 %. 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 3,647,581 $ 1.09 8.5 years $ 810,596 Options granted (1) 1,518,154 $ 0.71 — — Options expired and canceled (22,542 ) $ 4.19 — — Options exercised — — — — Outstanding options at end of quarter 5,143,193 $ 0.96 8.8 years $ 4,434,327 Options exercisable at end of quarter 439,497 $ 4.87 2.6 years $ — (1) Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company’s common stock, at an exercise price of $0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note 5, Long-Term Incentive Plans. For the first three months of fiscal 2021, the Company granted stock options to purchase an aggregate of 1,518,154 shares of common stock and 8,054 restricted stock units. For the first three months of fiscal 2020, the Company granted 45,714 shares of deferred stock. Non-Employee Director Compensation Plan The Company granted 136,482 shares of common stock, with a fair value of approximately $109,186, to certain of its non-employee directors as compensation in lieu of cash in the first three months of fiscal 2021. Stock Compensation Expense The Company recognized total stock-based compensation expense of $0.3 million and $0.5 million for the first three months of fiscal 2021 and fiscal 2020, respectively. The total compensation cost related to time-vested stock options, RSU and PSU awards not yet recognized as of May 1, 2021 was approximately $2.5 million, net of estimated forfeitures, which will be expensed over a weighted average remaining life of 30 months. |
Earnings per Share
Earnings per Share | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 7. Earnings per Share The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: For the three months ended May 1, 2021 May 2, 2020 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 62,153 50,758 Common stock equivalents – stock options, restricted stock units and deferred stock (1) 847 — Diluted weighted average common shares outstanding 63,000 50,758 (1) Common stock equivalents of 261 shares for the three months ended May 2, 2020 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 period, because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect. For the three months ended May 1, 2021 May 2, 2020 (in thousands, except exercise prices) Stock options 1,933 538 Restricted stock units 506 963 Deferred stock 102 160 Range of exercise prices of such options $0.69 - $1.85 - The above options, which were outstanding at May 1, 2021, expire from January 31, 2023 to March 9, 2031. Excluded from the computation of basic and diluted earnings per share for both periods were 720,000 shares of unvested performance stock units. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 435,568 shares and 335,073 shares of deferred stock at May 1, 2021 and May 2, 2020, respectively, were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period. |
Registered Direct Offering -Com
Registered Direct Offering -Common Stock | 3 Months Ended |
May 01, 2021 | |
Equity [Abstract] | |
Registered Direct Offering -Common Stock | 8. Registered Direct Offering – Common Stock On February 5, 2021, the Company sold, pursuant to a stock purchase agreement and through a registered direct offering, an aggregate of 11,111,111 shares of its common stock, for a gross purchase price of $5.0 million, before payment of offering costs of $0.6 million. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes. |
Income Taxes
Income Taxes | 3 Months Ended |
May 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes During the first quarter of fiscal 2021 and fiscal 2020, the Company recorded income tax expense of $28,000 and $20,000, respectively, related primarily to state margin tax. The Company’s effective tax rate will generally differ from the U.S. federal statutory rate of 21% primarily due to the change in full valuation allowance recorded against its deferred tax assets, permanent items, and state taxes. Since the end of fiscal 2014, the Company has maintained a full 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, the Company believes that a full valuation allowance remains appropriate at this time, based on the Company’s forecast for fiscal 2021. Realization of the Company’s deferred tax assets is dependent on generating sufficient taxable income in the near term. For federal income tax purposes, at the end of fiscal 2020, the Company had net operating loss carryforwards of approximately $158.2 million, which will expire from fiscal 2022 through fiscal 2037, and net operating loss carryforwards of $43.1 million, that are not subject to expiration, available in the U.S. to reduce future taxable income. For state purposes, at the end of fiscal 2020, the Company had $111.3 million of net operating losses that are available to offset future taxable income, the majority of which will expire from fiscal 2021 through fiscal 2041. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
COVID-19 Pandemic and Its Impact on Results and Comparability of Financial Statements | COVID-19 Pandemic and its impact on results and comparability of financial statements On March 11, 2020, the World Health Organization declared the current outbreak of a novel coronavirus disease (“COVID-19”) as a global pandemic. The COVID-19 pandemic had an adverse effect on the Company’s operations during fiscal 2020. All of the Company’s store locations were closed temporarily on March 17, 2020 and the The Company began reopening stores in late April and by the end of June 2020 all retail stores had been reopened but the majority with reduced operating hours. As a result of the impact of the pandemic on our business in fiscal 2020, including the closure of all of our stores in the first quarter of fiscal 2020, results for the first quarter fiscal of 2021 may not be comparable to the results for the first quarter of fiscal 2020. While vaccines are being widely distributed and many areas where our stores are located are beginning to re-open with limited or no restrictions, the duration of the COVID-19 pandemic and its variants remain uncertain and could continue to have a material adverse impact on the Company’s results of operations, financial condition and cash flows. |
Segment Information | Segment Information The Company has three principal operating segments: its stores, direct and wholesale businesses. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for both periods. |
Intangibles | Intangibles In fiscal 2018, the Company purchased the rights to the domain name “dxl.com.” The domain name has a carrying value of $1.2 million and is considered an indefinite-lived asset. During the first three months ended May 1, 2021, no event or circumstance occurred which would cause a reduction in the fair value of this intangible asset. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 825, Financial Instruments 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 assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. The fair value of long-term debt is classified within Level 2 of the valuation hierarchy. At May 1, 2021, the fair value approximated the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. The fair value of the “dxl.com” domain name, an indefinite-lived asset, is measured on a non-recurring basis in connection with the Company’s annual impairment test and is classified within Level 3 of the valuation hierarchy. See Intangibles above. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments. |
Accumulated Other Comprehensive Income (Loss) - ("AOCI") | Accumulated Other Comprehensive Income (Loss) - (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three months ended May 1, 2021 and May 2, 2020, respectively, were as follows: May 1, 2021 May 2, 2020 For the three months ended: (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of the quarter $ (6,224 ) $ 3 $ (6,221 ) $ (6,478 ) $ 47 $ (6,431 ) Other comprehensive income (loss) before reclassifications, net of taxes 90 (25 ) 65 77 (34 ) 43 Amounts reclassified from accumulated other comprehensive income, net of taxes (1) (12 ) — (12 ) 165 — 165 Other comprehensive income (loss) for the period 78 (25 ) 53 242 (34 ) 208 Balance at end of quarter $ (6,146 ) $ (22 ) $ (6,168 ) $ (6,236 ) $ 13 $ (6,223 ) (1) Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $165,000 for the three-month period ended May 2, 2020. For the three months ended May 1, 2021, the Company recognized income of $12,000 as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for either period. |
Stock-based Compensation | Stock-based Compensation All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the Consolidated Statements of Operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first three months of fiscal 2021. There were no grants of stock options during the first three months of fiscal 2020. May 1, 2021 Expected volatility 97.4% - 104.9% Risk-free interest rate 0.31% - 0.60% Expected life 3.0 - 4.0 Dividend rate - Weighted average fair value of options granted $0.47 The Company has outstanding performance stock units (PSUs) with a market condition. The respective grant-date fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model. The valuation included assumptions with respect to the Company’s historical volatility, risk-free rate and cost of equity. |
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 model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. For the first quarter of fiscal 2021, the Company recognized a non-cash gain of $0.8 million, related to the Company’s decision to close certain retail stores, which resulted in a revaluation of the existing lease liabilities. To the extent that such gain related to previously recorded impairment charges against the operating lease right-of-use asset, $0.7 million of the gain was included as an offset to asset impairment charges with the remaining $0.1 million of the gain included as a reduction in store occupancy costs. In the first quarter of fiscal 2020, as a result of the significant impact of the COVID-19 pandemic on the Company’s business and the continued uncertainty at that time, the Company recorded an impairment charge of $16.3 million in the first quarter of fiscal 2020. The impairment charge included approximately $12.5 million for the write-down of certain right-of-use assets and $3.8 million for the write-down of property and equipment, related to |
Leases | Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term. At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years. For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note 4 ‘‘ Leases |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements No new accounting pronouncements, issued or effective during the first three months of fiscal 2021, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Other Comprehensive Income (Loss) and Reclassifications from AOCI | Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three months ended May 1, 2021 and May 2, 2020, respectively, were as follows: May 1, 2021 May 2, 2020 For the three months ended: (in thousands) Pension Plans Foreign Currency Total Pension Plans Foreign Currency Total Balance at beginning of the quarter $ (6,224 ) $ 3 $ (6,221 ) $ (6,478 ) $ 47 $ (6,431 ) Other comprehensive income (loss) before reclassifications, net of taxes 90 (25 ) 65 77 (34 ) 43 Amounts reclassified from accumulated other comprehensive income, net of taxes (1) (12 ) — (12 ) 165 — 165 Other comprehensive income (loss) for the period 78 (25 ) 53 242 (34 ) 208 Balance at end of quarter $ (6,146 ) $ (22 ) $ (6,168 ) $ (6,236 ) $ 13 $ (6,223 ) (1) Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $165,000 for the three-month period ended May 2, 2020. For the three months ended May 1, 2021, the Company recognized income of $12,000 as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for either period. |
Valuation Assumptions for Stock Options | The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first three months of fiscal 2021. There were no grants of stock options during the first three months of fiscal 2020. May 1, 2021 Expected volatility 97.4% - 104.9% Risk-free interest rate 0.31% - 0.60% Expected life 3.0 - 4.0 Dividend rate - Weighted average fair value of options granted $0.47 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
May 01, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue | As noted above under Segment Information wholesale segment, which were immaterial, have been aggregated with this reportable segment, but the revenues are separately reported below. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors: For the three months ended (in thousands) May 1, 2021 May 2, 2020 Store sales $ 74,880 69.1 % $ 32,327 58.6 % Direct sales 33,542 30.9 % 22,882 41.4 % Retail segment $ 108,422 $ 55,209 Wholesale segment 3,072 2,018 Total Sales $ 111,494 $ 57,227 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
May 01, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings and Repayments under Revolving Facility | Borrowings and repayments under the Revolving Facility for the three months ended May 1, 2021 and May 2, 2020 were as follows: For the three months ended (in thousands) May 1, 2021 May 2, 2020 Borrowings $ 15,136 $ 52,560 Repayments (41,309 ) (12,346 ) Net borrowings (repayments) $ (26,173 ) $ 40,214 |
Components of Long-Term Debt | Long-term debt at May 1, 2021 and January 30, 2021 is as follows: (in thousands) May 1, 2021 January 30, 2021 FILO Loan –existing — $ 15,000 FILO Loan – new $ 17,500 — Less: unamortized debt issuance costs (757 ) (131 ) Total long-term debt 16,743 14,869 Less: current portion of long-term debt, net of debt issuance costs (74 ) — Long-term debt, net of current portion $ 16,669 $ 14,869 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Summary of Components of Net Lease Cost | The following table is a summary of the Company’s components of net lease cost for the first quarter ended May 1, 2021 and May 2, 2020: For the three months ended May 1, 2021 May 2, 2020 (in thousands) Operating lease cost $ 11,126 $ 12,640 Variable lease costs (1) 3,774 3,800 Total lease costs $ 14,900 $ 16,440 (1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow and balance sheet information related to leases for the three months ended May 1, 2021 and May 2, 2020 is as follows: (dollars in thousands) For the three months ended Cash paid for amounts included in the measurement of lease liabilities: May 1, 2021 May 2, 2020 Operating cash flows for operating leases (1) $ 17,112 $ 9,805 Non-cash operating activities: Right-of-use assets obtained in exchange for operating lease liabilities $ 2,137 $ 559 Weighted average remaining lease term 4.4 yrs. 5.2 yrs. Weighted average discount rate 6.72% 7.08% (1) The cash paid for the first quarter of fiscal 2021 includes prepaid rent for May 2021 of $3.8 million. There was no unpaid rent at May 1, 2021. Due to store closures in the first quarter of fiscal 2020, the Company did not make scheduled rent payments, due April 1, 2020, of $4.2 million. This amount was included in the Accounts Payable at May 2, 2020. The Company also did not prepay May rent in the first quarter of fiscal 2020. |
Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of May 1, 2021: (in thousands) 2021 (remaining) $ 35,609 2022 48,389 2023 40,987 2024 31,691 2025 23,102 Thereafter 15,787 Total minimum lease payments $ 195,565 Less: amount of lease payments representing interest 27,378 Present value of future minimum lease payments $ 168,187 Less: current obligations under leases 38,331 Long-term lease obligations $ 129,856 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May 01, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Stock Activity | The following tables summarize the share activity and stock option activity for the first three months of fiscal 2021: RSUs (1) Deferred shares (2) Performance Share Units (3) Total number of shares Weighted-average grant-date fair value Shares Outstanding non-vested shares at beginning of year 815,292 435,568 720,000 1,970,860 $ 1.69 Shares granted 8,054 — — 8,054 $ 0.66 Shares vested/issued (308,055 ) — — (308,055 ) $ 2.22 Shares canceled — — — — — Outstanding non-vested shares at end of quarter 515,291 435,568 720,000 1,670,859 $ 1.58 (1) During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans ( 2 ) Represents compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2021, all equity issued to directors for compensation, in lieu of cash, is issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will vest upon the director’s separation from service. ( 3 ) The 720,000 shares of performance stock units (“PSUs”), with a fair value of $ 1.0 million, represent a sign-on grant to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90- day volume-weighted average closing stock price (“VWAP”) is $ 4.00 , one-third of the PSUs vest when the VWAP is $ 6.00 and one-third when the VWAP is $ 8.00 . All PSUs will expire on April 1, 2023 if no performance metric is achieved. The $ 1.0 million is being expensed over the respective derived service periods of each tranche of 16 months , 25 months and 30 months , respectively. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: the Company’s historical volatility of 55.9 %, a term of 4.1 years , stock price on the date of grant of $ 2.50 per share, a risk-free rate of 2.5 % and a cost of equity of 9.5 %. |
Stock Option Activity | 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 3,647,581 $ 1.09 8.5 years $ 810,596 Options granted (1) 1,518,154 $ 0.71 — — Options expired and canceled (22,542 ) $ 4.19 — — Options exercised — — — — Outstanding options at end of quarter 5,143,193 $ 0.96 8.8 years $ 4,434,327 Options exercisable at end of quarter 439,497 $ 4.87 2.6 years $ — (1) Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company’s common stock, at an exercise price of $0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note 5, Long-Term Incentive Plans. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: For the three months ended May 1, 2021 May 2, 2020 (in thousands ) Common stock outstanding: Basic weighted average common shares outstanding 62,153 50,758 Common stock equivalents – stock options, restricted stock units and deferred stock (1) 847 — Diluted weighted average common shares outstanding 63,000 50,758 (1) Common stock equivalents of 261 shares for the three months ended May 2, 2020 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 period, because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect. For the three months ended May 1, 2021 May 2, 2020 (in thousands, except exercise prices) Stock options 1,933 538 Restricted stock units 506 963 Deferred stock 102 160 Range of exercise prices of such options $0.69 - $1.85 - |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2020USD ($) | May 01, 2021USD ($)SegmentRenewalOption | May 02, 2020USD ($) | |
Accounting Policies [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Number of operating segments | Segment | 3 | ||
Non-cash gain on closing of retail stores | $ 800,000 | ||
Operating lease right-of-use asset impairment charge offset amount | 700,000 | ||
Store occupancy cost offset amount | 100,000 | ||
Impairment of long-lived assets | $ 16,300,000 | ||
Impairment of right-of-use asset | 12,500,000 | ||
Short term leases | $ 0 | ||
Operating lease, option to extend | Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term | ||
Store | |||
Accounting Policies [Line Items] | |||
Operating lease, option to extend | The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability. | ||
Operating lease renewal term | 5 years | ||
Store | Maximum | |||
Accounting Policies [Line Items] | |||
Operating lease renewal term | 5 years | ||
Operating lease initial term | 10 years | ||
Store | Minimum | |||
Accounting Policies [Line Items] | |||
Operating lease initial term | 5 years | ||
Corporate Headquarter | |||
Accounting Policies [Line Items] | |||
Operating lease renewal term | 5 years | ||
Operating lease initial term | 20 years | ||
Number of renewal options | RenewalOption | 6 | ||
Property and Equipment | |||
Accounting Policies [Line Items] | |||
Impairment of long-lived assets | 3,800,000 | ||
Domain Name (dxl.com) | |||
Accounting Policies [Line Items] | |||
Indefinite-lived intangible assets, carrying value | $ 1,200,000 | ||
Revolving Credit Facility | |||
Accounting Policies [Line Items] | |||
Proceeds from credit facility | $ 15,136,000 | $ 52,560,000 | |
Impact of COVID-19 | Revolving Credit Facility | |||
Accounting Policies [Line Items] | |||
Proceeds from credit facility | $ 30,000,000 |
Basis of Presentation - Other C
Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (4,077) | $ 58,423 | |
Other comprehensive income, net of tax | 53 | 208 | |
Ending Balance | 9,484 | 17,506 | |
Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (6,224) | (6,478) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 90 | 77 | |
Amounts reclassified from accumulated other comprehensive income, net of taxes | [1] | (12) | 165 |
Other comprehensive income, net of tax | 78 | 242 | |
Ending Balance | (6,146) | (6,236) | |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 3 | 47 | |
Other comprehensive income (loss) before reclassifications, net of taxes | (25) | (34) | |
Other comprehensive income, net of tax | (25) | (34) | |
Ending Balance | (22) | 13 | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (6,221) | (6,431) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 65 | 43 | |
Amounts reclassified from accumulated other comprehensive income, net of taxes | [1] | (12) | 165 |
Other comprehensive income, net of tax | 53 | 208 | |
Ending Balance | $ (6,168) | $ (6,223) | |
[1] | Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $165,000 for the three-month period ended May 2, 2020. For the three months ended May 1, 2021, the Company recognized income of $12,000 as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for either period. |
Basis of Presentation - Other_2
Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Parenthetical) (Details) - USD ($) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative | $ 37,118,000 | $ 32,112,000 |
Tax provision | 28,000 | 20,000 |
Reclassification out of Accumulated Other Comprehensive Income | Pension Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Selling, general and administrative | 165,000 | |
Income recognized due to change in amortization | 12,000 | |
Tax provision | $ 0 | $ 0 |
Basis of Presentation - Valuati
Basis of Presentation - Valuation Assumptions for Stock Options (Details) | 3 Months Ended |
May 01, 2021$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, minimum | 97.40% |
Expected volatility, maximum | 104.90% |
Risk-free interest rate, minimum | 0.31% |
Risk-free interest rate, maximum | 0.60% |
Weighted average fair value of options granted | $ 0.47 |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected life | 3 years |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected life | 4 years |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) $ in Millions | 3 Months Ended | |
May 01, 2021USD ($)Segment | Jan. 30, 2021USD ($) | |
Revenue From Contract With Customer [Abstract] | ||
Gift card liability, net of breakage | $ 2.2 | $ 2.8 |
Percentage of customers participate in loyalty program | 90.00% | |
Loyalty accrual, net of breakage | $ 1 | $ 1 |
Number of reportable segments | Segment | 1 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details1) | May 01, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-05-02 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Cycle of earning and redeeming loyalty points period | 1 year |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Total Sales | $ 111,494 | $ 57,227 |
Retail Segment | ||
Disaggregation Of Revenue [Line Items] | ||
Total Sales | 108,422 | 55,209 |
Retail Segment | Store Sales | ||
Disaggregation Of Revenue [Line Items] | ||
Total Sales | $ 74,880 | $ 32,327 |
Retail Segment | Store Sales | Sales Revenue Net | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Total Sales, percentage | 69.10% | 58.60% |
Retail Segment | Direct Sales | ||
Disaggregation Of Revenue [Line Items] | ||
Total Sales | $ 33,542 | $ 22,882 |
Retail Segment | Direct Sales | Sales Revenue Net | Product Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Total Sales, percentage | 30.90% | 41.40% |
Wholesale Segment | ||
Disaggregation Of Revenue [Line Items] | ||
Total Sales | $ 3,072 | $ 2,018 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Mar. 16, 2021 | May 24, 2018 | May 01, 2021 | May 02, 2020 | Jan. 30, 2021 |
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 757,000 | $ 131,000 | |||
FILO Loan - Existing | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 15,000,000 | ||||
Long-term debt | 15,000,000 | $ 15,000,000 | |||
Revolver Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 125,000,000 | ||||
Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 33,600,000 | ||||
Line of credit facility, maximum borrowing capacity | 125,000,000 | ||||
Line of credit facility, potential maximum borrowing capacity | $ 50,000,000 | ||||
Minimum loan cap percentage | 10.00% | ||||
Line of credit facility | $ 10,000,000 | ||||
Line of credit facility, maturity date | May 24, 2023 | ||||
Unamortized debt issuance costs | $ 200,000 | ||||
Line of credit facility, remaining borrowing capacity | 51,100,000 | ||||
Line of credit facility, average monthly outstanding amount | 51,200,000 | ||||
Line of credit facility, average unused excess availability | $ 24,300,000 | ||||
Unused line fee | 0.25% | ||||
Credit Facility | LIBOR-based Borrowings | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 28,000,000 | ||||
Line of credit facility interest rate | 4.00% | ||||
LIBOR contract, expiration date | May 3, 2021 | ||||
Credit Facility | Prime-based Borrowings | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility interest rate | 5.25% | ||||
Credit Facility | Minimum | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, basis spread on variable rate | 1.75% | ||||
Credit Facility | Minimum | LIBOR-based Borrowings | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, basis spread on variable rate | 2.75% | ||||
Credit Facility | Maximum | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, basis spread on variable rate | 2.00% | ||||
Credit Facility | Maximum | LIBOR-based Borrowings | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, basis spread on variable rate | 3.00% | ||||
Credit Facility | Commercial And Standby Letter Of Credits | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 20,000,000 | ||||
Credit Facility | Swingline Loans | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | ||||
Credit Facility | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding, amount | $ 2,700,000 | ||||
Credit Facility | Documentary Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding, amount | $ 0 | ||||
New FILO Loan | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maturity date | May 24, 2023 | ||||
Long-term debt | $ 17,500,000 | ||||
Debt instrument, face amount | $ 17,500,000 | ||||
Principal repayments | $ 218,750 | ||||
Initial prepayment loan period | 2 years | ||||
Debt instrument, date of first required payment | Dec. 31, 2021 | ||||
Percentage of principal prepayment premium | 3.00% | ||||
Percentage of principal prepayment premium after renegotiation | 1.00% | ||||
Debt instrument, payment terms | The new FILO loan is subject to a prepayment penalty, if any portion of the principal for the new FILO Loan is prepaid during the initial two-year period, equal to the greater of (i) the incremental interest that would have been incurred with respect to that principal repayment during the two year period and (ii) 3% of the principal prepayment, unless the prepayment occurs after March 16, 2022 in connection with the Company’s renegotiation of its Credit Agreement in which case the prepayment premium would be equal to 1% of the principal prepayment. | ||||
Consolidated EBITDA | $ 18,000,000 | ||||
Interest rate during period | 8.50% | ||||
Interest and fees paid | $ 1,100,000 | $ 700,000 | |||
Debt instrument, interest rate terms | Borrowings made under the new FILO loan will bear interest, at the LIBOR rate (with a LIBOR floor of 1.0%) plus an applicable margin rate of 7.50% through September 16, 2021. Thereafter, the applicable margin rate will be 7.50% for so long as the Company’s 12-month trailing consolidated EBITDA (as defined in the Credit Facility, as amended) measured as of the end of each month is less than $18.0 million, or 7.00% when the 12-month trailing consolidated EBITDA is equal to or greater than $18.0 million. | ||||
New FILO Loan | LIBOR-based Borrowings | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, basis spread on variable rate | 7.50% | ||||
Debt instrument, interest rate | 1.00% | ||||
Line of credit facility, basis spread on variable rate, EBITDA is less | 7.50% | ||||
Line of credit facility, basis spread on variable rate, EBITDA is more | 7.00% |
Debt - Schedule of Borrowings a
Debt - Schedule of Borrowings and Repayments under Revolving Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Line Of Credit Facility [Line Items] | ||
Net borrowings (repayments) | $ (26,173) | $ 40,214 |
Revolving Credit Facility | ||
Line Of Credit Facility [Line Items] | ||
Borrowings | 15,136 | 52,560 |
Repayments | (41,309) | (12,346) |
Net borrowings (repayments) | $ (26,173) | $ 40,214 |
Debt - Components of Long-Term
Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 24, 2018 |
Debt Instrument [Line Items] | |||
Less: unamortized debt issuance costs | $ (757) | $ (131) | |
Total long-term debt | 16,743 | 14,869 | |
Less: current portion of long-term debt, net of debt issuance costs | (74) | ||
Long-term debt, net of current portion | 16,669 | 14,869 | |
FILO Loan - Existing | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 15,000 | $ 15,000 | |
FILO Loan - New | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 17,500 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
May 01, 2021RenewalOption | |
Lessee Lease Description [Line Items] | |
Operating lease renewal option beginning year | 2026 |
Store | |
Lessee Lease Description [Line Items] | |
Operating lease option to extend | 5 years |
Store | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 5 years |
Store | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 10 years |
Operating lease option to extend | 5 years |
Corporate Headquarter | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 20 years |
Operating lease option to extend | 5 years |
Number of renewal options | 6 |
Equipment and Other Assets | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 3 years |
Equipment and Other Assets | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 5 years |
Leases - Summary of Components
Leases - Summary of Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | ||
Leases [Abstract] | |||
Operating lease cost | $ 11,126 | $ 12,640 | |
Variable lease costs | [1] | 3,774 | 3,800 |
Total lease costs | $ 14,900 | $ 16,440 | |
[1] | Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | [1] | $ 17,112 | $ 9,805 |
Non-cash operating activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 2,137 | $ 559 | |
Weighted average remaining lease term | 4 years 4 months 24 days | 5 years 2 months 12 days | |
Weighted average discount rate | 6.72% | 7.08% | |
[1] | The cash paid for the first quarter of fiscal 2021 includes prepaid rent for May 2021 of $3.8 million. There was no unpaid rent at May 1, 2021. Due to store closures in the first quarter of fiscal 2020, the Company did not make scheduled rent payments, due April 1, 2020, of $4.2 million. This amount was included in the Accounts Payable at May 2, 2020. The Company also did not prepay May rent in the first quarter of fiscal 2020. |
Leases - Supplemental Cash Fl_2
Leases - Supplemental Cash Flow Information Related to Leases (Parenthetical) (Details) - USD ($) | May 01, 2021 | May 02, 2020 | Apr. 01, 2020 |
Leases [Abstract] | |||
Prepaid rent | $ 3,800,000 | $ 0 | $ 4,200,000 |
Unpaid rent | $ 0 |
Leases - Schedule of Reconcilia
Leases - Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Leases [Abstract] | ||
2021 (remaining) | $ 35,609 | |
2022 | 48,389 | |
2023 | 40,987 | |
2024 | 31,691 | |
2025 | 23,102 | |
Thereafter | 15,787 | |
Total minimum lease payments | 195,565 | |
Less: amount of lease payments representing interest | 27,378 | |
Present value of future minimum lease payments | 168,187 | |
Less: current obligations under leases | 38,331 | $ 43,598 |
Long-term lease obligations | $ 129,856 | $ 135,819 |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Details) | 3 Months Ended |
May 01, 2021USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Incentive plan performance targets covering period | 3 years |
Vesting terms | The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. |
Time Based Vesting Schedule | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Time Based Vesting Schedule | 2019-2021 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock compensation cost incurred | $ 3,800,000 |
Stock compensation cost, period | 44 months |
Time Based Vesting Schedule | 2020-2022 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock compensation cost incurred | $ 3,800,000 |
Stock compensation cost, period | 46 months |
Time Based Vesting Schedule | 2021-2023 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock compensation cost incurred | $ 4,000,000 |
Stock compensation cost, period | 49 months |
Performance Based Vesting Schedule | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Performance Based Vesting Schedule | 2019-2021 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Accrued compensation expense | $ 0 |
Performance Based Vesting Schedule | 2020-2022 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Accrued compensation expense | 300,000 |
Performance Based Vesting Schedule | 2021-2023 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Accrued compensation expense | $ 100,000 |
RSUs | 2019-2021 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Stock Options | 2020-2022 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Stock Options | 2021-2023 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 25.00% |
Cash | 2019-2021 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Cash | 2020-2022 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Cash | 2021-2023 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting percentage | 75.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | Aug. 12, 2020 | Aug. 08, 2019 | Aug. 04, 2016 | May 01, 2021 | May 02, 2020 | Jan. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock options granted | 1,518,154 | ||||||
Stock compensation expense | $ 327,000 | $ 452,000 | |||||
Non Employee Directors | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares of common stock issued | 136,482 | ||||||
Fair value of common stock issued | $ 109,186 | ||||||
RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares granted | 8,054 | ||||||
Deferred stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares granted | 45,714 | ||||||
Time Vested Stock Options, RSU and PSU Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized stock compensation cost | $ 2,500,000 | ||||||
Unrecognized stock compensation cost weighted average recognition period | 30 months | ||||||
2016 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserve, shares | 5,725,538 | ||||||
Reduction in outstanding reserve for share granted | 1.00% | ||||||
Reduction in outstanding reserve for share granted, full-value award | 1.90% | ||||||
Shares available for grant | 22,901 | ||||||
Number of additional shares authorized to increase share reserve | 1,740,000 | 2,800,000 | |||||
Share-based compensation arrangement by share-based payment award, description | In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. | ||||||
Stock option outstanding | 5,143,193 | 3,647,581 | |||||
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 unless such award has been outstanding for a minimum period of one year from its date of grant. | ||||||
Stock options granted | [1] | 1,518,154 | |||||
Shares granted | 8,054 | ||||||
2016 Plan | RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares granted | [2] | 8,054 | |||||
2006 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option outstanding | 412,826 | ||||||
[1] | Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company’s common stock, at an exercise price of $0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note 5, Long-Term Incentive Plans. | ||||||
[2] | During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Details) - $ / shares | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | ||
RSUs | |||
Total number of shares | |||
Shares granted | 8,054 | ||
Deferred stock | |||
Total number of shares | |||
Shares granted | 45,714 | ||
Performance Share Units | |||
Total number of shares | |||
Outstanding non-vested shares at end of quarter | 720,000 | ||
2016 Plan | |||
Total number of shares | |||
Outstanding non-vested shares at beginning of year | 1,970,860 | ||
Shares granted | 8,054 | ||
Shares vested/issued | (308,055) | ||
Outstanding non-vested shares at end of quarter | 1,670,859 | ||
Weighted-average Grant-Date Fair value | |||
Outstanding non-vested shares at beginning of year | $ 1.69 | ||
Shares granted | 0.66 | ||
Shares vested/issued | 2.22 | ||
Outstanding non-vested shares at end of quarter | $ 1.58 | ||
2016 Plan | RSUs | |||
Total number of shares | |||
Outstanding non-vested shares at beginning of year | [1] | 815,292 | |
Shares granted | [1] | 8,054 | |
Shares vested/issued | [1] | (308,055) | |
Outstanding non-vested shares at end of quarter | [1] | 515,291 | |
2016 Plan | Deferred stock | |||
Total number of shares | |||
Outstanding non-vested shares at beginning of year | [2] | 435,568 | |
Outstanding non-vested shares at end of quarter | [2] | 435,568 | |
2016 Plan | Performance Share Units | |||
Total number of shares | |||
Outstanding non-vested shares at beginning of year | [3] | 720,000 | |
Outstanding non-vested shares at end of quarter | [3] | 720,000 | |
[1] | During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans | ||
[2] | Represents compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2021, all equity issued to directors for compensation, in lieu of cash, is issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will vest upon the director’s separation from service | ||
[3] | The 720,000 shares of performance stock units (“PSUs”), with a fair value of $ 1.0 million, represent a sign-on grant to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90- day volume-weighted average closing stock price (“VWAP”) is $ 4.00 , one-third of the PSUs vest when the VWAP is $ 6.00 and one-third when the VWAP is $ 8.00 . All PSUs will expire on April 1, 2023 if no performance metric is achieved. The $ 1.0 million is being expensed over the respective derived service periods of each tranche of 16 months , 25 months and 30 months , respectively. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: the Company’s historical volatility of 55.9 %, a term of 4.1 years , stock price on the date of grant of $ 2.50 per share, a risk-free rate of 2.5 % and a cost of equity of 9.5 %. |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Parenthetical) (Details) | 3 Months Ended |
May 01, 2021USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares granted, vesting terms | The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. |
Performance stock units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares outstanding | shares | 720,000 |
Shares granted, vesting terms | The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00 and one-third when the VWAP is $8.00. All PSUs will expire on April 1, 2023 if no performance metric is achieved. |
Share based expensed over the respective derived service periods | $ | $ 1,000,000 |
Expiration date | Apr. 1, 2023 |
Share based compensation fair value assumptions historical volatility | 55.90% |
Share based compensation fair value assumptions, term | 4 years 1 month 6 days |
Share based compensation fair value assumptions, share price | $ 2.50 |
Share based compensation fair value assumptions risk free rate | 2.50% |
Share based compensation fair value assumptions cost of equity | 9.50% |
Performance stock units | Chief Executive Officer | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares granted during the period, fair value | $ | $ 1,000,000 |
Performance stock units | When VWAP is $4.00 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Volume-weighted average closing stock price | $ 4 |
Service period | 16 months |
Performance stock units | When VWAP is $6.00 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Volume-weighted average closing stock price | $ 6 |
Service period | 25 months |
Performance stock units | When VWAP is $8.00 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Volume-weighted average closing stock price | $ 8 |
Service period | 30 months |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 01, 2021 | Jan. 30, 2021 | ||
Number of shares | |||
Options granted | 1,518,154 | ||
2016 Plan | |||
Number of shares | |||
Outstanding options at beginning of year | 3,647,581 | ||
Options granted | [1] | 1,518,154 | |
Options expired and canceled | (22,542) | ||
Outstanding options at end of quarter | 5,143,193 | 3,647,581 | |
Options exercisable at end of quarter | 439,497 | ||
2006 Plan | |||
Number of shares | |||
Outstanding options at end of quarter | 412,826 | ||
Weighted-average exercise price per option | |||
Outstanding options at beginning of year | $ 1.09 | ||
Options granted | [1] | 0.71 | |
Options expired and canceled | 4.19 | ||
Outstanding options at end of quarter | 0.96 | $ 1.09 | |
Options exercisable at end of quarter | $ 4.87 | ||
Weighted-average remaining contractual term | |||
Outstanding options | 8 years 9 months 18 days | 8 years 6 months | |
Options exercisable at end of quarter | 2 years 7 months 6 days | ||
Aggregate Intrinsic Value | |||
Outstanding options at beginning of year | $ 810,596 | ||
Outstanding options at end of quarter | $ 4,434,327 | $ 810,596 | |
[1] | Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company’s common stock, at an exercise price of $0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note 5, Long-Term Incentive Plans. |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Option Activity (Parenthetical) (Details) | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options granted to purchase shares of common stock | 1,518,154 |
2021-2023 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options granted to purchase shares of common stock | 414,337 |
Options granted, exercise price | $ / shares | $ 0.75 |
Options granted, vesting period | 3 years |
Time Based Vesting Schedule | 2021-2023 LTIP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options granted to purchase shares of common stock | 1,078,913 |
Options granted, exercise price | $ / shares | $ 0.69 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Details) - shares shares in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | ||
Common stock outstanding: | |||
Basic weighted average common shares outstanding | 62,153 | 50,758 | |
Common stock equivalents – stock options, restricted stock units and deferred stock | [1] | 847 | |
Diluted weighted average common shares outstanding | 63,000 | 50,758 | |
[1] | Common stock equivalents of 261 shares for the three months ended May 2, 2020 were excluded due to the net loss. |
Earnings per Share - Reconcil_2
Earnings per Share - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Parenthetical) (Details) shares in Thousands | 3 Months Ended |
May 02, 2020shares | |
Earnings Per Share [Abstract] | |
Common stock equivalents | 261 |
Earnings per Share - Potential
Earnings per Share - Potential Common Stock Equivalents Excluded From Computation of Diluted Earning Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive shares | 261 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive shares | 1,933 | 538 |
Range of exercise prices of such options, minimum | $ 0.69 | $ 1.85 |
Range of exercise prices of such options, maximum | $ 5.50 | $ 7.02 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive shares | 506 | 963 |
Deferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive shares | 102 | 160 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Earnings Per Share [Line Items] | ||
Shares excluded from computation of basic and diluted earnings per share | 261,000 | |
Deferred Stock | ||
Earnings Per Share [Line Items] | ||
Shares excluded from computation of basic and diluted earnings per share | 435,568 | 335,073 |
Stock Options | ||
Earnings Per Share [Line Items] | ||
Shares excluded from computation of basic and diluted earnings per share | 1,933,000 | 538,000 |
Stock Options | Minimum | ||
Earnings Per Share [Line Items] | ||
Share-based compensation arrangement, expiration date | Jan. 31, 2023 | |
Stock Options | Maximum | ||
Earnings Per Share [Line Items] | ||
Share-based compensation arrangement, expiration date | Mar. 9, 2031 | |
Performance Stock Units | ||
Earnings Per Share [Line Items] | ||
Shares excluded from computation of basic and diluted earnings per share | 720,000 | 720,000 |
Registered Direct Offering -C_2
Registered Direct Offering -Common Stock - Additional Information (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | May 01, 2021 |
Equity [Abstract] | ||
Number of shares sold | 11,111,111 | |
Gross purchase price before payment of offering costs | $ 5,000 | $ 4,375 |
Payment of offering costs | $ 600 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 01, 2021 | May 02, 2020 | Jan. 30, 2021 | |
Income Taxes [Line Items] | |||
Provision for income taxes | $ 28,000 | $ 20,000 | |
U.S. federal corporate tax rate | 21.00% | ||
Federal net operating loss carry forwards expiration period minimum | 2022 | ||
Federal net operating loss carry forwards expiration period maximum | 2037 | ||
Federal | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards subject to expiration | $ 158,200,000 | ||
Net operating loss carryforwards not subject to expiration | 43,100,000 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 111,300,000 | ||
State and Local Jurisdiction | Minimum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards expiration year | 2021 | ||
State and Local Jurisdiction | Maximum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards expiration year | 2041 |