Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 02, 2014 | Sep. 05, 2014 | Aug. 03, 2013 |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'VALUEVISION MEDIA INC | ' | ' |
Entity Central Index Key | '0000870826 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 2-Aug-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 55,289,993 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $240,622,224 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 02, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $20,790 | $29,177 |
Restricted cash and investments | 2,100 | 2,100 |
Accounts receivable, net | 92,972 | 107,386 |
Inventories | 52,332 | 51,162 |
Prepaid expenses and other | 6,463 | 6,032 |
Total current assets | 174,657 | 195,857 |
Property and equipment, net | 26,619 | 24,952 |
FCC broadcasting license | 12,000 | 12,000 |
Other assets | 1,062 | 896 |
Total Assets | 214,338 | 233,705 |
Current liabilities: | ' | ' |
Accounts payable | 59,030 | 77,296 |
Accrued liabilities | 37,789 | 38,535 |
Deferred revenue | 85 | 85 |
Total current liabilities | 96,904 | 115,916 |
Capital Lease Obligations, Noncurrent | 62 | 88 |
Deferred revenue | 292 | 335 |
Deferred Tax Liabilities, Net, Noncurrent | 1,551 | 1,158 |
Long term credit facility | 38,000 | 38,000 |
Total liabilities | 136,809 | 155,497 |
Shareholders' equity: | ' | ' |
Common stock, $.01 per share par value, 100,000,000 shares authorized; 48,472,205 and 37,781,688 shares issued and outstanding | 552 | 498 |
Warrants to purchase 6,007,372 shares of common stock | 0 | 533 |
Additional paid-in capital | 414,310 | 410,681 |
Accumulated deficit | -337,333 | -333,504 |
Total shareholders’ equity | 77,529 | 78,208 |
Total Liabilities and Equity | $214,338 | $233,705 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 |
Stockholders' Equity: | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 55,185,123 | 49,844,253 |
Common stock, shares outstanding | 55,185,123 | 49,844,253 |
Warrants, Outstanding | 0 | 6,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Net sales | $156,587,000 | $148,564,000 | $316,288,000 | $299,918,000 |
Cost of sales | 96,152,000 | 92,907,000 | 195,847,000 | 187,228,000 |
Gross profit | 60,435,000 | 55,657,000 | 120,441,000 | 112,690,000 |
Operating expense: | ' | ' | ' | ' |
Distribution and selling | 50,110,000 | 46,542,000 | 99,839,000 | 92,794,000 |
General and administrative | 6,776,000 | 6,177,000 | 12,688,000 | 12,069,000 |
Depreciation and amortization | 2,163,000 | 3,098,000 | 4,431,000 | 6,303,000 |
Activist Shareholder Costs | 2,473,000 | 0 | 3,518,000 | 0 |
Severance Costs | 2,620,000 | 0 | 2,620,000 | 0 |
Total operating expense | 64,142,000 | 55,817,000 | 123,096,000 | 111,166,000 |
Operating income (loss) | -3,707,000 | -160,000 | -2,655,000 | 1,524,000 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 6,000 | 3,000 | 6,000 | 14,000 |
Interest expense | -387,000 | -348,000 | -778,000 | -726,000 |
Total other expense | -381,000 | -345,000 | -772,000 | -712,000 |
Income (loss) before income taxes | -4,088,000 | -505,000 | -3,427,000 | 812,000 |
Income tax (provision) benefit | -201,000 | -294,000 | -402,000 | -588,000 |
Net income (loss) | ($4,289,000) | ($799,000) | ($3,829,000) | $224,000 |
Net income (loss) per common share | ($0.08) | ($0.02) | ($0.08) | $0 |
Net income (loss) per common share — assuming dilution | ($0.08) | ($0.02) | ($0.08) | $0 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 52,199,792 | 49,406,562 | 51,022,023 | 49,316,539 |
Diluted | 52,199,792 | 49,406,562 | 51,022,023 | 55,206,943 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Warrant [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit |
In Thousands, except Share data | |||||
Total Shareholders' Equity period beginning at Feb. 01, 2014 | $78,208 | $498 | $533 | $410,681 | ($333,504) |
Common Stock, Shares, Outstanding period beginning at Feb. 01, 2014 | 49,844,253 | 49,844,253 | ' | ' | ' |
Net income (loss) | -3,829 | 0 | 0 | 0 | -3,829 |
Share-based payment compensation | 2,918 | 0 | 0 | 2,918 | 0 |
Share-based payment compensation | ' | 0 | ' | ' | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued | 5,058,741 | ' | ' | ' | ' |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 533 | ' | -533 | ' | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | 0 | 51 | ' | 482 | 0 |
Total Shareholders' Equity period end at Aug. 02, 2014 | $77,529 | $552 | $0 | $414,310 | ($337,333) |
Common Stock, Shares, Outstanding period end at Aug. 02, 2014 | 55,185,123 | 55,185,123 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Proceeds from Stock Options Exercised | $232 | $78 |
Payments to Acquire Intangible Assets | 0 | 2,830 |
OPERATING ACTIVITIES: | ' | ' |
Net loss | -3,829 | 224 |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 4,641 | 6,402 |
Share-based compensation | 2,918 | 1,650 |
Amortization of deferred revenue | -43 | -43 |
Amortization of deferred finance costs | 102 | 101 |
Deferred income taxes | 393 | 580 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 14,414 | 13,621 |
Inventories, net | -1,170 | -11,810 |
Prepaid expenses and other | -399 | -706 |
Accounts payable and accrued liabilities | -19,182 | 2,705 |
Net cash provided by (used for) operating activities | -2,155 | 12,724 |
INVESTING ACTIVITIES: | ' | ' |
Property and equipment additions | -6,138 | -3,825 |
Net cash used for investing activities | -6,138 | -6,655 |
FINANCING ACTIVITIES: | ' | ' |
Payments for deferred issuance costs | -300 | -264 |
Repayments of Long-term Capital Lease Obligations | -26 | 0 |
Net cash provided by (used for) financing activities | -94 | -186 |
Net increase (decrease) in cash and cash equivalents | -8,387 | 5,883 |
BEGINNING CASH AND CASH EQUIVALENTS | 29,177 | 26,477 |
ENDING CASH AND CASH EQUIVALENTS | 20,790 | 32,360 |
Interest Paid | 676 | 625 |
Income Taxes Paid | 22 | 16 |
Property and equipment purchases included in accounts payable | 643 | 262 |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $533 | $0 |
General
General | 6 Months Ended |
Aug. 02, 2014 | |
General [Abstract] | ' |
The Company | ' |
General | |
ValueVision Media, Inc. and its subsidiaries ("we," "our," "us," or the "Company") is a digital commerce company that markets, sells and distributes products to consumers through TV, telephone, online, mobile and social media. The Company operates a 24-hour television shopping network, ShopHQ, which is distributed primarily through cable and satellite affiliation agreements, through which it offers brand name and private label products in the categories of jewelry & watches; home & consumer electronics; beauty, health & fitness; and fashion & accessories. Orders are fulfilled via telephone, online and mobile channels. The television network is distributed into approximately 87 million homes, primarily through cable and satellite affiliation agreements and agreements with telecommunications companies such as AT&T and Verizon. Programming is also streamed live on the Internet at ShopHQ.com and is also available on all mobile channels. Programming is also distributed through a Company-owned full power television station in Boston, Massachusetts and through leased carriage on a full power television station in Seattle, Washington. | |
The Company also operates ShopHQ.com, a comprehensive digital commerce platform that sells products which appear on its television shopping channel as well as an extended assortment of online-only merchandise. The live programming and products are also marketed via mobile devices, including smartphones and tablets, and through the leading social media channels. | |
In May 2013, the Company announced its intention to rebrand its 24-hour television shopping network, ShopNBC, and its companion digital commerce internet website, ShopNBC.com, and on January 31, 2014, the Company officially transitioned to its new brand, ShopHQ and ShopHQ.com, to reinforce its positioning as the shopping headquarters for customers. |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 6 Months Ended |
Aug. 02, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
Principles of Consolidation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America have been condensed or omitted in accordance with these rules and regulations. The accompanying condensed consolidated balance sheet as of February 1, 2014 has been derived from the Company's audited financial statements for the fiscal year ended February 1, 2014. The information furnished in the interim condensed consolidated financial statements includes normal recurring accruals and reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of these financial statements. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its annual report on Form 10-K for the fiscal year ended February 1, 2014. Operating results for the six-month period ended August 2, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2015. | |
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | |
Fiscal Year | |
The Company's fiscal year ends on the Saturday nearest to January 31. References to years in this report relate to fiscal years, rather than to calendar years. The Company’s most recently completed fiscal year, fiscal 2013, ended on February 1, 2014, and consisted of 52 weeks. Fiscal 2014 will end on January 31, 2015, and will contain 52 weeks. The quarters ended August 2, 2014 and August 3, 2013 each consisted of 13 weeks. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 02, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
GAAP utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable quoted prices (unadjusted) in active markets for identical assets (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). | |
As of August 2, 2014 and February 1, 2014, the Company had $2,100,000 in Level 2 investments in the form of bank certificates of deposit which are used as cash collateral for the issuance of commercial letters of credit. The Company's investments in certificates of deposits were measured using inputs based upon quoted prices for similar instruments in active markets and, therefore, were classified as Level 2 investments. As of August 2, 2014 and February 1, 2014, the Company also had a long-term variable rate bank credit loan with a carrying value of $38,000,000. The fair value of the variable rate bank loan approximates and is based on its carrying value. The Company has no Level 3 cash investments that use significant unobservable inputs. |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||
Intangible Assets | ' | |||||||||||||
Intangible Assets | ||||||||||||||
Intangible assets in the accompanying consolidated balance sheets consisted of the following: | ||||||||||||||
Weighted | August 2, 2014 | February 1, 2014 | ||||||||||||
Average | ||||||||||||||
Life | ||||||||||||||
(Years) | Gross | Accumulated | Gross | Accumulated | ||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||
Amount | Amount | |||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||
FCC broadcast license | $ | 12,000,000 | $ | 12,000,000 | ||||||||||
As of August 2, 2014 and February 1, 2014, the Company had an intangible FCC broadcasting license with a carrying value of $12,000,000 and a current estimated fair value of $13,100,000. The Company annually reviews its FCC television broadcast license for impairment in the fourth quarter, or more frequently if an impairment indicator is present. The Company estimates the fair value of its FCC television broadcast license primarily by using income-based discounted cash flow models with the assistance of an independent outside fair value consultant. The discounted cash flow models utilize a range of assumptions including revenues, operating profit margin, projected capital expenditures and an unobservable discount rate. The Company concluded that the inputs used in its intangible FCC broadcasting license asset valuation are Level 3 inputs related to this valuation. The Company also considers comparable asset market and sales data for recent comparable market transactions for standalone television broadcasting stations to assist in determining fair value. | ||||||||||||||
While the Company believes that its estimates and assumptions regarding the valuation of the license are reasonable, different assumptions or future events could materially affect its valuation. In addition, due to the illiquid nature of this asset, the Company's valuation for this license could be materially different if it were to decide to sell it in the short term which, upon revaluation, could result in a future impairment of this asset. | ||||||||||||||
Amortization expense related to an expired NBCU trademark license was $999,000 and $1,999,000 for the three and six month periods, respectively, ended August 3, 2013. |
Credit_Agreements
Credit Agreements | 6 Months Ended |
Aug. 02, 2014 | |
Debt Disclosure [Abstract] | ' |
Credit Agreements | ' |
Credit Agreement | |
On February 9, 2012, the Company entered into a credit and security agreement (the "Credit Facility") with PNC Bank, N.A. ("PNC"), a member of The PNC Financial Services Group, Inc., as lender and agent. On January 31, 2014, the Company entered into a third amendment to its revolving credit and security agreement with PNC, as previously amended that, among other things, increased the size of the revolving line of credit from $50 million to $60 million and provides for a $15 million term loan on which the Company will draw to fund an expansion at the Company's distribution facility in Bowling Green, Kentucky. | |
The revolving line of credit under the Credit Facility, as amended, bears interest at LIBOR plus 3% per annum. All borrowings under the amended Credit Facility mature and are payable on May 1, 2018. Subject to certain conditions, the Credit Facility also provides for the issuance of letters of credit in an aggregate amount up to $6 million which, upon issuance, would be deemed advances under the Credit Facility. Remaining capacity under the Credit Facility, currently $21.3 million, provides liquidity for working capital and general corporate purposes. | |
Maximum borrowings and available capacity under the amended revolving Credit Facility are equal to the lesser of $60 million or a calculated borrowing base comprised of eligible accounts receivable and eligible inventory. The Credit Facility is secured by substantially all of the Company’s personal property, as well as the Company’s real properties located in Eden Prairie, Minnesota and Bowling Green, Kentucky. Under certain circumstances, the borrowing base may be adjusted if there were to be a significant deterioration in value of the Company’s accounts receivable and inventory. The Credit Facility is subject to mandatory prepayment in certain circumstances. In addition, if the total Credit Facility is terminated prior to maturity, the Company would be required to pay an early termination fee of 1.0% if terminated on or before May 1, 2015; 0.5% if terminated on or before May 1, 2016; and no fee if terminated after May 1, 2016. Interest expense recorded under the Credit Facility's revolving line of credit for the three and six-month periods ended August 2, 2014 was $383,000 and $774,000, respectively and $348,000 and $726,000 for the three and six month periods ended August 3, 2013. | |
If drawn, the term loan shall bear interest at either (i) a fixed rate based on the LIBOR Rate for interest periods of one, two, three or six months, or (ii) a daily floating alternate base rate (the “Base Rate”), plus a margin of 5% on the Base Rate and 6% on the LIBOR Rate until January 31, 2015, at which time the margin shall adjust each fiscal year to a rate consisting of between 4% and 5% on Base Rate term loans and 5% to 6% on LIBOR Rate term loans based on the Company’s leverage ratio as demonstrated in its audited financial statements. Principal borrowings under the term loan are to be payable in monthly installments over an 84 month amortization period commencing on January 1, 2015 and are also subject to mandatory prepayment in certain circumstances, including, but not limited to, if the outstanding borrowings are more than the borrowing base and upon receipt of certain proceeds from dispositions of collateral. The third amendment also provides that borrowings under the term loan, if made, are subject to mandatory prepayment starting in the fiscal year ending January 31, 2016 in an amount equal to fifty percent (50%) of excess cash flow for such fiscal year, with any such payment not to exceed $3,750,000 in any such fiscal year. As of August 2, 2014, there were no borrowings under the Credit Facility term loan. | |
The amended Credit Facility contains customary covenants and conditions, including, among other things, maintaining a minimum of unrestricted cash plus facility availability of $10 million at all times and limiting annual capital expenditures. Certain financial covenants, including minimum EBITDA levels (as defined in the Credit Facility) and a minimum fixed charge coverage ratio, become applicable only if unrestricted cash plus facility availability falls below $16 million or upon an event of default. In addition, the Credit Facility places restrictions on the Company’s ability to incur additional indebtedness or prepay existing indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, to merge or consolidate with other entities, and to make certain restricted payments, including payments of dividends to common shareholders. As of August 2, 2014, the Company was in compliance with the applicable financial covenants of the amended Credit Facility. | |
Costs incurred to obtain amendments to the Credit Facility of approximately $710,000 and unamortized costs incurred to obtain the original Credit Facility totaling $466,000 have been deferred and are being expensed as additional interest over the five-year term of the Credit Facility. |
Notes
(Notes) | 6 Months Ended | |||||||||||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||||
-Based Compensation - Stock Option Awards | ||||||||||||||||||||||||||||
Compensation is recognized for all share-based compensation arrangements by the Company. Stock-based compensation expense for the second quarters of fiscal 2014 and fiscal 2013 related to stock option awards was $1,319,000 and $637,000, respectively. Stock-based compensation expense for the first six-months of fiscal 2014 and fiscal 2013 related to stock option awards was $2,063,000 and $1,248,000, respectively. The Company has not recorded any income tax benefit from the exercise of stock options due to the uncertainty of realizing income tax benefits in the future. | ||||||||||||||||||||||||||||
As of August 2, 2014, the Company had one omnibus stock plan for which stock awards can be currently granted: the 2011 Omnibus Incentive Plan that provides for the issuance of up to 6,000,000 shares of the Company's stock. The 2004 Omnibus Plan expired on June 22, 2014. No further awards may be made under the 2004 Omnibus Plan, but any award granted under the 2004 Omnibus Plan and outstanding on June 22, 2014 will remain outstanding in accordance with its terms. The 2001 Omnibus Stock Plan expired on June 21, 2011. The 2011 plan is administered by the human resources and compensation committee of the board of directors and provide for awards for employees, directors and consultants. All employees and directors of the Company and its affiliates are eligible to receive awards under the plan. The types of awards that may be granted under the plan include restricted and unrestricted stock, incentive and nonstatutory stock options, stock appreciation rights, performance units, and other stock-based awards. Incentive stock options may be granted to employees at such exercise prices as the human resources and compensation committee may determine but not less than 100% of the fair market value of the underlying stock as of the date of grant. No incentive stock option may be granted more than 10 years after the effective date of the respective plan's inception or be exercisable more than 10 years after the date of grant. Options granted to outside directors are nonstatutory stock options with an exercise price equal to 100% of the fair market value of the underlying stock as of the date of grant. With the exception of market-based options, options granted generally vest over three years in the case of employee stock options and vest immediately on the date of grant in the case of director options, and have contractual terms of 10 years from the date of grant. | ||||||||||||||||||||||||||||
The fair value of each time-based vesting option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions noted in the following table. Expected volatilities are based on the historical volatility of the Company's stock. Expected term is calculated using the simplified method taking into consideration the option's contractual life and vesting terms. The Company uses the simplified method in estimating its expected option term because it believes that historical exercise data cannot be accurately relied upon at this time to provide a reasonable basis for estimating an expected term due to the extreme volatility of its stock price and the resulting unpredictability of its stock option exercises. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations. | ||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | |||||||||||||||||||||||||||
Expected volatility | 97% - 98% | 100% | ||||||||||||||||||||||||||
Expected term (in years) | 5 - 6 years | 6 years | ||||||||||||||||||||||||||
Risk-free interest rate | 1.5% - 2.2% | 1.1% - 1.8% | ||||||||||||||||||||||||||
Market-Based Stock Option Awards | ||||||||||||||||||||||||||||
On October 3, 2012, the Company granted 2,125,000 non-qualified market-based stock options to its executive officers as part of the Company's long-term executive compensation program. The options were granted with an exercise price of $4.00 and each option will become exercisable in three tranches, as follows, on the dates when the Company's average closing stock price for 20 consecutive trading days equals or exceeds the following prices: Tranche 1 (50% of the shares subject to the option at $6.00 per share); Tranche 2 (25% at $8.00 per share); and Tranche 3 (25% at $10.00 per share). On August 14, 2013, 50% of this stock option grant (Tranche 1) vested and as a result, the vesting of the second and third tranches can occur any time on or before the fifth anniversary of the grant date. Net shares issued upon the exercise of these market-based stock options (after shares are potentially withheld to cover the exercise price and applicable withholding taxes) may not be sold for a period of one year from the date of exercise. As of August 2, 2014, all 2,125,000 market-based stock option awards were outstanding. The total grant date fair value was estimated to be $1,998,000 and is being amortized over the derived service periods for each tranche. | ||||||||||||||||||||||||||||
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 0.38%, a weighted average expected life of 3.3 years and an implied volatility of 78% and were as follows for each tranche: | ||||||||||||||||||||||||||||
Fair Value | Derived Service | |||||||||||||||||||||||||||
(Per Share) | Period | |||||||||||||||||||||||||||
Tranche 1 ($6.00/share) | $0.93 | 15 | months | |||||||||||||||||||||||||
Tranche 2 ($8.00/share) | $0.95 | 20 | months | |||||||||||||||||||||||||
Tranche 3 ($10.00/share) | $0.95 | 24 | months | |||||||||||||||||||||||||
A summary of the status of the Company’s stock option activity as of August 2, 2014 and changes during the six-months then ended is as follows: | ||||||||||||||||||||||||||||
2011 | Weighted | 2004 | Weighted | 2001 | Weighted | Other Non- | Weighted | |||||||||||||||||||||
Incentive | Average | Incentive | Average | Incentive | Average | Qualified | Average | |||||||||||||||||||||
Stock | Exercise | Stock | Exercise | Stock | Exercise | Stock | Exercise | |||||||||||||||||||||
Option | Price | Option | Price | Option | Price | Options | Price | |||||||||||||||||||||
Plan | Plan | Plan | ||||||||||||||||||||||||||
Balance outstanding, | 3,083,000 | $ | 4.03 | 2,104,000 | $ | 6.25 | 1,121,000 | $ | 6.05 | 500,000 | $ | 4.24 | ||||||||||||||||
1-Feb-14 | ||||||||||||||||||||||||||||
Granted | 120,000 | $ | 3.74 | 107,000 | $ | 5.66 | — | $ | — | — | $ | — | ||||||||||||||||
Exercised | (33,000 | ) | $ | 1.62 | (100,000 | ) | $ | 0.81 | (10,000 | ) | $ | 3.29 | (35,000 | ) | $ | 1.82 | ||||||||||||
Forfeited or canceled | (17,000 | ) | $ | 1.62 | (241,000 | ) | $ | 12.03 | (33,000 | ) | $ | 13.81 | — | $ | — | |||||||||||||
Balance outstanding, | 3,153,000 | $ | 4.06 | 1,870,000 | $ | 5.76 | 1,078,000 | $ | 5.83 | 465,000 | $ | 4.42 | ||||||||||||||||
2-Aug-14 | ||||||||||||||||||||||||||||
Options exercisable at | 1,508,000 | $ | 4.02 | 1,843,000 | $ | 5.78 | 1,078,000 | $ | 5.83 | 395,000 | $ | 4.5 | ||||||||||||||||
2-Aug-14 | ||||||||||||||||||||||||||||
The following table summarizes information regarding stock options outstanding at August 2, 2014: | ||||||||||||||||||||||||||||
Options Outstanding | Options Vested or Expected to Vest | |||||||||||||||||||||||||||
Option Type | Number of | Weighted | Weighted | Aggregate | Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Shares | Average | Average | Intrinsic | Shares | Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value | Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | Price | Contractual | |||||||||||||||||||||||||
Life | Life | |||||||||||||||||||||||||||
(Years) | (Years) | |||||||||||||||||||||||||||
2011 Incentive: | 3,153,000 | $ | 4.06 | 8.5 | $ | 2,577,000 | 3,094,000 | $ | 4.1 | 8.5 | $ | 2,533,000 | ||||||||||||||||
2004 Incentive: | 1,870,000 | $ | 5.76 | 5.2 | $ | 1,229,000 | 1,867,000 | $ | 5.74 | 5.2 | $ | 1,229,000 | ||||||||||||||||
2001 Incentive: | 1,078,000 | $ | 5.83 | 4.1 | $ | 863,000 | 1,078,000 | $ | 5.83 | 4.1 | $ | 863,000 | ||||||||||||||||
Non-Qualified: | 465,000 | $ | 4.42 | 5.9 | $ | 328,000 | 458,000 | $ | 4.43 | 5.9 | $ | 323,000 | ||||||||||||||||
The weighted average grant-date fair value of options granted in the first six-months of fiscal 2014 and fiscal 2013 was $3.75 and $2.83, respectively. The total intrinsic value of options exercised during the first six-months of fiscal 2014 and fiscal 2013 was $842,000 and $91,000, respectively. As of August 2, 2014, total unrecognized compensation cost related to stock options was $1,675,000 and is expected to be recognized over a weighted average expected life of approximately 1.4 years years. |
Restricted_Stock_Notes
Restricted Stock (Notes) | 6 Months Ended | ||||
Aug. 02, 2014 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Restricted Stock | ' | ||||
Restricted Stock and Warrant Exercise | |||||
Restricted Stock | |||||
Compensation expense recorded for the second quarter of fiscal 2014 and fiscal 2013 relating to restricted stock grants was $555,000 and $154,000, respectively. Compensation expense recorded for the first six-months of fiscal 2014 and fiscal 2013 related to restricted stock grants was $855,000 and $402,000, respectively. As of August 2, 2014, there was $2,088,000 of total unrecognized compensation cost related to non-vested restricted stock granted. That cost is expected to be recognized over a weighted average expected life of 1.2 years years. The total fair value of restricted stock vested during the first six-months of fiscal 2014 and fiscal 2013 was $518,000 and $1,059,000, respectively. | |||||
On June 18, 2014, the Company granted a total of 56,000 shares of restricted stock to seven non-management board members as part of the Company's annual director compensation program. Each restricted stock award vests on the day immediately preceding the next annual meeting of shareholders following the date of grant. The aggregate market value of the restricted stock at the date of the award was $281,000 and is being amortized as director compensation expense over the twelve-month vesting period. | |||||
On March 13, 2014, the Company granted a total of 53,000 shares of restricted stock to certain key employees as part of the Company's long-term incentive program. The restricted stock will vest in three equal annual installments beginning March 13, 2015. The aggregate market value of the restricted stock at the date of the award was $314,000 and is being amortized as compensation expense over the three-year vesting period. During the first quarter of fiscal 2014, the Company also granted a total of 4,000 shares of restricted stock to two new non-management board members as part of the Company's annual director compensation program. Each restricted stock award vests on the day immediately preceding the next annual meeting of shareholders following the date of grant. The aggregate market value of the restricted stock at the date of the award was $23,500 and was amortized as director compensation expense through June 2014. | |||||
On November 25, 2013, the Company granted a total of 436,000 shares of restricted stock to certain key employees as part of the Company's long-term incentive program. The restricted stock will vest in three equal annual installments beginning November 25, 2014. The aggregate market value of the restricted stock at the date of the award was $2,426,000 and is being amortized as compensation expense over the three-year vesting period. | |||||
During the first half of fiscal 2013, the Company granted a total of 44,000 shares of restricted stock to six non-management board members as part of the Company's annual director compensation program. Each restricted stock award vests on the day immediately preceding the next annual meeting of shareholders following the date of grant. The aggregate market value of the restricted stock at the date of the award was $228,000 and is being amortized as director compensation expense over the twelve-month vesting period. | |||||
On October 3, 2012, the Company granted 300,000 shares of market-based restricted stock to certain key employees as part of the Company's long-term incentive program. Each restricted stock award will vest in three tranches, as follows, on the dates when the Company's average closing stock price for 20 consecutive trading days equals or exceeds the following prices: Tranche 1 (50% of the shares subject to the award at $6.00 per share); Tranche 2 (25% at $8.00 per share); and Tranche 3 (25% at $10.00 per share). On August 14, 2013, 50% of this restricted stock grant (Tranche 1) vested and as a result, the vesting of the second and third tranches can occur any time on or before the fifth anniversary of the grant date. Net shares received upon the vesting of these market-based stock restricted awards (after shares are potentially withheld to cover applicable withholding taxes) may not be sold for a period of one year from the date of vesting. As of August 2, 2014, 150,000 market-based restricted stock awards were outstanding. The total grant date fair value was estimated to be $425,000 and is being amortized over the derived service periods for each tranche. | |||||
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 0.32%, a weighted average expected life of 2.8 years and an implied volatility of 78% and were as follows for each tranche: | |||||
Fair Value | Derived Service | ||||
(Per Share) | Period | ||||
Tranche 1 ($6.00/share) | $1.48 | 15 | months | ||
Tranche 2 ($8.00/share) | $1.39 | 20 | months | ||
Tranche 3 ($10.00/share) | $1.31 | 24 | months | ||
A summary of the status of the Company’s non-vested restricted stock activity as of August 2, 2014 and changes during the six-month period then ended is as follows: | |||||
Shares | Weighted | ||||
Average | |||||
Grant Date | |||||
Fair Value | |||||
Non-vested outstanding, February 1, 2014 | 641,000 | $4.49 | |||
Granted | 113,000 | $5.26 | |||
Vested | (104,000 | ) | $5.12 | ||
Forfeited | (33,000 | ) | $3.30 | ||
Non-vested outstanding, August 2, 2014 | 617,000 | $4.58 | |||
Warrant Exercise | |||||
On June 24, 2014, GE Equity exercised its common stock purchase warrant in a cashless exercise acquiring 5,058,741 shares of the Company's common stock. The warrants were issued in connection with the issuance of the Company's Series B Redeemable Preferred Stock in February 2009. As of August 2, 2014, there are no other common stock warrants outstanding. |
Net_Income_Loss_Per_Common_Sha
Net Income (Loss) Per Common Share (Notes) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income (Loss) Per Common Share | ' | ||||||||||||||||
Net Income (Loss) Per Common Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing reported income (loss) by the weighted average number of shares of common stock outstanding for the reported period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during reported periods. | |||||||||||||||||
A reconciliation of net income (loss) per share calculations and the number of shares used in the calculation of basic income (loss) per share and diluted income (loss) per share is as follows: | |||||||||||||||||
Three-Month Periods Ended | Six-Month Periods Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) (a) | $ | (4,289,000 | ) | $ | (799,000 | ) | $ | (3,829,000 | ) | $ | 224,000 | ||||||
Weighted average number of shares of common stock outstanding — Basic | 52,199,792 | 49,406,562 | 51,022,023 | 49,316,539 | |||||||||||||
Dilutive effect of stock options, non-vested shares and warrants (b) | — | — | — | 5,890,404 | |||||||||||||
Weighted average number of shares of common stock outstanding — Diluted | 52,199,792 | 49,406,562 | 51,022,023 | 55,206,943 | |||||||||||||
Net income (loss) per common share | $ | (0.08 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | — | ||||||
Net income (loss) per common share — assuming dilution | $ | (0.08 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | — | ||||||
(a) The net loss for the three and six-month periods ended August 2, 2014 includes costs related to an activist shareholder response of $2,473,000 and $3,518,000, respectively, and costs related to CEO transition of $2,620,000. | |||||||||||||||||
(b) For the three and six-month periods ended August 2, 2014, approximately 3,891,000 and 5,182,000, respectively, incremental in-the-money potentially dilutive common share options have been excluded from the computation of diluted earnings per share, as the effect of their inclusion would be antidilutive. For the three-month period ended August 3, 2013, approximately 6,631,000 incremental in-the-money potentially dilutive common share options have been excluded from the computation of diluted earnings per share, as the effect of their inclusion would be antidilutive. |
Business_Segments_and_Sales_by
Business Segments and Sales by Product Group | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments and Sales by Product Group | ' | ||||||||||||||||
Business Segments and Sales by Product Group | |||||||||||||||||
The Company has only one reporting segment, which encompasses its digital commerce business. The Company markets, sells and distributes its products to consumers primarily through its digital commerce platforms of television and internet website ShopHQ.com. The Company's television shopping and internet online operations have similar economic characteristics with respect to products, product sourcing, vendors, marketing and promotions, gross margins, customers, and methods of distribution. In addition, the Company believes that its television shopping program is a key driver of traffic to the ShopHQ website whereby many of the internet sales originate from customers viewing the Company's television program and then place their orders online. All of the Company's sales are made in the United States. The chief operating decision maker is the Chief Executive Officer of the Company. | |||||||||||||||||
Information on net sales by significant product groups are as follows (in thousands): | |||||||||||||||||
Three-Month Periods Ended | Six-Month Periods Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Jewelry & Watches | $ | 61,212 | $ | 65,083 | $ | 130,115 | $ | 131,267 | |||||||||
Home & Consumer Electronics | 34,051 | 38,026 | 71,352 | 79,976 | |||||||||||||
Beauty, Health & Fitness | 21,091 | 16,573 | 41,476 | 35,136 | |||||||||||||
Fashion & Accessories | 25,609 | 15,629 | 44,888 | 28,426 | |||||||||||||
All other (primarily shipping & handling revenue) | 14,624 | 13,253 | 28,457 | 25,113 | |||||||||||||
Total | $ | 156,587 | $ | 148,564 | $ | 316,288 | $ | 299,918 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Aug. 02, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
At February 1, 2014, the Company had federal net operating loss carryforwards ("NOLs") of approximately $304 million, and state NOLs of approximately $140 million which are available to offset future taxable income. The Company's federal NOLs expire in varying amounts each year from 2023 through 2033 in accordance with applicable federal tax regulations and the timing of when the NOLs were incurred. In the first quarter of fiscal 2011, the Company had a change in ownership (as defined in Section 382 of the Internal Revenue Code) as a result of the issuance of common stock coupled with the redemption of all the Series B Preferred Stock held by GE Equity. Sections 382 and 383 limit the annual utilization of certain tax attributes, including NOL carryforwards, incurred prior to a change in ownership. The limitations imposed by Sections 382 and 383 are not expected to impair the Company's ability to fully realize its NOLs; however, the annual usage of NOLs incurred prior to the change in ownership will be limited. The Company currently has recorded a full valuation allowance for its net deferred tax assets. The ultimate realization of these deferred tax assets and related limitations depend on the ability of the Company to generate sufficient taxable income in the future, as well as the timing of such income. | |
For the second quarter of fiscal 2014 and fiscal 2013, the income tax provision included a non-cash tax charge of approximately $196,000 and $290,000, respectively, relating to changes in our long-term deferred tax liability related to the tax amortization of the Company's indefinite-lived intangible FCC license asset that is not available to offset existing deferred tax assets in determining changes to our income tax valuation allowance. For the first six-months of fiscal 2014 and fiscal 2013, the income tax provision included a non-cash charge of approximately $393,000 and $580,000, respectively. The Company expects the continued tax amortization of its indefinite-lived intangible asset and resulting book versus tax asset carrying value difference to result in approximately $394,000 of additional non-cash income tax expense over the remainder of fiscal 2014. |
Litigation
Litigation | 6 Months Ended |
Aug. 02, 2014 | |
Litigation [Abstract] | ' |
Litigation | ' |
Litigation | |
The Company is involved from time to time in various claims and lawsuits in the ordinary course of business. In the opinion of management, the claims and suits individually and in the aggregate will not have a material effect on the Company’s operations or consolidated financial statements. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Aug. 02, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Relationship with GE Equity and NBCU | |
In January 2011, General Electric Company ("GE") consummated a transaction with Comcast Corporation ("Comcast") pursuant to which GE contributed all of its holdings in NBCU to NBCUniversal, LLC, a newly formed entity beneficially owned 51% by Comcast and 49% by GE. As a result of that transaction, NBCU is now a wholly owned subsidiary of NBCUniversal, LLC. In March 2013, GE sold its remaining 49% common equity interest in NBCUniversal, LLC to Comcast pursuant to an agreement reached in February 2013. As of August 2, 2014, the direct equity ownership of GE Equity in the Company consists of 5,058,741 shares of common stock and the direct ownership of NBCU in the Company consists of 7,141,849 shares of common stock. The Company has a significant cable distribution agreement with Comcast and believes that the terms of this agreement are comparable to those with other cable system operators. | |
In connection with the January 2011 transfer of its ownership in NBCU to NBCUniversal, LLC, GE also agreed with Comcast that, for so long as GE Equity is entitled to appoint two members of the Company's board of directors, NBCU will be entitled to retain a board seat provided that NBCU beneficially owns at least 5% of the Company's adjusted outstanding common stock. Furthermore, GE agreed to obtain the consent of NBCU prior to consenting to the Company's adoption of any shareholders right plan or certain other actions that would impede or restrict the ability of NBCU to acquire or dispose of shares of the Company's voting stock or taking any action that would result in NBCU being deemed to be in violation of the Federal Communications Commission multiple ownership regulations. For additional information regarding the Company's arrangements with Comcast, GE, GE Equity and NBCU, see the Company's definitive Proxy Statement on Schedule 14A, filed with the SEC on May 9, 2014. |
Distribution_Facility_Expansio
Distribution Facility Expansion (Notes) | 6 Months Ended |
Aug. 02, 2014 | |
Distribution Facility Expansion [Abstract] | ' |
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' |
Distribution Facility Expansion | |
During fiscal 2014, we began a significant operational expansion initiative with respect to overall warehousing capacity and new equipment and system upgrades at our Bowling Green, Kentucky distribution facility. The expansion project will include the construction of a new building which, when completed, will expand our current 260,000 square foot facility to an approximately 600,000 square foot facility. The expansion project is expected to be completed in the first half of fiscal 2015. The updated facilities will also include new high-speed parcel shipping, handling and item sortation equipment to support our increased level of shipments and units and a new call center facility to better serve our customers. Total cost of the expansion will be approximately $25 million and will be financed with our expanded PNC revolving line of credit and a $15 million PNC term loan. Construction has started in the second quarter of fiscal 2014 with expected cash commitments of approximately $18 million during fiscal 2014 and cash commitments of approximately $7 million during the first quarter of fiscal 2015. |
Activist_Shareholder_Costs_Not
Activist Shareholder Costs (Notes) | 6 Months Ended |
Aug. 02, 2014 | |
Activist Shareholder Costs [Abstract] | ' |
Other Operating Income and Expense [Text Block] | ' |
Activist Shareholder Response Costs | |
In October of 2013, the Company received a demand from an activist shareholder to call a special meeting of shareholders for the purpose, among other things, of voting on a new slate of directors and amending certain of the Company’s bylaws. The Company retained a team of advisers, including a financial adviser, proxy solicitor, investor relations firm and legal counsel, to assist in responding to the demand and the solicitation of proxies. In conjunction with such activities, the Company recorded charges to income for the second quarter and year-to-date periods ended August 2, 2014 totaling $2,473,000 and $3,518,000, respectively, which includes 750,000 as reimbursement for a portion of the activist shareholder’s expenses. As previously disclosed, the activist shareholder requested that the Company reimburse it for certain of its expenses relating to the proxy contest. In exchange for paying certain activist shareholder expenses, the Company obtained a customary standstill agreement from the activist shareholder among other settlement provisions. The process of responding to the initial demand concluded with the Company’s annual shareholder meeting on June 18, 2014. |
Basis_of_Financial_Statement_P1
Basis of Financial Statement Presentation (Policies) | 6 Months Ended |
Aug. 02, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Fiscal Year | ' |
Fiscal Year | |
The Company's fiscal year ends on the Saturday nearest to January 31. References to years in this report relate to fiscal years, rather than to calendar years. The Company’s most recently completed fiscal year, fiscal 2013, ended on February 1, 2014, and consisted of 52 weeks. Fiscal 2014 will end on January 31, 2015, and will contain 52 weeks. The quarters ended August 2, 2014 and August 3, 2013 each consisted of 13 weeks. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||
Schedule of Finite-lived and Infinite-lived Intangible Asset [Table Text Block] | ' | |||||||||||||
Intangible assets in the accompanying consolidated balance sheets consisted of the following: | ||||||||||||||
Weighted | August 2, 2014 | February 1, 2014 | ||||||||||||
Average | ||||||||||||||
Life | ||||||||||||||
(Years) | Gross | Accumulated | Gross | Accumulated | ||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||
Amount | Amount | |||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||
FCC broadcast license | $ | 12,000,000 | $ | 12,000,000 | ||||||||||
Tables
(Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||||||||||
Outstanding Options [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||||||
Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations. | ||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | |||||||||||||||||||||||||||
Expected volatility | 97% - 98% | 100% | ||||||||||||||||||||||||||
Expected term (in years) | 5 - 6 years | 6 years | ||||||||||||||||||||||||||
Risk-free interest rate | 1.5% - 2.2% | 1.1% - 1.8% | ||||||||||||||||||||||||||
2012 Market Grant [Table Text Block] | ' | |||||||||||||||||||||||||||
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 0.38%, a weighted average expected life of 3.3 years and an implied volatility of 78% and were as follows for each tranche: | ||||||||||||||||||||||||||||
Fair Value | Derived Service | |||||||||||||||||||||||||||
(Per Share) | Period | |||||||||||||||||||||||||||
Tranche 1 ($6.00/share) | $0.93 | 15 | months | |||||||||||||||||||||||||
Tranche 2 ($8.00/share) | $0.95 | 20 | months | |||||||||||||||||||||||||
Tranche 3 ($10.00/share) | $0.95 | 24 | months | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||||||
A summary of the status of the Company’s stock option activity as of August 2, 2014 and changes during the six-months then ended is as follows: | ||||||||||||||||||||||||||||
2011 | Weighted | 2004 | Weighted | 2001 | Weighted | Other Non- | Weighted | |||||||||||||||||||||
Incentive | Average | Incentive | Average | Incentive | Average | Qualified | Average | |||||||||||||||||||||
Stock | Exercise | Stock | Exercise | Stock | Exercise | Stock | Exercise | |||||||||||||||||||||
Option | Price | Option | Price | Option | Price | Options | Price | |||||||||||||||||||||
Plan | Plan | Plan | ||||||||||||||||||||||||||
Balance outstanding, | 3,083,000 | $ | 4.03 | 2,104,000 | $ | 6.25 | 1,121,000 | $ | 6.05 | 500,000 | $ | 4.24 | ||||||||||||||||
1-Feb-14 | ||||||||||||||||||||||||||||
Granted | 120,000 | $ | 3.74 | 107,000 | $ | 5.66 | — | $ | — | — | $ | — | ||||||||||||||||
Exercised | (33,000 | ) | $ | 1.62 | (100,000 | ) | $ | 0.81 | (10,000 | ) | $ | 3.29 | (35,000 | ) | $ | 1.82 | ||||||||||||
Forfeited or canceled | (17,000 | ) | $ | 1.62 | (241,000 | ) | $ | 12.03 | (33,000 | ) | $ | 13.81 | — | $ | — | |||||||||||||
Balance outstanding, | 3,153,000 | $ | 4.06 | 1,870,000 | $ | 5.76 | 1,078,000 | $ | 5.83 | 465,000 | $ | 4.42 | ||||||||||||||||
2-Aug-14 | ||||||||||||||||||||||||||||
Options exercisable at | 1,508,000 | $ | 4.02 | 1,843,000 | $ | 5.78 | 1,078,000 | $ | 5.83 | 395,000 | $ | 4.5 | ||||||||||||||||
2-Aug-14 | ||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table summarizes information regarding stock options outstanding at August 2, 2014: | ||||||||||||||||||||||||||||
Options Outstanding | Options Vested or Expected to Vest | |||||||||||||||||||||||||||
Option Type | Number of | Weighted | Weighted | Aggregate | Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Shares | Average | Average | Intrinsic | Shares | Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value | Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | Price | Contractual | |||||||||||||||||||||||||
Life | Life | |||||||||||||||||||||||||||
(Years) | (Years) | |||||||||||||||||||||||||||
2011 Incentive: | 3,153,000 | $ | 4.06 | 8.5 | $ | 2,577,000 | 3,094,000 | $ | 4.1 | 8.5 | $ | 2,533,000 | ||||||||||||||||
2004 Incentive: | 1,870,000 | $ | 5.76 | 5.2 | $ | 1,229,000 | 1,867,000 | $ | 5.74 | 5.2 | $ | 1,229,000 | ||||||||||||||||
2001 Incentive: | 1,078,000 | $ | 5.83 | 4.1 | $ | 863,000 | 1,078,000 | $ | 5.83 | 4.1 | $ | 863,000 | ||||||||||||||||
Non-Qualified: | 465,000 | $ | 4.42 | 5.9 | $ | 328,000 | 458,000 | $ | 4.43 | 5.9 | $ | 323,000 | ||||||||||||||||
Restricted_Stock_Tables
Restricted Stock (Tables) | 6 Months Ended | ||||
Aug. 02, 2014 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Schedule of Restricted Stock Fair Value [Table Text Block] | ' | ||||
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 0.32%, a weighted average expected life of 2.8 years and an implied volatility of 78% and were as follows for each tranche: | |||||
Fair Value | Derived Service | ||||
(Per Share) | Period | ||||
Tranche 1 ($6.00/share) | $1.48 | 15 | months | ||
Tranche 2 ($8.00/share) | $1.39 | 20 | months | ||
Tranche 3 ($10.00/share) | $1.31 | 24 | months | ||
Schedule of Non-vested Restricted Stock Activity [Table Text Block] | ' | ||||
A summary of the status of the Company’s non-vested restricted stock activity as of August 2, 2014 and changes during the six-month period then ended is as follows: | |||||
Shares | Weighted | ||||
Average | |||||
Grant Date | |||||
Fair Value | |||||
Non-vested outstanding, February 1, 2014 | 641,000 | $4.49 | |||
Granted | 113,000 | $5.26 | |||
Vested | (104,000 | ) | $5.12 | ||
Forfeited | (33,000 | ) | $3.30 | ||
Non-vested outstanding, August 2, 2014 | 617,000 | $4.58 | |||
Net_Income_Loss_Per_Common_Sha1
Net Income (Loss) Per Common Share (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
A reconciliation of net income (loss) per share calculations and the number of shares used in the calculation of basic income (loss) per share and diluted income (loss) per share is as follows: | |||||||||||||||||
Three-Month Periods Ended | Six-Month Periods Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) (a) | $ | (4,289,000 | ) | $ | (799,000 | ) | $ | (3,829,000 | ) | $ | 224,000 | ||||||
Weighted average number of shares of common stock outstanding — Basic | 52,199,792 | 49,406,562 | 51,022,023 | 49,316,539 | |||||||||||||
Dilutive effect of stock options, non-vested shares and warrants (b) | — | — | — | 5,890,404 | |||||||||||||
Weighted average number of shares of common stock outstanding — Diluted | 52,199,792 | 49,406,562 | 51,022,023 | 55,206,943 | |||||||||||||
Net income (loss) per common share | $ | (0.08 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | — | ||||||
Net income (loss) per common share — assuming dilution | $ | (0.08 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | — | ||||||
(a) The net loss for the three and six-month periods ended August 2, 2014 includes costs related to an activist shareholder response of $2,473,000 and $3,518,000, respectively, and costs related to CEO transition of $2,620,000. | |||||||||||||||||
(b) For the three and six-month periods ended August 2, 2014, approximately 3,891,000 and 5,182,000, respectively, incremental in-the-money potentially dilutive common share options have been excluded from the computation of diluted earnings per share, as the effect of their inclusion would be antidilutive. For the three-month period ended August 3, 2013, approximately 6,631,000 incremental in-the-money potentially dilutive common share options have been excluded from the computation of diluted earnings per share, as the effect of their inclusion would be antidilutive. |
Business_Segments_and_Sales_by1
Business Segments and Sales by Product Group (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||
Information on net sales by significant product groups are as follows (in thousands): | |||||||||||||||||
Three-Month Periods Ended | Six-Month Periods Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Jewelry & Watches | $ | 61,212 | $ | 65,083 | $ | 130,115 | $ | 131,267 | |||||||||
Home & Consumer Electronics | 34,051 | 38,026 | 71,352 | 79,976 | |||||||||||||
Beauty, Health & Fitness | 21,091 | 16,573 | 41,476 | 35,136 | |||||||||||||
Fashion & Accessories | 25,609 | 15,629 | 44,888 | 28,426 | |||||||||||||
All other (primarily shipping & handling revenue) | 14,624 | 13,253 | 28,457 | 25,113 | |||||||||||||
Total | $ | 156,587 | $ | 148,564 | $ | 316,288 | $ | 299,918 | |||||||||
General_Details
General (Details) | 6 Months Ended |
Aug. 02, 2014 | |
Households | |
General [Abstract] | ' |
Household Broadcast Penetration, Number of Households | 87,000,000 |
Basis_of_Financial_Statement_P2
Basis of Financial Statement Presentation (Details) | 6 Months Ended | 12 Months Ended | |||
Aug. 02, 2014 | Aug. 03, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Number of Weeks in Fiscal Year, Minimum | ' | ' | '364 days | '364 days | ' |
Number of Weeks in Fiscal Year, Maximum | ' | ' | ' | ' | '371 days |
Number Of Weeks In Fiscal Period | 'P13W | 'P13W | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Restricted Cash and Investments, Current | $2,100,000 | $2,100,000 |
Long-term Line of Credit, Noncurrent | 38,000,000 | 38,000,000 |
Indefinite-Lived License Agreements | 12,000,000 | 12,000,000 |
Operating and Broadcast Rights [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Indefinite-Lived License Agreements | $12,000,000 | $12,000,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2013 | Aug. 03, 2013 | Aug. 02, 2014 | Feb. 01, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Indefinite-Lived License Agreements | ' | ' | $12,000,000 | $12,000,000 |
Fair Market Value of FCC License | ' | ' | 13,100,000 | ' |
Amortization of Intangible Assets | 999,000 | 1,999,000 | ' | ' |
Operating and Broadcast Rights [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Indefinite-Lived License Agreements | ' | ' | $12,000,000 | $12,000,000 |
Credit_Agreements_Details
Credit Agreements (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 01, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Jan. 31, 2014 | 1-May-13 | Feb. 09, 2012 | |
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | $60,000,000 | $50,000,000 | ' |
Debt Instrument, Maturity Date Range, End | '5 years | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Trade Purchases | ' | ' | ' | ' | ' | 6,000,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 21,300,000 | ' | 21,300,000 | ' | ' | ' | ' |
Interest Expense, Debt | ' | 383,000 | 348,000 | 774,000 | 726,000 | ' | ' | ' |
Debt Instrument, Covenant Compliance, Minimum Unrestricted Cash Requirement | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Debt Instrument, Covenant Compliance, Minimum Unrestricted Cash Threshold for Additional Covenants | ' | ' | ' | ' | ' | 16,000,000 | ' | ' |
Deferred Finance Costs, Noncurrent, Net | ' | ' | ' | ' | ' | 710,000 | ' | 466,000 |
2014 Line Of Credit Amendment - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 15,000,000 | ' | ' |
Debt Instrument, Term | '84 months | ' | ' | ' | ' | ' | ' | ' |
Mandatory Prepayment Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Mandatory Prepayment Maximum Amount | 3,750,000 | ' | ' | ' | ' | ' | ' | ' |
LIBOR [Member] | 2012 Line Of Credit Agreement - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ' | ' | ' | ' | ' | ' | ' |
LIBOR [Member] | 2014 Line Of Credit Amendment - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 6.00% | ' | ' | ' | ' | ' | ' | ' |
LIBOR Rate Period One | '1 month | ' | ' | ' | ' | ' | ' | ' |
LIBOR Rate Period Two | '2 months | ' | ' | ' | ' | ' | ' | ' |
LIBOR Rate Period Three | '3 months | ' | ' | ' | ' | ' | ' | ' |
LIBOR Rate Period Four | '6 months | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Minimum Basis Spread | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Maximum Basis Spread | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Base Rate Option [Member] | 2014 Line Of Credit Amendment - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Minimum Basis Spread | 4.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Maximum Basis Spread | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Year Two [Member] | 2012 Line Of Credit Agreement - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Early Termination Fee | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Year Three [Member] | 2012 Line Of Credit Agreement - PNC Bank, N.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Early Termination Fee | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Stock_Grant_Volatility_Details
Stock Grant Volatility (Details) | 6 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | |
Share-based Compensation [Abstract] | ' | ' |
Award Vesting Period | '3 years | ' |
Expected Volatility Rate, Minimum | 97.00% | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 98.00% | 100.00% |
Risk Free Interest Rate, Minimum | 1.50% | 1.10% |
Risk Free Interest Rate, Maximum | 2.20% | 1.80% |
Expected Term | '5 years | '6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Maximum Expected Term | '6 years | ' |
Grant Term Limit | '10 years | ' |
Exercise Term Limit | '10 years | ' |
Stock_Option_Activity_Details
Stock Option Activity (Details) (USD $) | 6 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Granted, weighted average grant date fair value | $3.75 | $2.83 |
2011 Omnibus Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Balance outstanding at beginning of period | 3,083,000 | ' |
Granted | 120,000 | ' |
Exercised | -33,000 | ' |
Forfeited or canceled | -17,000 | ' |
Balance outstanding at end of period | 3,153,000 | ' |
Options exercisable | 1,508,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Balance outstanding at beginning of period, weighted average exercise price | $4.03 | ' |
Granted, weighted average grant date fair value | $3.74 | ' |
Exercised, weighted average exercise price | $1.62 | ' |
Forfeited or canceled, weighted average grant date fair value | $1.62 | ' |
Balance outstanding at end of period, weighted average exercise price | $4.06 | ' |
Options exercisable, weighted average exercise price | $4.02 | ' |
2004 Omnibus Incentive Stock Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Balance outstanding at beginning of period | 2,104,000 | ' |
Granted | 107,000 | ' |
Exercised | -100,000 | ' |
Forfeited or canceled | -241,000 | ' |
Balance outstanding at end of period | 1,870,000 | ' |
Options exercisable | 1,843,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Balance outstanding at beginning of period, weighted average exercise price | $6.25 | ' |
Granted, weighted average grant date fair value | $5.66 | ' |
Exercised, weighted average exercise price | $0.81 | ' |
Forfeited or canceled, weighted average grant date fair value | $12.03 | ' |
Balance outstanding at end of period, weighted average exercise price | $5.76 | ' |
Options exercisable, weighted average exercise price | $5.78 | ' |
2001 Omnibus Stock Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Balance outstanding at beginning of period | 1,121,000 | ' |
Granted | 0 | ' |
Exercised | -10,000 | ' |
Forfeited or canceled | -33,000 | ' |
Balance outstanding at end of period | 1,078,000 | ' |
Options exercisable | 1,078,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Balance outstanding at beginning of period, weighted average exercise price | $6.05 | ' |
Granted, weighted average grant date fair value | $0 | ' |
Exercised, weighted average exercise price | $3.29 | ' |
Forfeited or canceled, weighted average grant date fair value | $13.81 | ' |
Balance outstanding at end of period, weighted average exercise price | $5.83 | ' |
Options exercisable, weighted average exercise price | $5.83 | ' |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Balance outstanding at beginning of period | 500,000 | ' |
Granted | 0 | ' |
Exercised | -35,000 | ' |
Forfeited or canceled | 0 | ' |
Balance outstanding at end of period | 465,000 | ' |
Options exercisable | 395,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Balance outstanding at beginning of period, weighted average exercise price | $4.24 | ' |
Granted, weighted average grant date fair value | $0 | ' |
Exercised, weighted average exercise price | $1.82 | ' |
Forfeited or canceled, weighted average grant date fair value | $0 | ' |
Balance outstanding at end of period, weighted average exercise price | $4.42 | ' |
Options exercisable, weighted average exercise price | $4.50 | ' |
Outstanding_Stock_Options_Deta
Outstanding Stock Options (Details) (USD $) | 6 Months Ended | |
Aug. 02, 2014 | Feb. 01, 2014 | |
2011 Omnibus Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding | 3,153,000 | 3,083,000 |
Options outstanding, weighted average exercise price | $4.06 | $4.03 |
Options outstanding, weighted average remaining contractual term | '8 years 6 months | ' |
Options outstanding, aggregate intrinsic value | $2,577,000 | ' |
Vested or expected to vest, outstanding | 3,094,000 | ' |
Vested or expected to vest, outstanding, weighted average exercise price | $4.10 | ' |
Vested or expected to vest, outstanding, weighted average remaining contractual term | '8 years 6 months | ' |
Vested or expected to vest, outstanding, aggregate intrinsic value | 2,533,000 | ' |
2004 Omnibus Incentive Stock Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding | 1,870,000 | 2,104,000 |
Options outstanding, weighted average exercise price | $5.76 | $6.25 |
Options outstanding, weighted average remaining contractual term | '5 years 2 months 12 days | ' |
Options outstanding, aggregate intrinsic value | 1,229,000 | ' |
Vested or expected to vest, outstanding | 1,867,000 | ' |
Vested or expected to vest, outstanding, weighted average exercise price | $5.74 | ' |
Vested or expected to vest, outstanding, weighted average remaining contractual term | '5 years 2 months 12 days | ' |
Vested or expected to vest, outstanding, aggregate intrinsic value | 1,229,000 | ' |
2001 Omnibus Stock Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding | 1,078,000 | 1,121,000 |
Options outstanding, weighted average exercise price | $5.83 | $6.05 |
Options outstanding, weighted average remaining contractual term | '4 years 1 month 6 days | ' |
Options outstanding, aggregate intrinsic value | 863,000 | ' |
Vested or expected to vest, outstanding | 1,078,000 | ' |
Vested or expected to vest, outstanding, weighted average exercise price | $5.83 | ' |
Vested or expected to vest, outstanding, weighted average remaining contractual term | '4 years 1 month 6 days | ' |
Vested or expected to vest, outstanding, aggregate intrinsic value | 863,000 | ' |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options outstanding | 465,000 | 500,000 |
Options outstanding, weighted average exercise price | $4.42 | $4.24 |
Options outstanding, weighted average remaining contractual term | '5 years 10 months 24 days | ' |
Options outstanding, aggregate intrinsic value | 328,000 | ' |
Vested or expected to vest, outstanding | 458,000 | ' |
Vested or expected to vest, outstanding, weighted average exercise price | $4.43 | ' |
Vested or expected to vest, outstanding, weighted average remaining contractual term | '5 years 10 months 24 days | ' |
Vested or expected to vest, outstanding, aggregate intrinsic value | $323,000 | ' |
Narrative_Details
Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Oct. 03, 2012 | Aug. 02, 2014 | Mar. 13, 2014 | Nov. 25, 2013 | Jun. 19, 2013 | Aug. 02, 2014 | |
Minimum [Member] | 2011 Omnibus Incentive Plan [Member] | Market Based Stock Options Awards [Member] | 2004 Omnibus Incentive Stock Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,319,000 | $637,000 | $2,063,000 | $1,248,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Document Period End Date | ' | ' | 2-Aug-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Omnibus Stock Plans | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' |
Purchase price of common stock, percent | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | '3 years | ' | '3 years | ' | ' | ' | '3 years | '3 years | '12 months | ' |
Granted, weighted average grant date fair value | ' | ' | $3.75 | $2.83 | ' | $3.74 | $4 | $5.66 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | 842,000 | 91,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested awards | $1,675,000 | ' | $1,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | $2,088,000 |
Period for recognition of unrecognized compensation cost | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | 120,000 | 2,125,000 | 107,000 | ' | ' | ' | ' |
Market_Based_Stock_Option_Awar
Market Based Stock Option Awards (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Oct. 03, 2012 | Aug. 02, 2014 | Feb. 01, 2014 | Oct. 03, 2012 | Aug. 02, 2014 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | |
2011 Omnibus Incentive Plan [Member] | 2011 Omnibus Incentive Plan [Member] | 2011 Omnibus Incentive Plan [Member] | Market Based Stock Options Awards [Member] | Market Based Stock Options Awards [Member] | Tranche 1 [Member] | Tranche 2 [Member] | Tranche 3 [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||
tranche | Tranche 1 [Member] | Tranche 2 [Member] | Tranche 3 [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | $2,918,000 | $1,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $555,000 | $154,000 | $855,000 | $402,000 | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,319,000 | 637,000 | 2,063,000 | 1,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | 120,000 | ' | 2,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | '.5 | '.25 | '.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | $8 | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | 0.32% | ' | ' | ' | ' | ' | ' | ' |
Weighted average volatility rate | ' | ' | ' | ' | ' | ' | ' | 78.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required Stock Option Holding Period | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding | ' | ' | ' | ' | ' | 3,153,000 | 3,083,000 | ' | 2,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, weighted average grant date fair value | ' | ' | $3.75 | $2.83 | ' | $3.74 | ' | $4 | ' | $0.93 | $0.95 | $0.95 | ' | ' | ' | ' | ' | $1.48 | $1.39 | $1.31 |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Term | ' | ' | '5 years | '6 years | ' | ' | ' | '3 years 3 months 18 days | ' | '15 months | '20 months | '24 months | '2 years 9 months 18 days | ' | ' | ' | ' | '15 months | '20 months | '24 months |
Grant date fair value | ' | ' | ' | ' | ' | ' | ' | $1,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted_Stock_Details
Restricted Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 18, 2014 | Mar. 17, 2014 | Mar. 13, 2014 | Nov. 25, 2013 | Jun. 19, 2013 | Oct. 03, 2012 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Feb. 01, 2014 | |
tranche | tranche | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | $2,918,000 | $1,650,000 | ' |
Unrecognized compensation cost related to non-vested awards | ' | ' | ' | ' | ' | ' | 1,675,000 | ' | 1,675,000 | ' | ' |
Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued | ' | ' | ' | ' | ' | ' | ' | ' | 5,058,741 | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | 555,000 | 154,000 | 855,000 | 402,000 | ' |
Unrecognized compensation cost related to non-vested awards | ' | ' | ' | ' | ' | ' | 2,088,000 | ' | 2,088,000 | ' | ' |
Weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 2 months 12 days | ' | ' |
Restricted stock vested in period, total fair value | ' | ' | ' | ' | ' | ' | ' | ' | 518,000 | 1,059,000 | ' |
Granted | 56,000 | 4,000 | 53,000 | 436,000 | 44,000 | 300,000 | ' | ' | 113,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Tranches | 7 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | '3 years | '3 years | '12 months | ' | ' | ' | ' | ' | ' |
Total grant date fair value | 281,000 | 23,500 | 314,000 | 2,426,000 | 228,000 | 425,000 | ' | ' | ' | ' | ' |
Number of non-management board members granted shares | ' | $2 | ' | ' | $6 | ' | ' | ' | ' | ' | ' |
Non-vested shares outstanding, end of period | ' | ' | ' | ' | ' | ' | 617,000 | ' | 617,000 | ' | 641,000 |
Restricted_Stock_NonVested_Res
Restricted Stock Non-Vested Restricted Stock Table (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 18, 2014 | Mar. 17, 2014 | Mar. 13, 2014 | Nov. 25, 2013 | Jun. 19, 2013 | Oct. 03, 2012 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | |
tranche | tranche | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | $2,918,000 | $1,650,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | 555,000 | 154,000 | 855,000 | 402,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares outstanding, beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | 641,000 | ' | ' |
Granted | 56,000 | 4,000 | 53,000 | 436,000 | 44,000 | 300,000 | ' | ' | 113,000 | ' | ' |
Award Vesting Period | ' | ' | '3 years | '3 years | '12 months | ' | ' | ' | ' | ' | ' |
Vested | ' | ' | ' | ' | ' | ' | ' | ' | 104,000 | ' | ' |
Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | -33,000 | ' | ' |
Non-vested shares outstanding, end of period | ' | ' | ' | ' | ' | ' | 617,000 | ' | 617,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Tranches | 7 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Equity Intstrument Other than Options Aggregate Value | $281,000 | $23,500 | $314,000 | $2,426,000 | $228,000 | $425,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested outstanding, Weighted Average Grant Date Fair Value, Beginning of Year | ' | ' | ' | ' | ' | ' | ' | ' | $4.49 | ' | $4.58 |
Granted, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | $5.26 | ' | ' |
Vested, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | $5.12 | ' | ' |
Forfeited, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | $3.30 | ' | ' |
Restricted_Stock_Market_Based_
Restricted Stock Market Based Restricted Stock (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||||
Aug. 02, 2014 | Aug. 03, 2013 | Jun. 18, 2014 | Mar. 17, 2014 | Mar. 13, 2014 | Nov. 25, 2013 | Jun. 19, 2013 | Oct. 03, 2012 | Aug. 02, 2014 | Feb. 01, 2014 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | Oct. 03, 2012 | Aug. 02, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Tranche 1 [Member] | Tranche 1 [Member] | Tranche 2 [Member] | Tranche 2 [Member] | Tranche 3 [Member] | Tranche 3 [Member] | Market Based Stock Restricted Stock Awards [Member] | |||
tranche | tranche | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | 7 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | $8 | ' | $10 | ' |
Award vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 25.00% | ' | 25.00% | ' |
Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | 0.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | 78.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, weighted average grant date fair value | $3.75 | $2.83 | ' | ' | ' | ' | ' | ' | ' | ' | $0.93 | $1.48 | $0.95 | $1.39 | $0.95 | $1.31 | ' |
Expected Term | '5 years | '6 years | ' | ' | ' | ' | ' | '2 years 9 months 18 days | ' | ' | '15 months | '15 months | '20 months | '20 months | '24 months | '24 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 56,000 | 4,000 | 53,000 | 436,000 | 44,000 | 300,000 | 113,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | ' | ' | 617,000 | 641,000 | ' | ' | ' | ' | ' | ' | 150,000 |
Net_Income_Loss_Per_Common_Sha2
Net Income (Loss) Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Nov. 01, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Activist Shareholder Costs | ' | $2,473,000 | $0 | $3,518,000 | $0 |
Other Nonrecurring Expense | ' | ' | ' | 750,000 | ' |
Net income (loss) (a) | ' | -4,289,000 | -799,000 | -3,829,000 | 224,000 |
Weighted average number of common shares outstanding — Basic | ' | 52,199,792 | 49,406,562 | 51,022,023 | 49,316,539 |
Dilutive effect of stock options, non-vested shares and warrants (b) | ' | 0 | 0 | 0 | 5,890,404 |
Weighted average number of common shares outstanding — Diluted | ' | 52,199,792 | 49,406,562 | 51,022,023 | 55,206,943 |
Net income (loss) per common share | ' | ($0.08) | ($0.02) | ($0.08) | $0 |
Net income (loss) per common share — assuming dilution | ' | ($0.08) | ($0.02) | ($0.08) | $0 |
Severance Costs | $2,300,000 | $2,620,000 | $0 | $2,620,000 | $0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 3,891,000 | 6,631,000 | 5,182,000 | ' |
Business_Segments_and_Sales_by2
Business Segments and Sales by Product Group (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Jewelry & Watches | $61,212 | $65,083 | $130,115 | $131,267 |
Home & Electronics | 34,051 | 38,026 | 71,352 | 79,976 |
Beauty, Health & Fitness | 21,091 | 16,573 | 41,476 | 35,136 |
Fashion (apparel, outerwear & accessories) | 25,609 | 15,629 | 44,888 | 28,426 |
All other | 14,624 | 13,253 | 28,457 | 25,113 |
Total | $156,587 | $148,564 | $316,288 | $299,918 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Feb. 01, 2014 | Jan. 31, 2015 | |
Scenario, Forecast [Member] | ||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | ' | ' | $304,000,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | ' | ' | ' | ' | 140,000,000 | ' |
Deferred Income Tax Expense (Benefit) | 196,000 | 290,000 | 393,000 | 580,000 | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
Deferred Income Tax Expense (Benefit), Remainder of Year | ' | ' | ' | ' | ' | $394,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 6 Months Ended | |
Aug. 02, 2014 | Jan. 02, 2011 | |
board_members | ||
Related Party Transaction [Line Items] | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Comcast [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage in NBCU | ' | 51.00% |
GE [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage in NBCU | ' | 49.00% |
Common Stock Shares Held in Subsidiary | 5,058,741 | ' |
Number of Members Related Party Entitled to Appoint to Board of Directors | 2 | ' |
NBCU [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Common Stock Shares Held in Subsidiary | 7,141,849 | ' |
Minimum Beneficial Ownership to Retain Board Seat | 5.00% | ' |
Distribution_Facility_Expansio1
Distribution Facility Expansion (Details) (USD $) | Aug. 02, 2014 | 2-May-15 | Aug. 01, 2015 | Jan. 31, 2015 |
In Millions, unless otherwise specified | sqft | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] |
Future Distribution Facility Expansion [Line Items] | ' | ' | ' | ' |
Current Facility Square Footage | 260,000 | ' | ' | ' |
Expanded Facility Square Footage | 600,000 | ' | ' | ' |
Expected Significant Asset Acquisition | ' | ' | $25 | ' |
Estimated Construction Costs, Remainder of Fiscal Year | ' | ' | ' | 18 |
Property, Plant and Equipment, Additions | ' | $7 | ' | ' |
Activist_Shareholder_Costs_Det
Activist Shareholder Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Activist Shareholder Costs [Abstract] | ' | ' | ' | ' |
Other Nonrecurring Expense | ' | ' | $750,000 | ' |
Activist Shareholder Costs | $2,473,000 | $0 | $3,518,000 | $0 |
CEO_Transition_Details
CEO Transition (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Nov. 01, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
CEO Transition Costs [Abstract] | ' | ' | ' | ' | ' |
Severance Costs | $2,300,000 | $2,620,000 | $0 | $2,620,000 | $0 |