Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 28, 2014 | Aug. 03, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'ANN INC. | ' | ' |
Trading Symbol | 'ANN | ' | ' |
Entity Central Index Key | '0000874214 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 46,218,873 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,523,192,303 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $2,493,491 | $2,375,509 | $2,212,493 |
Cost of sales | 1,150,183 | 1,073,167 | 1,004,350 |
Gross margin | 1,343,308 | 1,302,342 | 1,208,143 |
Selling, general and administrative expenses | 1,173,234 | 1,135,551 | 1,062,644 |
Operating income | 170,074 | 166,791 | 145,499 |
Interest and investment income/(expense), net | -94 | 1,051 | -1,052 |
Other non-operating expense, net | -17 | -189 | 0 |
Income before income taxes | 169,963 | 167,653 | 144,447 |
Income tax provision | 67,533 | 65,068 | 57,881 |
Net income | $102,430 | $102,585 | $86,566 |
Basic earnings per share | $2.21 | $2.13 | $1.66 |
Weighted average shares outstanding | 45,490 | 47,494 | 51,200 |
Diluted earnings per share | $2.19 | $2.10 | $1.64 |
Weighted average shares outstanding, assuming dilution | 45,955 | 48,094 | 52,029 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net income | $102,430 | $102,585 | $86,566 |
Foreign currency translation adjustment | -1,309 | 19 | 0 |
Pension settlement charge | 0 | 1,760 | 0 |
Net actuarial gain/(loss) | 4,156 | -1,153 | -4,932 |
Amortization of net actuarial loss | 600 | 726 | 62 |
Other comprehensive income/(loss), before tax | 3,447 | 1,352 | -4,870 |
Income tax expense/(benefit) | 1,824 | 531 | -1,930 |
Other comprehensive income/(loss), net of tax | 1,623 | 821 | -2,940 |
Comprehensive income | $104,053 | $103,406 | $83,626 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $201,707 | $167,011 |
Accounts receivable | 22,448 | 17,856 |
Merchandise inventories | 239,667 | 216,848 |
Refundable income taxes | 7,252 | 9,201 |
Deferred income taxes | 28,854 | 30,397 |
Prepaid expenses and other current assets | 61,287 | 64,716 |
Total current assets | 561,215 | 506,029 |
Property and equipment, net | 443,086 | 409,703 |
Deferred income taxes | 6,599 | 7,841 |
Other assets | 22,060 | 18,632 |
Total assets | 1,032,960 | 942,205 |
Current liabilities | ' | ' |
Accounts payable | 101,276 | 105,691 |
Accrued salaries and bonus | 24,546 | 23,969 |
Current portion of long-term performance compensation | 20,339 | 34,233 |
Accrued tenancy | 38,331 | 38,647 |
Gift certificates and merchandise credits redeemable | 48,150 | 47,268 |
Accrued expenses and other current liabilities | 97,101 | 86,946 |
Total current liabilities | 329,743 | 336,754 |
Deferred lease costs | 164,703 | 162,620 |
Deferred income taxes | 36 | 228 |
Long-term performance compensation, less current portion | 15,456 | 26,368 |
Other liabilities | 54,566 | 31,125 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $.0068 par value; 200,000,000 shares authorized; 82,563,516 shares issued | 561 | 561 |
Additional paid-in capital | 751,765 | 768,215 |
Retained earnings | 779,272 | 676,842 |
Accumulated other comprehensive loss | -2,874 | -4,497 |
Treasury stock, 36,344,643 and 35,958,318 shares, respectively, at cost | 1,060,268 | 1,056,011 |
Total stockholders' equity | 468,456 | 385,110 |
Total liabilities and stockholders' equity | $1,032,960 | $942,205 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 82,563,516 | 82,563,516 |
Treasury Stock, Shares | 36,344,643 | 35,958,318 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
In Thousands, except Share data | ||||||
Beginning Balance at Jan. 29, 2011 | $423,445 | $561 | $772,574 | $487,691 | ($2,378) | ($835,003) |
Beginning Balance (in shares) at Jan. 29, 2011 | ' | 82,555,000 | ' | ' | ' | 27,206,000 |
Net income | 86,566 | ' | ' | 86,566 | ' | ' |
Other comprehensive income/(loss), net of tax | -2,940 | ' | ' | ' | -2,940 | ' |
Exercise of options (in shares) | ' | -9,000 | ' | ' | ' | -804,000 |
Exercise of stock options, related tax benefit and tax effect of expirations | 8,175 | ' | -10,675 | ' | ' | 18,850 |
Stock-based compensation | 20,710 | ' | 20,710 | ' | ' | ' |
Issuance of restricted stock and vesting of restricted units, net of forfeitures and related tax benefits | 6,090 | ' | -5,896 | ' | ' | 11,986 |
Issuance of restricted stock and vesting of restricted units, net of forfeitures (in shares) | ' | ' | ' | ' | ' | -511,000 |
Repurchase of common and restricted stock (in shares) | ' | ' | ' | ' | ' | 7,490,000 |
Repurchase of common and restricted stock | 180,298 | ' | ' | ' | ' | 180,298 |
Issuance of common stock pursuant to Associate Discount Stock Purchase Plan and related tax benefit of disqualifying dispositions | 2,129 | ' | -55 | ' | ' | 2,184 |
Issuance pursuant to the Stock Purchase Plan (in shares) | ' | ' | ' | ' | ' | 96,000 |
Ending Balance at Jan. 28, 2012 | 363,877 | 561 | 776,658 | 574,257 | -5,318 | -982,281 |
Ending Balance (in shares) at Jan. 28, 2012 | ' | 82,564,000 | ' | ' | ' | 33,285,000 |
Net income | 102,585 | ' | ' | 102,585 | ' | ' |
Other comprehensive income/(loss), net of tax | 821 | ' | ' | ' | 821 | ' |
Exercise of options (in shares) | ' | 0 | ' | ' | ' | -1,925,000 |
Exercise of stock options, related tax benefit and tax effect of expirations | 36,749 | ' | -17,441 | ' | ' | 54,190 |
Stock-based compensation | 16,998 | ' | 16,998 | ' | ' | ' |
Issuance of restricted stock and vesting of restricted units, net of forfeitures and related tax benefits | 2,860 | ' | -7,465 | ' | ' | 10,325 |
Issuance of restricted stock and vesting of restricted units, net of forfeitures (in shares) | ' | ' | ' | ' | ' | -428,000 |
Repurchase of common and restricted stock (in shares) | ' | ' | ' | ' | ' | 5,113,000 |
Repurchase of common and restricted stock | 140,752 | ' | ' | ' | ' | 140,752 |
Issuance of common stock pursuant to Associate Discount Stock Purchase Plan and related tax benefit of disqualifying dispositions | 1,972 | ' | -535 | ' | ' | 2,507 |
Issuance pursuant to the Stock Purchase Plan (in shares) | ' | ' | ' | ' | ' | 87,000 |
Ending Balance at Feb. 02, 2013 | 385,110 | 561 | 768,215 | 676,842 | -4,497 | -1,056,011 |
Ending Balance (in shares) at Feb. 02, 2013 | ' | 82,564,000 | ' | ' | ' | 35,958,000 |
Net income | 102,430 | ' | ' | 102,430 | ' | ' |
Other comprehensive income/(loss), net of tax | 1,623 | ' | ' | ' | 1,623 | ' |
Exercise of options (in shares) | -572,072 | ' | ' | ' | ' | -572,000 |
Exercise of stock options, related tax benefit and tax effect of expirations | 13,756 | ' | -8,717 | ' | ' | 22,473 |
Stock-based compensation | 16,260 | ' | 16,260 | ' | ' | ' |
Issuance of restricted stock and vesting of restricted units, net of forfeitures and related tax benefits | 1,137 | ' | -22,996 | ' | ' | 24,133 |
Issuance of restricted stock and vesting of restricted units, net of forfeitures (in shares) | ' | ' | ' | ' | ' | -621,000 |
Repurchase of common and restricted stock (in shares) | ' | ' | ' | ' | ' | 1,655,000 |
Repurchase of common and restricted stock | 53,884 | ' | ' | ' | ' | 53,884 |
Issuance of common stock pursuant to Associate Discount Stock Purchase Plan and related tax benefit of disqualifying dispositions | 2,024 | ' | -997 | ' | ' | 3,021 |
Issuance pursuant to the Stock Purchase Plan (in shares) | ' | ' | ' | ' | ' | 76,000 |
Ending Balance at Feb. 01, 2014 | $468,456 | $561 | $751,765 | $779,272 | ($2,874) | ($1,060,268) |
Ending Balance (in shares) at Feb. 01, 2014 | ' | 82,564,000 | ' | ' | ' | 36,344,000 |
Recovered_Sheet1
Consolidated Statements of Stockholders' Equity - Parenthetical (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Employee Stock Option | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $1,115 | $1,986 | $4,454 |
Restricted Stock And Restricted Units | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1,137 | 2,859 | 3,001 |
Associate Discount Stock Purchase Plan | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $23 | $35 | $66 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Operating activities: | ' | ' | ' |
Net income | $102,430 | $102,585 | $86,566 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Deferred income taxes | -2,870 | 30,272 | 7,343 |
Depreciation and amortization | 106,588 | 97,829 | 94,187 |
Recognition of gift card and merchandise credit breakage | -2,055 | -6,602 | 0 |
Loss on disposal and write-down of property and equipment | -4,228 | -3,040 | -2,287 |
Stock-based compensation | 16,260 | 16,998 | 20,710 |
Non-cash interest and other non-cash items | -453 | 341 | -287 |
Tax benefit from exercise/vesting of stock awards | 2,275 | 7,871 | 7,522 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 4,647 | -1,324 | 2,060 |
Merchandise inventories | 23,107 | 3,401 | 19,822 |
Prepaid expenses and other current assets | -5,422 | 9,624 | -7,063 |
Refundable income taxes | -1,949 | -2,764 | -362 |
Other non-current assets | -431 | 220 | -1,897 |
Other non-current liabilities | 30,136 | 10,783 | 26,135 |
Accounts payable, accrued expenses and other current liabilities | -21,746 | 5,631 | -24,649 |
Net cash provided by operating activities | 215,747 | 258,909 | 207,828 |
Investing activities: | ' | ' | ' |
Purchases of marketable securities | 3,484 | 2,246 | 1,379 |
Sales of marketable securities | 726 | 269 | 91 |
Purchases of property and equipment | 140,655 | 147,286 | 118,918 |
Other, net | -813 | 649 | 250 |
Net cash used for investing activities | -142,600 | -149,912 | -120,456 |
Financing activities: | ' | ' | ' |
Proceeds from the issuance of common stock pursuant to Associate Discount Stock Purchase Plan | 1,999 | 1,938 | 2,063 |
Proceeds from exercise of stock options | 12,641 | 34,762 | 8,499 |
Excess tax benefits from stock-based compensation | 3,027 | 9,229 | 7,627 |
Repurchases of common and restricted stock | 53,884 | 140,752 | 180,298 |
Proceeds from fixed asset financing | 4,317 | 0 | 0 |
Repayments of fixed asset financing and capital lease obligations | 2,246 | 1,460 | 1,511 |
Payments of deferred financing costs | 0 | 1,341 | 0 |
Change in trade payable program obligation, net | -3,839 | 5,449 | -188 |
Net cash used for financing activities | -37,985 | -92,175 | -163,808 |
Effect of exchange rate changes on cash and cash equivalents | -466 | -19 | 0 |
Net increase/(decrease) in cash and cash equivalents | 34,696 | 16,803 | -76,436 |
Cash and cash equivalents, beginning of year | 167,011 | 150,208 | 226,644 |
Cash and cash equivalents, end of year | 201,707 | 167,011 | 150,208 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during the year for interest | 1,219 | 1,207 | 1,350 |
Cash paid during the year for income taxes | 50,169 | 40,454 | 37,491 |
Property and equipment acquired through capital leases | 2,444 | 0 | 0 |
Accrual for purchases of property and equipment | $22,360 | $20,394 | $17,998 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||||||
ANN INC. (the “Company”) is a leading national specialty retailer of women’s apparel, shoes and accessories sold primarily under the “Ann Taylor” and “LOFT” brands. Its principal markets consist of the United States and Canada. The Company sells its products through traditional retail stores and on the Internet at www.anntaylor.com and www.LOFT.com (together, the “Websites”) or by phone at 1-800-DIAL-ANN and 1-888-LOFT-444. | |||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, including its wholly-owned subsidiary, AnnTaylor, Inc. The Company has no material assets other than the common stock of AnnTaylor, Inc. and conducts no business other than the management of AnnTaylor, Inc. All intercompany accounts have been eliminated in consolidation. | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
The Company follows the standard fiscal year of the retail industry, which is a 52- or 53-week period ending on the Saturday closest to January 31. All fiscal years presented in these Consolidated Financial Statements include 52 weeks, except the fiscal year ended February 2, 2013, which includes 53 weeks. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The significant estimates and assumptions used by management affect: revenue related to the Company’s credit card and gift card and merchandise credit programs; expense associated with stock-based compensation; the reserve for sales returns; the valuation of inventories; the expense associated with short- and long-term performance-based compensation; the carrying value of long-lived assets and the valuation of deferred income taxes. Actual results could differ from these estimates. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
The Company records revenue as merchandise is sold to clients. Sales from the Company’s Websites are recorded as merchandise is shipped to clients based on the date clients are expected to receive the merchandise. Amounts related to shipping and handling billed to clients in a sales transaction are classified as revenue and the costs related to shipping product to clients (billed and accrued) are classified as Cost of sales. A reserve for estimated returns is established when sales are recorded based upon an analysis of actual historical returns and current sales and gross margin rate performance. The Company excludes sales taxes collected from clients from “Net sales” in its Consolidated Statements of Operations. | |||||||||||||||||||||
The following table sets forth certain product-level sales information for the past three fiscal years: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||
Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Apparel | $ | 2,244,618 | 90 | % | $ | 2,146,173 | 90 | % | $ | 2,000,875 | 90 | % | |||||||||
Accessories | 164,897 | 7 | % | 157,852 | 7 | % | 153,088 | 7 | % | ||||||||||||
Shoes | 44,536 | 2 | % | 44,331 | 2 | % | 39,894 | 2 | % | ||||||||||||
Other | 39,440 | 1 | % | 27,153 | 1 | % | 18,636 | 1 | % | ||||||||||||
Total | $ | 2,493,491 | 100 | % | $ | 2,375,509 | 100 | % | $ | 2,212,493 | 100 | % | |||||||||
Gift cards and merchandise credits issued by the Company do not have expiration dates and the Company honors all gift cards and merchandise credits presented by clients, regardless of the length of time that passes from issuance to redemption. The Company records a liability for unredeemed gift cards and merchandise credits at the time gift cards are sold or merchandise credits are issued. The Company recognizes revenue and relieves the corresponding gift card and/or merchandise credit liability when the cards are redeemed by clients. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Revenue Recognition (continued) | |||||||||||||||||||||
In cases where the Company has determined that it has a legal obligation to remit the value of unredeemed gift cards and merchandise credits to any state, the value of these cards is escheated to the appropriate state in accordance with that state’s unclaimed property laws. In certain jurisdictions, the Company is permitted to retain a portion of the escheated value of unredeemed gift cards and merchandise credits, which is immaterial and is recorded in “Net sales” in the Company’s Consolidated Statements of Operations. | |||||||||||||||||||||
The Company recognized $2.1 million and $6.6 million in revenue during Fiscal 2013 and Fiscal 2012, respectively, for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. Fiscal 2012 was the first period during which the Company recognized gift card and merchandise credit “breakage,” and therefore included the breakage income related to gift cards sold and merchandise credits issued since inception of these programs. Such gift card and merchandise credit “breakage” is estimated based upon an analysis of actual historical redemption patterns and is included in Net sales. | |||||||||||||||||||||
The Company has a credit card program that offers eligible clients in the United States the choice of a private label or co-branded credit card. All cardholders are automatically enrolled in the exclusive rewards program, which is designed to recognize and promote client loyalty. The Company provides the sponsoring bank with marketing support of the program, and uses our sales force to process credit card applications for both the private label and co-branded credit cards. On December 2, 2013, the Company entered into an eight-year agreement with the sponsoring bank, which amended and restated the original agreement that began in October 2008. As with the original agreement, the Company received an upfront signing bonus from the sponsoring bank and also receives ongoing payments for new accounts activated as well as a share of finance charges collected by the sponsoring bank. These revenue streams are accounted for as a single unit of accounting and accordingly, are recognized as revenue ratably based on the total projected revenues over the term of the agreement. | |||||||||||||||||||||
Certain judgments and estimates underlie the Company’s projected revenues and related expenses under the credit card program, including projected future store counts, the number of applications processed, the Company’s projected sales growth and points breakage, among other things. During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recognized approximately $18.8 million, $17.8 million, and $16.5 million of revenue related to the credit card program, respectively. Partially offsetting this credit card program revenue are costs, net of points breakage, related to the client loyalty program. These costs are included in either “Cost of sales” or in “Net sales” as a sales discount, as appropriate. The cost of sales impact, net of points breakage, was approximately $5.2 million, $5.7 million and $3.8 million and the sales discount impact was approximately $6.8 million, $6.8 million and $5.5 million in Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Cost of Sales and Selling, General and Administrative Expenses | |||||||||||||||||||||
The following table illustrates the primary costs classified in each major expense category: | |||||||||||||||||||||
Cost of Sales | Selling, General and Administrative Expenses | ||||||||||||||||||||
Ÿ | Cost of merchandise sold; | Ÿ | Payroll, bonus and benefit costs for retail and corporate associates; | ||||||||||||||||||
Ÿ | Costs associated with the Company’s sourcing operations; | Ÿ | Design and merchandising costs; | ||||||||||||||||||
Ÿ | Freight costs associated with moving merchandise from suppliers to the Company’s distribution center; | Ÿ | Occupancy costs for retail and corporate facilities; | ||||||||||||||||||
Ÿ | Costs associated with the movement of merchandise through customs; | Ÿ | Depreciation related to retail and corporate assets; | ||||||||||||||||||
Ÿ | Costs associated with the fulfillment and shipment of client orders from the Company’s Websites, including omni-channel sales; | Ÿ | Advertising and marketing costs; | ||||||||||||||||||
Ÿ | Depreciation related to merchandise management systems; | Ÿ | Occupancy and other costs associated with operating the Company’s distribution center; | ||||||||||||||||||
Ÿ | Sample development costs; | Ÿ | Freight expenses associated with moving merchandise from the Company’s distribution center to its retail stores or from store to store; and | ||||||||||||||||||
Ÿ | Direct costs of the credit card client loyalty program; | Ÿ | Legal, finance, information systems and other corporate overhead costs. | ||||||||||||||||||
Ÿ | Merchandise shortage; and | ||||||||||||||||||||
Ÿ | Client shipping costs for store merchandise shipments. | ||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and short-term highly liquid investments with original maturity dates of three months or less at time of purchase and no redemption restrictions are considered cash and cash equivalents. The Company has significant amounts of cash and cash equivalents invested in deposit accounts at FDIC-insured financial institutions that are currently in excess of federally insured limits. The Company continually evaluates its deposit investment options in accordance with its corporate investment policy and certain restrictions on permitted investments in the revolving credit facility. | |||||||||||||||||||||
Merchandise Inventories | |||||||||||||||||||||
Merchandise inventories are valued at the lower of average cost or market, at the individual item level. A reserve is established when the current selling price or future estimated selling price is less than cost. Physical inventory counts are performed annually in January, and estimates are made for shortage between the date of the physical inventory count and the balance sheet date. | |||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
Property and equipment are presented at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives: | |||||||||||||||||||||
Building | 40 years | ||||||||||||||||||||
Leasehold improvements | 10 years or term of lease, if shorter | ||||||||||||||||||||
Furniture, fixtures and equipment | 2-10 years | ||||||||||||||||||||
Software | 5 years | ||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Property and Equipment (continued) | |||||||||||||||||||||
When assets are sold or retired, the related cost and accumulated depreciation are removed from their respective accounts and any resulting gain or loss is recorded to “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Operations. Expenditures for maintenance and repairs which do not improve or extend the useful lives of the respective assets are expensed as incurred. | |||||||||||||||||||||
Store Pre-Opening Costs | |||||||||||||||||||||
Non-capital expenditures, such as rent, advertising and payroll costs incurred prior to the opening of a new store are charged to expense in the period they are incurred. | |||||||||||||||||||||
Internal-Use Software Development Costs | |||||||||||||||||||||
The Company capitalizes certain external and internal computer software and software development costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Capitalized costs include only external direct cost of materials and services consumed in developing or obtaining internal-use software, and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Capitalization of such costs ceases no later than the point at which the project is substantially complete and ready for its intended use. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software costs are depreciated on a straight-line basis over five years. | |||||||||||||||||||||
Deferred Rent Obligations | |||||||||||||||||||||
Rent expense under non-cancelable operating leases with scheduled rent increases or free rent periods is accounted for on a straight-line basis over the initial lease term beginning on the date of initial possession, which is generally when the Company has access to the space and begins construction build-out. Any reasonably assured renewals are considered. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Construction allowances and other such lease incentives are recorded as deferred credits and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which often is subsequent to the date of initial possession and generally coincides with the store opening date. The current portion of unamortized deferred lease costs and construction allowances is included in “Accrued tenancy” and the long-term portion is included in “Deferred lease costs” on the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||
Lease Termination Costs | |||||||||||||||||||||
The Company recognizes contractual penalties associated with lease terminations on an undiscounted basis at the time notification to terminate the lease is provided to the lessor. | |||||||||||||||||||||
Long-Lived Assets | |||||||||||||||||||||
Long-lived assets are reviewed periodically for impairment or when events or changes in circumstances indicate that full recoverability of net asset balances through future cash flows is in question. Assessment for possible impairment is based on the Company’s ability to recover the carrying value of the long-lived asset from the expected future pre-tax cash flows at a store level (undiscounted and without interest charges). The expected future pre-tax cash flows are estimated based on historical experience, knowledge and market data. Estimates of future cash flows require the Company to make assumptions and to apply judgment, including forecasting future sales and expenses and estimating the useful lives of assets. These estimates can be affected by factors such as, but not necessarily limited to, future store results, real estate demand, and economic conditions that can be difficult to predict. If the expected future cash flows related to the long-lived assets are less than the assets’ carrying value, an impairment charge is recognized for the difference between estimated fair value and carrying value. There were no material impairment charges in Fiscal 2013, Fiscal 2012 or Fiscal 2011. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Advertising | |||||||||||||||||||||
Costs associated with the production of advertising, such as print and other costs, as well as costs associated with communicating advertising that has been produced, such as magazine ads, are expensed when the advertising first appears in public. Costs of direct mail catalogs and postcards are fully expensed when the advertising is scheduled to first arrive in clients’ homes. Advertising costs were approximately $110.2 million, $96.2 million and $88.4 million in Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||||||||||||||||||
Stock-based Awards | |||||||||||||||||||||
The Company estimates the fair value of non-qualified stock options on the date of grant using the Black-Scholes option pricing model. The fair value of restricted stock awards is determined using the closing price of the Company’s common stock on the date of grant. Performance-based awards are generally subject to annual vesting based on the achievement of seasonal performance targets. The Company recognizes stock-based compensation expense over the requisite service period, which is generally the vesting period, adjusted for estimated forfeitures, and for performance-based awards, based on the estimated achievement of seasonal performance targets. The Company estimates forfeitures based on an analysis of historical stock-based forfeiture rates, as well as current and future trends of expected behavior. | |||||||||||||||||||||
Long-Term Performance Compensation Expense | |||||||||||||||||||||
The Company recognizes the compensation cost associated with its Restricted Cash Program (“RCP”) over the mandatory service period, adjusted for estimated forfeitures. The service period includes the fiscal year in which amounts earned under the program are banked, plus a mandatory three-year deferral period. The calculation of long-term performance compensation expense related to the RCP requires the input of subjective assumptions, including the expected forfeiture of earned and banked awards and forecasts of the Company’s future income growth. The Company estimates forfeitures based on historical RCP forfeiture patterns, as well as current and future trends of expected behavior, and estimates future income growth based on past performance, future business trends and new business initiatives. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Company accounts for income taxes in accordance with the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion of these assets would not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. | |||||||||||||||||||||
The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are “more likely-than-not” to be sustained on examination by the taxing authorities, based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense. | |||||||||||||||||||||
The Company and its domestic subsidiaries file a consolidated Federal income tax return, while the Company’s foreign subsidiaries file in their respective local jurisdictions. | |||||||||||||||||||||
Segments | |||||||||||||||||||||
The Company has determined that it has four operating segments: Ann Taylor, LOFT, Ann Taylor Factory and LOFT Outlet. The Company evaluates whether two or more operating segments may be aggregated into a single operating segment based on whether or not the segments have similar economic characteristics, similar product, similar production processes, similar clients and similar methods of distribution. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Segments (continued) | |||||||||||||||||||||
The Company’s four operating segments are similar in nature of product, as they all operate in the women’s specialty retail sector, offering women’s apparel, shoes and accessories sold primarily under the Ann Taylor and LOFT brand names. The Company’s four operating segments have similar clients with a significant percentage of clients cross-shopping the Company’s other operating segments. The merchandise offered at each operating segment is also sourced from the same countries and many of the same vendors, using similar production processes. Merchandise for the Company’s operating segments is distributed to retail stores in a similar manner, primarily through the Company’s Louisville Distribution Center, and is subsequently distributed to clients in a similar manner, through its retail and outlet stores. The Company’s Ann Taylor and LOFT operating segments also sell merchandise through the Company’s Websites. | |||||||||||||||||||||
As such, the Company has concluded that its operating segments have similar economic characteristics and meet the criteria for aggregation into a single reportable segment. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a hierarchical structure to prioritize the inputs used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), then to quoted market prices for similar assets or liabilities in active or inactive markets (Level 2) and gives the lowest priority to unobservable inputs (Level 3). | |||||||||||||||||||||
The Company did not have any non-financial assets or non-financial liabilities recognized at fair value on a recurring basis at February 1, 2014 or February 2, 2013. | |||||||||||||||||||||
Self-Insurance | |||||||||||||||||||||
The Company is self-insured for certain losses related to its employee point of service medical plan, its workers’ compensation plan, general liability and for short-term and long-term disability, up to certain thresholds. Costs for self-insurance claims filed, as well as claims incurred but not reported, are accrued based on estimates using information received from plan administrators, third-party actuaries, historical analysis and other relevant data. Management believes that it has adequately reserved for its self-insurance liability, which is capped through the use of stop loss contracts with insurance companies. Any significant variation from historical trends in claims incurred but not paid could cause actual expense to differ from the accrued liability. | |||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||
Balance Sheet accounts of the Company’s Canadian operations are translated at the exchange rate in effect at the end of each period. Statement of Operations accounts are translated using the weighted average of the prevailing exchange rates during each period. Gains or losses resulting from foreign currency transactions are included in the Company’s Consolidated Statements of Operations under the caption “Other non-operating expense, net” whereas, translation adjustments are reflected in the Consolidated Statements of Comprehensive Income under the caption “Foreign currency translation adjustment.” | |||||||||||||||||||||
Immaterial Correction of Statements of Cash Flows | |||||||||||||||||||||
As previously discussed in Revenue Recognition, the Company recognized $6.6 million in revenue for a portion of the unredeemed value of gift cards and merchandise credits during Fiscal 2012. Subsequent to the issuance of its Fiscal 2012 consolidated financial statements, the Company determined that this amount was incorrectly reported as an increase, rather than a reduction, in the reconciliation of Net income to Net cash provided by operating activities. This correction also impacted the line item “Accounts payable, accrued expenses and other current liabilities” in the changes in assets and liabilities section of net cash provided by operating activities, but had no impact on total Net cash provided by operating activities. The Company has restated the previously presented Consolidated Statement of Cash Flows for Fiscal 2012 to present “Recognition of gift card and merchandise credit breakage” as a reduction to reconcile net income to net cash provided by operating activities and properly state the change in “Accounts payable, accrued expenses and other current liabilities” as an increase of $5.6 million (previously reported as a reduction of $7.6 million). | |||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||
There were no new accounting pronouncements that the Company expects to have a material impact on its financial condition or results of operations in future periods. |
Investments
Investments | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
At February 1, 2014 and February 2, 2013, the Company had $11.4 million and $8.1 million, respectively, invested in a self-directed, non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for certain executives at the vice-president level and above, which is structured as a rabbi trust. These investments are classified as trading securities and are recorded as a long-term asset, included in “Other assets,” on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses are included in “Interest and investment income/(expense), net” on the Company’s Consolidated Statements of Operations. See Note 9, “Retirement Plans,” for further discussion of the Deferred Compensation Plan. | ||||||||||||||||
The Company follows a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||||
Investment assets of the rabbi trust are valued based on quoted market prices or the net asset value at the closing price reported in certain major markets as of the measurement date, which are considered Level 1 inputs. The following tables segregate the rabbi trust assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine fair value at the measurement date: | ||||||||||||||||
February 1, | Quoted Prices | Significant | Significant | |||||||||||||
2014 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Non-qualified deferred compensation plan assets | ||||||||||||||||
Equity securities | $ | 3,698 | $ | 3,698 | $ | — | $ | — | ||||||||
Equity funds | 6,944 | 6,944 | — | — | ||||||||||||
Fixed income funds | 782 | 782 | — | — | ||||||||||||
Total assets | $ | 11,424 | $ | 11,424 | $ | — | $ | — | ||||||||
February 2, | Quoted Prices | Significant | Significant | |||||||||||||
2013 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Non-qualified deferred compensation plan assets | ||||||||||||||||
Equity securities | $ | 3,868 | $ | 3,868 | $ | — | $ | — | ||||||||
Equity funds | 3,683 | — | 3,683 | — | ||||||||||||
Fixed income funds | 572 | — | 572 | — | ||||||||||||
Total assets | $ | 8,123 | $ | 3,868 | $ | 4,255 | $ | — | ||||||||
At February 1, 2014 and February 2, 2013, the Company believes that the carrying value of cash and cash equivalents, receivables and payables approximates fair value, due to the short maturity of these financial instruments. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Notes to Financial Statements [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consists of the following: | ||||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 1,056 | $ | 1,056 | ||||
Buildings | 13,464 | 13,393 | ||||||
Leasehold improvements | 638,807 | 593,578 | ||||||
Furniture and fixtures | 330,981 | 300,604 | ||||||
Computer equipment and software | 243,558 | 248,103 | ||||||
Assets under construction | 21,803 | 22,522 | ||||||
1,249,669 | 1,179,256 | |||||||
Less accumulated depreciation and amortization | (806,583 | ) | (769,553 | ) | ||||
Net property and equipment | $ | 443,086 | $ | 409,703 | ||||
Depreciation and amortization expense was approximately $106.6 million, $97.8 million and $94.2 million in Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. |
Debt_and_Other_Financing_Arran
Debt and Other Financing Arrangements | 12 Months Ended |
Feb. 01, 2014 | |
Notes to Financial Statements [Abstract] | ' |
Debt and Other Financing Arrangements | ' |
Revolving Credit Facility | |
On December 19, 2012, the Company’s wholly-owned subsidiary, AnnTaylor, Inc., and certain of its subsidiaries, entered into a Fourth Amended and Restated $250 million senior secured revolving credit facility with Bank of America, N.A. and a syndicate of lenders (the “New Credit Facility”), which amended the then existing senior secured revolving credit facility due to expire in April 2013 (collectively, the “Credit Facility”). The New Credit Facility, which expires on December 19, 2017, includes a $75 million sub-facility solely for loans and letters of credit to be provided to ANN Canada Inc., a wholly owned subsidiary of AnnTaylor, Inc. and an option to expand the total facility and the aggregate commitments thereunder up to $400 million, subject to the lenders’ agreement to increase their commitment for the requested amount. The Credit Facility may be used for working capital, letters of credit and other corporate purposes, and contains an acceleration clause which, upon the occurrence of an Event of Default, including but not limited to, a Material Adverse Effect, as defined in the Credit Facility, may cause any outstanding borrowings to become immediately due and payable. | |
The maximum availability for loans and letters of credit under the New Credit Facility is governed by a quarterly borrowing base, determined by the application of specified percentages to certain eligible assets, primarily accounts receivable and inventory. Commercial and standby letters of credit outstanding under the Credit Facility totaled approximately $11.0 million, $14.1 million and $16.7 million as of February 1, 2014, February 2, 2013 and January 28, 2012, respectively, leaving a remaining available balance for loans and letters of credit of $171.4 million, $150.8 million and $146.4 million as of February 1, 2014, February 2, 2013 and January 28, 2012, respectively. There were no borrowings outstanding under the Credit Facility at February 1, 2014, February 2, 2013, or as of March 14, 2014, the date of this Report. | |
Amounts outstanding under the New Credit Facility bear interest at a rate equal to, at the option of AnnTaylor, Inc., 1) the Base Rate, defined as the higher of (i) the federal funds rate plus a margin of 0.50% and (ii) the Bank of America prime rate, or 2) the LIBOR Rate (as defined in the New Credit Facility); plus in each case, an applicable margin, which is between 0.25% and 0.50% for Base Rate loans, and between 1.25% and 1.50% for LIBOR loans, depending on the Average Daily Availability as defined in the New Credit Facility. In addition, AnnTaylor, Inc. is required to pay the lenders a monthly commitment fee on the unused revolving loan commitment at a rate ranging from 0.20% to 0.25% per annum. Fees for outstanding commercial and standby letters of credit under the New Credit Facility range from 0.50% to 0.625% and from 1.25% to 1.50%, respectively. The Credit Facility contains financial and other covenants, including limitations on indebtedness and liens, and a fixed charge coverage ratio covenant that is triggered if certain liquidity thresholds are not met. | |
The Credit Facility permits the Company to pay cash dividends (and permits dividends by AnnTaylor, Inc. to fund such cash dividends) subject to certain Liquidity requirements (as defined in the Credit Facility) and other conditions as set forth in the Credit Facility. Subject, in some cases, to specific exceptions, certain subsidiaries of the Company are also permitted to pay dividends to the Company to fund certain taxes owed by the Company, fund ordinary operating expenses of the Company not in excess of $500,000 in any fiscal year, repurchase common stock held by employees not in excess of 100,000 in any fiscal year and for certain other stated purposes. | |
4. Revolving Credit Facility (continued) | |
The lenders have been granted a security interest in the inventory and accounts receivable of AnnTaylor, Inc. and certain of its subsidiaries, as collateral for obligations under the New Credit Facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
Operating Leases | ||||||||||||
The Company occupies its retail stores and administrative facilities under operating leases, most of which are non-cancelable. Most of the store leases grant the Company the right to extend the term for one or two additional five-year periods under substantially the same terms and conditions as the original leases. Most store leases also contain early termination options, which can be exercised by the Company under specific conditions. Most of the store leases require payment of a specified minimum rent, plus contingent rent based on a percentage of the store’s net sales in excess of a specified threshold. In addition, most of the leases require payment of real estate taxes, insurance and certain common area maintenance (“CAM”) costs in addition to the future minimum lease payments. The Company also leases certain office equipment for its corporate offices and store locations under non-cancelable operating leases, which generally have three-year terms. | ||||||||||||
Future minimum lease payments under non-cancelable operating leases as of February 1, 2014 are as follows: | ||||||||||||
Fiscal Year | (in thousands) | |||||||||||
2014 | $ | 215,702 | ||||||||||
2015 | 202,597 | |||||||||||
2016 | 175,213 | |||||||||||
2017 | 160,539 | |||||||||||
2018 | 135,942 | |||||||||||
Thereafter | 428,312 | |||||||||||
Total | 1,318,305 | |||||||||||
Less sublease rentals | (11,201 | ) | ||||||||||
Net rentals | $ | 1,307,104 | ||||||||||
The minimum lease payments presented above do not include CAM charges or real estate taxes, which are also contractual obligations under the Company’s store and office operating leases, but are generally not fixed and can fluctuate from year to year. Total CAM charges and real estate taxes for Fiscal 2013, Fiscal 2012 and Fiscal 2011 were $84.4 million, $78.8 million and $70.4 million, respectively. | ||||||||||||
Rent expense, excluding CAM charges and real estate taxes, for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 was as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Minimum rent | $ | 218,640 | $ | 212,947 | $ | 200,825 | ||||||
Percentage rent | 1,782 | 2,911 | 2,460 | |||||||||
Total | $ | 220,422 | $ | 215,858 | $ | 203,285 | ||||||
Legal Proceedings | ||||||||||||
The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the amount of any liability that could arise with respect to these actions cannot be determined with certainty, in the Company’s opinion, any such liability will not have a material adverse effect on its consolidated financial position, consolidated results of operations or liquidity. |
Earnings_per_share
Earnings per share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings per share | ' | ||||||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||||||
Basic earnings per share is calculated by dividing net income associated with common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of additional shares of common stock by the Company upon exercise of all outstanding stock options and contingently issuable securities if the effect is dilutive, in accordance with the treasury stock method. | |||||||||||||||||||||||||||||||||
The determination and reporting of earnings per share requires the inclusion of time- and performance-based restricted stock as participating securities, since they have the right to share in dividends, if declared, equally with common shareholders. During periods of net income, participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities (“the two-class method”). During periods of net income, participating securities have the effect of diluting both basic and diluted earnings per share. During periods of net loss, no effect is given to participating securities, since they do not share in the losses of the Company. | |||||||||||||||||||||||||||||||||
The following table presents a reconciliation of basic and diluted earnings per share for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Basic Earnings per Share | Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||
Net income | $ | 102,430 | $ | 102,585 | $ | 86,566 | |||||||||||||||||||||||||||
Less net income associated with participating securities | 1,983 | 1,470 | 1,455 | ||||||||||||||||||||||||||||||
Basic earnings per share | $ | 100,447 | 45,490 | $ | 2.21 | $ | 101,115 | 47,494 | $ | 2.13 | $ | 85,111 | 51,200 | $ | 1.66 | ||||||||||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||||||||||||
Net income | $ | 102,430 | $ | 102,585 | $ | 86,566 | |||||||||||||||||||||||||||
Less net income associated with participating securities | 1,963 | 1,452 | 1,432 | ||||||||||||||||||||||||||||||
Effect of dilutive securities | 465 | 600 | 829 | ||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 100,467 | 45,955 | $ | 2.19 | $ | 101,133 | 48,094 | $ | 2.1 | $ | 85,134 | 52,029 | $ | 1.64 | ||||||||||||||||||
Non-participating securities (stock options) representing 563,480, 1,381,750 and 2,028,204 shares of common stock were excluded from the above computation of weighted average shares for diluted earnings per share for Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively, due to their antidilutive effect, since their exercise prices exceeded the average market price of the common shares during the periods. | |||||||||||||||||||||||||||||||||
In addition, non-participating securities (performance-based restricted units) representing 11,918 and 14,125 shares of common stock were excluded from the above computations of weighted-average shares for diluted earnings per share for Fiscal 2012 and Fiscal 2011, respectively, due to the fact that they are contingently issuable securities whose contingency was not met at certain dates during the fiscal year. No such shares were excluded from the computation of weighted average shares for diluted earnings per share for Fiscal 2013. |
Equity_and_Incentive_Compensat
Equity and Incentive Compensation Plans | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Equity and Incentive Compensation Plans | ' | ||||||||||||||||
Equity and Incentive Compensation Plans | |||||||||||||||||
Preferred Stock | |||||||||||||||||
At February 1, 2014, February 2, 2013 and January 28, 2012, there were two million shares of preferred stock, par value $0.01, authorized and unissued. | |||||||||||||||||
Repurchase Program | |||||||||||||||||
On August 21, 2013, the Company’s Board of Directors approved a new $250 million securities repurchase program (the “Repurchase Program”). The Repurchase Program will expire when the Company has repurchased all securities authorized for repurchase thereunder, unless terminated earlier by the Company’s Board of Directors. Purchases of shares of common stock may be made from time to time, subject to market conditions and at prevailing market prices, through open market purchases or in privately negotiated transactions. Repurchased shares of common stock increase treasury shares available for general corporate purposes. There were no repurchases made under the Repurchase Program during Fiscal 2013. As of February 1, 2014 and March 14, 2014, the date of this Report, $250 million remained available for share repurchase under the Repurchase Program. | |||||||||||||||||
During Fiscal 2013, Fiscal 2012 and Fiscal 2011, under its then existing $600 million securities repurchase program, the Company repurchased 1.5 million, 4.9 million and 7.3 million shares of its common stock, respectively, through open market purchases at a cost of $49 million, $135 million and $175 million, respectively. There were no amounts remaining for additional share repurchases under the Company’s former securities repurchase program, as it was fully exhausted during the second quarter of Fiscal 2013. | |||||||||||||||||
Associate Discount Stock Purchase Plan | |||||||||||||||||
In Fiscal 1999, the Company established an Associate Discount Stock Purchase Plan (the “Stock Purchase Plan”). Under the terms of the Stock Purchase Plan, as amended, eligible employees may purchase shares of the Company’s common stock quarterly, at a price equal to 85% of the lower of the closing price of the Company’s common stock at the beginning or end of each quarterly stock purchase period. Participating employees pay for their stock purchases under the Stock Purchase Plan by authorizing limited payroll deductions of up to a maximum of 15% of their compensation. During Fiscal 2013, 75,969 shares were issued pursuant to the Stock Purchase Plan, at an average discount of $4.64 per share. At February 1, 2014, there were 1,352,527 shares available for future issuance under the Stock Purchase Plan. The Company recorded approximately $0.5 million, $0.6 million and $0.6 million in compensation expense related to the Stock Purchase Plan during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||||||||||||||
Stock Incentive Plans | |||||||||||||||||
The Company has two active stock incentive plans (the “Plans”), which are summarized below: | |||||||||||||||||
Shares Reserved | Shares Reserved | Shares | |||||||||||||||
for Issuance at | Available | ||||||||||||||||
1-Feb-14 | for Future | ||||||||||||||||
Defined | Plan Name | Restricted | Total | Grant | |||||||||||||
Name | Stock/Units (1) | Authorized | |||||||||||||||
2002 Plan | 2002 Stock Option and Restricted Stock and Unit Award Plan | 787,500 | 4,500,000 | 228,102 | — | ||||||||||||
2003 Plan | 2003 Equity Incentive Plan | 7,434,432 | 13,424,432 | 5,044,119 | 3,072,502 | ||||||||||||
-1 | Included in the number of total authorized shares. The Company may issue restricted stock or restricted unit grants up to the levels provided under each plan, however shares not used for this purpose are available for issuance as stock option grants. | ||||||||||||||||
On May 30, 2013, the Company’s shareholders approved certain amendments to the Company’s 2003 Equity Incentive Plan, including increasing the total authorized shares reserved for issuance from 11.75 million to 13.4 million common shares. | |||||||||||||||||
7. Equity and Incentive Compensation Plans (Continued) | |||||||||||||||||
Stock Incentive Plans (continued) | |||||||||||||||||
Stock option awards outstanding under the Company’s Plans are granted at exercise prices which are equal to the market value of the Company’s common stock on the grant date (determined in accordance with the applicable Plan), generally vest over three years and expire no later than ten years after the grant date. Each of the Plans also includes an acceleration clause by which all options not exercisable by their terms will, upon the occurrence of certain contingent events, become exercisable. Shares underlying stock award grants are generally issued out of treasury stock. The Plans allow for restricted stock awards and restricted unit awards. A restricted unit represents the right to receive a share of common stock and/or the cash value of a share of common stock on the date the restrictions on the restricted unit lapse. The restrictions on restricted stock or restricted unit grants generally lapse over a three-year period from the date of the grant. Certain executives also receive performance-based restricted stock, which generally vest over three years if certain pre-established goals are met. In the event a grantee terminates employment with the Company, any unvested stock options and any restricted stock or restricted units still subject to restrictions are generally forfeited. | |||||||||||||||||
General | |||||||||||||||||
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. In Fiscal 2013, Fiscal 2012 and Fiscal 2011, stock-based compensation expense was recorded net of estimated forfeitures, such that expense was recorded only for those stock-based awards that are expected to vest. | |||||||||||||||||
During the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, the Company recognized approximately $16.3 million, $17.0 million and $20.7 million, respectively, in total stock-based compensation expense. Stock-based compensation expense is included on the same income statement line item as the cash compensation paid to the recipient of the stock-based award, with the majority of this stock-based compensation expense included in selling, general and administrative expenses. The associated tax benefit recognized in the Consolidated Statements of Operations for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 was approximately $6.2 million, $7.9 million and $10.0 million, respectively. | |||||||||||||||||
In addition, cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized for stock-based compensation arrangements (“excess tax benefits”) are classified as financing cash flows. For the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, excess tax benefits realized from stock-based compensation arrangements were $3.0 million, $9.2 million and $7.6 million, respectively. The Company received $12.6 million, $34.8 million and $8.5 million in cash from the exercise of stock options during the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company recognizes stock option expense equal to the grant date fair value of a stock option on a straight-line basis over the requisite service period, which is generally the vesting period, net of estimated forfeitures. As of February 1, 2014, there was $3.4 million of unrecognized compensation cost related to unvested options, which is expected to be recognized over a remaining weighted average vesting period of 1.6 years. The total intrinsic value of options exercised was approximately $7.3 million, $26.1 million and $13.3 million during Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||||||||||||||
The following table summarizes stock option activity for the fiscal year ended February 1, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Options outstanding at February 2, 2013 | 2,785,102 | $ | 25.61 | ||||||||||||||
Granted (1) | 118,600 | 31.5 | |||||||||||||||
Exercised | (572,072 | ) | 22.1 | ||||||||||||||
Forfeited or expired | (131,911 | ) | 29.64 | ||||||||||||||
Options outstanding at February 1, 2014 | 2,199,719 | $ | 26.6 | ||||||||||||||
Vested and exercisable at February 1, 2014 | 1,702,088 | $ | 25.94 | ||||||||||||||
Options expected to vest in the future as of February 1, 2014 | 425,933 | $ | 28.97 | ||||||||||||||
-1 | Options granted during Fiscal 2013 vest annually over a three-year period, and expire ten years after the grant date. | ||||||||||||||||
7. Equity and Incentive Compensation Plans (Continued) | |||||||||||||||||
Stock Options (continued) | |||||||||||||||||
The weighted average fair value of options granted during the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, estimated as of the grant date using the Black-Scholes option pricing model, was $13.73, $12.47 and $13.20 per share, respectively. The weighted average remaining contractual term for options outstanding at February 1, 2014 and February 2, 2013 was 5.1 and 5.9 years, respectively. The weighted average remaining contractual term for options vested and exercisable at February 1, 2014 was 4.2 years. The weighted average remaining contractual term for options expected to vest in the future at February 1, 2014 was 8.2 years. At February 1, 2014, the aggregate intrinsic value of options outstanding, options vested and exercisable and options expected to vest was $14.4 million, $12.6 million, and $1.5 million, respectively. | |||||||||||||||||
Option valuation models require the input of highly subjective assumptions, including expected stock price volatility. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. The fair value of options granted under the Company’s Plans was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||
Expected volatility | 50.9 | % | 54.6 | % | 57.2 | % | |||||||||||
Risk-free interest rate | 0.9 | % | 0.9 | % | 1.7 | % | |||||||||||
Expected life (years) | 4.9 | 4.4 | 4.5 | ||||||||||||||
Dividend yield | — | — | — | ||||||||||||||
The risk-free rate is based on a zero-coupon U.S. Treasury rate in effect at the time of grant with maturity dates that coincide with the expected life of the options. The expected life of the options is based on a calculation of the Company’s historical exercise patterns to estimate future exercise patterns. The expected volatility for grants is based on a simple average of (i) historical volatility of stock price returns using daily closing prices and (ii) the volatility implied by exchange-traded call options to purchase the Company’s common stock, to the extent sufficient data for the latter is available. Historical volatility was calculated as of the grant date using stock price data over periods of time equal in duration to the expected life of the options granted. In assessing implied volatility data, the Company analyzed call option market activity during the three-month period preceding the grant date. The Company also considered the volume of market activity of the underlying shares and traded options, the similarity of the exercise prices of traded options to the exercise price of employee stock options during the period and traded options whose terms are close to the expected term of the employee stock options. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The fair value of restricted stock awards is based on the market price of the Company’s stock on the date of grant (determined in accordance with the applicable Plan) and is amortized to compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period, net of estimated forfeitures. As of February 1, 2014, there was $11.2 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over a remaining weighted average vesting period of 1.8 years. The weighted average grant date fair value of restricted stock awards granted during the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 was $30.87, $28.18, and $27.65, respectively. The total fair value of restricted stock awards vested during the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 was $8.4 million, $11.7 million and $14.2 million, respectively. | |||||||||||||||||
7. Equity and Incentive Compensation Plans (Continued) | |||||||||||||||||
Restricted Stock (continued) | |||||||||||||||||
The following table summarizes restricted stock activity for the fiscal year ended February 1, 2014: | |||||||||||||||||
Time - Based | Performance - Based | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Restricted stock awards at February 2, 2013 | 461,396 | $ | 27.96 | 203,671 | $ | 27.81 | |||||||||||
Granted | 405,528 | -1 | 30.87 | 184,699 | -2 | 30.86 | |||||||||||
Vested | (190,108 | ) | 27.49 | (82,633 | ) | 27.92 | |||||||||||
Forfeited | (74,611 | ) | 28.92 | (15,802 | ) | 30.75 | |||||||||||
Restricted stock awards at February 1, 2014 | 602,205 | 29.95 | 289,935 | 29.56 | |||||||||||||
-1 | Of this amount, 181,500 shares vest in equal installments in each of March 2014, 2015 and 2016; 179,100 shares vest in March 2016; 27,628 shares vest in May 2014; 13,000 shares vest in equal installments in each of June 2014, 2015 and 2016; and 4,300 shares vest in equal installments in each of November 2014, 2015 and 2016. | ||||||||||||||||
-2 | Of this amount, 175,500 of these shares vest over a three-year period based on achievement of performance targets set bi-annually for each tranche of the grant. Based on Company performance, grantees may earn 50% to 150% of the shares granted with respect to each tranche. If the Company does not achieve the minimum threshold goal associated with such shares, grantees will not earn any shares with respect to that tranche. In addition, 3,138 of these shares relate to over achievement of the Spring 2012 tranche and vested in March 2013 and 6,061 of these shares relate to the over achievement of the Spring 2013 tranche and will vest in March 2014. | ||||||||||||||||
Restricted Units | |||||||||||||||||
The fair value of restricted units is based on the market price of the Company’s stock on the date of grant (determined in accordance with the applicable Plan) and is amortized to compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period, net of estimated forfeitures. The total fair value of restricted unit awards vested during the fiscal year ended February 1, 2014 was $3.8 million. As of February 1, 2014, there were no outstanding restricted units as all previously outstanding restricted unit awards vested in shares during the first quarter of Fiscal 2013. | |||||||||||||||||
The following table summarizes restricted unit activity for the fiscal year ended February 1, 2014: | |||||||||||||||||
Time - Based | Performance - Based | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Restricted unit awards at February 2, 2013 | 75,016 | $ | 19.58 | 46,003 | $ | 19.58 | |||||||||||
Vested | (75,016 | ) | 19.58 | (46,003 | ) | 19.58 | |||||||||||
Restricted unit awards at February 1, 2014 | — | — | — | — | |||||||||||||
Long-Term Performance Compensation | |||||||||||||||||
The Company maintains a long-term cash incentive program, the Restricted Cash Program (“RCP”), for vice-presidents and above. Corporate operating profit is the performance metric applied in determining amounts earned under the RCP, and any such earnings are banked and mandatorily deferred until the end of the third fiscal year following the earnings period. Amounts banked are adjusted upwards or downwards by the average percentage increase or decrease, as the case may be, of the Company’s corporate net income performance over the mandatory three-year deferral period. Such corporate net income performance may be modified for certain unusual or infrequently occurring events to avoid distorting operating fundamentals and thereby benefiting or penalizing management for the financial impact of such unusual or infrequent events. The Company estimates corporate net income performance based on past results, future business trends and new business initiatives. | |||||||||||||||||
7. Equity and Incentive Compensation Plans (Continued) | |||||||||||||||||
Long-Term Performance Compensation (continued) | |||||||||||||||||
In order to receive payments under the RCP, participants must be employed by the Company at the end of the mandatory three-year deferral period, except in limited circumstances. Accordingly, amounts banked under the RCP are recorded as compensation expense on a pro-rata basis over the service period, net of estimated forfeitures. The service period includes the fiscal year in which amounts earned under the program are banked, plus the mandatory three-year deferral period. The Company estimates forfeitures based on historical RCP forfeiture patterns, as well as current and future trends of expected behavior. Any adjustments to compensation expense associated with changes in corporate net income performance or estimated forfeiture rates during the service period are accounted for as changes in estimate. | |||||||||||||||||
During the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, the Company recognized $11.0 million, $18.5 million and $29.2 million in compensation expense under the RCP inclusive of the effect of changes in estimates. As of February 1, 2014, there was $22.9 million of unrecognized compensation cost under the RCP, which is expected to be recognized over a remaining weighted average deferral period of 2.5 years. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 consists of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Federal: | ||||||||||||
Current | $ | 57,631 | $ | 30,404 | $ | 37,956 | ||||||
Deferred | (321 | ) | 24,276 | 12,361 | ||||||||
Total federal | 57,310 | 54,680 | 50,317 | |||||||||
State and local: | ||||||||||||
Current | 12,654 | 5,174 | 11,809 | |||||||||
Deferred | (1,075 | ) | 5,421 | (4,702 | ) | |||||||
Total state and local | 11,579 | 10,595 | 7,107 | |||||||||
Foreign: | ||||||||||||
Current | (99 | ) | 702 | 773 | ||||||||
Deferred | (1,257 | ) | (909 | ) | (316 | ) | ||||||
Total foreign | (1,356 | ) | (207 | ) | 457 | |||||||
Total | $ | 67,533 | $ | 65,068 | $ | 57,881 | ||||||
8. Income Taxes (Continued) | ||||||||||||
The reconciliation between the provision for income taxes and the expected provision for income taxes at the U.S. federal statutory rate of 35% for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
U.S. operations | $ | 173,287 | $ | 170,896 | $ | 143,562 | ||||||
Foreign operations | (3,324 | ) | (3,243 | ) | 885 | |||||||
Income before income taxes | 169,963 | 167,653 | 144,447 | |||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Provision for income taxes at federal statutory rate | 59,487 | 58,679 | 50,556 | |||||||||
State and local income taxes, net of federal income tax benefit | 6,962 | 6,886 | 4,620 | |||||||||
Non-deductible expenses | 2,068 | 2,341 | 1,700 | |||||||||
Settlements of tax examinations | — | (4,113 | ) | 267 | ||||||||
Foreign | (507 | ) | 909 | 354 | ||||||||
Other | (477 | ) | 366 | 384 | ||||||||
Provision for income taxes | $ | 67,533 | $ | 65,068 | $ | 57,881 | ||||||
The income tax provision reflects the current and deferred tax consequences of events that have been recognized in the Company’s Consolidated Financial Statements or tax returns. U.S. federal income taxes are provided on unremitted foreign earnings, except those that are considered indefinitely reinvested, which at February 1, 2014 amounted to approximately $3.1 million. However, if these earnings were not considered indefinitely reinvested, under current law the incremental tax on such undistributed earnings would be approximately $0.6 million. The Company considers the earnings of certain non-U.S. subsidiaries to be indefinitely reinvested outside the United States and our current plans do not demonstrate a need to repatriate them to fund our U.S. operations. | ||||||||||||
The tax effects of significant items comprising the Company’s deferred tax assets/(liabilities) as of February 1, 2014 and February 2, 2013 are as follows: | ||||||||||||
As of | ||||||||||||
February 1, | February 2, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
Inventory | $ | 8,619 | $ | 8,261 | ||||||||
Accrued expenses and other | 14,104 | 15,559 | ||||||||||
Deferred rent and lease incentives | 6,131 | 6,593 | ||||||||||
Total gross deferred tax assets - current | 28,854 | 30,413 | ||||||||||
Less: valuation allowance | — | (16 | ) | |||||||||
Total net deferred tax assets - current | 28,854 | 30,397 | ||||||||||
Non-current: | ||||||||||||
Depreciation and amortization | (95,171 | ) | (91,062 | ) | ||||||||
Deferred rent and lease incentives | 65,256 | 67,650 | ||||||||||
Benefits related | 21,339 | 22,337 | ||||||||||
Other | 14,175 | 6,058 | ||||||||||
Amounts included in accumulated other comprehensive loss | 964 | 2,788 | ||||||||||
Total gross deferred tax assets - non-current | 6,563 | 7,771 | ||||||||||
Less: valuation allowance | — | (158 | ) | |||||||||
Total net deferred tax assets - non-current | $ | 6,563 | $ | 7,613 | ||||||||
8. Income Taxes (Continued) | ||||||||||||
At February 2, 2013, the Company had a valuation allowance of approximately $0.2 million, primarily related to certain non-U.S. alternative minimum tax credits that, in the judgment of management, were not more likely than not to be realized prior to expiration. The realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible. In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income and tax planning strategies in making this assessment. Based upon this assessment, management determined that it is more likely than not that these credits, for which a valuation allowance had been previously recorded, will be realized and, as such, released the valuation allowance during Fiscal 2013. | ||||||||||||
At February 1, 2014, the Company has approximately $10.1 million of domestic and foreign net operating loss carryforwards, of which $2.9 million will expire in 2020 through 2021, and $7.2 million will expire in 2031 through 2033. In addition, the Company has $0.1 million of alternative minimum tax credits in non-U.S. jurisdictions, which are available to reduce future income taxes, if any, over an indefinite period. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | ||||||||||||
Balance at January 29, 2011 | $ | 6,959 | ||||||||||
Additions based on tax positions related to the current year | 708 | |||||||||||
Additions for tax positions of prior years | 786 | |||||||||||
Reductions for tax positions of prior years | (144 | ) | ||||||||||
Lapses in statutes of limitation | (512 | ) | ||||||||||
Balance at January 28, 2012 | 7,797 | |||||||||||
Additions based on tax positions related to the current year | 383 | |||||||||||
Additions for tax positions of prior years | 396 | |||||||||||
Reductions for tax positions of prior years | (148 | ) | ||||||||||
Settlements | (4,579 | ) | ||||||||||
Lapses in statutes of limitation | (51 | ) | ||||||||||
Balance at February 2, 2013 | 3,798 | |||||||||||
Additions based on tax positions related to the current year | 639 | |||||||||||
Additions for tax positions of prior years | 1,102 | |||||||||||
Reductions for tax positions of prior years | (70 | ) | ||||||||||
Settlements | (17 | ) | ||||||||||
Lapses in statutes of limitation | (79 | ) | ||||||||||
Balance at February 1, 2014 | $ | 5,373 | ||||||||||
To the extent these unrecognized tax benefits are ultimately recognized, approximately $4.7 million will impact the Company’s effective tax rate in a future period. The Company anticipates that the amount of unrecognized tax benefits may be reduced within the next twelve months by approximately $1.3 million as a result of the settlement of certain tax examinations, lapses in statutes of limitations and voluntary tax filings for certain prior tax years. | ||||||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in its provision for income taxes. During Fiscal 2013, the Company recognized approximately $0.2 million in interest and penalties, net of related deferred taxes, on unrecognized tax benefits. During Fiscal 2012, the Company recognized approximately $1.8 million in net interest income in its provision for income taxes, primarily due to the interest benefit associated with settlement of a U.S. federal tax examination. During Fiscal 2011, the Company recognized approximately $0.7 million in interest and penalties, net of related deferred tax assets, on unrecognized tax benefits. The Company had approximately $1.8 million, $1.9 million and $4.8 million for the payment of interest and penalties accrued at February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | ||||||||||||
8. Income Taxes (Continued) | ||||||||||||
The Company files income tax returns in the U.S. Federal jurisdiction, and various state and local jurisdictions and generally remains open to income tax examinations by relevant tax authorities for tax years beginning with Fiscal 2010. The Company also files income tax returns in foreign jurisdictions and generally remains open to income tax examinations for tax years beginning with Fiscal 2009. The Company is under examination by certain state and local jurisdictions. Although the outcome of these matters cannot currently be determined, the Company believes adequate provision has been made for any potential unfavorable financial statement impact. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
Retirement Plans | ' | |||||||||||||||
Retirement Plans | ||||||||||||||||
Savings Plan | ||||||||||||||||
Substantially all employees of the Company and its subsidiaries who are regular full-time employees or who work 1,000 hours during a 12-month period are eligible to participate in the Company’s 401(k) Plan. Participants can contribute up to 100% of their annual earnings to the 401(k) Plan in any combination of pre-tax, Roth 401(k) or after-tax contributions, subject to certain limitations. The Company matches 100% with respect to the first 3% and 50% with respect to the second 3% of each participant’s contributions to the 401(k) Plan. Participants are 100% vested in the company matching contributions after two years of service. The Company’s contributions to the 401(k) Plan for Fiscal 2013, Fiscal 2012 and Fiscal 2011 were approximately $8.0 million, $7.5 million and $6.8 million, respectively. | ||||||||||||||||
Pension Plan | ||||||||||||||||
The Company froze its non-contributory defined benefit pension plan (the “Pension Plan”) in October 2007. As a result, no additional associates became participants in the Pension Plan, and no additional benefits were earned under the Pension Plan on or after October 1, 2007. | ||||||||||||||||
The following table provides information for the Pension Plan as of February 1, 2014 and February 2, 2013: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 34,250 | $ | 38,609 | ||||||||||||
Interest cost | 1,418 | 1,752 | ||||||||||||||
Actuarial loss/(gain) | (3,872 | ) | 2,825 | |||||||||||||
Benefits paid | (1,494 | ) | (8,936 | ) | ||||||||||||
Projected benefit obligation at end of year | 30,302 | 34,250 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | 26,417 | 32,181 | ||||||||||||||
Actual return on plan assets | 1,528 | 3,172 | ||||||||||||||
Benefits paid | (1,494 | ) | (8,936 | ) | ||||||||||||
Fair value of plan assets at end of year | 26,451 | 26,417 | ||||||||||||||
Funded status at end of year | (3,851 | ) | (7,833 | ) | ||||||||||||
Net amount included in “Other liabilities” | $ | (3,851 | ) | $ | (7,833 | ) | ||||||||||
The accumulated benefit obligation for the Company’s Pension Plan was approximately $30.3 million and $34.3 million at February 1, 2014 and February 2, 2013, respectively. As a result of the Pension Plan freeze, the accumulated benefit obligation equals the projected benefit obligation. | ||||||||||||||||
9. Retirement Plans (Continued) | ||||||||||||||||
Pension Plan (continued) | ||||||||||||||||
The following table summarizes the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||
Interest cost | $ | 1,418 | $ | 1,752 | $ | 1,667 | ||||||||||
Expected return on plan assets | (1,244 | ) | (1,500 | ) | (1,729 | ) | ||||||||||
Amortization of net loss | 600 | 726 | 62 | |||||||||||||
Settlement loss recognized | — | 1,760 | — | |||||||||||||
Net periodic benefit cost | 774 | 2,738 | — | |||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | ||||||||||||||||
Net loss/(gain) arising during the year | (4,156 | ) | 1,153 | 4,932 | ||||||||||||
Settlement charge | — | (1,760 | ) | — | ||||||||||||
Amortization of net loss | (600 | ) | (726 | ) | (62 | ) | ||||||||||
Total recognized in other comprehensive loss/(income) | (4,756 | ) | (1,333 | ) | 4,870 | |||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $ | (3,982 | ) | $ | 1,405 | $ | 4,870 | |||||||||
As a result of the Pension Plan freeze, the Company has no remaining prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost. When the total amount of lump sum payments made to Pension Plan participants exceeds the interest cost for the fiscal year, a non-cash settlement charge is recorded. Since the total amount of lump sum payments made to plan participants was greater than the interest component of pension expense during Fiscal 2012, a non-cash settlement charges of $1.8 million was recorded and included in “Selling, general and administrative expenses” in our Consolidated Statements of Operations. There were no such settlement charges in Fiscal 2013 and Fiscal 2011. | ||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Net actuarial loss | $ | 2,551 | $ | 7,307 | ||||||||||||
Total | $ | 2,551 | $ | 7,307 | ||||||||||||
For the fiscal years ended February 1, 2014 and February 2, 2013 the following weighted average assumptions were used to determine benefit obligations at the end of the fiscal year: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 4.65 | % | 4.35 | % | ||||||||||||
9. Retirement Plans (Continued) | ||||||||||||||||
Pension Plan (continued) | ||||||||||||||||
For the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 the following weighted average assumptions were used to determine net periodic benefit cost: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.35 | % | 4.85 | % | 5.75 | % | ||||||||||
Long-term rate of return on assets | 5.1 | % | 5.1 | % | 6.25 | % | ||||||||||
To develop the expected long-term rate of return on Pension Plan assets, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the Pension Plan portfolio. The Company assumes that all employees will take lump-sum payouts based on historical payout trends. The discount rate was developed using a yield curve which consists of spot interest rates for each of the next 30 years and is developed based on pricing and yield information for high quality corporate bonds, whose cash flows mirror the anticipated timing of future benefit payments. | ||||||||||||||||
Since the Pension Plan was frozen in October 2007, its goal is to provide all plan benefits and expenses through growth and income from the Pension Plan assets, with such employer contributions as may be required in accordance with applicable rules and regulations. Accordingly, the Company sets recommended asset allocation percentages based upon the funded status of the Pension Plan. If the funded status is less than 100%, the recommended allocation of Pension Plan Assets is 45% equity securities and 55% debt securities. If the funded status is greater than 100% but less than 110%, the recommended allocation of Pension Plan assets is 25% equity securities and 75% debt securities. If the funded status is greater than 110%, the recommended allocation of Pension Plan assets is 100% debt securities. The Company’s Investment Committee has the authority to override the target asset allocation or adjust the timing of asset allocation changes to the extent considered necessary. | ||||||||||||||||
Pension Plan assets consist primarily of equity and fixed income funds or cash and cash equivalents. The equity securities do not include any of the Company’s common stock. The Pension Plan’s principal investment objectives are: to minimize the volatility of the funding ratio and achieve a satisfactory rate of return based on that objective, incur a reasonable pension cost in the long-term and satisfy its benefit obligations. The Pension Plan’s investment performance guidelines are set and measured against appropriate portfolio benchmarks. The Pension Plan’s goals, objectives, asset allocation policies and funding forecasts are reviewed periodically within any given plan year, or when significant changes have occurred in Pension Plan benefits, participant demographics or funded status. | ||||||||||||||||
As discussed in Note 2, “Fair Value Measurements,” ASC 820-10 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The investments held by the Company’s Pension Plan, as well as their associated level within the fair value hierarchy, are shown below: | ||||||||||||||||
Mutual funds and money market funds: | ||||||||||||||||
Mutual funds of registered investment companies are traded in active markets and valued at the closing price reported on those major markets as of the measurement date and, therefore, are classified in Level 1 of the fair value hierarchy. Short-term money market funds are valued at cost plus accrued interest, which is considered Level 1 of the fair value hierarchy. | ||||||||||||||||
Common collective trusts: | ||||||||||||||||
These investments are valued using the Net Asset Value (“NAV”) provided by the administrators of the funds, based on the value of the underlying assets owned by the fund or trust, minus its liabilities, and then divided by the number of shares outstanding. The unit price of these investments are not quoted in an active market. However, the unit price is based on underlying investments which are either traded in an active market or are valued based on observable inputs such as market interest rates and quoted prices for similar securities and, therefore, are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||
9. Retirement Plans (Continued) | ||||||||||||||||
Pension Plan (continued) | ||||||||||||||||
The following tables segregate all financial assets and liabilities held by the Company’s Pension Plan as of February 1, 2014 and February 2, 2013 measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy, based on the inputs used to determine fair value at the measurement date: | ||||||||||||||||
February 1, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Mutual funds: | ||||||||||||||||
Real estate | $ | 546 | $ | 546 | $ | — | $ | — | ||||||||
Total mutual funds | 546 | 546 | — | — | ||||||||||||
Common collective trusts: | ||||||||||||||||
Small blend | 901 | — | 901 | — | ||||||||||||
Mid cap blend | 1,036 | — | 1,036 | — | ||||||||||||
Large value | 2,627 | — | 2,627 | — | ||||||||||||
Large growth | 2,735 | — | 2,735 | — | ||||||||||||
Foreign large growth | 1,355 | — | 1,355 | — | ||||||||||||
Long-term bond | 16,980 | — | 16,980 | — | ||||||||||||
Total common collective trusts | 25,634 | — | 25,634 | — | ||||||||||||
Money market funds | 271 | 271 | — | — | ||||||||||||
Total assets | $ | 26,451 | $ | 817 | $ | 25,634 | $ | — | ||||||||
2-Feb-13 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Mutual funds: | ||||||||||||||||
Real estate | $ | 534 | $ | — | $ | 534 | $ | — | ||||||||
Total mutual funds | 534 | — | 534 | — | ||||||||||||
Common collective trusts: | ||||||||||||||||
Small blend | 1,010 | — | 1,010 | — | ||||||||||||
Mid cap blend | 983 | — | 983 | — | ||||||||||||
Large value | 2,496 | — | 2,496 | — | ||||||||||||
Large growth | 2,971 | — | 2,971 | — | ||||||||||||
Foreign large growth | 1,543 | — | 1,543 | — | ||||||||||||
Long-term bond | 16,445 | — | 16,445 | — | ||||||||||||
Total common collective trusts | 25,448 | — | 25,448 | — | ||||||||||||
Money market funds | 435 | — | 435 | — | ||||||||||||
Total assets | $ | 26,417 | $ | — | $ | 26,417 | $ | — | ||||||||
9. Retirement Plans (Continued) | ||||||||||||||||
Pension Plan (continued) | ||||||||||||||||
The benefits expected to be paid under the Pension Plan as of February 1, 2014 are as follows: | ||||||||||||||||
Fiscal Year | (in thousands) | |||||||||||||||
2014 | $ | 2,435 | ||||||||||||||
2015 | 2,001 | |||||||||||||||
2016 | 2,242 | |||||||||||||||
2017 | 1,694 | |||||||||||||||
2018 | 1,368 | |||||||||||||||
2019-2023 | 6,491 | |||||||||||||||
The Company made no contributions to the Pension Plan in Fiscal 2013, Fiscal 2012 or Fiscal 2011. Although the Company was not required to make a contribution to the Pension Plan during these periods, any deterioration in the financial markets or changes in discount rates may require the Company to make a contribution to its Pension Plan in Fiscal 2014. | ||||||||||||||||
Non-Qualified Deferred Compensation Plan | ||||||||||||||||
Under the Company’s Deferred Compensation Plan, certain executives at the vice-president level and above may defer up to 50% of their salary and up to 95% of cash-based performance compensation earned during a calendar year. Under the Deferred Compensation Plan, the Company matches the amount of the base and bonus compensation deferred by the executive during the Plan year above the Internal Revenue Code Section 401(a)(17) qualified plan compensation limit as indexed on an annual basis (“Eligible Compensation”). The Company matches 100% on the first 3% of a participant’s deferred Eligible Compensation, and 50% of a participant’s deferred Eligible Compensation over 3% and up to 6%. Amounts deferred and credited to the executive’s deferred compensation account are at all times fully vested. The Company’s matching contribution vests upon the second anniversary of the executive’s date of hire, or earlier upon a change in control (as defined under the Deferred Compensation Plan). The value of the Company’s matching contributions during Fiscal 2013, Fiscal 2012 and Fiscal 2011 was immaterial. | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
The following table summarizes the components of accumulated other comprehensive loss (“AOCL”) for fiscal years ended February 1, 2014 and February 2, 2013, respectively: | ||||||||||||
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at January 28, 2012 | $ | — | $ | (5,318 | ) | $ | (5,318 | ) | ||||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | 19 | — | 19 | |||||||||
Net actuarial loss | — | (1,153 | ) | (1,153 | ) | |||||||
Amounts reclassified from AOCL (1): | ||||||||||||
Pension settlement charge | — | 1,760 | 1,760 | |||||||||
Amortization of net actuarial loss | — | 726 | 726 | |||||||||
Amounts reclassified from AOCL, before tax | — | 2,486 | 2,486 | |||||||||
Income tax expense | — | 531 | 531 | |||||||||
Net current period other comprehensive income, net of tax | 19 | 802 | 821 | |||||||||
Balance at February 2, 2013 | 19 | (4,516 | ) | (4,497 | ) | |||||||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | (1,309 | ) | — | (1,309 | ) | |||||||
Net actuarial gain | — | 4,156 | 4,156 | |||||||||
Amounts reclassified from AOCL (1): | ||||||||||||
Amortization of net actuarial loss | — | 600 | 600 | |||||||||
Amounts reclassified from AOCL, before tax | — | 600 | 600 | |||||||||
Income tax expense | — | 1,824 | 1,824 | |||||||||
Net current period other comprehensive income, net of tax | (1,309 | ) | 2,932 | 1,623 | ||||||||
Balance at February 1, 2014 | $ | (1,290 | ) | $ | (1,584 | ) | $ | (2,874 | ) | |||
-1 | Amount is included in net periodic pension cost, which is presented in “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Operations. See Note 9, “Retirement Plans,” for further details. | |||||||||||
During Fiscal 2013 and Fiscal 2012, the Company reclassified income of $0.6 million ($0.4 million net of tax) and $2.5 million ($1.5 million net of tax), respectively, from AOCL related to the Company’s employee benefit plan. During Fiscal 2011, the Company reclassified expense of $0.1 million ($0.1 million net of tax) from AOCL related to the Company’s employee benefit plan. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data - Unaudited | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data - Unaudited | ' | |||||||||||||||
Selected Quarterly Financial Data - Unaudited | ||||||||||||||||
Quarter | ||||||||||||||||
Fiscal 2013 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net sales | $ | 574,506 | $ | 638,198 | $ | 657,532 | $ | 623,255 | ||||||||
Gross margin | $ | 320,565 | $ | 349,277 | $ | 366,220 | $ | 307,246 | ||||||||
Net income | $ | 20,912 | $ | 35,649 | $ | 41,189 | $ | 4,680 | ||||||||
Basic earnings per share (2) | $ | 0.45 | $ | 0.76 | $ | 0.9 | $ | 0.1 | ||||||||
Diluted earnings per share (2) | $ | 0.44 | $ | 0.76 | $ | 0.89 | $ | 0.1 | ||||||||
Quarter | ||||||||||||||||
Fiscal 2012 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net sales (1) | $ | 560,411 | $ | 594,872 | $ | 612,548 | $ | 607,678 | ||||||||
Gross margin | $ | 317,371 | $ | 332,401 | $ | 354,399 | $ | 298,171 | ||||||||
Net income | $ | 28,732 | $ | 30,735 | $ | 40,748 | $ | 2,370 | ||||||||
Basic earnings per share (2) | $ | 0.59 | $ | 0.64 | $ | 0.85 | $ | 0.05 | ||||||||
Diluted earnings per share (2) | $ | 0.58 | $ | 0.63 | $ | 0.84 | $ | 0.05 | ||||||||
-1 | Includes $6.2 million in pre-tax revenue recorded during the third quarter of Fiscal 2012 for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. | |||||||||||||||
-2 | The sum of the quarterly per share data may not equal the annual amounts due to quarterly changes in the weighted average shares and share equivalents outstanding. |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On March 14, 2014, the Company announced an organizational restructuring to support the further integration of its brick-and-mortar and online channels and its strategic growth initiatives. As a result of the restructuring, the Company has downsized its corporate workforce, eliminating approximately 100 positions, including one of its named executive officers. The total pre-tax cash charge associated with this reduction in force is expected to be approximately $15 million, substantially all of which is expected to be incurred during the first quarter of Fiscal 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||
New Accounting Pronouncements, Policy | ' | ||||||||||||||||||||
There were no new accounting pronouncements that the Company expects to have a material impact on its financial condition or results of operations in future periods. | |||||||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, including its wholly-owned subsidiary, AnnTaylor, Inc. The Company has no material assets other than the common stock of AnnTaylor, Inc. and conducts no business other than the management of AnnTaylor, Inc. All intercompany accounts have been eliminated in consolidation. | |||||||||||||||||||||
Fiscal Year | ' | ||||||||||||||||||||
The Company follows the standard fiscal year of the retail industry, which is a 52- or 53-week period ending on the Saturday closest to January 31. All fiscal years presented in these Consolidated Financial Statements include 52 weeks, except the fiscal year ended February 2, 2013, which includes 53 weeks. | |||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The significant estimates and assumptions used by management affect: revenue related to the Company’s credit card and gift card and merchandise credit programs; expense associated with stock-based compensation; the reserve for sales returns; the valuation of inventories; the expense associated with short- and long-term performance-based compensation; the carrying value of long-lived assets and the valuation of deferred income taxes. Actual results could differ from these estimates. | |||||||||||||||||||||
Earnings Per Share, Policy Basic and Diluted | ' | ||||||||||||||||||||
Basic earnings per share is calculated by dividing net income associated with common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of additional shares of common stock by the Company upon exercise of all outstanding stock options and contingently issuable securities if the effect is dilutive, in accordance with the treasury stock method. | |||||||||||||||||||||
The determination and reporting of earnings per share requires the inclusion of time- and performance-based restricted stock as participating securities, since they have the right to share in dividends, if declared, equally with common shareholders. During periods of net income, participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities (“the two-class method”). During periods of net income, participating securities have the effect of diluting both basic and diluted earnings per share. During periods of net loss, no effect is given to participating securities, since they do not share in the losses of the Company. | |||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||
The Company records revenue as merchandise is sold to clients. Sales from the Company’s Websites are recorded as merchandise is shipped to clients based on the date clients are expected to receive the merchandise. Amounts related to shipping and handling billed to clients in a sales transaction are classified as revenue and the costs related to shipping product to clients (billed and accrued) are classified as Cost of sales. A reserve for estimated returns is established when sales are recorded based upon an analysis of actual historical returns and current sales and gross margin rate performance. The Company excludes sales taxes collected from clients from “Net sales” in its Consolidated Statements of Operations. | |||||||||||||||||||||
The following table sets forth certain product-level sales information for the past three fiscal years: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||
Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Apparel | $ | 2,244,618 | 90 | % | $ | 2,146,173 | 90 | % | $ | 2,000,875 | 90 | % | |||||||||
Accessories | 164,897 | 7 | % | 157,852 | 7 | % | 153,088 | 7 | % | ||||||||||||
Shoes | 44,536 | 2 | % | 44,331 | 2 | % | 39,894 | 2 | % | ||||||||||||
Other | 39,440 | 1 | % | 27,153 | 1 | % | 18,636 | 1 | % | ||||||||||||
Total | $ | 2,493,491 | 100 | % | $ | 2,375,509 | 100 | % | $ | 2,212,493 | 100 | % | |||||||||
Gift cards and merchandise credits issued by the Company do not have expiration dates and the Company honors all gift cards and merchandise credits presented by clients, regardless of the length of time that passes from issuance to redemption. The Company records a liability for unredeemed gift cards and merchandise credits at the time gift cards are sold or merchandise credits are issued. The Company recognizes revenue and relieves the corresponding gift card and/or merchandise credit liability when the cards are redeemed by clients. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Revenue Recognition (continued) | |||||||||||||||||||||
In cases where the Company has determined that it has a legal obligation to remit the value of unredeemed gift cards and merchandise credits to any state, the value of these cards is escheated to the appropriate state in accordance with that state’s unclaimed property laws. In certain jurisdictions, the Company is permitted to retain a portion of the escheated value of unredeemed gift cards and merchandise credits, which is immaterial and is recorded in “Net sales” in the Company’s Consolidated Statements of Operations. | |||||||||||||||||||||
The Company recognized $2.1 million and $6.6 million in revenue during Fiscal 2013 and Fiscal 2012, respectively, for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. Fiscal 2012 was the first period during which the Company recognized gift card and merchandise credit “breakage,” and therefore included the breakage income related to gift cards sold and merchandise credits issued since inception of these programs. Such gift card and merchandise credit “breakage” is estimated based upon an analysis of actual historical redemption patterns and is included in Net sales. | |||||||||||||||||||||
The Company has a credit card program that offers eligible clients in the United States the choice of a private label or co-branded credit card. All cardholders are automatically enrolled in the exclusive rewards program, which is designed to recognize and promote client loyalty. The Company provides the sponsoring bank with marketing support of the program, and uses our sales force to process credit card applications for both the private label and co-branded credit cards. On December 2, 2013, the Company entered into an eight-year agreement with the sponsoring bank, which amended and restated the original agreement that began in October 2008. As with the original agreement, the Company received an upfront signing bonus from the sponsoring bank and also receives ongoing payments for new accounts activated as well as a share of finance charges collected by the sponsoring bank. These revenue streams are accounted for as a single unit of accounting and accordingly, are recognized as revenue ratably based on the total projected revenues over the term of the agreement. | |||||||||||||||||||||
Certain judgments and estimates underlie the Company’s projected revenues and related expenses under the credit card program, including projected future store counts, the number of applications processed, the Company’s projected sales growth and points breakage, among other things. During Fiscal 2013, Fiscal 2012 and Fiscal 2011, the Company recognized approximately $18.8 million, $17.8 million, and $16.5 million of revenue related to the credit card program, respectively. Partially offsetting this credit card program revenue are costs, net of points breakage, related to the client loyalty program. These costs are included in either “Cost of sales” or in “Net sales” as a sales discount, as appropriate. The cost of sales impact, net of points breakage, was approximately $5.2 million, $5.7 million and $3.8 million and the sales discount impact was approximately $6.8 million, $6.8 million and $5.5 million in Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||||||||||||||||||
Gift Cards And Merchandise Credits | ' | ||||||||||||||||||||
Gift cards and merchandise credits issued by the Company do not have expiration dates and the Company honors all gift cards and merchandise credits presented by clients, regardless of the length of time that passes from issuance to redemption. The Company records a liability for unredeemed gift cards and merchandise credits at the time gift cards are sold or merchandise credits are issued. The Company recognizes revenue and relieves the corresponding gift card and/or merchandise credit liability when the cards are redeemed by clients. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Revenue Recognition (continued) | |||||||||||||||||||||
In cases where the Company has determined that it has a legal obligation to remit the value of unredeemed gift cards and merchandise credits to any state, the value of these cards is escheated to the appropriate state in accordance with that state’s unclaimed property laws. In certain jurisdictions, the Company is permitted to retain a portion of the escheated value of unredeemed gift cards and merchandise credits, which is immaterial and is recorded in “Net sales” in the Company’s Consolidated Statements of Operations. | |||||||||||||||||||||
The Company recognized $2.1 million and $6.6 million in revenue during Fiscal 2013 and Fiscal 2012, respectively, for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. Fiscal 2012 was the first period during which the Company recognized gift card and merchandise credit “breakage,” and therefore included the breakage income related to gift cards sold and merchandise credits issued since inception of these programs. Such gift card and merchandise credit “breakage” is estimated based upon an analysis of actual historical redemption patterns and is included in Net sales. | |||||||||||||||||||||
Cost of Sales and Selling, General and Administrative Expenses | ' | ||||||||||||||||||||
The following table illustrates the primary costs classified in each major expense category: | |||||||||||||||||||||
Cost of Sales | Selling, General and Administrative Expenses | ||||||||||||||||||||
Ÿ | Cost of merchandise sold; | Ÿ | Payroll, bonus and benefit costs for retail and corporate associates; | ||||||||||||||||||
Ÿ | Costs associated with the Company’s sourcing operations; | Ÿ | Design and merchandising costs; | ||||||||||||||||||
Ÿ | Freight costs associated with moving merchandise from suppliers to the Company’s distribution center; | Ÿ | Occupancy costs for retail and corporate facilities; | ||||||||||||||||||
Ÿ | Costs associated with the movement of merchandise through customs; | Ÿ | Depreciation related to retail and corporate assets; | ||||||||||||||||||
Ÿ | Costs associated with the fulfillment and shipment of client orders from the Company’s Websites, including omni-channel sales; | Ÿ | Advertising and marketing costs; | ||||||||||||||||||
Ÿ | Depreciation related to merchandise management systems; | Ÿ | Occupancy and other costs associated with operating the Company’s distribution center; | ||||||||||||||||||
Ÿ | Sample development costs; | Ÿ | Freight expenses associated with moving merchandise from the Company’s distribution center to its retail stores or from store to store; and | ||||||||||||||||||
Ÿ | Direct costs of the credit card client loyalty program; | Ÿ | Legal, finance, information systems and other corporate overhead costs. | ||||||||||||||||||
Ÿ | Merchandise shortage; and | ||||||||||||||||||||
Ÿ | Client shipping costs for store merchandise shipments. | ||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||
Cash and short-term highly liquid investments with original maturity dates of three months or less at time of purchase and no redemption restrictions are considered cash and cash equivalents. The Company has significant amounts of cash and cash equivalents invested in deposit accounts at FDIC-insured financial institutions that are currently in excess of federally insured limits. The Company continually evaluates its deposit investment options in accordance with its corporate investment policy and certain restrictions on permitted investments in the revolving credit facility. | |||||||||||||||||||||
Merchandise Inventories | ' | ||||||||||||||||||||
Merchandise inventories are valued at the lower of average cost or market, at the individual item level. A reserve is established when the current selling price or future estimated selling price is less than cost. Physical inventory counts are performed annually in January, and estimates are made for shortage between the date of the physical inventory count and the balance sheet date. | |||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||
Property and equipment are presented at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives: | |||||||||||||||||||||
Building | 40 years | ||||||||||||||||||||
Leasehold improvements | 10 years or term of lease, if shorter | ||||||||||||||||||||
Furniture, fixtures and equipment | 2-10 years | ||||||||||||||||||||
Software | 5 years | ||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Property and Equipment (continued) | |||||||||||||||||||||
When assets are sold or retired, the related cost and accumulated depreciation are removed from their respective accounts and any resulting gain or loss is recorded to “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Operations. Expenditures for maintenance and repairs which do not improve or extend the useful lives of the respective assets are expensed as incurred. | |||||||||||||||||||||
Store Pre-Opening Costs | ' | ||||||||||||||||||||
Non-capital expenditures, such as rent, advertising and payroll costs incurred prior to the opening of a new store are charged to expense in the period they are incurred. | |||||||||||||||||||||
Internal-Use Software Development Costs | ' | ||||||||||||||||||||
The Company capitalizes certain external and internal computer software and software development costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Capitalized costs include only external direct cost of materials and services consumed in developing or obtaining internal-use software, and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Capitalization of such costs ceases no later than the point at which the project is substantially complete and ready for its intended use. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software costs are depreciated on a straight-line basis over five years. | |||||||||||||||||||||
Deferred Rent Obligations | ' | ||||||||||||||||||||
Rent expense under non-cancelable operating leases with scheduled rent increases or free rent periods is accounted for on a straight-line basis over the initial lease term beginning on the date of initial possession, which is generally when the Company has access to the space and begins construction build-out. Any reasonably assured renewals are considered. The amount of the excess of straight-line rent expense over scheduled payments is recorded as a deferred liability. Construction allowances and other such lease incentives are recorded as deferred credits and are amortized on a straight-line basis as a reduction of rent expense beginning in the period they are deemed to be earned, which often is subsequent to the date of initial possession and generally coincides with the store opening date. The current portion of unamortized deferred lease costs and construction allowances is included in “Accrued tenancy” and the long-term portion is included in “Deferred lease costs” on the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||
Lease Termination Costs | ' | ||||||||||||||||||||
The Company recognizes contractual penalties associated with lease terminations on an undiscounted basis at the time notification to terminate the lease is provided to the lessor. | |||||||||||||||||||||
Long-Lived Assets | ' | ||||||||||||||||||||
Long-lived assets are reviewed periodically for impairment or when events or changes in circumstances indicate that full recoverability of net asset balances through future cash flows is in question. Assessment for possible impairment is based on the Company’s ability to recover the carrying value of the long-lived asset from the expected future pre-tax cash flows at a store level (undiscounted and without interest charges). The expected future pre-tax cash flows are estimated based on historical experience, knowledge and market data. Estimates of future cash flows require the Company to make assumptions and to apply judgment, including forecasting future sales and expenses and estimating the useful lives of assets. These estimates can be affected by factors such as, but not necessarily limited to, future store results, real estate demand, and economic conditions that can be difficult to predict. If the expected future cash flows related to the long-lived assets are less than the assets’ carrying value, an impairment charge is recognized for the difference between estimated fair value and carrying value. There were no material impairment charges in Fiscal 2013, Fiscal 2012 or Fiscal 2011. | |||||||||||||||||||||
Advertising | ' | ||||||||||||||||||||
Costs associated with the production of advertising, such as print and other costs, as well as costs associated with communicating advertising that has been produced, such as magazine ads, are expensed when the advertising first appears in public. Costs of direct mail catalogs and postcards are fully expensed when the advertising is scheduled to first arrive in clients’ homes. Advertising costs were approximately $110.2 million, $96.2 million and $88.4 million in Fiscal 2013, Fiscal 2012 and Fiscal 2011, respectively. | |||||||||||||||||||||
Stock-based Awards | ' | ||||||||||||||||||||
The Company estimates the fair value of non-qualified stock options on the date of grant using the Black-Scholes option pricing model. The fair value of restricted stock awards is determined using the closing price of the Company’s common stock on the date of grant. Performance-based awards are generally subject to annual vesting based on the achievement of seasonal performance targets. The Company recognizes stock-based compensation expense over the requisite service period, which is generally the vesting period, adjusted for estimated forfeitures, and for performance-based awards, based on the estimated achievement of seasonal performance targets. The Company estimates forfeitures based on an analysis of historical stock-based forfeiture rates, as well as current and future trends of expected behavior. | |||||||||||||||||||||
Long-Term Performance Compensation Expense | ' | ||||||||||||||||||||
The Company recognizes the compensation cost associated with its Restricted Cash Program (“RCP”) over the mandatory service period, adjusted for estimated forfeitures. The service period includes the fiscal year in which amounts earned under the program are banked, plus a mandatory three-year deferral period. The calculation of long-term performance compensation expense related to the RCP requires the input of subjective assumptions, including the expected forfeiture of earned and banked awards and forecasts of the Company’s future income growth. The Company estimates forfeitures based on historical RCP forfeiture patterns, as well as current and future trends of expected behavior, and estimates future income growth based on past performance, future business trends and new business initiatives. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
The Company accounts for income taxes in accordance with the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion of these assets would not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. | |||||||||||||||||||||
The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are “more likely-than-not” to be sustained on examination by the taxing authorities, based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense. | |||||||||||||||||||||
The Company and its domestic subsidiaries file a consolidated Federal income tax return, while the Company’s foreign subsidiaries file in their respective local jurisdictions. | |||||||||||||||||||||
Segments | ' | ||||||||||||||||||||
The Company has determined that it has four operating segments: Ann Taylor, LOFT, Ann Taylor Factory and LOFT Outlet. The Company evaluates whether two or more operating segments may be aggregated into a single operating segment based on whether or not the segments have similar economic characteristics, similar product, similar production processes, similar clients and similar methods of distribution. | |||||||||||||||||||||
1. Summary of Significant Accounting Policies (Continued) | |||||||||||||||||||||
Segments (continued) | |||||||||||||||||||||
The Company’s four operating segments are similar in nature of product, as they all operate in the women’s specialty retail sector, offering women’s apparel, shoes and accessories sold primarily under the Ann Taylor and LOFT brand names. The Company’s four operating segments have similar clients with a significant percentage of clients cross-shopping the Company’s other operating segments. The merchandise offered at each operating segment is also sourced from the same countries and many of the same vendors, using similar production processes. Merchandise for the Company’s operating segments is distributed to retail stores in a similar manner, primarily through the Company’s Louisville Distribution Center, and is subsequently distributed to clients in a similar manner, through its retail and outlet stores. The Company’s Ann Taylor and LOFT operating segments also sell merchandise through the Company’s Websites. | |||||||||||||||||||||
As such, the Company has concluded that its operating segments have similar economic characteristics and meet the criteria for aggregation into a single reportable segment. | |||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a hierarchical structure to prioritize the inputs used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), then to quoted market prices for similar assets or liabilities in active or inactive markets (Level 2) and gives the lowest priority to unobservable inputs (Level 3). | |||||||||||||||||||||
The Company did not have any non-financial assets or non-financial liabilities recognized at fair value on a recurring basis at February 1, 2014 or February 2, 2013. | |||||||||||||||||||||
Self Insurance | ' | ||||||||||||||||||||
The Company is self-insured for certain losses related to its employee point of service medical plan, its workers’ compensation plan, general liability and for short-term and long-term disability, up to certain thresholds. Costs for self-insurance claims filed, as well as claims incurred but not reported, are accrued based on estimates using information received from plan administrators, third-party actuaries, historical analysis and other relevant data. Management believes that it has adequately reserved for its self-insurance liability, which is capped through the use of stop loss contracts with insurance companies. Any significant variation from historical trends in claims incurred but not paid could cause actual expense to differ from the accrued liability. | |||||||||||||||||||||
Foreign Currency Transactions and Translations Policy | ' | ||||||||||||||||||||
Balance Sheet accounts of the Company’s Canadian operations are translated at the exchange rate in effect at the end of each period. Statement of Operations accounts are translated using the weighted average of the prevailing exchange rates during each period. Gains or losses resulting from foreign currency transactions are included in the Company’s Consolidated Statements of Operations under the caption “Other non-operating expense, net” whereas, translation adjustments are reflected in the Consolidated Statements of Comprehensive Income under the caption “Foreign currency translation adjustment.” | |||||||||||||||||||||
Immaterial Correction of Balance Sheet Equity Accounts | ' | ||||||||||||||||||||
As previously discussed in Revenue Recognition, the Company recognized $6.6 million in revenue for a portion of the unredeemed value of gift cards and merchandise credits during Fiscal 2012. Subsequent to the issuance of its Fiscal 2012 consolidated financial statements, the Company determined that this amount was incorrectly reported as an increase, rather than a reduction, in the reconciliation of Net income to Net cash provided by operating activities. This correction also impacted the line item “Accounts payable, accrued expenses and other current liabilities” in the changes in assets and liabilities section of net cash provided by operating activities, but had no impact on total Net cash provided by operating activities. The Company has restated the previously presented Consolidated Statement of Cash Flows for Fiscal 2012 to present “Recognition of gift card and merchandise credit breakage” as a reduction to reconcile net income to net cash provided by operating activities and properly state the change in “Accounts payable, accrued expenses and other current liabilities” as an increase of $5.6 million (previously reported as a reduction of $7.6 million). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Product Information [Line Items] | ' | ||||||||||||||||||||
Revenue from External Customers by Products and Services | ' | ||||||||||||||||||||
The following table sets forth certain product-level sales information for the past three fiscal years: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||
Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | ||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Apparel | $ | 2,244,618 | 90 | % | $ | 2,146,173 | 90 | % | $ | 2,000,875 | 90 | % | |||||||||
Accessories | 164,897 | 7 | % | 157,852 | 7 | % | 153,088 | 7 | % | ||||||||||||
Shoes | 44,536 | 2 | % | 44,331 | 2 | % | 39,894 | 2 | % | ||||||||||||
Other | 39,440 | 1 | % | 27,153 | 1 | % | 18,636 | 1 | % | ||||||||||||
Total | $ | 2,493,491 | 100 | % | $ | 2,375,509 | 100 | % | $ | 2,212,493 | 100 | % | |||||||||
Property and equipment Estimated Useful Lives | ' | ||||||||||||||||||||
Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives: | |||||||||||||||||||||
Building | 40 years | ||||||||||||||||||||
Leasehold improvements | 10 years or term of lease, if shorter | ||||||||||||||||||||
Furniture, fixtures and equipment | 2-10 years | ||||||||||||||||||||
Software | 5 years | ||||||||||||||||||||
Property and equipment consists of the following: | |||||||||||||||||||||
February 1, | February 2, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Land | $ | 1,056 | $ | 1,056 | |||||||||||||||||
Buildings | 13,464 | 13,393 | |||||||||||||||||||
Leasehold improvements | 638,807 | 593,578 | |||||||||||||||||||
Furniture and fixtures | 330,981 | 300,604 | |||||||||||||||||||
Computer equipment and software | 243,558 | 248,103 | |||||||||||||||||||
Assets under construction | 21,803 | 22,522 | |||||||||||||||||||
1,249,669 | 1,179,256 | ||||||||||||||||||||
Less accumulated depreciation and amortization | (806,583 | ) | (769,553 | ) | |||||||||||||||||
Net property and equipment | $ | 443,086 | $ | 409,703 | |||||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
Investment assets of the rabbi trust are valued based on quoted market prices or the net asset value at the closing price reported in certain major markets as of the measurement date, which are considered Level 1 inputs. The following tables segregate the rabbi trust assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine fair value at the measurement date: | ||||||||||||||||
February 1, | Quoted Prices | Significant | Significant | |||||||||||||
2014 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Non-qualified deferred compensation plan assets | ||||||||||||||||
Equity securities | $ | 3,698 | $ | 3,698 | $ | — | $ | — | ||||||||
Equity funds | 6,944 | 6,944 | — | — | ||||||||||||
Fixed income funds | 782 | 782 | — | — | ||||||||||||
Total assets | $ | 11,424 | $ | 11,424 | $ | — | $ | — | ||||||||
February 2, | Quoted Prices | Significant | Significant | |||||||||||||
2013 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Non-qualified deferred compensation plan assets | ||||||||||||||||
Equity securities | $ | 3,868 | $ | 3,868 | $ | — | $ | — | ||||||||
Equity funds | 3,683 | — | 3,683 | — | ||||||||||||
Fixed income funds | 572 | — | 572 | — | ||||||||||||
Total assets | $ | 8,123 | $ | 3,868 | $ | 4,255 | $ | — | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Notes to Financial Statements [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives: | ||||||||
Building | 40 years | |||||||
Leasehold improvements | 10 years or term of lease, if shorter | |||||||
Furniture, fixtures and equipment | 2-10 years | |||||||
Software | 5 years | |||||||
Property and equipment consists of the following: | ||||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 1,056 | $ | 1,056 | ||||
Buildings | 13,464 | 13,393 | ||||||
Leasehold improvements | 638,807 | 593,578 | ||||||
Furniture and fixtures | 330,981 | 300,604 | ||||||
Computer equipment and software | 243,558 | 248,103 | ||||||
Assets under construction | 21,803 | 22,522 | ||||||
1,249,669 | 1,179,256 | |||||||
Less accumulated depreciation and amortization | (806,583 | ) | (769,553 | ) | ||||
Net property and equipment | $ | 443,086 | $ | 409,703 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Future Minimum Lease Payments Under Non-cancelable Operating Leases | ' | |||||||||||
Future minimum lease payments under non-cancelable operating leases as of February 1, 2014 are as follows: | ||||||||||||
Fiscal Year | (in thousands) | |||||||||||
2014 | $ | 215,702 | ||||||||||
2015 | 202,597 | |||||||||||
2016 | 175,213 | |||||||||||
2017 | 160,539 | |||||||||||
2018 | 135,942 | |||||||||||
Thereafter | 428,312 | |||||||||||
Total | 1,318,305 | |||||||||||
Less sublease rentals | (11,201 | ) | ||||||||||
Net rentals | $ | 1,307,104 | ||||||||||
Rent expense | ' | |||||||||||
Rent expense, excluding CAM charges and real estate taxes, for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 was as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Minimum rent | $ | 218,640 | $ | 212,947 | $ | 200,825 | ||||||
Percentage rent | 1,782 | 2,911 | 2,460 | |||||||||
Total | $ | 220,422 | $ | 215,858 | $ | 203,285 | ||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Reconciliations of Basic and Diluted Earnings Per Share Calculations | ' | ||||||||||||||||||||||||||||||||
The following table presents a reconciliation of basic and diluted earnings per share for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Basic Earnings per Share | Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||
Net income | $ | 102,430 | $ | 102,585 | $ | 86,566 | |||||||||||||||||||||||||||
Less net income associated with participating securities | 1,983 | 1,470 | 1,455 | ||||||||||||||||||||||||||||||
Basic earnings per share | $ | 100,447 | 45,490 | $ | 2.21 | $ | 101,115 | 47,494 | $ | 2.13 | $ | 85,111 | 51,200 | $ | 1.66 | ||||||||||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||||||||||||
Net income | $ | 102,430 | $ | 102,585 | $ | 86,566 | |||||||||||||||||||||||||||
Less net income associated with participating securities | 1,963 | 1,452 | 1,432 | ||||||||||||||||||||||||||||||
Effect of dilutive securities | 465 | 600 | 829 | ||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 100,467 | 45,955 | $ | 2.19 | $ | 101,133 | 48,094 | $ | 2.1 | $ | 85,134 | 52,029 | $ | 1.64 | ||||||||||||||||||
Equity_and_Incentive_Compensat1
Equity and Incentive Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Summary of Four Stock Incentive Plan | ' | ||||||||||||||||
The Company has two active stock incentive plans (the “Plans”), which are summarized below: | |||||||||||||||||
Shares Reserved | Shares Reserved | Shares | |||||||||||||||
for Issuance at | Available | ||||||||||||||||
1-Feb-14 | for Future | ||||||||||||||||
Defined | Plan Name | Restricted | Total | Grant | |||||||||||||
Name | Stock/Units (1) | Authorized | |||||||||||||||
2002 Plan | 2002 Stock Option and Restricted Stock and Unit Award Plan | 787,500 | 4,500,000 | 228,102 | — | ||||||||||||
2003 Plan | 2003 Equity Incentive Plan | 7,434,432 | 13,424,432 | 5,044,119 | 3,072,502 | ||||||||||||
-1 | Included in the number of total authorized shares. The Company may issue restricted stock or restricted unit grants up to the levels provided under each plan, however shares not used for this purpose are available for issuance as stock option grants. | ||||||||||||||||
Summary of stock option activity | ' | ||||||||||||||||
The following table summarizes stock option activity for the fiscal year ended February 1, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Options outstanding at February 2, 2013 | 2,785,102 | $ | 25.61 | ||||||||||||||
Granted (1) | 118,600 | 31.5 | |||||||||||||||
Exercised | (572,072 | ) | 22.1 | ||||||||||||||
Forfeited or expired | (131,911 | ) | 29.64 | ||||||||||||||
Options outstanding at February 1, 2014 | 2,199,719 | $ | 26.6 | ||||||||||||||
Vested and exercisable at February 1, 2014 | 1,702,088 | $ | 25.94 | ||||||||||||||
Options expected to vest in the future as of February 1, 2014 | 425,933 | $ | 28.97 | ||||||||||||||
-1 | Options granted during Fiscal 2013 vest annually over a three-year period, and expire ten years after the grant date. | ||||||||||||||||
Fair Value of Options Granted Assumptions | ' | ||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||
Expected volatility | 50.9 | % | 54.6 | % | 57.2 | % | |||||||||||
Risk-free interest rate | 0.9 | % | 0.9 | % | 1.7 | % | |||||||||||
Expected life (years) | 4.9 | 4.4 | 4.5 | ||||||||||||||
Dividend yield | — | — | — | ||||||||||||||
Restricted Stock | ' | ||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes restricted stock activity for the fiscal year ended February 1, 2014: | |||||||||||||||||
Time - Based | Performance - Based | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Restricted stock awards at February 2, 2013 | 461,396 | $ | 27.96 | 203,671 | $ | 27.81 | |||||||||||
Granted | 405,528 | -1 | 30.87 | 184,699 | -2 | 30.86 | |||||||||||
Vested | (190,108 | ) | 27.49 | (82,633 | ) | 27.92 | |||||||||||
Forfeited | (74,611 | ) | 28.92 | (15,802 | ) | 30.75 | |||||||||||
Restricted stock awards at February 1, 2014 | 602,205 | 29.95 | 289,935 | 29.56 | |||||||||||||
-1 | Of this amount, 181,500 shares vest in equal installments in each of March 2014, 2015 and 2016; 179,100 shares vest in March 2016; 27,628 shares vest in May 2014; 13,000 shares vest in equal installments in each of June 2014, 2015 and 2016; and 4,300 shares vest in equal installments in each of November 2014, 2015 and 2016. | ||||||||||||||||
-2 | Of this amount, 175,500 of these shares vest over a three-year period based on achievement of performance targets set bi-annually for each tranche of the grant. Based on Company performance, grantees may earn 50% to 150% of the shares granted with respect to each tranche. If the Company does not achieve the minimum threshold goal associated with such shares, grantees will not earn any shares with respect to that tranche. In addition, 3,138 of these shares relate to over achievement of the Spring 2012 tranche and vested in March 2013 and 6,061 of these shares relate to the over achievement of the Spring 2013 tranche and will vest in March 2014. | ||||||||||||||||
Restricted Stock Units | ' | ||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes restricted unit activity for the fiscal year ended February 1, 2014: | |||||||||||||||||
Time - Based | Performance - Based | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Restricted unit awards at February 2, 2013 | 75,016 | $ | 19.58 | 46,003 | $ | 19.58 | |||||||||||
Vested | (75,016 | ) | 19.58 | (46,003 | ) | 19.58 | |||||||||||
Restricted unit awards at February 1, 2014 | — | — | — | — | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Provision/(Benefit) for Income Taxes | ' | |||||||||||
The provision for income taxes for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 consists of the following: | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Federal: | ||||||||||||
Current | $ | 57,631 | $ | 30,404 | $ | 37,956 | ||||||
Deferred | (321 | ) | 24,276 | 12,361 | ||||||||
Total federal | 57,310 | 54,680 | 50,317 | |||||||||
State and local: | ||||||||||||
Current | 12,654 | 5,174 | 11,809 | |||||||||
Deferred | (1,075 | ) | 5,421 | (4,702 | ) | |||||||
Total state and local | 11,579 | 10,595 | 7,107 | |||||||||
Foreign: | ||||||||||||
Current | (99 | ) | 702 | 773 | ||||||||
Deferred | (1,257 | ) | (909 | ) | (316 | ) | ||||||
Total foreign | (1,356 | ) | (207 | ) | 457 | |||||||
Total | $ | 67,533 | $ | 65,068 | $ | 57,881 | ||||||
Reconciliation Between Provision/(Benefit) for Income Taxes and Expected Provision/(benefit) for Income Taxes at U.S. Federal Statutory Rate | ' | |||||||||||
The reconciliation between the provision for income taxes and the expected provision for income taxes at the U.S. federal statutory rate of 35% for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
U.S. operations | $ | 173,287 | $ | 170,896 | $ | 143,562 | ||||||
Foreign operations | (3,324 | ) | (3,243 | ) | 885 | |||||||
Income before income taxes | 169,963 | 167,653 | 144,447 | |||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Provision for income taxes at federal statutory rate | 59,487 | 58,679 | 50,556 | |||||||||
State and local income taxes, net of federal income tax benefit | 6,962 | 6,886 | 4,620 | |||||||||
Non-deductible expenses | 2,068 | 2,341 | 1,700 | |||||||||
Settlements of tax examinations | — | (4,113 | ) | 267 | ||||||||
Foreign | (507 | ) | 909 | 354 | ||||||||
Other | (477 | ) | 366 | 384 | ||||||||
Provision for income taxes | $ | 67,533 | $ | 65,068 | $ | 57,881 | ||||||
Tax Effects of Significant Items Comprising the Company's Deferred Tax Assets/ (Liabilities) | ' | |||||||||||
The tax effects of significant items comprising the Company’s deferred tax assets/(liabilities) as of February 1, 2014 and February 2, 2013 are as follows: | ||||||||||||
As of | ||||||||||||
February 1, | February 2, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
Inventory | $ | 8,619 | $ | 8,261 | ||||||||
Accrued expenses and other | 14,104 | 15,559 | ||||||||||
Deferred rent and lease incentives | 6,131 | 6,593 | ||||||||||
Total gross deferred tax assets - current | 28,854 | 30,413 | ||||||||||
Less: valuation allowance | — | (16 | ) | |||||||||
Total net deferred tax assets - current | 28,854 | 30,397 | ||||||||||
Non-current: | ||||||||||||
Depreciation and amortization | (95,171 | ) | (91,062 | ) | ||||||||
Deferred rent and lease incentives | 65,256 | 67,650 | ||||||||||
Benefits related | 21,339 | 22,337 | ||||||||||
Other | 14,175 | 6,058 | ||||||||||
Amounts included in accumulated other comprehensive loss | 964 | 2,788 | ||||||||||
Total gross deferred tax assets - non-current | 6,563 | 7,771 | ||||||||||
Less: valuation allowance | — | (158 | ) | |||||||||
Total net deferred tax assets - non-current | $ | 6,563 | $ | 7,613 | ||||||||
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | ||||||||||||
Balance at January 29, 2011 | $ | 6,959 | ||||||||||
Additions based on tax positions related to the current year | 708 | |||||||||||
Additions for tax positions of prior years | 786 | |||||||||||
Reductions for tax positions of prior years | (144 | ) | ||||||||||
Lapses in statutes of limitation | (512 | ) | ||||||||||
Balance at January 28, 2012 | 7,797 | |||||||||||
Additions based on tax positions related to the current year | 383 | |||||||||||
Additions for tax positions of prior years | 396 | |||||||||||
Reductions for tax positions of prior years | (148 | ) | ||||||||||
Settlements | (4,579 | ) | ||||||||||
Lapses in statutes of limitation | (51 | ) | ||||||||||
Balance at February 2, 2013 | 3,798 | |||||||||||
Additions based on tax positions related to the current year | 639 | |||||||||||
Additions for tax positions of prior years | 1,102 | |||||||||||
Reductions for tax positions of prior years | (70 | ) | ||||||||||
Settlements | (17 | ) | ||||||||||
Lapses in statutes of limitation | (79 | ) | ||||||||||
Balance at February 1, 2014 | $ | 5,373 | ||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
Pension Plan Information | ' | |||||||||||||||
The following table provides information for the Pension Plan as of February 1, 2014 and February 2, 2013: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 34,250 | $ | 38,609 | ||||||||||||
Interest cost | 1,418 | 1,752 | ||||||||||||||
Actuarial loss/(gain) | (3,872 | ) | 2,825 | |||||||||||||
Benefits paid | (1,494 | ) | (8,936 | ) | ||||||||||||
Projected benefit obligation at end of year | 30,302 | 34,250 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | 26,417 | 32,181 | ||||||||||||||
Actual return on plan assets | 1,528 | 3,172 | ||||||||||||||
Benefits paid | (1,494 | ) | (8,936 | ) | ||||||||||||
Fair value of plan assets at end of year | 26,451 | 26,417 | ||||||||||||||
Funded status at end of year | (3,851 | ) | (7,833 | ) | ||||||||||||
Net amount included in “Other liabilities” | $ | (3,851 | ) | $ | (7,833 | ) | ||||||||||
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive (Income)/Loss | ' | |||||||||||||||
The following table summarizes the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive loss: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||
Interest cost | $ | 1,418 | $ | 1,752 | $ | 1,667 | ||||||||||
Expected return on plan assets | (1,244 | ) | (1,500 | ) | (1,729 | ) | ||||||||||
Amortization of net loss | 600 | 726 | 62 | |||||||||||||
Settlement loss recognized | — | 1,760 | — | |||||||||||||
Net periodic benefit cost | 774 | 2,738 | — | |||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | ||||||||||||||||
Net loss/(gain) arising during the year | (4,156 | ) | 1,153 | 4,932 | ||||||||||||
Settlement charge | — | (1,760 | ) | — | ||||||||||||
Amortization of net loss | (600 | ) | (726 | ) | (62 | ) | ||||||||||
Total recognized in other comprehensive loss/(income) | (4,756 | ) | (1,333 | ) | 4,870 | |||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $ | (3,982 | ) | $ | 1,405 | $ | 4,870 | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Net actuarial loss | $ | 2,551 | $ | 7,307 | ||||||||||||
Total | $ | 2,551 | $ | 7,307 | ||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | ' | |||||||||||||||
For the fiscal years ended February 1, 2014 and February 2, 2013 the following weighted average assumptions were used to determine benefit obligations at the end of the fiscal year: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Discount rate | 4.65 | % | 4.35 | % | ||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | |||||||||||||||
For the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012 the following weighted average assumptions were used to determine net periodic benefit cost: | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.35 | % | 4.85 | % | 5.75 | % | ||||||||||
Long-term rate of return on assets | 5.1 | % | 5.1 | % | 6.25 | % | ||||||||||
Financial Assets and Liabilities Held by Pension Plan, Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
The following tables segregate all financial assets and liabilities held by the Company’s Pension Plan as of February 1, 2014 and February 2, 2013 measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy, based on the inputs used to determine fair value at the measurement date: | ||||||||||||||||
February 1, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Mutual funds: | ||||||||||||||||
Real estate | $ | 546 | $ | 546 | $ | — | $ | — | ||||||||
Total mutual funds | 546 | 546 | — | — | ||||||||||||
Common collective trusts: | ||||||||||||||||
Small blend | 901 | — | 901 | — | ||||||||||||
Mid cap blend | 1,036 | — | 1,036 | — | ||||||||||||
Large value | 2,627 | — | 2,627 | — | ||||||||||||
Large growth | 2,735 | — | 2,735 | — | ||||||||||||
Foreign large growth | 1,355 | — | 1,355 | — | ||||||||||||
Long-term bond | 16,980 | — | 16,980 | — | ||||||||||||
Total common collective trusts | 25,634 | — | 25,634 | — | ||||||||||||
Money market funds | 271 | 271 | — | — | ||||||||||||
Total assets | $ | 26,451 | $ | 817 | $ | 25,634 | $ | — | ||||||||
2-Feb-13 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(in thousands) | ||||||||||||||||
Mutual funds: | ||||||||||||||||
Real estate | $ | 534 | $ | — | $ | 534 | $ | — | ||||||||
Total mutual funds | 534 | — | 534 | — | ||||||||||||
Common collective trusts: | ||||||||||||||||
Small blend | 1,010 | — | 1,010 | — | ||||||||||||
Mid cap blend | 983 | — | 983 | — | ||||||||||||
Large value | 2,496 | — | 2,496 | — | ||||||||||||
Large growth | 2,971 | — | 2,971 | — | ||||||||||||
Foreign large growth | 1,543 | — | 1,543 | — | ||||||||||||
Long-term bond | 16,445 | — | 16,445 | — | ||||||||||||
Total common collective trusts | 25,448 | — | 25,448 | — | ||||||||||||
Money market funds | 435 | — | 435 | — | ||||||||||||
Total assets | $ | 26,417 | $ | — | $ | 26,417 | $ | — | ||||||||
Benefits Expected to be Paid under Pension Plan | ' | |||||||||||||||
The benefits expected to be paid under the Pension Plan as of February 1, 2014 are as follows: | ||||||||||||||||
Fiscal Year | (in thousands) | |||||||||||||||
2014 | $ | 2,435 | ||||||||||||||
2015 | 2,001 | |||||||||||||||
2016 | 2,242 | |||||||||||||||
2017 | 1,694 | |||||||||||||||
2018 | 1,368 | |||||||||||||||
2019-2023 | 6,491 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The following table summarizes the components of accumulated other comprehensive loss (“AOCL”) for fiscal years ended February 1, 2014 and February 2, 2013, respectively: | ||||||||||||
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at January 28, 2012 | $ | — | $ | (5,318 | ) | $ | (5,318 | ) | ||||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | 19 | — | 19 | |||||||||
Net actuarial loss | — | (1,153 | ) | (1,153 | ) | |||||||
Amounts reclassified from AOCL (1): | ||||||||||||
Pension settlement charge | — | 1,760 | 1,760 | |||||||||
Amortization of net actuarial loss | — | 726 | 726 | |||||||||
Amounts reclassified from AOCL, before tax | — | 2,486 | 2,486 | |||||||||
Income tax expense | — | 531 | 531 | |||||||||
Net current period other comprehensive income, net of tax | 19 | 802 | 821 | |||||||||
Balance at February 2, 2013 | 19 | (4,516 | ) | (4,497 | ) | |||||||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | (1,309 | ) | — | (1,309 | ) | |||||||
Net actuarial gain | — | 4,156 | 4,156 | |||||||||
Amounts reclassified from AOCL (1): | ||||||||||||
Amortization of net actuarial loss | — | 600 | 600 | |||||||||
Amounts reclassified from AOCL, before tax | — | 600 | 600 | |||||||||
Income tax expense | — | 1,824 | 1,824 | |||||||||
Net current period other comprehensive income, net of tax | (1,309 | ) | 2,932 | 1,623 | ||||||||
Balance at February 1, 2014 | $ | (1,290 | ) | $ | (1,584 | ) | $ | (2,874 | ) | |||
-1 | Amount is included in net periodic pension cost, which is presented in “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Operations. See Note 9, “Retirement Plans,” for further details. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data - Unaudited | ' | |||||||||||||||
Quarter | ||||||||||||||||
Fiscal 2013 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net sales | $ | 574,506 | $ | 638,198 | $ | 657,532 | $ | 623,255 | ||||||||
Gross margin | $ | 320,565 | $ | 349,277 | $ | 366,220 | $ | 307,246 | ||||||||
Net income | $ | 20,912 | $ | 35,649 | $ | 41,189 | $ | 4,680 | ||||||||
Basic earnings per share (2) | $ | 0.45 | $ | 0.76 | $ | 0.9 | $ | 0.1 | ||||||||
Diluted earnings per share (2) | $ | 0.44 | $ | 0.76 | $ | 0.89 | $ | 0.1 | ||||||||
Quarter | ||||||||||||||||
Fiscal 2012 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net sales (1) | $ | 560,411 | $ | 594,872 | $ | 612,548 | $ | 607,678 | ||||||||
Gross margin | $ | 317,371 | $ | 332,401 | $ | 354,399 | $ | 298,171 | ||||||||
Net income | $ | 28,732 | $ | 30,735 | $ | 40,748 | $ | 2,370 | ||||||||
Basic earnings per share (2) | $ | 0.59 | $ | 0.64 | $ | 0.85 | $ | 0.05 | ||||||||
Diluted earnings per share (2) | $ | 0.58 | $ | 0.63 | $ | 0.84 | $ | 0.05 | ||||||||
-1 | Includes $6.2 million in pre-tax revenue recorded during the third quarter of Fiscal 2012 for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. | |||||||||||||||
-2 | The sum of the quarterly per share data may not equal the annual amounts due to quarterly changes in the weighted average shares and share equivalents outstanding. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Disclosure (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
segments | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Accounts payable, accrued expenses and other current liabilities | ' | ($21,746,000) | $5,631,000 | ($24,649,000) |
Recognition of gift card and merchandise credit breakage | -6,200,000 | -2,055,000 | -6,602,000 | 0 |
Impairment of Long-Lived Assets Held-for-use | ' | 0 | 0 | 0 |
Advertising expense | ' | 110,200,000 | 96,200,000 | 88,400,000 |
Number of Operating Segments | ' | 4 | ' | ' |
Retail Fiscal Period | ' | 'P52W | 'P53W | 'P52W |
Unrecognized Tax Benefits, Recognition of Tax Positions, Likelihood of Being Realized Upon Settlement | ' | 50.00% | ' | ' |
Credit Card [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Revenues | ' | 18,800,000 | 17,800,000 | 16,500,000 |
Cost of Revenue | ' | 5,200,000 | 5,700,000 | 3,800,000 |
Exclusive Rewards Program Period | ' | '8 years 0 months | ' | ' |
Sales discount | ' | 6,800,000 | 6,800,000 | 5,500,000 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Accounts payable, accrued expenses and other current liabilities | ' | ' | $7,600,000 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Property and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Feb. 01, 2014 | |
Building | ' |
Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Leasehold improvements | ' |
Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Software | ' |
Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Software Development | ' |
Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Maximum | Furniture, Fixtures and Equipment | ' |
Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Minimum | Furniture, Fixtures and Equipment | ' |
Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Summary of Significant Accounting Polices - Revenue Breakdown (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $623,255 | $657,532 | [1] | $638,198 | $574,506 | $607,678 | $612,548 | $594,872 | $560,411 | $2,493,491 | $2,375,509 | $2,212,493 |
Percentage of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | |
Apparel [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,244,618 | 2,146,173 | 2,000,875 | |
Percentage of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | 90.00% | 90.00% | |
Accessories [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 164,897 | 157,852 | 153,088 | |
Percentage of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | |
Shoes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 44,536 | 44,331 | 39,894 | |
Percentage of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | |
Other Product and Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $39,440 | $27,153 | $18,636 | |
Percentage of Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | |
[1] | Includes $6.2 million in pre-tax revenue recorded during the third quarter of Fiscal 2012 for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. |
Investments_Additional_Informa
Investments - Additional Information (Detail) (Fair Value, Measurements, Recurring, USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Assets fair value | $11,424 | $8,123 |
Investments_Fair_Value_Table_D
Investments - Fair Value Table (Detail) (Fair Value, Measurements, Recurring, USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $11,424 | $8,123 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 11,424 | 3,868 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 4,255 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 3,698 | 3,868 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 3,698 | 3,868 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Equity Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 6,944 | 3,683 |
Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 6,944 | 0 |
Equity Funds [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 3,683 |
Equity Funds [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Income Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 782 | 572 |
Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 782 | 0 |
Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 572 |
Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | $0 | $0 |
Property_and_Equipment_Detaile
Property and Equipment - Detailed Schedule (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,249,669 | $1,179,256 |
Less accumulated depreciation and amortization | 806,583 | 769,553 |
Net property and equipment | 443,086 | 409,703 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,056 | 1,056 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 13,464 | 13,393 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 638,807 | 593,578 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 330,981 | 300,604 |
Computer equipment and software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 243,558 | 248,103 |
Asset under construction | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $21,803 | $22,522 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Disclosure - Property and Equipment - Additional Information [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $106,588 | $97,829 | $94,187 |
Debt_and_Other_Financing_Arran1
Debt and Other Financing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Expiration Date | 19-Dec-17 | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior secured revolving credit facility | $250,000,000 | ' | ' |
Potential increase in the total facility and the aggregate commitments thereunder | 400,000,000 | ' | ' |
Line of Credit Sub-Facility, Maximum Borrowing Capacity | 75,000,000 | ' | ' |
Letters of credit outstanding | 11,000,000 | 14,100,000 | 16,700,000 |
Remaining available balance for loans and letters of credit | 171,400,000 | 150,800,000 | 146,400,000 |
Credit Facility Additional Interest, Federal Funds Rate | 0.50% | ' | ' |
Revolving Credit Facility [Member] | Minimum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility Additional Interest, Base Rate | 0.25% | ' | ' |
Credit Facility Additional Interest, LIBOR Rate | 1.25% | ' | ' |
Percentage Of Monthly Commitment Fee On Unused Revolving Loan Commitment | 0.20% | ' | ' |
Percentage of fees for outstanding commercial letters of credit | 0.50% | ' | ' |
Percentage of fees for outstanding standby letters of credit | 1.25% | ' | ' |
Revolving Credit Facility [Member] | Maximum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility Additional Interest, Base Rate | 0.50% | ' | ' |
Credit Facility Additional Interest, LIBOR Rate | 1.50% | ' | ' |
Percentage Of Monthly Commitment Fee On Unused Revolving Loan Commitment | 0.25% | ' | ' |
Percentage of fees for outstanding commercial letters of credit | 0.63% | ' | ' |
Percentage of fees for outstanding standby letters of credit | 1.50% | ' | ' |
Debt Covenant | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum share repurchase by company from employees in any fiscal year | 100,000 | ' | ' |
Debt Covenant | Maximum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum operating expense in any fiscal year | $500,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Non-cancelable operating lease terms for certain office equipment | '3 years | ' | ' |
Non-cancelable operating lease terms for store leases | '5 years | ' | ' |
Common area maintenance (CAM) charges and real estate taxes | $84.40 | $78.80 | $70.40 |
Minimum | ' | ' | ' |
Number of lease term extensions allowed | 1 | ' | ' |
Maximum | ' | ' | ' |
Number of lease term extensions allowed | 2 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Disclosure - Future Minimum Lease Payments Under Non-Cancelable Operating Leases [Abstract] | ' |
2014 | $215,702 |
2015 | 202,597 |
2016 | 175,213 |
2017 | 160,539 |
2018 | 135,942 |
Thereafter | 428,312 |
Total | 1,318,305 |
Less sublease rentals | 11,201 |
Net rentals | $1,307,104 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Rent expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Disclosure - Rent expense [Abstract] | ' | ' | ' |
Minimum rent | $218,640 | $212,947 | $200,825 |
Percentage rent | 1,782 | 2,911 | 2,460 |
Total | $220,422 | $215,858 | $203,285 |
Earnings_per_share_Reconciliat
Earnings per share - Reconciliations of Basic and Diluted Share Calculations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $4,680 | $41,189 | $35,649 | $20,912 | $2,370 | $40,748 | $30,735 | $28,732 | $102,430 | $102,585 | $86,566 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 45,490 | 47,494 | 51,200 |
Weighted average shares outstanding assuming dilution | ' | ' | ' | ' | ' | ' | ' | ' | 45,955 | 48,094 | 52,029 |
Basic Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share | $0.10 | $0.90 | $0.76 | $0.45 | $0.05 | $0.85 | $0.64 | $0.59 | $2.21 | $2.13 | $1.66 |
Diluted Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share | $0.10 | $0.89 | $0.76 | $0.44 | $0.05 | $0.84 | $0.63 | $0.58 | $2.19 | $2.10 | $1.64 |
Earnings Per Share, Basic. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 102,430 | 102,585 | 86,566 |
Less net income associated with participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,983 | 1,470 | 1,455 |
Net Income Available to Common Stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 100,447 | 101,115 | 85,111 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 45,490 | 47,494 | 51,200 |
Basic Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.21 | $2.13 | $1.66 |
Earnings Per Share, Diluted. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 102,430 | 102,585 | 86,566 |
Less net income associated with participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,963 | 1,452 | 1,432 |
Net Income Available to Common Stockholders, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $100,467 | $101,133 | $85,134 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 465 | 600 | 829 |
Weighted average shares outstanding assuming dilution | ' | ' | ' | ' | ' | ' | ' | ' | 45,955 | 48,094 | 52,029 |
Diluted Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.19 | $2.10 | $1.64 |
Earnings_per_share_Additional_
Earnings per share - Additional Information (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Nonparticipating Option Securities [Member] | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Securities excluded from the computations of earnings per share | 563,480 | 1,381,750 | 2,028,204 |
Nonparticipating Performance Based Restricted Units Securities [Member] | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Securities excluded from the computations of earnings per share | 0 | 11,918 | 14,125 |
Equity_and_Incentive_Compensat2
Equity and Incentive Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Aug. 21, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Mar. 08, 2011 | |
Associate Discount Stock Purchase Plan | Associate Discount Stock Purchase Plan | Associate Discount Stock Purchase Plan | Employee Stock Option | Restricted Stock | Long Term Performance [Member] | Associate Discount Stock Purchase Plan | 2013 Repurchase Plan | 2013 Repurchase Plan | 2011 Repurchase Program [Member] | 2011 Repurchase Program [Member] | 2011 Repurchase Program [Member] | 2011 Repurchase Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total authorized under the Securities Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | $600,000,000 |
Total available for share repurchases under the Securities Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 0 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 1,500,346 | 4,908,355 | 7,288,653 | ' |
Repurchase of common stock, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | 135,000,000 | 175,000,000 | ' |
Eligible employee stock purchase price as a percentage of closing price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Eligible employee stock purchase plan maximum payroll deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Issuance pursuant to the Stock Purchase Plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,969 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Average Discount Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.64 | ' | ' | ' | ' | ' | ' |
Compensation expense related to stock purchase plan | ' | ' | ' | 500,000 | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | 16,260,000 | 16,998,000 | 20,710,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,352,527 | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 6,200,000 | 7,900,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits from stock-based compensation | 3,027,000 | 9,229,000 | 7,627,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 12,641,000 | 34,762,000 | 8,499,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Performance, Compensation | 11,000,000 | 18,500,000 | 29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Performance, Unrecognized Compensation Cost | $22,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Cost Not Yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | '2 years 6 months 0 days | ' | ' | ' | ' | ' | ' | ' |
Equity_and_Incentive_Compensat3
Equity and Incentive Compensation Plans - Summary of Stock Incentive Plan (Detail) | 12 Months Ended | ||||||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | 19-May-10 | Feb. 01, 2014 | |
plans | Stock Incentive Plan 2002 | Stock Incentive Plan 2003 | Restricted Stock And Restricted Units | Restricted Stock And Restricted Units | Before Amendment [Member] | After Amendment [Member] | |
Stock Incentive Plan 2002 | Stock Incentive Plan 2003 | Stock Incentive Plan 2003 | Stock Incentive Plan 2003 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Active Stock Incentive Plans | 2 | ' | ' | ' | ' | ' | ' |
Total authorized shares reserved for issuance | ' | 4,500,000 | ' | 787,500 | 7,434,432 | 11,750,000 | 13,424,432 |
Shares Reserved for Issuance at February 1, 2014 | ' | 228,102 | 5,044,119 | ' | ' | ' | ' |
Shares available for future grant | ' | 0 | 3,072,502 | ' | ' | ' | ' |
Equity_and_Incentive_Compensat4
Equity and Incentive Compensation Plans - (Parenthetical) (Detail) | 12 Months Ended |
Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Long-Term Performance Compensation Employment Term | '3 years |
Stock Incentive Plans | Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Stock Incentive Plans | Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Granted Expiration Period | '10 years |
Employee Stock Option | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Time Based Restricted Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Performance Based Restricted Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Time-Based Restricted Stock Award | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Performance-Based Restricted Stock Awards | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Equity_and_Incentive_Compensat5
Equity and Incentive Compensation Plans - Summary of Stock Option Activity (Rollforward) (Detail) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | ||
Shares | ' | |
Options outstanding at February 2, 2013 | 2,785,102 | |
Granted | 118,600 | [1] |
Exercise of options (in shares) | 572,072 | |
Forfeited and expired | 131,911 | |
Options outstanding at February 1, 2014 | 2,199,719 | |
Vested and exercisable at February 1, 2014 | 1,702,088 | |
Options expected to vest in the future as of February 1, 2014 | 425,933 | |
Weighted - Average Exercise Price | ' | |
Options outstanding at February 2, 2013 | $25.61 | |
Granted, Weighted Average Exercise Price | $31.50 | [1] |
Exercises, Weighted Average Exercise Price | $22.10 | |
Forfeitures and expirations, Weighted Average Exercise Price | $29.64 | |
Options outstanding at February 1, 2014 | $26.60 | |
Vested and exercisable at February 1, 2014 | $25.94 | |
Options expected to vest in the future as of February 1, 2014 | $28.97 | |
[1] | Options granted during Fiscal 2013 vest annually over a three-year period, and expire ten years after the grant date. |
Equity_and_Incentive_Compensat6
Equity and Incentive Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.73 | $12.47 | $13.20 |
Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 1 month 6 days | '5 years 10 months 24 days | ' |
Exercisable, Weighted Average Remaining Contractual Term | '4 years 2 months 12 days | ' | ' |
Expected to Vest, Weighted Average Remaining Contractual Term | '8 years 2 months 12 days | ' | ' |
Outstanding, Intrinsic Value | $14.40 | ' | ' |
Exercisable, Intrinsic Value | 12.6 | ' | ' |
Expected to Vest, Intrinsic Value | 1.5 | ' | ' |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Cost | 3.4 | ' | ' |
Weighted Average Period Of Recognition | 1.6 | ' | ' |
Options, Exercises in Period, Intrinsic Value | $7.30 | $26.10 | $13.30 |
Equity_and_Incentive_Compensat7
Equity and Incentive Compensation Plans - Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Disclosure - Weighted-Average Assumptions [Abstract] | ' | ' | ' |
Expected volatility | 50.90% | 54.60% | 57.20% |
Risk-free interest rate | 0.90% | 0.90% | 1.70% |
Expected life (years) | '4 years 10 months 24 days | '4 years 4 months 24 days | '4 years 6 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Equity_and_Incentive_Compensat8
Equity and Incentive Compensation Plans - Summary of Restricted Stock Activity (Rollforward) (Detail) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Restricted Stock | ' | ' | ' | |
Weighted - average grant date fair value | ' | ' | ' | |
Granted | $30.87 | $28.18 | $27.65 | |
Time-Based Restricted Stock Award | ' | ' | ' | |
Number of shares | ' | ' | ' | |
Restricted stock awards at February 2, 2013 | 461,396 | ' | ' | |
Granted | 405,528 | [1] | ' | ' |
Vested | -190,108 | ' | ' | |
Forfeited | -74,611 | ' | ' | |
Restricted stock awards at February 1, 2014 | 602,205 | ' | ' | |
Weighted - average grant date fair value | ' | ' | ' | |
Restricted stock awards at February 2, 2013 | $27.96 | ' | ' | |
Granted | $30.87 | ' | ' | |
Vested | $27.49 | ' | ' | |
Forfeited | $28.92 | ' | ' | |
Restricted stock awards at February 1, 2014 | $29.95 | ' | ' | |
Performance-Based Restricted Stock Awards | ' | ' | ' | |
Number of shares | ' | ' | ' | |
Restricted stock awards at February 2, 2013 | 203,671 | ' | ' | |
Granted | 184,699 | [2] | ' | ' |
Vested | -82,633 | ' | ' | |
Forfeited | -15,802 | ' | ' | |
Restricted stock awards at February 1, 2014 | 289,935 | ' | ' | |
Weighted - average grant date fair value | ' | ' | ' | |
Restricted stock awards at February 2, 2013 | $27.81 | ' | ' | |
Granted | $30.86 | ' | ' | |
Vested | $27.92 | ' | ' | |
Forfeited | $30.75 | ' | ' | |
Restricted stock awards at February 1, 2014 | $29.56 | ' | ' | |
Shares Vest Equally in Each Of March 2014, 2015 and 2016 [Member] | Time-Based Restricted Stock Award | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 181,500 | ' | ' | |
Shares Vest Equally in Each Of March 2014, 2015 and 2016 [Member] | Performance Shares | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 175,500 | ' | ' | |
Shares Vest in March 2016 [Member] | Time-Based Restricted Stock Award | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 179,100 | ' | ' | |
Shares vesting in May 2014 [Member] | Time-Based Restricted Stock Award | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 27,628 | ' | ' | |
Shares Vest Equally In Each Of June 2014, 2015 and 2016 [Member] | Time-Based Restricted Stock Award | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 13,000 | ' | ' | |
Shares Vest Equally In Each Of November 2014, 2015 and 2016 [Member] | Time-Based Restricted Stock Award | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 4,300 | ' | ' | |
Shares vest March 2013 [Member] | Performance Shares | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 3,138 | ' | ' | |
Shares vest March 2014 [Member] | Performance Shares | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Expected To Vest | 6,061 | ' | ' | |
Minimum | Performance Shares | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Percentage grantees earn of the value granted with respect to each tranche of the grant | 50.00% | ' | ' | |
Maximum | Performance Shares | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Percentage grantees earn of the value granted with respect to each tranche of the grant | 150.00% | ' | ' | |
[1] | Of this amount, 181,500 shares vest in equal installments in each of March 2014, 2015 and 2016; 179,100 shares vest in March 2016; 27,628 shares vest in May 2014; 13,000 shares vest in equal installments in each of June 2014, 2015 and 2016; and 4,300 shares vest in equal installments in each of November 2014, 2015 and 2016. | |||
[2] | Of this amount, 175,500 of these shares vest over a three-year period based on achievement of performance targets set bi-annually for each tranche of the grant. Based on Company performance, grantees may earn 50% to 150% of the shares granted with respect to each tranche. If the Company does not achieve the minimum threshold goal associated with such shares, grantees will not earn any shares with respect to that tranche. In addition, 3,138 of these shares relate to over achievement of the Spring 2012 tranche and vested in March 2013 and 6,061 of these shares relate to the over achievement of the Spring 2013 tranche and will vest in March 2014. |
Equity_and_Incentive_Compensat9
Equity and Incentive Compensation Plans - Summary of Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vested in Period, Fair Value | $3.80 | ' | ' |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized Compensation Cost | 11.2 | ' | ' |
Compensation Cost Not Yet Recognized, Period for Recognition | '1 year 9 months 18 days | ' | ' |
Grants in Period, Weighted Average Grant Date Fair Value | $30.87 | $28.18 | $27.65 |
Vested in Period, Fair Value | $8.40 | $11.70 | $14.20 |
Recovered_Sheet2
Equity and Incentive Compensation Plans - Summary of Restricted Unit Activity (Rollforward) (Detail) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Time Based Restricted Units | ' |
Number of shares | ' |
Restricted stock awards at February 2, 2013 | 75,016 |
Vested | -75,016 |
Restricted stock awards at February 1, 2014 | 0 |
Weighted - average grant date fair value | ' |
Restricted stock awards at February 2, 2013 | $19.58 |
Vested | $19.58 |
Restricted stock awards at February 1, 2014 | $0 |
Performance Based Restricted Units | ' |
Number of shares | ' |
Restricted stock awards at February 2, 2013 | 46,003 |
Vested | -46,003 |
Restricted stock awards at February 1, 2014 | 0 |
Weighted - average grant date fair value | ' |
Restricted stock awards at February 2, 2013 | $19.58 |
Vested | $19.58 |
Restricted stock awards at February 1, 2014 | $0 |
Income_Taxes_ProvisionBenefit_
Income Taxes - Provision/(Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Federal: | ' | ' | ' |
Current | $57,631 | $30,404 | $37,956 |
Deferred | -321 | 24,276 | 12,361 |
Total federal | 57,310 | 54,680 | 50,317 |
State and local: | ' | ' | ' |
Current | 12,654 | 5,174 | 11,809 |
Deferred | -1,075 | 5,421 | -4,702 |
Total state and local | 11,579 | 10,595 | 7,107 |
Foreign: | ' | ' | ' |
Current | -99 | 702 | 773 |
Deferred | -1,257 | -909 | -316 |
Total foreign | -1,356 | -207 | 457 |
Provision for income taxes | $67,533 | $65,068 | $57,881 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
ReconciliationBetweenProvisionandStatutoryRate [Abstract] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $10,100,000 | ' | ' |
U.S. Operations | 173,287,000 | 170,896,000 | 143,562,000 |
Foreign Operations | -3,324,000 | -3,243,000 | 885,000 |
Income before income taxes | 169,963,000 | 167,653,000 | 144,447,000 |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Provision for income taxes at federal statutory rate | 59,487,000 | 58,679,000 | 50,556,000 |
State and local income taxes, net of federal income tax benefit | 6,962,000 | 6,886,000 | 4,620,000 |
Non-deductible expenses | 2,068,000 | 2,341,000 | 1,700,000 |
Settlements of tax examinations | 0 | -4,113,000 | 267,000 |
Foreign | -507,000 | 909,000 | 354,000 |
Other | -477,000 | 366,000 | 384,000 |
Provision for income taxes | $67,533,000 | $65,068,000 | $57,881,000 |
Income_Taxes_Tax_Effects_of_Si
Income Taxes - Tax Effects of Significant Items Comprising the Company's Deferred Tax Assets/ (Liabilities) (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Inventory | $8,619 | $8,261 |
Accrued expenses and other | 14,104 | 15,559 |
Deferred rent and lease incentives | 6,131 | 6,593 |
Total gross deferred tax assets - current | 28,854 | 30,413 |
Less: valuation allowance | 0 | 16 |
Total net deferred tax assets - current | 28,854 | 30,397 |
Non-current: | ' | ' |
Depreciation and amortization | 95,171 | 91,062 |
Deferred rent and lease incentives | 65,256 | 67,650 |
Benefits related | 21,339 | 22,337 |
Other | 14,175 | 6,058 |
Amounts included in accumulated other comprehensive loss | 964 | 2,788 |
Total gross deferred tax assets - non-current | 6,563 | 7,771 |
Less: valuation allowance | 0 | 158 |
Total net deferred tax assets - non-current | $6,563 | $7,613 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning Balance | $3,798 | $7,797 | $6,959 |
Additions based on tax positions related to the current year | 639 | 383 | 708 |
Additions for tax positions of prior years | 1,102 | 396 | 786 |
Reductions for tax positions of prior years | -70 | -148 | -144 |
Settlements | -17 | -4,579 | ' |
Lapses in statutes of limitation | -79 | -51 | -512 |
Ending Balance | $5,373 | $3,798 | $7,797 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $10.10 | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 0.1 | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Unremitted foreign earnings | 3.1 | ' | ' |
Incremental tax on undistributed foreign earnings | 0.6 | ' | ' |
Unrecognized tax benefits that would affect the effective tax rate if recognized | 4.7 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 1.3 | ' | ' |
Recognized accrued interest and penalties related to unrecognized tax benefits | 0.2 | -1.8 | 0.7 |
Accrued interest and penalties related to unrecognized tax benefits | 1.8 | 1.9 | 4.8 |
Valuation Allowance, Amount | ' | 0.2 | ' |
Deferred Tax Assets, Expiring 2020 through 2021 | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 2.9 | ' | ' |
Deferred Tax Assets, Expiring 2031 through 2033 | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $7.20 | ' | ' |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
hours | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | $30,302,000 | $34,250,000 | $38,609,000 |
Eligible Employees To 401(k) Plan, Minimum Consecutive Hours Worked | 1,000 | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ' | ' |
Company's contribution to the 401(k) Plan | 8,000,000 | 7,500,000 | 6,800,000 |
Settlement loss recognized | $0 | $1,760,000 | $0 |
Discount Rate Yield Curve Period Of Spot Interest Rates | '30 years | ' | ' |
Deferred Compensation Plan and Deferred Contribution Plan, Employer Match Vesting Period From Date Of Executive Hire | '2 years | ' | ' |
Vice President Level And Above | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum contribution by employee, percentage of salary | 50.00% | ' | ' |
First 3 Percent of Each Participant's Contributions | Vice President Level And Above | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Participant Contribution | 3.00% | ' | ' |
Percentage of company's matching contribution to the 401(k) Plan with respect to each participant's contribution | 100.00% | ' | ' |
Between 3 Percent and 6 Percent of Each Participant's Contributions | Vice President Level And Above | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of company's matching contribution to the 401(k) Plan with respect to each participant's contribution | 50.00% | ' | ' |
Funded Status Greater Than One Hundred And Ten Percent [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan's assets allocation, securities | 100.00% | ' | ' |
After October 1, 2007 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum contribution by employee to the 401(k) Plan, percentage of annual earnings | 100.00% | ' | ' |
After October 1, 2007 | First 3 Percent of Each Participant's Contributions | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 100.00% | ' | ' |
Defined Contribution Plan, Participant Contribution | 3.00% | ' | ' |
After October 1, 2007 | Second 3 Percent of Each Participant's Contributions | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 50.00% | ' | ' |
Defined Contribution Plan, Participant Contribution | 3.00% | ' | ' |
Beginning January 2011 | Vice President Level And Above | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum contribution by employee, percentage of cash-based performance compensation earned | 95.00% | ' | ' |
Minimum | Between 3 Percent and 6 Percent of Each Participant's Contributions | Vice President Level And Above | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Participant Contribution | 3.00% | ' | ' |
Minimum | Funded Status Of 100% But No Greater Than 110% [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan, Threshold of Plan Funding for Target Allocation | 100.00% | ' | ' |
Minimum | Funded Status Greater Than One Hundred And Ten Percent [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan, Threshold of Plan Funding for Target Allocation | 110.00% | ' | ' |
Maximum | Between 3 Percent and 6 Percent of Each Participant's Contributions | Vice President Level And Above | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Participant Contribution | 6.00% | ' | ' |
Maximum | Funded Status Less Than One Hundred Percent [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan, Threshold of Plan Funding for Target Allocation | 100.00% | ' | ' |
Maximum | Funded Status Of 100% But No Greater Than 110% [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan, Threshold of Plan Funding for Target Allocation | 110.00% | ' | ' |
Equity Securities [Member] | Funded Status Less Than One Hundred Percent [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan's assets allocation, securities | 45.00% | ' | ' |
Equity Securities [Member] | Funded Status Of 100% But No Greater Than 110% [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan's assets allocation, securities | 25.00% | ' | ' |
Debt Securities [Member] | Funded Status Less Than One Hundred Percent [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan's assets allocation, securities | 55.00% | ' | ' |
Debt Securities [Member] | Funded Status Of 100% But No Greater Than 110% [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Plan's assets allocation, securities | 75.00% | ' | ' |
Retirement_Plans_Pension_Plan_
Retirement Plans - Pension Plan Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Change in benefit obligation: | ' | ' |
Projected benefit obligation at beginning of year | $34,250 | $38,609 |
Interest cost | 1,418 | 1,752 |
Actuarial loss/(gain) | 3,872 | -2,825 |
Benefits Paid | 1,494 | 8,936 |
Projected benefit obligation at end of year | 30,302 | 34,250 |
Change in plan assets: | ' | ' |
Fair value of plan assets at beginning of year | 26,417 | 32,181 |
Actual return on plan assets | 1,528 | 3,172 |
Benefits Paid | 1,494 | 8,936 |
Fair value of plan assets at end of year | 26,451 | 26,417 |
Funded status at end of year | -3,851 | -7,833 |
Net amount included in other liabilities | ($3,851) | ($7,833) |
Retirement_Plans_Amounts_Recog
Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Amounts recognized in Consolidated Balance Sheets | ' | ' |
Net amount included in other liabilities | ($3,851) | ($7,833) |
Retirement_Plans_Summary_of_Co
Retirement Plans - Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive (Income)/Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net periodic benefit cost: | ' | ' | ' |
Interest cost | $1,418 | $1,752 | $1,667 |
Expected Return on Plan Assets | 1,244 | 1,500 | 1,729 |
Amortization of net loss | -600 | -726 | -62 |
Settlement loss recognized | 0 | -1,760 | 0 |
Net periodic benefit cost | 774 | 2,738 | 0 |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | ' | ' | ' |
Net actuarial gain/(loss) | 4,156 | -1,153 | -4,932 |
Pension settlement charge | 0 | 1,760 | 0 |
Amortization of net actuarial loss | -600 | -726 | -62 |
Total recognized in other comprehensive loss/(income) | -4,756 | -1,333 | 4,870 |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive loss/(income), before Tax | ($3,982) | $1,405 | $4,870 |
Retirement_Plans_Amounts_Recog1
Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure - Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Net actuarial loss | ($2,551) | ($7,307) |
Total | $2,551 | $7,307 |
Retirement_Plans_Weighted_Aver
Retirement Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Feb. 01, 2014 | Feb. 02, 2013 |
Disclosure - Weighted Average Assumptions Used to Determine Benefit Obligations [Abstract] | ' | ' |
Discount rate | 4.65% | 4.35% |
Retirement_Plans_Weighted_Aver1
Retirement Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Disclosure - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.35% | 4.85% | 5.75% |
Long-term rate of return on assets | 5.10% | 5.10% | 6.25% |
Retirement_Plans_Financial_Ass
Retirement Plans - Financial Assets and Liabilities Held by Pension Plan, Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | $26,451 | $26,417 | $32,181 |
Mutual funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 546 | 534 | ' |
Mutual funds | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 546 | 534 | ' |
Common collective trusts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 25,634 | 25,448 | ' |
Common collective trusts | Small blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 901 | 1,010 | ' |
Common collective trusts | Mid cap blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 1,036 | 983 | ' |
Common collective trusts | Large value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 2,627 | 2,496 | ' |
Common collective trusts | Large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 2,735 | 2,971 | ' |
Common collective trusts | Foreign large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 1,355 | 1,543 | ' |
Common collective trusts | Long-term bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 16,980 | 16,445 | ' |
Money market funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 271 | 435 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 817 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 546 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 546 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | Small blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | Mid cap blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | Large value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | Large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | Foreign large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common collective trusts | Long-term bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 271 | 0 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 25,634 | 26,417 | ' |
Significant Other Observable Inputs (Level 2) | Mutual funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 534 | ' |
Significant Other Observable Inputs (Level 2) | Mutual funds | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 534 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 25,634 | 25,448 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | Small blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 901 | 1,010 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | Mid cap blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 1,036 | 983 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | Large value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 2,627 | 2,496 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | Large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 2,735 | 2,971 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | Foreign large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 1,355 | 1,543 | ' |
Significant Other Observable Inputs (Level 2) | Common collective trusts | Long-term bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 16,980 | 16,445 | ' |
Significant Other Observable Inputs (Level 2) | Money market funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 435 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Mutual funds | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | Small blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | Mid cap blend | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | Large value | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | Large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | Foreign large growth | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Common collective trusts | Long-term bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) | Money market funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets | $0 | $0 | ' |
Retirement_Plans_Benefits_Expe
Retirement Plans - Benefits Expected to be Paid under Pension Plan (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | $2,435 |
2015 | 2,001 |
2016 | 2,242 |
2017 | 1,694 |
2018 | 1,368 |
2019-2023 | $6,491 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Balance, beginning period | ($4,497) | ($5,318) | ' | ||
Foreign currency translation adjustment | -1,309 | 19 | 0 | ||
Net actuarial gain/(loss) | 4,156 | -1,153 | -4,932 | ||
Pension settlement charge | ' | 1,760 | ' | ||
Amortization of net actuarial loss | 600 | 726 | 62 | ||
Amounts reclassified from AOCL, before tax | 600 | [1] | 2,486 | [1] | ' |
Income tax expense/(benefit) | 1,824 | 531 | -1,930 | ||
Other comprehensive income/(loss), net of tax | 1,623 | 821 | -2,940 | ||
Balance, ending period | -2,874 | -4,497 | -5,318 | ||
Accumulated Translation Adjustment [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Balance, beginning period | 19 | 0 | ' | ||
Foreign currency translation adjustment | -1,309 | 19 | ' | ||
Net actuarial gain/(loss) | 0 | 0 | ' | ||
Pension settlement charge | ' | 0 | ' | ||
Amortization of net actuarial loss | 0 | 0 | ' | ||
Amounts reclassified from AOCL, before tax | 0 | [1] | 0 | [1] | ' |
Income tax expense/(benefit) | 0 | 0 | ' | ||
Other comprehensive income/(loss), net of tax | -1,309 | 19 | ' | ||
Balance, ending period | -1,290 | 19 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ||
Balance, beginning period | -4,516 | -5,318 | ' | ||
Foreign currency translation adjustment | 0 | 0 | ' | ||
Net actuarial gain/(loss) | 4,156 | -1,153 | ' | ||
Pension settlement charge | ' | 1,760 | [1] | ' | |
Amortization of net actuarial loss | 600 | [1] | 726 | [1] | ' |
Amounts reclassified from AOCL, before tax | 600 | [1] | 2,486 | [1] | 100 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 400 | 1,514 | 100 | ||
Income tax expense/(benefit) | 1,824 | 531 | ' | ||
Other comprehensive income/(loss), net of tax | 2,932 | 802 | ' | ||
Balance, ending period | ($1,584) | ($4,516) | ($5,318) | ||
[1] | Amount is included in net periodic pension cost, which is presented in bSelling, general and administrative expensesb on the Companybs Consolidated Statements of Operations. See Note 9, bRetirement Plans,b for further details. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Unaudited (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Disclosure - Selected Quarterly Financial Data - Unaudited [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Recognition of gift card and merchandise credit breakage | ' | ' | ' | ' | ' | $6,200 | ' | ' | $2,055 | $6,602 | $0 | |
Sales | 623,255 | 657,532 | [1] | 638,198 | 574,506 | 607,678 | 612,548 | 594,872 | 560,411 | 2,493,491 | 2,375,509 | 2,212,493 |
Gross margin | 307,246 | 366,220 | 349,277 | 320,565 | 298,171 | 354,399 | 332,401 | 317,371 | 1,343,308 | 1,302,342 | 1,208,143 | |
Net income | $4,680 | $41,189 | $35,649 | $20,912 | $2,370 | $40,748 | $30,735 | $28,732 | $102,430 | $102,585 | $86,566 | |
Basic earnings per share | $0.10 | $0.90 | $0.76 | $0.45 | $0.05 | $0.85 | $0.64 | $0.59 | $2.21 | $2.13 | $1.66 | |
Diluted earnings per share | $0.10 | $0.89 | $0.76 | $0.44 | $0.05 | $0.84 | $0.63 | $0.58 | $2.19 | $2.10 | $1.64 | |
[1] | Includes $6.2 million in pre-tax revenue recorded during the third quarter of Fiscal 2012 for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote. |
Subsequent_Event_Subsequent_Ev1
Subsequent Event Subsequent Event - (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
positions | |
Subsequent Events [Abstract] | ' |
Subsequent Event, Date | 14-Mar-14 |
Restructuring and Related Cost, Expected Number of Positions Eliminated | 100 |
Restructuring and Related Cost, Expected Cost | $15 |