Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended |
Aug. 02, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'ANN INC. |
Trading Symbol | 'ANN |
Entity Central Index Key | '0000874214 |
Current Fiscal Year End Date | '--01-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 2-Aug-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 45,745,229 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $648,660 | $638,198 | $1,239,252 | $1,212,704 |
Cost of sales | 309,055 | 288,921 | 584,455 | 542,862 |
Gross margin | 339,605 | 349,277 | 654,797 | 669,842 |
Selling, general and administrative expenses | 284,732 | 289,298 | 573,404 | 575,951 |
Restructuring Charge | 0 | 0 | 17,303 | 0 |
Operating income | 54,873 | 59,979 | 64,090 | 93,891 |
Interest and investment income/(expense), net | -20 | 354 | -517 | 441 |
Other non-operating income/(expense), net | -153 | 143 | -128 | 197 |
Income before income taxes | 54,700 | 60,476 | 63,445 | 94,529 |
Income tax provision | 22,021 | 24,827 | 25,583 | 37,968 |
Net income | $32,679 | $35,649 | $37,862 | $56,561 |
Earnings per share: | ' | ' | ' | ' |
Basic earnings per share (dollars per share) | $0.70 | $0.76 | $0.81 | $1.21 |
Weighted average shares outstanding | 45,480 | 45,695 | 45,529 | 45,887 |
Diluted earnings per share (dollars per share) | $0.70 | $0.76 | $0.81 | $1.20 |
Weighted average shares outstanding, assuming dilution | 45,921 | 46,125 | 45,982 | 46,332 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Net income | $32,679 | $35,649 | $37,862 | $56,561 |
Foreign currency translation adjustment | 189 | -167 | 375 | -426 |
Amortization of net actuarial loss on pension plan | 0 | 158 | 0 | 315 |
Defined benefit pension plan: | ' | ' | ' | ' |
Other comprehensive income/(loss), before tax | 189 | -9 | 375 | -111 |
Income tax expense on other comprehensive income items | 0 | 60 | 0 | 121 |
Other comprehensive income/(loss), net of tax | 189 | -69 | 375 | -232 |
Comprehensive income | $32,868 | $35,580 | $38,237 | $56,329 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | ' |
Cash and cash equivalents | $150,325 | $201,707 | $107,021 |
Accounts receivable | 25,347 | 22,448 | 24,438 |
Merchandise inventories | 255,262 | 239,667 | 247,269 |
Refundable income taxes | 6,658 | 7,252 | 8,271 |
Deferred income taxes | 25,022 | 28,854 | 28,358 |
Prepaid expenses and other current assets | 61,593 | 61,287 | 67,008 |
Total current assets | 524,207 | 561,215 | 482,365 |
Property and equipment, net | 437,927 | 443,086 | 423,850 |
Deferred income taxes | 14,941 | 6,599 | 2,191 |
Other assets | 21,767 | 22,060 | 21,457 |
Total assets | 998,842 | 1,032,960 | 929,863 |
Current liabilities | ' | ' | ' |
Accounts payable | 105,148 | 101,276 | 105,264 |
Accrued salaries and bonus | 30,416 | 24,546 | 25,575 |
Current portion of long-term performance compensation | 5,408 | 20,339 | 19,181 |
Accrued tenancy | 37,074 | 38,331 | 38,312 |
Gift certificates and merchandise credits redeemable | 38,454 | 48,150 | 37,873 |
Accrued expenses and other current liabilities | 84,339 | 97,101 | 83,748 |
Total current liabilities | 300,839 | 329,743 | 309,953 |
Deferred lease costs | 160,356 | 164,703 | 165,027 |
Deferred income taxes | 36 | 36 | 6,116 |
Long-term performance compensation, less current portion | 8,049 | 15,456 | 12,452 |
Other liabilities | 54,944 | 54,566 | 34,842 |
Commitments and contingencies | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Common stock, $.0068 par value; 200,000,000 shares authorized; 82,563,516 shares issued | 561 | 561 | 561 |
Additional paid-in capital | 739,580 | 751,765 | 747,986 |
Retained earnings | 817,134 | 779,272 | 733,403 |
Accumulated other comprehensive loss | -2,499 | -2,874 | -4,729 |
Treasury stock, 36,818,287; 36,344,643 and 36,730,220 shares, respectively, at cost | -1,080,158 | -1,060,268 | -1,075,748 |
Total stockholders' equity | 474,618 | 468,456 | 401,473 |
Total liabilities and stockholders' equity | $998,842 | $1,032,960 | $929,863 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Common Stock, Par Value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 82,563,516 | 82,563,516 | 82,563,516 |
Treasury Stock, Shares | 36,818,287 | 36,344,643 | 36,730,220 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Operating activities: | ' | ' |
Net income | $37,862 | $56,561 |
Adjustments to reconcile net income to net cash provided by/(used for) operating activities: | ' | ' |
Deferred income taxes | -4,235 | 13,456 |
Depreciation and amortization | 55,927 | 51,667 |
Loss on disposal and write-down of property and equipment | 604 | 1,754 |
Stock-based compensation | 6,804 | 7,616 |
Non-cash interest and other non-cash items | -786 | -623 |
Tax benefit from exercise/vesting of stock awards | 1,072 | 1,480 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -2,896 | -6,625 |
Merchandise inventories | -15,536 | -30,421 |
Prepaid expenses and other current assets | -356 | -816 |
Refundable income taxes | 594 | 930 |
Other non-current assets | 623 | -1,165 |
Other non-current liabilities | -3,543 | 7,819 |
Accounts payable, accrued expenses and other current liabilities | -27,432 | -46,534 |
Net cash provided by/(used for) operating activities | 48,702 | 55,099 |
Investing activities: | ' | ' |
Purchases of marketable securities | -1,808 | -2,565 |
Sales of marketable securities | 1,162 | 574 |
Purchases of property and equipment | -56,607 | -60,679 |
Other, net | -250 | 813 |
Net cash used for investing activities | -57,503 | -61,857 |
Financing activities: | ' | ' |
Proceeds from the issuance of common stock pursuant to the Associate Discount Stock Purchase Plan | 1,158 | 1,169 |
Proceeds from exercise of stock options | 13,217 | 3,603 |
Excess tax benefits from stock-based compensation | 1,696 | 1,676 |
Repurchases of common and restricted stock | -54,556 | -53,832 |
Repayments of fixed asset financing and capital lease obligations | -1,746 | -751 |
Change in trade payable program obligation, net | -2,226 | -4,988 |
Net cash provided by/(used for) financing activities | -42,457 | -53,123 |
Effect of exchange rate on cash and cash equivalents | -124 | -109 |
Net increase/(decrease) in cash and cash equivalents | -51,382 | -59,990 |
Cash and cash equivalents, beginning of period | 201,707 | 167,011 |
Cash and cash equivalents, end of period | $150,325 | $107,021 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Aug. 02, 2014 | |
Notes to Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Interim Financial Information | |
The Condensed Consolidated Financial Statements are unaudited but, in the opinion of management, contain all adjustments (which are of a normal recurring nature) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. All intercompany accounts and transactions have been eliminated. | |
The results of operations for the 2014 interim periods presented in the Condensed Consolidated Financial Statements are not necessarily indicative of results to be expected for Fiscal 2014. | |
The February 1, 2014 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheets of ANN INC. (the “Company”) included in its Annual Report on Form 10-K for the fiscal year ended February 1, 2014. | |
Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission. As such, the financial information set forth herein should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014. The Company believes that the disclosures made are adequate to prevent the interim financial statements from being misleading. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition,” as well as various other sections of the ASC, such as, but not limited to, ASC 340-20, “Other Assets and Deferred Costs-Capitalized Advertising Costs.” The core principle of ASU 2014-09 is that an entity should recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is in the process of evaluating the impact of ASU 2014-09, including the choice of retrospective application upon adoption, on its Consolidated Financial Statements. |
Restructuring_Charge_Restructu
Restructuring Charge Restructuring Charge | 6 Months Ended | |||||||||||
Aug. 02, 2014 | ||||||||||||
Restructuring Charge [Abstract] | ' | |||||||||||
Restructuring Charge | ' | |||||||||||
Restructuring Charge | ||||||||||||
During the first quarter of Fiscal 2014, the Company executed an organizational restructuring in support of its omni-channel retail strategy and its strategic growth initiatives. As part of the restructuring, the Company realigned certain functions within its corporate workforce, including its marketing, merchandise planning, procurement and allocation functions, to eliminate redundancy and integrate processes to better support its brands and serve its clients. These actions resulted in the separation of approximately 100 full-time associates. In connection with this effort, the Company recorded a pre-tax restructuring charge of approximately $17.3 million for severance and other costs during the first quarter of Fiscal 2014. The Company does not expect to incur any further material costs related to the restructuring and expects to pay all amounts accrued in connection with the restructuring by 2017. | ||||||||||||
2 | Restructuring Charge (Continued) | |||||||||||
The following tables present a reconciliation of the restructuring reserve for the quarter and six months ended August 2, 2014: | ||||||||||||
Quarter Ended | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at May 4, 2014 | $ | 17,358 | $ | — | $ | 17,358 | ||||||
Cash payments | (2,867 | ) | — | (2,867 | ) | |||||||
Balance at August 2, 2014 | $ | 14,491 | $ | — | $ | 14,491 | ||||||
Six Months Ended | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||
Restructuring charge | 16,742 | 561 | 17,303 | |||||||||
Cash payments | (4,118 | ) | (561 | ) | (4,679 | ) | ||||||
Reclassification to restructuring reserve (1) | 1,867 | — | 1,867 | |||||||||
Balance at August 2, 2014 | $ | 14,491 | $ | — | $ | 14,491 | ||||||
-1 | Prior compensation accruals related to associates separated in connection with the restructuring were reclassified to the restructuring reserve. | |||||||||||
Approximately $9.2 million and $5.3 million of the restructuring reserve is included in “Accrued salaries and bonus” and “Other liabilities,” respectively, on the Company’s Condensed Consolidated Balance Sheet at August 2, 2014, based upon the expected timing of the payments. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
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. | ||||||||||||||||
The Company maintains a self-directed, non-qualified deferred compensation plan structured as a rabbi trust for certain executives at the vice-president level and above. 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: | |||||||||||||||||
August 2, | 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 | $ | 3,743 | $ | 3,743 | $ | — | $ | — | |||||||||
Fixed income funds | 862 | 862 | — | — | |||||||||||||
Equity funds | 7,294 | 7,294 | — | — | |||||||||||||
Total assets | $ | 11,899 | $ | 11,899 | $ | — | $ | — | |||||||||
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) | |||||||||||||||||
Non-qualified deferred compensation plan assets: | |||||||||||||||||
Equity securities | $ | 3,698 | $ | 3,698 | $ | — | $ | — | |||||||||
Fixed income funds | 782 | 782 | — | — | |||||||||||||
Equity funds | 6,944 | 6,944 | — | — | |||||||||||||
Total assets | $ | 11,424 | $ | 11,424 | $ | — | $ | — | |||||||||
August 3, | 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 | $ | 4,110 | $ | 4,110 | $ | — | $ | — | |||||||||
Fixed income funds | 694 | — | 694 | — | |||||||||||||
Equity funds | 6,166 | — | 6,166 | — | |||||||||||||
Total assets | $ | 10,970 | $ | 4,110 | $ | 6,860 | $ | — | |||||||||
As of the dates presented, 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. |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | |||||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||
Net Income Per Share | ' | |||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
The following tables present a reconciliation of basic and diluted earnings per share for the quarters and six months ended August 2, 2014 and August 3, 2013: | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
August 2, 2014 | August 3, 2013 | |||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Basic Earnings per Share: | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||
Income | Share | Income | Share | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Net income | $ | 32,679 | $ | 35,649 | ||||||||||||||||||
Less net income associated with participating securities | 685 | 709 | ||||||||||||||||||||
Basic earnings per share | $ | 31,994 | 45,480 | $ | 0.7 | $ | 34,940 | 45,695 | $ | 0.76 | ||||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||
Net income | $ | 32,679 | $ | 35,649 | ||||||||||||||||||
Less net income associated with participating securities | 678 | 702 | ||||||||||||||||||||
Effect of dilutive securities | 441 | 430 | ||||||||||||||||||||
Diluted earnings per share | $ | 32,001 | 45,921 | $ | 0.7 | $ | 34,947 | 46,125 | $ | 0.76 | ||||||||||||
Six Months Ended | ||||||||||||||||||||||
August 2, 2014 | August 3, 2013 | |||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Basic Earnings per Share: | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||
Income | Share | Income | Share | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Net income | $ | 37,862 | $ | 56,561 | ||||||||||||||||||
Less net income associated with participating securities | 770 | 1,077 | ||||||||||||||||||||
Basic earnings per share | $ | 37,092 | 45,529 | $ | 0.81 | $ | 55,484 | 45,887 | $ | 1.21 | ||||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||
Net income | $ | 37,862 | $ | 56,561 | ||||||||||||||||||
Less net income associated with participating securities | 762 | 1,066 | ||||||||||||||||||||
Effect of dilutive securities | 453 | 445 | ||||||||||||||||||||
Diluted earnings per share | $ | 37,100 | 45,982 | $ | 0.81 | $ | 55,495 | 46,332 | $ | 1.2 | ||||||||||||
For the six months ended August 2, 2014, non-participating securities (stock options) representing 12,000 shares of common stock were excluded from the computation of weighted average shares for diluted earnings per share due to their antidilutive effect, since their exercise prices exceeded the average market price of the common shares during that period. There were no such shares excluded from the computation of weighted average shares for diluted earnings per share for the quarter ended August 2, 2014. | ||||||||||||||||||||||
For the quarter and six months ended August 3, 2013, non-participating securities (stock options) representing 710,200 and 754,435 shares of common stock, respectively, were excluded from the computation of weighted average shares for diluted earnings per share due to their antidilutive effect, since their exercise prices exceeded the average market price of the common shares during those periods. |
Equity_and_Incentive_Compensat
Equity and Incentive Compensation Plans | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||
Equity and Incentive Compensation Plans | ' | |||||||||||||
Equity and Incentive Compensation Plans | ||||||||||||||
Repurchase Program | ||||||||||||||
On August 21, 2013, the Company’s Board of Directors approved a new $250 million securities repurchase program (the “Repurchase Program”). 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. 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. | ||||||||||||||
During the quarter and six months ended August 2, 2014, the Company repurchased 1.3 million shares of its common stock through open market purchases under its Repurchase Program at a cost of $50 million. As of August 2, 2014, there was $200 million available for additional share repurchases under the Repurchase Program. | ||||||||||||||
During the quarter and six months ended August 3, 2013, the Company repurchased 1.5 million shares of its common stock through open market purchases under its then existing $600 million securities repurchase program at a cost of $49.1 million, fully exhausting that securities repurchase program. | ||||||||||||||
Stock Incentive Plans | ||||||||||||||
During the quarter and six months ended August 2, 2014, the Company recognized approximately $2.9 million and $6.8 million, respectively, in stock-based compensation expense. During the quarter and six months ended August 3, 2013, the Company recognized approximately $3.6 million and $7.6 million, respectively, in stock-based compensation expense. As of August 2, 2014, there was $2.7 million and $19.3 million of unrecognized compensation cost related to unvested stock options and unvested restricted stock awards, respectively, which is expected to be recognized over a remaining weighted average vesting period of 1.8 years and 3.0 years, respectively. Restricted stock award grants and shares underlying the exercise of stock options during the six months ended August 2, 2014 were issued out of treasury stock. In addition, restricted stock awards forfeited, as well as shares returned to cover employee tax withholding obligations related to the exercise of stock options and the vesting of restricted stock, were returned to treasury stock. | ||||||||||||||
Stock Options | ||||||||||||||
The following table summarizes stock option activity for the six months ended August 2, 2014: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Exercise Price | ||||||||||||||
Options outstanding at beginning of period | 2,199,719 | $ | 26.6 | |||||||||||
Granted (1) | 63,700 | 37.52 | ||||||||||||
Exercised | (455,463 | ) | 29.02 | |||||||||||
Forfeited or expired | (41,073 | ) | 27.55 | |||||||||||
Options outstanding at end of period | 1,766,883 | $ | 26.35 | |||||||||||
Vested and exercisable at August 2, 2014 | 1,515,368 | $ | 25.41 | |||||||||||
Options expected to vest in the future as of August 2, 2014 | 227,072 | $ | 32.25 | |||||||||||
-1 | Awards vest annually over a three-year period and expire ten years after the grant date. | |||||||||||||
5 | Equity and Incentive Compensation Plans (Continued) | |||||||||||||
Stock Options (continued) | ||||||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted as of the grant date. For the six months ended August 2, 2014 and August 3, 2013, the fair value of options granted was estimated using the following weighted average assumptions: | ||||||||||||||
Six Months Ended | ||||||||||||||
August 2, | August 3, | |||||||||||||
2014 | 2013 | |||||||||||||
Expected volatility | 47.50% | 52.90% | ||||||||||||
Risk-free interest rate | 1.70% | 0.90% | ||||||||||||
Expected life (years) | 5.4 | 5 | ||||||||||||
Dividend yield | — | — | ||||||||||||
The weighted average fair value of options granted during the six months ended August 2, 2014 and August 3, 2013 was $16.79 and $14.09 per share, respectively. The Company estimates the volatility of its common stock on the date of grant based on an average of its historical common stock volatility and the implied volatility of publicly traded options on its common stock. | ||||||||||||||
Restricted Stock | ||||||||||||||
The following table summarizes restricted stock activity for the six months ended August 2, 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 1, 2014 | 602,205 | $ | 29.95 | 289,935 | $ | 29.56 | ||||||||
Granted | 408,393 | (1) | 37.55 | 141,617 | (2) | 37.53 | ||||||||
Vested | (208,210 | ) | 29.06 | (124,139 | ) | 29.24 | ||||||||
Forfeited | (84,461 | ) | 30.08 | (51,028 | ) | 29.45 | ||||||||
Restricted stock awards at August 2, 2014 | 717,927 | $ | 34.52 | 256,385 | $ | 34.14 | ||||||||
-1 | Of this amount, 22,893 shares vest in June 2015; 127,700 shares vest in equal installments in each of March 2015, 2016 and 2017; 255,900 shares vest in equal installments in each of March 2017, 2018 and 2019; and 1,900 shares vest in equal installments in each of June 2015, 2016 and 2017. | |||||||||||||
-2 | 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 200% 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. | |||||||||||||
Long-Term Performance Compensation | ||||||||||||||
The Company maintains a long-term cash incentive program, the Restricted Cash Program (“RCP”), for vice-presidents and above. Compensation expense under the RCP is charged to the same income statement line item as the base salary earned by participating associates. During the quarters ended August 2, 2014 and August 3, 2013, the Company recognized $1.2 million and $2.1 million, respectively, in compensation expense under the RCP, inclusive of the effect of changes in estimates. During the six months ended August 2, 2014 and August 3, 2013, the Company recognized $1.2 million and $6.8 million, respectively, in compensation expense under the RCP, inclusive of the effect of changes in estimates. RCP compensation expense for the six months ended August 2, 2014 also reflects the impact of changes in forfeiture rate estimates recorded during the first quarter of Fiscal 2014 in connection with the Company’s restructuring. As of August 2, 2014, there was $14.7 million of unrecognized compensation cost under the RCP, which is expected to be recognized over a remaining weighted average deferral period of 2.6 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Accumulted Other Comprehensive Income | 6 Months Ended | |||||||||||
Aug. 02, 2014 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
. | Accumulated Other Comprehensive Loss | |||||||||||
The following table summarizes the components of accumulated other comprehensive loss for the six months ended August 2, 2014: | ||||||||||||
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at February 1, 2014 | $ | (1,290 | ) | $ | (1,584 | ) | $ | (2,874 | ) | |||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | 375 | — | 375 | |||||||||
Balance at August 2, 2014 | $ | (915 | ) | $ | (1,584 | ) | $ | (2,499 | ) |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Aug. 02, 2014 | |
Notes to Financial Statements [Abstract] | ' |
Legal Proceedings | ' |
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. |
Basis_of_Presentation_Accounti
Basis of Presentation Accounting Pronouncements (Policies) | 6 Months Ended |
Aug. 02, 2014 | |
Text Block [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition,” as well as various other sections of the ASC, such as, but not limited to, ASC 340-20, “Other Assets and Deferred Costs-Capitalized Advertising Costs.” The core principle of ASU 2014-09 is that an entity should recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is in the process of evaluating the impact of ASU 2014-09, including the choice of retrospective application upon adoption, on its Consolidated Financial Statements. |
Restructuring_Charge_Tables
Restructuring Charge (Tables) | 6 Months Ended | |||||||||||
Aug. 02, 2014 | ||||||||||||
Restructuring Charge [Abstract] | ' | |||||||||||
Restructuring and Related Costs [Table Text Block] | ' | |||||||||||
The following tables present a reconciliation of the restructuring reserve for the quarter and six months ended August 2, 2014: | ||||||||||||
Quarter Ended | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at May 4, 2014 | $ | 17,358 | $ | — | $ | 17,358 | ||||||
Cash payments | (2,867 | ) | — | (2,867 | ) | |||||||
Balance at August 2, 2014 | $ | 14,491 | $ | — | $ | 14,491 | ||||||
Six Months Ended | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||
Restructuring charge | 16,742 | 561 | 17,303 | |||||||||
Cash payments | (4,118 | ) | (561 | ) | (4,679 | ) | ||||||
Reclassification to restructuring reserve (1) | 1,867 | — | 1,867 | |||||||||
Balance at August 2, 2014 | $ | 14,491 | $ | — | $ | 14,491 | ||||||
-1 | Prior compensation accruals related to associates separated in connection with the restructuring were reclassified to the restructuring reserve. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The Company maintains a self-directed, non-qualified deferred compensation plan structured as a rabbi trust for certain executives at the vice-president level and above. 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: | |||||||||||||||||
August 2, | 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 | $ | 3,743 | $ | 3,743 | $ | — | $ | — | |||||||||
Fixed income funds | 862 | 862 | — | — | |||||||||||||
Equity funds | 7,294 | 7,294 | — | — | |||||||||||||
Total assets | $ | 11,899 | $ | 11,899 | $ | — | $ | — | |||||||||
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) | |||||||||||||||||
Non-qualified deferred compensation plan assets: | |||||||||||||||||
Equity securities | $ | 3,698 | $ | 3,698 | $ | — | $ | — | |||||||||
Fixed income funds | 782 | 782 | — | — | |||||||||||||
Equity funds | 6,944 | 6,944 | — | — | |||||||||||||
Total assets | $ | 11,424 | $ | 11,424 | $ | — | $ | — | |||||||||
August 3, | 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 | $ | 4,110 | $ | 4,110 | $ | — | $ | — | |||||||||
Fixed income funds | 694 | — | 694 | — | |||||||||||||
Equity funds | 6,166 | — | 6,166 | — | |||||||||||||
Total assets | $ | 10,970 | $ | 4,110 | $ | 6,860 | $ | — | |||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | |||||||||||||||||||||
Aug. 02, 2014 | ||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||
Reconciliations of Basic and Diluted Share Calculations | ' | |||||||||||||||||||||
The following tables present a reconciliation of basic and diluted earnings per share for the quarters and six months ended August 2, 2014 and August 3, 2013: | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
August 2, 2014 | August 3, 2013 | |||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Basic Earnings per Share: | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||
Income | Share | Income | Share | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Net income | $ | 32,679 | $ | 35,649 | ||||||||||||||||||
Less net income associated with participating securities | 685 | 709 | ||||||||||||||||||||
Basic earnings per share | $ | 31,994 | 45,480 | $ | 0.7 | $ | 34,940 | 45,695 | $ | 0.76 | ||||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||
Net income | $ | 32,679 | $ | 35,649 | ||||||||||||||||||
Less net income associated with participating securities | 678 | 702 | ||||||||||||||||||||
Effect of dilutive securities | 441 | 430 | ||||||||||||||||||||
Diluted earnings per share | $ | 32,001 | 45,921 | $ | 0.7 | $ | 34,947 | 46,125 | $ | 0.76 | ||||||||||||
Six Months Ended | ||||||||||||||||||||||
August 2, 2014 | August 3, 2013 | |||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Basic Earnings per Share: | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||
Income | Share | Income | Share | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Net income | $ | 37,862 | $ | 56,561 | ||||||||||||||||||
Less net income associated with participating securities | 770 | 1,077 | ||||||||||||||||||||
Basic earnings per share | $ | 37,092 | 45,529 | $ | 0.81 | $ | 55,484 | 45,887 | $ | 1.21 | ||||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||
Net income | $ | 37,862 | $ | 56,561 | ||||||||||||||||||
Less net income associated with participating securities | 762 | 1,066 | ||||||||||||||||||||
Effect of dilutive securities | 453 | 445 | ||||||||||||||||||||
Diluted earnings per share | $ | 37,100 | 45,982 | $ | 0.81 | $ | 55,495 | 46,332 | $ | 1.2 | ||||||||||||
Equity_and_Incentive_Compensat1
Equity and Incentive Compensation Plans (Tables) | 6 Months Ended | |||||||||||||
Aug. 02, 2014 | ||||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||
The following table summarizes stock option activity for the six months ended August 2, 2014: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Exercise Price | ||||||||||||||
Options outstanding at beginning of period | 2,199,719 | $ | 26.6 | |||||||||||
Granted (1) | 63,700 | 37.52 | ||||||||||||
Exercised | (455,463 | ) | 29.02 | |||||||||||
Forfeited or expired | (41,073 | ) | 27.55 | |||||||||||
Options outstanding at end of period | 1,766,883 | $ | 26.35 | |||||||||||
Vested and exercisable at August 2, 2014 | 1,515,368 | $ | 25.41 | |||||||||||
Options expected to vest in the future as of August 2, 2014 | 227,072 | $ | 32.25 | |||||||||||
-1 | Awards vest annually over a three-year period and expire ten years after the grant date. | |||||||||||||
Weighted-Average Assumptions | ' | |||||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted as of the grant date. For the six months ended August 2, 2014 and August 3, 2013, the fair value of options granted was estimated using the following weighted average assumptions: | ||||||||||||||
Six Months Ended | ||||||||||||||
August 2, | August 3, | |||||||||||||
2014 | 2013 | |||||||||||||
Expected volatility | 47.50% | 52.90% | ||||||||||||
Risk-free interest rate | 1.70% | 0.90% | ||||||||||||
Expected life (years) | 5.4 | 5 | ||||||||||||
Dividend yield | — | — | ||||||||||||
Restricted Stock | ' | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||
The following table summarizes restricted stock activity for the six months ended August 2, 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 1, 2014 | 602,205 | $ | 29.95 | 289,935 | $ | 29.56 | ||||||||
Granted | 408,393 | (1) | 37.55 | 141,617 | (2) | 37.53 | ||||||||
Vested | (208,210 | ) | 29.06 | (124,139 | ) | 29.24 | ||||||||
Forfeited | (84,461 | ) | 30.08 | (51,028 | ) | 29.45 | ||||||||
Restricted stock awards at August 2, 2014 | 717,927 | $ | 34.52 | 256,385 | $ | 34.14 | ||||||||
-1 | Of this amount, 22,893 shares vest in June 2015; 127,700 shares vest in equal installments in each of March 2015, 2016 and 2017; 255,900 shares vest in equal installments in each of March 2017, 2018 and 2019; and 1,900 shares vest in equal installments in each of June 2015, 2016 and 2017. | |||||||||||||
-2 | 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 200% 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. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Accumulated Other Compehensive Income (Tables) | 6 Months Ended | |||||||||||
Aug. 02, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The following table summarizes the components of accumulated other comprehensive loss for the six months ended August 2, 2014: | ||||||||||||
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at February 1, 2014 | $ | (1,290 | ) | $ | (1,584 | ) | $ | (2,874 | ) | |||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | 375 | — | 375 | |||||||||
Balance at August 2, 2014 | $ | (915 | ) | $ | (1,584 | ) | $ | (2,499 | ) |
Restructuring_Charge_Details
Restructuring Charge (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | 3-May-14 | Feb. 01, 2014 | ||
positions | positions | ||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |
Number of full time associated separated | 100 | ' | 100 | ' | ' | ' | |
Restructuring charge | $0 | $0 | $17,303,000 | $0 | ' | ' | |
Cash payments | -2,867,000 | ' | -4,679,000 | ' | ' | ' | |
Reclassification to restructuring reserve | ' | ' | 1,867,000 | [1] | ' | ' | ' |
Restructuring Reserve | 14,491,000 | ' | 14,491,000 | ' | 17,358,000 | 0 | |
Material cost related to restructuring | ' | ' | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |
Restructuring and Related Cost, Expected Cost | 0 | ' | ' | ' | ' | ' | |
Long-term Restructuring Reserve | ' | ' | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |
Restructuring Reserve | 5,300,000 | ' | 5,300,000 | ' | ' | ' | |
Short-term Restructuring Reserve | ' | ' | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |
Restructuring Reserve | 9,200,000 | ' | 9,200,000 | ' | ' | ' | |
Severance and Related Costs | ' | ' | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |
Restructuring charge | ' | ' | 16,742,000 | ' | ' | ' | |
Cash payments | -2,867,000 | ' | -4,118,000 | ' | ' | ' | |
Reclassification to restructuring reserve | ' | ' | 1,867,000 | [1] | ' | ' | ' |
Restructuring Reserve | 14,491,000 | ' | 14,491,000 | ' | 17,358,000 | 0 | |
Other Restructuring Costs | ' | ' | ' | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | |
Restructuring charge | ' | ' | 561,000 | ' | ' | ' | |
Cash payments | 0 | ' | -561,000 | ' | ' | ' | |
Reclassification to restructuring reserve | ' | ' | 0 | ' | ' | ' | |
Restructuring Reserve | $0 | ' | $0 | ' | $0 | $0 | |
[1] | Prior compensation accruals related to associates separated in connection with the restructuring were reclassified to the restructuring reserve. |
Fair_Value_Measurments_Financi
Fair Value Measurments - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Aug. 02, 2014 | Feb. 01, 2014 | Aug. 03, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Fair Value Disclosure, Recurring | $11,899 | $11,424 | $10,970 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Fair Value Disclosure, Recurring | 11,899 | 11,424 | 4,110 |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 | 6,860 |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 | 0 |
Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 3,743 | 3,698 | 4,110 |
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 3,743 | 3,698 | 4,110 |
Equity Securities | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 | 0 |
Equity Securities | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 | 0 |
Fixed Income Funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 862 | 782 | 694 |
Fixed Income Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 862 | 782 | 0 |
Fixed Income Funds | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 | 694 |
Fixed Income Funds | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 | 0 |
Equity Funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 7,294 | 6,944 | 6,166 |
Equity Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 7,294 | 6,944 | 0 |
Equity Funds | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 | 6,166 |
Equity Funds | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Investments, Fair Value Disclosure | $0 | $0 | $0 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) (Nonparticipating Securities - Stock Options) | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Nonparticipating Securities - Stock Options | ' | ' | ' | ' |
Earnings Per Share Disclosure | ' | ' | ' | ' |
Antidilutive securities excluded from the computations of earnings per share | 0 | 710,200 | 12,000 | 754,435 |
Net_Income_Per_Share_Reconcili
Net Income Per Share - Reconciliations of Basic and Diluted Share Calculations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Earnings Per Share Disclosure | ' | ' | ' | ' |
Net income | $32,679 | $35,649 | $37,862 | $56,561 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' |
Weighted average shares outstanding | 45,480 | 45,695 | 45,529 | 45,887 |
Effect of dilutive securities (shares) | 441 | 430 | 453 | 445 |
Weighted average shares outstanding assuming dilution | 45,921 | 46,125 | 45,982 | 46,332 |
Basic Earnings per Share | ' | ' | ' | ' |
Basic earnings per share (dollars per share) | $0.70 | $0.76 | $0.81 | $1.21 |
Diluted Earnings per Share | ' | ' | ' | ' |
Diluted earnings per share (dollars per share) | $0.70 | $0.76 | $0.81 | $1.20 |
Earnings Per Share, Basic. [Member] | ' | ' | ' | ' |
Earnings Per Share Disclosure | ' | ' | ' | ' |
Net income | 32,679 | 35,649 | 37,862 | 56,561 |
Undistributed Earnings Allocated to Participating Securities | 685 | 709 | 770 | 1,077 |
Net Income Available to Common Stockholders, Basic | 31,994 | 34,940 | 37,092 | 55,484 |
Earnings Per Share, Diluted | ' | ' | ' | ' |
Earnings Per Share Disclosure | ' | ' | ' | ' |
Net income | 32,679 | 35,649 | 37,862 | 56,561 |
Undistributed Earnings Allocated to Participating Securities | 678 | 702 | 762 | 1,066 |
Net Income Available to Common Stockholders, Diluted | $32,001 | $34,947 | $37,100 | $55,495 |
Equity_and_Incentive_Compensat2
Equity and Incentive Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense recognized | $2,900,000 | $3,600,000 | $6,804,000 | $7,616,000 |
Employee Stock Option | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost, unvested | 2,700,000 | ' | 2,700,000 | ' |
Unrecognized compensation cost, unvested, remaining weighted-average vesting period (in years) | 1.8 | ' | 1.8 | ' |
Restricted Stock | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost, unvested | $19,300,000 | ' | $19,300,000 | ' |
Unrecognized compensation cost, unvested, remaining weighted-average vesting period (in years) | 3 | ' | 3 | ' |
Equity_and_Incentive_Compensat3
Equity and Incentive Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 6 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average fair value of options granted (dollars per share) | $16.79 | $14.09 |
Stock Options | ' | ' |
Options outstanding at beginning of period (shares) | 2,199,719 | ' |
Granted (shares) | 63,700 | ' |
Exercised (shares) | -455,463 | ' |
Forfeited or expired (shares) | -41,073 | ' |
Options outstanding at end of period (shares) | 1,766,883 | ' |
Vested and exercisable at August 2, 2014 (shares) | 1,515,368 | ' |
Options expected to vest in the future as of August 2, 2014 (shares) | 227,072 | ' |
Weighted Average Exercise Price | ' | ' |
Options outstanding at beginning of period (dollars per share) | $26.60 | ' |
Granted (dollars per share) | $37.52 | ' |
Exercised (dollars per share) | $29.02 | ' |
Forfeited or expired (dollars per share) | $27.55 | ' |
Options outstanding at end of period (dollars per share) | $26.35 | ' |
Vested and exercisable at August 2, 2014 (dollars per share) | $25.41 | ' |
Options expected to vest in the future as of August 2, 2014 (dollars per share) | $32.25 | ' |
Equity_and_Incentive_Compensat4
Equity and Incentive Compensation Plans - Summary of Stock Option Activity (Parenthetical) (Detail) (Employee Stock Option) | 6 Months Ended |
Aug. 02, 2014 | |
Employee Stock Option | ' |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options granted annual vesting period | '3 years |
Options granted expiration period | '10 years |
Equity_and_Incentive_Compensat5
Equity and Incentive Compensation Plans - Weighted-Average Assumptions (Detail) | 6 Months Ended | |
Aug. 02, 2014 | Aug. 03, 2013 | |
Disclosure - Weighted-Average Assumptions [Abstract] | ' | ' |
Expected volatility | 47.50% | 52.90% |
Risk-free interest rate | 1.70% | 0.90% |
Expected life (years) | '5 years 4 months 24 days | '5 years |
Dividend yield | 0.00% | 0.00% |
Equity_and_Incentive_Compensat6
Equity and Incentive Compensation Plans - Summary of Restricted Stock Activity (Detail) (USD $) | 6 Months Ended |
Aug. 02, 2014 | |
Time-Based Restricted Stock Award | ' |
Number of Shares | ' |
Balance at beginning of period (shares) | 602,205 |
Granted (shares) | 408,393 |
Vested (shares) | -208,210 |
Forfeited (shares) | -84,461 |
Balance at end of period (shares) | 717,927 |
Weighted Average Grant Date Fair Value | ' |
Balance at beginning of period (dollars per share) | $29.95 |
Granted ( dollars per share) | $37.55 |
Vested (dollars per share) | $29.06 |
Forfeited (dollars per share) | $30.08 |
Balance at end of period (dollars per share) | $34.52 |
Performance-Based Restricted Stock Awards [Member] | ' |
Number of Shares | ' |
Balance at beginning of period (shares) | 289,935 |
Granted (shares) | 141,617 |
Vested (shares) | -124,139 |
Forfeited (shares) | -51,028 |
Balance at end of period (shares) | 256,385 |
Weighted Average Grant Date Fair Value | ' |
Balance at beginning of period (dollars per share) | $29.56 |
Granted ( dollars per share) | $37.53 |
Vested (dollars per share) | $29.24 |
Forfeited (dollars per share) | $29.45 |
Balance at end of period (dollars per share) | $34.14 |
Shares Vest in June 2015 | 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 | 22,893 |
Shares Vest Equally In Each Of March 2015, 2016 and 2017 | 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 | 127,700 |
Shares Vest Equally In Each of June 2015, 2016 and 2017 | 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 | 1,900 |
Shares Vest Equally In Each Of March 2017, 2018 and 2019 | 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 | 255,900 |
Equity_and_Incentive_Compensat7
Equity and Incentive Compensation Plans - Summary of Restricted Stock Activity (Parenthetical) (Detail) (Performance-Based Restricted Stock Awards) | 3 Months Ended | 6 Months Ended | |
Aug. 02, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | |
Minimum | Maximum | ||
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock awards annual vesting period | '3 years | ' | ' |
Percentage grantees earn of the value granted with respect to each tranche of the grant | ' | 50.00% | 200.00% |
Equity_and_Incentive_Compensat8
Equity and Incentive Compensation Plans Equity and Incentive Compensation - Long Term Performance Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Disclosure - Summary of Long Term Performance Compensation [Abstract] | ' | ' | ' | ' |
Long-term performance compensation expense | $1.20 | $2.10 | $1.20 | $6.80 |
Long-term performance compensation expense total compensation not yet recognized | $14.70 | ' | $14.70 | ' |
Unrecognized compensation cost long-term performance compensation plan remaining weighted average service period (in years) | ' | ' | '2 years 7 months 6 days | ' |
Equity_and_Incentive_Compensat9
Equity and Incentive Compensation Plans Equity and Incentive Compensation Plans - Repurchase Plan (Details) (USD $) | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 21, 2013 | Mar. 08, 2011 |
Repurchase Program [Abstract] | ' | ' | ' | ' |
Stock Repurchased During Period, Value | $50 | $49.10 | ' | ' |
Total authorized under the Securities Repurchase Program | ' | ' | 250 | 600 |
Total Available For Share Repurchases Under The Securities Repurchase Program | $200 | ' | ' | ' |
Stock Repurchased During Period, Shares | 1,253,041 | 1,500,346 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 02, 2014 | Feb. 01, 2014 |
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Unrecognized Pension Benefit Costs | |||||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss, beginning balance | ' | ' | ($2,874) | ' | ($1,290) | ' | ($1,584) |
Foreign currency translation adjustment | 189 | -167 | 375 | -426 | 375 | 0 | ' |
Accumulated other comprehensive loss, ending balance | ($2,499) | ($4,729) | ($2,499) | ($4,729) | ($915) | ($1,584) | ($1,584) |