Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended |
2-May-15 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ANN INC. |
Trading Symbol | ANN |
Entity Central Index Key | 874214 |
Current Fiscal Year End Date | -29 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | 2-May-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | FALSE |
Entity Common Stock, Shares Outstanding | 45,992,699 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net sales | $597,726 | $590,592 |
Cost of sales | 285,068 | 275,400 |
Gross margin | 312,658 | 315,192 |
Selling, general and administrative expenses | 283,712 | 288,672 |
Restructuring charges | 6,375 | 17,303 |
Operating income | 22,571 | 9,217 |
Interest and investment income/(expense), net | 444 | -497 |
Other non-operating income/(expense), net | 215 | 25 |
Income before income taxes | 23,230 | 8,745 |
Income tax provision | 9,678 | 3,562 |
Net income | $13,552 | $5,183 |
Earnings per share: | ||
Basic earnings per share (dollars per share) | $0.30 | $0.11 |
Weighted average shares outstanding | 44,974 | 45,578 |
Diluted earnings per share (dollars per share) | $0.29 | $0.11 |
Weighted average shares outstanding, assuming dilution | 45,383 | 46,043 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Net income | $13,552 | $5,183 |
Foreign currency translation adjustment | 580 | 186 |
Defined benefit pension plan: | ||
Other comprehensive income/(loss), before tax | 580 | 186 |
Income tax expense on other comprehensive income items | 0 | 0 |
Other comprehensive income/(loss), net of tax | 580 | 186 |
Comprehensive income | $14,132 | $5,369 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Current assets | |||
Cash | $176,341 | $207,711 | $127,691 |
Accounts receivable | 39,007 | 20,360 | 29,953 |
Merchandise inventories | 287,690 | 265,022 | 282,912 |
Refundable income taxes | 9,267 | 9,270 | 7,190 |
Deferred income taxes | 33,039 | 26,046 | 32,936 |
Prepaid expenses and other current assets | 71,915 | 72,489 | 64,206 |
Total current assets | 617,259 | 600,898 | 544,888 |
Property and equipment, net | 413,921 | 426,729 | 438,838 |
Deferred income taxes | 17,310 | 12,119 | 5,142 |
Other assets | 22,213 | 21,760 | 22,168 |
Total assets | 1,070,703 | 1,061,506 | 1,011,036 |
Current liabilities | |||
Accounts payable | 117,864 | 134,031 | 107,481 |
Accrued salaries and bonus | 23,691 | 20,268 | 29,324 |
Current portion of long-term performance compensation | 6,001 | 5,838 | 5,109 |
Accrued tenancy | 34,074 | 36,907 | 37,137 |
Gift certificates and merchandise credits redeemable | 42,809 | 49,146 | 41,801 |
Accrued expenses and other current liabilities | 107,844 | 85,298 | 82,073 |
Total current liabilities | 332,283 | 331,488 | 302,925 |
Deferred lease costs | 146,943 | 149,658 | 160,180 |
Deferred income taxes | 0 | 0 | 36 |
Long-term performance compensation, less current portion | 7,645 | 11,601 | 7,111 |
Other liabilities | 54,256 | 58,081 | 56,775 |
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 | 745,543 | 749,711 | 737,687 |
Retained earnings | 860,804 | 847,252 | 784,455 |
Accumulated other comprehensive loss | -5,125 | -5,705 | -2,688 |
Treasury stock, 36,570,817; 36,844,722 and 35,736,212 shares, respectively, at cost | -1,072,207 | -1,081,141 | -1,036,006 |
Total stockholders' equity | 529,576 | 510,678 | 484,009 |
Total liabilities and stockholders' equity | $1,070,703 | $1,061,506 | $1,011,036 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
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 | 36,570,817 | 36,844,722 | 35,736,212 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Operating activities: | ||
Net income | $13,552 | $5,183 |
Adjustments to reconcile net income to net cash provided by/(used for) operating activities: | ||
Deferred income taxes | -12,095 | -2,591 |
Depreciation and amortization | 27,362 | 28,607 |
Loss on disposal and write-down of property and equipment | 954 | 232 |
Stock-based compensation | 3,114 | 3,890 |
Non-cash interest and other non-cash items | -1,020 | 131 |
Tax benefit from exercise/vesting of stock awards | 2,495 | 750 |
Changes in assets and liabilities: | ||
Accounts receivable | -18,632 | -7,502 |
Merchandise inventories | -22,508 | -43,197 |
Prepaid expenses and other current assets | 1,103 | -2,961 |
Refundable income taxes | 3 | 62 |
Other non-current assets | 852 | -7 |
Other non-current liabilities | -4,108 | -3,607 |
Accounts payable, accrued expenses and other current liabilities | -4,925 | -30,817 |
Net cash provided by/(used for) operating activities | -13,853 | -51,827 |
Investing activities: | ||
Purchases of marketable securities | -827 | -1,580 |
Sales of marketable securities | 118 | 1,118 |
Purchases of property and equipment | -17,762 | -26,259 |
Net cash used for investing activities | -18,471 | -26,721 |
Financing activities: | ||
Proceeds from the issuance of common stock pursuant to the Associate Discount Stock Purchase Plan | 719 | 711 |
Proceeds from exercise of stock options | 1,796 | 9,369 |
Excess tax benefits from stock-based compensation | 2,515 | 1,157 |
Repurchases of restricted stock | -3,358 | -4,536 |
Repayments of fixed asset financing and capital lease obligations | -824 | -929 |
Change in trade payable program obligation | 285 | -1,254 |
Net cash provided by/(used for) financing activities | 1,133 | 4,518 |
Effect of exchange rate on cash | -179 | 14 |
Net increase/(decrease) in cash | -31,370 | -74,016 |
Cash, beginning of period | 207,711 | 201,707 |
Cash, end of period | $176,341 | $127,691 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
2-May-15 | |
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 2015 interim period presented in the Condensed Consolidated Financial Statements are not necessarily indicative of results to be expected for Fiscal 2015. | |
The January 31, 2015 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 January 31, 2015. | |
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 January 31, 2015. 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 ASU 2014-09, including the choice of retrospective application upon adoption, and does not currently anticipate it will have a material impact on the Company’s Consolidated Financial Statements. |
Restructuring_Charge_Restructu
Restructuring Charge Restructuring Charge | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Restructuring Charge [Abstract] | ||||||||||||
Restructuring Charge | Restructuring Charges | |||||||||||
In late 2014, the Company launched a comprehensive Supply Chain assessment, which is focused on enhancing the efficiency and effectiveness of its sourcing capabilities and identifying opportunities to improve profitability with an emphasis on speed, flexibility, improved product sell-through and reduced cost of goods sold. In addition, during the first quarter of Fiscal 2015, the Company initiated an SG&A Optimization program, a broad-based productivity initiative designed to reduce its overall cost structure and enhance operating efficiency and organizational effectiveness. Based on actions taken during the first quarter of Fiscal 2015 in connection with these two initiatives, the Company recorded a $6.4 million restructuring charge (the “2015 Restructuring”) for severance associated with the elimination of approximately 600 full-time field associates, consulting services and other related costs. The Company expects to incur incremental restructuring costs related to these initiatives during the remainder of Fiscal 2015 as it continues its assessment of the opportunities identified; the extent of those costs will vary based on the opportunities it chooses to pursue. | ||||||||||||
2 | Restructuring Charges (Continued) | |||||||||||
The following table presents a reconciliation of the reserve established in connection with the 2015 Restructuring for the quarter ended May 2, 2015: | ||||||||||||
Quarter Ended May 2, 2015 | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at January 31, 2015 | $ | — | $ | — | $ | — | ||||||
Restructuring charge | 3,434 | 2,941 | 6,375 | |||||||||
Cash payments | — | (1,223 | ) | (1,223 | ) | |||||||
Balance at May 2, 2015 | $ | 3,434 | $ | 1,718 | $ | 5,152 | ||||||
Approximately $3.4 million and $1.7 million of the reserve related to the 2015 Restructuring is included in “Accrued salaries and bonus” and “Accrued expenses and other current liabilities,” respectively, on the Company’s Condensed Consolidated Balance Sheet at May 2, 2015. | ||||||||||||
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 (the “2014 Restructuring”). 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. No additional charges related to the 2014 Restructuring were recorded during the first quarter of Fiscal 2015. The Company expects to pay all amounts accrued in connection with the 2014 Restructuring by 2017. | ||||||||||||
The following tables present a reconciliation of the reserve established in connection with the 2014 Restructuring for the quarters ended May 2, 2015 and May 3, 2014: | ||||||||||||
Quarter Ended May 2, 2015 | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at January 31, 2015 | $ | 8,326 | $ | — | $ | 8,326 | ||||||
Restructuring charge | — | — | — | |||||||||
Cash payments | (2,028 | ) | — | (2,028 | ) | |||||||
Balance at May 2, 2015 | $ | 6,298 | $ | — | $ | 6,298 | ||||||
Quarter Ended May 3, 2014 | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||
Restructuring charge | 16,742 | 561 | 17,303 | |||||||||
Cash payments | (1,251 | ) | (561 | ) | (1,812 | ) | ||||||
Reclassification to restructuring reserve (1) | 1,867 | — | 1,867 | |||||||||
Balance at May 3, 2014 | $ | 17,358 | $ | — | $ | 17,358 | ||||||
-1 | Prior compensation accruals related to associates separated in connection with the restructuring were reclassified to the restructuring reserve. | |||||||||||
2 | Restructuring Charges (Continued) | |||||||||||
As of May 2, 2015 and May 3, 2014, approximately $2.6 million and $11.5 million of the reserve related to the 2014 Restructuring, respectively, is included in “Accrued salaries and bonus” and approximately $3.7 million and $5.9 million, respectively, is included in “Other liabilities” on the Company’s Condensed Consolidated Balance Sheets, based upon the expected timing of the payments. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||
2-May-15 | ||||||||||||||||||
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: | ||||||||||||||||||
May 2, | Quoted Prices | Significant | Significant | |||||||||||||||
2015 | 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 | $ | 2,753 | $ | 2,753 | $ | — | $ | — | ||||||||||
Equity funds | 10,173 | 10,173 | — | — | ||||||||||||||
Fixed income funds | 896 | 896 | — | — | ||||||||||||||
Total assets | $ | 13,822 | $ | 13,822 | $ | — | $ | — | ||||||||||
January 31, 2015 | 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 | $ | 3,098 | $ | 3,098 | $ | — | $ | — | ||||||||||
Equity funds | 7,024 | 7,024 | — | — | — | |||||||||||||
Money market funds | 1,410 | 1,410 | — | — | ||||||||||||||
Fixed income funds | 911 | 911 | — | — | ||||||||||||||
Total assets | $ | 12,443 | $ | 12,443 | $ | — | $ | — | ||||||||||
3 | Fair Value Measurements (Continued) | |||||||||||||||||
May 3, | 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 | $ | 3,188 | $ | 3,188 | $ | — | $ | — | ||||||||||
Equity funds | 7,605 | 7,605 | — | — | ||||||||||||||
Fixed income funds | 806 | 806 | — | — | ||||||||||||||
Total assets | $ | 11,599 | $ | 11,599 | $ | — | $ | — | ||||||||||
As of the dates presented, the Company believes that the carrying value of cash, receivables and payables approximates fair value, due to the short maturity of these financial instruments. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||
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 ended May 2, 2015 and May 3, 2014: | ||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Basic Earnings per Share: | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||
Income | Share | Income | Share | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Net income | $ | 13,552 | $ | 5,183 | ||||||||||||||||||
Less net income associated with participating securities | 258 | 102 | ||||||||||||||||||||
Basic earnings per share | $ | 13,294 | 44,974 | $ | 0.3 | $ | 5,081 | 45,578 | $ | 0.11 | ||||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||
Net income | $ | 13,552 | $ | 5,183 | ||||||||||||||||||
Less net income associated with participating securities | 256 | 101 | ||||||||||||||||||||
Effect of dilutive securities | 409 | 465 | ||||||||||||||||||||
Diluted earnings per share | $ | 13,296 | 45,383 | $ | 0.29 | $ | 5,082 | 46,043 | $ | 0.11 | ||||||||||||
For the quarters ended May 2, 2015 and May 3, 2014, non-participating securities (stock options) representing 71,200 and 24,000 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 | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Notes to Financial Statements [Abstract] | ||||||||||||||
Equity and Incentive Compensation Plans | Equity and Incentive Compensation Plans | |||||||||||||
Stock Incentive Plans | ||||||||||||||
During the quarters ended May 2, 2015 and May 3, 2014, the Company recognized approximately $3.1 million and $3.9 million, respectively, in stock-based compensation expense. As of May 2, 2015, there was $1.9 million and $17.4 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 2.1 years and 2.6 years, respectively. Restricted stock award grants and shares underlying the exercise of stock options during the three months ended May 2, 2015 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. | ||||||||||||||
5 | Equity and Incentive Compensation Plans (Continued) | |||||||||||||
Stock Options | ||||||||||||||
The following table summarizes stock option activity for the quarter ended May 2, 2015: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Exercise Price | ||||||||||||||
Options outstanding at January 31, 2015 | 1,697,223 | $ | 26.17 | |||||||||||
Granted (1) | 59,200 | 41.31 | ||||||||||||
Exercised | (102,941 | ) | 17.45 | |||||||||||
Forfeited or expired | (3,600 | ) | 33.84 | |||||||||||
Options outstanding at May 2, 2015 | 1,649,882 | 27.24 | ||||||||||||
Vested and exercisable at May 2, 2015 | 1,511,080 | $ | 26.29 | |||||||||||
Options expected to vest in the future as of May 2, 2015 | 138,802 | $ | 37.58 | |||||||||||
-1 | Awards vest annually over a three-year period and expire ten years after the grant date. | |||||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted as of the grant date. For the quarters ended May 2, 2015 and May 3, 2014, the fair value of options granted was estimated using the following weighted average assumptions: | ||||||||||||||
Quarter Ended | ||||||||||||||
May 2, | May 3, | |||||||||||||
2015 | 2014 | |||||||||||||
Expected volatility | 36.6 | % | 47.5 | % | ||||||||||
Risk-free interest rate | 1.7 | % | 1.7 | % | ||||||||||
Expected life (years) | 5.6 | 5.4 | ||||||||||||
Dividend yield | — | % | — | % | ||||||||||
The weighted average fair value of options granted during the quarters ended May 2, 2015 and May 3, 2014 was $15.11 and $16.79 per share, respectively. The Company estimates the volatility of its common stock on the date of grant based on the 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 quarter ended May 2, 2015: | ||||||||||||||
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 January 31, 2015 | 647,630 | $ | 34.47 | 222,063 | $ | 34.08 | ||||||||
Granted | 125,000 | (1) | 41.26 | 124,800 | (2) | 41.31 | ||||||||
Vested | (125,265 | ) | 31.82 | (84,317 | ) | 32.49 | ||||||||
Forfeited | — | — | (15,075 | ) | 32.49 | |||||||||
Restricted stock awards at May 2, 2015 | 647,365 | 36.29 | 247,471 | 38.36 | ||||||||||
-1 | These shares vest in equal installments in each of March 2016, 2017 and 2018. | |||||||||||||
-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. | |||||||||||||
5 | Equity and Incentive Compensation Plans (Continued) | |||||||||||||
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 quarter ended May 2, 2015, the Company recognized $2.4 million in compensation expense under the RCP, inclusive of the effect of changes in estimates. During the quarter ended May 3, 2014, compensation expense recognized under the RCP was immaterial, since the expense related to amounts banked under the program was substantially offset by the benefit associated with changes in forfeiture rate estimates, due, in part, to the Company’s 2014 Restructuring. As of May 2, 2015, there was $21.2 million of unrecognized compensation expense under the RCP, which is expected to be recognized over a remaining weighted average deferral period of 2.9 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Accumulted Other Comprehensive Income | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
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 (“AOCL”) for the quarter ended May 2, 2015: | ||||||||||||
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at January 31, 2015 | $ | (2,430 | ) | $ | (3,275 | ) | $ | (5,705 | ) | |||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | 580 | — | 580 | |||||||||
Balance at May 2, 2015 | $ | (1,850 | ) | $ | (3,275 | ) | $ | (5,125 | ) |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
2-May-15 | |
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. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended | |
2-May-15 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | Subsequent Event | |
On May 17, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ascena Retail Group, Inc., a Delaware corporation (“Ascena”), and Avian Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of Ascena (“Merger Sub”). The Merger Agreement provides for, among other things, the merger of Merger Sub with and into the Company, with the Company continuing as the surviving corporation (the “Merger”). The Boards of Directors of both companies, by unanimous vote, approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. | ||
Subject to the terms and conditions of the Merger Agreement, upon the closing of the Merger, which is expected to occur in the second half of 2015, each outstanding share of common stock of the Company (other than shares, if any, held by Ascena, Merger Sub and the Company and shares with respect to which appraisal rights have been properly demanded in accordance with the Delaware General Corporation Law) will be converted into the right to receive (i) $37.34 in cash and (ii) 0.68 of a share of Ascena common stock, par value $0.01 per share, with cash payable in lieu of fractional shares of Ascena common stock. | ||
8 | Subsequent Event (Continued) | |
Completion of the Merger is subject to various closing conditions, including: approval by the Company’s stockholders of the Merger; the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; the absence of any governmental order prohibiting the consummation of the transactions contemplated by the Merger Agreement; the U.S. Securities and Exchange Commission (the “SEC”) declaring effective the Form S-4 to be filed by Ascena with respect to the shares of Ascena common stock to be issued in the Merger; the shares of Ascena common stock to be issued in the Merger being approved for listing on the NASDAQ Global Select Market; the accuracy of the representations and warranties of each party (subject to certain materiality standards) and the material compliance by each party with its obligations under the Merger Agreement. Consummation of the Merger is not subject to a financing condition and does not require approval by Ascena stockholders. | ||
The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants providing for each of the parties to conduct its business in the ordinary course during the period between the execution of the Merger Agreement and the closing and to use reasonable best efforts to obtain required government approvals, subject to certain exceptions. The Merger Agreement also includes covenants requiring the Company (1) not to solicit, or enter into discussions with third parties relating to, alternative business combination transactions during the period between the execution of the Merger Agreement and the closing, subject to fulfillment of certain fiduciary requirements of the Company’s Board and (2) to call and hold a special meeting of the Company’s stockholders to approve the Merger and, subject to certain exceptions, not to withdraw, amend or modify in a manner adverse to Ascena the recommendation of the Company’s Board that the Company’s stockholders approve the Merger. | ||
The Merger Agreement contains certain termination rights, including the right of either party to terminate the Merger Agreement if the Merger does not occur by February 17, 2016, the right of the Company to terminate the Merger Agreement to accept a superior proposal for an alternative business combination (as long as the Company complies with certain notice and other requirements under the Merger Agreement) and the right of Ascena to terminate due to a change of recommendation by the Company’s Board. Upon termination of the Merger Agreement by the Company or Ascena upon specified conditions, a termination fee of $48,270,000 may be payable by the Company. In addition, upon a termination of the Merger Agreement for the failure to obtain the approval of the Company’s stockholders, the Company may be required to reimburse Ascena for up to $5 million in expenses related to the Merger Agreement. | ||
Ascena has obtained a commitment letter from Goldman, Sachs & Co. and Guggenheim Securities (the “Lenders”) for the purpose of financing the transactions contemplated by the Merger Agreement. The obligations of the Lenders to provide financing under the commitment letter are subject to certain conditions. | ||
For further information on the Merger and the Merger Agreement, please refer to the Current Report on Form 8-K filed by the Company on May 18, 2015 and the Merger Agreement and other documents filed as exhibits thereto. The foregoing description of the Merger does not purport to be complete, is subject to, and is qualified in its entirety by reference to, the Merger Agreement. |
Basis_of_Presentation_Accounti
Basis of Presentation Accounting Pronouncements (Policies) | 3 Months Ended |
2-May-15 | |
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 ASU 2014-09, including the choice of retrospective application upon adoption, and does not currently anticipate it will have a material impact on the Company’s Consolidated Financial Statements. |
Restructuring_Charge_Tables
Restructuring Charge (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Restructuring Charge [Abstract] | ||||||||||||
Restructuring and Related Costs [Table Text Block] | The following table presents a reconciliation of the reserve established in connection with the 2015 Restructuring for the quarter ended May 2, 2015: | |||||||||||
Quarter Ended May 2, 2015 | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at January 31, 2015 | $ | — | $ | — | $ | — | ||||||
Restructuring charge | 3,434 | 2,941 | 6,375 | |||||||||
Cash payments | — | (1,223 | ) | (1,223 | ) | |||||||
Balance at May 2, 2015 | $ | 3,434 | $ | 1,718 | $ | 5,152 | ||||||
Approximately $3.4 million and $1.7 million of the reserve related to the 2015 Restructuring is included in “Accrued salaries and bonus” and “Accrued expenses and other current liabilities,” respectively, on the Company’s Condensed Consolidated Balance Sheet at May 2, 2015. | ||||||||||||
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 (the “2014 Restructuring”). 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. No additional charges related to the 2014 Restructuring were recorded during the first quarter of Fiscal 2015. The Company expects to pay all amounts accrued in connection with the 2014 Restructuring by 2017. | ||||||||||||
The following tables present a reconciliation of the reserve established in connection with the 2014 Restructuring for the quarters ended May 2, 2015 and May 3, 2014: | ||||||||||||
Quarter Ended May 2, 2015 | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at January 31, 2015 | $ | 8,326 | $ | — | $ | 8,326 | ||||||
Restructuring charge | — | — | — | |||||||||
Cash payments | (2,028 | ) | — | (2,028 | ) | |||||||
Balance at May 2, 2015 | $ | 6,298 | $ | — | $ | 6,298 | ||||||
Quarter Ended May 3, 2014 | ||||||||||||
Severance | Other | Total | ||||||||||
and Related | Restructuring | |||||||||||
Costs | Costs | |||||||||||
(in thousands) | ||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||
Restructuring charge | 16,742 | 561 | 17,303 | |||||||||
Cash payments | (1,251 | ) | (561 | ) | (1,812 | ) | ||||||
Reclassification to restructuring reserve (1) | 1,867 | — | 1,867 | |||||||||
Balance at May 3, 2014 | $ | 17,358 | $ | — | $ | 17,358 | ||||||
-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) | 3 Months Ended | |||||||||||||||||
2-May-15 | ||||||||||||||||||
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: | |||||||||||||||||
May 2, | Quoted Prices | Significant | Significant | |||||||||||||||
2015 | 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 | $ | 2,753 | $ | 2,753 | $ | — | $ | — | ||||||||||
Equity funds | 10,173 | 10,173 | — | — | ||||||||||||||
Fixed income funds | 896 | 896 | — | — | ||||||||||||||
Total assets | $ | 13,822 | $ | 13,822 | $ | — | $ | — | ||||||||||
January 31, 2015 | 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 | $ | 3,098 | $ | 3,098 | $ | — | $ | — | ||||||||||
Equity funds | 7,024 | 7,024 | — | — | — | |||||||||||||
Money market funds | 1,410 | 1,410 | — | — | ||||||||||||||
Fixed income funds | 911 | 911 | — | — | ||||||||||||||
Total assets | $ | 12,443 | $ | 12,443 | $ | — | $ | — | ||||||||||
3 | Fair Value Measurements (Continued) | |||||||||||||||||
May 3, | 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 | $ | 3,188 | $ | 3,188 | $ | — | $ | — | ||||||||||
Equity funds | 7,605 | 7,605 | — | — | ||||||||||||||
Fixed income funds | 806 | 806 | — | — | ||||||||||||||
Total assets | $ | 11,599 | $ | 11,599 | $ | — | $ | — | ||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||
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 ended May 2, 2015 and May 3, 2014: | |||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||
Basic Earnings per Share: | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||
Income | Share | Income | Share | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Net income | $ | 13,552 | $ | 5,183 | ||||||||||||||||||
Less net income associated with participating securities | 258 | 102 | ||||||||||||||||||||
Basic earnings per share | $ | 13,294 | 44,974 | $ | 0.3 | $ | 5,081 | 45,578 | $ | 0.11 | ||||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||
Net income | $ | 13,552 | $ | 5,183 | ||||||||||||||||||
Less net income associated with participating securities | 256 | 101 | ||||||||||||||||||||
Effect of dilutive securities | 409 | 465 | ||||||||||||||||||||
Diluted earnings per share | $ | 13,296 | 45,383 | $ | 0.29 | $ | 5,082 | 46,043 | $ | 0.11 | ||||||||||||
Equity_and_Incentive_Compensat1
Equity and Incentive Compensation Plans (Tables) | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity for the quarter ended May 2, 2015: | |||||||||||||
Shares | Weighted Average | |||||||||||||
Exercise Price | ||||||||||||||
Options outstanding at January 31, 2015 | 1,697,223 | $ | 26.17 | |||||||||||
Granted (1) | 59,200 | 41.31 | ||||||||||||
Exercised | (102,941 | ) | 17.45 | |||||||||||
Forfeited or expired | (3,600 | ) | 33.84 | |||||||||||
Options outstanding at May 2, 2015 | 1,649,882 | 27.24 | ||||||||||||
Vested and exercisable at May 2, 2015 | 1,511,080 | $ | 26.29 | |||||||||||
Options expected to vest in the future as of May 2, 2015 | 138,802 | $ | 37.58 | |||||||||||
-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 quarters ended May 2, 2015 and May 3, 2014, the fair value of options granted was estimated using the following weighted average assumptions: | |||||||||||||
Quarter Ended | ||||||||||||||
May 2, | May 3, | |||||||||||||
2015 | 2014 | |||||||||||||
Expected volatility | 36.6 | % | 47.5 | % | ||||||||||
Risk-free interest rate | 1.7 | % | 1.7 | % | ||||||||||
Expected life (years) | 5.6 | 5.4 | ||||||||||||
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 quarter ended May 2, 2015: | |||||||||||||
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 January 31, 2015 | 647,630 | $ | 34.47 | 222,063 | $ | 34.08 | ||||||||
Granted | 125,000 | (1) | 41.26 | 124,800 | (2) | 41.31 | ||||||||
Vested | (125,265 | ) | 31.82 | (84,317 | ) | 32.49 | ||||||||
Forfeited | — | — | (15,075 | ) | 32.49 | |||||||||
Restricted stock awards at May 2, 2015 | 647,365 | 36.29 | 247,471 | 38.36 | ||||||||||
-1 | These shares vest in equal installments in each of March 2016, 2017 and 2018. | |||||||||||||
-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) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the components of accumulated other comprehensive loss (“AOCL”) for the quarter ended May 2, 2015: | |||||||||||
Foreign Currency Translation | Unrecognized Pension Benefit Costs | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at January 31, 2015 | $ | (2,430 | ) | $ | (3,275 | ) | $ | (5,705 | ) | |||
Other comprehensive income/(loss) before reclassifications: | ||||||||||||
Foreign currency translation adjustment | 580 | — | 580 | |||||||||
Balance at May 2, 2015 | $ | (1,850 | ) | $ | (3,275 | ) | $ | (5,125 | ) |
Restructuring_Charge_Details
Restructuring Charge (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 | Feb. 01, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Number of full time associated separated | 600 | 100 | |||
Restructuring charges | $6,375 | $17,303 | |||
Long-term Restructuring Reserve | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 3,700 | 5,900 | |||
2015 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 6,375 | ||||
Cash payments | -1,223 | ||||
Restructuring Reserve | 5,152 | 0 | |||
2015 Restructuring [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 3,434 | ||||
Cash payments | 0 | ||||
Restructuring Reserve | 3,434 | 0 | |||
2015 Restructuring [Member] | Other Restructuring Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 2,941 | ||||
Cash payments | -1,223 | ||||
Restructuring Reserve | 1,718 | 0 | |||
2014 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 17,303 | |||
Cash payments | -2,028 | -1,812 | |||
Reclassification to restructuring reserve | 1,867 | [1] | |||
Restructuring Reserve | 6,298 | 17,358 | 8,326 | 0 | |
2014 Restructuring [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 16,742 | |||
Cash payments | -2,028 | -1,251 | |||
Reclassification to restructuring reserve | 1,867 | [1] | |||
Restructuring Reserve | 6,298 | 17,358 | 8,326 | 0 | |
2014 Restructuring [Member] | Other Restructuring Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 561 | |||
Cash payments | 0 | -561 | |||
Reclassification to restructuring reserve | 0 | ||||
Restructuring Reserve | 0 | 0 | 0 | 0 | |
2014 Restructuring [Member] | Short-term Restructuring Reserve | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $2,600 | $11,500 | |||
[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 $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets, Fair Value Disclosure, Recurring | $13,822 | $12,443 | $11,599 |
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 | 13,822 | 12,443 | 11,599 |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | 0 |
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 | 2,753 | 3,098 | 3,188 |
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 | 2,753 | 3,098 | 3,188 |
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 | 896 | 911 | 806 |
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 | 896 | 911 | 806 |
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 | 0 |
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 |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Investments, Fair Value Disclosure | 1,410 | ||
Money Market Funds [Member] | 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 | 1,410 | ||
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Investments, Fair Value Disclosure | 0 | ||
Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Investments, Fair Value Disclosure | 0 | ||
Equity Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Investments, Fair Value Disclosure | 10,173 | 7,024 | 7,605 |
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 | 10,173 | 7,024 | 7,605 |
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 | 0 |
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 | |
2-May-15 | 3-May-14 | |
Nonparticipating Securities - Stock Options | ||
Earnings Per Share Disclosure | ||
Antidilutive securities excluded from the computations of earnings per share | 71,200 | 24,000 |
Net_Income_Per_Share_Reconcili
Net Income Per Share - Reconciliations of Basic and Diluted Share Calculations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Earnings Per Share Disclosure | ||
Net income | $13,552 | $5,183 |
Weighted Average Number of Shares Outstanding, Diluted | ||
Weighted average shares outstanding | 44,974 | 45,578 |
Effect of dilutive securities (shares) | 409 | 465 |
Weighted average shares outstanding assuming dilution | 45,383 | 46,043 |
Basic Earnings per Share | ||
Basic earnings per share (dollars per share) | $0.30 | $0.11 |
Diluted Earnings per Share | ||
Diluted earnings per share (dollars per share) | $0.29 | $0.11 |
Earnings Per Share, Basic. [Member] | ||
Earnings Per Share Disclosure | ||
Net income | 13,552 | 5,183 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 258 | 102 |
Net Income Available to Common Stockholders, Basic | 13,294 | 5,081 |
Earnings Per Share, Diluted | ||
Earnings Per Share Disclosure | ||
Net income | 13,552 | 5,183 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | 256 | 101 |
Net Income Available to Common Stockholders, Diluted | $13,296 | $5,082 |
Equity_and_Incentive_Compensat2
Equity and Incentive Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | $3,114,000 | $3,890,000 |
Employee Stock Option | ||
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, unvested | 1,900,000 | |
Unrecognized compensation cost, unvested, remaining weighted-average vesting period (in years) | 2 years 1 month 6 days | |
Restricted Stock | ||
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, unvested | $17,400,000 | |
Unrecognized compensation cost, unvested, remaining weighted-average vesting period (in years) | 2 years 7 months 6 days |
Equity_and_Incentive_Compensat3
Equity and Incentive Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of options granted (dollars per share) | $15.11 | $16.79 |
Stock Options | ||
Options outstanding at beginning of period (shares) | 1,697,223 | |
Granted (shares) | 59,200 | |
Exercised (shares) | -102,941 | |
Forfeited or expired (shares) | -3,600 | |
Options outstanding at end of period (shares) | 1,649,882 | |
Vested and exercisable at end of period (shares) | 1,511,080 | |
Options expected to vest in the future as of end of period (shares) | 138,802 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (dollars per share) | $26.17 | |
Granted (dollars per share) | $41.31 | |
Exercised (dollars per share) | $17.45 | |
Forfeited or expired (dollars per share) | $33.84 | |
Options outstanding at end of period (dollars per share) | $27.24 | |
Vested and exercisable at end of period (dollars per share) | $26.29 | |
Options expected to vest in the future as of end of period (dollars per share) | $37.58 |
Equity_and_Incentive_Compensat4
Equity and Incentive Compensation Plans - Summary of Stock Option Activity (Parenthetical) (Detail) (Employee Stock Option) | 3 Months Ended |
2-May-15 | |
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) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Disclosure - Weighted-Average Assumptions [Abstract] | ||
Expected volatility | 36.60% | 47.50% |
Risk-free interest rate | 1.70% | 1.70% |
Expected life (years) | 5 years 7 months 6 days | 5 years 4 months 24 days |
Dividend yield | 0.00% | 0.00% |
Equity_and_Incentive_Compensat6
Equity and Incentive Compensation Plans - Summary of Restricted Stock Activity (Detail) (USD $) | 3 Months Ended |
2-May-15 | |
Time-Based Restricted Stock Award | |
Number of Shares | |
Balance at beginning of period (shares) | 647,630 |
Granted (shares) | 125,000 |
Vested (shares) | -125,265 |
Forfeited (shares) | 0 |
Balance at end of period (shares) | 647,365 |
Weighted Average Grant Date Fair Value | |
Balance at beginning of period (dollars per share) | $34.47 |
Granted ( dollars per share) | $41.26 |
Vested (dollars per share) | $31.82 |
Forfeited (dollars per share) | $0 |
Balance at end of period (dollars per share) | $36.29 |
Performance-Based Restricted Stock Awards [Member] | |
Number of Shares | |
Balance at beginning of period (shares) | 222,063 |
Granted (shares) | 124,800 |
Vested (shares) | -84,317 |
Forfeited (shares) | -15,075 |
Balance at end of period (shares) | 247,471 |
Weighted Average Grant Date Fair Value | |
Balance at beginning of period (dollars per share) | $34.08 |
Granted ( dollars per share) | $41.31 |
Vested (dollars per share) | $32.49 |
Forfeited (dollars per share) | $32.49 |
Balance at end of period (dollars per share) | $38.36 |
Equity_and_Incentive_Compensat7
Equity and Incentive Compensation Plans - Summary of Restricted Stock Activity (Parenthetical) (Detail) (Performance-Based Restricted Stock Awards) | 3 Months Ended |
2-May-15 | |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock awards annual vesting period | 3 years |
Minimum | |
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 | |
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 | 200.00% |
Equity_and_Incentive_Compensat8
Equity and Incentive Compensation Plans Equity and Incentive Compensation - Long Term Performance Compensation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 2-May-15 |
Disclosure - Summary of Long Term Performance Compensation [Abstract] | |
Long-term performance compensation expense | $2.40 |
Long-term performance compensation expense total compensation not yet recognized | $21.20 |
Unrecognized compensation cost long-term performance compensation plan remaining weighted average service period (in years) | 2 years 10 months 24 days |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | ($5,705) | |
Foreign currency translation adjustment | 580 | 186 |
Accumulated other comprehensive loss, ending balance | -5,125 | -2,688 |
Other Comprehensive Income (Loss), before Tax | 580 | 186 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 0 |
Other comprehensive income/(loss), net of tax | 580 | 186 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | -2,430 | |
Foreign currency translation adjustment | 580 | |
Accumulated other comprehensive loss, ending balance | -1,850 | |
Unrecognized Pension Benefit Costs | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | -3,275 | |
Foreign currency translation adjustment | 0 | |
Accumulated other comprehensive loss, ending balance | ($3,275) |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 9 Months Ended | |
Feb. 17, 2016 | 2-May-15 | |
Subsequent Event [Line Items] | ||
Share Conversion - cash portion for each share of ANN INC. common stock | $37.34 | |
Share Conversion - fractional share of Ascena common stock for each share of ANN INC. common stock | $0.68 | |
Merger Agreement Termination Date | 17-Feb-16 | |
Merger Agreement Termination Fee | $48,270,000 | |
Reimbursement Fee for failure to obtain shareholder approval of merger agreement | $5,000,000 |