Tuesday Morning (TUEMQ) 10-Q 29 Jan 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Jan. 27, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	TUESDAY MORNING CORP/DE
Entity Central Index Key	878,726
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	TUES
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		44,350,673

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 35,339	$ 44,788
Inventories	232,803	209,984
Prepaid expenses	7,248	6,978
Other current assets	157	823
Total Current Assets	275,547	262,573
Property and equipment, net	82,755	70,447
Deferred financing costs	1,446	871
Other assets	948	984
Total Assets	360,696	334,875
Current liabilities:
Accounts payable	73,579	74,242
Accrued liabilities	44,653	35,751
Income taxes payable	911
Total Current Liabilities	119,143	109,993
Deferred rent	4,506	3,072
Asset retirement obligation	2,634	1,163
Income tax payable — non-current	342	358
Total Liabilities	$ 126,625	$ 114,586
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share, authorized 10,000,000 shares; none issued or outstanding
Common stock, par value $0.01 per share, authorized 100,000,000 shares; 46,147,518 shares issued and 44,382,562 shares outstanding at December 31, 2015 and 45,830,244 shares issued and 44,069,092 shares outstanding at June 30, 2015	$ 461	$ 458
Additional paid-in capital	228,083	227,085
Retained earnings/(deficit)	12,211	(593)
Less: 1,764,956 common shares in treasury, at cost, at December 31, 2015 and 1,761,152 common shares in treasury, at cost, at June 30, 2015	(6,684)	(6,661)
Total Stockholders’ Equity	234,071	220,289
Total Liabilities and Stockholders’ Equity	$ 360,696	$ 334,875

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Jun. 30, 2015
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	46,147,518	45,830,244
Common stock, shares outstanding	44,382,562	44,069,092
Treasury stock, shares	1,764,956	1,761,152

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Net sales	$ 319,876	$ 301,401	$ 522,204	$ 503,609
Cost of sales	207,197	192,355	336,851	322,629
Gross profit	112,679	109,046	185,353	180,980
Selling, general and administrative expenses	92,108	84,824	170,738	162,512
Operating income	20,571	24,222	14,615	18,468
Other income/(expense):
Interest expense	(215)	(364)	(649)	(729)
Other income/(expense), net	(335)	58	(150)	24
Other expense, net	(550)	(306)	(799)	(705)
Income before income taxes	20,021	23,916	13,816	17,763
Income tax provision	1,077	258	1,012	334
Net income	$ 18,944	$ 23,658	$ 12,804	$ 17,429
Net income per common share:
Basic	$ 0.43	$ 0.54	$ 0.29	$ 0.40
Diluted	$ 0.43	$ 0.54	$ 0.29	$ 0.40
Weighted average number of common shares:
Basic	43,666	43,416	43,652	43,370
Diluted	43,691	43,777	43,685	43,691
Dividends per common share	$ 0	$ 0	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net cash flows from operating activities:
Net income	$ 12,804	$ 17,429
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	7,477	6,113
Amortization of financing fees	320	298
Loss on disposal of assets	522	408
Share-based compensation	942	2,600
Change in operating assets and liabilities:
Inventories	(22,761)	(705)
Prepaid and other current assets	432	(315)
Accounts payable	(663)	(19,170)
Accrued liabilities	10,920	2,329
Deferred rent	1,434	(621)
Income taxes payable	896	451
Net cash provided by operating activities	12,323	8,817
Net cash flows from investing activities:
Proceeds from sale of assets	35
Capital expenditures	(20,882)	(4,215)
Net cash used in investing activities	(20,847)	(4,215)
Net cash flows from financing activities:
Repayments under revolving credit facility		(1,500)
Proceeds under revolving credit facility		1,500
Payment of financing fees	(902)
Purchase of treasury stock	(23)	(98)
Proceeds from the exercise of employee stock options		652
Net cash provided by/(used in) financing activities	(925)	554
Net increase/(decrease) in cash and cash equivalents	(9,449)	5,156
Cash and cash equivalents, beginning of period	44,788	49,686
Cash and cash equivalents, end of period	$ 35,339	$ 54,842

Basis of presentation

Basis of presentation	6 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of presentation — The unaudited interim consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements include all adjustments, consisting only of those of a normal recurring nature, which, in the opinion of management, are necessary to present fairly the results of the interim periods presented and should be read in conjunction with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended June 30, 201 5 . The consolidated balance sheet at June 30, 201 5 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 201 5 . The res ults of operations for the three and six month period s ended December 31 , 201 5 are not necessarily indicative of the results to be expected for the full fiscal year ending June 30, 2016 , which we refer to as fiscal 2016. The Company no longer presents a consolidated s tatement of c omprehensive i ncome as there are no other comprehensive income items in either the current or prior fiscal periods. The preparation of unaudited interim consolidated financial statements, in conformity with GAAP, requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to: inventory valuation under the retail method and estimation of reserves and valuation allowances specifically related to insurance, income taxes and litigation. Actual results could differ from these estimates. Our fiscal year ends on June 30 and we operate our business as a single operating segment. Certain reclassifications were made to prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income in any period.

Share-based incentive plans

Share-based incentive plans	6 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Incentive Plans	2. Share-based incentive plans — Stock Option Awards. We have established the Tuesday Morning Corporation 1997 Long-Term Equity Incentive Plan, as amended (the “1997 Plan”), the Tuesday Morning Corporation 2004 Long-Term Equity Incentive Plan, a s amended (the “2004 Plan”), the Tuesday Morning Corporation 2008 Long-Term Equity Incentive Plan (the “2008 Plan”) and the Tuesday Morning Corporation 2014 Long-Term Incentive Plan (the “2014 Plan”), which allow for the granting of stock options to directors, officers and key employees of the Company, and certain other key individuals who perform services for us and our subsidiaries. Equity awards may no longer be granted under the 1997 Plan, the 2004 Plan, or the 2008 Plan, but equity awards granted under the 1997 Plan, the 2004 Plan and the 2008 Plan are still outstanding. Stock options were awarded with a strike price at a fair market value equal to the average of the high and low trading prices of our common stock on the date of grant under the 1997 Plan and the 2004 Plan. Stock options were awarded with a strike price at a fair market value equal to the closing price of our common stock on the date of the grant under the 2008 Plan and the 2014 Plan. Options granted under the 1997 Plan and the 2004 Plan typically vest over periods of one to f ive years and expire ten years from the date of grant, while options granted under the 2008 Plan and the 2014 Plan typically vest over periods of one to four years and expire ten years from the date of grant. The exercise prices of stock options outstanding on December 31 , 201 5 , range between $ 1.24 per share and $ 21.86 per share. The 1997 Plan and the 2004 Plan terminated pursuant to their terms as of December 29, 2007 and May 17, 2014, respectively , and we terminated the 2008 Plan as of November 12, 2014 in connection with the approval of the 2014 Plan. There were approximately 3.4 million shares available for grant under the 2014 Plan at December 31 , 201 5 . Restricted Stock Awards. The 1997 Plan, the 2004 Plan, the 2008 Plan, and the 2014 Plan authorize the grant of restricted stock awards to directors, officers, key employees and certain other key individuals who perform services for us and our subsidiaries. Equity awards may no longer be granted under the 1997 Plan, the 2004 Plan, and the 2008 Plan, but restricted stock awards granted under the 2004 Plan and the 2008 Plan are still outstanding. Restricted stock awards are not transferable, but bear certain rights of common stock ownership , including voting and dividend rights. Shares are valued at the fair market value of our common stock at the date of award. Shares may be subject to certain performance requirements. If the performance requirements are not met, the restricted shares are forfeited. At December 31, 2007, all shares under the 1997 Plan had been granted and the 1997 Plan terminated pursuant to its terms as of December 29, 2007. Under the 2004 Plan, the 2008 Plan and the 2014 Plan, as of December 31 , 201 5 , there were 702,594 shares of restricted stock outstanding , both performance-based and other, with award vesting periods of one to four years and a weighted average grant date fair value of $ 10.37 per share. Performance -Based Restricted Stock Awards and Performance-Based Stock Option Awards . As of December 31 , 201 5 there were 55,294 performance -based restricted stock awards and performance -based stock option awards outstanding under the 2008 Plan and the 2014 Plan . Share-based Compensation Costs. Share-based compensation costs were recognized as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Amortization of share-based compensation during the period $ 916 $ 1,333 $ 1,000 $ 2,687 Amounts capitalized in ending inventory (474 ) (365 ) (656 ) (748 ) Amounts recognized and charged to cost of sales 436 420 598 661 Amounts charged against income for the period before tax $ 878 $ 1,388 $ 942 $ 2,600

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	3. Commitments and contingencies — From time to time, the Company is involved in litigation which is incidental to its business. In the Company’s opinion, no litigation to which the Company is currently a party is likely to have a material adverse effect on the Company’s consolidated financial condition, results of operations, or cash flows.

Income per common share

Income per common share	6 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Income Per Common Share	4. Income per common share — The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Net income $ 18,94 4 $ 23,658 $ 12,804 $ 17,429 Less: Income to participating securities (50 ) (200 ) (99 ) (147 ) Net income attributable to common shares $ 18,89 4 $ 23,458 $ 12,705 $ 17,282 Weighted average number of common shares outstanding basic 43,666 43,416 43,652 43,370 Effect of dilutive stock equivalents 25 361 33 321 Weighted average number of common shares outstanding diluted 43,691 43,777 43,685 43,691 Net income per common share basic $ 0.43 $ 0.54 $ 0.29 $ 0.40 Net income per common share diluted $ 0.43 $ 0.54 $ 0.29 $ 0.40 For the quarters ended December 31 , 201 5 and December 31 , 201 4 , options representing rights to purchase approximately 2.3 million weighted average shares and 86,517 weighted average shares, respectively, were not included in the diluted income per share calculation , because the assumed exercise of such options would have been anti-dilutive. For the six months ended December 31, 2015 and December 31, 2014, options representing rights to purchase approximately 2.0 million weighted average shares and 223,015 weighted average shares, respectively, were not included in the diluted income per share calculation , because the assumed exercise of such options would have been anti-dilutive.

Revolving Credit Facility

Revolving Credit Facility	6 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Revolving Credit Facility	5. Revolving credit facility — New Revolving Credit Facility . On August 18, 2015, w e entered into a new credit agreement providing for an asset-based, five -year senior secured revolving credit facility in the amount of up to $ 180.0 million which matures on August 18, 2020 (the “ New Revolving Credit Facility”) , and which replaced our previous revolving credit facility . The availability of funds under the New Revolving Credit Facility is limited to the lesser of a calculated borrowing base and the lenders’ aggregate commitments under the New Revolving Credit Facility. Our indebtedness under the New Revolving Credit Facility is secured by a lien on substantially all of our assets. The New Revolving Credit Facility contains certain restrictive covenants, which affect, among others, our ability to incur liens or incur additional indebtedness, change the nature of our business, sell assets or merge or consolidate with any other entity, or make investments or acquisitions unless they meet certain requirements. The New Revolving Credit Facility requires that we satisfy a fixed charge coverage ratio at any time that our availability is less than the greater of 10 % of our calculated borrowing base or, $ 12.5 million. Our New Revolving Credit Facility may, in some instances, limit our ab ility to pay cash dividends and repurchase our common stock. In order for the borrower under the New Revolving Credit Facility, our subsidiary, to make a r estricted payment to us for the payment of a dividend or a repurchase of shares, we must, among other things, maintain availability of 20 % of the lesser of our calculated borrowing base or our lenders’ aggregate commitments under the New Revolving Credit Facility on a pro forma basis for a specified period prior to and immediately following the restricted payment . As of December 31 , 2015, we were in compliance with all of the New Revolving Credit Facility covenants. At December 31 , 201 5 , we had no amounts outstanding under the New Revolving Credit Facility, $ 5.8 million of outstanding letters of credit and availability of $ 132.8 million under the New Revolving Credit Facility. Letters of credit under the New Revolving Credit Facility are primarily for self-insurance purposes. We incur commitment fees of up to 0. 25 % on the unused portion of the New Revolving Credit Facility. Any borrowing under the New Revolving Credit Facility incurs interest at LIBOR or the prime rate, plus an applicable margin, at our election (except with respect to swing loans, which incur interest solely at the prime rate plus the applicable margin). These rates are increased or reduced as our average daily availabil ity changes. Interest expense for the second quarter of the current fiscal year o f $ 0.2 million wa s comprised of commitment fees of $ 0.1 million and the amortization of financing fees of $ 0.1 million. Interest expense for the second quarter of the prior fiscal year of $ 0.4 million was comprised of commitment fees of $ 0.2 million and the amortization of financing fees of $ 0.2 million. Interest expense for the six months ended December 31, 2015 of $ 0.6 million was comprised of commitment fees of $ 0.3 million and the amortization of financing fees of $ 0.3 million. Interest expense for the six months ended December 31, 2014 of $ 0.7 million was comprised of commitment fees of $ 0.4 million and the amortization of financing fees of $ 0.3 million. Prior Revolving Credit Facility . Prior to entering into the New Revolving Credit Facility on August 18, 2015, we were party to a credit agreement providing for an asset based, five year senior secured revolving credit facility in the amount of up to $ 180.0 million maturing on November 17, 2016 . We incurred commitment fees of up to 0.375 % on the unused portion of the prior facility. Any borrowing under the prior facility incurred interest at LIBOR or the prime rate, plus an applicable margin, at our election (except with respect to swing loans, which incurred interest solely at the prime rate plus the applicable margin). These rates increased or reduced as our average daily availability changed .

Depreciation

Depreciation	6 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Depreciation	6. Depreciation — Accumulated depreciation of owned equipment and property at December 31 , 201 5 and June 30, 201 5 was $ 125.4 million and $ 122.1 million, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	7 . Income taxes — Tuesday Morning Corporation or one of its subsidiaries files income tax returns in the U.S. federal, state and local taxing jurisdictions. With a few exceptions, Tuesday Morning Corporation and its subsidiaries are no longer subject to state and local income tax examinations for years on or before June 30, 2010. The U.S. federal income tax statute of limitations has expired for all taxable years ended on or before June 30, 2011. The effective tax rate s for the quarters ended December 3 1, 201 5 and December 31 , 201 4 w ere 5.4 % and 1.1 % , respectively. The effective tax rates for the six months ended December 31, 2015 and December 31, 2014 were 7.3 % and 1.9 %, respectively. A full valuation allowance is currently recorded against the Company’s deferred tax assets as the Company was in a three year cumulative loss position as of June 30, 201 5 and June 30, 201 4 . A deviation from the customary relationship between income tax expense and pretax income results from utilization of the val uation allowance.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Dec. 31, 2015
Cash And Cash Equivalents [Abstract]
Cash and Cash Equivalents	8. Cash and cash equivalents — Cash and cash equivalents are comprised of cash, credit card receivables and all highly liquid instruments with original maturities of three months or less. Cash equivalents are carried at cost, which approximates fair value. At December 31 , 201 5 and June 30, 201 5 , credit card receivables from third party consumer credit card providers were $ 3.8 million and $ 3.7 million, respectively. Such receivables are generally collected within one week of the balance sheet date.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	9. Recent accounting pronouncements — In November 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes ( “ ASU 2015-17 ” ), which requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified balance sheet . Previous guidance required deferred tax liabilities and assets to be separated into current and noncurrent amounts on the balance sheet . ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016, with early adoption permitted. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has adopted ASU 2015-17 early as of the second quarter of fiscal 2016 on a retro spective basis. Adoption did not have a material impact on the Company’s consolidated results of operations or financial position.

Share-based incentive plans (Ta

Share-based incentive plans (Tables)	6 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-Based Compensation Costs Recognized	Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Amortization of share-based compensation during the period $ 916 $ 1,333 $ 1,000 $ 2,687 Amounts capitalized in ending inventory (474 ) (365 ) (656 ) (748 ) Amounts recognized and charged to cost of sales 436 420 598 661 Amounts charged against income for the period before tax $ 878 $ 1,388 $ 942 $ 2,600

Income per common share (Tables

Income per common share (Tables)	6 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Income Per Common Share	Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Net income $ 18,94 4 $ 23,658 $ 12,804 $ 17,429 Less: Income to participating securities (50 ) (200 ) (99 ) (147 ) Net income attributable to common shares $ 18,89 4 $ 23,458 $ 12,705 $ 17,282 Weighted average number of common shares outstanding basic 43,666 43,416 43,652 43,370 Effect of dilutive stock equivalents 25 361 33 321 Weighted average number of common shares outstanding diluted 43,691 43,777 43,685 43,691 Net income per common share basic $ 0.43 $ 0.54 $ 0.29 $ 0.40 Net income per common share diluted $ 0.43 $ 0.54 $ 0.29 $ 0.40

Recent Accounting Pronounceme17

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	9. Recent accounting pronouncements — In November 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes ( “ ASU 2015-17 ” ), which requires an entity to classify deferred tax liabilities and assets as noncurrent within a classified balance sheet . Previous guidance required deferred tax liabilities and assets to be separated into current and noncurrent amounts on the balance sheet . ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016, with early adoption permitted. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has adopted ASU 2015-17 early as of the second quarter of fiscal 2016 on a retro spective basis. Adoption did not have a material impact on the Company’s consolidated results of operations or financial position.

Share-Based Incentive Plans - N

Share-Based Incentive Plans - Narrative (Details)	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options outstanding, low end of range (in dollars per share) | $ / shares	$ 1.24
Exercise price of stock option outstanding, high end of range (in dollars per share) | $ / shares	$ 21.86
Stock Option Awards | 1997 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
Stock Option Awards | 2004 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
Stock Option Awards | 2008 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
Stock Option Awards | 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
Shares available for grant | shares	3,400,000
Stock Option Awards | Minimum | 1997 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
Stock Option Awards | Minimum | 2004 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
Stock Option Awards | Minimum | 2008 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
Stock Option Awards | Minimum | 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
Stock Option Awards | Maximum | 1997 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	5 years
Stock Option Awards | Maximum | 2004 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	5 years
Stock Option Awards | Maximum | 2008 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	4 years
Stock Option Awards | Maximum | 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	4 years
Restricted Stock Awards | 2004, 2008, and 2014 Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards outstanding | shares	702,594
Weighted average grant date fair value of awards granted (in dollars per share) | $ / shares	$ 10.37
Restricted Stock Awards | Minimum | 2004, 2008, and 2014 Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
Restricted Stock Awards | Maximum | 2004, 2008, and 2014 Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	4 years
Performance-Based Restricted Stock Awards and Stock Option Awards | 2008 and 2014 Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards outstanding | shares	55,294

Share-Based Incentive Plans - S

Share-Based Incentive Plans - Schedule of Share-Based Compensation Costs Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Share-based incentive plans
Share-based compensation	$ 878	$ 1,388	$ 942	$ 2,600
Amounts capitalized in ending inventory	(474)	(365)	(656)	(748)
Share Based Compensation Amortization
Share-based incentive plans
Share-based compensation	916	1,333	1,000	2,687
Cost of Sales
Share-based incentive plans
Share-based compensation	$ 436	$ 420	$ 598	$ 661

Income Per Common Share - Compu

Income Per Common Share - Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 18,944	$ 23,658	$ 12,804	$ 17,429
Less: Income to participating securities	(50)	(200)	(99)	(147)
Net income attributable to common shares	$ 18,894	$ 23,458	$ 12,705	$ 17,282
Weighted average number of common shares outstanding basic	43,666	43,416	43,652	43,370
Effect of dilutive stock equivalents (in shares)	25	361	33	321
Weighted average number of common shares outstanding diluted	43,691	43,777	43,685	43,691
Net income per common share - basic (in dollars per share)	$ 0.43	$ 0.54	$ 0.29	$ 0.40
Net income per common share - diluted (in dollars per share)	$ 0.43	$ 0.54	$ 0.29	$ 0.40

Income Per Common Share - Narra

Income Per Common Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,300,000	86,517	2,000,000	223,015

Revolving Credit Facility - Nar

Revolving Credit Facility - Narrative (Details) - USD ($)	Aug. 18, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility Line Items
Amortization of financing fees				$ 320,000	$ 298,000
New Revolving Credit Facility
Line of Credit Facility Line Items
Term of credit facility (in years)				5 years
Maximum borrowing capacity	$ 180,000,000
Revolving credit facility maturity date				Aug. 18, 2020
Availability to be maintained under credit facility	$ 12,500,000
Availability to be maintained under credit facility before restriction on investments, percentage	20.00%
Covenant terms				The New Revolving Credit Facility requires that we satisfy a fixed charge coverage ratio at any time that our availability is less than the greater of 10% of our calculated borrowing base or, $12.5 million.
Revolving credit facility outstanding amount		$ 0		$ 0
Outstanding letters of credit		5,800,000		5,800,000
Availability under the credit facility		132,800,000		132,800,000
Interest expense		200,000	$ 400,000	600,000	700,000
Commitment fees		100,000	200,000	300,000	400,000
Amortization of financing fees		$ 100,000	$ 200,000	$ 300,000	$ 300,000
New Revolving Credit Facility | Minimum
Line of Credit Facility Line Items
Availability to be maintained under credit facility, percentage	10.00%
New Revolving Credit Facility | Maximum
Line of Credit Facility Line Items
Commitment fees (as a percent)				0.25%
Prior Revolving Credit Facility
Line of Credit Facility Line Items
Term of credit facility (in years)				5 years
Maximum borrowing capacity	$ 180,000,000
Revolving credit facility maturity date				Nov. 17, 2016
Prior Revolving Credit Facility | Maximum
Line of Credit Facility Line Items
Commitment fees (as a percent)	0.375%

Depreciation - Narrative (Detai

Depreciation - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2015	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Accumulated depreciation	$ 125.4	$ 122.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - Subsidiary	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Number of subsidiaries filing income tax returns in the U.S. federal jurisdiction, and various state jurisdictions	1		1
Effective tax rate	5.40%	1.10%	7.30%	1.90%

Cash and Cash Equivalents - Nar

Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2015	Jun. 30, 2015
Cash And Cash Equivalents [Abstract]
Credit card receivables from third party consumer credit card providers	$ 3.8	$ 3.7