Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Aug. 17, 2018 | Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | TUESDAY MORNING CORP/DE | ||
Entity Central Index Key | 878,726 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TUES | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 45,917,531 | ||
Entity Public Float | $ 101,965,702 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 9,510 | $ 6,263 |
Inventories | 234,365 | 221,906 |
Prepaid expenses | 6,301 | 6,367 |
Other current assets | 1,206 | 1,982 |
Total Current Assets | 251,382 | 236,518 |
Property and equipment, net | 121,117 | 118,397 |
Deferred financing costs | 671 | 986 |
Other assets | 3,086 | 2,252 |
Total Assets | 376,256 | 358,153 |
Current liabilities: | ||
Accounts payable | 88,912 | 67,326 |
Accrued liabilities | 41,765 | 44,260 |
Income taxes payable | 66 | 11 |
Total Current Liabilities | 130,743 | 111,597 |
Borrowings under revolving credit facility | 38,480 | 30,500 |
Deferred rent | 22,883 | 13,883 |
Asset retirement obligation — non-current | 3,100 | 2,307 |
Other liabilities — non-current | 796 | 1,027 |
Total Liabilities | 196,002 | 159,314 |
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; 47,648,958 shares issued and 45,865,297 shares outstanding at June 30, 2018 and 46,904,295 shares issued and 45,120,634 shares outstanding at June 30, 2017 | 469 | 469 |
Additional paid-in capital | 237,957 | 234,604 |
Retained deficit | (51,360) | (29,422) |
Less: 1,783,661 common shares in treasury, at cost, at June 30, 2018, 1,783,661 common shares in treasury at cost at June 30, 2017 | (6,812) | (6,812) |
Total Stockholders’ Equity | 180,254 | 198,839 |
Total Liabilities and Stockholders’ Equity | $ 376,256 | $ 358,153 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
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 | 47,648,958 | 46,904,295 |
Common stock, shares outstanding | 45,865,297 | 45,120,634 |
Treasury stock, shares | 1,783,661 | 1,783,661 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 230,473 | $ 223,296 | $ 333,807 | $ 218,756 | $ 223,642 | $ 203,001 | $ 328,137 | $ 211,885 | $ 1,006,332 | $ 966,665 | $ 956,396 |
Cost of sales | 665,358 | 645,920 | 614,594 | ||||||||
Gross profit | 77,036 | 80,303 | 105,685 | 77,950 | 70,268 | 67,156 | 105,982 | 77,339 | 340,974 | 320,745 | 341,802 |
Selling, general and administrative expenses | 361,924 | 353,025 | 339,398 | ||||||||
Operating income/(loss) | (9,443) | (7,789) | 8,276 | (11,994) | (17,129) | (14,678) | 8,767 | (9,240) | (20,950) | (32,280) | 2,404 |
Other income/(expense): | |||||||||||
Interest expense | (2,061) | (1,485) | (1,068) | ||||||||
Other income, net | 934 | 1,420 | 2,640 | ||||||||
Income/(loss) before income taxes | (22,077) | (32,345) | 3,976 | ||||||||
Income tax provision/(benefit) | (139) | 197 | 263 | ||||||||
Net income/(loss) | $ (10,296) | $ (8,080) | $ 8,692 | $ (12,254) | $ (17,321) | $ (14,796) | $ 8,430 | $ (8,855) | $ (21,938) | $ (32,542) | $ 3,713 |
Net income/(loss) per common share: | |||||||||||
Basic | $ (0.23) | $ (0.18) | $ 0.19 | $ (0.28) | $ (0.39) | $ (0.34) | $ 0.19 | $ (0.20) | $ (0.50) | $ (0.74) | $ 0.08 |
Diluted | $ (0.23) | $ (0.18) | $ 0.19 | $ (0.28) | $ (0.39) | $ (0.34) | $ 0.19 | $ (0.20) | $ (0.50) | $ (0.74) | $ 0.08 |
Weighted average number of common shares: | |||||||||||
Basic | 44,282 | 43,943 | 43,705 | ||||||||
Diluted | 44,282 | 43,943 | 43,736 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained (Deficit) Earnings | Treasury Stock |
Balance at Jun. 30, 2015 | $ 220,289 | $ 458 | $ 227,085 | $ (593) | $ (6,661) |
Balance (in shares) at Jun. 30, 2015 | 44,069,000 | ||||
Net income (loss) | 3,713 | 3,713 | |||
Shares issued or canceled in connection with employee stock incentive plans and related tax effect | 5 | $ 5 | |||
Shares issued or canceled in connection with employee stock incentive plans and related tax effect (in shares) | 505,000 | ||||
Shares issued in connection with exercises of employee stock options (in shares) | 5,000 | ||||
Purchase of treasury stock | (128) | (128) | |||
Purchase of treasury stock (in shares) | (18,000) | ||||
Share-based compensation expense | 3,403 | 3,403 | |||
Balance at Jun. 30, 2016 | 227,282 | $ 463 | 230,488 | 3,120 | (6,789) |
Balance (in shares) at Jun. 30, 2016 | 44,561,000 | ||||
Net income (loss) | (32,542) | (32,542) | |||
Shares issued or canceled in connection with employee stock incentive plans and related tax effect | 6 | $ 6 | |||
Shares issued or canceled in connection with employee stock incentive plans and related tax effect (in shares) | 558,000 | ||||
Shares issued in connection with exercises of employee stock options | 2 | 2 | |||
Shares issued in connection with exercises of employee stock options (in shares) | 6,000 | ||||
Purchase of treasury stock | (23) | (23) | |||
Purchase of treasury stock (in shares) | (4,000) | ||||
Share-based compensation expense | 4,114 | 4,114 | |||
Balance at Jun. 30, 2017 | $ 198,839 | $ 469 | 234,604 | (29,422) | (6,812) |
Balance (in shares) at Jun. 30, 2017 | 45,120,634 | 45,121,000 | |||
Net income (loss) | $ (21,938) | (21,938) | |||
Shares issued or canceled in connection with employee stock incentive plans and related tax effect (in shares) | 741,000 | ||||
Shares issued in connection with exercises of employee stock options | 4 | 4 | |||
Shares issued in connection with exercises of employee stock options (in shares) | 3,000 | ||||
Share-based compensation expense | 3,349 | 3,349 | |||
Balance at Jun. 30, 2018 | $ 180,254 | $ 469 | $ 237,957 | $ (51,360) | $ (6,812) |
Balance (in shares) at Jun. 30, 2018 | 45,865,297 | 45,865,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ (21,938) | $ (32,542) | $ 3,713 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 25,671 | 21,349 | 16,010 |
Amortization of financing costs | 315 | 326 | 462 |
Loss on disposal of assets | 82 | 79 | 700 |
Gain on sale-leaseback transaction | (371) | (741) | (2,515) |
Share-based compensation | 3,433 | 4,184 | 3,115 |
Deferred income taxes | (565) | 31 | 11 |
Construction allowances from landlords | 8,568 | 2,566 | |
Change in operating assets and liabilities: | |||
Inventories | (12,543) | 20,339 | (32,043) |
Prepaid and other current assets | 559 | (1,138) | 633 |
Accounts payable | 22,612 | (16,337) | 6,611 |
Accrued liabilities | (362) | (2,047) | 6,653 |
Deferred rent | 1,280 | 4,964 | 2,805 |
Income taxes payable | 62 | 19 | (10) |
Other liabilities—non-current | 368 | (648) | 2,268 |
Net cash provided by operating activities | 27,171 | 404 | 8,413 |
Cash flows from investing activities: | |||
Capital expenditures | (30,764) | (41,682) | (45,545) |
Proceeds from sale-leaseback transaction | 8,797 | ||
Purchase of intellectual property | (42) | (5) | (1,318) |
Proceeds from sale of assets | 83 | 127 | 41 |
Net cash used in investing activities | (30,723) | (41,560) | (38,025) |
Cash flows from financing activities: | |||
Proceeds under revolving credit facility | 195,500 | 176,500 | |
Repayments under revolving credit facility | (187,520) | (146,000) | |
Change in cash overdraft | (1,026) | 2,810 | |
Proceeds from the exercise of employee stock options | 4 | 8 | 5 |
Payments on capital leases | (159) | (26) | |
Purchase of treasury stock | (23) | (128) | |
Payment of financing costs | (903) | ||
Net cash provided by/(used in) financing activities | 6,799 | 33,269 | (1,026) |
Net increase/(decrease) in cash and cash equivalents | 3,247 | (7,887) | (30,638) |
Cash and cash equivalents, beginning of period | 6,263 | 14,150 | 44,788 |
Cash and cash equivalents, end of period | 9,510 | 6,263 | 14,150 |
Supplemental cash flow information: | |||
Interest paid | 1,615 | 1,113 | 541 |
Income taxes paid | $ 285 | 310 | $ 256 |
Capital lease obligation incurred | $ 817 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | (1) NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Throughout these notes, Tuesday Morning Corporation is referred to as “Tuesday Morning,” “we” or “the Company”. Tuesday Morning is a leading off-price retailer, specializing in name-brand, high-quality products for the home, including upscale textiles, furnishings, housewares, gourmet food, toys and seasonal décor at prices generally below those charged by boutique, specialty and department stores, catalogs and on‑line retailers in the United States. We operated 726 discount retail stores in 40 states as of June 30, 2018 (731 and 751 stores at June 30, 2017 and 2016, respectively). We distribute periodic circulars and direct mail that keep customers familiar with Tuesday Morning. (a) Basis of Presentation —The accompanying consolidated financial statements include the accounts of Tuesday Morning Corporation, a Delaware corporation, and its wholly‑owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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/(loss) in any period. We do not present a separate statement of comprehensive income, as we have no material other comprehensive income items. Our fiscal year ended on June 30, 2018, which we refer to as fiscal 2018. (b) Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. (c) Cash and Cash Equivalents (d) Inventories Stores conduct annual physical inventories, staggered during the second half of the fiscal year. We make adjustments to our financial statements based on the results of the physical inventories. During periods in which no physical inventories occur, we utilize an estimate for recording shrinkage reserves, based on historical trends of physical inventory results. These shrinkage reserves may require a favorable or unfavorable adjustment to actual results to the extent our subsequent physical inventories yield a different result. We review our inventory during and at the end of each quarter to ensure that all necessary pricing actions are taken to adequately value our inventory at the lower of cost or market by recording permanent markdowns to our on hand inventory. Management believes these markdowns result in the appropriate prices necessary to stimulate demand for the merchandise. Actual recorded permanent markdowns could differ materially from management’s initial estimates based on future customer demand or economic conditions. (e) Property and Equipment Estimated Useful Lives Buildings 30 years Furniture and fixtures 3 to 7 years Leasehold improvements Shorter of useful life or lease term Equipment 5 to 10 years Assets under capital lease Shorter of useful life or lease term Software 3 to 10 years Upon sale or retirement of an asset, the related cost and accumulated depreciation are removed from our balance sheet and any gain or loss is recognized in the statement of operations. Expenditures for maintenance, minor renewals and repairs are expensed as incurred, while major replacements and improvements are capitalized. For both the fiscal years ended June 30, 2018 and June 30, 2017, we disposed of assets with a net book value of approximately $0.1 million, primarily related to our store closing and relocation program. Gains or losses related to the sale or other disposal of such assets in these periods were presented in other income/(expense) on our Consolidated Statement of Operations. (f) Deferred Financing Costs (g) Income Taxes We file our annual federal income tax return on a consolidated basis. Furthermore, we recognize uncertain tax positions when we have determined it is more likely than not that a tax position will be sustained upon examination. However, new information may become available, or applicable laws or regulations may change, thereby resulting in a favorable or unfavorable adjustment to amounts recorded. Our results of operations included the estimated impact of the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”), which was signed into law on December 22, 2017. The TCJA makes significant and complex changes to U.S. tax law including, but not limited to, (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) eliminating the corporate alternative minimum tax (“AMT”) and providing a refund mechanism for existing AMT credits; (iii) creating a new limitation on the deductibility of interest expense; (iv) changing rules related to uses and limitation of net operating loss carryforwards created in tax years beginning after December 31, 2017; and (v) significant acceleration of depreciation expense. As a result of the adoption of the TCJA upon enactment during fiscal year 2018, the blended statutory federal tax rate for the year was 27.2%. continue to assess our accounting for the tax effects of enactment of the TCJA. Final calculations will be completed within the one year measurement period ending December 22, 2018, as required under the rules issued by the SEC. In the second fiscal quarter of 2018, we applied the provisions of the newly enacted TCJA, resulting in an approximate $0.5 million income tax benefit connected with future refunds of AMT credits no longer requiring a valuation allowance. In the third fiscal quarter of 2018, we recognized a $0.1 million additional benefit related to AMT credits. Applying the provisions of TCJA, including the remeasurement of our deferred taxes at the new corporate tax rate, had a material impact on our gross deferred taxes; however, the impact was mitigated as substantially all of our net deferred tax assets have corresponding valuation allowances. (h) Self-Insurance Reserves The insurance liabilities we record are primarily influenced by the frequency and severity of claims, and include a reserve for claims incurred but not yet reported. Our estimated reserves may be materially different from our future actual claim costs, and, when required adjustments to our estimate reserves are identified, the liability will be adjusted accordingly in that period. Our self‑insurance reserves for workers’ compensation, general liability and medical were $10.1 million and $1.8 million and $0.9 million, respectively, at June 30, 2018 and $8.6 million, $2.5 million, and $1.1 million, respectively, at June 30, 2017. We recognize insurance expenses based on the date of an occurrence of a loss including the actual and estimated ultimate costs of our claims. Claims are paid from our reserves and our current period insurance expense is adjusted for the difference in prior period recorded reserves and actual payments as well as changes in estimated reserves. Current period insurance expenses also include the amortization of our premiums paid to our insurance carriers. Expenses for workers’ compensation, general liability and medical insurance were $5.3 million, $2.9 million and $6.4 million, respectively, for the fiscal year ended June 30, 2018, $4.8 million, $3.4 million and $7.7 million, respectively, for the fiscal year ended June 30, 2017, and $3.4 million, $4.0 million and $7.3 million, respectively, for the fiscal year ended June 30, 2016. (i) Revenue Recognition (j) Advertising (k) Financial Instruments (l) Share‑Based Compensation The risk‑free interest rate is the constant maturity risk free interest rate for U.S. Treasury instruments with terms consistent with the expected lives of the awards. The expected term of an option is based on our historical review of employee exercise behavior based on the employee class (executive or non‑executive) and based on our consideration of the remaining contractual term if limited exercise activity existed for a certain employee class. The expected volatility is based on both the historical volatility of our stock based on our historical stock prices and implied volatility of our traded stock options. The expected dividend yield is based on our expectation of not paying dividends on our common stock for the foreseeable future. These inputs were as follows: Fiscal Years Ended June 30, 2018 2017 2016 Weighted average risk-free interest rate 1.7 - 2.5% 0.6 - 1.9% 1.0 - 1.9% Expected life of options (years) 3.8 - 4.9 3.0 - 5.5 2.9 - 5.6 Expected stock volatility 60.0 - 63.3% 52.7 - 61.0% 46.4 - 56.1% Expected dividend yield 0.0% 0.0% 0.0% (m) Net Income/(Loss) Per Common Share (n) Impairment of Long‑Lived Assets and Long‑Lived Assets to Be Disposed Of (o) Intellectual Property As of June 30, 2018, the carrying value of the intellectual property, which included indefinite lived trademarks, was $1.2 million and no impairment was identified or recorded. (p ) Cease use Liability (q) Sale-leaseback The consideration received for the sale, as reduced by closing and transaction costs, was $8.8 million, and the net book value of properties sold was $5.2 million, resulting in a $3.6 million gain. The gain recognized in fiscal year 2016 was $2.5 million, which included the portion of the gain in excess of the present value of the minimum lease payments for the leaseback, and was included in “Other income” in our Consolidated Statement of Operations. During fiscal 2017, we recognized $0.7 million of the gain. During fiscal 2018, we recognized the remaining $0.4 million of the gain. (r) Asset Retirement Obligations — We account for asset retirement obligations (“ARO”) in accordance with ASC 410, Asset Retirement and Environmental Obligations , which requires the recognition of a liability for the fair value of a legally required asset retirement obligation when incurred if the liability’s fair value can be reasonably estimated. Our ARO liabilities are associated with the disposal and retirement of leasehold improvements and removal of installed equipment, resulting from contractual obligations, at the end of a lease to restore a facility to a condition specified in the lease agreement. We record the net present value of the ARO liability and also record a related capital asset, in an equal amount, for leases which contractually result in an asset retirement obligation. The estimated ARO liability is based on a number of assumptions, including costs to return facilities back to specified conditions, inflation rates and discount rates. Accretion expense related to the ARO liability is recognized as operating expense in our Consolidated Statements of Operations. The capitalized asset is depreciated on a straight-line basis over the useful life of the related leasehold improvements. Upon ARO fulfillment, any difference between the actual retirement expense incurred and the recorded estimated ARO liability is recognized as an operating gain or loss in our Consolidated Statements of Operations. Our ARO liability, which totaled $3.2 million at June 30, 2018, was comprised of a $0.1 million short-term portion included in accrued liabilities and $3.1 million long-term portion included in “Other liabilities—non-current” on our Consolidated Balance Sheet at June 30, 2018. At June 30, 2017, our ARO liability, which totaled $2.5 million, was comprised of a $0.2 million short-term portion included accrued liabilities and $2.3 million long term portion included in “Other liabilities – non-current” on our Consolidated Balance Sheet at June 30, 2017 . (s) Capital lease – During fiscal 2017, we entered into a 5-year capital lease maturing on January 31, 2022 for equipment and software. At June 30, 2018, the capital lease asset balance was $0.6 million, the current lease liability was $0.2 million and the long-term lease liability was $0.4 million. The capital lease is amortized on a straight-line basis. During fiscal year 2018, the capital lease amortization was $0.2 million. At June 30, 2017, the capital lease asset balance was $0.8 million, the current lease liability was $0.1 million and the long-term lease liability was $0.6 million. During fiscal year 2017, the capital asset amortization was less than $0.1 million (t ) Legal Proceedings — The Company was a defendant in a purported class action lawsuit, Jerry Castillo v. Tuesday Morning Inc., which was filed on December 28, 2017 in the United States District Court, Middle District of Florida. The case was brought under the Fair Labor Standards Act and included allegations that the Company violated various wage and hour labor laws. Relief was sought on behalf of current and former Company employees. The lawsuit sought to recover damages, penalties and attorneys’ fees as a result of the alleged violations. The matter settled for an amount not material to the Company and the Court approved the settlement on July 9, 2018. The Company was also a defendant in a purported class action lawsuit, Hector Velarde, on behalf of himself and all other similar situated, Pltf. vs. Tuesday Morning, Inc., which was filed on February 26, 2018 in state court and was pending in the United States District Court, Central District of California. The case was brought under the Unruh Civil Rights Act, California Code § 51 ci seq. (“Unruh Act”), the California Disabled persons Act, California Civil Code § 54 et seq. (“CDPA”), and Cal. Civ. Code § 55 et seq. and included allegations that the Company violated various public access laws. The lawsuit sought to recover damages, penalties and attorneys' fees as a result of the alleged violations. The matter settled for an amount not material to the Company and the Court approved the settlement on July 11, 2018. (u ) Recent Accounting Pronouncements — In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118),” which allows the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since the TCJA was passed late in the fourth calendar quarter of 2017, and ongoing guidance and accounting interpretation is expected over the next twelve months, management considers the deferred tax re-measurements and other items to be incomplete due to the forthcoming guidance and the ongoing analysis of final year-end data and tax positions. The Company expects to complete its analysis within the measurement period in accordance with SAB 118. In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on eight specific cash flow issues in regard to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The amendments in ASU 2016-15 should be adopted on a retrospective basis unless it is impracticable to apply, in which case the amendments should be applied prospectively as of the earliest date practicable. The Company currently expects to adopt this standard in the first quarter of fiscal 2019 and is evaluating the impact that this standard will have on its consolidated financial statements and disclosures. I n March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) to reduce the complexity of certain aspects of the accounting for employee share-based payment transactions. ASU 2016-09 involves changes in several aspects of the accounting for share-based payment transactions, including the accounting for the income tax consequences of share-based awards. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted ASU 2016-09 in the first quarter of fiscal 2018 and elected to continue to estimate forfeitures expected to occur to determine the amount of share based compensation cost to recognize in each period, as permitted by ASU 2016-09. In addition, the adoption of this standard prospectively changes the dilutive earnings per share calculation by removing excess tax benefits and deficiencies from the computation. The adoption of this standard did not materially impact our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which is intended to improve financial reporting in connection with leasing transactions. ASU 2016-02 will require entities (“lessees”) that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or finance, while the income statement will reflect lease expense for operating leases and amortization/interest expense for finance leases. Accounting by entities that own the assets leased by lessees (“lessors”) will remain largely unchanged from current GAAP. In addition, ASU 2016-02 requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the financial statements. The Company currently expects to adopt this standard in the first quarter of fiscal 2020. While the Company is currently evaluating the provisions of ASU 2016-02 to assess the impact on the Company’s consolidated financial statements and disclosures, the primary effect of adopting the new standard will be to record assets and obligations for current operating leases. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”), which changes the measurement principle for inventory from the lower of cost or market to the lower of cost or net realizable value, except for companies using the Retail Inventory Method which will continue to use existing impairment models. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance was required to be applied on a prospective basis and was effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The Company adopted ASU 2015-11 in the first quarter of fiscal 2018. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), an updated standard on revenue recognition, and has since modified the standard with additional ASUs. The new guidance provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration, or payment, to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning after December 15, 2017, including interim periods within that year. The Company has substantially concluded its assessment of the new revenue standard and will adopt this standard in the first quarter of fiscal 2019 using the modified retrospective method. The Company currently expects that this standard will not have a material impact on its consolidated financial statements but will require additional disclosures. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (2) PROPERTY AND EQUIPMENT Property and equipment, net of accumulated depreciation, consisted of the following (in thousands): June 30, 2018 2017 Land $ 6,628 $ 6,628 Buildings and building improvements 41,479 40,879 Furniture and fixtures 61,963 56,877 Equipment 66,268 65,884 Software 43,664 40,750 Leasehold improvements 57,371 44,838 Assets under capital lease 788 804 278,161 256,660 Less accumulated depreciation (157,044 ) (138,263 ) Net property and equipment $ 121,117 $ 118,397 |
Debt
Debt | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | (3) DEBT On August 18, 2015, we 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 “Revolving Credit Facility”), and which replaced our previous revolving credit facility. The availability of funds under the Revolving Credit Facility is limited to the lesser of a calculated borrowing base and the lenders’ aggregate commitments under the Revolving Credit Facility. Our indebtedness under the Revolving Credit Facility is secured by a lien on substantially all of our assets. The 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 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 Revolving Credit Facility may, in some instances, limit our ability to pay cash dividends and repurchase our common stock. In order for the borrower under the Revolving Credit Facility, our subsidiary, to make a restricted 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 Revolving Credit Facility on a pro forma basis for a specified period prior to and immediately following the restricted payment. As of June 30, 2018, we were in compliance with all of the Revolving Credit Facility covenants. At June 30, 2018, we had $38.5 million outstanding under the Revolving Credit Facility, $9.5 million of outstanding letters of credit and availability of $60.5 million. Letters of credit under the Revolving Credit Facility are primarily for self-insurance purposes. We incur commitment fees of up to 0.25% on the unused portion of the Revolving Credit Facility, payable quarterly. Any borrowing under the 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), subject to a floor of the one month LIBOR plus an applicable margin in the case of loans based on the prime rate. Interest expense for fiscal year 2018 from the Revolving Credit Facility of $2.1 million was comprised of interest of $1.3 million, commitment fees of $0.4 million, and the amortization of financing fees of $0.4 million. Interest expense from the Revolving Credit Facility of $1.5 million for fiscal year 2017 was comprised of interest of $0.7 million, commitment fees of $0.4 million, and amortization of financing fees of $0.4 million. The fair value of the Company's debt approximated its carrying amount as of June 30, 2018. See Note 11 for additional discussion on dividend restrictions under the Revolving Credit Facility. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | (4) ACCRUED LIABILITIES Accrued liabilities consisted of the following (in thousands): June 30, 2018 2017 Sales and use tax $ 3,467 $ 3,543 Self-insurance reserves 12,823 12,192 Wages, benefits and payroll taxes 6,006 5,710 Property taxes 1,612 1,524 Freight and distribution 4,807 4,490 Capital expenditures 1,585 4,780 Utilities 1,234 1,282 Advertising 1,102 525 Deferred rent 2,028 1,408 Cease use rent 77 991 Other 7,024 7,815 Total accrued liabilities $ 41,765 $ 44,260 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (5) INCOME TAXES Income tax provision/(benefit) consisted of (in thousands): Current Deferred Total Fiscal Year Ended June 30, 2018 Federal $ — $ (568 ) $ (568 ) State and local 426 3 429 Total $ 426 $ (565 ) $ (139 ) Fiscal Year Ended June 30, 2017 Federal $ — $ 27 $ 27 State and local 166 4 170 Total $ 166 $ 31 $ 197 Fiscal Year Ended June 30, 2016 Federal $ (147 ) $ 186 $ 39 State and local 399 (175 ) 224 Total $ 252 $ 11 $ 263 A reconciliation between income taxes computed at the blended statutory federal income tax rate of 27.2% in fiscal 2018 (see Note 1) and the statutory federal income tax rate of 34% in fiscal 2017 and 2016, and income taxes recognized in the Consolidated Statements of Operations was as follows (in thousands): Fiscal Year Ended June 30, 2018 2017 2016 Federal income tax provision/(benefit) computed at statutory rate $ (6,005 ) $ (10,997 ) $ 1,351 State income taxes, net of related federal tax benefit 314 106 157 Increase/(decrease) in federal valuation allowance 5,182 10,076 (668 ) Federal tax credits (200 ) 68 (670 ) Stock option expiration/deficiencies 586 938 — Federal tax rate change (19 ) — — Other, net 3 6 93 Provision for income taxes $ (139 ) $ 197 $ 263 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities for the fiscal years ended June 30, 2018, 2017 and 2016, all of which are classified as non-current in our Consolidated Balance Sheets, were comprised of the following (in thousands): June 30, 2018 2017 2016 Deferred tax assets: Other payroll and benefits $ 580 $ 681 $ 1,482 Inventory reserves 266 195 268 Self-insurance reserves 3,389 4,517 4,611 Share-based compensation 2,104 3,564 3,807 Other current assets 2,441 2,829 2,250 Deferred rent 5,705 5,068 2,266 Net operating loss and tax credits 26,040 25,610 18,497 Other noncurrent assets — 537 1,121 Total gross deferred tax assets $ 40,525 $ 43,001 $ 34,302 Deferred tax liabilities: Inventory costs $ 5,518 $ 9,468 $ 8,199 Prepaid supplies 1,582 2,392 2,506 Property and equipment 9,215 4,033 7,616 Total gross deferred tax liabilities 16,315 15,893 18,321 Valuation allowance (23,688 ) (27,150 ) (15,992 ) Net deferred tax asset/(liability) $ 522 $ (42 ) $ (11 ) During fiscal 2013, we established a valuation allowance related to deferred tax assets. In assessing whether a deferred tax asset would be realized, we considered whether it is more likely than not that some portion or all of the deferred tax assets would not be realized. We considered the reversal of existing taxable temporary differences, projected future taxable income, tax planning strategies and loss carry back potential in making this assessment. In evaluating the likelihood that sufficient future earnings would be available in the near future to realize the deferred tax assets, we considered our cumulative losses over three years including the then-current year. Based on the foregoing, we concluded that a valuation allowance was necessary, and based on our results since fiscal 2013, we have continued to conclude that a full valuation allowance is necessary. In fiscal 2018, as a result of the TCJA enactment, the federal component of deferred taxes was remeasured at 21%, the tax rate at which they are expected to turn in future years. The valuation allowance offsetting these deferred taxes was reduced accordingly. The valuation allowance previously recorded against our AMT credits of $571,000 was removed to reflect that they will be refunded pursuant to the TCJA beginning in our fiscal year 2020. Further, federal deferred tax liabilities related to the amortization of trademarks for tax purposes, which are not considered for purposes of the valuation allowance computation, were reduced by $19,000 during the year, resulting in a tax benefit of that amount. In fiscal 2018, the deferred tax asset valuation allowance decreased $3.5 million. At the end of fiscal 2018, net deferred tax assets totaled $24.2 million, with an offsetting valuation allowance of $23.7 million. We have federal net operating loss carryforwards of $89.3 million. These losses can only be carried forward and utilized to offset future taxable income, but will expire in fiscal years 2033 through 2038 if not utilized before then. Additionally, we have tax effected state net operating loss carryforwards of $4.8 million, which will expire throughout the years 2018 through 2038, if not utilized before then. Accounting for Uncertainty in Income Taxes. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before fiscal 2014. The Internal Revenue Service has concluded an examination of the Company for years ending on or before June 30, 2010. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at June 30, 2015 $ 147 Additions for tax positions of prior years — Reductions for lapse of statute of limitations — Balance at June 30, 2016 $ 147 Additions for tax positions of prior years — Reductions for lapse of statute of limitations — Balance at June 30, 2017 $ 147 Additions for tax positions of prior years — Reductions for lapse of statute of limitations — Balance at June 30, 2018 $ 147 The balance of taxes, interest, and penalties at June 30, 2018, that if recognized, would affect the effective tax rate is $294,000. We classify and recognize interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the fiscal years ended June 30, 2018, 2017 and 2016, we recognized $7,000, $9,000, and $16,000 in interest, respectively. No interest or penalties were paid in the tax years ended June 30, 2018, 2017 and 2016. We do not anticipate that the total amount of unrecognized tax benefits will significantly increase or decrease the effective tax rate within 12 months of June 30, 2018. |
Share-Based Incentive Plans
Share-Based Incentive Plans | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Incentive Plans | (6) SHARE‑BASED INCENTIVE PLANS Stock Option Awards. We have established the Tuesday Morning Corporation 2008 Long-Term Equity Incentive Plan (the “2008 Plan”) and the Tuesday Morning Corporation 2014 Long-Term Incentive Plan, as amended (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 2008 Plan, but equity awards granted under the 2008 Plan are still outstanding. On September 16, 2014, our Board of Directors adopted the Tuesday Morning Corporation 2014 Long-Term Incentive Plan (the “2014 Plan”), and the 2014 Plan was approved by our stockholders at the 2014 annual meeting of stockholders on November 12, 2014. The 2014 Plan became effective on September 16, 2014, and the maximum number of shares reserved for issuance under the 2014 Plan, as amended, is 6.1 million shares plus any awards under the 2008 Plan (i) that were outstanding on September 16, 2014, and, on or after September 16, 2014, are forfeited, expired or are cancelled, and (ii) any shares subject to such awards that, on or after September 16, 2014 are used to satisfy the exercise price or tax withholding obligations with respect to such awards. Our Board of Directors also approved the termination of the Company’s ability to grant new awards under the 2008 Plan, effective upon the date of stockholder approval of the 2014 Plan, and no new awards will be made under the 2008 Plan. On September 22, 2016, our Board of Directors adopted amendments to the 2014 Plan, which were approved at the 2016 Annual Meeting of Stockholders, to increase the number of shares of our common stock available for issuance under the 2014 Plan and to make additional amendments to the 2014 Plan to, among other things, remove liberal share recycling, reduce the number of shares exempt from minimum vesting, and eliminate discretion to accelerate vesting upon a change in control. On August 22, 2017, our Board of Directors adopted a Second Amendment to the 2014 Plan that modified the minimum vesting provisions as they apply to non-employee directors. The 2014 Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalent rights, and other awards which may be granted singly, in combination, or in tandem, and which may be paid in cash, shares of common stock, or a combination of cash and shares of common stock. Under the 2014 Plan, stock options may not vest earlier than one year after the date of grant. “Full Value Awards” (i.e., restricted stock or restricted stock units) that constitute performance awards must vest no earlier than one year after the date of grant and Full Value Awards that constituted “Tenure Awards” (i.e., awards that vest upon passage of time) may not vest earlier than over the three-year period commencing on the date of grant (other than awards to non-employee directors which may not vest earlier than one year from the date of grant). The Compensation Committee of our Board of Directors may grant only stock options or Full Value Awards with vesting conditions that are more favorable than the foregoing restrictions with respect to up to 5% of the shares of common stock authorized under the 2014 Plan (referred to in the 2014 Plan as “exempt shares”). On November 16, 2016, our stockholders approved amendments to the 2014 Plan to increase the number of shares of the Company’s common stock available for issuance under the 2014 Plan by 2,500,000 shares and to make additional amendments to the 2014 Plan, including (i) reducing the percentage of shares exempt from the minimum vesting requirements under the 2014 Plan, (ii) adding a clawback policy, (iii) generally eliminating the discretion of the Board of Directors to accelerate the vesting of outstanding and unvested awards upon a change of control and (iv) providing that certain shares surrendered in payment of the exercise price of awards or withheld for tax withholding would count against the shares available under the 2014 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 2008 Plan and the 2014 Plan typically vest over periods of one to four years and expire ten years from the date of grant. Options granted under the 2008 Plan and the 2014 Plan may have certain performance requirements in addition to service terms. If the performance conditions are not satisfied, the options are forfeited. The exercise prices of stock options outstanding on June 30, 2018, range between $1.24 per share and $20.91 per share. The 2008 Plan terminated as to new awards as of September 16, 2014. There were 3.1 million shares available for grant under the 2014 Plan at June 30, 2018. Following is a summary of transactions relating to the 2008 Plan and 2014 Plan options for the fiscal years ended June 30, 2018, 2017, and 2016 (share amounts and aggregate intrinsic value in thousands): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Options Outstanding at June 30, 2015 1,838 $ 13.37 8.25 $ 1,384 Granted during year 2,500 6.48 Exercised during the year (5 ) 1.24 Forfeited or expired during year (1,121 ) 11.81 Options Outstanding at June 30, 2016 3,212 8.57 7.61 2,111 Granted during year 1,564 6.11 Exercised during the year (6 ) 1.24 Forfeited or expired during year (1,254 ) 9.88 Options Outstanding at June 30, 2017 3,516 7.02 7.86 2 Granted during year 621 2.46 Exercised during the year (3 ) 1.24 Forfeited or expired during year (177 ) 7.21 Options Outstanding at June 30, 2018 3,957 6.30 7.21 475 Exercisable at June 30, 2018 1,478 $ 7.93 5.49 $ 22 The weighted average grant date fair value of stock options granted during the fiscal years ended June 30, 2018, 2017, and 2016, was $2.46 per share, $2.55 per share, and $2.75 per share, respectively. The intrinsic value of vested unexercised options at June 30, 2018 is $22,000. There were options to purchase 3,000, 6,208 and 4,667 shares of our common stock, which were exercised during the fiscal years ended June 30, 2018, 2017 and 2016, respectively. The aggregate intrinsic value of stock options exercised was $3,700, $20,100, and $27,000 during the fiscal years ended June 30, 2018, 2017, and 2016, respectively. At June 30, 2018, we had $6.0 million of total unrecognized share‑based compensation expense related to stock options that is expected to be recognized over a weighted average period of 1.9 years. The following table summarizes information about stock options outstanding at June 30, 2018: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share $1.24 - $2.45 632,358 9.16 $ 2.30 22,928 $ 2.07 $3.12 - $5.59 238,098 7.28 4.47 104,283 4.81 $5.64 - $5.64 690,414 7.59 5.64 197,454 5.64 $5.88 - $5.89 305,508 7.35 5.89 10,000 5.88 $5.95 - $5.95 462,825 7.03 5.95 462,825 5.95 $6.29 - $6.58 25,948 7.44 6.54 14,641 6.51 $6.71 - $6.71 913,950 8.17 6.71 104,302 6.71 $7.90 - $8.55 397,013 4.01 8.08 290,711 8.14 $10.46 - $19.36 283,597 3.40 15.18 265,580 14.96 $20.91 - $20.91 7,532 6.37 20.91 5,649 20.91 3,957,243 7.21 $ 6.30 1,478,373 $ 7.93 Restricted Stock Awards —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 2008 Plan, but restricted stock awards granted under 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. Under the 2008 Plan and the 2014 Plan, as of June 30, 2018, there were 1,433,269 shares of restricted stock outstanding with award vesting periods, both performance-based and service-based, of one to four years and a weighted average grant date fair value of $3.95 per share. The following table summarizes information about restricted stock awards outstanding for the fiscal years ended June 30, 2018, 2017, and 2016 (share amounts in thousands): Number of Shares Weighted- Average Fair Value at Date of Grant Outstanding at June 30, 2015 432 $ 16.95 Granted during year 869 6.98 Vested during year (175 ) 12.52 Forfeited during year (364 ) 12.65 Outstanding at June 30, 2016 762 $ 8.65 Granted during year 941 5.80 Vested during year (230 ) 8.38 Forfeited during year (383 ) 7.73 Outstanding at June 30, 2017 1,090 $ 6.57 Granted during year 981 2.44 Vested during year (398 ) 6.81 Forfeited during year (240 ) 4.94 Outstanding at June 30, 2018 1,433 $ 3.95 Performance-Based Restricted Stock Awards and Performance-Based Stock Option Awards. As of June 30, 2018, there were 1,643,918 unvested performance-based restricted stock awards and performance-based stock options outstanding under the 2014 Plan, which are included in the respective stock option and restricted stock tables above. Share-based compensation costs : We recognized share‑based compensation costs as follows (in thousands): Fiscal Years Ended June 30, 2018 2017 2016 Amortization of share-based compensation during the period $ 3,349 $ 4,114 $ 3,403 Amounts capitalized in inventory (1,280 ) (1,497 ) (1,724 ) Amount recognized and charged to cost of sales 1,364 1,567 1,436 Amounts charged against income for the period before tax $ 3,433 $ 4,184 $ 3,115 |
Operating Leases
Operating Leases | 12 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
Operating Leases | (7) OPERATING LEASES We lease substantially all store locations under operating leases. Our existing store leases generally are for an initial term of five to ten years with two five‑year renewal options and, in limited circumstances, our store leases involve a tenant allowance for leasehold improvements. We record rent expense ratably over the life of the lease beginning with the date we take possession of or have the right to use the premises, and if our leases provide for a tenant allowance, we record the landlord reimbursement as a liability and ratably amortize the liability as a reduction to rent expense over the lease term beginning with the date we take possession of or control the physical access to the premises. Leases for new stores also typically allow us the ability to terminate a lease after 24 to 60 months if the store does not deliver sales expectations. In fiscal 2015, we executed a lease for approximately 0.6 million square feet related to our new, additional distribution center in Phoenix, Arizona, which started operations in the fourth quarter of fiscal year 2016.The future minimum rental payments for this lease are included in the table below. Future minimum rental payments under our operating leases are as follows (in thousands): Fiscal Years Ending June 30, 2019 $ 92,104 2020 77,523 2021 65,594 2022 56,753 2023 50,308 Thereafter 160,817 Total minimum rental payments $ 503,099 Rent expense for the fiscal years ended June 30, 2018, 2017, and 2016 was $118.3 million, $108.0 million, and $98.3 million, respectively. Rent expense includes rent for store locations and our distribution centers. Contingent rent based on sales is not material to our financial statements. |
401(K) Profit Sharing Plan
401(K) Profit Sharing Plan | 12 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
401(K) Profit Sharing Plan | (8) 401(K) PROFIT SHARING PLAN We have a 401(k) profit sharing plan for the benefit of our full‑time employees who become eligible after one month of service, and for our part-time employees who become eligible after both 12 months of service and a minimum of 1,000 hours worked. Under the plan, eligible employees may request us to deduct and contribute from 1% to 75% of their salary to the plan, subject to Internal Revenue Service Regulations. We match each participant’s contribution up to 4% of participant’s compensation. We expensed contributions of $1.4 million, $1.3 million, and $1.2 million for the fiscal years ended June 30, 2018, 2017, and 2016, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | (9) EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings/(loss) per common share (in thousands, except per share amounts): Fiscal Year Ended June 30, 2018 2017 2016 Net income/(loss) $ (21,938 ) $ (32,542 ) $ 3,713 Less: Income to participating securities — — 40 Net income/(loss) attributable to common shares $ (21,938 ) $ (32,542 ) $ 3,673 Weighted average common shares outstanding—basic 44,282 43,943 43,705 Effect of dilutive stock equivalents — — 31 Weighted average common shares outstanding—dilutive 44,282 43,943 43,736 Net income/(loss) per common share—basic $ (0.50 ) $ (0.74 ) $ 0.08 Net income/(loss) per common share—diluted $ (0.50 ) $ (0.74 ) $ 0.08 For the years ended June 30, 2018 and June 30, 2017, all options representing the rights to purchase shares were not included in the diluted loss per share calculation, because the assumed exercise of such options would have been anti-dilutive. Options representing rights to purchase shares of common stock of 0.1 million for the year ended June 30, 2016 were not included in the diluted earnings per share calculation because the assumed exercise of such options would have been anti‑dilutive. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | (10) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) A summary of the unaudited quarterly results is as follows for the years ended June 30, 2018 and 2017 (in thousands, except per share amounts): Quarters Ended Sept. 30, Dec. 31, Mar. 31, June 30, 2017 2017 2018 2018 Net sales $ 218,756 $ 333,807 $ 223,296 $ 230,473 Gross profit (1) 77,950 105,685 80,303 77,036 Operating income/(loss) (1) (11,994 ) 8,276 (7,789 ) (9,443 ) Net income/(loss) (1) (12,254 ) 8,692 (8,080 ) (10,296 ) Basic income/(loss) per share (2) $ (0.28 ) $ 0.19 $ (0.18 ) $ (0.23 ) Diluted income/(loss) per share (2) $ (0.28 ) $ 0.19 $ (0.18 ) $ (0.23 ) Quarters Ended Sept. 30, Dec. 31, Mar. 31, June 30, 2016 2016 2017 2017 Net sales $ 211,885 $ 328,137 $ 203,001 $ 223,642 Gross profit (1) 77,339 105,982 67,156 70,268 Operating income/(loss) (1) (9,240 ) 8,767 (14,678 ) (17,129 ) Net income/(loss) (1) (8,855 ) 8,430 (14,796 ) (17,321 ) Basic income/(loss) per share (2) $ (0.20 ) $ 0.19 $ (0.34 ) $ (0.39 ) Diluted income/(loss) per share (2) $ (0.20 ) $ 0.19 $ (0.34 ) $ (0.39 ) (1) Our results are computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts presented may not equal the total computed for the year due to rounding. (2) Net income/(loss) per share amounts are computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income/(loss) per share in fiscal years 2018 and 2017 may not equal the total computed for the year. A significant portion of our net sales and net earnings are realized during the period from October through December while the increase in merchandise purchases in preparation for this holiday selling season occurs in prior months. |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Restrictions On Dividends Loans And Advances Disclosure [Abstract] | |
Dividend Restrictions | (11) DIVIDEND RESTRICTIONS The Revolving Credit Facility discussed in Note 3 restricts the ability of Tuesday Morning, Inc., the borrower under the Revolving Credit Facility and Tuesday Morning’s principal operating subsidiary, to incur additional liens and indebtedness, make investments and dispositions, pay dividends (including to Tuesday Morning), or enter into certain other transactions, among other restrictions. As a consolidated deficit exists as of June 30, 2018, no retained earnings are free of limitation on the payment of dividends on that date. At June 30, 2018, restricted net assets of consolidated subsidiaries were $12.1 million. |
Condensed Financial Information
Condensed Financial Information | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information | Tuesday Morning Corporation (parent company only) Condensed Balance Sheets June 30, June 30, 2018 2017 ASSETS Current assets: Accounts receivable from subsidiaries $ 26,529 $ 24,489 Total current assets 26,529 24,489 Noncurrent assets: Investment in subsidiaries 153,725 174,350 Total noncurrent assets 153,725 174,350 Total Assets $ 180,254 $ 198,839 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable to subsidiaries $ — $ — Total current liabilities — — Noncurrent Liabilities — — Total Liabilities — — Stockholders' equity: Common stock 469 469 Additional paid-in capital 237,957 234,604 Retained deficit (51,360 ) (29,422 ) Less: Treasury stock (6,812 ) (6,812 ) Total stockholders' equity 180,254 198,839 Total Liabilities and Stockholders' Equity $ 180,254 $ 198,839 Tuesday Morning Corporation (parent company only) Condensed Statement of Operations Fiscal Years Ended June 30 2018 2017 2016 Net sales $ — $ — $ — Cost of sales — — — Gross profit — — — Selling, general and administrative expenses — — — Operating income/(loss) — — — Other income/(expense): Interest expense — — — Other income/(expense), net — — — Income/(loss) before taxes — — — Income tax provision — — — Net income/(loss) of subsidiaries (21,938 ) (32,542 ) 3,713 Net income/(loss) $ (21,938 ) $ (32,542 ) $ 3,713 A. Basis of presentation In the condensed, parent company-only financial statements, Tuesday Morning Corporation’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. These condensed parent company-only financial statements should be read in conjunction with Tuesday Morning Corporation’s consolidated financial statements. Condensed statements of cash flows were not presented because Tuesday Morning Corporation had no cash flow activities during fiscal 2018, fiscal 2017, or fiscal 2016. B. Guarantees and Restrictions As of June 30, 2018, Tuesday Morning, Inc. had $60.5 million of available credit on the Revolving Credit Facility that provides commitments of up to $180.0 million for revolving loans and letters of credit. Tuesday Morning Corporation, Tuesday Morning Inc. and the subsidiaries of Tuesday Morning, Inc. have guaranteed all obligations under the Revolving Credit Facility. In the event of default under the Revolving Credit Facility, Tuesday Morning Corporation, Tuesday Morning, Inc. and the subsidiaries of Tuesday Morning, Inc. will be directly liable to the debt holders. The Revolving Credit Facility includes restrictions on the ability of Tuesday Morning Corporation, Tuesday Morning, Inc. and the subsidiaries of Tuesday Morning, Inc. to incur additional liens and indebtedness, make investments and dispositions, pay dividends or make other transactions, among other restrictions. Under the Revolving Credit Facility, in order for Tuesday Morning, Inc. to make a dividend to Tuesday Morning Corporation for the payment of a dividend or a repurchase of shares, Tuesday Morning, Inc. must, among other things, maintain availability of 20% of the lesser of the calculated borrowing base or the lenders’ aggregate commitments under the Revolving Credit Facility on a pro forma basis for a specified period prior to and immediately following the restricted payment. |
Disclosure - Nature of Operatio
Disclosure - Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation —The accompanying consolidated financial statements include the accounts of Tuesday Morning Corporation, a Delaware corporation, and its wholly‑owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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/(loss) in any period. We do not present a separate statement of comprehensive income, as we have no material other comprehensive income items. Our fiscal year ended on June 30, 2018, which we refer to as fiscal 2018. |
Use of Estimates | (b) Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | (c) Cash and Cash Equivalents |
Inventories | (d) Inventories Stores conduct annual physical inventories, staggered during the second half of the fiscal year. We make adjustments to our financial statements based on the results of the physical inventories. During periods in which no physical inventories occur, we utilize an estimate for recording shrinkage reserves, based on historical trends of physical inventory results. These shrinkage reserves may require a favorable or unfavorable adjustment to actual results to the extent our subsequent physical inventories yield a different result. We review our inventory during and at the end of each quarter to ensure that all necessary pricing actions are taken to adequately value our inventory at the lower of cost or market by recording permanent markdowns to our on hand inventory. Management believes these markdowns result in the appropriate prices necessary to stimulate demand for the merchandise. Actual recorded permanent markdowns could differ materially from management’s initial estimates based on future customer demand or economic conditions. |
Property and Equipment | (e) Property and Equipment Estimated Useful Lives Buildings 30 years Furniture and fixtures 3 to 7 years Leasehold improvements Shorter of useful life or lease term Equipment 5 to 10 years Assets under capital lease Shorter of useful life or lease term Software 3 to 10 years Upon sale or retirement of an asset, the related cost and accumulated depreciation are removed from our balance sheet and any gain or loss is recognized in the statement of operations. Expenditures for maintenance, minor renewals and repairs are expensed as incurred, while major replacements and improvements are capitalized. For both the fiscal years ended June 30, 2018 and June 30, 2017, we disposed of assets with a net book value of approximately $0.1 million, primarily related to our store closing and relocation program. Gains or losses related to the sale or other disposal of such assets in these periods were presented in other income/(expense) on our Consolidated Statement of Operations. |
Deferred Financing Costs | (f) Deferred Financing Costs |
Income Taxes | (g) Income Taxes We file our annual federal income tax return on a consolidated basis. Furthermore, we recognize uncertain tax positions when we have determined it is more likely than not that a tax position will be sustained upon examination. However, new information may become available, or applicable laws or regulations may change, thereby resulting in a favorable or unfavorable adjustment to amounts recorded. Our results of operations included the estimated impact of the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”), which was signed into law on December 22, 2017. The TCJA makes significant and complex changes to U.S. tax law including, but not limited to, (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) eliminating the corporate alternative minimum tax (“AMT”) and providing a refund mechanism for existing AMT credits; (iii) creating a new limitation on the deductibility of interest expense; (iv) changing rules related to uses and limitation of net operating loss carryforwards created in tax years beginning after December 31, 2017; and (v) significant acceleration of depreciation expense. As a result of the adoption of the TCJA upon enactment during fiscal year 2018, the blended statutory federal tax rate for the year was 27.2%. continue to assess our accounting for the tax effects of enactment of the TCJA. Final calculations will be completed within the one year measurement period ending December 22, 2018, as required under the rules issued by the SEC. In the second fiscal quarter of 2018, we applied the provisions of the newly enacted TCJA, resulting in an approximate $0.5 million income tax benefit connected with future refunds of AMT credits no longer requiring a valuation allowance. In the third fiscal quarter of 2018, we recognized a $0.1 million additional benefit related to AMT credits. Applying the provisions of TCJA, including the remeasurement of our deferred taxes at the new corporate tax rate, had a material impact on our gross deferred taxes; however, the impact was mitigated as substantially all of our net deferred tax assets have corresponding valuation allowances. |
Self Insurance Reserves | (h) Self-Insurance Reserves The insurance liabilities we record are primarily influenced by the frequency and severity of claims, and include a reserve for claims incurred but not yet reported. Our estimated reserves may be materially different from our future actual claim costs, and, when required adjustments to our estimate reserves are identified, the liability will be adjusted accordingly in that period. Our self‑insurance reserves for workers’ compensation, general liability and medical were $10.1 million and $1.8 million and $0.9 million, respectively, at June 30, 2018 and $8.6 million, $2.5 million, and $1.1 million, respectively, at June 30, 2017. We recognize insurance expenses based on the date of an occurrence of a loss including the actual and estimated ultimate costs of our claims. Claims are paid from our reserves and our current period insurance expense is adjusted for the difference in prior period recorded reserves and actual payments as well as changes in estimated reserves. Current period insurance expenses also include the amortization of our premiums paid to our insurance carriers. Expenses for workers’ compensation, general liability and medical insurance were $5.3 million, $2.9 million and $6.4 million, respectively, for the fiscal year ended June 30, 2018, $4.8 million, $3.4 million and $7.7 million, respectively, for the fiscal year ended June 30, 2017, and $3.4 million, $4.0 million and $7.3 million, respectively, for the fiscal year ended June 30, 2016. |
Revenue Recognition | (i) Revenue Recognition |
Advertising | (j) Advertising |
Financial Instruments | (k) Financial Instruments |
Share-Based Compensation | (l) Share‑Based Compensation The risk‑free interest rate is the constant maturity risk free interest rate for U.S. Treasury instruments with terms consistent with the expected lives of the awards. The expected term of an option is based on our historical review of employee exercise behavior based on the employee class (executive or non‑executive) and based on our consideration of the remaining contractual term if limited exercise activity existed for a certain employee class. The expected volatility is based on both the historical volatility of our stock based on our historical stock prices and implied volatility of our traded stock options. The expected dividend yield is based on our expectation of not paying dividends on our common stock for the foreseeable future. These inputs were as follows: Fiscal Years Ended June 30, 2018 2017 2016 Weighted average risk-free interest rate 1.7 - 2.5% 0.6 - 1.9% 1.0 - 1.9% Expected life of options (years) 3.8 - 4.9 3.0 - 5.5 2.9 - 5.6 Expected stock volatility 60.0 - 63.3% 52.7 - 61.0% 46.4 - 56.1% Expected dividend yield 0.0% 0.0% 0.0% |
Net Income/(Loss) Per Common Share | (m) Net Income/(Loss) Per Common Share |
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | (n) Impairment of Long‑Lived Assets and Long‑Lived Assets to Be Disposed Of |
Intellectual Property | (o) Intellectual Property As of June 30, 2018, the carrying value of the intellectual property, which included indefinite lived trademarks, was $1.2 million and no impairment was identified or recorded. |
Cease use Liability | (p ) Cease use Liability |
Sale-leaseback | (q) Sale-leaseback The consideration received for the sale, as reduced by closing and transaction costs, was $8.8 million, and the net book value of properties sold was $5.2 million, resulting in a $3.6 million gain. The gain recognized in fiscal year 2016 was $2.5 million, which included the portion of the gain in excess of the present value of the minimum lease payments for the leaseback, and was included in “Other income” in our Consolidated Statement of Operations. During fiscal 2017, we recognized $0.7 million of the gain. During fiscal 2018, we recognized the remaining $0.4 million of the gain. |
Asset Retirement Obligations | (r) Asset Retirement Obligations — We account for asset retirement obligations (“ARO”) in accordance with ASC 410, Asset Retirement and Environmental Obligations , which requires the recognition of a liability for the fair value of a legally required asset retirement obligation when incurred if the liability’s fair value can be reasonably estimated. Our ARO liabilities are associated with the disposal and retirement of leasehold improvements and removal of installed equipment, resulting from contractual obligations, at the end of a lease to restore a facility to a condition specified in the lease agreement. We record the net present value of the ARO liability and also record a related capital asset, in an equal amount, for leases which contractually result in an asset retirement obligation. The estimated ARO liability is based on a number of assumptions, including costs to return facilities back to specified conditions, inflation rates and discount rates. Accretion expense related to the ARO liability is recognized as operating expense in our Consolidated Statements of Operations. The capitalized asset is depreciated on a straight-line basis over the useful life of the related leasehold improvements. Upon ARO fulfillment, any difference between the actual retirement expense incurred and the recorded estimated ARO liability is recognized as an operating gain or loss in our Consolidated Statements of Operations. Our ARO liability, which totaled $3.2 million at June 30, 2018, was comprised of a $0.1 million short-term portion included in accrued liabilities and $3.1 million long-term portion included in “Other liabilities—non-current” on our Consolidated Balance Sheet at June 30, 2018. At June 30, 2017, our ARO liability, which totaled $2.5 million, was comprised of a $0.2 million short-term portion included accrued liabilities and $2.3 million long term portion included in “Other liabilities – non-current” on our Consolidated Balance Sheet at June 30, 2017 . |
Capital Lease | (s) Capital lease – During fiscal 2017, we entered into a 5-year capital lease maturing on January 31, 2022 for equipment and software. At June 30, 2018, the capital lease asset balance was $0.6 million, the current lease liability was $0.2 million and the long-term lease liability was $0.4 million. The capital lease is amortized on a straight-line basis. During fiscal year 2018, the capital lease amortization was $0.2 million. At June 30, 2017, the capital lease asset balance was $0.8 million, the current lease liability was $0.1 million and the long-term lease liability was $0.6 million. During fiscal year 2017, the capital asset amortization was less than $0.1 million |
Legal Proceedings | (t ) Legal Proceedings — The Company was a defendant in a purported class action lawsuit, Jerry Castillo v. Tuesday Morning Inc., which was filed on December 28, 2017 in the United States District Court, Middle District of Florida. The case was brought under the Fair Labor Standards Act and included allegations that the Company violated various wage and hour labor laws. Relief was sought on behalf of current and former Company employees. The lawsuit sought to recover damages, penalties and attorneys’ fees as a result of the alleged violations. The matter settled for an amount not material to the Company and the Court approved the settlement on July 9, 2018. The Company was also a defendant in a purported class action lawsuit, Hector Velarde, on behalf of himself and all other similar situated, Pltf. vs. Tuesday Morning, Inc., which was filed on February 26, 2018 in state court and was pending in the United States District Court, Central District of California. The case was brought under the Unruh Civil Rights Act, California Code § 51 ci seq. (“Unruh Act”), the California Disabled persons Act, California Civil Code § 54 et seq. (“CDPA”), and Cal. Civ. Code § 55 et seq. and included allegations that the Company violated various public access laws. The lawsuit sought to recover damages, penalties and attorneys' fees as a result of the alleged violations. The matter settled for an amount not material to the Company and the Court approved the settlement on July 11, 2018. |
Recent Accounting Pronouncements | (u ) Recent Accounting Pronouncements — In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118),” which allows the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since the TCJA was passed late in the fourth calendar quarter of 2017, and ongoing guidance and accounting interpretation is expected over the next twelve months, management considers the deferred tax re-measurements and other items to be incomplete due to the forthcoming guidance and the ongoing analysis of final year-end data and tax positions. The Company expects to complete its analysis within the measurement period in accordance with SAB 118. In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on eight specific cash flow issues in regard to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The amendments in ASU 2016-15 should be adopted on a retrospective basis unless it is impracticable to apply, in which case the amendments should be applied prospectively as of the earliest date practicable. The Company currently expects to adopt this standard in the first quarter of fiscal 2019 and is evaluating the impact that this standard will have on its consolidated financial statements and disclosures. I n March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) to reduce the complexity of certain aspects of the accounting for employee share-based payment transactions. ASU 2016-09 involves changes in several aspects of the accounting for share-based payment transactions, including the accounting for the income tax consequences of share-based awards. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted ASU 2016-09 in the first quarter of fiscal 2018 and elected to continue to estimate forfeitures expected to occur to determine the amount of share based compensation cost to recognize in each period, as permitted by ASU 2016-09. In addition, the adoption of this standard prospectively changes the dilutive earnings per share calculation by removing excess tax benefits and deficiencies from the computation. The adoption of this standard did not materially impact our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which is intended to improve financial reporting in connection with leasing transactions. ASU 2016-02 will require entities (“lessees”) that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or finance, while the income statement will reflect lease expense for operating leases and amortization/interest expense for finance leases. Accounting by entities that own the assets leased by lessees (“lessors”) will remain largely unchanged from current GAAP. In addition, ASU 2016-02 requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the financial statements. The Company currently expects to adopt this standard in the first quarter of fiscal 2020. While the Company is currently evaluating the provisions of ASU 2016-02 to assess the impact on the Company’s consolidated financial statements and disclosures, the primary effect of adopting the new standard will be to record assets and obligations for current operating leases. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”), which changes the measurement principle for inventory from the lower of cost or market to the lower of cost or net realizable value, except for companies using the Retail Inventory Method which will continue to use existing impairment models. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance was required to be applied on a prospective basis and was effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The Company adopted ASU 2015-11 in the first quarter of fiscal 2018. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), an updated standard on revenue recognition, and has since modified the standard with additional ASUs. The new guidance provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration, or payment, to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning after December 15, 2017, including interim periods within that year. The Company has substantially concluded its assessment of the new revenue standard and will adopt this standard in the first quarter of fiscal 2019 using the modified retrospective method. The Company currently expects that this standard will not have a material impact on its consolidated financial statements but will require additional disclosures. |
Nature of Operations and Summ20
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Property and Equipment Estimated Useful Lives | Buildings 30 years Furniture and fixtures 3 to 7 years Leasehold improvements Shorter of useful life or lease term Equipment 5 to 10 years Assets under capital lease Shorter of useful life or lease term Software 3 to 10 years |
Schedule of Fair Value Assumptions of Stock Option Granted | Fiscal Years Ended June 30, 2018 2017 2016 Weighted average risk-free interest rate 1.7 - 2.5% 0.6 - 1.9% 1.0 - 1.9% Expected life of options (years) 3.8 - 4.9 3.0 - 5.5 2.9 - 5.6 Expected stock volatility 60.0 - 63.3% 52.7 - 61.0% 46.4 - 56.1% Expected dividend yield 0.0% 0.0% 0.0% |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net of Accumulated Depreciation | Property and equipment, net of accumulated depreciation, consisted of the following (in thousands): June 30, 2018 2017 Land $ 6,628 $ 6,628 Buildings and building improvements 41,479 40,879 Furniture and fixtures 61,963 56,877 Equipment 66,268 65,884 Software 43,664 40,750 Leasehold improvements 57,371 44,838 Assets under capital lease 788 804 278,161 256,660 Less accumulated depreciation (157,044 ) (138,263 ) Net property and equipment $ 121,117 $ 118,397 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2018 2017 Sales and use tax $ 3,467 $ 3,543 Self-insurance reserves 12,823 12,192 Wages, benefits and payroll taxes 6,006 5,710 Property taxes 1,612 1,524 Freight and distribution 4,807 4,490 Capital expenditures 1,585 4,780 Utilities 1,234 1,282 Advertising 1,102 525 Deferred rent 2,028 1,408 Cease use rent 77 991 Other 7,024 7,815 Total accrued liabilities $ 41,765 $ 44,260 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision (Benefit) | Current Deferred Total Fiscal Year Ended June 30, 2018 Federal $ — $ (568 ) $ (568 ) State and local 426 3 429 Total $ 426 $ (565 ) $ (139 ) Fiscal Year Ended June 30, 2017 Federal $ — $ 27 $ 27 State and local 166 4 170 Total $ 166 $ 31 $ 197 Fiscal Year Ended June 30, 2016 Federal $ (147 ) $ 186 $ 39 State and local 399 (175 ) 224 Total $ 252 $ 11 $ 263 |
Reconciliation of Income Taxes Computed at Blended Statutory Federal Income Tax Rate | Fiscal Year Ended June 30, 2018 2017 2016 Federal income tax provision/(benefit) computed at statutory rate $ (6,005 ) $ (10,997 ) $ 1,351 State income taxes, net of related federal tax benefit 314 106 157 Increase/(decrease) in federal valuation allowance 5,182 10,076 (668 ) Federal tax credits (200 ) 68 (670 ) Stock option expiration/deficiencies 586 938 — Federal tax rate change (19 ) — — Other, net 3 6 93 Provision for income taxes $ (139 ) $ 197 $ 263 |
Schedule of Deferred Tax Assets and Liabilities | June 30, 2018 2017 2016 Deferred tax assets: Other payroll and benefits $ 580 $ 681 $ 1,482 Inventory reserves 266 195 268 Self-insurance reserves 3,389 4,517 4,611 Share-based compensation 2,104 3,564 3,807 Other current assets 2,441 2,829 2,250 Deferred rent 5,705 5,068 2,266 Net operating loss and tax credits 26,040 25,610 18,497 Other noncurrent assets — 537 1,121 Total gross deferred tax assets $ 40,525 $ 43,001 $ 34,302 Deferred tax liabilities: Inventory costs $ 5,518 $ 9,468 $ 8,199 Prepaid supplies 1,582 2,392 2,506 Property and equipment 9,215 4,033 7,616 Total gross deferred tax liabilities 16,315 15,893 18,321 Valuation allowance (23,688 ) (27,150 ) (15,992 ) Net deferred tax asset/(liability) $ 522 $ (42 ) $ (11 ) |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | Balance at June 30, 2015 $ 147 Additions for tax positions of prior years — Reductions for lapse of statute of limitations — Balance at June 30, 2016 $ 147 Additions for tax positions of prior years — Reductions for lapse of statute of limitations — Balance at June 30, 2017 $ 147 Additions for tax positions of prior years — Reductions for lapse of statute of limitations — Balance at June 30, 2018 $ 147 |
Share-Based Incentive Plans (Ta
Share-Based Incentive Plans (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Transactions | Following is a summary of transactions relating to the 2008 Plan and 2014 Plan options for the fiscal years ended June 30, 2018, 2017, and 2016 (share amounts and aggregate intrinsic value in thousands): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Options Outstanding at June 30, 2015 1,838 $ 13.37 8.25 $ 1,384 Granted during year 2,500 6.48 Exercised during the year (5 ) 1.24 Forfeited or expired during year (1,121 ) 11.81 Options Outstanding at June 30, 2016 3,212 8.57 7.61 2,111 Granted during year 1,564 6.11 Exercised during the year (6 ) 1.24 Forfeited or expired during year (1,254 ) 9.88 Options Outstanding at June 30, 2017 3,516 7.02 7.86 2 Granted during year 621 2.46 Exercised during the year (3 ) 1.24 Forfeited or expired during year (177 ) 7.21 Options Outstanding at June 30, 2018 3,957 6.30 7.21 475 Exercisable at June 30, 2018 1,478 $ 7.93 5.49 $ 22 |
Summary of Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding at June 30, 2018: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Per Share Number Exercisable Weighted Average Exercise Price Per Share $1.24 - $2.45 632,358 9.16 $ 2.30 22,928 $ 2.07 $3.12 - $5.59 238,098 7.28 4.47 104,283 4.81 $5.64 - $5.64 690,414 7.59 5.64 197,454 5.64 $5.88 - $5.89 305,508 7.35 5.89 10,000 5.88 $5.95 - $5.95 462,825 7.03 5.95 462,825 5.95 $6.29 - $6.58 25,948 7.44 6.54 14,641 6.51 $6.71 - $6.71 913,950 8.17 6.71 104,302 6.71 $7.90 - $8.55 397,013 4.01 8.08 290,711 8.14 $10.46 - $19.36 283,597 3.40 15.18 265,580 14.96 $20.91 - $20.91 7,532 6.37 20.91 5,649 20.91 3,957,243 7.21 $ 6.30 1,478,373 $ 7.93 |
Summary of Information about Restricted Stock Awards Outstanding | The following table summarizes information about restricted stock awards outstanding for the fiscal years ended June 30, 2018, 2017, and 2016 (share amounts in thousands): Number of Shares Weighted- Average Fair Value at Date of Grant Outstanding at June 30, 2015 432 $ 16.95 Granted during year 869 6.98 Vested during year (175 ) 12.52 Forfeited during year (364 ) 12.65 Outstanding at June 30, 2016 762 $ 8.65 Granted during year 941 5.80 Vested during year (230 ) 8.38 Forfeited during year (383 ) 7.73 Outstanding at June 30, 2017 1,090 $ 6.57 Granted during year 981 2.44 Vested during year (398 ) 6.81 Forfeited during year (240 ) 4.94 Outstanding at June 30, 2018 1,433 $ 3.95 |
Schedule of Recognized Share-Based Compensation Costs | We recognized share‑based compensation costs as follows (in thousands): Fiscal Years Ended June 30, 2018 2017 2016 Amortization of share-based compensation during the period $ 3,349 $ 4,114 $ 3,403 Amounts capitalized in inventory (1,280 ) (1,497 ) (1,724 ) Amount recognized and charged to cost of sales 1,364 1,567 1,436 Amounts charged against income for the period before tax $ 3,433 $ 4,184 $ 3,115 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
Future Minimum Rental Payments Under Leases | Future minimum rental payments under our operating leases are as follows (in thousands): Fiscal Years Ending June 30, 2019 $ 92,104 2020 77,523 2021 65,594 2022 56,753 2023 50,308 Thereafter 160,817 Total minimum rental payments $ 503,099 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings/(Loss) Per Common Share | Fiscal Year Ended June 30, 2018 2017 2016 Net income/(loss) $ (21,938 ) $ (32,542 ) $ 3,713 Less: Income to participating securities — — 40 Net income/(loss) attributable to common shares $ (21,938 ) $ (32,542 ) $ 3,673 Weighted average common shares outstanding—basic 44,282 43,943 43,705 Effect of dilutive stock equivalents — — 31 Weighted average common shares outstanding—dilutive 44,282 43,943 43,736 Net income/(loss) per common share—basic $ (0.50 ) $ (0.74 ) $ 0.08 Net income/(loss) per common share—diluted $ (0.50 ) $ (0.74 ) $ 0.08 |
Quarterly Results of Operatio27
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results | A summary of the unaudited quarterly results is as follows for the years ended June 30, 2018 and 2017 (in thousands, except per share amounts): Quarters Ended Sept. 30, Dec. 31, Mar. 31, June 30, 2017 2017 2018 2018 Net sales $ 218,756 $ 333,807 $ 223,296 $ 230,473 Gross profit (1) 77,950 105,685 80,303 77,036 Operating income/(loss) (1) (11,994 ) 8,276 (7,789 ) (9,443 ) Net income/(loss) (1) (12,254 ) 8,692 (8,080 ) (10,296 ) Basic income/(loss) per share (2) $ (0.28 ) $ 0.19 $ (0.18 ) $ (0.23 ) Diluted income/(loss) per share (2) $ (0.28 ) $ 0.19 $ (0.18 ) $ (0.23 ) Quarters Ended Sept. 30, Dec. 31, Mar. 31, June 30, 2016 2016 2017 2017 Net sales $ 211,885 $ 328,137 $ 203,001 $ 223,642 Gross profit (1) 77,339 105,982 67,156 70,268 Operating income/(loss) (1) (9,240 ) 8,767 (14,678 ) (17,129 ) Net income/(loss) (1) (8,855 ) 8,430 (14,796 ) (17,321 ) Basic income/(loss) per share (2) $ (0.20 ) $ 0.19 $ (0.34 ) $ (0.39 ) Diluted income/(loss) per share (2) $ (0.20 ) $ 0.19 $ (0.34 ) $ (0.39 ) (1) Our results are computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts presented may not equal the total computed for the year due to rounding. (2) Net income/(loss) per share amounts are computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income/(loss) per share in fiscal years 2018 and 2017 may not equal the total computed for the year. |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting Policies - Narrative (Details) | Dec. 22, 2017 | Dec. 21, 2017 | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($)StoreState | Jun. 30, 2018USD ($)StoreState | Jun. 30, 2017USD ($)Store | Jun. 30, 2016USD ($)StoreBuilding |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of discount retail stores operated | Store | 726 | 726 | 731 | 751 | ||||
Number of states in which the entity operates | State | 40 | 40 | ||||||
Credit card receivables from third party consumer credit card providers | $ 7,900,000 | $ 7,900,000 | $ 4,900,000 | |||||
Capitalized inventory costs expensed in cost of sales | 109,100,000 | 108,200,000 | $ 83,700,000 | |||||
Capitalized cost in inventory | $ 32,500,000 | 32,500,000 | 33,900,000 | |||||
Disposal of assets | $ (82,000) | $ (79,000) | $ (700,000) | |||||
Corporate federal income tax rate | 21.00% | 35.00% | 21.00% | 27.20% | 34.00% | 34.00% | ||
Additional income tax provision (benefit) | $ (100,000) | $ (500,000) | ||||||
Revenue recognition gift cards estimated performance period | 36 months | |||||||
Gift card breakage amount | $ 600,000 | $ 900,000 | $ 600,000 | |||||
Advertising expenses | 27,200,000 | 29,000,000 | 28,900,000 | |||||
Prepaid advertising | $ 60,000 | 60,000 | 149,000 | |||||
Short-term cease use liabilities | 77,000 | 77,000 | 1,000,000 | |||||
Long-term cease use liabilities | 500,000 | |||||||
Sale-leaseback transaction, gain recognized in other income | 371,000 | 741,000 | 2,515,000 | |||||
Asset retirement obligations | 3,200,000 | 3,200,000 | 2,500,000 | |||||
Short-term asset retirement obligations | 100,000 | 100,000 | 200,000 | |||||
Long-term asset retirement obligations liability | 3,100,000 | 3,100,000 | $ 2,307,000 | |||||
Equipment and Software | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Term of capital lease | 5 years | |||||||
Capital lease maturity date | Jan. 31, 2022 | |||||||
Current capital lease liability | 200,000 | 200,000 | $ 100,000 | |||||
Long-term capital lease liability | 400,000 | 400,000 | 600,000 | |||||
Capital lease asset | 600,000 | 600,000 | 800,000 | |||||
Capital lease amortization expense | 200,000 | |||||||
Equipment and Software | Maximum | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Capital lease amortization expense | 100,000 | |||||||
Intellectual Property | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Carrying value of intellectual property | 1,200,000 | 1,200,000 | ||||||
Impairment of intellectual property | 0 | |||||||
Worker's compensation | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stop loss limits per claim | 500,000 | 500,000 | ||||||
Self insurance reserve | 10,100,000 | 10,100,000 | 8,600,000 | |||||
Insurance expenses recognized | 5,300,000 | 4,800,000 | 3,400,000 | |||||
General liability | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stop loss limits per claim | 250,000 | 250,000 | ||||||
Self insurance reserve | 1,800,000 | 1,800,000 | 2,500,000 | |||||
Insurance expenses recognized | 2,900,000 | 3,400,000 | 4,000,000 | |||||
Medical liabilities | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stop loss limits per claim | 150,000 | 150,000 | ||||||
Self insurance reserve | $ 900,000 | 900,000 | 1,100,000 | |||||
Insurance expenses recognized | $ 6,400,000 | 7,700,000 | $ 7,300,000 | |||||
Dallas | Buildings and Land | ||||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Sale-leaseback transaction, asset description | Transaction to sell two buildings and land | |||||||
Transaction to sell, number of buildings | Building | 2 | |||||||
Sale-leaseback transaction, extended period | 2018-03 | |||||||
Consideration received reduced by closing and transaction costs | $ 8,800,000 | |||||||
Sale-leaseback transaction, net book value | 5,200,000 | |||||||
Gain on sale-leaseback transaction | 3,600,000 | |||||||
Sale-leaseback transaction, gain recognized in other income | $ 400,000 | $ 700,000 | $ 2,500,000 |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting Policies - Summary of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Buildings | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 30 years |
Furniture and fixtures | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Furniture and fixtures | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 7 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of Leasehold improvements | Shorter of lease life or life of improvement |
Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Assets Under Capital Lease | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of Leasehold improvements | Shorter of useful life or lease term |
Software | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Software | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Nature of Operations and Summ30
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Fair Value Assumptions of Stock Option Granted (Details) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Factors used in estimating the fair value of each stock option granted | |||
Weighted average risk-free interest rate, minimum (as a percent) | 1.70% | 0.60% | 1.00% |
Weighted average risk-free interest rate, maximum (as a percent) | 2.50% | 1.90% | 1.90% |
Expected stock volatility, minimum (as a percent) | 60.00% | 52.70% | 46.40% |
Expected stock volatility, maximum (as a percent) | 63.30% | 61.00% | 56.10% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Minimum | |||
Factors used in estimating the fair value of each stock option granted | |||
Expected life of options (in years) | 3 years 9 months 18 days | 3 years | 2 years 10 months 25 days |
Maximum | |||
Factors used in estimating the fair value of each stock option granted | |||
Expected life of options (in years) | 4 years 10 months 24 days | 5 years 6 months | 5 years 7 months 6 days |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | $ 278,161 | $ 256,660 |
Less accumulated depreciation | (157,044) | (138,263) |
Net property and equipment | 121,117 | 118,397 |
Land | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | 6,628 | 6,628 |
Buildings and building improvements | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | 41,479 | 40,879 |
Furniture and fixtures | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | 61,963 | 56,877 |
Equipment | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | 66,268 | 65,884 |
Software | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | 43,664 | 40,750 |
Leasehold Improvements | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | 57,371 | 44,838 |
Assets Under Capital Lease | ||
Property and equipment, net of accumulated depreciation | ||
Gross property and equipment | $ 788 | $ 804 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 18, 2015 | |
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility outstanding amount | $ 38,480,000 | $ 30,500,000 | ||
Amortization of financing fees | $ 315,000 | 326,000 | $ 462,000 | |
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 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 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 Revolving Credit Facility may, in some instances, limit our ability to pay cash dividends and repurchase our common stock. | |||
Revolving credit facility outstanding amount | $ 38,500,000 | |||
Outstanding letters of credit | 9,500,000 | |||
Availability under the credit facility | $ 60,500,000 | |||
Frequency of commitment fee payment | Payable quarterly | |||
Revolving credit facility, description of variable rate basis | One month LIBOR | |||
Interest expense | $ 2,100,000 | 1,500,000 | ||
Commitment fees | 400,000 | 400,000 | ||
Interest expense, debt | 1,300,000 | 700,000 | ||
Amortization of financing fees | $ 400,000 | $ 400,000 | ||
Revolving Credit Facility | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Availability to be maintained under credit facility, percentage | 10.00% | |||
Revolving Credit Facility | Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Commitment fees (as a percent) | 0.25% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Payables And Accruals [Abstract] | ||
Sales and use tax | $ 3,467 | $ 3,543 |
Self-insurance reserves | 12,823 | 12,192 |
Wages, benefits and payroll taxes | 6,006 | 5,710 |
Property taxes | 1,612 | 1,524 |
Freight and distribution | 4,807 | 4,490 |
Capital expenditures | 1,585 | 4,780 |
Utilities | 1,234 | 1,282 |
Advertising | 1,102 | 525 |
Deferred rent | 2,028 | 1,408 |
Cease use rent | 77 | 991 |
Other | 7,024 | 7,815 |
Total accrued liabilities | $ 41,765 | $ 44,260 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Current | |||
Federal | $ (147) | ||
State and local | $ 426 | $ 166 | 399 |
Total | 426 | 166 | 252 |
Deferred | |||
Federal | (568) | 27 | 186 |
State and local | 3 | 4 | (175) |
Total | (565) | 31 | 11 |
Total | |||
Federal | (568) | 27 | 39 |
State and local | 429 | 170 | 224 |
Total | $ (139) | $ 197 | $ 263 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | Dec. 22, 2017 | Dec. 21, 2017 | Jun. 30, 2018USD ($)Subsidiary | Jun. 30, 2018USD ($)Subsidiary | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Income Tax [Line Items] | ||||||
Statutory federal income tax rate | 21.00% | 35.00% | 21.00% | 27.20% | 34.00% | 34.00% |
Alternative minimum tax credit | $ 571,000 | $ 571,000 | ||||
Federal tax rate change | 19,000 | |||||
Deferred tax assets, valuation allowance | 3,500,000 | |||||
Deferred income tax assets | 24,200,000 | 24,200,000 | ||||
Deferred tax assets, valuation allowance | 23,688,000 | 23,688,000 | $ 27,150,000 | $ 15,992,000 | ||
Operating loss carryforward - Federal | 89,300,000 | 89,300,000 | ||||
Operating loss carryforward - State | $ 4,800,000 | $ 4,800,000 | ||||
Number of subsidiaries filing income tax returns in the U.S. federal jurisdiction, and various state jurisdictions | Subsidiary | 1 | 1 | ||||
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 294,000 | $ 294,000 | ||||
Interest, net of tax effect recognized | 7,000 | 9,000 | 16,000 | |||
Interest paid, net of tax | $ 0 | $ 0 | $ 0 | |||
Federal | Earliest Tax Year | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforward expiration year | 2,033 | |||||
Federal | Latest Tax Year | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforward expiration year | 2,038 | |||||
State and Local Jurisdiction | Earliest Tax Year | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforward expiration year | 2,018 | |||||
State and Local Jurisdiction | Latest Tax Year | ||||||
Income Tax [Line Items] | ||||||
Operating loss carryforward expiration year | 2,038 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Blended Statutory Federal Income Tax Rate (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reconciliation of the expected federal income tax expense at the statutory income tax rate to the actual tax expense | |||
Federal income tax provision/(benefit) computed at statutory rate | $ (6,005,000) | $ (10,997,000) | $ 1,351,000 |
State income taxes, net of related federal tax benefit | 314,000 | 106,000 | 157,000 |
Increase/(decrease) in federal valuation allowance | 5,182,000 | 10,076,000 | (668,000) |
Federal tax credits | (200,000) | 68,000 | (670,000) |
Stock option expiration/deficiencies | 586,000 | 938,000 | |
Federal tax rate change | (19,000) | ||
Other, net | 3,000 | 6,000 | 93,000 |
Total | $ (139,000) | $ 197,000 | $ 263,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets: | |||
Other payroll and benefits | $ 580 | $ 681 | $ 1,482 |
Inventory reserves | 266 | 195 | 268 |
Self-insurance reserves | 3,389 | 4,517 | 4,611 |
Share-based compensation | 2,104 | 3,564 | 3,807 |
Other current assets | 2,441 | 2,829 | 2,250 |
Deferred rent | 5,705 | 5,068 | 2,266 |
Net operating loss and tax credits | 26,040 | 25,610 | 18,497 |
Other noncurrent assets | 537 | 1,121 | |
Total gross deferred tax assets | 40,525 | 43,001 | 34,302 |
Deferred tax liabilities: | |||
Inventory costs | 5,518 | 9,468 | 8,199 |
Prepaid supplies | 1,582 | 2,392 | 2,506 |
Property and equipment | 9,215 | 4,033 | 7,616 |
Total gross deferred tax liabilities | 16,315 | 15,893 | 18,321 |
Valuation allowance | (23,688) | (27,150) | (15,992) |
Net deferred tax (liability) | (42) | (11) | |
Net deferred tax asset | $ 522 | ||
Net deferred tax (liability) | $ 42 | $ 11 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Balance at beginning of the period | $ 147 | $ 147 | $ 147 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for lapse of statute of limitations | 0 | 0 | 0 |
Balance at end of the period | $ 147 | $ 147 | $ 147 |
Share-Based Incentive Plans - N
Share-Based Incentive Plans - Narrative (Details) - USD ($) | Aug. 21, 2017 | Sep. 16, 2014 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Nov. 16, 2016 | Jun. 30, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Exercise price of stock options outstanding, low end of range | $ 1.24 | ||||||
Exercise price of stock option outstanding, high end of range | 20.91 | ||||||
Stock Option Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted average grant date fair value of awards granted (in dollars per share) | $ 2.46 | $ 2.55 | $ 2.75 | ||||
Aggregate intrinsic value of awards vested (in dollars) | $ 22,000 | ||||||
Exercised (in shares) | 3,000 | 6,208 | 4,667 | ||||
Aggregate intrinsic value of awards exercised (in dollars) | $ 3,700 | $ 20,100 | $ 27,000 | ||||
Unrecognized share-based compensation expense (in dollars) | $ 6,000,000 | ||||||
Weighted average period for recognition of unrecognized share-based compensation expense (in years) | 1 year 10 months 24 days | ||||||
Restricted Stock Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards outstanding | 1,433,000 | 1,090,000 | 762,000 | 432,000 | |||
Weighted average grant date fair value of awards granted (in dollars per share) | $ 2.44 | $ 5.80 | $ 6.98 | ||||
2014 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares authorized | 6,100,000 | ||||||
Number of common stock shares available for issuance | 2,500,000 | ||||||
2014 Plan | Stock Option Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expiration period (in years) | 10 years | ||||||
Shares available for grant | 3,100,000 | ||||||
2014 Plan | Stock Option Awards | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | 1 year | |||||
2014 Plan | Stock Option Awards | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 4 years | ||||||
Vesting percentage | 5.00% | ||||||
2014 Plan | Full Value Awards | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | ||||||
2014 Plan | Full Value Awards | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting percentage | 5.00% | ||||||
2014 Plan | Tenure Awards | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 3 years | ||||||
2014 Plan | Tenure Awards | Minimum | Non Employee Directors | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | ||||||
2014 Plan | Performance-Based Restricted Stock Awards and Stock Option Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards outstanding | 1,643,918 | ||||||
2008 Plan | Stock Option Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expiration period (in years) | 10 years | ||||||
2008 Plan | Stock Option Awards | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | ||||||
2008 Plan | Stock Option Awards | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 4 years | ||||||
2008 and 2014 Plan | Restricted Stock Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards outstanding | 1,433,269 | ||||||
Weighted average grant date fair value of awards granted (in dollars per share) | $ 3.95 | ||||||
2008 and 2014 Plan | Restricted Stock Awards | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | ||||||
2008 and 2014 Plan | Restricted Stock Awards | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period (in years) | 4 years |
Share-Based Incentive Plans - S
Share-Based Incentive Plans - Summary of Option Transactions (Details) - Stock Option Awards - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Number of Shares | ||||
Options outstanding at the beginning of year | 3,516,000 | 3,212,000 | 1,838,000 | |
Granted during year | 621,000 | 1,564,000 | 2,500,000 | |
Exercised during the year | (3,000) | (6,208) | (4,667) | |
Forfeited or expired during year | (177,000) | (1,254,000) | (1,121,000) | |
Options outstanding at the end of year | 3,957,000 | 3,516,000 | 3,212,000 | 1,838,000 |
Exercisable at June 30, 2018 | 1,478,000 | |||
Weighted-Average Exercise Price | ||||
Options outstanding at the beginning of year | $ 7.02 | $ 8.57 | $ 13.37 | |
Granted during year | 2.46 | 6.11 | 6.48 | |
Exercised during the year | 1.24 | 1.24 | 1.24 | |
Forfeited or expired during year | 7.21 | 9.88 | 11.81 | |
Options outstanding at the end of year | 6.30 | $ 7.02 | $ 8.57 | $ 13.37 |
Exercisable at June 30, 2018 | $ 7.93 | |||
Weighted-Average Remaining Contractual Term (Years) | ||||
Options outstanding at the end of year | 7 years 2 months 15 days | 7 years 10 months 9 days | 7 years 7 months 9 days | 8 years 3 months |
Exercisable at June 30, 2018 | 5 years 5 months 26 days | |||
Aggregate Intrinsic Value | ||||
Options outstanding at the end of year | $ 475 | $ 2 | $ 2,111 | $ 1,384 |
Exercisable at June 30, 2018 | $ 22 |
Share-Based Incentive Plans -41
Share-Based Incentive Plans - Summary of Information about Stock Options Outstanding (Details) | 12 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Information about stock options outstanding | |
Low end of range of exercise prices | $ 1.24 |
High end of range of exercise prices | $ 20.91 |
Number Outstanding | shares | 3,957,243 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 7 years 2 months 15 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 6.30 |
Number Exercisable | shares | 1,478,373 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 7.93 |
$1.24 - $2.45 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 1.24 |
High end of range of exercise prices | $ 2.45 |
Number Outstanding | shares | 632,358 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 9 years 1 month 28 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 2.30 |
Number Exercisable | shares | 22,928 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 2.07 |
$3.12 - $5.59 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 3.12 |
High end of range of exercise prices | $ 5.59 |
Number Outstanding | shares | 238,098 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 7 years 3 months 10 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 4.47 |
Number Exercisable | shares | 104,283 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 4.81 |
$5.64 - $5.64 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 5.64 |
High end of range of exercise prices | $ 5.64 |
Number Outstanding | shares | 690,414 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 7 years 7 months 2 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.64 |
Number Exercisable | shares | 197,454 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 5.64 |
$5.88 - $5.89 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 5.88 |
High end of range of exercise prices | $ 5.89 |
Number Outstanding | shares | 305,508 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 7 years 4 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.89 |
Number Exercisable | shares | 10,000 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 5.88 |
$5.95 - $5.95 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 5.95 |
High end of range of exercise prices | $ 5.95 |
Number Outstanding | shares | 462,825 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 7 years 10 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.95 |
Number Exercisable | shares | 462,825 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 5.95 |
$6.29 - $6.58 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 6.29 |
High end of range of exercise prices | $ 6.58 |
Number Outstanding | shares | 25,948 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 7 years 5 months 8 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 6.54 |
Number Exercisable | shares | 14,641 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 6.51 |
$6.71 - $6.71 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 6.71 |
High end of range of exercise prices | $ 6.71 |
Number Outstanding | shares | 913,950 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 8 years 2 months 1 day |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 6.71 |
Number Exercisable | shares | 104,302 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 6.71 |
$7.90 - $8.55 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 7.90 |
High end of range of exercise prices | $ 8.55 |
Number Outstanding | shares | 397,013 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 4 years 3 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 8.08 |
Number Exercisable | shares | 290,711 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 8.14 |
$10.46 - $19.36 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 10.46 |
High end of range of exercise prices | $ 19.36 |
Number Outstanding | shares | 283,597 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 3 years 4 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 15.18 |
Number Exercisable | shares | 265,580 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 14.96 |
$20.91 - $20.91 | |
Information about stock options outstanding | |
Low end of range of exercise prices | 20.91 |
High end of range of exercise prices | $ 20.91 |
Number Outstanding | shares | 7,532 |
Weighted Average Remaining Contractual Life (Years), Options Outstanding | 6 years 4 months 13 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 20.91 |
Number Exercisable | shares | 5,649 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 20.91 |
Share-Based Incentive Plans (De
Share-Based Incentive Plans (Details 3) - Restricted Stock Awards - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Number of Shares | |||
Outstanding at the beginning of year | 1,090 | 762 | 432 |
Granted during year | 981 | 941 | 869 |
Vested during year | (398) | (230) | (175) |
Forfeited during year | (240) | (383) | (364) |
Outstanding at the end of year | 1,433 | 1,090 | 762 |
Weighted-Average Fair Value at Date of Grant | |||
Outstanding at the end of year | $ 6.57 | $ 8.65 | $ 16.95 |
Granted during year | 2.44 | 5.80 | 6.98 |
Vested during year | 6.81 | 8.38 | 12.52 |
Forfeited during year | 4.94 | 7.73 | 12.65 |
Outstanding at the end of year | $ 3.95 | $ 6.57 | $ 8.65 |
Share-Based Incentive Plans -43
Share-Based Incentive Plans - Schedule of Recognized Share-Based Compensation Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based incentive plans | |||
Share-based compensation | $ 3,433 | $ 4,184 | $ 3,115 |
Amounts capitalized in inventory | (1,280) | (1,497) | (1,724) |
Share Based Compensation Amortization | |||
Share-based incentive plans | |||
Share-based compensation | 3,349 | 4,114 | 3,403 |
Cost of Sales | |||
Share-based incentive plans | |||
Share-based compensation | $ 1,364 | $ 1,567 | $ 1,436 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) ft² in Millions, $ in Millions | 12 Months Ended | |||
Jun. 30, 2018USD ($)Lease | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015ft² | |
Operating Leased Assets [Line Items] | ||||
Number of options available for store lease extensions | Lease | 2 | |||
Period available under each store lease renewal option (in years) | 5 years | |||
Leases area for distribution center | ft² | 0.6 | |||
Rent expense | $ | $ 118.3 | $ 108 | $ 98.3 | |
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Initial term of the store lease (in years) | 5 years | |||
Period after which leases for new stores can be terminated if the store does not deliver sales expectations | 24 months | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Initial term of the store lease (in years) | 10 years | |||
Period after which leases for new stores can be terminated if the store does not deliver sales expectations | 60 months |
Operating Leases - Future Minim
Operating Leases - Future Minimum Rental Payments Under Leases (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Future minimum rental payments under leases | |
2,019 | $ 92,104 |
2,020 | 77,523 |
2,021 | 65,594 |
2,022 | 56,753 |
2,023 | 50,308 |
Thereafter | 160,817 |
Total minimum rental payments | $ 503,099 |
401(K) Profit Sharing Plan (Det
401(K) Profit Sharing Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Profit sharing plan | |||
Contributions expensed | $ 1.4 | $ 1.3 | $ 1.2 |
Full-time Employees | |||
Profit sharing plan | |||
Eligible service period (in months) | 1 month | ||
Part-time Employees | |||
Profit sharing plan | |||
Eligible service period (in months) | 12 months | ||
Eligible minimum service period (in hours) | 1000 hours | ||
Minimum | |||
Profit sharing plan | |||
Employee's contribution (as a percent) | 1.00% | ||
Maximum | |||
Profit sharing plan | |||
Employee's contribution (as a percent) | 75.00% | ||
Match contribution by employer (as a percent) | 4.00% |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted Earnings/(Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income/(loss) | $ (10,296) | $ (8,080) | $ 8,692 | $ (12,254) | $ (17,321) | $ (14,796) | $ 8,430 | $ (8,855) | $ (21,938) | $ (32,542) | $ 3,713 |
Less: Income to participating securities | 40 | ||||||||||
Net income/(loss) attributable to common shares | $ (21,938) | $ (32,542) | $ 3,673 | ||||||||
Weighted average common shares outstanding—basic | 44,282 | 43,943 | 43,705 | ||||||||
Effect of dilutive stock equivalents | 31 | ||||||||||
Weighted average common shares outstanding—dilutive | 44,282 | 43,943 | 43,736 | ||||||||
Net income/(loss) per common share—basic | $ (0.23) | $ (0.18) | $ 0.19 | $ (0.28) | $ (0.39) | $ (0.34) | $ 0.19 | $ (0.20) | $ (0.50) | $ (0.74) | $ 0.08 |
Net income/(loss) per common share—diluted | $ (0.23) | $ (0.18) | $ 0.19 | $ (0.28) | $ (0.39) | $ (0.34) | $ 0.19 | $ (0.20) | $ (0.50) | $ (0.74) | $ 0.08 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) shares in Millions | 12 Months Ended |
Jun. 30, 2016shares | |
Equity Option | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Weighted average shares excluded from computation of diluted income per share | 0.1 |
Quarterly Results of Operatio49
Quarterly Results of Operations - Summary of Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 230,473 | $ 223,296 | $ 333,807 | $ 218,756 | $ 223,642 | $ 203,001 | $ 328,137 | $ 211,885 | $ 1,006,332 | $ 966,665 | $ 956,396 |
Gross profit | 77,036 | 80,303 | 105,685 | 77,950 | 70,268 | 67,156 | 105,982 | 77,339 | 340,974 | 320,745 | 341,802 |
Operating income/(loss) | (9,443) | (7,789) | 8,276 | (11,994) | (17,129) | (14,678) | 8,767 | (9,240) | (20,950) | (32,280) | 2,404 |
Net income/(loss) | $ (10,296) | $ (8,080) | $ 8,692 | $ (12,254) | $ (17,321) | $ (14,796) | $ 8,430 | $ (8,855) | $ (21,938) | $ (32,542) | $ 3,713 |
Basic income/(loss) per share (in dollars per share) | $ (0.23) | $ (0.18) | $ 0.19 | $ (0.28) | $ (0.39) | $ (0.34) | $ 0.19 | $ (0.20) | $ (0.50) | $ (0.74) | $ 0.08 |
Diluted income/(loss) per share (in dollars per share) | $ (0.23) | $ (0.18) | $ 0.19 | $ (0.28) | $ (0.39) | $ (0.34) | $ 0.19 | $ (0.20) | $ (0.50) | $ (0.74) | $ 0.08 |
Dividend Restrictions - Narrati
Dividend Restrictions - Narrative (Details) | Jun. 30, 2018USD ($) |
Disclosure Of Restrictions On Dividends Loans And Advances Disclosure [Abstract] | |
Retained earnings free of limitation on the payment of dividends | $ 0 |
Restricted net assets | $ 12,100,000 |
Condensed Financial Informati51
Condensed Financial Information - Condensed Statement of Position (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||||
Total Current Assets | $ 251,382 | $ 236,518 | ||
Noncurrent assets: | ||||
Total Assets | 376,256 | 358,153 | ||
Current liabilities: | ||||
Total Current Liabilities | 130,743 | 111,597 | ||
Total Liabilities | 196,002 | 159,314 | ||
Stockholders’ equity: | ||||
Common stock | 469 | 469 | ||
Additional paid-in capital | 237,957 | 234,604 | ||
Retained deficit | (51,360) | (29,422) | ||
Less: Treasury stock | (6,812) | (6,812) | ||
Total Stockholders’ Equity | 180,254 | 198,839 | $ 227,282 | $ 220,289 |
Total Liabilities and Stockholders’ Equity | 376,256 | 358,153 | ||
Parent Company | ||||
Current assets: | ||||
Accounts receivable from subsidiaries | 26,529 | 24,489 | ||
Total Current Assets | 26,529 | 24,489 | ||
Noncurrent assets: | ||||
Investment in subsidiaries | 153,725 | 174,350 | ||
Total noncurrent assets | 153,725 | 174,350 | ||
Total Assets | 180,254 | 198,839 | ||
Stockholders’ equity: | ||||
Common stock | 469 | 469 | ||
Additional paid-in capital | 237,957 | 234,604 | ||
Retained deficit | (51,360) | (29,422) | ||
Less: Treasury stock | (6,812) | (6,812) | ||
Total Stockholders’ Equity | 180,254 | 198,839 | ||
Total Liabilities and Stockholders’ Equity | $ 180,254 | $ 198,839 |
Condensed Financial Informati52
Condensed Financial Information - Condensed Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Net sales | $ 230,473 | $ 223,296 | $ 333,807 | $ 218,756 | $ 223,642 | $ 203,001 | $ 328,137 | $ 211,885 | $ 1,006,332 | $ 966,665 | $ 956,396 |
Cost of sales | 665,358 | 645,920 | 614,594 | ||||||||
Gross profit | 77,036 | 80,303 | 105,685 | 77,950 | 70,268 | 67,156 | 105,982 | 77,339 | 340,974 | 320,745 | 341,802 |
Selling, general and administrative expenses | 361,924 | 353,025 | 339,398 | ||||||||
Operating income/(loss) | (9,443) | (7,789) | 8,276 | (11,994) | (17,129) | (14,678) | 8,767 | (9,240) | (20,950) | (32,280) | 2,404 |
Other income/(expense): | |||||||||||
Interest expense | (2,061) | (1,485) | (1,068) | ||||||||
Other income, net | 934 | 1,420 | 2,640 | ||||||||
Income/(loss) before income taxes | (22,077) | (32,345) | 3,976 | ||||||||
Income tax provision/(benefit) | (139) | 197 | 263 | ||||||||
Net income/(loss) | $ (10,296) | $ (8,080) | $ 8,692 | $ (12,254) | $ (17,321) | $ (14,796) | $ 8,430 | $ (8,855) | (21,938) | (32,542) | 3,713 |
Parent Company | |||||||||||
Other income/(expense): | |||||||||||
Net income/(loss) of subsidiaries | (21,938) | (32,542) | 3,713 | ||||||||
Net income/(loss) | $ (21,938) | $ (32,542) | $ 3,713 |
Condensed Financial Informati53
Condensed Financial Information - Narrative (Details) - Revolving Credit Facility - USD ($) | Jun. 30, 2018 | Aug. 18, 2015 |
Condensed Financial Statements Captions [Line Items] | ||
Availability under the credit facility | $ 60,500,000 | |
Maximum borrowing capacity | $ 180,000,000 | |
Availability to be maintained under credit facility before restriction on investments, percentage | 20.00% | |
Parent Company | ||
Condensed Financial Statements Captions [Line Items] | ||
Availability under the credit facility | 60,500,000 | |
Maximum borrowing capacity | $ 180,000,000 | |
Availability to be maintained under credit facility before restriction on investments, percentage | 20.00% |