Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Apr. 30, 2014 | Jul. 31, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Perfumania Holdings, Inc. | ' | ' |
Entity Central Index Key | '0000880460 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,369,263 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $26.20 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,553 | $2,447 |
Accounts receivable, net of allowances of $1,461 and $753, as of February 1, 2014 and February 2, 2013, respectively | 34,388 | 20,417 |
Inventories | 282,802 | 271,881 |
Prepaid expenses and other current assets | 15,238 | 22,485 |
Total current assets | 333,981 | 317,230 |
Property and equipment, net | 18,779 | 20,060 |
Goodwill | 38,769 | 38,769 |
Intangible and other assets, net | 31,875 | 43,545 |
Total assets | 423,404 | 419,604 |
Current liabilities: | ' | ' |
Accounts payable | 50,354 | 44,640 |
Accounts payable-affiliates | 1,523 | 959 |
Accrued expenses and other liabilities | 31,308 | 33,746 |
Current portion of obligations under capital leases and other long-term debt | 894 | 874 |
Total current liabilities | 84,079 | 80,219 |
Revolving credit facility | 67,902 | 61,071 |
Notes payable-affiliates | 125,366 | 125,366 |
Long-term portion of obligations under capital leases | 3,162 | 4,017 |
Other long-term liabilities | 51,601 | 45,809 |
Total liabilities | 332,110 | 316,482 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.10 par value, 1,000,000 shares authorized; as of February 1, 2014 and February 2, 2013, none issued | 0 | 0 |
Common stock, $.01 par value, 35,000,000 shares authorized; 16,267,033 shares and 16,242,982 shares issued as of February 1, 2014 and February 2, 2013, respectively | 163 | 163 |
Additional paid-in capital | 220,255 | 219,618 |
Accumulated deficit | -120,547 | -108,082 |
Treasury stock, at cost, 898,249 shares as of February 1, 2014 and February 2, 2013 | -8,577 | -8,577 |
Total shareholders’ equity | 91,294 | 103,122 |
Total liabilities and shareholders’ equity | $423,404 | $419,604 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,461 | $753 |
Preferred stock par value | $0.10 | $0.10 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 0 |
Common stock par value | $0.01 | $0.01 |
Common stock shares authorized | 35,000,000 | 35,000,000 |
Common stock shares issued | 16,267,033 | 16,242,982 |
Treasury stock shares | 898,249 | 898,249 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $575,857 | $534,779 |
Cost of goods sold | 323,692 | 321,172 |
Gross profit | 252,165 | 213,607 |
Operating expenses: | ' | ' |
Selling, general and administrative expenses | 240,436 | 230,075 |
Asset impairment | 491 | 8,106 |
Share-based compensation expense | 556 | 4,547 |
Merger related expenses | 0 | 4,837 |
Depreciation and amortization | 11,973 | 14,251 |
Total operating expenses | 253,456 | 261,816 |
Loss from operations | -1,291 | -48,209 |
Interest expense | 10,273 | 9,356 |
Loss before income tax provision (benefit) | -11,564 | -57,565 |
Income tax provision (benefit) | 901 | -1,552 |
Net loss | ($12,465) | ($56,013) |
Net loss per common share: | ' | ' |
Basic and diluted | ($0.81) | ($4.02) |
Weighted average number of common shares outstanding: | ' | ' |
Basic | 15,355,516 | 13,941,075 |
Diluted | 15,355,516 | 13,941,075 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Jan. 28, 2012 | $64,797 | $99 | $125,344 | ($52,069) | ($8,577) |
Balance, shares at Jan. 28, 2012 | ' | 9,868,267 | ' | ' | 898,249 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Share-based compensation | 4,547 | ' | 4,547 | ' | ' |
Exercise of stock options (shares) | ' | 60,587 | ' | ' | ' |
Exercise of stock options | 228 | 1 | 227 | ' | ' |
Issuance of common stock for April 18, 2012 acquisition of Parlux, shares | ' | 6,314,128 | ' | ' | ' |
Issuance of common stock for April 18, 2012 acquisition of Parlux | 59,225 | 63 | 59,162 | ' | ' |
Issuance of stock options and warrants for April 18, 2012 acquisition of Parlux | 30,338 | ' | 30,338 | ' | ' |
Net loss | -56,013 | ' | ' | -56,013 | ' |
Balance at Feb. 02, 2013 | 103,122 | 163 | 219,618 | -108,082 | -8,577 |
Balance, shares at Feb. 02, 2013 | ' | 16,242,982 | ' | ' | 898,249 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Share-based compensation | 556 | ' | 556 | ' | ' |
Exercise of stock options (shares) | ' | 24,051 | ' | ' | ' |
Exercise of stock options | 81 | ' | 81 | ' | ' |
Net loss | -12,465 | ' | ' | -12,465 | ' |
Balance at Feb. 01, 2014 | $91,294 | $163 | $220,255 | ($120,547) | ($8,577) |
Balance, shares at Feb. 01, 2014 | ' | 16,267,033 | ' | ' | 898,249 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($12,465) | ($56,013) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Asset impairment | 491 | 8,106 |
Loss on disposal of property and equipment | 470 | 321 |
Depreciation and amortization | 11,973 | 14,251 |
Amortization of deferred financing costs | 916 | 899 |
Provision for losses on accounts receivable | 577 | 203 |
Share-based compensation | 556 | 4,547 |
Changes in operating assets and liabilities, net of effects of acquisition: | ' | ' |
Accounts receivable | -14,548 | 6,319 |
Inventories | -10,921 | 5,934 |
Prepaid expenses and other assets | 11,848 | -12,017 |
Accounts payable | 5,714 | -1,230 |
Accounts payable-affiliates | 564 | 2,035 |
Accrued expenses and other liabilities, and other long-term liabilities | 3,354 | 19,277 |
Net cash used in operating activities | -1,471 | -7,368 |
Cash flows from investing activities: | ' | ' |
Additions to property and equipment | -5,500 | -7,088 |
Payment to acquire Parlux, net of Parlux cash on hand of $17,114 | 0 | -44,949 |
Net cash used in investing activities | -5,500 | -52,037 |
Cash flows from financing activities: | ' | ' |
Net borrowings under bank line of credit | 6,831 | 31,014 |
Borrowings under affiliated notes payable to fund Parlux acquisition | 0 | 30,000 |
Principal payments under capital lease obligations | -835 | -1,072 |
Proceeds from exercise of stock options and warrants | 81 | 228 |
Net cash provided by financing activities | 6,077 | 60,170 |
Net (decrease) increase in cash and cash equivalents | -894 | 765 |
Cash and cash equivalents at beginning of year | 2,447 | 1,682 |
Cash and cash equivalents at end of year | 1,553 | 2,447 |
Cash paid during the period for: | ' | ' |
Interest | 3,331 | 3,183 |
Income taxes | 29 | 327 |
Income taxes | 29 | 327 |
Noncash investing and financing activities: | ' | ' |
Fair value of equity consideration given to acquire Parlux | $0 | $89,563 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 02, 2013 |
Statement of Cash Flows [Abstract] | ' |
Parlux, cash on hand | $17,114 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Feb. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF BUSINESS | ' |
NATURE OF BUSINESS | |
Perfumania Holdings, Inc. (“the Company”) a Florida corporation, is an independent, national vertically integrated wholesale distributor and specialty retailer of perfumes and fragrances that does business through six wholly-owned operating subsidiaries, Perfumania, Inc. (“Perfumania”), Quality King Fragrances, Inc. (“QFG”), Scents of Worth, Inc. (“SOW”), Perfumania.com, Inc. (“Perfumania.com”), Parlux Fragrances, LLC (“Parlux”) and Five Star Fragrances, Inc. (“Five Star”). See Note 2 of these consolidated financial statements for discussion on the acquisition of Parlux. | |
The Company's wholesale business includes QFG, Parlux and Five Star. QFG distributes designer fragrances to mass market retailers, drug and other chain stores, retail wholesale clubs, traditional wholesalers, and other distributors throughout the United States. It sells principally to retailers such as CVS, Kohl's, Marshalls, Nordstrom Rack, Ross Stores, Sears, Target, Wal-Mart and Walgreens. The Company's manufacturing divisions include Parlux and Five Star, and the results of operations of both divisions are included in the Company's wholesale business. Parlux and Five Star both own and license designer and other fragrance brands that are sold to national and regional department stores, including Belk, Bon Ton, Boscovs, Dillards, Macy's, Nordstrom and Stage Stores, international distributors, on military bases throughout the United States, by QFG and through the Company's retail business which is discussed below. Parlux also fulfills a selection of fragrances for several online retailers, shipping directly to their customers and billing the retailers. Five Star also manufactures, on behalf of Perfumania, the Jerome Privee product line, which includes bath and body products and which is sold exclusively in Perfumania's retail stores. All manufacturing operations of Parlux and Five Star are outsourced. | |
The Company’s retail business is conducted through its subsidiaries, 1) Perfumania, a specialty retailer of fragrances and related products, 2) Perfumania.com, an Internet retailer of fragrances and other specialty items and 3) SOW, which sells fragrances in retail stores on a consignment basis. Perfumania is a leading specialty retailer and distributor of a wide range of brand name and designer fragrances. As of February 1, 2014, Perfumania operated a chain of 329 retail stores, specializing in the sale of fragrances and related products at discounted prices up to 75% below the manufacturers’ suggested retail prices. Perfumania’s retail stores are located in regional malls, manufacturers’ outlet malls, lifestyle centers, airports and on a stand-alone basis in suburban strip shopping centers, throughout the United States, Puerto Rico and the United States Virgin Islands. Perfumania.com offers a selection of our more popular products for sale over the Internet and serves as an alternative shopping experience to the Perfumania retail stores. SOW operates the largest national designer fragrance consignment program, with contractual relationships to sell products on a consignment basis in approximately 2,100 stores, including more than 1,100 Kmart locations nationwide. Its other retail customers include Burlington Coat Factory, Steinmart and K&G. | |
There were no customers who accounted for more than 10% of net sales in fiscal 2013 or 2012. |
Acquisition_of_Parlux
Acquisition of Parlux | 12 Months Ended | |||||
Feb. 01, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
ACQUISITION OF PARLUX | ' | |||||
ACQUISITION OF PARLUX | ||||||
On April 18, 2012, pursuant to the Agreement and Plan of Merger, dated as of December 23, 2011 (the “Merger Agreement”), by and among Perfumania, Parlux Fragrances, Inc., a Delaware corporation ("Parlux Inc."), and PFI Merger Corp., a Delaware corporation and wholly owned subsidiary of Perfumania (“Merger Sub”), Perfumania acquired all of the outstanding shares of Parlux Inc. common stock via a merger of Parlux Inc. with Merger Sub, with Parlux Inc. surviving the merger. Parlux Inc. was then merged into PFI Merger Sub I, LLC, which survived this second merger as a wholly owned subsidiary of Perfumania and changed its name to Parlux Fragrances, LLC ("Parlux"). We refer to these two transactions as the “merger.” The merger was consummated following the approval and adoption of the Merger Agreement by Parlux Inc.'s shareholders and the approval by Perfumania shareholders of the issuance of shares of Perfumania common stock to the Parlux Inc.'s shareholders pursuant to the Merger Agreement. Trading in Parlux Inc.'s common stock on the Nasdaq Stock Market terminated after market close on April 18, 2012. | ||||||
The accompanying consolidated financial statements include the results of operations and cash flows for Parlux beginning on April 18, 2012. Parlux is not considered a separate segment for financial reporting purposes. Total net sales of $39.9 million excluding $38.1 million of inter-company sales at cost are attributable to Parlux and are included in the Company's consolidated statement of operations for the fiscal year ended February 2, 2013. | ||||||
Under the terms of the Merger Agreement, each share of Parlux Inc.'s common stock issued and outstanding immediately before the merger was cancelled and converted into the right to receive either (i) 0.533333 shares of Perfumania common stock or (ii) 0.20 shares of Perfumania common stock plus $4.00 in cash, depending on the elections made by Parlux Inc.'s shareholders, without proration or other adjustments. Parlux Inc.'s shareholders received cash for any fractional shares of Perfumania common stock which they might otherwise have received in the merger. As a result, Perfumania issued approximately 6.014 million shares of its common stock and paid approximately $62.1 million in cash to the former Parlux Inc. shareholders in the merger. The Perfumania shares issued to Parlux Inc.'s shareholders represented approximately 40% of Perfumania's issued and outstanding common stock after the merger. | ||||||
The cash portion of the merger consideration was financed through a combination of $32.1 million that Perfumania borrowed under Perfumania's Senior Credit Facility and $30 million that a Perfumania subsidiary borrowed from family trusts of the Nussdorf family, its principal shareholders, each on April 18, 2012. These borrowings, the Senior Credit Facility and the Nussdorf Trusts are described in greater detail in Note 9. | ||||||
Pursuant to various licensing arrangements entered into by Parlux Inc., in connection with the closing of the merger, Perfumania issued 300,000 shares of common stock and warrants for the purchase of an aggregate of 4,799,971 shares of Perfumania common stock at $8.00 per share. | ||||||
The merger has been accounted for using the acquisition method of accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. No material assets or liabilities arose from contingencies recognized at the acquisition date. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company's judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact its results of operations. The following tables summarize the purchase price and the assets acquired and liabilities assumed as of the acquisition date at estimated fair value: | ||||||
(in thousands except price per share) | ||||||
Proceeds from Senior Credit Facility | $ | 32,062 | ||||
Proceeds from notes payable to affiliates | 30,000 | |||||
Total cash consideration | 62,062 | |||||
Total shares of Perfumania common stock issued (1) | 6,314 | |||||
Perfumania price per share, April 18, 2012 | $9.38 | 59,225 | ||||
Fair value of Perfumania stock options and warrants issued | 30,338 | |||||
Total purchase price | $ | 151,625 | ||||
(1) Includes 300 shares issued pursuant to various licensing agreements | ||||||
(in thousands) | ||||||
Cash | $ | 17,114 | ||||
Accounts receivable | 21,242 | |||||
Inventories | 60,966 | |||||
Other current assets | 10,841 | |||||
Property and equipment | 1,107 | |||||
Other non-current assets | 167 | |||||
Identified intangible assets | 24,676 | |||||
Goodwill | 38,769 | |||||
Accounts payable | (16,032 | ) | ||||
Deferred tax liabilities | (3,239 | ) | ||||
Other liabilities assumed | (3,986 | ) | ||||
Net assets acquired | $ | 151,625 | ||||
Identifiable intangibles were acquired as a result of the acquisition of Parlux Inc., which are being amortized as follows: | ||||||
•Customer relationships: amortized on a straight-line basis based on the expected period of benefit. | ||||||
• | License agreements: amortized on a straight-line basis over their useful lives based on the terms of the respective license agreements. | |||||
Goodwill in the amount of $38.8 million was recorded as a result of the acquisition of Parlux Inc. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill will not be amortized, but will be tested for impairment at least annually. None of the goodwill is deductible for tax purposes. | ||||||
The unaudited pro forma results presented below include the effects of the Parlux Inc. acquisition as if it had been consummated as of January 28, 2012. The pro forma results include the amortization associated with the acquired intangible assets. In addition, the pro forma results do not include any anticipated synergies, operating efficiencies or cost savings or other expected benefits of the acquisition or any integration costs. Accordingly, the unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 28, 2012. | ||||||
Fiscal Year Ended February 2, 2013 | ||||||
(in thousands, except per share data) | ||||||
Net sales | $ | 554,648 | ||||
Net loss | (53,501 | ) | ||||
Net loss per share - basic | $ | (2.64 | ) | |||
Net loss per share - diluted | (2.64 | ) |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Significant accounting policies and practices used by the Company in the preparation of the accompanying consolidated financial statements are as follows: | ||||||||
FISCAL YEAR END | ||||||||
The Company’s fiscal year end ends on the Saturday closest to January 31 to enable the Company’s operations to be reported in a manner consistent with general retail reporting practices and the financial reporting needs of the Company. In the accompanying Notes, fiscal 2013 refers to the fiscal year beginning February 3, 2013 and ending February 1, 2014 and fiscal 2012 refers to the fiscal year beginning January 29, 2012 and ending February 2, 2013. Fiscal 2013 contained 52 weeks, while fiscal 2012 contained 53 weeks, with the additional week occurring in the fourth quarter. | ||||||||
PRINCIPLES OF CONSOLIDATION | ||||||||
The consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||
MANAGEMENT ESTIMATES | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates made by management in the accompanying consolidated financial statements relate to the valuation of accounts receivable and inventory balances, self-insured health care accruals, long-lived asset impairments, estimated useful lives of property and equipment and deferred tax assets and sublease rentals on a capital lease. Actual results could differ from those estimates. | ||||||||
CASH AND CASH EQUIVALENTS | ||||||||
All highly liquid investments with original maturities of three months or less are classified as cash and cash equivalents. The fair value of cash and cash equivalents approximates the amounts shown on the financial statements. Cash and cash equivalents consist of unrestricted cash in accounts maintained with major financial institutions. | ||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed federally insured limits. | ||||||||
ACCOUNTS RECEIVABLE | ||||||||
The Company’s accounts receivable consist primarily of trade receivables due from wholesale sales. Also included are credit card receivables and receivables due from consignment sales relating to the Company’s retail business segment. Generally, there are three to four days of retail sales transactions outstanding with third-party credit card vendors and approximately one to two weeks of consignment retail sales at any point in time. An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the financial statements, assessments of collectability based on an evaluation of historical and anticipated trends, the financial condition of the Company’s customers and an evaluation of the impact of economic conditions. | ||||||||
INVENTORIES | ||||||||
Inventories, principally consisting of finished goods, are stated at the lower of cost or market with cost being determined on a weighted average basis. The cost of inventory includes product cost and certain freight charges. Write-offs of potentially slow moving or damaged inventory are recorded based on management’s analysis of inventory levels, future sales forecasts and through specific identification of obsolete or damaged merchandise. | ||||||||
PROPERTY AND EQUIPMENT | ||||||||
Property and equipment is carried at cost, less accumulated depreciation and amortization. Depreciation for property and equipment, which includes assets under capital leases, is calculated using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the term of the lease including one stated renewal period that is reasonably assured, or the estimated useful lives of the improvements, generally ten years, with the exception of the improvements on the corporate office and warehouse in Bellport, New York which has a lease term of 20 years. Costs of major additions and improvements are capitalized and expenditures for maintenance and repairs which do not extend the useful life of the asset are expensed when incurred. Gains or losses arising from sales or retirements are reflected in operations. See Note 6. | ||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||
Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets. Other intangible assets principally consist of license agreements, tradenames and customer relationships. Goodwill is allocated and evaluated at the reporting unit level, which is at the Company's operating segment level. All goodwill has been allocated to the Company's wholesale segment. | ||||||||
Goodwill and other intangible assets with indefinite lives are not amortized, but rather are evaluated for impairment annually during the Company's fourth quarter or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Impairment testing for goodwill is performed in two steps: (i) the determination of possible impairment, based upon the fair value of a reporting unit as compared to its carrying value; and (ii) if there is a possible impairment indicated, this step measures the amount of impairment loss, if any, by comparing the implied fair value of goodwill with the carrying amount of that goodwill. The fair values of indefinite-lived intangible assets are estimated and compared to their respective carrying values. | ||||||||
Trademarks, including tradenames and owned licenses having finite lives are recorded at cost and are amortized over their respective lives to their estimated residual values and are also reviewed for impairment when changes in circumstances indicate the assets’ value may be impaired. Impairment testing is based on a review of forecasted operating cash flows and the profitability of the related brand. | ||||||||
GIFT CARDS | ||||||||
Upon the purchase of a gift card by a retail customer, a liability is established for the cash value of the gift card. The liability is included in accrued expenses and other liabilities. The liability is relieved and revenue is recognized at the time of the redemption of the gift card. Over time, some portion of gift cards issued is not redeemed. If this amount is determined to be material to the Company’s consolidated financial statements, it will be recorded as a reduction of selling, general and administrative expenses, when it can be determined that the likelihood of the gift card being redeemed is remote and there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions (often referred to as gift card breakage). No gift card breakage has been recorded in the consolidated statements of operations for any year presented in these consolidated financial statements. Gift cards issued by the Company do not have expiration dates. | ||||||||
LOYALTY REWARDS PROGRAM | ||||||||
Perfumania and Perfumania.com offer a customer loyalty rewards program which allows members to earn points for each qualifying purchase. Points earned enable members to receive a certificate that may be redeemed on future purchases at our Perfumania stores or Perfumania.com website. Certificates expire sixty days from the date of issuance. The value of points earned by our loyalty rewards program members is included in accrued liabilities and recorded as a reduction of revenue at the time the points are earned. Revenue is recognized when a certificate is redeemed by the customer or a certificate expires. The value of points accrued as of February 1, 2014 was not material. | ||||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses for self-insured employee medical benefits, contracted advertising, sales allowances, professional fees and other outstanding obligations are assessed based on claims experience and statistical trends, open contractual obligations and estimates based on projections and current requirements. If these trends change significantly, then actual results would likely be impacted. | ||||||||
REVENUE RECOGNITION | ||||||||
Revenue from wholesale transactions is recognized when title passes, which occurs either upon shipment of products or delivery to the customer. Revenue from retail sales is recorded, net of discounts, at the point of sale for Perfumania stores, and for consignment sales, when sale to the ultimate customer occurs. Revenue from Internet sales is recognized at the time products are delivered to customers. Shipping and handling revenue from our Internet sales is included as a component of net sales. Revenues are presented net of any taxes collected from customers and remitted to government agencies. Revenue from gift cards is recognized at the time of redemption. Returns of store and Internet sales are allowed within 30 days of purchase. | ||||||||
SALES AND ALLOWANCES | ||||||||
Allowances for sales returns are estimated and recorded as a reduction of sales based on our historical and projected return patterns and considering current external factors and market conditions. Allowances provided for advertising, marketing and tradeshows are recorded as selling expenses since they are costs for services received from the customer which are separable from the customer’s purchase of the Company’s products. Accruals and allowances are estimated based on available information including third party and historical data. | ||||||||
COST OF GOODS SOLD | ||||||||
Cost of goods sold include the cost of merchandise sold, inventory valuation writedowns, inventory shortages, damages and freight charges. | ||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | ||||||||
Selling, general and administrative expenses include payroll and related benefits for the Company's store operations, field management, distribution center, purchasing and other corporate office and administrative personnel; rent, common area maintenance, real estate taxes and utilities for the Company's stores, distribution centers and corporate office; advertising, consignment fees, sales promotion, royalties, insurance, supplies, professional fees and other administrative expenses. | ||||||||
INCOME TAXES | ||||||||
Deferred tax assets and liabilities are recognized for the differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recognized to reduce net deferred tax assets to amounts that management believes are more likely than not expected to be realized. Significant judgment is required in determining the provision for income taxes. Changes in estimates may create volatility in the Company’s effective tax rate in future periods for various reasons including, but not limited to: changes in tax laws/rates, forecasted amounts and mix of pre-tax income/loss, settlements with various tax authorities, the expiration of the statute of limitations on some tax positions and obtaining new information about particular tax positions that may cause management to change its estimates. In the ordinary course of business, the ultimate tax outcome is uncertain for many transactions. It is the Company’s policy to recognize, at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority, the impact of an uncertain income tax position on its income tax return. The tax provisions are analyzed at least quarterly and adjustments are made as events occur that warrant adjustments to those provisions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense. | ||||||||
GAAP prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in an income tax return. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. See further discussion at Note 10. | ||||||||
BASIC AND DILUTED NET LOSS PER COMMON SHARE | ||||||||
Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share includes, in periods in which they are dilutive, the dilutive effect of those common stock equivalents where the average market price of the common shares exceeds the exercise prices for the respective years. | ||||||||
Basic and diluted net loss per common share are computed as follows: | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
1-Feb-14 | 2-Feb-13 | |||||||
($ in thousands, except share and per share amounts) | ||||||||
Net loss - basic and diluted | $ | (12,465 | ) | $ | (56,013 | ) | ||
Denominator: | ||||||||
Weighted average number of common shares for basic and dilutive net loss per share | 15,355,516 | 13,941,075 | ||||||
Basic and diluted loss per common share | $ | (0.81 | ) | $ | (4.02 | ) | ||
In fiscal 2013 and 2012, 7,508,246 and 7,548,978 potential shares of common stock, respectively, relating to stock option awards and warrants were excluded from the diluted loss per share calculation, as the effect of including these potential shares was antidilutive due to the net losses reported in each year. | ||||||||
ACCOUNTING FOR THE IMPAIRMENT OF LONG-LIVED ASSETS | ||||||||
The carrying value of long-lived assets is evaluated whenever events or changes in circumstances indicate that the carrying values of such assets may be impaired. An evaluation of recoverability is performed by comparing the carrying values of the assets to projected undiscounted future cash flows in addition to other quantitative and qualitative analysis, including management’s strategic plans and market trends. Upon indication that the carrying values of such assets may not be recoverable, the Company recognizes an impairment loss. The impairment loss is determined based on the difference between the net book value and the fair value of the assets. The estimated fair value is based on anticipated discounted future cash flows. Any impairment is charged to operations in the period in which it is identified. Property and equipment assets are grouped at the lowest level for which there are identifiable cash flows when assessing impairment. Cash flows for retail assets are identified at the individual store level. See Note 6 for a discussion of impairment charges for long-lived assets recorded in fiscal 2013 and 2012. | ||||||||
SHARE-BASED COMPENSATION | ||||||||
Share-based compensation expense is recognized on a straight-line basis over the requisite service period. The Company estimates the fair value of stock options granted using the Black-Scholes option valuation model. See further discussion at Note 12. | ||||||||
PRE-OPENING EXPENSES | ||||||||
Pre-opening expenses related to new stores are expensed as incurred. | ||||||||
SHIPPING AND HANDLING FEES AND COSTS | ||||||||
The cost related to shipping and handling for wholesale sales is classified as freight out, which is included in selling, general and administrative expenses. Income generated by retail sales from shipping and handling fees is classified as revenues and the costs related to shipping and handling are classified as cost of goods sold. | ||||||||
ADVERTISING AND PROMOTIONAL COSTS | ||||||||
Advertising and promotional costs for fiscal 2013 and fiscal 2012 was approximately $60.3 million and $53.0 million, respectively, and is charged to expense when incurred. | ||||||||
RENT EXPENSE | ||||||||
The Company leases retail stores as well as offices and distribution centers under operating leases. Minimum rental expenses are recognized over the term of the lease on a straight-line basis. For purposes of recognizing minimum rental expenses, the Company uses the date when possession of the leased space is taken from the landlord, which includes a construction period of approximately two months prior to store opening. For tenant improvement allowances and rent holidays, the Company records a deferred rent liability in accrued expenses on the consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of operations. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of operations. The difference between the rental expense recognized and the amount payable under the lease is included in other long-term liabilities on the accompanying consolidated balance sheets. | ||||||||
Certain leases provide for contingent rents, which are primarily determined as a percentage of gross sales in excess of specified levels and are not measurable at inception. The Company records a liability in accrued expenses on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved. | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||
The fair values of the Company’s assets and liabilities that qualify as financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, short-term debt, and accrued expenses, are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The reported amounts of long-term obligations approximate fair value, given management’s evaluation of the instruments’ current rates compared to market rates of interest and other factors. | ||||||||
CONCENTRATIONS OF CREDIT RISK | ||||||||
The Company is potentially subject to a concentration of credit risk with respect to its trade receivables, the majority of which are due from retailers and wholesale distributors. Credit risks also relate to the seasonal nature of the business. The Company’s sales are concentrated in November and December for the holiday season. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains allowances to cover potential or anticipated losses for uncollectible accounts. The Company maintains credit insurance on certain receivables, which minimizes the financial impact of uncollectible accounts. | ||||||||
RECENT ACCOUNTING PRONOUNCEMENTS | ||||||||
In July 2013, the FASB issued updated guidance to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on the Company’s consolidated results of operations, financial position or cash flows. |
Inventories
Inventories | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Raw materials and work in process | $ | 31,691 | $ | 27,915 | ||||
Finished goods | 251,111 | 243,966 | ||||||
$ | 282,802 | $ | 271,881 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||||
Goodwill in the amount of $38.8 million at February 1, 2014 and February 2, 2013 resulted from the April 18, 2012 acquisition of Parlux Inc. (see Note 2). | ||||||||||||||||||||||||||
The following table provides information related to goodwill and intangible assets (in thousands). Intangible assets are included in intangible and other assets, net on the accompanying consolidated balance sheets as of February 1, 2014 and February 2, 2013: | ||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||||
Useful Life | Original | Accumulated | Net Book | Original | Accumulated | Net Book | ||||||||||||||||||||
(years) | Cost | Amortization | Value | Cost | Amortization | Value | ||||||||||||||||||||
Goodwill | N/A | $ | 38,769 | $ | — | $ | 38,769 | $ | 38,769 | $ | — | $ | 38,769 | |||||||||||||
Tradenames | 20-Jul | 9,408 | 7,103 | 2,305 | 9,408 | 6,754 | 2,654 | |||||||||||||||||||
Customer relationships | 10 | 5,171 | 948 | 4,223 | 5,171 | 431 | 4,740 | |||||||||||||||||||
Favorable leases | 7 | 886 | 612 | 274 | 886 | 485 | 401 | |||||||||||||||||||
License agreements | 5-Apr | 19,505 | 10,989 | 8,516 | 19,505 | 5,901 | 13,604 | |||||||||||||||||||
Tradename (non-amortizing) | N/A | 8,500 | — | 8,500 | 8,500 | — | 8,500 | |||||||||||||||||||
$ | 82,239 | $ | 19,652 | $ | 62,587 | $ | 82,239 | $ | 13,571 | $ | 68,668 | |||||||||||||||
In accordance with GAAP, goodwill and intangible assets with indefinite lives are not amortized, but rather tested for impairment at least annually by comparing the estimated fair values to their carrying values. | ||||||||||||||||||||||||||
Trademarks, including tradenames and owned licenses having finite lives, are amortized over their respective lives to their estimated residual values and are also reviewed for impairment in accordance with accounting standards when changes in circumstances indicate the assets’ values may be impaired. Customer relationships are amortized over the expected period of benefit and license agreements are amortized over the remaining contractual term. Impairment testing is based on a review of forecasted operating cash flows and the profitability of the related brand. | ||||||||||||||||||||||||||
Amortization expense associated with intangible assets subject to amortization is included in depreciation and amortization on the accompanying consolidated statements of operations. Amortization expense for intangible assets subject to amortization was $6.2 million and $6.7 million for fiscal years 2013 and 2012, respectively. The estimated future amortization expense associated with intangible assets subject to amortization is as follows (in thousands): | ||||||||||||||||||||||||||
Fiscal Year | Amortization | |||||||||||||||||||||||||
Expense | ||||||||||||||||||||||||||
2014 | $ | 4,415 | ||||||||||||||||||||||||
2015 | 4,415 | |||||||||||||||||||||||||
2016 | 1,845 | |||||||||||||||||||||||||
2017 | 1,330 | |||||||||||||||||||||||||
2018 | 999 | |||||||||||||||||||||||||
Thereafter | 2,314 | |||||||||||||||||||||||||
$ | 15,318 | |||||||||||||||||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
PROPERTY AND EQUIPMENT | ' | |||||||||
PROPERTY AND EQUIPMENT | ||||||||||
Property and equipment consisted of (in thousands): | ||||||||||
1-Feb-14 | 2-Feb-13 | Estimated Useful Lives | ||||||||
(In Years) | ||||||||||
Buildings and improvements | $ | 23,586 | $ | 22,213 | Lesser of useful life | |||||
or lease term | ||||||||||
Furniture and fixtures | 24,106 | 24,704 | 7-May | |||||||
Machinery and equipment | 7,462 | 5,996 | 7-Mar | |||||||
55,154 | 52,913 | |||||||||
Less: | ||||||||||
Accumulated depreciation | (36,375 | ) | (32,853 | ) | ||||||
$ | 18,779 | $ | 20,060 | |||||||
Depreciation and amortization expense on property and equipment for fiscal 2013 and fiscal 2012 was $5.8 million and $7.6 million, respectively which included depreciation expense relating to building and equipment under capital leases of $0.1 million and $0.5 million for fiscal 2013 and 2012, respectively. Accumulated depreciation for building and equipment under capital leases was $0.3 million as of February 1, 2014 and $0.2 million at February 2, 2013. Net assets under capital leases were $0.1 million and $0.2 million at February 1, 2014 and February 2, 2013, respectively. | ||||||||||
During fiscal 2013 and 2012, the Company recorded noncash impairment charges of approximately $0.5 million and $2.8 million, respectively, to reduce the net carrying value of certain retail store assets (primarily leasehold improvements) to their estimated fair value, which was determined based on discounted expected future cash flows. Lower than expected operating cash flow performance relative to the affected assets and the impact of the current economic environment on their projected future results of operations indicated that the carrying value of the related long-lived assets were not recoverable. The Company also recorded a noncash impairment charge of $5.3 million on a building under a capital lease during the fourth quarter of fiscal 2012 due to changes in anticipated sublease revenue. These asset impairment charges are included in asset impairment in the accompanying consolidated statements of operations. See Note 14 for further discussion of capital leases. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
RELATED-PARTY TRANSACTIONS | ' | ||||||||||||||||
RELATED-PARTY TRANSACTIONS | |||||||||||||||||
Glenn, Stephen and Arlene Nussdorf owned an aggregate 7,742,282 shares or approximately 50.4%, of the total number of shares of the Company’s common stock as of February 1, 2014, excluding shares issuable upon conversion of certain warrants and not assuming the exercise of any outstanding options. Stephen Nussdorf has served as the Chairman of the Company’s Board of Directors since February 2004 and Executive Chairman of the Board since April 2011. | |||||||||||||||||
The Nussdorfs are officers and principals of Quality King, which distributes pharmaceuticals and health and beauty care products, and the Company’s President and Chief Executive Officer, Michael W. Katz is also an executive of Quality King. | |||||||||||||||||
See Note 9 for a discussion of notes payable to affiliates. | |||||||||||||||||
Transactions With Affiliated Companies | |||||||||||||||||
Prior to the acquisition of Parlux Inc., Glenn Nussdorf beneficially owned approximately 9.9% of the outstanding common stock of Parlux Inc. Perfumania had purchased merchandise from Parlux Inc. for about 20 years and was one of Parlux Inc.'s largest customers. Perfumania primarily purchased certain brands, for which Parlux Inc. is the exclusive licensee, for distribution through the Company's wholesale and retail segments. | |||||||||||||||||
Glenn Nussdorf has an ownership interest in Lighthouse Beauty Marketing, LLC, Lighthouse Beauty, LLC and Lighthouse Beauty KLO, LLC (collectively "Lighthouse Companies"), all of which are manufacturers and distributors of prestige fragrances. He also has an ownership interest in Cloudbreak Holdings, LLC, ("Cloudbreak") a manufacturer and distributor of prestige fragrances. In fiscal 2010 and 2012, the Company began purchasing merchandise from the Lighthouse Companies and Cloudbreak, respectively. | |||||||||||||||||
Our wholly owned subsidiary, Parlux, sold a number of its products to Jacavi Beauty Supply, LLC (“Jacavi”), a fragrance distributor. Jacavi's managing member is Rene Garcia. Rene Garcia, his family trusts and related entities are members of a group that owned an aggregate 2,211,269 shares, or approximately 14.4%, of the total number of shares of the Company's common stock as of February 1, 2014, excluding shares issuable upon conversion of certain warrants. There were no sales to Jacavi from April 18, 2012, the date Parlux was acquired, through February 1, 2014. There was no accounts receivable balance from Jacavi as of February 1, 2014. During fiscal 2013 and 2012, Perfumania purchased merchandise from Jacavi. See disclosure of merchandise purchases in the table below. | |||||||||||||||||
The amounts due to these related companies are non-interest bearing and are included in accounts payable-affiliates in the accompanying consolidated balance sheets. Transactions for merchandise purchases with these related companies during fiscal 2013 and 2012 were as follows: | |||||||||||||||||
Total Purchases | Total Purchases | Balance Due | Balance Due | ||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | 1-Feb-14 | 2-Feb-13 | ||||||||||||||
1-Feb-14 | 2-Feb-13 | ||||||||||||||||
Parlux | $ | — | $ | 6,771 | -1 | $ | — | $ | — | -2 | |||||||
Lighthouse Companies | 10,521 | 10,925 | — | 868 | |||||||||||||
Jacavi Beauty Supply, LLC | 2,753 | 3,658 | 1,492 | 1 | |||||||||||||
Ricky's | — | — | — | (23 | ) | ||||||||||||
Cloudbreak Holdings, LLC | 865 | 335 | 5 | 103 | |||||||||||||
$ | 14,139 | $ | 21,689 | $ | 1,497 | $ | 949 | ||||||||||
(1)Represents purchases from Parlux Inc. prior to April 18, 2012, when the Company acquired Parlux. | |||||||||||||||||
-2 | Since the Company acquired Parlux on April 18, 2012, the balance due to Parlux was eliminated in consolidation as of February 2, 2013. | ||||||||||||||||
Included in prepaid expenses and other current assets on the accompanying consolidated balance sheet as of February 1, 2014 is a receivable from Lighthouse Companies of $0.6 million resulting primarily from the return of merchandise to Lighthouse Companies which had previously been purchased and paid for by the Company. | |||||||||||||||||
Glenn, Stephen and Arlene Nussdorf own GSN Trucking, Inc. (“GSN”) which provides general transportation and freight services. The Company periodically utilizes GSN to transport both inbound purchases of merchandise and outbound shipments to wholesale customers. During fiscal 2013 and 2012, total payments to GSN for transportation services provided were less than $0.1 million. There was no balance due to GSN at February 1, 2014 or February 2, 2013. | |||||||||||||||||
Quality King occupies a leased 560,000 square foot facility in Bellport, New York. The Company began occupying approximately half of this facility in December 2007 under a sublease that terminates on September 30, 2027 and this location serves as the Company’s principal offices. As of February 1, 2014, the monthly current sublease payments are approximately $220,000 and increase by 3% annually. Total payments by the Company to Quality King for this sublease were approximately $2.6 million and $2.5 million during fiscal 2013 and 2012, respectively. | |||||||||||||||||
The Company and Quality King are parties to a Services Agreement providing for the Company’s participation in certain third party arrangements at the Company’s respective share of Quality King’s cost, including allocated overhead, plus a 2% administrative fee, and the provision of legal services. The Company also shares with Quality King the economic benefit of the bulk rate contract that the Company has with UPS to ship Quality King’s merchandise and related items. The Services Agreement will terminate on thirty days’ written notice from either party. During fiscal 2013 and 2012, the expenses charged under these arrangements to the Company were $0.5 million and $0.7 million, respectively. The balance due to Quality King for expenses charged under the Services Agreement was less than $0.1 million and $0.1 million at February 1, 2014 and February 2, 2013, respectively. | |||||||||||||||||
On December 23, 2011, the Company, Parlux Inc., Artistic Brands Development LLC (“Artistic Brands”) (a company controlled by Rene Garcia) and Rene Garcia entered into a Letter Agreement (the “Proposal Agreement”) providing for, among other things, the issuance to Artistic Brands or its designee of 300,000 shares of the Company's common stock at the effective time of the Parlux merger as consideration for certain licensing transactions contemplated in the Proposal Agreement. Perfumania issued the shares to Artistic Brands' designee, Shawn Carter, on April 18, 2012. | |||||||||||||||||
In connection with the Parlux merger, on April 18, 2012, Parlux, Artistic Brands, Shawn Carter and S. Carter Enterprises, LLC entered into a sublicense agreement and Artistic Brands, Shawn Carter and S. Carter Enterprises, LLC entered into a license agreement pursuant to the Proposal Agreement. In connection with these agreements, the Company issued to Artistic Brands and its designees, including Shawn Carter, warrants for the purchase of an aggregate of 1,599,999 shares of the Company's common stock at an exercise price of $8.00 per share. Pursuant to the license agreement, Artistic Brands obtained the exclusive right and license to manufacture, promote, distribute, and sell prestige fragrances and related products under the Jay-Z trademark. The initial term of the license agreement expires at the earlier of (i) five years following the first date on which licensed products are shipped and (ii) December 31, 2018. Artistic Brands has the right to renew the license agreement, so long as certain financial conditions are met and it has not otherwise breached the agreement. Pursuant to the license agreement, Artistic Brands agreed to make certain royalty payments, including certain guaranteed minimum royalties. Pursuant to the sublicense agreement, Artistic Brands sublicensed all rights granted under the license agreement to the Company, and in return the Company assumed all of the Artistic Brands' obligations under the license agreement, including making all royalty payments and certain guaranteed minimum royalties owed to S. Carter Enterprises, LLC. The Company paid $0.8 million of guaranteed minimum royalties pursuant to the sublicense agreement during fiscal 2013. Also, in connection with the Parlux merger, the Company issued warrants to purchase 3,199,972 shares of the Company's common stock to the Garcia Group and Artistic Brands, and warrants to purchase 5,333 shares of common stock to Glenn H. Gopman, a director of the Company, in exchange for warrants to purchase Parlux Inc. stock previously held by those parties. Glenn H. Gopman exercised his warrants during fiscal 2013. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | ' | ||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | |||||||||
Accrued expenses and other liabilities consist of the following (in thousands): | |||||||||
1-Feb-14 | 2-Feb-13 | ||||||||
Payroll and related | $ | 6,966 | $ | 6,945 | |||||
Customer allowances | 4,181 | 4,943 | |||||||
Advertising, promotion and royalties | 8,259 | 9,330 | |||||||
Taxes other than income taxes | 1,515 | 1,622 | |||||||
Deferred tax liabilities | 1,430 | 4,807 | |||||||
Other | 8,957 | 6,099 | |||||||
$ | 31,308 | $ | 33,746 | ||||||
Revolving_Credit_Facility_and_
Revolving Credit Facility and Notes Payable to Affiliates | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
REVOLVING CREDIT FACILITY AND NOTES PAYABLE TO AFFILIATES | ' | |||||||
REVOLVING CREDIT FACILITY AND NOTES PAYABLE TO AFFILIATES | ||||||||
The Company’s revolving credit facility and notes payable to affiliates consist of the following (in thousands): | ||||||||
February 1, 2014 | 2-Feb-13 | |||||||
Revolving credit facility interest payable monthly, secured by a pledge of substantially all of the Company's assets | $ | 67,902 | $ | 61,071 | ||||
Subordinated notes payable-affiliates | 125,366 | 125,366 | ||||||
193,268 | 186,437 | |||||||
Less current portion | — | — | ||||||
Total long-term debt | $ | 193,268 | $ | 186,437 | ||||
The Company has a revolving Senior Credit Facility with a syndicate of banks that is used for the Company’s general corporate purposes and those of its subsidiaries, including working capital and capital expenditures. Under this facility, which does not require amortization of principal, revolving loans may be drawn, repaid and reborrowed up to the amount available under a borrowing base calculated with reference to specified percentages of the Company’s eligible credit card, trade receivables and inventory, which may be reduced by the lender in its reasonable discretion. The Company must maintain availability under the facility of at least the greater of 10% of the aggregate amount that may be advanced against eligible credit card receivables, trade receivables and inventory or $10 million. As of February 1, 2014, the Company had a borrowing availability of $50.3 million, which includes $25 million for letters of credit. On April 25, 2014, the Senior Credit Facility was amended and the then current maximum borrowing amount was reduced from $225 million to $175 million. The primary reasons for amending the Senior Credit Facility were to extend the termination date from January 2015 to April 2019 and to reduce fees and interest rates. | ||||||||
On April 18, 2012, pursuant to Amendment No. 1 to the Senior Credit Facility dated December 23, 2011, Perfumania borrowed $32.1 million to fund a portion of the Parlux cash merger consideration and approximately $3.5 million to fund costs of the merger and related transactions. At the closing of the merger, Perfumania applied the cash and cash equivalents held by Parlux to repayment of the Senior Credit Facility and terminated Parlux's existing bank credit facility. | ||||||||
Interest under the Senior Credit Facility is at variable rates plus specified margins that are determined based upon the Company’s excess availability from time to time. The Company is also required to pay monthly commitment fees based on the unused amount of the Senior Credit Facility and a monthly fee with respect to outstanding letters of credit. As of February 1, 2014, the interest rate on LIBOR Rate borrowings was 2.94% and the interest rate on base rate borrowings was 5.0%. | ||||||||
All obligations of the Company related to the Senior Credit Facility are secured by first priority perfected security interests in all personal and real property owned by the Company, including without limitation 100% (or, in the case of excluded foreign subsidiaries, 66%) of the outstanding equity interests in the subsidiaries. The Company is subject to customary limitations on its ability to, among other things, pay dividends and make distributions, make investments and enter into joint ventures, and dispose of assets. The Company was in compliance with all financial and operating covenants as of February 1, 2014. | ||||||||
In addition, the Company has outstanding unsecured debt obligations as follows: | ||||||||
(i)a promissory note in the principal amount of $35 million, (the “QKD Note”) held by Quality King Distributors, Inc. ("Quality King"), which provides for payment of principal in quarterly installments between April 30, 2015 and July 31, 2018 and payment of interest in quarterly installments commencing on January 31, 2011 at the then current senior debt rate, as defined in the Senior Credit Facility, plus 1% per annum; | ||||||||
(ii)promissory notes in the aggregate principal amount of approximately $85.4 million held by six estate trusts established by Glenn, Stephen and Arlene Nussdorf (the “Nussdorf Trust Notes”), which provide for payment of the principal in full on April 30, 2015 and payments of interest in quarterly installments commencing on July 31, 2012 at the then current senior debt rate plus 2% per annum. These notes were in the original principal amount of $55.4 million, but were replaced by amended and restated notes reflecting the additional $30 million loaned by the trusts on April 18, 2012, the date of the Parlux merger; and | ||||||||
(iii)a promissory note in the principal amount of $5 million held by Glenn and Stephen Nussdorf (the “2004 Note”), which provided for payment in January 2009 and is currently in default because of the restrictions on payment described below, resulting in an increase of 2% in the nominal interest rate, which is the prime rate plus 1%. | ||||||||
These notes are subordinated to the Senior Credit Facility. No principal may be paid on any of them until three months after the Senior Credit Facility terminates and is paid in full, and payment of interest is subject to satisfaction of certain conditions, including the Company’s maintaining excess availability under the Senior Credit Facility of the greater of $17.5 million or 17.5% of the borrowing base certificate after giving effect to the payment, and a fixed charge coverage ratio, as defined in the credit agreement, of 1.1:1.0. As a result of the April 2014 amendment to the Senior Credit Facility discussed above, these notes were amended and no principal payments may be made on any of these notes until three months after the Senior Credit Facility's new termination date of April 25, 2019. Interest expense on these notes was approximately $6.2 million for both fiscal 2013 and 2012, and is included in interest expense on the accompanying consolidated statements of operations. No payments of principal or interest have been made on the QKD Note or the Nussdorf Trust Notes. On the 2004 Note, no payments of principal have been made and no interest payments have been made since October 2008. Accrued interest payable due at February 1, 2014 and February 2, 2013 on the Nussdorf Trust Notes, the Quality King Note, and the 2004 Note was approximately $33.7 million and $27.5 million, respectively, and is included in other long-term liabilities on the accompanying consolidated balance sheets as of February 1, 2014 and February 2, 2013, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
INCOME TAXES | ' | |||||||
INCOME TAXES | ||||||||
The income tax provision (benefit) is comprised of the following amounts (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
1-Feb-14 | 2-Feb-13 | |||||||
Current: | ||||||||
Federal | $ | 323 | $ | — | ||||
State and local | 578 | 554 | ||||||
Foreign | — | — | ||||||
901 | 554 | |||||||
Deferred: | ||||||||
Federal | (4,433 | ) | (18,987 | ) | ||||
State and local | (587 | ) | (2,696 | ) | ||||
Foreign | (766 | ) | (680 | ) | ||||
(5,786 | ) | (22,363 | ) | |||||
Income tax benefit | (4,885 | ) | (21,809 | ) | ||||
Less valuation allowance adjustment | 5,786 | 20,257 | ||||||
Income tax provision (benefit) | $ | 901 | $ | (1,552 | ) | |||
The income tax provision (benefit) differs from the amount obtained by applying the statutory Federal income tax rate to pretax income as follows (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
1-Feb-14 | 2-Feb-13 | |||||||
Benefit at Federal statutory rates | $ | (4,047 | ) | $ | (20,148 | ) | ||
Permanent adjustments | 24 | 581 | ||||||
State tax, net of Federal | (97 | ) | 366 | |||||
Net tax benefit adjustment | (765 | ) | (2,508 | ) | ||||
Change in valuation allowance | 5,786 | 20,257 | ||||||
Other | — | (100 | ) | |||||
Income tax provision (benefit) | $ | 901 | $ | (1,552 | ) | |||
Net deferred tax liabilities, which are included in other long-term liabilities on the accompanying consolidated balance sheets as of February 1, 2014 and February 2, 2013, reflect the tax effect of the following differences between financial statement carrying amounts and tax bases of assets and liabilities as follows (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Assets: | ||||||||
Net operating loss and tax credit carryforwards | $ | 11,991 | $ | 14,402 | ||||
Puerto Rico and U.S. Virgin Islands net operating loss carryforwards | 2,986 | 2,220 | ||||||
Inventories | 7,280 | 6,240 | ||||||
Property and equipment | 10,803 | 14,057 | ||||||
Accounts receivable allowances | 371 | 479 | ||||||
Goodwill and intangibles | 415 | 670 | ||||||
Accrued interest | 6,950 | 4,557 | ||||||
Deferred rent | 3,287 | 3,176 | ||||||
Accrued expenses | 2,897 | 4,153 | ||||||
Share-based compensation | 2,726 | 2,035 | ||||||
Other | 1,442 | 338 | ||||||
Total deferred tax assets | 51,148 | 52,327 | ||||||
Valuation allowance | (46,860 | ) | (41,074 | ) | ||||
Net deferred tax assets | 4,288 | 11,253 | ||||||
Liabilities: | ||||||||
Tradename | (3,400 | ) | (3,400 | ) | ||||
Intangibles | (4,288 | ) | (6,446 | ) | ||||
Inventory step up | — | (4,807 | ) | |||||
Total deferred tax liabilities, net | $ | (3,400 | ) | $ | (3,400 | ) | ||
Management evaluates the Company’s deferred income tax assets and liabilities to determine whether or not a valuation allowance is necessary. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of future tax benefits related to the deferred tax assets is dependent on many factors, including the Company’s ability to generate future taxable income during those periods in which temporary differences become deductible and/or credits can be utilized. Based on the difficult retail and wholesale environment resulting from the decline in general economic conditions and consumer confidence, and the uncertainty as to when conditions will improve enough to enable the Company to utilize its deferred tax assets, the Company recorded a full valuation allowance against its deferred tax assets. The lack of practical tax-planning strategies available in the short-term and the lack of other objectively verifiable positive evidence supported the conclusion that a full valuation allowance against the Company’s Federal and state net deferred tax assets was necessary. In fiscal 2013, the valuation allowance increased by $5.8 million and in fiscal 2012, the valuation allowance increased by approximately $20.3 million, respectively. The pre-tax operating loss of $11.6 million resulted in the Company incurring additional Foreign tax operating losses during fiscal 2013, which resulted in the recording of additional valuation allowance. For U.S. Federal and State income tax purposes, the Company generated taxable income and utilized net operating losses, but also increased other deferred tax assets due to the reversal of certain temporary differences. Overall, the Company’s deferred tax assets net with deferred tax liabilities, and before being reduced by the valuation allowance, increased. | ||||||||
As of February 1, 2014 and February 2, 2013, the Company had a deferred tax liability of approximately $3.4 million related to a tradename. Due to the uncertainty of when this deferred tax liability will be recognized, the Company was not able to offset its total deferred tax assets with this deferred tax liability. The deferred tax liability is included in other long-term liabilities on the accompanying consolidated balance sheets as of February 1, 2014 and February 2, 2013. | ||||||||
Based on available evidence, management concluded that a valuation allowance should be maintained against the Company’s deferred tax assets as of February 1, 2014 and February 2, 2013. If, in the future, the Company realizes taxable income on a sustained basis of the appropriate character and within the net operating loss carryforward period, the Company would reverse some or all of this valuation allowance, resulting in an income tax benefit. Further, changes in existing tax laws could also affect valuation allowance needs in the future. | ||||||||
The Company was able to carryback a net operating loss from its June 30, 2009 Federal income tax return to Model Reorg’s June 30, 2007 Federal tax return. The carryback resulted in a claim for refund of Federal income taxes of approximately $2.5 million. The amount of the claim was determined based on information which became available and which was recorded as an income tax benefit during both the thirteen and thirty-nine weeks ended October 30, 2010. During the year ended January 28, 2012, the amount of the claim was reduced to approximately $2.4 million as a result of an IRS examination. The claim for refund was collected during the first quarter of fiscal 2013. | ||||||||
As of February 1, 2014 and February 2, 2013, the Company’s United States and Puerto Rico net operating loss carryforwards, which approximate $32.5 million and $37.1 million, respectively, begin to expire in fiscal years 2030 and 2018, respectively. Federal net operating losses of $8.9 million were obtained through the acquisition of Parlux Inc. in 2012, which are subject to limitations under Section 382 of the Internal Revenue Code. Additionally, the Company and Parlux have approximately $49.2 million of net operating loss carryforwards in various states expiring from 2014 through 2034 and may be subject to certain annual limitations. | ||||||||
As a result of recording the deferred tax assets and liabilities related to the Parlux acquisition discussed in Note 2, in fiscal 2012 the Company released $2.1 million of valuation allowance resulting in a $2.1 million deferred income tax benefit. | ||||||||
The Company historically has filed its Federal and state tax returns on a June 30 tax year. On April 15, 2014, the Company elected to change its tax year to coincide with its accounting year-end. The Company will file a short period Federal consolidated and State income tax returns for the period July 1, 2013 through February 1, 2014. | ||||||||
GAAP prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in an income tax return. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. GAAP also provides guidance on derecognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of February 1, 2014 and February 2, 2013, there was a liability of $1.0 million and $0.7 million, respectively recorded for income tax associated with unrecognized tax benefits. | ||||||||
The Company accrues interest related to unrecognized tax benefits as well as any related penalties in income tax expense, which is consistent with the recognition of these items in prior reporting periods. Accrued interest and penalties were $0.6 million and $0.5 million as of February 1, 2014 and February 2, 2013, respectively. | ||||||||
The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months, were (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
February 1, 2014 | February 2, 2013 | |||||||
Unrecognized tax benefits | $ | 1,007 | $ | 714 | ||||
Portion if recognized would reduce tax expense and effective rate | 1,007 | 714 | ||||||
Accrued interest on unrecognized tax benefits | 406 | 328 | ||||||
Accrued penalties on unrecognized tax benefits | 218 | 142 | ||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
February 1, 2014 | February 2, 2013 | |||||||
Balance at beginning of year | $ | 714 | $ | 681 | ||||
Additions for tax positions of the current year | 130 | — | ||||||
Additions for tax positions of prior years | 163 | 33 | ||||||
Balance at end of year | $ | 1,007 | $ | 714 | ||||
The Company does not expect material adjustments to the total amount of unrecognized tax benefits within the next 12 months, but the outcome of tax matters is uncertain and unforeseen results can occur. | ||||||||
The Company conducts business throughout the United States, Puerto Rico and the U.S. Virgin Islands, and as a result, files income tax returns in the United States Federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. With few exceptions, the Company is no longer subject to U.S. Federal, state, local or Puerto Rico income tax examinations for fiscal years prior to 2005. State and foreign income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any Federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. The Company is currently under examination by three jurisdictions, however management does not expect any significant liability to result. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
The Company adopted the accounting guidance regarding fair value and disclosures, as it applies to financial and non-financial assets and liabilities. The guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The new guidance does not require any new fair value measurements; rather, it applies to other accounting pronouncements that require or permit fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: | ||||||||||||||||||||
Level 1: Observable inputs such as quoted prices in active markets (the fair value hierarchy gives the highest priority to Level 1 inputs); | ||||||||||||||||||||
Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||||||
Level 3: Unobservable inputs in which there is little or no market data and require the reporting entity to develop its own assumptions | ||||||||||||||||||||
As of February 1, 2014, the Company had no material financial assets or liabilities measured on a recurring basis at fair value. The Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. We estimated the fair value of our long-lived assets using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
The following tables present the non-financial assets the Company measured at fair value on a non-recurring basis, based on the fair value hierarchy as of February 1, 2014 and February 2, 2013: | ||||||||||||||||||||
Fair Value Measured and Recorded at | ||||||||||||||||||||
Reported Date Using | ||||||||||||||||||||
Net Carrying | Level 1 | Level 2 | Level 3 | Total Impairment Losses - Year | ||||||||||||||||
Value as of | Ended | |||||||||||||||||||
February 1, 2014 | 1-Feb-14 | |||||||||||||||||||
Property and Equipment (in thousands) | $ | — | $ | — | $ | — | $ | — | $ | 491 | ||||||||||
Fair Value Measured and Recorded at | ||||||||||||||||||||
Reported Date Using | ||||||||||||||||||||
Net Carrying | Level 1 | Level 2 | Level 3 | Total Impairment Losses - Year | ||||||||||||||||
Value as of | Ended | |||||||||||||||||||
February 2, 2013 | 2-Feb-13 | |||||||||||||||||||
Property and Equipment (in thousands) | $ | — | $ | — | $ | — | $ | — | $ | 8,106 | ||||||||||
In fiscal 2013 and 2012, the Company recorded noncash impairment charges of approximately $0.5 million and $8.1 million, respectively, to reduce the net carrying value of certain retail store assets and a capital lease on a building to their estimated fair value of $0, which was based on discounted estimated future cash flows. | ||||||||||||||||||||
The impairment charge of $8.1 million in fiscal 2012 includes $3.2 million of property and equipment additions during fiscal 2012. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
SHAREHOLDERS’ EQUITY | ' | ||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||
PREFERRED STOCK | |||||||||||||
The Company’s Articles of Incorporation authorize the issuance of up to 1,000,000 shares of preferred stock. The preferred stock may be issued from time to time at the discretion of the Board of Directors without shareholders’ approval. The Board of Directors is authorized to issue these shares in different series and, with respect to each series, to determine the dividend rate, and provisions regarding redemption, conversion, liquidation preference and other rights and privileges. As of February 1, 2014, no preferred stock had been issued. | |||||||||||||
TREASURY STOCK | |||||||||||||
From time to time, the Company’s Board of Directors has approved the repurchase of the Company’s common stock. As of February 1, 2014, the Company had repurchased 898,249 shares of common stock for approximately $8.6 million, all of which are held as treasury shares. There were no repurchases during fiscal 2013 or fiscal 2012. | |||||||||||||
WARRANTS | |||||||||||||
In connection with the Parlux acquisition, the Company issued warrants (the “Merger Warrants”) for an aggregate of 4,805,304 shares of our common stock at an exercise price of $8.00 per share. See further discussion at Note 7 of these consolidated financial statements. | |||||||||||||
In connection with the Company's merger with a predecessor company on August 11, 2008, the Company issued warrants (the “Warrants”) to purchase an additional 1,500,000 shares of our common stock with an exercise price per share of $23.94. The Warrants became exercisable effective August 11, 2011 and will be exercisable until August 11, 2018. | |||||||||||||
STOCK OPTION PLANS | |||||||||||||
The 2010 Equity Incentive Plan (the “2010 Plan”) provides for equity-based awards to the Company’s employees, directors and consultants. Under the 2010 Plan, the Company initially reserved 1,000,000 shares of common stock for issuance. This number automatically increases on the first trading day of each fiscal year beginning with fiscal 2011, by an amount equal to 1.5% of the shares of common stock outstanding as of the last trading day of the immediately preceding fiscal year; accordingly, 1,499,221 shares of common stock were reserved for issuance as of February 1, 2014. The Company previously had two stock option plans which expired on October 31, 2010. No further awards will be granted under these plans, although all options previously granted and outstanding will remain outstanding until they are either exercised or forfeited. As of February 1, 2014, 785,000 stock options have been granted pursuant to the 2010 Plan. | |||||||||||||
The following is a summary of the stock option activity during the fiscal year ended February 1, 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | (in thousands) | ||||||||||||
Life | |||||||||||||
Outstanding as of February 2, 2013 | 1,243,674 | $ | 8.27 | ||||||||||
Granted | 40,000 | 4.75 | |||||||||||
Exercised | (18,718 | ) | 3.34 | ||||||||||
Forfeited | (56,681 | ) | 6.39 | ||||||||||
Outstanding as of February 1, 2014 | 1,208,275 | $ | 8.32 | 6.1 | $ | 574 | |||||||
Vested and expected to vest as of February 1, 2014 | 1,062,441 | $ | 8.19 | 5.9 | $ | 574 | |||||||
Exercisable as of February 1, 2014 | 1,062,441 | $ | 8.19 | 5.9 | $ | 574 | |||||||
The following is a summary of stock warrants activity during the fiscal year ended February 1, 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Warrants | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | (in thousands) | ||||||||||||
Life | |||||||||||||
Outstanding as of February 2, 2013 | 6,305,304 | $ | 11.79 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (5,333 | ) | 3.38 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding as of February 1, 2014 | 6,299,971 | $ | 11.8 | 4.4 | $ | — | |||||||
Vested as of February 1, 2014 | 6,299,971 | $ | 11.8 | 4.4 | $ | — | |||||||
Exercisable as of February 1, 2014 | 6,299,971 | $ | 11.8 | 4.4 | $ | — | |||||||
Share-based compensation expense was $0.6 million and $4.5 million during fiscal 2013 and 2012, respectively. | |||||||||||||
The fair value for stock options issued during fiscal 2013 was estimated at the date of grant, using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||
Expected life (years) | 5 | ||||||||||||
Expected stock price volatility | 99.00% | ||||||||||||
Risk-free interest rates | 1.50% | ||||||||||||
Expected dividend yield | 0% | ||||||||||||
The expected life of the options represents the estimated period of time until exercise and is based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. The expected stock price volatility is estimated using the historical volatility of the Company’s stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero coupon issues with a term equal to the option’s expected life. The Company has not paid dividends in the past and does not intend to in the foreseeable future. | |||||||||||||
The weighted average estimated fair values of options granted during fiscal years 2013 and 2012 were $3.52 and $6.32 per share, respectively. As of February 1, 2014, there was $0.8 million of unrecognized compensation expense related to non-vested outstanding stock options. These costs are expected to be recognized over a weighted-average period of 2.5 years. The aggregate intrinsic value of options exercised during fiscal 2013 and 2012 was $54,000 and $186,000, respectively. Cash received from option exercises during fiscal 2013 and 2012 was $62,000 and $228,000, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
EMPLOYEE BENEFIT PLANS | |
The Company has a 401(k) Savings and Investment Plan (the “Plan”) for its various subsidiaries. Pursuant to the Plan, the participants may make contributions to the Plan in varying amounts from 1% to 100% of total compensation, or the maximum limits allowable under the Internal Revenue Code, whichever is less. The Company, at its discretion, may match such contributions in varying amounts, as specified by the Plan, and the Company’s matching contributions vest over a one to four year period. The Company did not match contributions to the Plan during fiscal 2013 and 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
MEDICAL INSURANCE | ||||||||||||
The Company self-insures employees for employee medical benefits under the Company’s group health plan. As of February 1, 2014, the Company maintains stop loss coverage for individual medical claims in excess of $125,000 and for annual Company medical claims which exceed approximately $5.2 million in the aggregate. While the ultimate amount of claims incurred are dependent on future developments, in management’s opinion, recorded accruals are adequate to cover the future payment of claims incurred as of February 1, 2014. However, it is possible that recorded accruals may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in operations in the periods in which such adjustments are determined. The self-insurance accrual at February 1, 2014 and February 2, 2013 was approximately $0.6 million and $0.4 million, respectively, which is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. | ||||||||||||
LEASES AND RETAIL STORE RENT | ||||||||||||
Total rent expense for warehouse space and equipment charged to operations for fiscal 2013 and fiscal 2012 was $4.4 million and $4.3 million, respectively. This includes payments of warehouse rent to Quality King. | ||||||||||||
In January 2008, the Company began subleasing office and warehouse facility from Quality King in Bellport, New York at a rate which is currently $2.6 million per year with an annual escalation of 3%. This sublease expires December 2027. The Company assumed leases on a warehouse facility in Keasby, New Jersey and administrative office space in Ft. Lauderdale, Florida as a result of the Parlux acquisition. These leases expire in August 2015 and January 2016, respectively. The Company also leases administrative office space in New York City. This lease expires in February 2021. | ||||||||||||
The Company leases space for its retail stores. The lease terms vary from month to month leases to ten year leases, in some cases with options to renew for longer periods. Various leases contain clauses which adjust the base rental rate by the prevailing Consumer Price Index, as well as requiring additional contingent rent based on a percentage of gross sales in excess of a specified amount. | ||||||||||||
Retail store rent expense in fiscal 2013 and 2012 were as follows (in thousands): | ||||||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||
Minimum rentals | $ | 30,040 | $ | 29,822 | ||||||||
Contingent rentals | 1,870 | 1,748 | ||||||||||
Total | $ | 31,910 | $ | 31,570 | ||||||||
Aggregate future minimum rental payments under the above operating leases at February 1, 2014 are payable as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | $ | 31,098 | ||||||||||
2015 | 28,108 | |||||||||||
2016 | 24,524 | |||||||||||
2017 | 20,758 | |||||||||||
2018 | 14,273 | |||||||||||
Thereafter | 46,063 | |||||||||||
$ | 164,824 | |||||||||||
The Company’s capitalized leases are for a building in Sunrise, Florida, and computer hardware and software. The lease for the Florida building expires December 2017 with monthly rent of approximately $104,000 during the remaining term of the lease. See Note 6 for a discussion of impairment charges related to this building. The following is a schedule of future minimum lease payments under capital leases together with the present value of the net minimum lease payments, at February 1, 2014 (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | $ | 1,401 | ||||||||||
2015 | 1,327 | |||||||||||
2016 | 1,327 | |||||||||||
2017 | 1,216 | |||||||||||
Total future minimum lease payments (1) | 5,271 | |||||||||||
Less: Amount representing interest | (1,215 | ) | ||||||||||
Present value of minimum lease payments | 4,056 | |||||||||||
Less: Current portion | (894 | ) | ||||||||||
$ | 3,162 | |||||||||||
-1 | Minimum payments have not been reduced by minimum sublease rentals of approximately $2.3 million due in the future under noncancelable subleases. | |||||||||||
ADVERTISING AND ROYALTY OBLIGATIONS | ||||||||||||
The Company is party to license agreements with unaffiliated licensors. Obligations under license agreements relate to royalty payments and required advertising and promotional spending levels for the Company's products bearing the licensed trademark. Royalty payments are typically made based on contractually defined net sales. However, certain licenses require minimum guaranteed royalty payments regardless of sales levels. Minimum guaranteed royalty payments and required minimums for advertising and promotional spending have been included in the table below. Actual royalty payments and advertising and promotional spending could be higher. Furthermore, early termination of any of these license agreements could result in potential cash outflows that have not been reflected below. Royalty expense was $15.5 million and $12.1 million for fiscal 2013 and fiscal 2012, respectively and is included in selling, general and administrative expenses on the accompanying consolidated statements of operations. The aggregate future minimum payments under these licensing agreements at February 1, 2014 are payable as follows (in thousands): | ||||||||||||
Fiscal Year | Royalty Payments | Advertising Obligations | Total | |||||||||
2014 | $ | 13,308 | $ | 27,317 | $ | 40,625 | ||||||
2015 | 14,749 | 24,582 | 39,331 | |||||||||
2016 | 10,801 | 15,342 | 26,143 | |||||||||
2017 | 10,290 | 16,518 | 26,808 | |||||||||
2018 | 5,681 | 6,193 | 11,874 | |||||||||
Thereafter | — | — | — | |||||||||
$ | 54,829 | $ | 89,952 | $ | 144,781 | |||||||
LITIGATION | ||||||||||||
The Company is involved in legal proceedings in the ordinary course of business. Management cannot presently predict the outcome of these matters, although management believes that the ultimate resolution of these matters will not have a materially adverse effect on the Company's financial position, operations or cash flows. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
SEGMENT INFORMATION | ' | ||||||||
SEGMENT INFORMATION | |||||||||
The Company operates in two industry segments, wholesale distribution and specialty retail sales of designer fragrance and related products. Management reviews segment information by segment and on a consolidated basis each month. Retail sales include sales at Perfumania retail stores, the SOW consignment business and the Company’s internet site, Perfumania.com. Transactions between QFG, Parlux and Five Star, and unrelated customers are included in our wholesale segment information. The accounting policies of the segments are the same as those described in Note 3. The Company’s chief operating decision maker, who is its Chief Executive Officer, assesses segment performance by reference to gross profit. Each of the segments has its own assets, liabilities, revenues and cost of goods sold. While each segment has certain unallocated operating expenses, these expenses are not reviewed by the chief operating decision maker on a segment basis, but rather on a consolidated basis. Financial information for these segments is summarized in the following table: | |||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||
1-Feb-14 | 2-Feb-13 | ||||||||
(in thousands) | |||||||||
Net sales: | |||||||||
Retail | $ | 352,687 | $ | 364,477 | |||||
Wholesale | 223,170 | 170,302 | |||||||
$ | 575,857 | $ | 534,779 | ||||||
Gross profit: | |||||||||
Retail | $ | 161,072 | $ | 158,378 | |||||
Wholesale | 91,093 | 55,229 | |||||||
$ | 252,165 | $ | 213,607 | ||||||
1-Feb-14 | 2-Feb-13 | ||||||||
Total assets: | |||||||||
Wholesale | $ | 585,884 | $ | 511,265 | |||||
Retail | 348,728 | 347,492 | |||||||
934,612 | 858,757 | ||||||||
Eliminations (a) | (511,208 | ) | (439,153 | ) | |||||
Consolidated assets | $ | 423,404 | $ | 419,604 | |||||
(a) | Adjustment to eliminate intercompany receivables and investment in subsidiaries | ||||||||
Sales to wholesale customers in foreign countries during fiscal 2013 and 2012 were $32.6 million and $15.3 million, respectively. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
Effective April 25, 2014, the Company amended its existing Senior Credit Facility and the maximum borrowing amount was reduced from $225 million to $175 million. The termination date of the Senior Credit Facility was extended from January 2015 to April 2019 and certain fees and interest rates were reduced. In addition, the QKD Note, the Nussdorf Trust Notes and the 2004 Note were amended and no principal payments may be made on any of these notes until three months after the Senior Credit Facility's new termination date of April 25, 2019. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Fiscal Year End | ' | ' |
FISCAL YEAR END | ||
The Company’s fiscal year end ends on the Saturday closest to January 31 to enable the Company’s operations to be reported in a manner consistent with general retail reporting practices and the financial reporting needs of the Company. In the accompanying Notes, fiscal 2013 refers to the fiscal year beginning February 3, 2013 and ending February 1, 2014 and fiscal 2012 refers to the fiscal year beginning January 29, 2012 and ending February 2, 2013. Fiscal 2013 contained 52 weeks, while fiscal 2012 contained 53 weeks, with the additional week occurring in the fourth quarter | ||
Principles of Consolidation | ' | ' |
PRINCIPLES OF CONSOLIDATION | ||
The consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||
Management Estimates | ' | ' |
MANAGEMENT ESTIMATES | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates made by management in the accompanying consolidated financial statements relate to the valuation of accounts receivable and inventory balances, self-insured health care accruals, long-lived asset impairments, estimated useful lives of property and equipment and deferred tax assets and sublease rentals on a capital lease. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ' | ' |
CASH AND CASH EQUIVALENTS | ||
All highly liquid investments with original maturities of three months or less are classified as cash and cash equivalents. The fair value of cash and cash equivalents approximates the amounts shown on the financial statements. Cash and cash equivalents consist of unrestricted cash in accounts maintained with major financial institutions. | ||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed federally insured limits. | ||
Accounts Receivable | ' | ' |
ACCOUNTS RECEIVABLE | ||
The Company’s accounts receivable consist primarily of trade receivables due from wholesale sales. Also included are credit card receivables and receivables due from consignment sales relating to the Company’s retail business segment. Generally, there are three to four days of retail sales transactions outstanding with third-party credit card vendors and approximately one to two weeks of consignment retail sales at any point in time. An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the financial statements, assessments of collectability based on an evaluation of historical and anticipated trends, the financial condition of the Company’s customers and an evaluation of the impact of economic conditions. | ||
Inventories | ' | ' |
INVENTORIES | ||
Inventories, principally consisting of finished goods, are stated at the lower of cost or market with cost being determined on a weighted average basis. The cost of inventory includes product cost and certain freight charges. Write-offs of potentially slow moving or damaged inventory are recorded based on management’s analysis of inventory levels, future sales forecasts and through specific identification of obsolete or damaged merchandise. | ||
Property and Equipment | ' | ' |
PROPERTY AND EQUIPMENT | ||
Property and equipment is carried at cost, less accumulated depreciation and amortization. Depreciation for property and equipment, which includes assets under capital leases, is calculated using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the term of the lease including one stated renewal period that is reasonably assured, or the estimated useful lives of the improvements, generally ten years, with the exception of the improvements on the corporate office and warehouse in Bellport, New York which has a lease term of 20 years. Costs of major additions and improvements are capitalized and expenditures for maintenance and repairs which do not extend the useful life of the asset are expensed when incurred. Gains or losses arising from sales or retirements are reflected in operations. | ||
Goodwill and Intangible Assets | ' | ' |
GOODWILL AND INTANGIBLE ASSETS | ||
Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets. Other intangible assets principally consist of license agreements, tradenames and customer relationships. Goodwill is allocated and evaluated at the reporting unit level, which is at the Company's operating segment level. All goodwill has been allocated to the Company's wholesale segment. | ||
Goodwill and other intangible assets with indefinite lives are not amortized, but rather are evaluated for impairment annually during the Company's fourth quarter or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Impairment testing for goodwill is performed in two steps: (i) the determination of possible impairment, based upon the fair value of a reporting unit as compared to its carrying value; and (ii) if there is a possible impairment indicated, this step measures the amount of impairment loss, if any, by comparing the implied fair value of goodwill with the carrying amount of that goodwill. The fair values of indefinite-lived intangible assets are estimated and compared to their respective carrying values. | ||
Trademarks, including tradenames and owned licenses having finite lives are recorded at cost and are amortized over their respective lives to their estimated residual values and are also reviewed for impairment when changes in circumstances indicate the assets’ value may be impaired. Impairment testing is based on a review of forecasted operating cash flows and the profitability of the related brand. | ||
Gift Cards | ' | ' |
GIFT CARDS | ||
Upon the purchase of a gift card by a retail customer, a liability is established for the cash value of the gift card. The liability is included in accrued expenses and other liabilities. The liability is relieved and revenue is recognized at the time of the redemption of the gift card. Over time, some portion of gift cards issued is not redeemed. If this amount is determined to be material to the Company’s consolidated financial statements, it will be recorded as a reduction of selling, general and administrative expenses, when it can be determined that the likelihood of the gift card being redeemed is remote and there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions (often referred to as gift card breakage). No gift card breakage has been recorded in the consolidated statements of operations for any year presented in these consolidated financial statements. Gift cards issued by the Company do not have expiration dates. | ||
Loyalty Rewards Program | ' | ' |
LOYALTY REWARDS PROGRAM | ||
Perfumania and Perfumania.com offer a customer loyalty rewards program which allows members to earn points for each qualifying purchase. Points earned enable members to receive a certificate that may be redeemed on future purchases at our Perfumania stores or Perfumania.com website. Certificates expire sixty days from the date of issuance. The value of points earned by our loyalty rewards program members is included in accrued liabilities and recorded as a reduction of revenue at the time the points are earned. Revenue is recognized when a certificate is redeemed by the customer or a certificate expires. | ||
Accrued Expenses | ' | ' |
ACCRUED EXPENSES | ||
Accrued expenses for self-insured employee medical benefits, contracted advertising, sales allowances, professional fees and other outstanding obligations are assessed based on claims experience and statistical trends, open contractual obligations and estimates based on projections and current requirements. | ||
Revenue Recognition | ' | ' |
REVENUE RECOGNITION | ||
Revenue from wholesale transactions is recognized when title passes, which occurs either upon shipment of products or delivery to the customer. Revenue from retail sales is recorded, net of discounts, at the point of sale for Perfumania stores, and for consignment sales, when sale to the ultimate customer occurs. Revenue from Internet sales is recognized at the time products are delivered to customers. Shipping and handling revenue from our Internet sales is included as a component of net sales. Revenues are presented net of any taxes collected from customers and remitted to government agencies. Revenue from gift cards is recognized at the time of redemption. Returns of store and Internet sales are allowed within 30 days of purchase. | ||
Sales and Allowances | ' | ' |
SALES AND ALLOWANCES | ||
Allowances for sales returns are estimated and recorded as a reduction of sales based on our historical and projected return patterns and considering current external factors and market conditions. Allowances provided for advertising, marketing and tradeshows are recorded as selling expenses since they are costs for services received from the customer which are separable from the customer’s purchase of the Company’s products. Accruals and allowances are estimated based on available information including third party and historical data. | ||
Cost of Goods Sold | ' | ' |
COST OF GOODS SOLD | ||
Cost of goods sold include the cost of merchandise sold, inventory valuation writedowns, inventory shortages, damages and freight charges. | ||
Selling, General and Administrative Expenses | ' | ' |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | ||
Selling, general and administrative expenses include payroll and related benefits for the Company's store operations, field management, distribution center, purchasing and other corporate office and administrative personnel; rent, common area maintenance, real estate taxes and utilities for the Company's stores, distribution centers and corporate office; advertising, consignment fees, sales promotion, royalties, insurance, supplies, professional fees and other administrative expenses. | ||
Income Taxes | ' | ' |
INCOME TAXES | ||
Deferred tax assets and liabilities are recognized for the differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recognized to reduce net deferred tax assets to amounts that management believes are more likely than not expected to be realized. Significant judgment is required in determining the provision for income taxes. Changes in estimates may create volatility in the Company’s effective tax rate in future periods for various reasons including, but not limited to: changes in tax laws/rates, forecasted amounts and mix of pre-tax income/loss, settlements with various tax authorities, the expiration of the statute of limitations on some tax positions and obtaining new information about particular tax positions that may cause management to change its estimates. In the ordinary course of business, the ultimate tax outcome is uncertain for many transactions. It is the Company’s policy to recognize, at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority, the impact of an uncertain income tax position on its income tax return. The tax provisions are analyzed at least quarterly and adjustments are made as events occur that warrant adjustments to those provisions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense. | ||
GAAP prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in an income tax return. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||
Basic and Diluted Net Income (Loss) per Common Share | ' | ' |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | ||
Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share includes, in periods in which they are dilutive, the dilutive effect of those common stock equivalents where the average market price of the common shares exceeds the exercise prices for the respective years. | ||
Accounting for the Impairment of Long-lived Assets | ' | ' |
ACCOUNTING FOR THE IMPAIRMENT OF LONG-LIVED ASSETS | ||
The carrying value of long-lived assets is evaluated whenever events or changes in circumstances indicate that the carrying values of such assets may be impaired. An evaluation of recoverability is performed by comparing the carrying values of the assets to projected undiscounted future cash flows in addition to other quantitative and qualitative analysis, including management’s strategic plans and market trends. Upon indication that the carrying values of such assets may not be recoverable, the Company recognizes an impairment loss. The impairment loss is determined based on the difference between the net book value and the fair value of the assets. The estimated fair value is based on anticipated discounted future cash flows. Any impairment is charged to operations in the period in which it is identified. Property and equipment assets are grouped at the lowest level for which there are identifiable cash flows when assessing impairment. Cash flows for retail assets are identified at the individual store level. | ||
Share Based Compensation | ' | ' |
SHARE-BASED COMPENSATION | ||
Share-based compensation expense is recognized on a straight-line basis over the requisite service period. The Company estimates the fair value of stock options granted using the Black-Scholes option valuation model. | ||
Pre-Opening Expenses | ' | ' |
PRE-OPENING EXPENSES | ||
Pre-opening expenses related to new stores are expensed as incurred. | ||
Shipping and Handling Fees and Costs | ' | ' |
SHIPPING AND HANDLING FEES AND COSTS | ||
The cost related to shipping and handling for wholesale sales is classified as freight out, which is included in selling, general and administrative expenses. Income generated by retail sales from shipping and handling fees is classified as revenues and the costs related to shipping and handling are classified as cost of goods sold. | ||
Advertising and Promotional Costs | ' | ' |
ADVERTISING AND PROMOTIONAL COSTS | ||
Advertising and promotional costs for fiscal 2013 and fiscal 2012 was approximately $60.3 million and $53.0 million, respectively, and is charged to expense when incurred. | ||
Rent Expense | ' | ' |
RENT EXPENSE | ||
The Company leases retail stores as well as offices and distribution centers under operating leases. Minimum rental expenses are recognized over the term of the lease on a straight-line basis. For purposes of recognizing minimum rental expenses, the Company uses the date when possession of the leased space is taken from the landlord, which includes a construction period of approximately two months prior to store opening. For tenant improvement allowances and rent holidays, the Company records a deferred rent liability in accrued expenses on the consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of operations. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of operations. The difference between the rental expense recognized and the amount payable under the lease is included in other long-term liabilities on the accompanying consolidated balance sheets. | ||
Certain leases provide for contingent rents, which are primarily determined as a percentage of gross sales in excess of specified levels and are not measurable at inception. The Company records a liability in accrued expenses on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved. | ||
Fair Value of Financial Instruments | ' | ' |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
The fair values of the Company’s assets and liabilities that qualify as financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, short-term debt, and accrued expenses, are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The reported amounts of long-term obligations approximate fair value, given management’s evaluation of the instruments’ current rates compared to market rates of interest and other factors. | ||
Concentration of Credit Risk | ' | ' |
CONCENTRATIONS OF CREDIT RISK | ||
The Company is potentially subject to a concentration of credit risk with respect to its trade receivables, the majority of which are due from retailers and wholesale distributors. Credit risks also relate to the seasonal nature of the business. The Company’s sales are concentrated in November and December for the holiday season. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains allowances to cover potential or anticipated losses for uncollectible accounts. The Company maintains credit insurance on certain receivables, which minimizes the financial impact of uncollectible accounts. |
Acquisition_of_Parlux_Tables
Acquisition of Parlux (Tables) | 12 Months Ended | |||||
Feb. 01, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Schedule of Purchase Price, Assets Acquired, and Liabilities Assumed | ' | |||||
The following tables summarize the purchase price and the assets acquired and liabilities assumed as of the acquisition date at estimated fair value: | ||||||
(in thousands except price per share) | ||||||
Proceeds from Senior Credit Facility | $ | 32,062 | ||||
Proceeds from notes payable to affiliates | 30,000 | |||||
Total cash consideration | 62,062 | |||||
Total shares of Perfumania common stock issued (1) | 6,314 | |||||
Perfumania price per share, April 18, 2012 | $9.38 | 59,225 | ||||
Fair value of Perfumania stock options and warrants issued | 30,338 | |||||
Total purchase price | $ | 151,625 | ||||
(1) Includes 300 shares issued pursuant to various licensing agreements | ||||||
Schedule of Purchase Price Allocation | ' | |||||
(in thousands) | ||||||
Cash | $ | 17,114 | ||||
Accounts receivable | 21,242 | |||||
Inventories | 60,966 | |||||
Other current assets | 10,841 | |||||
Property and equipment | 1,107 | |||||
Other non-current assets | 167 | |||||
Identified intangible assets | 24,676 | |||||
Goodwill | 38,769 | |||||
Accounts payable | (16,032 | ) | ||||
Deferred tax liabilities | (3,239 | ) | ||||
Other liabilities assumed | (3,986 | ) | ||||
Net assets acquired | $ | 151,625 | ||||
Schedule of Estimated Future Amortization Expense | ' | |||||
The estimated future amortization expense associated with intangible assets subject to amortization is as follows (in thousands): | ||||||
Fiscal Year | Amortization | |||||
Expense | ||||||
2014 | $ | 4,415 | ||||
2015 | 4,415 | |||||
2016 | 1,845 | |||||
2017 | 1,330 | |||||
2018 | 999 | |||||
Thereafter | 2,314 | |||||
$ | 15,318 | |||||
Schedule of Pro Forma Financial Information | ' | |||||
Accordingly, the unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 28, 2012. | ||||||
Fiscal Year Ended February 2, 2013 | ||||||
(in thousands, except per share data) | ||||||
Net sales | $ | 554,648 | ||||
Net loss | (53,501 | ) | ||||
Net loss per share - basic | $ | (2.64 | ) | |||
Net loss per share - diluted | (2.64 | ) |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Basic and Diluted Net Income (Loss) per Common Share | ' | |||||||
Basic and diluted net loss per common share are computed as follows: | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
1-Feb-14 | 2-Feb-13 | |||||||
($ in thousands, except share and per share amounts) | ||||||||
Net loss - basic and diluted | $ | (12,465 | ) | $ | (56,013 | ) | ||
Denominator: | ||||||||
Weighted average number of common shares for basic and dilutive net loss per share | 15,355,516 | 13,941,075 | ||||||
Basic and diluted loss per common share | $ | (0.81 | ) | $ | (4.02 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories consisted of the following (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Raw materials and work in process | $ | 31,691 | $ | 27,915 | ||||
Finished goods | 251,111 | 243,966 | ||||||
$ | 282,802 | $ | 271,881 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||
The following table provides information related to goodwill and intangible assets (in thousands). Intangible assets are included in intangible and other assets, net on the accompanying consolidated balance sheets as of February 1, 2014 and February 2, 2013: | ||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||||
Useful Life | Original | Accumulated | Net Book | Original | Accumulated | Net Book | ||||||||||||||||||||
(years) | Cost | Amortization | Value | Cost | Amortization | Value | ||||||||||||||||||||
Goodwill | N/A | $ | 38,769 | $ | — | $ | 38,769 | $ | 38,769 | $ | — | $ | 38,769 | |||||||||||||
Tradenames | 20-Jul | 9,408 | 7,103 | 2,305 | 9,408 | 6,754 | 2,654 | |||||||||||||||||||
Customer relationships | 10 | 5,171 | 948 | 4,223 | 5,171 | 431 | 4,740 | |||||||||||||||||||
Favorable leases | 7 | 886 | 612 | 274 | 886 | 485 | 401 | |||||||||||||||||||
License agreements | 5-Apr | 19,505 | 10,989 | 8,516 | 19,505 | 5,901 | 13,604 | |||||||||||||||||||
Tradename (non-amortizing) | N/A | 8,500 | — | 8,500 | 8,500 | — | 8,500 | |||||||||||||||||||
$ | 82,239 | $ | 19,652 | $ | 62,587 | $ | 82,239 | $ | 13,571 | $ | 68,668 | |||||||||||||||
Schedule of Estimated Future Amortization Expense | ' | |||||||||||||||||||||||||
The estimated future amortization expense associated with intangible assets subject to amortization is as follows (in thousands): | ||||||||||||||||||||||||||
Fiscal Year | Amortization | |||||||||||||||||||||||||
Expense | ||||||||||||||||||||||||||
2014 | $ | 4,415 | ||||||||||||||||||||||||
2015 | 4,415 | |||||||||||||||||||||||||
2016 | 1,845 | |||||||||||||||||||||||||
2017 | 1,330 | |||||||||||||||||||||||||
2018 | 999 | |||||||||||||||||||||||||
Thereafter | 2,314 | |||||||||||||||||||||||||
$ | 15,318 | |||||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Schedule of Property and Equipment | ' | |||||||||
Property and equipment consisted of (in thousands): | ||||||||||
1-Feb-14 | 2-Feb-13 | Estimated Useful Lives | ||||||||
(In Years) | ||||||||||
Buildings and improvements | $ | 23,586 | $ | 22,213 | Lesser of useful life | |||||
or lease term | ||||||||||
Furniture and fixtures | 24,106 | 24,704 | 7-May | |||||||
Machinery and equipment | 7,462 | 5,996 | 7-Mar | |||||||
55,154 | 52,913 | |||||||||
Less: | ||||||||||
Accumulated depreciation | (36,375 | ) | (32,853 | ) | ||||||
$ | 18,779 | $ | 20,060 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Schedule of Related Party Transactions for Merchandise Purchases | ' | ||||||||||||||||
Transactions for merchandise purchases with these related companies during fiscal 2013 and 2012 were as follows: | |||||||||||||||||
Total Purchases | Total Purchases | Balance Due | Balance Due | ||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | 1-Feb-14 | 2-Feb-13 | ||||||||||||||
1-Feb-14 | 2-Feb-13 | ||||||||||||||||
Parlux | $ | — | $ | 6,771 | -1 | $ | — | $ | — | -2 | |||||||
Lighthouse Companies | 10,521 | 10,925 | — | 868 | |||||||||||||
Jacavi Beauty Supply, LLC | 2,753 | 3,658 | 1,492 | 1 | |||||||||||||
Ricky's | — | — | — | (23 | ) | ||||||||||||
Cloudbreak Holdings, LLC | 865 | 335 | 5 | 103 | |||||||||||||
$ | 14,139 | $ | 21,689 | $ | 1,497 | $ | 949 | ||||||||||
(1)Represents purchases from Parlux Inc. prior to April 18, 2012, when the Company acquired Parlux. | |||||||||||||||||
-2 | Since the Company acquired Parlux on April 18, 2012, the balance due to Parlux was eliminated in consolidation as of February 2, 2013. |
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of accrued expenses and other liabilities | ' | ||||||||
Accrued expenses and other liabilities consist of the following (in thousands): | |||||||||
1-Feb-14 | 2-Feb-13 | ||||||||
Payroll and related | $ | 6,966 | $ | 6,945 | |||||
Customer allowances | 4,181 | 4,943 | |||||||
Advertising, promotion and royalties | 8,259 | 9,330 | |||||||
Taxes other than income taxes | 1,515 | 1,622 | |||||||
Deferred tax liabilities | 1,430 | 4,807 | |||||||
Other | 8,957 | 6,099 | |||||||
$ | 31,308 | $ | 33,746 | ||||||
Revolving_Credit_Facility_and_1
Revolving Credit Facility and Notes Payable to Affiliates (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Revolving Credit Facility and Notes Payable to Aliates | ' | |||||||
The Company’s revolving credit facility and notes payable to affiliates consist of the following (in thousands): | ||||||||
February 1, 2014 | 2-Feb-13 | |||||||
Revolving credit facility interest payable monthly, secured by a pledge of substantially all of the Company's assets | $ | 67,902 | $ | 61,071 | ||||
Subordinated notes payable-affiliates | 125,366 | 125,366 | ||||||
193,268 | 186,437 | |||||||
Less current portion | — | — | ||||||
Total long-term debt | $ | 193,268 | $ | 186,437 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Income Tax Provision | ' | |||||||
The income tax provision (benefit) is comprised of the following amounts (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
1-Feb-14 | 2-Feb-13 | |||||||
Current: | ||||||||
Federal | $ | 323 | $ | — | ||||
State and local | 578 | 554 | ||||||
Foreign | — | — | ||||||
901 | 554 | |||||||
Deferred: | ||||||||
Federal | (4,433 | ) | (18,987 | ) | ||||
State and local | (587 | ) | (2,696 | ) | ||||
Foreign | (766 | ) | (680 | ) | ||||
(5,786 | ) | (22,363 | ) | |||||
Income tax benefit | (4,885 | ) | (21,809 | ) | ||||
Less valuation allowance adjustment | 5,786 | 20,257 | ||||||
Income tax provision (benefit) | $ | 901 | $ | (1,552 | ) | |||
Reconciliation of Statutory Federal Income Tax Rate to Pretax Income | ' | |||||||
The income tax provision (benefit) differs from the amount obtained by applying the statutory Federal income tax rate to pretax income as follows (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
1-Feb-14 | 2-Feb-13 | |||||||
Benefit at Federal statutory rates | $ | (4,047 | ) | $ | (20,148 | ) | ||
Permanent adjustments | 24 | 581 | ||||||
State tax, net of Federal | (97 | ) | 366 | |||||
Net tax benefit adjustment | (765 | ) | (2,508 | ) | ||||
Change in valuation allowance | 5,786 | 20,257 | ||||||
Other | — | (100 | ) | |||||
Income tax provision (benefit) | $ | 901 | $ | (1,552 | ) | |||
Schedule of Deferred Tax Liabilities | ' | |||||||
Net deferred tax liabilities, which are included in other long-term liabilities on the accompanying consolidated balance sheets as of February 1, 2014 and February 2, 2013, reflect the tax effect of the following differences between financial statement carrying amounts and tax bases of assets and liabilities as follows (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Assets: | ||||||||
Net operating loss and tax credit carryforwards | $ | 11,991 | $ | 14,402 | ||||
Puerto Rico and U.S. Virgin Islands net operating loss carryforwards | 2,986 | 2,220 | ||||||
Inventories | 7,280 | 6,240 | ||||||
Property and equipment | 10,803 | 14,057 | ||||||
Accounts receivable allowances | 371 | 479 | ||||||
Goodwill and intangibles | 415 | 670 | ||||||
Accrued interest | 6,950 | 4,557 | ||||||
Deferred rent | 3,287 | 3,176 | ||||||
Accrued expenses | 2,897 | 4,153 | ||||||
Share-based compensation | 2,726 | 2,035 | ||||||
Other | 1,442 | 338 | ||||||
Total deferred tax assets | 51,148 | 52,327 | ||||||
Valuation allowance | (46,860 | ) | (41,074 | ) | ||||
Net deferred tax assets | 4,288 | 11,253 | ||||||
Liabilities: | ||||||||
Tradename | (3,400 | ) | (3,400 | ) | ||||
Intangibles | (4,288 | ) | (6,446 | ) | ||||
Inventory step up | — | (4,807 | ) | |||||
Total deferred tax liabilities, net | $ | (3,400 | ) | $ | (3,400 | ) | ||
Schedule of Unrecognized Tax Benefits and Related Interest and Penalties | ' | |||||||
The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months, were (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
February 1, 2014 | February 2, 2013 | |||||||
Unrecognized tax benefits | $ | 1,007 | $ | 714 | ||||
Portion if recognized would reduce tax expense and effective rate | 1,007 | 714 | ||||||
Accrued interest on unrecognized tax benefits | 406 | 328 | ||||||
Accrued penalties on unrecognized tax benefits | 218 | 142 | ||||||
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | ' | |||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||
February 1, 2014 | February 2, 2013 | |||||||
Balance at beginning of year | $ | 714 | $ | 681 | ||||
Additions for tax positions of the current year | 130 | — | ||||||
Additions for tax positions of prior years | 163 | 33 | ||||||
Balance at end of year | $ | 1,007 | $ | 714 | ||||
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Non-financial Assets Measured at Fair Value on a Non-recurring Basis | ' | |||||||||||||||||||
The following tables present the non-financial assets the Company measured at fair value on a non-recurring basis, based on the fair value hierarchy as of February 1, 2014 and February 2, 2013: | ||||||||||||||||||||
Fair Value Measured and Recorded at | ||||||||||||||||||||
Reported Date Using | ||||||||||||||||||||
Net Carrying | Level 1 | Level 2 | Level 3 | Total Impairment Losses - Year | ||||||||||||||||
Value as of | Ended | |||||||||||||||||||
February 1, 2014 | 1-Feb-14 | |||||||||||||||||||
Property and Equipment (in thousands) | $ | — | $ | — | $ | — | $ | — | $ | 491 | ||||||||||
Fair Value Measured and Recorded at | ||||||||||||||||||||
Reported Date Using | ||||||||||||||||||||
Net Carrying | Level 1 | Level 2 | Level 3 | Total Impairment Losses - Year | ||||||||||||||||
Value as of | Ended | |||||||||||||||||||
February 2, 2013 | 2-Feb-13 | |||||||||||||||||||
Property and Equipment (in thousands) | $ | — | $ | — | $ | — | $ | — | $ | 8,106 | ||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
The 2010 Equity Incentive Plan (the “2010 Plan”) provides for equity-based awards to the Company’s employe | |||||||||||||
Summary of Stock Warrant Activity | ' | ||||||||||||
The following is a summary of stock warrants activity during the fiscal year ended February 1, 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Warrants | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | (in thousands) | ||||||||||||
Life | |||||||||||||
Outstanding as of February 2, 2013 | 6,305,304 | $ | 11.79 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (5,333 | ) | 3.38 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding as of February 1, 2014 | 6,299,971 | $ | 11.8 | 4.4 | $ | — | |||||||
Vested as of February 1, 2014 | 6,299,971 | $ | 11.8 | 4.4 | $ | — | |||||||
Exercisable as of February 1, 2014 | 6,299,971 | $ | 11.8 | 4.4 | $ | — | |||||||
Schedule of Stock Option Weighted Average Valuation Assumptions | ' | ||||||||||||
The fair value for stock options issued during fiscal 2013 was estimated at the date of grant, using the Black-Scholes option pricing model with the following weighted average assumptions: | |||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||
Expected life (years) | 5 | ||||||||||||
Expected stock price volatility | 99.00% | ||||||||||||
Risk-free interest rates | 1.50% | ||||||||||||
Expected dividend yield | 0% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Retail Store Rent Expense | ' | |||||||||||
Retail store rent expense in fiscal 2013 and 2012 were as follows (in thousands): | ||||||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||
Minimum rentals | $ | 30,040 | $ | 29,822 | ||||||||
Contingent rentals | 1,870 | 1,748 | ||||||||||
Total | $ | 31,910 | $ | 31,570 | ||||||||
Schedule of Aggregate Future Minimum Rental Payments Under Operating Leases | ' | |||||||||||
Aggregate future minimum rental payments under the above operating leases at February 1, 2014 are payable as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | $ | 31,098 | ||||||||||
2015 | 28,108 | |||||||||||
2016 | 24,524 | |||||||||||
2017 | 20,758 | |||||||||||
2018 | 14,273 | |||||||||||
Thereafter | 46,063 | |||||||||||
$ | 164,824 | |||||||||||
Schedule of Future Minimum Lease Payments Under Capital Leases | ' | |||||||||||
The following is a schedule of future minimum lease payments under capital leases together with the present value of the net minimum lease payments, at February 1, 2014 (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | $ | 1,401 | ||||||||||
2015 | 1,327 | |||||||||||
2016 | 1,327 | |||||||||||
2017 | 1,216 | |||||||||||
Total future minimum lease payments (1) | 5,271 | |||||||||||
Less: Amount representing interest | (1,215 | ) | ||||||||||
Present value of minimum lease payments | 4,056 | |||||||||||
Less: Current portion | (894 | ) | ||||||||||
$ | 3,162 | |||||||||||
Schedule of Aggregate Future Minimum Lease Payments Under Licensing Agreements | ' | |||||||||||
The aggregate future minimum payments under these licensing agreements at February 1, 2014 are payable as follows (in thousands): | ||||||||||||
Fiscal Year | Royalty Payments | Advertising Obligations | Total | |||||||||
2014 | $ | 13,308 | $ | 27,317 | $ | 40,625 | ||||||
2015 | 14,749 | 24,582 | 39,331 | |||||||||
2016 | 10,801 | 15,342 | 26,143 | |||||||||
2017 | 10,290 | 16,518 | 26,808 | |||||||||
2018 | 5,681 | 6,193 | 11,874 | |||||||||
Thereafter | — | — | — | |||||||||
$ | 54,829 | $ | 89,952 | $ | 144,781 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Financial Information by Segment | ' | ||||||||
Financial information for these segments is summarized in the following table: | |||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||
1-Feb-14 | 2-Feb-13 | ||||||||
(in thousands) | |||||||||
Net sales: | |||||||||
Retail | $ | 352,687 | $ | 364,477 | |||||
Wholesale | 223,170 | 170,302 | |||||||
$ | 575,857 | $ | 534,779 | ||||||
Gross profit: | |||||||||
Retail | $ | 161,072 | $ | 158,378 | |||||
Wholesale | 91,093 | 55,229 | |||||||
$ | 252,165 | $ | 213,607 | ||||||
1-Feb-14 | 2-Feb-13 | ||||||||
Total assets: | |||||||||
Wholesale | $ | 585,884 | $ | 511,265 | |||||
Retail | 348,728 | 347,492 | |||||||
934,612 | 858,757 | ||||||||
Eliminations (a) | (511,208 | ) | (439,153 | ) | |||||
Consolidated assets | $ | 423,404 | $ | 419,604 | |||||
(a) | Adjustment to eliminate intercompany receivables and investment in subsidiaries |
Nature_of_Business_Details
Nature of Business (Details) | 12 Months Ended | |
Feb. 01, 2014 | Jan. 28, 2012 | |
customer | customer | |
subsidiary | ||
Subsidiaries [Line Items] | ' | ' |
Number of wholly-owned operating subsidiaries | 6 | ' |
Number of customers who accounted for more than 10% of net sales | 0 | 0 |
Subsidiaries [Member] | ' | ' |
Subsidiaries [Line Items] | ' | ' |
Retail stores | 329 | ' |
Subsidiaries [Member] | Kmart | ' | ' |
Subsidiaries [Line Items] | ' | ' |
Retail stores | 1,100 | ' |
Subsidaries, Perfumania | Maximum | ' | ' |
Subsidiaries [Line Items] | ' | ' |
Percentage below manufacturers' suggest retail prices (up to 75%) | 75.00% | ' |
Subsidiary of Common Parent [Member] | ' | ' |
Subsidiaries [Line Items] | ' | ' |
Retail stores | 2,100 | ' |
Acquisition_of_Parlux_Textuals
Acquisition of Parlux - Textuals (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 18, 2012 | Apr. 17, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | |
Net sales | ' | ' | $575,857,000 | $534,779,000 | |
Additional borrowings under credit facility to fund merger | 32,100,000 | ' | ' | ' | |
Length of time of business relationship with acquiree | ' | '20 years | ' | ' | |
Total shares of Perfumania common stock issued | 6,314,000 | [1] | ' | ' | ' |
Amortization expense of intangible assets subject to amortization | ' | ' | 6,200,000 | 6,700,000 | |
Goodwill | ' | ' | 38,769,000 | 38,769,000 | |
Parlux, Inc. | ' | ' | ' | ' | |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | |
Number of transaction comprising the merger | 2 | ' | ' | ' | |
Total net sales attributable to Parlux | ' | ' | ' | 39,900,000 | |
Net sales | ' | ' | ' | 38,100,000 | |
Shares of common stock issued in merger | 6,014,000 | ' | ' | ' | |
Total cash consideration | 62,062,000 | ' | ' | 62,062,000 | |
Common stock issued in merger as a percentage of outstanding common stock | 40.00% | ' | ' | ' | |
Additional borrowings under credit facility to fund merger | 32,100,000 | ' | ' | ' | |
Proceeds from notes payable to affiliates | 30,000,000 | ' | ' | ' | |
Goodwill | 38,800,000 | ' | ' | ' | |
Goodwill deductible for tax purposes | $0 | ' | ' | ' | |
Parlux, Inc. | Licensor Group | ' | ' | ' | ' | |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | |
Shares of common stock issued in merger | 300,000 | ' | ' | ' | |
Exercise price or warrants | 8 | ' | ' | ' | |
Warrants issued | 4,799,971 | ' | ' | ' | |
Total shares of Perfumania common stock issued | 300,000 | ' | ' | ' | |
Parlux, Inc. | Alternative 1 | ' | ' | ' | ' | |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | |
Shares of Perfumania common stock exchanged by Parlux common stock | 0.533333 | ' | ' | ' | |
Parlux, Inc. | Alternative 2 | ' | ' | ' | ' | |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | |
Shares of Perfumania common stock exchanged by Parlux common stock | 0.2 | ' | ' | ' | |
Cash exchanged per share of Parlux common stock | $4 | ' | ' | ' | |
[1] | Includes 300 shares issued pursuant to various licensing agreements |
Acquisition_of_Parlux_Purchase
Acquisition of Parlux - Purchase Price Computation (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 18, 2012 | Feb. 02, 2013 | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | |
Total shares of Perfumania common stock issued | 6,314,000 | [1] | ' |
Perfumania price per share, April 18, 2012 | $9.38 | ' | |
Parlux, Inc. | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | |
Proceeds from notes payable to affiliates | $30,000,000 | ' | |
Total cash consideration | 62,062,000 | 62,062,000 | |
Proceeds from Perfumania common stock issued | 59,225,000 | ' | |
Fair value of Perfumania stock options and warrants issued | 30,338,000 | ' | |
Total purchase price | ' | 151,625,000 | |
Shares of common stock issued in merger | 6,014,000 | ' | |
Line of Credit | Parlux, Inc. | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | |
Proceeds from Senior Credit Facility | ' | 32,062,000 | |
Subordinated Debt | Parlux, Inc. | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | |
Proceeds from notes payable to affiliates | $30,000,000 | ' | |
Licensor Group | Parlux, Inc. | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | |
Total shares of Perfumania common stock issued | 300,000 | ' | |
Shares of common stock issued in merger | 300,000 | ' | |
[1] | Includes 300 shares issued pursuant to various licensing agreements |
Acquisition_of_Parlux_Purchase1
Acquisition of Parlux - Purchase Price Allocation (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Apr. 18, 2012 | |
Parlux, Inc. | |||
Business Acquisition [Line Items] | ' | ' | ' |
Cash | ' | ' | $17,114,000 |
Accounts receivable | ' | ' | 21,242,000 |
Inventories | ' | ' | 60,966,000 |
Other current assets | ' | ' | 10,841,000 |
Property and equipment | ' | ' | 1,107,000 |
Other non-current assets | ' | ' | 167,000 |
Identified intangible assets | ' | ' | 24,676,000 |
Goodwill | ' | ' | 38,769,000 |
Accounts payable | ' | ' | -16,032,000 |
Deferred tax liabilities | ' | ' | -3,239,000 |
Other liabilities assumed | ' | ' | -3,986,000 |
Net assets acquired | ' | ' | 151,625,000 |
Depreciation and amortization expense | $5,800,000 | $7,600,000 | ' |
Acquisition_of_Parlux_Future_A
Acquisition of Parlux - Future Amortization of Acquired Intangibles (Details) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Business Acquisition, Purchase Price Allocation [Abstract] | ' |
2013 | $4,415 |
2014 | 4,415 |
2015 | 1,845 |
2016 | 1,330 |
2017 | 999 |
Thereafter | 2,314 |
Total | $15,318 |
Acquisition_of_Parlux_Pro_Form
Acquisition of Parlux - Pro Forma Information (Details) (USD $) | 12 Months Ended |
Feb. 02, 2013 | |
Business Acquisition [Line Items] | ' |
Net sales | $554,648,000 |
Net loss | ($53,501,000) |
Net loss per share - basic | ($2.64) |
Net loss per share - diluted | ($2.64) |
Significant_Accounting_Policie3
Significant Accounting Policies - Textual (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Number of weeks during fiscal period | ' | 'P53W | 'P52W |
Gift card breakage | $0 | ' | $0 |
Certificate expiration time period from date of issuance | '60 days | ' | ' |
Allowable sales return period | '30 days | ' | ' |
Advertising and promotional costs | $60,300,000 | $53,000,000 | ' |
Approximate construction period included in determination of minimum rental expenses | '2 months | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies Significant Accounting Policies - Accounts Receivable (Details) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | |
Credit Card Receivable | Credit Card Receivable | Consignment Retail Sales | Consignment Retail Sales | |
Minimum | Maximum | Minimum | Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Approximate number of days retail sales are outstanding | '3 years | '4 years | '7 days | '14 days |
Significant_Accounting_Policie5
Significant Accounting Policies Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Feb. 01, 2014 | |
renewal_period | |
Property, Plant and Equipment [Line Items] | ' |
Number of reasonbly assured renewal periods included in the determination of useful lives of leasehold improvements | 1 |
Leasehold Improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property and equipment | '10 years |
Leasehold Improvements | Corporate Office and Warehouse in Bellport, New York | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property and equipment | '20 years |
Significant_Accounting_Policie6
Significant Accounting Policies Significant Accounting Policies - Basic and Diluted Net Income(Loss) per Common Share (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Accounting Policies [Abstract] | ' | ' |
Net loss - basic and diluted | ($12,465) | ($56,013) |
Denominator: | ' | ' |
Weighted average number of common shares for basic and dilutive net loss per share | 15,355,516 | 13,941,075 |
Weighted average number of common shares - diluted | 15,355,516 | 13,941,075 |
Basic and diluted loss per common share | ($0.81) | ($4.02) |
Potential shares of common stock excluded from the diluted loss per share calculation | 7,508,246 | 7,548,978 |
Inventories_Details
Inventories (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and work in process | $31,691 | $27,915 |
Finished goods | 251,111 | 243,966 |
Total inventory | $282,802 | $271,881 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Textuals (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $38,769,000 | $38,769,000 |
Amortization expense of intangible assets subject to amortization | $6,200,000 | $6,700,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Goodwill, Net Book Value | $38,769 | $38,769 |
Finite-lived intangible assets, Original Cost | 82,239 | 82,239 |
Finite-lived intangible assets, Accumulated Amortization | 13,571 | 19,652 |
Finite-lived intangible assets, Net Book Value | 68,668 | 62,587 |
Tradenames | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Original Cost | 9,408 | 9,408 |
Finite-lived intangible assets, Accumulated Amortization | 6,754 | 7,103 |
Finite-lived intangible assets, Net Book Value | 2,654 | 2,305 |
Customer relationships | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Original Cost | 5,171 | 5,171 |
Finite-lived intangible assets, Accumulated Amortization | 431 | 948 |
Finite-lived intangible assets, Net Book Value | 4,740 | 4,223 |
Finite-lived intangible assets, Useful Life (years) | '10 years | ' |
Favorable leases | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Original Cost | 886 | 886 |
Finite-lived intangible assets, Accumulated Amortization | 485 | 612 |
Finite-lived intangible assets, Net Book Value | 401 | 274 |
Finite-lived intangible assets, Useful Life (years) | '7 years | ' |
License agreements | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Original Cost | 19,505 | 19,505 |
Finite-lived intangible assets, Accumulated Amortization | 5,901 | 10,989 |
Finite-lived intangible assets, Net Book Value | 13,604 | 8,516 |
Tradename (non-amortizing) | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Original Cost | 8,500 | 8,500 |
Finite-lived intangible assets, Accumulated Amortization | 0 | 0 |
Finite-lived intangible assets, Net Book Value | $8,500 | $8,500 |
Minimum | Tradenames | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Useful Life (years) | '7 years | ' |
Minimum | License agreements | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Useful Life (years) | '1 year | ' |
Maximum | Tradenames | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Useful Life (years) | '20 years | ' |
Maximum | License agreements | ' | ' |
Schedule of Goodwill and Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Useful Life (years) | '6 years | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Schedule of Future Amortization (Details) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2013 | $4,415 |
2014 | 4,415 |
2015 | 1,845 |
2016 | 1,330 |
2017 | 999 |
Thereafter | 2,314 |
Total | $15,318 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization expense | $5,800,000 | $7,600,000 | ' |
Property and equipment, gross | 55,154,000 | 52,913,000 | ' |
Accumulated depreciation | -36,375,000 | -32,853,000 | ' |
Property and equipment, net | 18,779,000 | 20,060,000 | ' |
Impairment of Long-Lived Assets Held-for-use | 500,000 | 2,800,000 | ' |
Building and Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 23,586,000 | 22,213,000 | ' |
Furniture and Fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 24,106,000 | 24,704,000 | ' |
Furniture and Fixtures | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of property and equipment | ' | '5 years | ' |
Furniture and Fixtures | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of property and equipment | ' | '7 years | ' |
Machinery and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 7,462,000 | 5,996,000 | ' |
Machinery and Equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of property and equipment | ' | '3 years | ' |
Machinery and Equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives of property and equipment | ' | '7 years | ' |
Assets Held under Capital Leases | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization expense | 0 | 500,000 | 500,000 |
Accumulated depreciation | -300,000 | -200,000 | ' |
Property and equipment, net | 100,000 | 200,000 | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | $5,300,000 |
Related_Party_Transactions_Tex
Related Party Transactions - Textuals (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 62 Months Ended | 12 Months Ended | |||||||||||
Apr. 17, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 28, 2012 | Apr. 17, 2012 | Apr. 18, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Apr. 18, 2012 | Apr. 18, 2012 | |
Majority Shareholder [Member] | Glenn, Stephen and Arlene Nussdorf | Glenn, Stephen and Arlene Nussdorf | Glenn Nussdorf | Rene Garcia Entitites | Rene Garcia Entitites | Affiliated Entity [Member] | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Shawn Carter Entities | Shawn Carter Entities | Glenn H. Gopman Entities | ||||
sqft | Building | Building | |||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate shares of common stock owned by related parties (in shares) | ' | ' | ' | 7,742,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate percentage of shares owned by related parties | ' | ' | ' | 50.40% | ' | ' | ' | ' | 14.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership of principal shareholder prior to merger transaction | ' | ' | ' | ' | ' | ' | 9.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of time of business relationship with acquiree | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate shares of common stock owned by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | 2,211,269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from related parties | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable from related parties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payments for transportation services (less than $0.1 million and approximately $0.1 million respectively) | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance due to affiliate (less than $0.1 million and $0.3 million respectively) | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 100,000 | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' |
Square footage of facility in Bellport, NY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate area of facility occupied (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Monthly sublease payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000 | ' | ' | ' | ' |
Annual sublease increase (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' |
Total sublease payments during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,500,000 | ' | ' | ' |
Administrative fee per Services Agreement (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses charged under Services Agreement | ' | $240,436,000 | $230,075,000 | ' | ' | ' | ' | ' | ' | ' | $500,000 | $700,000 | $700,000 | ' | ' | ' | ' | ' | ' |
Shares issued during period as consideration for licensing transactions | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares called by warrants | ' | ' | ' | ' | ' | ' | ' | 3,199,972 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,599,999 | 5,333 |
Exercise price or warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' |
Term of license agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | ||
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | $14,139,000 | $21,689,000 | |
Due to related parties | 1,497,000 | 949,000 | |
Subsidiaries [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | 0 | [1] | ' |
Shawn Carter Entities | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Royalty Expense | 800,000 | ' | |
Parlux | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | ' | 6,771,000 | |
Due to related parties | 0 | [2] | 0 |
Affiliates, Lighthouse [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | 10,521,000 | 10,925,000 | |
Due to related parties | 0 | 868,000 | |
Jacavi Beauty Supply, LLC | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | 2,753,000 | 3,658,000 | |
Due to related parties | 1,492,000 | 1,000 | |
Ricky's | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | 0 | 0 | |
Due to related parties | 0 | -23,000 | |
Cloudbreak Holdings, LLC | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Total purchases from related parties | 865,000 | 335,000 | |
Due to related parties | $5,000 | $103,000 | |
[1] | Represents purchases from Parlux Inc. prior to April 18, 2012, when the Company acquired Parlux. | ||
[2] | Since the Company acquired Parlux on April 18, 2012, the balance due to Parlux was eliminated in consolidation as of February 2, 2013. |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll and related | $6,966 | $6,945 |
Customer allowances | 4,181 | 4,943 |
Advertising, promotion and royalties | 8,259 | 9,330 |
Taxes other than income taxes | 1,515 | 1,622 |
Deferred Tax Liabilities, Other | 1,430 | 4,807 |
Other | 8,957 | 6,099 |
Total | $31,308 | $33,746 |
Revolving_Credit_Facility_and_2
Revolving Credit Facility and Notes Payable to Affiliates - Schedule (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Revolving credit facility interest payable monthly, secured by a pledge of substantially all of the Company's assets | $67,902 | $61,071 |
Subordinated notes payable-affiliates | 125,366 | 125,366 |
Debt, current and noncurrent | 193,268 | 186,437 |
Less current portion | 0 | 0 |
Total long-term debt | $193,268 | $186,437 |
Revolving_Credit_Facility_and_3
Revolving Credit Facility and Notes Payable to Affiliates - Textuals (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Apr. 18, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Apr. 18, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Apr. 23, 2014 | |
Notes payable | Notes payable | Reference Rate, LIBOR | Reference Rate, Base Rate | Parent Company and Domestic Subsidiaries | Foreign Subsidiaries | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Quality King Distributors, Inc. | Nussdorf Trusts | Nussdorf Trusts | Nussdorf Trusts | Glenn and Stephen Nussdorf | Glenn and Stephen Nussdorf | Subsequent Event [Member] | ||||
Notes payable | real_estate_trust | Notes payable | Notes payable | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on revolving credit facility | ' | $225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $175,000,000 |
Minimum availability under the credit facility | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under the credit facility | ' | 50,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit, available amount | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings under credit facility to fund merger | 32,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger related expenses | 3,500,000 | 0 | 4,837,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on borrowings | ' | ' | ' | ' | ' | 2.94% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding equity interests in subsidiaries secured under obligations | ' | ' | ' | ' | ' | ' | ' | 100.00% | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable-affiliates | ' | 125,366,000 | 125,366,000 | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | 55,400,000 | 85,400,000 | ' | 5,000,000 | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | 2.00% | ' | 1.00% | ' |
Number of real estate trusts holding note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' |
Borrowings under affiliated notes payable | ' | 0 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' |
Increase in the nominal interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Allowable principal repayments on subordinated notes prior to repayment of senior note | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time period subsequent to repayment of senior note before repayment of subordinated borrowings is allowable | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum excess availability | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum excess availability as a percentage of the borrowing base certificate | ' | ' | ' | 17.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | 10,273,000 | 9,356,000 | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments on note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' |
Interest paid | ' | 3,331,000 | 3,183,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' |
Interest payable | ' | ' | ' | $33,700,000 | $27,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Schedules_Details
Income Taxes - Schedules (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 18, 2012 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | ' | ' | ' |
Federal | ' | $323 | $0 |
State and local | ' | 578 | 554 |
Foreign | ' | 0 | 0 |
Total current | ' | 901 | 554 |
Deferred: | ' | ' | ' |
Federal | ' | -4,433 | -18,987 |
State and local | ' | -587 | -2,696 |
State and local | ' | -766 | -680 |
Total deferred | ' | -5,786 | -22,363 |
Income tax benefit | ' | -4,885 | -21,809 |
Less valuation allowance adjustment | ' | 5,786 | 20,257 |
Income tax provision (benefit) | -2,100 | 901 | -1,552 |
Reconciliation of the statutory federal income tax rate to pretax income | ' | ' | ' |
Benefit at Federal statutory rates | ' | -4,047 | -20,148 |
Permanent adjustments | ' | 24 | 581 |
State tax, net of Federal | ' | -97 | 366 |
Net tax benefit adjustment | ' | -765 | -2,508 |
Tax authority adjustment | ' | ' | 20,257 |
Change in valuation allowance | ' | 5,786 | ' |
Other | ' | 0 | -100 |
Assets: | ' | ' | ' |
Net operating loss and tax credit carryforwards | ' | 11,991 | 14,402 |
Puerto Rico and U.S. Virgin Islands net operating loss carryforwards | ' | 2,986 | 2,220 |
Inventories | ' | 7,280 | 6,240 |
Property and equipment | ' | 10,803 | 14,057 |
Accounts receivable allowances | ' | 371 | 479 |
Goodwill and intangibles | ' | 415 | 670 |
Accrued interest | ' | 6,950 | 4,557 |
Deferred rent | ' | 3,287 | 3,176 |
Accrued expenses | ' | 2,897 | 4,153 |
Share-based compensation | ' | 2,726 | 2,035 |
Other | ' | 1,442 | 338 |
Total deferred tax assets | ' | 51,148 | 52,327 |
Valuation allowance | ' | -46,860 | -41,074 |
Net deferred tax assets | ' | 4,288 | 11,253 |
Liabilities: | ' | ' | ' |
Tradename | ' | -4,288 | -6,446 |
Inventory step up | ' | 0 | -4,807 |
Total deferred tax liabilities, net | ' | 3,400 | 3,400 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ' | ' | ' |
Unrecognized tax benefits | ' | 1,007 | 714 |
Portion if recognized would reduce tax expense and effective rate | ' | 1,007 | 714 |
Accrued interest on unrecognized tax benefits | ' | 406 | 328 |
Accrued penalties on unrecognized tax benefits | ' | 218 | 142 |
Reconciliation of beginning and ending unrecognized tax benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of year | ' | 714 | 681 |
Additions for tax positions of the current year | ' | 130 | 0 |
Additions for tax positions of prior years | ' | 163 | 33 |
Balance at end of year | ' | 1,007 | 714 |
Tradenames | ' | ' | ' |
Liabilities: | ' | ' | ' |
Tradename | ' | ($3,400) | ($3,400) |
Income_Taxes_Textuals_Details
Income Taxes - Textuals (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 18, 2012 | Oct. 30, 2010 | Oct. 30, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
tax_jurisdiction | ||||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Valuation allowance adjustment | ($2,100,000) | ' | ' | $5,800,000 | ($20,300,000) | ' |
Pre-tax operating loss | ' | ' | ' | -11,564,000 | -57,565,000 | ' |
Net deferred tax liability | ' | ' | ' | ' | ' | 3,400,000 |
Federal income tax refund claim resulting from operating loss carry-back | ' | 2,500,000 | 2,500,000 | ' | ' | ' |
Reduced tax refund claim after examination | ' | ' | ' | ' | 2,400,000 | ' |
Income tax benefit related to Parlux | -2,100,000 | ' | ' | 901,000 | -1,552,000 | ' |
Unrecognized tax benefits | ' | ' | ' | 1,007,000 | 714,000 | 681,000 |
Accrued interest and penalties | ' | ' | ' | 600,000 | 500,000 | 400,000 |
Number of current jurisdictions performing examinations | ' | ' | ' | 3 | ' | ' |
Puerto Rico | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | 32,500,000 | 37,100,000 | ' |
Federal | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | 8,900,000 | ' | ' |
State | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards subject to expiration | ' | ' | ' | 49,200,000 | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Net deferred tax liability | ' | ' | ' | $3,400,000 | ' | ' |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Material financial assets measured on a recurring basis | $0 | ' |
Material financial liabilities measured on a recurring basis | ' | 0 |
Property and Equipment | ' | 0 |
Long-lived assets, acquired during 2012 | ' | 8,106,000 |
Property and Equipment impairment charges | 491,000 | 8,106,000 |
Impairment of Long-Lived Assets Held-for-use | 500,000 | 2,800,000 |
Net Carrying Value | Non-recurring basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property and Equipment | 0 | 0 |
Fair Value | Non-recurring basis | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property and Equipment | 0 | 0 |
Fair Value | Non-recurring basis | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property and Equipment | 0 | 0 |
Fair Value | Non-recurring basis | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Property and Equipment | 0 | 0 |
Leasehold Improvements | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | $3,200,000 |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity - Textuals (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Apr. 18, 2012 | Aug. 11, 2008 | Feb. 01, 2014 | |||
stock_option_plan | Stock Options | Warrants | Warrants | Warrants | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Preferred stock shares authorized | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ||
Preferred stock shares issued | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ||
Treasury stock shares | ' | 898,249 | 898,249 | ' | ' | ' | ' | ' | ' | ||
Treasury stock value | ' | $8,577,000 | $8,577,000 | ' | ' | ' | ' | ' | ' | ||
Treasury shares repurchased during period | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ||
Warrants to purchase common stock issued (shares) | ' | ' | ' | ' | ' | ' | 4,805,304 | 1,500,000 | 0 | [1] | |
Exercise price of warrants granted (usd per share) | ' | ' | ' | ' | ' | ' | $8 | $23.94 | $0 | [1] | |
Initial common stock reserved under stock option plan (shares) | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ||
Automatic increase in common stock authorized under stock option plan (percentage) | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ||
Current common stock reserved under stock option plan (shares) | ' | 1,499,221 | ' | ' | ' | ' | ' | ' | ' | ||
Previous number of stock option plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock options granted (shares) | ' | 785,000 | ' | ' | ' | 40,000 | [2] | ' | ' | ' | |
Share-based compensation expense | ' | 556,000 | 4,547,000 | ' | ' | ' | ' | ' | ' | ||
Weighted average estimated fair values of options granted during period | ' | $3.52 | $6.32 | ' | ' | ' | ' | ' | ' | ||
Unrecognized compensation expense related to stock options that will vest during next fiscal period | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ||
Expected weighted-average recognition period | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ||
Aggregate intrinsic value of options exercised during period | ' | 54,000 | 186,000 | ' | ' | ' | ' | ' | ' | ||
Cash received from option exercises during period | ' | $62,000 | $228,000 | ' | ' | ' | ' | ' | ' | ||
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[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjNkYzI2YTVmMDJkYjRmYzRhMmVlZDQzODMyZjY2NTQ4fFRleHRTZWxlY3Rpb246NDYwNUM1NEFCQjBCM0FCMThGMkRENTMwNzNBQjEwNzkM} |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholders' Equity - Stock Option Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | |
Number of Shares | ' | |
Granted (shares) | 785,000 | |
Stock Options | ' | |
Number of Shares | ' | |
Outstanding as of January 28, 2012 (shares) | 1,243,674 | |
Granted (shares) | 40,000 | [1] |
Exercised (shares) | -18,718 | |
Forfeited (shares) | -56,681 | |
Outstanding as of February 2, 2013 (shares) | 1,208,275 | |
Vested and expected to vest as of February 2, 2013 (shares) | 1,062,441 | |
Exercisable as of February 2, 2013 (shares) | 1,062,441 | |
Weighted Average Exercise Price | ' | |
Outstanding as of January 28, 2012 (usd per share) | 8.27 | |
Granted (usd per share) | 4.75 | [1] |
Exercised (usd per share) | 3.34 | |
Forfeited (usd per share) | 6.39 | |
Outstanding as of February 2, 2013 (usd per share) | 8.32 | |
Vested as of February 2, 2013 (usd per share) | 8.19 | |
Exercisable as of February 2, 2013 (usd per share) | 8.19 | |
Weighted Average Remaining Contractual Life | ' | |
Outstanding as of February 1, 2014 | '6 years 1 month 6 days | |
Vested and expected to vest as of February 1, 2014 | '5 years 10 months 24 days | |
Exercisable as of February 1, 2014 | '5 years 10 months 24 days | |
Aggregate Intrinsic Value | ' | |
Outstanding as of February 1, 2014 | 574 | |
Vested and expected to vest as of February 1, 2014 | 574 | |
Exercisable as of February 1, 2014 | 574 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjNkYzI2YTVmMDJkYjRmYzRhMmVlZDQzODMyZjY2NTQ4fFRleHRTZWxlY3Rpb246NDYwNUM1NEFCQjBCM0FCMThGMkRENTMwNzNBQjEwNzkM} |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders' Equity - Warrants (Details) (Warrants, USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 18, 2012 | Aug. 11, 2008 | Feb. 01, 2014 | |
Warrants | ' | ' | ' | |
Number of Warrants | ' | ' | ' | |
Outstanding as of January 28, 2012 (shares) | ' | ' | 6,305,304 | |
Granted (shares) | 4,805,304 | 1,500,000 | 0 | [1] |
Exercised (shares) | ' | ' | -5,333 | |
Forfeited (shares) | ' | ' | 0 | |
Outstanding as of February 2, 2013 (shares) | ' | ' | 6,299,971 | |
Vested as of February 2, 2013 (shares) | ' | ' | 6,299,971 | |
Exercisable as of February 2, 2013 (shares) | ' | ' | 6,299,971 | |
Weighted Average Exercise Price | ' | ' | ' | |
Outstanding as of January 28, 2012 (usd per share) | ' | ' | $11.79 | |
Granted (usd per share) | $8 | $23.94 | $0 | [1] |
Exercised (usd per share) | ' | ' | $3.38 | |
Forfeited (usd per share) | ' | ' | $0 | |
Outstanding as of February 2, 2013 (usd per share) | ' | ' | $11.80 | |
Vested as of February 2, 2013 (usd per share) | ' | ' | $11.80 | |
Exercisable as of February 2, 2013 (usd per share) | ' | ' | $11.80 | |
Weighted Average Remaining Contractual Life | ' | ' | ' | |
Outstanding as of February 2, 2013 (in years) | ' | ' | '4 years 4 months 24 days | |
Vested as of February 2, 2013 (in years) | ' | ' | '4 years 4 months 24 days | |
Exercisable as of February 2, 2013 (in years) | ' | ' | '4 years 4 months 24 days | |
Aggregate Intrinsic Value | ' | ' | ' | |
Outstanding as of February 1, 2014 | ' | ' | $0 | |
Vested as of February 1, 2014 | ' | ' | 0 | |
Exercisable as of February 1, 2014 | ' | ' | $0 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjNkYzI2YTVmMDJkYjRmYzRhMmVlZDQzODMyZjY2NTQ4fFRleHRTZWxlY3Rpb246N0E5QzBFMDI0N0RCQkUyQUM2NThENTMwNzNBQjlGNDEM} |
Shareholders_Equity_Shareholde3
Shareholders' Equity Shareholders' Equity - Option Valuation Assumptions (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected life (years) | '5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 99.00% |
Risk free interest rates | 1.50% |
Expected dividend yield | 0.00% |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' |
Minimum elective contribution percentage | 1.00% | ' |
Maximum elective contribution percentage | ' | 100.00% |
Minimum | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' |
Employer matching contributions vesting period | '1 year | ' |
Maximum | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' |
Employer matching contributions vesting period | '4 years | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies - Medical Insurance (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Individual stop loss coverage limit for employee medical claims | $125,000 | ' |
Aggregate stop loss coverage limit for employee medical claims | 5,200,000 | ' |
Self Insurance Reserve | $600,000 | $400,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Leases and Retail Store Rent (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Operating Leased Assets [Line Items] | ' | ' |
Capital Leases, Future Minimum Sublease Rentals | $2,300,000 | ' |
Operating lease expense | 4,400,000 | 4,300,000 |
Aggregate Future Minimum Rental Payments Under Operating Leases | ' | ' |
2013 | 31,098,000 | ' |
2014 | 28,108,000 | ' |
2015 | 24,524,000 | ' |
2016 | 20,758,000 | ' |
2017 | 14,273,000 | ' |
Thereafter | 46,063,000 | ' |
Total future minimum payments due | 164,824,000 | ' |
Monthly capital lease commitment amount | 104,000 | ' |
Schedule of Future Minimum Lease Payments Under Capital Leases | ' | ' |
2013 | 1,401,000 | ' |
2014 | 1,327,000 | ' |
2015 | 1,327,000 | ' |
2016 | 1,216,000 | ' |
2017 | 0 | ' |
Thereafter | 0 | ' |
Total future minimum lease payments (1) | 5,271,000 | ' |
Less: Amount representing interest | -1,215,000 | ' |
Present value of minimum lease payments | 4,056,000 | ' |
Less: Current portion | -894,000 | ' |
Long-term portion of obligations under capital leases | 3,162,000 | 4,017,000 |
Corporate Office and Warehouse in Bellport, New York | Quality King Distributors, Inc. | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Annual sublease increase (as a percent) | 3.00% | ' |
Retail Store Rent Expense | ' | ' |
Total | 2,600,000 | ' |
Retail Stores | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Term of operating leases | '10 years | ' |
Retail Store Rent Expense | ' | ' |
Minimum rentals | 30,040,000 | 29,822,000 |
Contingent rentals | 1,870,000 | 1,748,000 |
Total | $31,910,000 | $31,570,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies - Advertising and Royalty Obligations (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Aggregate Future Minimum Payments Under Licensing Agreements | ' | ' |
2013 | $40,625,000 | ' |
2014 | 39,331,000 | ' |
2015 | 26,143,000 | ' |
2016 | 26,808,000 | ' |
2017 | 11,874,000 | ' |
Thereafter | 0 | ' |
Total future minimum payments due | 144,781,000 | ' |
Royalty Payments | ' | ' |
Aggregate Future Minimum Payments Under Licensing Agreements | ' | ' |
2013 | 13,308,000 | ' |
2014 | 14,749,000 | ' |
2015 | 10,801,000 | ' |
2016 | 10,290,000 | ' |
2017 | 5,681,000 | ' |
Thereafter | 0 | ' |
Total future minimum payments due | 54,829,000 | ' |
Advertising Obligations | ' | ' |
Aggregate Future Minimum Payments Under Licensing Agreements | ' | ' |
2013 | 27,317,000 | ' |
2014 | 24,582,000 | ' |
2015 | 15,342,000 | ' |
2016 | 16,518,000 | ' |
2017 | 6,193,000 | ' |
Thereafter | 0 | ' |
Total future minimum payments due | 89,952,000 | ' |
Selling, general and administrative expenses | ' | ' |
Obligations Under License Agreements [Line Items] | ' | ' |
Royalty Expense | $15,500,000 | $12,100,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | ||
segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Number of industry segments | 2 | ' | ||
Net sales | $575,857 | $534,779 | ||
Gross profit | 252,165 | 213,607 | ||
Total assets | 423,404 | 419,604 | ||
Retail | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | 352,687 | 364,477 | ||
Gross profit | 161,072 | 158,378 | ||
Total assets | 348,728 | 347,492 | ||
Reportable Subsegments | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets | 934,612 | 858,757 | ||
Wholesale | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | 223,170 | 170,302 | ||
Gross profit | 91,093 | 55,229 | ||
Total assets | 585,884 | 511,265 | ||
Wholesale | Foreign countries | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | 32,600 | 15,300 | ||
Eliminations | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets | ($511,208) | [1] | ($439,153) | [1] |
[1] | Adjustment to eliminate intercompany receivables and investment in subsidiaries |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Feb. 01, 2014 | Apr. 23, 2014 |
In Millions, unless otherwise specified | Subsequent Event [Member] | |
Subsequent Event [Line Items] | ' | ' |
Maximum borrowing capacity on revolving credit facility | $225 | $175 |