Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | 29-May-15 | |
Document And Entity Information | ||
Document Period End Date | 2-May-15 | |
Christopher & Banks Corp | Christopher & Banks Corporation | |
Entity Central Index Key | 883943 | |
Current Fiscal Year End Date | -30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 37,204,662 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $23,898 | $37,245 |
Short-term investments | 12,382 | 13,293 |
Accounts receivable | 5,659 | 4,000 |
Merchandise inventories | 50,844 | 45,318 |
Prepaid expenses and other current assets | 9,214 | 6,700 |
Deferred income taxes, current | 3,170 | 3,550 |
Income taxes receivable | 629 | 845 |
Total current assets | 105,796 | 110,951 |
Property, equipment and improvements, net | 51,270 | 45,107 |
Other non-current assets: | ||
Long-term investments | 1,906 | 4,752 |
Deferred income taxes, non-current | 35,652 | 34,388 |
Other assets | 812 | 839 |
Total other non-current assets | 38,370 | 39,979 |
Total assets | 195,436 | 196,037 |
Current liabilities: | ||
Accounts payable | 15,499 | 18,411 |
Accrued salaries, wages and related expenses | 5,988 | 2,957 |
Accrued liabilities and other current liabilities | 22,818 | 23,988 |
Total current liabilities | 44,305 | 45,356 |
Non-current liabilities: | ||
Deferred lease incentives | 7,891 | 7,110 |
Deferred rent obligations | 6,972 | 6,390 |
Other non-current liabilities | 1,202 | 1,292 |
Total non-current liabilities | 16,065 | 14,792 |
Commitments | ||
Stockholders' equity | ||
Preferred stock - $0.01 par value, 1,000 shares authorized, none outstanding | ||
Common stock - $0.01 par value, 74,000 shares authorized, 46,995 and 46,720 shares issued, and 37,204 and 36,929 shares outstanding at May 2, 2015 and January 31, 2015, respectively | 469 | 466 |
Additional paid-in capital | 124,855 | 124,242 |
Retained earnings | 122,453 | 123,894 |
Common stock held in treasury, 9,791 shares at cost at May 2, 2015 and January 31, 2015 | -112,712 | -112,711 |
Accumulated other comprehensive (loss) income | 1 | -2 |
Total stockholders' equity | 135,066 | 135,889 |
Total liabilities and stockholders' equity | $195,436 | $196,037 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, shares issued | 46,995,000 | 46,720,000 |
Common stock, shares outstanding | 37,204,000 | 36,929,000 |
Common stock held in treasury, shares | 9,791,000 | 9,791,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement | ||
Net sales | $91,621 | $103,366 |
Costs and expenses: | ||
Merchandise, buying and occupancy | 59,412 | 65,461 |
Selling, general and administrative | 31,989 | 32,206 |
Depreciation and amortization | 2,716 | 2,907 |
Total costs and expenses | 94,117 | 100,574 |
Operating (loss) income | -2,496 | 2,792 |
Other expense | -7 | -52 |
(Loss) income before income taxes | -2,503 | 2,740 |
Income tax (benefit) provision | -1,061 | 124 |
Net (loss) income | ($1,442) | $2,616 |
Basic (loss) income per share: | ||
Net (loss) income | ($0.04) | $0.07 |
Basic shares outstanding | 36,845 | 36,279 |
Diluted (loss) income per share: | ||
Net (loss) income | ($0.04) | $0.07 |
Diluted shares outstanding | 36,845 | 37,239 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income | ||
Net (loss) income | ($1,442) | $2,616 |
Other comprehensive income, net of tax: | ||
Unrealized holding gains on securities arising during the period, net of taxes of $2 and $0, respectively | 3 | 1 |
Total other comprehensive income | 3 | 1 |
Comprehensive (loss) income | ($1,439) | $2,617 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income | ||
Tax expense related to unrealized holding gains | $2 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Cash flows from operating activities: | ||
Net (loss) income | ($1,442,000) | $2,616,000 |
Adjustments to reconcile net income to cash used in operating activities: | ||
Depreciation and amortization | 2,716,000 | 2,907,000 |
Deferred income taxes, net | -883,000 | |
Gain on investments, net | -2,000 | |
Amortization of premium on investments | 16,000 | 19,000 |
Amortization of financing costs | 15,000 | 18,000 |
Deferred lease-related liabilities | 820,000 | 781,000 |
Stock-based compensation expense | 639,000 | 841,000 |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | -1,659,000 | -3,487,000 |
Increase in merchandise inventories | -5,525,000 | -5,281,000 |
Increase in prepaid expenses and other assets | -2,504,000 | -1,745,000 |
Decrease (increase) in income taxes receivable | 216,000 | -235,000 |
Decrease in accounts payable | -3,166,000 | -7,574,000 |
Increase (decrease) in accrued liabilities | 1,626,000 | -910,000 |
(Decrease) increase in other liabilities | -112,000 | 115,000 |
Net cash used in operating activities | -9,245,000 | -11,935,000 |
Cash flows from investing activities: | ||
Purchases of property, equipment and improvements | -7,825,000 | -4,206,000 |
Purchases of available-for-sale investments | 0 | 0 |
Maturities and sales of available-for-sale securities | 3,747,000 | 4,649,000 |
Net cash (used in) provided by investing activities | -4,078,000 | 443,000 |
Cash flows from financing activities: | ||
Shares redeemed for payroll taxes | -24,000 | -88,000 |
Exercise of stock options | 40,000 | |
Net cash used in financing activities | -24,000 | -48,000 |
Net decrease in cash and cash equivalents | -13,347,000 | -11,540,000 |
Cash and cash equivalents at beginning of period | 37,245,000 | 41,074,000 |
Cash and cash equivalents at end of period | 23,898,000 | 29,534,000 |
Supplemental Cash Flow Information: | ||
Accrued purchases of equipment and improvements | $1,795,000 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 3 Months Ended |
2-May-15 | |
Nature of Business and Significant Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 — Basis of Presentation |
The unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by Christopher & Banks Corporation and its subsidiaries (collectively referred to as “Christopher & Banks”, “the Company”, “we” or “us”) pursuant to the current rules and regulations of the United States ("U.S.") Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted, pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2015. | |
The results of operations for the interim period shown in this report are not necessarily indicative of results to be expected for the full fiscal year. In the opinion of management, the information contained herein reflects all adjustments, consisting only of normal adjustments, except as otherwise stated in these notes, necessary to present fairly our financial position as of May 2, 2015, and January 31, 2015, our results of operations for the thirteen-week periods ended May 2, 2015 and May 3, 2014, and our cash flows for the thirteen-week periods ended May 2, 2015, and May 3, 2014. | |
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. None of the reclassifications had a material effect on the Company’s financial position, results of operations or cash flows in any period. | |
Recently issued accounting pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). The amendments in this ASU provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. An entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued, when applicable). ASU 2014-15 is effective for the Company beginning with the annual reporting for fiscal 2016, and reports for interim and annual periods thereafter. Early adoption is permitted. The Company is evaluating the impact of adoption of this ASU, but does not expect the adoption to have a material impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition”, as well as various other sections of the ASC, such as, but not limited to, ASC 340-20 Other Assets and Deferred Costs-Capitalized Advertising Costs. The core principle of ASU 2014-09 is that an entity should recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company beginning with the annual reporting for fiscal 2017, including interim periods within that year, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is in the process of evaluating the impact of ASU 2014-09, including the choice of application method upon adoption, on its consolidated financial statements. | |
Investments
Investments | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Investments [Abstract] | ||||||||||||||
Investments | NOTE 2 — Investments | |||||||||||||
Investments as of May 2, 2015, consisted of the following (in thousands): | ||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||
Short-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Certificates of deposit | $ | 3,840 | $ | 1 | $ | — | $ | 3,841 | ||||||
Commercial paper | 6,490 | 2 | -1 | 6,491 | ||||||||||
Corporate bonds | 1,838 | — | — | 1,838 | ||||||||||
Municipal bonds | 211 | 1 | — | 212 | ||||||||||
Total short-term investments | 12,379 | 4 | -1 | 12,382 | ||||||||||
Long-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Corporate bonds | 1,007 | — | -1 | 1,006 | ||||||||||
U.S. Agency securities | 900 | — | — | 900 | ||||||||||
Total long-term investments | 1,907 | — | -1 | 1,906 | ||||||||||
Total investments | $ | 14,286 | $ | 4 | $ | -2 | $ | 14,288 | ||||||
Investments as of January 31, 2015, consisted of the following (in thousands): | ||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||
Short-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Certificates of deposit | $ | 4,080 | $ | — | $ | -2 | $ | 4,078 | ||||||
Commercial paper | 7,384 | 3 | -3 | 7,384 | ||||||||||
Corporate bonds | 1,615 | 1 | — | 1,616 | ||||||||||
Municipal bonds | 214 | 1 | — | 215 | ||||||||||
Total short-term investments | 13,293 | 5 | -5 | 13,293 | ||||||||||
Long-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Corporate bonds | 2,857 | — | -4 | 2,853 | ||||||||||
U.S. Agency securities | 1,900 | — | -1 | 1,899 | ||||||||||
Total long-term investments | 4,757 | — | -5 | 4,752 | ||||||||||
Total investments | $ | 18,050 | $ | 5 | $ | -10 | $ | 18,045 | ||||||
The Company had $14.3 million of investments as of May 2, 2015. During the thirteen weeks ended May 2, 2015, there were no purchases of available-for-sale securities and approximately $3.7 million of maturities and sales of available-for-sale securities. During the thirteen weeks ended May 3, 2014, there were no purchases of available-for-sale securities and approximately $4.6 million of maturities and sales of available-for-sale securities. There were no other-than-temporary impairments of available-for-sale securities during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively. | ||||||||||||||
Expected maturities of the Company's investments are as follows (in thousands): | ||||||||||||||
May 2, 2015 | ||||||||||||||
Due in one year or less | $ | 12,382 | ||||||||||||
Due after one year through five years | 1,906 | |||||||||||||
Total investments | $ | 14,288 | ||||||||||||
Merchandise_Inventories
Merchandise Inventories | 3 Months Ended | |||||||
2-May-15 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Merchandise Inventories and Sources of Supply | NOTE 3 — Merchandise Inventories and Sources of Supply | |||||||
Merchandise inventories consisted of the following (in thousands): | ||||||||
May 2, 2015 | January 31, 2015 | |||||||
Merchandise - in store/eCommerce | $ | 46,285 | $ | 33,534 | ||||
Merchandise - in transit | 4,559 | 11,784 | ||||||
Total merchandise inventories | $ | 50,844 | $ | 45,318 | ||||
The Company does not have long-term purchase commitments or arrangements with any of its suppliers or agents. Of the two vendors supplying 10% or more of the Company’s merchandise purchases during the thirteen-week periods ended May 2, 2015 and May 3, 2014, one supplier accounted for approximately 28% and 27% of merchandise purchases, respectively. A second supplier provided approximately 10% of merchandise purchases during each of the thirteen-week periods ended May 2, 2015 and May 3, 2014. No other vendor supplied greater than 10% of the Company's merchandise purchases during the thirteen-week periods ended May 2, 2015 and May 3, 2014. | ||||||||
Property_Equipment_and_Improve
Property, Equipment and Improvements, Net | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Equipment and Improvements, Net | NOTE 4 — Property, Equipment and Improvements, Net | |||||||||
Property, equipment and improvements, net consisted of the following (in thousands): | ||||||||||
Description | Estimated Useful Life | May 2, 2015 | January 31, 2015 | |||||||
Land | — | $ | 1,597 | $ | 1,597 | |||||
Corporate office, distribution center and related building improvements | 25 years | 12,616 | 12,616 | |||||||
Store leasehold improvements | Shorter of the useful life or term of related lease, typically 10 years | 50,202 | 51,700 | |||||||
Store furniture and fixtures | 3 to 10 years | 69,629 | 70,083 | |||||||
Corporate office and distribution center furniture, fixtures and equipment | 7 years | 4,381 | 4,344 | |||||||
Computer and point of sale hardware and software | 3 to 5 years | 32,689 | 32,888 | |||||||
Construction in progress | — | 9,537 | 2,721 | |||||||
Total property, equipment and improvements, gross | 180,651 | 175,949 | ||||||||
Less accumulated depreciation and amortization | -129,381 | -130,842 | ||||||||
Total property, equipment and improvements, net | $ | 51,270 | $ | 45,107 | ||||||
The Company reviews long-lived assets with definite lives at least annually, or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. As a result of an impairment analysis, which included the evaluation of individual under-performing stores and the assessment of the recoverability of the carrying value of the improvements and equipment related to each of the stores, there were no long-lived asset impairments recorded during the thirteen-week periods ended May 2, 2015, and May 3, 2014. | ||||||||||
The Company's assessment of the recoverability of the carrying value of its assets involves the projection of future cash flows, which requires the use of significant estimates and assumptions. Differences in circumstances or estimates could produce significantly different results. | ||||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
2-May-15 | ||||||||
Accrued Liabilities | ||||||||
Accrued Liabilities | NOTE 5 — Accrued Liabilities | |||||||
Accrued liabilities and other current liabilities consisted of the following (in thousands): | ||||||||
May 2, 2015 | January 31, 2015 | |||||||
Gift card and store credit liabilities | $ | 6,291 | $ | 8,170 | ||||
Accrued Friendship Rewards Program loyalty liability | 3,930 | 3,731 | ||||||
Accrued income, sales and other taxes payable | 2,296 | 1,578 | ||||||
Accrued occupancy-related expenses | 3,357 | 3,957 | ||||||
Sales return reserve | 1,909 | 1,077 | ||||||
Other accrued liabilities | 5,035 | 5,475 | ||||||
Total accrued liabilities and other current liabilities | $ | 22,818 | $ | 23,988 | ||||
Credit_Facility
Credit Facility | 3 Months Ended |
2-May-15 | |
Debt Disclosure [Abstract] | |
Credit Facility | NOTE 6 — Credit Facility |
On September 8, 2014, the Company entered into an amendment (“the Amendment”) to its existing Credit Agreement (the "Credit Facility") with Wells Fargo Bank, National Association ("Wells Fargo") as Lender. The Amendment, among other changes, (i) extended the term of the Credit Facility to September 8, 2019; (ii) reduced the rates at which borrowings will generally accrue interest and reduced the commitment fee rate; (iii) modified the calculation of the Borrowing Base to provide for potential additional capacity, as the Borrowing Base serves as a limit on the overall amount of revolving loans and letters of credit that may be outstanding at any one time under the Credit Facility; (iv) excluded from the limitation on store closings the consolidation of Christopher & Banks stores and C.J. Banks stores into MPW stores; and (v) modified the definition of Payment Conditions. The Company recorded approximately $0.1 million of deferred financing costs in the third quarter of fiscal 2014 in connection with the Amendment. The deferred financing costs have been combined with the balance of the deferred financing costs remaining from the Credit Facility dated July 12, 2012, and all are recorded within other assets on the condensed consolidated balance sheet and are being amortized as interest expense over the related term of the Amendment. | |
The Credit Facility provides the Company with revolving credit loans of up to $50.0 million in the aggregate, subject to a borrowing base formula based primarily on eligible credit card receivables, inventory and real estate, as such terms are defined in the Credit Facility. Up to $10.0 million may be drawn in the form of standby and documentary letters of credit. The Company’s obligations under the Credit Facility are secured by the assets of the Company and its subsidiaries. | |
Borrowings under the Credit Facility will generally accrue interest at a rate ranging from 1.50% to 1.75% over the London Interbank Offered Rate ("LIBOR") or 0.50% to 0.75% over the Wells Fargo Prime Rate based on the amount of Average Daily Availability for the Fiscal Quarter immediately preceding each Adjustment Date, as such term is defined in the Credit Facility. The Company has the ability to select between the LIBOR or prime based rate at the time of the cash advance. The Credit Facility has an unused commitment fee of 0.25%. Fees for letters of credit range from 1.00% to 1.75%, depending upon the Average Daily Availability for the Fiscal Quarter immediately preceding each Adjustment Date. | |
The Credit Facility contains customary events of default and various affirmative and negative covenants. The sole financial covenant contained in the Credit Facility requires the Company to maintain availability at least equal to the greater of (a) ten percent (10%) of the Borrowing Base or (b) $3.0 million. In addition, the Credit Facility permits the payment of dividends to the Company's shareholders if certain financial conditions are met. The Company was in compliance with all covenants and other financial provisions as of May 2, 2015. | |
The Company had no revolving credit loan borrowings under the Credit Facility during each of the thirteen-week periods ended May 2, 2015, and May 3, 2014. Historically, the Company's credit facility has been utilized only to open letters of credit. The total Borrowing Base at May 2, 2015, was approximately $39.1 million. As of May 2, 2015, the Company had open on-demand letters of credit of approximately $0.7 million. Accordingly, after reducing the Borrowing Base for the open letters of credit and the required minimum availability of the greater of $3.0 million, or 10.0% of the Borrowing Base, the net availability of revolving credit loans under the Credit Facility was approximately $34.5 million at May 2, 2015. | |
Income_Taxes
Income Taxes | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure | |
Income Taxes | NOTE 7 — Income Taxes |
The Company's liability for unrecognized tax benefits associated with uncertain tax positions is recorded within other non-current liabilities. There has been no material change in the reserve for unrecognized tax benefits since the end of the previous year. The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. | |
The Company and its subsidiaries are subject to U.S. federal income taxes and the income tax obligations of various state and local jurisdictions. Periods after fiscal 2011 remain subject to examination by the IRS. With few exceptions, the Company is not subject to state income tax examination by tax authorities for taxable years prior to fiscal 2010. As of May 2, 2015, the Company had no other ongoing audits and does not expect the liability for unrecognized tax benefits to significantly increase or decrease in the next twelve months. | |
In April 2015, the Company settled the IRS examination of the Fiscal 2011 tax year. The settlement was related to certain issues which the Company had previously reflected net of tax within deferred tax assets. The settlement did not result in an impact to tax expense. | |
As of May 2, 2015, the Company had a small valuation allowance for state net operating loss carryforwards that may expire before they are utilized. | |
As of May 2, 2015, the Company had federal and state net operating loss carryforwards which will reduce future taxable income. Approximately $24.7 million in net federal tax benefits were available from these loss carryforwards and an additional $0.6 million was available in net tax credit carryforwards. Included in the federal net operating loss was approximately $5.6 million of loss generated by deductions related to equity-based compensation, the tax effect of which will be recorded to additional paid-in capital when utilized. The state loss carryforwards may result in net state tax benefits of approximately $2.1 million. The federal net operating loss carryovers will expire beginning in November 2032 and beyond. The state net operating loss carryforwards will expire beginning in 2015 and beyond. | |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
2-May-15 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | NOTE 8 — Earnings Per Share | |||||||
The Company calculates earnings per share ("EPS") under the guidance in ASC 260-10, "Earnings per Share," which clarifies that unvested share-based payment awards which contain nonforfeitable rights to receive dividends or dividend equivalents (whether paid or unpaid) are considered participating securities, and thus, should be factored into the two-class method of computing EPS. Participating securities under this statement include some of the Company's unvested employee and director restricted stock awards with time-based vesting, which receive nonforfeitable dividend payments. | ||||||||
The calculation of EPS for common stock shown below excludes the income attributable to unvested employee restricted stock awards from the numerator and excludes the dilutive impact of these shares from the denominator. | ||||||||
Thirteen Weeks Ended | ||||||||
May 2, | May 3, | |||||||
2015 | 2014 | |||||||
Numerator (in thousands): | ||||||||
Net (loss) income attributable to Christopher & Banks Corporation | $ | -1,442 | $ | 2,616 | ||||
Income allocated to participating securities | — | -11 | ||||||
Net (loss) income available to common stockholders | $ | -1,442 | $ | 2,605 | ||||
Denominator (in thousands): | ||||||||
Weighted average common shares outstanding - basic | 36,845 | 36,279 | ||||||
Dilutive shares | — | 960 | ||||||
Weighted average common and common equivalent shares outstanding - diluted | 36,845 | 37,239 | ||||||
Net earnings per common share: | ||||||||
Basic | $ | -0.04 | $ | 0.07 | ||||
Diluted | $ | -0.04 | $ | 0.07 | ||||
Total stock options of approximately 3.1 million were excluded from the shares used in the computation of diluted earnings per share for the thirteen weeks ended May 3, 2014, as they were anti-dilutive. | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Measurements | NOTE 9 — Fair Value Measurements | |||||||||||||
Under ASC 820-10 "Fair Value Measurements and Disclosures," fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach) that relate to its financial assets and financial liabilities. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The levels of the hierarchy are described as follows: | ||||||||||||||
· | Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||
· | Level 2 inputs include quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. | |||||||||||||
· | Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||||
Assets that are Measured at Fair Value on a Recurring Basis: | ||||||||||||||
The following tables provide information by level for the Company's available-for-sale securities that were measured at fair value on a recurring basis (in thousands): | ||||||||||||||
Fair Value Measurements | ||||||||||||||
As of May 2, 2015: | Using Inputs Considered as | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Short-term investments: | ||||||||||||||
Certificates of deposit | $ | 3,841 | $ | — | $ | 3,841 | $ | — | ||||||
Commercial paper | 6,491 | — | 6,491 | — | ||||||||||
Corporate bonds | 1,838 | — | 1,838 | — | ||||||||||
Municipal bonds | 212 | — | 212 | — | ||||||||||
Total current assets | 12,382 | — | 12,382 | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 1,006 | — | 1,006 | — | ||||||||||
U.S. Agency securities | 900 | — | 900 | — | ||||||||||
Total non-current assets | 1,906 | — | 1,906 | — | ||||||||||
Total assets | $ | 14,288 | $ | — | $ | 14,288 | $ | — | ||||||
Fair Value Measurements | ||||||||||||||
As of January 31, 2015: | Using Inputs Considered as | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Short-term investments: | ||||||||||||||
Certificates of deposit | $ | 4,078 | $ | — | $ | 4,078 | $ | — | ||||||
Commercial paper | 7,384 | — | 7,384 | — | ||||||||||
Corporate bonds | 1,616 | — | 1,616 | — | ||||||||||
Municipal bonds | 215 | — | 215 | — | ||||||||||
Total current assets | 13,293 | — | 13,293 | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 2,853 | — | 2,853 | — | ||||||||||
U.S. Agency securities | 1,899 | — | 1,899 | — | ||||||||||
Total non-current assets | 4,752 | — | 4,752 | — | ||||||||||
Total assets | $ | 18,045 | $ | — | $ | 18,045 | $ | — | ||||||
The Company's available-for-sale securities were valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets in which there were fewer transactions. The Company had $14.3 million of investments as of May 2, 2015, and there were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the thirteen-week periods ended May 2, 2015, and May 3, 2014. According to its policy, the Company recognizes transfers into levels and transfers out of levels on the date of the event or when a change in circumstances causes a transfer. | ||||||||||||||
Assets that are Measured at Fair Value on a Non-recurring Basis: | ||||||||||||||
The Company places amounts into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The Company recorded no impairment charges for the thirteen-week periods ended May 2, 2015 and May 3, 2014. | ||||||||||||||
The Company determines fair value for measuring assets on a non-recurring basis using a discounted cash flow approach as discussed in Note 1, Nature of Business and Significant Accounting Policies in our Form 10-K for the year ended January 31, 2015. In determining future cash flows, the Company uses its best estimate of future operating results, which requires the use of significant estimates and assumptions, including estimated sales, merchandise margin and expense levels, and the selection of an appropriate discount rate; therefore, differences in the estimates or assumptions could produce significantly different results. General economic uncertainty impacting the retail industry makes it reasonably possible that additional long-lived asset impairments could be identified and recorded in future periods. | ||||||||||||||
The fair value measurement of the long-lived assets encompasses the following significant unobservable inputs: | ||||||||||||||
Range | ||||||||||||||
Unobservable Inputs | Fiscal 2015 | Fiscal 2014 | ||||||||||||
Weighted Average Cost of Capital (WACC) | 15% | 15% | ||||||||||||
Annual sales growth | (3%) to 3.5% | (3%) to 3.5% | ||||||||||||
n | ||||||||||||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
2-May-15 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | NOTE 10 — Legal Proceedings |
The Company is subject, from time to time, to various claims, lawsuits or actions that arise in the ordinary course of business. Although the amount of any liability that could arise with respect to any current proceedings cannot be accurately predicted, management does not expect any such liability to have a material adverse impact on the Company's financial position, results of operations or liquidity. | |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||
2-May-15 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Segment Reporting | NOTE 11 — Segment Reporting | ||||||||||
In the table below, the Retail Operations reportable segment includes activity generated by our retail store locations (Christopher & Banks, C.J. Banks, Missy Petite Women ("MPW") and Outlet stores) as well as our eCommerce business. The “Corporate/Administrative” column, which primarily represents operating activity at the corporate office and distribution center facility, is presented to allow for reconciliation of segment-level net sales, operating (loss) income and total assets to consolidated net sales, operating (loss) income and total assets. Segment operating income (loss) includes only net sales, merchandise gross margin and direct store expenses with no allocation of corporate overhead. | |||||||||||
Retail | Corporate/ | ||||||||||
(in thousands) | Operations | Administrative | Consolidated | ||||||||
Thirteen Weeks Ended May 2, 2015 | |||||||||||
Net sales | $ | 91,621 | $ | — | $ | 91,621 | |||||
Depreciation and amortization | 2,100 | 616 | 2,716 | ||||||||
Operating income (loss) | 11,573 | -14,069 | -2,496 | ||||||||
Total assets | 112,274 | 83,162 | 195,436 | ||||||||
Thirteen Weeks Ended May 3, 2014 | |||||||||||
Net sales | 103,366 | — | 103,366 | ||||||||
Depreciation and amortization | 2,266 | 641 | 2,907 | ||||||||
Operating income (loss) | 17,647 | -14,855 | 2,792 | ||||||||
Total assets | 97,025 | 47,776 | 144,801 | ||||||||
klkl | |||||||||||
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
2-May-15 | |
Nature of Business and Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements [policy textblock] | Recently issued accounting pronouncements |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). The amendments in this ASU provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. An entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued, when applicable). ASU 2014-15 is effective for the Company beginning with the annual reporting for fiscal 2016, and reports for interim and annual periods thereafter. Early adoption is permitted. The Company is evaluating the impact of adoption of this ASU, but does not expect the adoption to have a material impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition”, as well as various other sections of the ASC, such as, but not limited to, ASC 340-20 Other Assets and Deferred Costs-Capitalized Advertising Costs. The core principle of ASU 2014-09 is that an entity should recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company beginning with the annual reporting for fiscal 2017, including interim periods within that year, and is to be applied either retrospectively to each prior reporting period presented or with the cumulative effect recognized at the date of initial adoption as an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet). Early adoption is not permitted. The Company is in the process of evaluating the impact of ASU 2014-09, including the choice of application method upon adoption, on its consolidated financial statements. | |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Investments [Abstract] | ||||||||||||||
Schedule of Available-for-sale Securities Reconciliation (in thousands) | Investments as of May 2, 2015, consisted of the following (in thousands): | |||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||
Short-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Certificates of deposit | $ | 3,840 | $ | 1 | $ | — | $ | 3,841 | ||||||
Commercial paper | 6,490 | 2 | -1 | 6,491 | ||||||||||
Corporate bonds | 1,838 | — | — | 1,838 | ||||||||||
Municipal bonds | 211 | 1 | — | 212 | ||||||||||
Total short-term investments | 12,379 | 4 | -1 | 12,382 | ||||||||||
Long-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Corporate bonds | 1,007 | — | -1 | 1,006 | ||||||||||
U.S. Agency securities | 900 | — | — | 900 | ||||||||||
Total long-term investments | 1,907 | — | -1 | 1,906 | ||||||||||
Total investments | $ | 14,286 | $ | 4 | $ | -2 | $ | 14,288 | ||||||
Investments as of January 31, 2015, consisted of the following (in thousands): | ||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||
Short-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Certificates of deposit | $ | 4,080 | $ | — | $ | -2 | $ | 4,078 | ||||||
Commercial paper | 7,384 | 3 | -3 | 7,384 | ||||||||||
Corporate bonds | 1,615 | 1 | — | 1,616 | ||||||||||
Municipal bonds | 214 | 1 | — | 215 | ||||||||||
Total short-term investments | 13,293 | 5 | -5 | 13,293 | ||||||||||
Long-term investments: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Corporate bonds | 2,857 | — | -4 | 2,853 | ||||||||||
U.S. Agency securities | 1,900 | — | -1 | 1,899 | ||||||||||
Total long-term investments | 4,757 | — | -5 | 4,752 | ||||||||||
Total investments | $ | 18,050 | $ | 5 | $ | -10 | $ | 18,045 | ||||||
Schedule of Available-for-sale Securities Maturities (in thousands) | Expected maturities of the Company's investments are as follows (in thousands): | |||||||||||||
May 2, 2015 | ||||||||||||||
Due in one year or less | $ | 12,382 | ||||||||||||
Due after one year through five years | 1,906 | |||||||||||||
Total investments | $ | 14,288 | ||||||||||||
Merchandise_Inventories_Tables
Merchandise Inventories (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of merchandise inventories | Merchandise inventories consisted of the following (in thousands): | |||||||
May 2, 2015 | January 31, 2015 | |||||||
Merchandise - in store/eCommerce | $ | 46,285 | $ | 33,534 | ||||
Merchandise - in transit | 4,559 | 11,784 | ||||||
Total merchandise inventories | $ | 50,844 | $ | 45,318 | ||||
Property_Equipment_and_Improve1
Property, Equipment and Improvements, Net (Tables) | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment | Property, equipment and improvements, net consisted of the following (in thousands): | |||||||||
Description | Estimated Useful Life | May 2, 2015 | January 31, 2015 | |||||||
Land | — | $ | 1,597 | $ | 1,597 | |||||
Corporate office, distribution center and related building improvements | 25 years | 12,616 | 12,616 | |||||||
Store leasehold improvements | Shorter of the useful life or term of related lease, typically 10 years | 50,202 | 51,700 | |||||||
Store furniture and fixtures | 3 to 10 years | 69,629 | 70,083 | |||||||
Corporate office and distribution center furniture, fixtures and equipment | 7 years | 4,381 | 4,344 | |||||||
Computer and point of sale hardware and software | 3 to 5 years | 32,689 | 32,888 | |||||||
Construction in progress | — | 9,537 | 2,721 | |||||||
Total property, equipment and improvements, gross | 180,651 | 175,949 | ||||||||
Less accumulated depreciation and amortization | -129,381 | -130,842 | ||||||||
Total property, equipment and improvements, net | $ | 51,270 | $ | 45,107 | ||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Accrued Liabilities | ||||||||
Schedule of other accrued liabilities | Accrued liabilities and other current liabilities consisted of the following (in thousands): | |||||||
May 2, 2015 | January 31, 2015 | |||||||
Gift card and store credit liabilities | $ | 6,291 | $ | 8,170 | ||||
Accrued Friendship Rewards Program loyalty liability | 3,930 | 3,731 | ||||||
Accrued income, sales and other taxes payable | 2,296 | 1,578 | ||||||
Accrued occupancy-related expenses | 3,357 | 3,957 | ||||||
Sales return reserve | 1,909 | 1,077 | ||||||
Other accrued liabilities | 5,035 | 5,475 | ||||||
Total accrued liabilities and other current liabilities | $ | 22,818 | $ | 23,988 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of earnings per share | ||||||||
Thirteen Weeks Ended | ||||||||
May 2, | May 3, | |||||||
2015 | 2014 | |||||||
Numerator (in thousands): | ||||||||
Net (loss) income attributable to Christopher & Banks Corporation | $ | -1,442 | $ | 2,616 | ||||
Income allocated to participating securities | — | -11 | ||||||
Net (loss) income available to common stockholders | $ | -1,442 | $ | 2,605 | ||||
Denominator (in thousands): | ||||||||
Weighted average common shares outstanding - basic | 36,845 | 36,279 | ||||||
Dilutive shares | — | 960 | ||||||
Weighted average common and common equivalent shares outstanding - diluted | 36,845 | 37,239 | ||||||
Net earnings per common share: | ||||||||
Basic | $ | -0.04 | $ | 0.07 | ||||
Diluted | $ | -0.04 | $ | 0.07 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Schedule of available for sale securities measured on a recurring basis (in thousands) | ||||||||||||||
Fair Value Measurements | ||||||||||||||
As of May 2, 2015: | Using Inputs Considered as | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Short-term investments: | ||||||||||||||
Certificates of deposit | $ | 3,841 | $ | — | $ | 3,841 | $ | — | ||||||
Commercial paper | 6,491 | — | 6,491 | — | ||||||||||
Corporate bonds | 1,838 | — | 1,838 | — | ||||||||||
Municipal bonds | 212 | — | 212 | — | ||||||||||
Total current assets | 12,382 | — | 12,382 | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 1,006 | — | 1,006 | — | ||||||||||
U.S. Agency securities | 900 | — | 900 | — | ||||||||||
Total non-current assets | 1,906 | — | 1,906 | — | ||||||||||
Total assets | $ | 14,288 | $ | — | $ | 14,288 | $ | — | ||||||
Fair Value Measurements | ||||||||||||||
As of January 31, 2015: | Using Inputs Considered as | |||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||
Short-term investments: | ||||||||||||||
Certificates of deposit | $ | 4,078 | $ | — | $ | 4,078 | $ | — | ||||||
Commercial paper | 7,384 | — | 7,384 | — | ||||||||||
Corporate bonds | 1,616 | — | 1,616 | — | ||||||||||
Municipal bonds | 215 | — | 215 | — | ||||||||||
Total current assets | 13,293 | — | 13,293 | — | ||||||||||
Long-term investments: | ||||||||||||||
Corporate bonds | 2,853 | — | 2,853 | — | ||||||||||
U.S. Agency securities | 1,899 | — | 1,899 | — | ||||||||||
Total non-current assets | 4,752 | — | 4,752 | — | ||||||||||
Total assets | $ | 18,045 | $ | — | $ | 18,045 | $ | — | ||||||
Schedule of unobservable inputs | ||||||||||||||
Range | ||||||||||||||
Unobservable Inputs | Fiscal 2015 | Fiscal 2014 | ||||||||||||
Weighted Average Cost of Capital (WACC) | 15% | 15% | ||||||||||||
Annual sales growth | (3%) to 3.5% | (3%) to 3.5% | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||
2-May-15 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Schedule of segment reporting | |||||||||||
Retail | Corporate/ | ||||||||||
(in thousands) | Operations | Administrative | Consolidated | ||||||||
Thirteen Weeks Ended May 2, 2015 | |||||||||||
Net sales | $ | 91,621 | $ | — | $ | 91,621 | |||||
Depreciation and amortization | 2,100 | 616 | 2,716 | ||||||||
Operating income (loss) | 11,573 | -14,069 | -2,496 | ||||||||
Total assets | 112,274 | 83,162 | 195,436 | ||||||||
Thirteen Weeks Ended May 3, 2014 | |||||||||||
Net sales | 103,366 | — | 103,366 | ||||||||
Depreciation and amortization | 2,266 | 641 | 2,907 | ||||||||
Operating income (loss) | 17,647 | -14,855 | 2,792 | ||||||||
Total assets | 97,025 | 47,776 | 144,801 | ||||||||
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Available-for-sale securities | |||
Amortized Cost | $14,286,000 | $18,050,000 | |
Unrealized Gains | 4,000 | 5,000 | |
Unrealized Losses | -2,000 | -10,000 | |
Estimated Fair Value | 14,288,000 | 18,045,000 | |
Purchases of available-for-sale securities | 0 | 0 | |
Maturities and sales of available-for-sale securities | 3,747,000 | 4,649,000 | |
Other than temporary impairment of available-for-sale securities | 0 | 0 | |
Expected maturities of available-for-sale securities | |||
Due in one year or less | 12,382,000 | ||
Due after one year through five years | 1,906,000 | ||
Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 12,379,000 | 13,293,000 | |
Unrealized Gains | 4,000 | 5,000 | |
Unrealized Losses | -1,000 | -5,000 | |
Estimated Fair Value | 12,382,000 | 13,293,000 | |
Long Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 1,907,000 | 4,757,000 | |
Unrealized Losses | -1,000 | -5,000 | |
Estimated Fair Value | 1,906,000 | 4,752,000 | |
Certificates of deposit | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 3,840,000 | 4,080,000 | |
Unrealized Gains | 1,000 | ||
Unrealized Losses | -2,000 | ||
Estimated Fair Value | 3,841,000 | 4,078,000 | |
Commercial paper | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 6,490,000 | 7,384,000 | |
Unrealized Gains | 2,000 | 3,000 | |
Unrealized Losses | -1,000 | -3,000 | |
Estimated Fair Value | 6,491,000 | 7,384,000 | |
Corporate bonds | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 1,838,000 | 1,615,000 | |
Unrealized Gains | 1,000 | ||
Estimated Fair Value | 1,838,000 | 1,616,000 | |
Corporate bonds | Long Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 1,007,000 | 2,857,000 | |
Unrealized Losses | -1,000 | -4,000 | |
Estimated Fair Value | 1,006,000 | 2,853,000 | |
U.S. Agency securities | Long Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 900,000 | 1,900,000 | |
Unrealized Losses | -1,000 | ||
Estimated Fair Value | 900,000 | 1,899,000 | |
Municipal bonds | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 211,000 | 214,000 | |
Unrealized Gains | 1,000 | 1,000 | |
Estimated Fair Value | $212,000 | $215,000 |
Merchandise_Inventories_Detail
Merchandise Inventories (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
item | item | ||
Merchandise inventory | |||
Merchandise - in store/e-commerce | $46,285 | $33,534 | |
Merchandise - in transit | 4,559 | 11,784 | |
Total merchandise inventories | $50,844 | $45,318 | |
Major Vendors | |||
Number Of Vendors Supplying Over Ten Percent Of Purchases | 2 | 2 | |
Vendor One | Supplier Concentration Risk [Member] | Cost Of Goods Merchandise Member | |||
Major Vendors | |||
Concentration Risk, Percentage | 28.00% | 27.00% | |
Vendor Two | Supplier Concentration Risk [Member] | Cost Of Goods Merchandise Member | |||
Major Vendors | |||
Concentration Risk, Percentage | 10.00% | 10.00% |
Property_Equipment_and_Improve2
Property, Equipment and Improvements, Net (Details) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | $180,651,000 | $175,949,000 | |
Less accumulated depreciation and amortization | -129,381,000 | -130,842,000 | |
Total property, equipment and improvements, net | 51,270,000 | 45,107,000 | |
Asset Impairment Charges | 0 | 0 | |
Land | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 1,597,000 | 1,597,000 | |
Corporate office, distribution center and related building improvements | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 12,616,000 | 12,616,000 | |
Estimated Useful Life | P25Y | ||
Store leasehold improvements | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 50,202,000 | 51,700,000 | |
Estimated Useful Life | P10Y | ||
Store furniture and fixtures | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 69,629,000 | 70,083,000 | |
Store furniture and fixtures | Minimum | |||
Property, equipment and improvements | |||
Estimated Useful Life | P3Y | ||
Store furniture and fixtures | Maximum | |||
Property, equipment and improvements | |||
Estimated Useful Life | P10Y | ||
Corporate office and distribution center furniture fixtures and equipment | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 4,381,000 | 4,344,000 | |
Estimated Useful Life | P7Y | ||
Computer and point of sale hardware and software | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 32,689,000 | 32,888,000 | |
Computer and point of sale hardware and software | Minimum | |||
Property, equipment and improvements | |||
Estimated Useful Life | P3Y | ||
Computer and point of sale hardware and software | Maximum | |||
Property, equipment and improvements | |||
Estimated Useful Life | P5Y | ||
Construction in progress | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | $9,537,000 | $2,721,000 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities | ||
Gift card and store credit liabilities | $6,291 | $8,170 |
Accrued Friendship Rewards Program loyalty liability | 3,930 | 3,731 |
Accrued income, sales and other taxes payable | 2,296 | 1,578 |
Accrued occupancy-related expenses | 3,357 | 3,957 |
Sales return reserve | 1,909 | 1,077 |
Other accrued liabilities | 5,035 | 5,475 |
Total accrued liabilities and other current liabilities | $22,818 | $23,988 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
2-May-15 | Nov. 01, 2014 | 3-May-14 | |
Credit Facility | |||
Credit agreement date | 8-Sep-14 | ||
Maximum availability under credit facility | $50,000,000 | ||
Maximum availability for letters of credit | 10,000,000 | ||
Deferred financing costs | 100,000 | ||
Unused commitment fee, as a percent | 0.25% | ||
Minimum availability requirement as a percentage of borrowing base | 10.00% | ||
Minimum availability requirement per covenant | 3,000,000 | ||
Borrowings under the credit facility | 0 | 0 | |
Borrowing base | 39,100,000 | ||
Open on-demand letters of credit | 700,000 | ||
Net available borrowing capacity under the credit facility | $34,500,000 | ||
Minimum | |||
Credit Facility | |||
Letters of credit fees (as a percent) | 1.00% | ||
Maximum | |||
Credit Facility | |||
Letters of credit fees (as a percent) | 1.75% | ||
London Interbank Offered Rate (LIBOR) | |||
Credit Facility | |||
Credit Facility rate basis | LIBOR | ||
London Interbank Offered Rate (LIBOR) | Minimum | |||
Credit Facility | |||
Basis spread on variable rate (as a percent) | 1.50% | ||
London Interbank Offered Rate (LIBOR) | Maximum | |||
Credit Facility | |||
Basis spread on variable rate (as a percent) | 1.75% | ||
Prime Rate | |||
Credit Facility | |||
Credit Facility rate basis | Prime Rate | ||
Prime Rate | Minimum | |||
Credit Facility | |||
Basis spread on variable rate (as a percent) | 0.50% | ||
Prime Rate | Maximum | |||
Credit Facility | |||
Basis spread on variable rate (as a percent) | 0.75% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $0 |
Operating Loss Carryforwards | |
Tax credit carryforward | 600,000 |
State | |
Operating Loss Carryforwards | |
Net tax benefit available | 2,100,000 |
Federal | |
Operating Loss Carryforwards | |
Net tax benefit available | 24,700,000 |
Portion of net operating loss related to equity-based compensation | $5,600,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Numerator (in thousands): | ||
Net (loss) income attributable to Christopher & Banks Corporation | ($1,442) | $2,616 |
Income allocated to participating securities | -11 | |
Net (loss) income available to common shareholders | ($1,442) | $2,605 |
Denominator (in thousands): | ||
Weighted average common shares outstanding - basic | 36,845,000 | 36,279,000 |
Dilutive shares | 960,000 | |
Weighted average common and common equivalent shares outstanding - diluted | 36,845,000 | 37,239,000 |
Net earnings per common share: | ||
Basic | ($0.04) | $0.07 |
Diluted | ($0.04) | $0.07 |
Stock options excluded from the shares used in the computation of diluted earnings per share because they were anti-dilutive | 3,100,000 |
Fair_Value_Measurements10Q_Det
Fair Value Measurements-10Q (Details) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Fair value measurements | |||
Level 1 to Level 2 Transfers | $0 | $0 | |
Level 2 to Level 1 Transfers | 0 | 0 | |
Assets measured on a nonrecurring basis | |||
Realized losses from asset impairment | 0 | 0 | |
Weighted average cost of capital | 15.00% | 15.00% | |
Minimum | |||
Assets measured on a nonrecurring basis | |||
Annual sales growth | -3.00% | -3.00% | |
Maximum | |||
Assets measured on a nonrecurring basis | |||
Annual sales growth | 3.50% | 3.50% | |
Recurring basis | |||
Fair value measurements | |||
Total assets | 14,288,000 | 18,045,000 | |
Recurring basis | Level 2 | |||
Fair value measurements | |||
Total assets | 14,288,000 | 18,045,000 | |
Short Term Investments | Recurring basis | |||
Fair value measurements | |||
Short-term investments | 12,382,000 | 13,293,000 | |
Short Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Short-term investments | 12,382,000 | 13,293,000 | |
Long Term Investments | Recurring basis | |||
Fair value measurements | |||
Long-term investments | 1,906,000 | 4,752,000 | |
Long Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Long-term investments | 1,906,000 | 4,752,000 | |
Certificates of deposit | Short Term Investments | Recurring basis | |||
Fair value measurements | |||
Short-term investments | 3,841,000 | 4,078,000 | |
Certificates of deposit | Short Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Short-term investments | 3,841,000 | 4,078,000 | |
Commercial paper | Short Term Investments | Recurring basis | |||
Fair value measurements | |||
Short-term investments | 6,491,000 | 7,384,000 | |
Commercial paper | Short Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Short-term investments | 6,491,000 | 7,384,000 | |
Corporate bonds | Short Term Investments | Recurring basis | |||
Fair value measurements | |||
Short-term investments | 1,838,000 | 1,616,000 | |
Corporate bonds | Short Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Short-term investments | 1,838,000 | 1,616,000 | |
Corporate bonds | Long Term Investments | Recurring basis | |||
Fair value measurements | |||
Long-term investments | 1,006,000 | 2,853,000 | |
Corporate bonds | Long Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Long-term investments | 1,006,000 | 2,853,000 | |
U.S. Agency securities | Long Term Investments | Recurring basis | |||
Fair value measurements | |||
Long-term investments | 900,000 | 1,899,000 | |
U.S. Agency securities | Long Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Long-term investments | 900,000 | 1,899,000 | |
Municipal bonds | Short Term Investments | Recurring basis | |||
Fair value measurements | |||
Short-term investments | 212,000 | 215,000 | |
Municipal bonds | Short Term Investments | Recurring basis | Level 2 | |||
Fair value measurements | |||
Short-term investments | $212,000 | $215,000 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Segment Reporting | |||
Net sales | $91,621 | $103,366 | |
Depreciation and amortization | 2,716 | 2,907 | |
Operating income (loss) | -2,496 | 2,792 | |
Total assets | 195,436 | 144,801 | 196,037 |
Retail Operations | |||
Segment Reporting | |||
Net sales | 91,621 | 103,366 | |
Depreciation and amortization | 2,100 | 2,266 | |
Operating income (loss) | 11,573 | 17,647 | |
Total assets | 112,274 | 97,025 | |
Corporate/ Administrative | |||
Segment Reporting | |||
Depreciation and amortization | 616 | 641 | |
Operating income (loss) | -14,069 | -14,855 | |
Total assets | $83,162 | $47,776 |