Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2015 | Dec. 04, 2015 | |
Document And Entity Information | ||
Document Period End Date | Oct. 31, 2015 | |
Christopher & Banks Corp | Christopher & Banks Corporation | |
Entity Central Index Key | 883,943 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 37,236,842 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 24,369 | $ 37,245 |
Short-term investments | 5,009 | 13,293 |
Accounts receivable | 4,978 | 4,000 |
Merchandise inventories | 52,503 | 45,318 |
Prepaid expenses and other current assets | 10,512 | 6,700 |
Deferred income taxes, current | 3,558 | 3,550 |
Income taxes receivable | 503 | 845 |
Total current assets | 101,432 | 110,951 |
Property, equipment and improvements, net | 59,147 | 45,107 |
Other non-current assets: | ||
Long-term investments | 4,752 | |
Deferred income taxes, non-current | 36,075 | 34,388 |
Other assets | 688 | 839 |
Total other non-current assets | 36,763 | 39,979 |
Total assets | 197,342 | 196,037 |
Current liabilities: | ||
Accounts payable | 16,652 | 18,411 |
Accrued salaries, wages and related expenses | 5,501 | 2,957 |
Accrued liabilities and other current liabilities | 22,278 | 23,988 |
Total current liabilities | 44,431 | 45,356 |
Non-current liabilities: | ||
Deferred lease incentives | 9,663 | 7,110 |
Deferred rent obligations | 7,132 | 6,390 |
Other non-current liabilities | 1,328 | 1,292 |
Total non-current liabilities | $ 18,123 | $ 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, 47,019 and 46,720 shares issued, and 37,228 and 36,929 shares outstanding at October 31, 2015 and January 31, 2015, respectively | $ 469 | $ 466 |
Additional paid-in capital | 125,602 | 124,242 |
Retained earnings | 121,427 | 123,894 |
Common stock held in treasury, 9,791 shares at cost at October 31, 2015 and January 31, 2015 | (112,711) | (112,711) |
Accumulated other comprehensive (loss) income | 1 | (2) |
Total stockholders' equity | 134,788 | 135,889 |
Total liabilities and stockholders' equity | $ 197,342 | $ 196,037 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2015 | 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 | 47,019,000 | 46,720,000 |
Common stock, shares outstanding | 37,228,000 | 36,929,000 |
Common stock held in treasury, shares | 9,791,000 | 9,791,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Income Statement | ||||
Net sales | $ 103,641 | $ 110,610 | $ 289,259 | $ 320,609 |
Costs and expenses: | ||||
Merchandise, buying and occupancy | 66,519 | 66,873 | 188,992 | 201,333 |
Selling, general and administrative | 33,604 | 31,477 | 95,223 | 94,965 |
Depreciation and amortization | 3,116 | 2,916 | 8,733 | 8,781 |
Impairment of store assets | 67 | 182 | 144 | |
Total costs and expenses | 103,306 | 101,266 | 293,130 | 305,223 |
Operating income (loss) | 335 | 9,344 | (3,871) | 15,386 |
Other expense | (36) | (46) | (76) | (150) |
Income (loss) before income taxes | 299 | 9,298 | (3,947) | 15,236 |
Income tax provision (benefit) | 614 | 315 | (1,480) | 274 |
Net (loss) income | $ (315) | $ 8,983 | $ (2,467) | $ 14,962 |
Basic (loss) income per share: | ||||
Net (loss) income | $ (0.01) | $ 0.24 | $ (0.07) | $ 0.41 |
Basic shares outstanding | 36,906 | 36,805 | 36,877 | 36,685 |
Diluted (loss) income per share: | ||||
Net (loss) income | $ (0.01) | $ 0.24 | $ (0.07) | $ 0.40 |
Diluted shares outstanding | 36,906 | 37,714 | 36,877 | 37,669 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Statement of Comprehensive Income | ||||
Net (loss) income | $ (315) | $ 8,983 | $ (2,467) | $ 14,962 |
Other comprehensive income, net of tax: | ||||
Unrealized holding gains (losses) on securities arising during the period, net of taxes of $0, $0, $2 and $0 for the thirteen and thirty-nine week periods ending October 31, 2015 and November 1, 2014, respectively | 1 | (5) | 3 | (17) |
Reclassification adjustment for (gains) losses included in net (loss) income, net of taxes of $1, $0, $1 and $0 for the thirteen and thirty-nine week periods ending October 31, 2015 and November 1, 2014, respectively | (1) | (1) | ||
Total other comprehensive (loss) income | (5) | 2 | (17) | |
Comprehensive (loss) income | $ (315) | $ 8,978 | $ (2,465) | $ 14,945 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Statement of Comprehensive Income | ||||
Tax expense related to unrealized holding gains (losses) | $ 0 | $ 0 | $ 2 | $ 0 |
Tax expense related to reclassification adjustment for losses included in net income | $ 1 | $ 1 | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (2,467) | $ 14,962 |
Adjustments to reconcile net (loss) income to cash used in operating activities: | ||
Depreciation and amortization | 8,733 | 8,781 |
Impairment of store assets | 182 | 144 |
Deferred income taxes, net | (1,695) | |
Unrealized gain on investments, net | (2) | |
Amortization of premium on investments | 34 | 58 |
Amortization of financing costs | 47 | 52 |
Deferred lease-related liabilities | 2,923 | 2,699 |
Stock-based compensation expense | 1,389 | 2,035 |
Loss on disposal of assets | 51 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (978) | (3,872) |
Merchandise inventories | (7,185) | (13,929) |
Prepaid expenses and other assets | (3,708) | (1,564) |
Income taxes receivable | 342 | (646) |
Accounts payable | (1,703) | (4,140) |
Accrued liabilities | 805 | (2,534) |
Other liabilities | 67 | 360 |
Net cash (used in) provided by operating activities | (3,216) | 2,457 |
Cash flows from investing activities: | ||
Purchases of property, equipment and improvements | (22,641) | (15,318) |
Purchases of available-for-sale investments | 0 | (12,495) |
Maturities of available-for-sale investments | 13,007 | 10,200 |
Net cash used in investing activities | (9,634) | (17,613) |
Cash flows from financing activities: | ||
Shares redeemed for payroll taxes | (26) | (1,469) |
Exercise of stock options | 999 | |
Payment of deferred financing costs | (99) | |
Net cash used in financing activities | (26) | (569) |
Net decrease in cash and cash equivalents | (12,876) | (15,725) |
Cash and cash equivalents at beginning of period | 37,245 | 41,074 |
Cash and cash equivalents at end of period | 24,369 | 25,349 |
Supplemental cash flow information: | ||
Accrued purchases of equipment and improvements | $ 1,055 | 184 |
Shares surrendered for stock option cost | $ 1,715 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2015 | |
Basis of Presentation | |
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 October 31, 2015, and January 31, 2015, our results of operations for the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014, and our cash flows for the thirty-nine week periods ended October 31, 2015, and November 1, 2014. Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issue d authoritative guidance under Accounting Standards U pdate ("ASU") No. 2014-09, Revenue from Contracts with Customers . ASU 2014-09 supersedes existing revenue recognition requirements and provides a new comprehensive revenue recognition model that requires entities to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date , which defers the effective date of the new revenue recognition standard by one year. As a result, ASU 2014-09 is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. Adoption is allowed by either the full retrospective or modified retrospective approach. The Company is currently evaluating which approach it will apply and the potential adoption impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. ASU 2015-17 will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that annual period, with early adoption permitted. Adoption is allowed either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company is in the process of determining the date of adoption, as well as the impact of this accounting pronouncement on its consolidated financial statements. |
Investments
Investments | 9 Months Ended |
Oct. 31, 2015 | |
Investments [Abstract] | |
Investments | NOTE 2 — Investments Investments as of October 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 $ $ — $ — $ Commercial paper — Corporate bonds — Municipal bonds — Total investments $ $ $ $ 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 $ $ — $ $ Commercial paper Corporate bonds — Municipal bonds — Total short-term investments Long-term investments: Available-for-sale securities: Corporate bonds — U.S. Agency securities — Total long-term investments — Total investments $ $ $ $ During the thirty-nine weeks ended October 31, 2015, there were no purchases of available-for-sale securities and approximately $13.0 million of maturities of available-for-sale securities. During the thirty-nine weeks ended November 1, 2014, there were $12.5 million of purchases of available-for-sale securities and approximately $10.2 million of maturities of available-for-sale securities. There were no other-than-temporary impairments of available-for-sale securities during the thirty-nine weeks ended October 31, 2015 and November 1, 2014, respectively. Expected maturities of the Company's investments are as follows (in thousands): October 31, 2015 Due in one year or less $ Due after one year through five years — Total investments $ |
Merchandise Inventories
Merchandise Inventories | 9 Months Ended |
Oct. 31, 2015 | |
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): October 31, 2015 January 31, 2015 Merchandise - in store/eCommerce $ $ Merchandise - in transit Total merchandise inventories $ $ The Company does not have long-term purchase commitments or arrangements with any of its suppliers or agents. Of the Company’s merchandise purchases during the thirty-nine week periods ended October 31, 2015 and November 1, 2014, one supplier accounted for approximately 30% and 28% of merchandise purchases, respectively. No other vendor supplied greater than 10% of the Company's merchandise purchases during the thirty-nine week periods ended October 31, 2015 and November 1, 2014. |
Property, Equipment and Improve
Property, Equipment and Improvements, Net | 9 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 January 31, 2015 Land — $ $ Corporate office, distribution center and related building improvements 25 years Store leasehold improvements Shorter of the useful life or term of related lease, typically 10 years Store furniture and fixtures 3 to 10 years Corporate office and distribution center furniture, fixtures and equipment 7 years Computer and point of sale hardware and software 3 to 5 years Construction in progress — Total property, equipment and improvements, gross Less accumulated depreciation and amortization Total property, equipment and improvements, net $ $ 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 se stores, the Company recorded approximately $0.1 and $0.2 million for long-lived asset impairments during the thirteen and thirty-nine week periods ended October 31, 2015, and approximately $0 and $0.1 million for long-lived asset impairments during the thirteen and thirty-nine week periods ended November 1, 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 | 9 Months Ended |
Oct. 31, 2015 | |
Accrued Liabilities | |
Accrued Liabilities | NOTE 5 — Accrued Liabilities Accrued liabilities and other current liabilities consisted of the following (in thousands): October 31, 2015 January 31, 2015 Gift card and store credit liabilities $ $ Accrued Friendship Rewards Program loyalty liability Accrued income, sales and other taxes payable Accrued occupancy-related expenses Sales return reserve Other accrued liabilities Total accrued liabilities and other current liabilities $ $ |
Credit Facility
Credit Facility | 9 Months Ended |
Oct. 31, 2015 | |
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/or 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. T he 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 October 31, 2015. The Company had no revolving credit loan borrowings under the Credit Facility during each of the thirty-nine week periods ended October 31, 2015, and November 1, 2014. Historically, the Company's credit facility has been utilized only to open letters of credit. The total Borrowing Base at October 31, 2015, was approximately $43.6 million. As of October 31, 2015, the Company had open on-demand letters of credit of approximately $0.2 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 $39.0 million at October 31, 2015. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2015 | |
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. During the third quarter of fiscal 2015, the Company was notified that the IRS will be conducting an audit of fiscal 2013. Periods after fiscal 2012 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 October 31, 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 any cash payments nor any impact to tax expense. As of October 31, 2015, the Company had a small valuation allowance for state net operating loss carryforwards that may expire before they are utilized. As of October 31, 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 $1.1 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 $2.0 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 | 9 Months Ended |
Oct. 31, 2015 | |
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 non - forfeitable 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 non - forfeitable 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 Thirty-Nine Weeks Ended October 31, November 1, October 31, November 1, 2015 2014 2015 2014 Numerator (in thousands) : Net (loss) income attributable to Christopher & Banks Corporation $ $ $ $ Income allocated to participating securities — — Net (loss) income available to common stockholders $ $ $ $ Denominator (in thousands) : Weighted average common shares outstanding - basic Dilutive shares — — Weighted average common and common equivalent shares outstanding - diluted Net (loss) earnings per common share: Basic $ $ $ $ Diluted $ $ $ $ Total stock options of approximately 0.3 million were exc luded from the shares used in the computation of diluted earnings per share for the thirteen and thirty-nine week periods ended November 1, 2014, respectively, as they were anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9 — Fair Value Measurements The guidance for fair value measurements establishes the authoritative definition of fair value, sets out a framework for measuring fair value, and outlines the required disclosures regarding 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 an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair value measurements, as follows: · Level 1 – Quoted prices in active markets for identical assets or liabilities; · Level 2 – Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; · Level 3 – Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions of inputs that market participants would use to value 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 October 31, 2015: Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Short-term investments: Certificates of deposit $ $ — $ $ — Commercial paper — — Corporate bonds — — Municipal bonds — — Total assets $ $ — $ $ — 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 $ $ — $ $ — Commercial paper — — Corporate bonds — — Municipal bonds — — Total current assets — — Long-term investments: Corporate bonds — — U.S. Agency securities — — Total non-current assets — — Total assets $ $ — $ $ — 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 $ 5.0 million of investments as of October 31, 2015, and there were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the thirty-nine week periods ended October 31, 2015, and November 1, 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 following table summarizes certain information for non-financial assets for the thirty-nine weeks ended October 31, 2015 and the fiscal year ended January 31, 2015, that are measured at fair value on a non-recurring basis in periods subsequent to an initial recognition period. 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. Thirty-Nine Weeks Ended Fiscal Year Ended Long-Lived Assets Held and Used (in thousands) October 31, 2015 January 31, 2015 Carrying value $ $ Fair value measured using Level 3 inputs $ $ Impairment charge $ $ All of the fair value measurements included in the table above were based on significant unobservable inputs (Level 3). 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 and continuation of recent trends in company performance 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 0% to 3% (3%) to 3.5% n |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Oct. 31, 2015 | |
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 | 9 Months Ended |
Oct. 31, 2015 | |
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, merchandi se gross margin and direct expenses with no allocation of corporate overhead. For the thirty-nine week period ended October 31, 2015, long-lived assets with a carrying amount of $0.2 million were written down to their fair value of $37 thousand resulting in an impairment charge of $0.2 million. For the thirty-nine week period ended November 1, 2014, long-lived assets with a carrying amount of $0.2 million were written down to their fair value of $40 thousand resulting in an impairment charge of $0.1 million. The impairment costs for each period related to store-lev el asset impairment charges are included in the operating income for the Retail Operations segment. Business Segment Information (in thousands) Retail Corporate/ Operations Administrative Consolidated Thirteen Weeks Ended October 31, 2015 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Thirteen Weeks Ended November 1, 2014 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Thirty-Nine Weeks Ended October 31, 2015 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets Thirty-Nine Weeks Ended November 1, 2014 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets klkl |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Basis of Presentation | |
New Accounting Pronouncements [policy textblock] | Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issue d authoritative guidance under Accounting Standards U pdate ("ASU") No. 2014-09, Revenue from Contracts with Customers . ASU 2014-09 supersedes existing revenue recognition requirements and provides a new comprehensive revenue recognition model that requires entities to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date , which defers the effective date of the new revenue recognition standard by one year. As a result, ASU 2014-09 is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. Adoption is allowed by either the full retrospective or modified retrospective approach. The Company is currently evaluating which approach it will apply and the potential adoption impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. ASU 2015-17 will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that annual period, with early adoption permitted. Adoption is allowed either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company is in the process of determining the date of adoption, as well as the impact of this accounting pronouncement on its consolidated financial statements. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Investments [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation (in thousands) | Investments as of October 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 $ $ — $ — $ Commercial paper — Corporate bonds — Municipal bonds — Total investments $ $ $ $ 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 $ $ — $ $ Commercial paper Corporate bonds — Municipal bonds — Total short-term investments Long-term investments: Available-for-sale securities: Corporate bonds — U.S. Agency securities — Total long-term investments — Total investments $ $ $ $ |
Schedule of Available-for-sale Securities Maturities (in thousands) | Expected maturities of the Company's investments are as follows (in thousands): October 31, 2015 Due in one year or less $ Due after one year through five years — Total investments $ |
Merchandise Inventories (Tables
Merchandise Inventories (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of merchandise inventories | Merchandise inventories consisted of the following (in thousands): October 31, 2015 January 31, 2015 Merchandise - in store/eCommerce $ $ Merchandise - in transit Total merchandise inventories $ $ |
Property, Equipment and Impro22
Property, Equipment and Improvements, Net (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, equipment and improvements, net consisted of the following (in thousands): Description Estimated Useful Life October 31, 2015 January 31, 2015 Land — $ $ Corporate office, distribution center and related building improvements 25 years Store leasehold improvements Shorter of the useful life or term of related lease, typically 10 years Store furniture and fixtures 3 to 10 years Corporate office and distribution center furniture, fixtures and equipment 7 years Computer and point of sale hardware and software 3 to 5 years Construction in progress — Total property, equipment and improvements, gross Less accumulated depreciation and amortization Total property, equipment and improvements, net $ $ |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Accrued Liabilities | |
Schedule of other accrued liabilities | Accrued liabilities and other current liabilities consisted of the following (in thousands): October 31, 2015 January 31, 2015 Gift card and store credit liabilities $ $ Accrued Friendship Rewards Program loyalty liability Accrued income, sales and other taxes payable Accrued occupancy-related expenses Sales return reserve Other accrued liabilities Total accrued liabilities and other current liabilities $ $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 1, October 31, November 1, 2015 2014 2015 2014 Numerator (in thousands) : Net (loss) income attributable to Christopher & Banks Corporation $ $ $ $ Income allocated to participating securities — — Net (loss) income available to common stockholders $ $ $ $ Denominator (in thousands) : Weighted average common shares outstanding - basic Dilutive shares — — Weighted average common and common equivalent shares outstanding - diluted Net (loss) earnings per common share: Basic $ $ $ $ Diluted $ $ $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of available for sale securities measured on a recurring basis (in thousands) | Fair Value Measurements As of October 31, 2015: Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Short-term investments: Certificates of deposit $ $ — $ $ — Commercial paper — — Corporate bonds — — Municipal bonds — — Total assets $ $ — $ $ — 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 $ $ — $ $ — Commercial paper — — Corporate bonds — — Municipal bonds — — Total current assets — — Long-term investments: Corporate bonds — — U.S. Agency securities — — Total non-current assets — — Total assets $ $ — $ $ — |
Schedule of assets measured at fair value on a non-recurring basis (in thousands) | Thirty-Nine Weeks Ended Fiscal Year Ended Long-Lived Assets Held and Used (in thousands) October 31, 2015 January 31, 2015 Carrying value $ $ Fair value measured using Level 3 inputs $ $ Impairment charge $ $ |
Schedule of unobservable inputs | Range Unobservable Inputs Fiscal 2015 Fiscal 2014 Weighted Average Cost of Capital (WACC) 15% 15% Annual sales growth 0% to 3% (3%) to 3.5% |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting | Retail Corporate/ Operations Administrative Consolidated Thirteen Weeks Ended October 31, 2015 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Thirteen Weeks Ended November 1, 2014 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Thirty-Nine Weeks Ended October 31, 2015 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets Thirty-Nine Weeks Ended November 1, 2014 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Available-for-sale securities | |||
Amortized Cost | $ 5,008 | $ 18,050 | |
Unrealized Gains | 2 | 5 | |
Unrealized Losses | (1) | (10) | |
Estimated Fair Value | 5,009 | 18,045 | |
Purchases of available-for-sale securities | 0 | $ 12,495 | |
Maturities of available-for-sale investments | 13,007 | 10,200 | |
Other than temporary impairment of available-for-sale securities | 0 | $ 0 | |
Expected maturities of available-for-sale securities | |||
Due in one year or less | 5,009 | ||
Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 13,293 | ||
Unrealized Gains | 5 | ||
Unrealized Losses | (5) | ||
Estimated Fair Value | 13,293 | ||
Long Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 4,757 | ||
Unrealized Losses | (5) | ||
Estimated Fair Value | 4,752 | ||
Certificates of deposit | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 480 | 4,080 | |
Unrealized Losses | (2) | ||
Estimated Fair Value | 480 | 4,078 | |
Commercial paper | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 1,499 | 7,384 | |
Unrealized Gains | 1 | 3 | |
Unrealized Losses | (3) | ||
Estimated Fair Value | 1,500 | 7,384 | |
Corporate bonds | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 2,822 | 1,615 | |
Unrealized Gains | 1 | ||
Unrealized Losses | (1) | ||
Estimated Fair Value | 2,821 | 1,616 | |
Corporate bonds | Long Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 2,857 | ||
Unrealized Losses | (4) | ||
Estimated Fair Value | 2,853 | ||
U.S. Agency securities | Long Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 1,900 | ||
Unrealized Losses | (1) | ||
Estimated Fair Value | 1,899 | ||
Municipal bonds | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 207 | 214 | |
Unrealized Gains | 1 | 1 | |
Estimated Fair Value | $ 208 | $ 215 |
Merchandise Inventories (Detail
Merchandise Inventories (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Merchandise inventory | |||
Merchandise - in store/e-commerce | $ 47,663 | $ 33,534 | |
Merchandise - in transit | 4,840 | 11,784 | |
Total merchandise inventories | $ 52,503 | $ 45,318 | |
Vendor One | Supplier Concentration Risk [Member] | Cost Of Goods Merchandise Member | |||
Major Vendors | |||
Concentration Risk, Percentage | 30.00% | 28.00% |
Property, Equipment and Impro29
Property, Equipment and Improvements, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Property, equipment and improvements | |||||
Total property, equipment and improvements, gross | $ 191,256 | $ 191,256 | $ 175,949 | ||
Less accumulated depreciation and amortization | (132,109) | (132,109) | (130,842) | ||
Total property, equipment and improvements, net | 59,147 | 59,147 | 45,107 | ||
Impairment of store assets | 100 | $ 0 | 182 | $ 144 | |
Land | |||||
Property, equipment and improvements | |||||
Total property, equipment and improvements, gross | 1,597 | 1,597 | 1,597 | ||
Corporate office, distribution center and related building improvements | |||||
Property, equipment and improvements | |||||
Total property, equipment and improvements, gross | 12,618 | $ 12,618 | 12,616 | ||
Estimated Useful Life | P25Y | ||||
Store leasehold improvements | |||||
Property, equipment and improvements | |||||
Total property, equipment and improvements, gross | 53,561 | $ 53,561 | 51,700 | ||
Estimated Useful Life | P10Y | ||||
Store furniture and fixtures | |||||
Property, equipment and improvements | |||||
Total property, equipment and improvements, gross | 75,452 | $ 75,452 | 70,083 | ||
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 | 4,427 | $ 4,427 | 4,344 | ||
Estimated Useful Life | P7Y | ||||
Computer and point of sale hardware and software | |||||
Property, equipment and improvements | |||||
Total property, equipment and improvements, gross | 33,817 | $ 33,817 | 32,888 | ||
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 | $ 9,784 | $ 9,784 | $ 2,721 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Accrued Liabilities | ||
Gift card and store credit liabilities | $ 4,921 | $ 8,170 |
Accrued Friendship Rewards Program loyalty liability | 4,276 | 3,731 |
Accrued income, sales and other taxes payable | 2,690 | 1,578 |
Accrued occupancy-related expenses | 3,182 | 3,957 |
Sales return reserve | 2,065 | 1,077 |
Other accrued liabilities | 5,144 | 5,475 |
Total accrued liabilities and other current liabilities | $ 22,278 | $ 23,988 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Credit Facility | |||
Maximum availability under credit facility | $ 50,000 | ||
Maximum availability for letters of credit | 10,000 | ||
Deferred financing costs | $ 100 | $ 47 | $ 52 |
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 | ||
Borrowings under the credit facility | $ 0 | 0 | $ 0 |
Borrowing base | 43,600 | ||
Open on-demand letters of credit | 200 | ||
Net available borrowing capacity under the credit facility | $ 39,000 | ||
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) | 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 | 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) $ in Thousands | 9 Months Ended |
Oct. 31, 2015USD ($) | |
Operating Loss Carryforwards | |
Tax credit carryforward | $ 1,100 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 |
State | |
Operating Loss Carryforwards | |
Net tax benefit available | 2,000 |
Federal | |
Operating Loss Carryforwards | |
Net tax benefit available | 24,700 |
Portion of net operating loss related to equity-based compensation | $ 5,600 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Numerator (in thousands): | ||||
Net (loss) income attributable to Christopher & Banks Corporation | $ (315) | $ 8,983 | $ (2,467) | $ 14,962 |
Income allocated to participating securities | (27) | (45) | ||
Net (loss) income available to common shareholders | $ (315) | $ 8,956 | $ (2,467) | $ 14,917 |
Denominator (in thousands): | ||||
Weighted average common shares outstanding - basic | 36,906 | 36,805 | 36,877 | 36,685 |
Dilutive shares | 909 | 984 | ||
Weighted average common and common equivalent shares outstanding - diluted | 36,906 | 37,714 | 36,877 | 37,669 |
Net (loss) earnings per common share: | ||||
Basic | $ (0.01) | $ 0.24 | $ (0.07) | $ 0.41 |
Diluted | $ (0.01) | $ 0.24 | $ (0.07) | $ 0.40 |
Stock options excluded from the shares used in the computation of diluted earnings per share because they were anti-dilutive | 300 | 300 |
Fair Value Measurements-10Q (De
Fair Value Measurements-10Q (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Fair value measurements | |||||
Level 1 to Level 2 Transfers | $ 0 | $ 0 | $ 0 | $ 0 | |
Level 2 to Level 1 Transfers | 0 | 0 | 0 | 0 | |
Assets measured on a nonrecurring basis | |||||
Carrying value of long-lived assets held and used | 219 | 200 | 219 | 200 | |
Fair value of long-lived assets held and used | 37 | 40 | 37 | 40 | |
Realized losses from asset impairment | (100) | $ 0 | $ (182) | $ (144) | |
Weighted average cost of capital | 15.00% | 15.00% | |||
Minimum | |||||
Assets measured on a nonrecurring basis | |||||
Annual sales growth | 0.00% | (3.00%) | |||
Maximum | |||||
Assets measured on a nonrecurring basis | |||||
Annual sales growth | 3.00% | 3.50% | |||
Level 1 | |||||
Assets measured on a nonrecurring basis | |||||
Carrying value of long-lived assets held and used | $ 270 | ||||
Realized losses from asset impairment | (216) | ||||
Nonrecurring basis | Level 3 | |||||
Assets measured on a nonrecurring basis | |||||
Fair value of long-lived assets held and used | 37 | $ 37 | 54 | ||
Recurring basis | |||||
Fair value measurements | |||||
Total assets | 5,009 | 5,009 | 18,045 | ||
Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Total assets | 5,009 | 5,009 | 18,045 | ||
Short Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Short-term investments | 13,293 | ||||
Short Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Short-term investments | 13,293 | ||||
Long Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Long-term investments | 4,752 | ||||
Long Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Long-term investments | 4,752 | ||||
Certificates of deposit | Short Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Short-term investments | 480 | 480 | 4,078 | ||
Certificates of deposit | Short Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Short-term investments | 480 | 480 | 4,078 | ||
Commercial paper | Short Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Short-term investments | 1,500 | 1,500 | 7,384 | ||
Commercial paper | Short Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Short-term investments | 1,500 | 1,500 | 7,384 | ||
Corporate bonds | Short Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Short-term investments | 2,821 | 2,821 | 1,616 | ||
Corporate bonds | Short Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Short-term investments | 2,821 | 2,821 | 1,616 | ||
Corporate bonds | Long Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Long-term investments | 2,853 | ||||
Corporate bonds | Long Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Long-term investments | 2,853 | ||||
U.S. Agency securities | Long Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Long-term investments | 1,899 | ||||
U.S. Agency securities | Long Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Long-term investments | 1,899 | ||||
Municipal bonds | Short Term Investments | Recurring basis | |||||
Fair value measurements | |||||
Short-term investments | 208 | 208 | 215 | ||
Municipal bonds | Short Term Investments | Recurring basis | Level 2 | |||||
Fair value measurements | |||||
Short-term investments | $ 208 | $ 208 | $ 215 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Segment Reporting | |||||
Carrying value of long-lived assets held and used | $ 219 | $ 200 | $ 219 | $ 200 | |
Fair value of long-lived assets held and used | 37 | 40 | 37 | 40 | |
Impairment of store assets | 67 | 182 | 144 | ||
Net sales | 103,641 | 110,610 | 289,259 | 320,609 | |
Depreciation and amortization | 3,116 | 2,916 | 8,733 | 8,781 | |
Operating income (loss) | 335 | 9,344 | (3,871) | 15,386 | |
Total assets | 197,342 | 162,057 | 197,342 | 162,057 | $ 196,037 |
Retail Operations | |||||
Segment Reporting | |||||
Impairment of store assets | 200 | 100 | |||
Net sales | 103,641 | 110,610 | 289,259 | 320,609 | |
Depreciation and amortization | 2,510 | 2,218 | 6,902 | 6,798 | |
Operating income (loss) | 14,209 | 21,504 | 34,657 | 55,232 | |
Total assets | 121,247 | 98,541 | 121,247 | 98,541 | |
Corporate/ Administrative | |||||
Segment Reporting | |||||
Depreciation and amortization | 606 | 697 | 1,831 | 1,983 | |
Operating income (loss) | (13,874) | (12,160) | (38,528) | (39,846) | |
Total assets | $ 76,095 | $ 63,516 | $ 76,095 | $ 63,516 |