Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Mar. 11, 2016 | Jul. 31, 2015 | |
Document And Entity Information | |||
Document Period End Date | Jan. 30, 2016 | ||
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-K | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 37,100,000 | ||
Entity Public Float | $ 117.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 31,506 | $ 37,245 |
Short-term investments | 3,015 | 13,293 |
Accounts receivable | 4,067 | 4,000 |
Merchandise inventories | 42,481 | 45,318 |
Prepaid expenses and other current assets | 9,059 | 6,700 |
Deferred income taxes, current | 3,550 | |
Income taxes receivable | 513 | 845 |
Total current assets | 90,641 | 110,951 |
Property, equipment and improvements, net | 59,224 | 45,107 |
Other non-current assets: | ||
Long-term investments | 4,752 | |
Deferred income taxes, non-current | 393 | 34,388 |
Other assets | 632 | 839 |
Total other non-current assets | 1,025 | 39,979 |
Total assets | 150,890 | 196,037 |
Current liabilities: | ||
Accounts payable | 16,645 | 18,411 |
Accrued salaries, wages and related expenses | 2,845 | 2,957 |
Accrued liabilities and other current liabilities | 24,570 | 23,988 |
Total current liabilities | 44,060 | 45,356 |
Non-current liabilities: | ||
Deferred lease incentives | 9,880 | 7,110 |
Deferred rent obligations | 7,241 | 6,390 |
Other non-current liabilities | 1,301 | 1,292 |
Total non-current liabilities | $ 18,422 | $ 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, 46,870 and 46,720 shares issued, and 37,079 and 36,929 shares outstanding at January 30, 2016 and January 31, 2015, respectively | $ 468 | $ 466 |
Additional paid-in capital | 125,851 | 124,242 |
Retained earnings | 74,800 | 123,894 |
Common stock held in treasury, 9,791 shares at cost at January 30, 2016 and January 31, 2015 | (112,711) | (112,711) |
Accumulated other comprehensive (loss) income | (2) | |
Total stockholders' equity | 88,408 | 135,889 |
Total liabilities and stockholders' equity | $ 150,890 | $ 196,037 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2016 | 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 | 46,870,000 | 46,720,000 |
Common stock, shares outstanding | 37,079,000 | 36,929,000 |
Common stock held in treasury, shares | 9,791,000 | 9,791,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement | |||
Net sales | $ 383,828 | $ 418,584 | $ 435,754 |
Merchandise, buying and occupancy | 254,350 | 270,790 | 284,723 |
Gross profit | 129,478 | 147,794 | 151,031 |
Other operating expenses | |||
Selling, general and administrative | 128,413 | 126,377 | 128,847 |
Depreciation and amortization | 12,048 | 11,786 | 13,168 |
Impairment of store assets | 281 | 216 | 140 |
Total other operating expenses | 140,742 | 138,379 | 142,155 |
Operating income (loss) | (11,264) | 9,415 | 8,876 |
Other expense | (115) | (191) | (191) |
Income (loss) before income taxes | (11,379) | 9,224 | 8,685 |
Income tax provision (benefit) | 37,715 | (37,902) | (5) |
Net (loss) income | $ (49,094) | $ 47,126 | $ 8,690 |
Basic (loss) income per share: | |||
Net (loss) income | $ (1.33) | $ 1.28 | $ 0.24 |
Basic shares outstanding | 36,886 | 36,819 | 36,246 |
Diluted (loss) income per share: | |||
Net (loss) income | $ (1.33) | $ 1.24 | $ 0.23 |
Diluted shares outstanding | 36,886 | 37,753 | 37,144 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Comprehensive Income | |||
Net (loss) income | $ (49,094) | $ 47,126 | $ 8,690 |
Other comprehensive income, net of tax: | |||
Unrealized holding gains (losses) on securities arising during the period, net of taxes of $(1), $2, and $0, respectively | 1 | (5) | 3 |
Reclassification adjustment for (gains) losses included in net (loss) income, net of taxes of $(1), $0, and $0, respectively | 1 | ||
Total other comprehensive (loss) income | 2 | (5) | 3 |
Comprehensive (loss) income | $ (49,092) | $ 47,121 | $ 8,693 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Comprehensive Income | |||
Tax (benefit) expense related to unrealized holding gains (losses) | $ 1 | $ (2) | $ 0 |
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ (1) | $ 0 | $ 0 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) shares in Thousands, $ in Thousands | Treasury Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Treasury stock, shares at Feb. 02, 2013 | 9,791 | |||||
Common stock, shares outstanding at Feb. 02, 2013 | 36,964 | |||||
Stockholders' Equity at Feb. 02, 2013 | $ (112,711) | $ 467 | $ 119,632 | $ 68,078 | $ 75,466 | |
Total comprehensive income (loss) | 8,690 | $ 3 | 8,693 | |||
Stock issued on exercise of options, in shares, net | 56 | |||||
Stock issued on exercise of options, net | $ 1 | 2 | 3 | |||
Issuance of restricted stock, net of forfeitures, in shares | (597) | |||||
Issuance of restricted stock, net of forfeitures | $ (7) | 6 | (1) | |||
Stock-based compensation expense | 2,776 | 2,776 | ||||
Treasury stock, shares at Feb. 01, 2014 | 9,791 | |||||
Common stock, shares outstanding at Feb. 01, 2014 | 36,423 | |||||
Stockholders' Equity at Feb. 01, 2014 | $ (112,711) | $ 461 | 122,416 | 76,768 | 3 | 86,937 |
Total comprehensive income (loss) | 47,126 | (5) | 47,121 | |||
Stock issued on exercise of options, in shares, net | 470 | |||||
Stock issued on exercise of options, net | $ 5 | (386) | (381) | |||
Issuance of restricted stock, net of forfeitures, in shares | 36 | |||||
Issuance of restricted stock, net of forfeitures | (106) | (106) | ||||
Stock-based compensation expense | 2,318 | $ 2,318 | ||||
Treasury stock, shares at Jan. 31, 2015 | 9,791 | 9,791 | ||||
Common stock, shares outstanding at Jan. 31, 2015 | 36,929 | 36,929 | ||||
Stockholders' Equity at Jan. 31, 2015 | $ (112,711) | $ 466 | 124,242 | 123,894 | (2) | $ 135,889 |
Total comprehensive income (loss) | (49,094) | $ 2 | (49,092) | |||
Issuance of restricted stock, net of forfeitures, in shares | 150 | |||||
Issuance of restricted stock, net of forfeitures | $ 2 | (28) | (26) | |||
Stock-based compensation expense | 1,637 | $ 1,637 | ||||
Treasury stock, shares at Jan. 30, 2016 | 9,791 | 9,791 | ||||
Common stock, shares outstanding at Jan. 30, 2016 | 37,079 | 37,079 | ||||
Stockholders' Equity at Jan. 30, 2016 | $ (112,711) | $ 468 | $ 125,851 | $ 74,800 | $ 88,408 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (49,094) | $ 47,126 | $ 8,690 |
Adjustments to reconcile net (loss) income to cash used in operating activities: | |||
Depreciation and amortization | 12,048 | 11,786 | 13,168 |
Impairment of store assets | 281 | 216 | 140 |
Deferred income taxes, net | 37,544 | (37,938) | |
Loss on investment, net | 1 | ||
Amortization of premium on investments | 46 | 47 | 56 |
Amortization of financing costs | 62 | 68 | 73 |
Deferred lease-related liabilities | 3,267 | 6,473 | (1,819) |
Stock-based compensation expense | 1,637 | 2,318 | 2,776 |
Loss on disposal of assets | 56 | 9 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (67) | (1,572) | 1,202 |
Merchandise inventories | 2,837 | (441) | (2,173) |
Prepaid expenses and other assets | (2,214) | 198 | (555) |
Income taxes receivable | 332 | (535) | 95 |
Accounts payable | (1,670) | (5,119) | 612 |
Accrued liabilities | 370 | (3,826) | 3,240 |
Other liabilities | 3 | 143 | (460) |
Net cash (used in) provided by operating activities | 5,382 | 19,001 | 25,054 |
Cash flows from investing activities: | |||
Purchases of property, equipment and improvements | (26,082) | (20,270) | (8,544) |
Purchases of available-for-sale investments | 0 | (18,480) | (24,484) |
Maturities of available-for-sale investments | 14,987 | 16,506 | 8,306 |
Net cash used in investing activities | (11,095) | (22,244) | (24,722) |
Cash flows from financing activities: | |||
Shares redeemed for payroll taxes | (26) | (1,486) | (211) |
Exercise of stock options | 999 | 214 | |
Payment of deferred financing costs | (99) | ||
Net cash (used in) provided by financing activities | (26) | (586) | 3 |
Net (decrease) increase in cash and cash equivalents | (5,739) | (3,829) | 335 |
Cash and cash equivalents at beginning of period | 37,245 | 41,074 | 40,739 |
Cash and cash equivalents at end of period | 31,506 | 37,245 | 41,074 |
Supplemental cash flow information: | |||
Interest paid | 168 | 259 | 253 |
Income taxes (refunded) paid | (223) | 487 | 215 |
Accrued purchases of equipment and improvements | $ 1,105 | 740 | $ 304 |
Shares surrendered for stock option cost | $ 1,715 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies | |
Nature of Business and Significant Accounting Policies | NOTE 1 — Nature of Business and Significant Accounting Policies Christopher & Banks Corporation, through its wholly owned subsidiaries (collectively referred to as “Christopher & Banks”, “the Company”, “we” or “us”), operates retail stores selling women’s apparel in the United States ("U.S."). The Company operated 518 , 518 and 560 stores as of January 30, 2016 , January 31, 2015 and February 1, 2014 , respectively. The Company also operates an e Commerce web site for its Christopher & Banks and C.J. Banks brands at www.christopherandbanks.com . Fiscal year and basis of presentation The Company follows the standard fiscal year of the retail industry, which is a fifty-two or fifty-three week period ending on the Saturday closest to January 31, and is designated by the calendar year in which the fiscal year commences. The fiscal years ended January 30, 2016 ("fiscal 2015"), January 31, 2015 ("fiscal 2014"), and February 1, 2014 ("fiscal 2013") consisted of fifty-two weeks each, respectively. The consolidated financial statements include the accounts of Christopher & B anks Corporation and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. Correction of an error In connection with the preparation of the Company’s consolidated financial statements for the fiscal year ended January 31, 2015, the Company determined that its calculation of deferred rent expense was incorrect. The Company corrected the error in the fourth quarter of fiscal 2014, which resulted in a cumulative increase to rent expense of approximately $3.6 million recorded in merchandise, buying and occupancy expenses within the consolidated statements of operations . The effect of the correction was to decrease the Company’s operating income for the 2014 fourth quarter and fiscal year by approximately $3.6 million; net income for the fourth quarter and fiscal year were reduced by approximately $2.2 million. There was no impact to cash flows from operations. The Company concluded that this correction was immaterial to the related consolidated financial statements as a whole. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during reporting periods. As a result, actual results could differ because of the use of these estimates and assumptions. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and in banks and investments purchased with an original maturity of ninety days or less. Investments Investments are accounted for in accordance with Accounting Standards Codification ("ASC") 320-10, Investments — Debt and Equity Securities . At January 30, 2016 and January 31, 2015, the Company's investment balances consisted solely of available-for-sale securities and were valued at fair value in accordance with ASC 820-10 Fair Value Measurements . Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of stockholders’ equity as accumulated other comprehensive income (loss), net of tax. Fair value for available-for-sale securities is 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. Amortization of premiums or discounts arising at acquisition, and gains or losses on the disposition of available-for-sale securities are reported as other income (expense) in the consolidated statements of operations. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income (expense) in the consolidated statements of operations. Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise which may indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported in equity as accumulated other comprehensive income (loss). Inventory valuation Merchandise inventories are stated at the lower of cost or market utilizing the retail inventory method. The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently mark down merchandise, the resulting gross profit reduction is recognized. Physical inventories are generally taken annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. Physical inventories are taken at all store locations approximately three weeks before the end of the fiscal year. Shrinkage is estimated as a percentage of net sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. Property, equipment and improvements, net Property, equipment and improvements are initially recorded at cost. Property and equipment is depreciated on a straight-line basis over its estimated useful life as follows: Description Estimated Useful Lives Building and building improvements 25 years Computer hardware and software 3 to 5 years Equipment, furniture and fixtures 3 to 10 years Store leasehold improvements Shorter of the useful life or term of lease, typically 10 years Repairs and maintenance which do not extend an asset’s useful life are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for that period. Long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the sum of the estimated future cash flows is less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value, which is typically based on estimated discounted future cash flows. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis is depreciated over the remaining useful life of that asset. When reviewing long-lived assets for impairment, we group long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For long-lived assets deployed at store locations, we review for impairment at the individual store level. These reviews involve comparing the carrying value of all leasehold improvements, fixtures and equipment located at each store to the net cash flow projections for each store. In addition, we conduct separate impairment reviews at other levels as appropriate. For example, shared assets such as our corporate office and distribution center would be evaluated by reference to the aggregate assets, liabilities and projected residual cash flows of all areas of the businesses utilizing those shared assets. Our impairment loss calculations involve uncertainty because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including estimating useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows. If actual results are not consistent with our estimates and assumptions used in estimating future cash flows and asset fair values, we may be exposed to losses that could be material. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions we use to calculate long-lived asset impairment losses. We recorded long-lived store-level asset impairment charges of approximately $0.3 million, $0.2 million and $0.1 million in fiscal 2015, fiscal 2014, and fiscal 2013, respectively, related to a small number of underperforming store locations. See Note 12 - Fair Value Measurements , for further detail. Common stock held in treasury Treasury stock is accounted for under the cost method, whereby stockholders’ equity is reduced for the total cost of the shares repurchased. Revenue recognition Sales are recognized at the point of purchase when a customer takes possession of the merchandise and pays for the purchase with cash, credit card, debit card or gift card. The Company records eCommerce revenue upon the estimated date the customer receives the merchandise. Shipping and handling revenues are included in net sales. Sales are recognized net of a sales return reserve, which is based on historical sales return data and is not material. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from net sales. Gift cards are recorded as a liability when issued and until they are redeemed, at which point a sale is recorded. Unredeemed gift cards (“gift card breakage”) is recognized as a reduction of merchandise, buying and occupancy costs when the likelihood of a gift card being redeemed by a customer in the future is deemed remote and the Company determines that there is no legal obligation to remit the value of the unredeemed gift card to any state or local jurisdiction as unclaimed or abandoned property. The Company utilizes historical redemption patterns in order to estimate the rate and timing of breakage associated with gift cards. Based on historical redemption patterns, we currently recognize breakage for a portion of the gift card balances that remain outstanding following 36 months of issuance. Vendor allowances At certain times the Company receives allowances or credits from its merchandise vendors primarily related to goods that do not meet our quality standards. These allowances or credits are reflected as a reduction of merchandise inventory in the period they are received. The majority of merchandise is produced exclusively for the Company. Accordingly, the Company does not enter into any arrangements with vendors where payments or other consideration might be received in connection with the purchase or promotion of a vendor’s products such as buy-down agreements or cooperative advertising programs. Merchandise, buying and occupancy costs Merchandise, buying and occupancy costs include the cost of merchandise, markdowns, shrink, freight, shipping and handling charges, buyer and distribution center salaries, buyer travel, rent and other occupancy related costs, various merchandise design and development costs, miscellaneous merchandise-related expenses and other costs related to the Company's distribution network. Merchandise, buying and occupancy costs do not include any depreciation or amortization expense. Selling, general and administrative expenses Selling, general and administrative expenses include salaries, with the exception of buyer and distribution center salaries, other employee benefits, marketing, store supplies, payment processing fees, information technology-related costs, insurance, professional services, non-buyer travel and miscellaneous other selling and administrative related expenses. Selling, general and administrative expenses do not include any depreciation or amortization expense. Store pre-opening costs Non-capital expenditures such as payroll and training costs incurred prior to the opening of a new store are charged to selling, general and administrative expense in the period they are incurred. Rent expense, deferred rent obligations and deferred lease incentives The Company leases all of its store locations under operating leases. Most of these lease agreements contain tenant improvement allowances, funded by landlord cash incentives or rent abatements, which are recorded as a deferred lease incentive liability and amortized as a reduction of rent expense over the term of the lease. For purposes of recognizing landlord incentives and minimum rental expense, the Company utilizes the date that it obtains the legal right to use and control the leased space, which is generally when the Company enters the space and begins to make improvements in preparation for opening a new store location. Certain lease agreements contain rent escalation clauses which provide for scheduled rent increases during the lease term or for rental payments commencing at a date other than the date of initial occupancy. Such escalating rent expense is recorded on a straight-line basis over the lease term, not including any renewal option periods, and the difference between the recognized rent expense and amounts payable under the lease are recorded as deferred rent obligations. The Company's leases may also provide for contingent rents, which are determined as a percentage of sales in excess of specified levels. When specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable, the Company records a current accrued liability along with the corresponding rent expense. A small portion of our leases contain renewal options that generally allow us to extend the lease for an additional five years. Advertising Advertising costs are expensed as incurred and included in selling, general and administrative expenses . Advertising costs for fiscal 2015, fiscal 2014 and fiscal 2013, were approximately $7.3 million, $7.9 million and $7.4 million, respectively. Customer loyalty program The Company’s Friendship Rewards loyalty program grants customers the ability to accumulate points based on purchase activity. Once a Friendship Rewards member achieves a certain point level, the member earns award certificates that may be redeemed towards future merchandise purchases. Points are accrued as unearned revenue and recorded as a reduction of net sales and a current liability as they are accumulated by members and certificates are earned. The liability is recorded net of estimated breakage based on historical redemption patterns and trends. Revenue and the related cost of sales are recognized upon redemption of the reward certificates, which expire approximately six weeks after issuance . Private label credit card program During fiscal 2012, the Company launched a private label credit card program with a sponsoring bank which provides for the issuance of credit cards bearing the Christopher & Banks and C.J. Banks brands. The sponsoring bank manages and extends credit to the Company's customers and is the sole owner of the accounts receivable generated under the program. As part of the program, the Company received a signing bonus of approximately $0.5 million from the sponsoring bank and also earns revenue based on card usage by its customers. The deferred signing bonus is included in other liabilities and is being recognized in net sales ratably over the term of the contract. The other revenue based on customer usage of the card is recognized in net sales in the periods in which the related customer transaction occurs. During fiscal 2015, fiscal 2014 and fiscal 2013, the Company recognized approximately $0.7 million, $0.7 million and $0.6 million, respectively, in net royalty revenue included in net sales. In addition, the sponsoring bank reimburses the Company for certain marketing expenditures related to the program, subject to an annual cap on the amount of reimbursable expenses. Lease termination costs Discounted liabilities for future lease costs and the fair value of related subleases of closed locations are recorded when the stores are closed prior to the expiration of the lease or execution of a lease termination agreement. In assessing the discounted liabilities for future costs of obligations related to closed stores, the Company makes assumptions regarding amounts of future subleases. If these assumptions or their related estimates change in the future, the Company may be required to record additional exit costs or reduce exit costs previously accrued. Actual settlements may vary substantially from recorded obligations. As of January 30, 2016 and January 31, 2015, our lease termination liability is not material . 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 (unadjusted) in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices included in Level 1 that are either directly or indirectly observable Level 3 – Unobservable inputs that are significant to the fair value of the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Certain of the Company's financial assets and liabilities are recorded at their carrying amounts which approximate fair value, based on their short-term nature. These financial assets and liabilities include cash and cash equivalents, accounts receivable and accounts payable. The Company records its investments at fair value. The Company measures certain of its long-lived assets at fair value on a non-recurring basis. Long-lived store-level asset impairment charges recorded during fiscal 2015, 2014 and 2013 were measured at fair value using Level 3 inputs. Stock-based compensation Stock-based compensation is accounted for in accordance with ASC 718-10 , Stock Compensation . To calculate the estimated fair value of stock options on the date of grant, the Company uses the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to estimate key assumptions such as expected term, volatility, risk-free interest rates and dividend yield to determine the fair value of stock options, based on both historical information and management judgment regarding market factors and trends. The Company recognizes stock-based compensation expense on a straight-line basis over the corresponding vesting period of the entire award, net of estimated forfeiture rates. The Company estimates expected forfeitures of share-based awards at the grant date and recognizes compensation cost only for those awards expected to vest. In estimating expected forfeitures, the Company analyzes historical forfeiture and termination information and considers how future termination rates are expected to differ from historical termination rates. The Company ultimately adjusts this forfeiture assumption to actual forfeitures. Any changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Instead, different forfeiture assumptions only impact the timing of expense recognition over the vesting period. If the actual forfeitures differ from management estimates, additional adjustments to compensation expense are recorded. Restricted stock awards are generally subject to forfeiture if employment or service terminates prior to the lapse of the restrictions. In addition, certain restricted stock awards have performance-based vesting provisions and are subject to forfeiture, in whole or in part, if these performance conditions are not achieved. Management assesses, on an ongoing basis, the probability of whether the performance criteria will be achieved and, once it is deemed probable, compensation expense is recognized over the relevant performance period. For those awards not subject to performance criteria, the cost of the restricted stock awards is expensed, which is determined to be the fair market value of the shares at the date of grant, on a straight-line basis over the vesting period. Time-based grants of restricted stock participate in dividend payments to the extent dividends are declared and paid prior to vesting. Income taxes Income taxes are calculated in accordance with ASC 740, Income Taxes, which requires the use of the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future income taxes attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We record a valuation allowance against our deferred tax assets when it is more likely than not that some portion or all of our deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make judgments regarding future income, taxable income and the potential effects of the mix of income or losses in jurisdictions in which we operate. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. Net income (loss) per common share The Company utilizes the two-class method of calculating earnings per share (“EPS”) where unvested share-based payment awards that contain non-forfeitable rights to receive dividends or dividend equivalents (whether paid or unpaid) are participating securities, and thus, are included in the two-class method of computing EPS. Participating securities include unvested employee restricted stock awards with time-based vesting, which contain non-forfeitable rights to receive dividend payments. Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the applicable period, while diluted EPS is computed based on the weighted average number of shares of common and common equivalent shares outstanding. Segment reporting The Company reports its operations as one reportable segment, Retail Operations, which consists of one operating segment, in accordance with Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting.” The Company defines an operating segment on the same basis that it uses to evaluate performance and to allocate resources. The Company has also considered its organizational structure and design of its Executive compensation programs. Therefore, the Company reports results as a single segment, which includes the operation of its retail stores, outlet stores, online and mobile. For details regarding the operating performance of the Company's retail operations and supporting corporate/administrative functions, refer to Note 17 - Segment Reporting . Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under Accounting Standards Update ("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 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. The Company elected early adoption of this guidance for the fiscal year ended January 30, 2016, on a prospective basis. The adoption of this ASU allows the Company to simplify its presentation of deferred income tax liabilities and assets. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU 2016-02, Leases , which requires that lease arrangements longer than twelve months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We have not evaluated the impact of the updated guidance on our consolidated financial statements. |
Investments
Investments | 12 Months Ended |
Jan. 30, 2016 | |
Investments [Abstract] | |
Investments | NOTE 2 — Investments Investments as of January 30, 2016 consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Available-for-sale securities: Corporate bonds Municipal bonds — — Total short-term investments 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 $ $ $ $ The securities above were classified as available-for-sale as the Company did not enter into these investments for speculative purposes or intend to actively buy and sell the securities in order to generate profits on differences in price. The Company's primary investment objective is preservation of principal. During fiscal 2015, there were no purchases of available-for-sale securities , and maturities of available-for-sale securities were approximately $15.0 million. During fiscal 2014 , there were approximately $18.5 million in purchases of available-for-sale securities and maturities of available-for-sale securities were approximately $16.5 million. There were no other-than-temporary impairments of available-for-sale securities during fiscal 20 15 and fiscal 2014. See Note 12 - Fair Value Measurements , for fair value disclosures relating to the Company's investments. The following table summarizes the remaining contractual maturities of the Company’s available-for-sale securities ( in thousands ) : January 30, 2016 Due in one year or less $ Due after one year through five years — Total investments $ |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 30, 2016 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable, Net | NOTE 3 — Accounts Receivable Accounts receivable consisted of the following (in thousands): January 30, 2016 January 31, 2015 Credit card receivables $ $ Amounts due from landlords Other receivables Total accounts receivable $ $ Credit card receivables relate to amounts due from payment processing entities that are collected one to five days after the related sale transaction occurs. |
Merchandise Inventories
Merchandise Inventories | 12 Months Ended |
Jan. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Merchandise Inventories | NOTE 4 — Merchandise Inventories Merchandise inventories consisted of the following (in thousands): January 30, 2016 January 31, 2015 Merchandise - in store/eCommerce $ $ Merchandise - in transit Total merchandise inventories $ $ |
Property, Equipment and Improve
Property, Equipment and Improvements, Net | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Improvements, Net | NOTE 5 — Property, Equipment and Improvements, Net Property, equipment and improvements, net consisted of the following (in thousands): Description January 30, 2016 January 31, 2015 Land $ $ Corporate office, distribution center and related building improvements Store leasehold improvements Store furniture and fixtures Corporate office and distribution center furniture, fixtures and equipment Computer and point of sale hardware and software Construction in progress Total property, equipment and improvements, gross Less accumulated depreciation and amortization Total property, equipment and improvements, net $ $ Upon performing the annual impairment analysis, the Company determined that improvements and equipment at certain under-performing stores and at stores identified for closure were impaired. As a result, the Company recorded asset impairments related to property, equipment and improvements of $0.3 million, $0.2 million and $0.1 million in fiscal 2015, fiscal 2014, and fiscal 2013, respectively. See Note 12 - Fair Value Measurements , for further detail. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Jan. 30, 2016 | |
Accrued Liabilities | |
Accrued Liabilities | NOTE 6 — Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): January 30, 2016 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 | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | NOTE 7 — Credit Facility The Company is party to an amended and restated credit agreement (the "Credit Facility") with Wells Fargo Bank, N.A. (“Wells Fargo”), as lender. The Credit Facility was most recently amended and extended on September 8, 2014. The current expiration date is September 2019. 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, and up to $10.0 million of which may be drawn in the form of standby and documentary letters of credit. 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% . 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 stock holders if certain financial conditions are met. The Company was in compliance with all covenants and other financial provisions as of January 30, 2016 . The Company's obligations under the Credit Facility are secured by the assets of the Company and its subsidiaries. The Company has pledged substantially all of its assets as collateral security for the loans, including accounts owed to the Company, bank accounts, inventory, other tangible and intangible personal property, intellectual property (including patents and trademarks), and stock or other evidences of ownership of 100% of all of the Company's subsidiaries. The Company had no revolving credit loan borrowings under the Cr edit Facility during fiscal 2015, fiscal 2014 or fiscal 2013 . The total b orrowing b ase at January 30, 2016 , was approximately $26.3 million. As of January 30, 2016 , the Company had open on-demand letters of credit of approximately $0.3 million. Accordingly, after reducing the b orrowing b ase for the open letters of credit and the required minimum availability of the greater of $3.0 million, or 10.0% of the b orrowing b ase, the net availability of revolving credit loans under the Credit Facility was approximately $23.0 million at January 30, 2016 . |
Stockholders Equity and Stock-B
Stockholders Equity and Stock-Based Compensation | 12 Months Ended |
Jan. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | NOTE 8 — Stockholder's Equity and Stock-Based Compensation Dividends The Credit Facility allows payment of dividends to the Company's stock holders if certain financial conditions are met. No di vidends were paid in fiscal 2015, fiscal 2014 or fiscal 2013 . S tock-based compensation The Company maintains the following s tock plans approved by stock holders: the 2013 Directors' Equity Incentive Plan (the "2013 Plan") and the 2014 Stock Incentive Plan (the “2014 Plan”). Under the 2014 Plan and the 2013 Plan , the Company may grant options to purchase common stock to employees and non-employee members of the Board , respectively, at a price not less than 100% of the fair market value of the common stock on the option grant date. In general, options granted to employees vest over three years and are exercisable up to 10 years from the date of grant , and options granted to Directors vest ratably over approximately 30 months and are exercisable up to 10 years from the grant date. No options have been granted to Directors in the last three fiscal years. The Company may also grant shares of restricted stock or units representing the right to receive shares of stock to its employees and non-employee members of the Board. The grantee cannot transfer the shares or units before the respective shares or units vest. Shares of nonvested restricted stock are considered to be currently issued and outstanding , but units representing the right to receive stock are not . G rants to employees of restricted stock or restricted stock units generally have original vesting schedules of one to three years, while restricted grants to Directors typically vest approximately one year after the date of grant. Approximately 0.5 million and 3.9 million shares were au thorized for issuance under the 2013 Plan and the 2014 Plan, respectively. As of January 30, 2016 , there were approximately 0.2 million and 2.4 million shares available for future grant under the 2013 Plan and the 2014 Plan, respectively. In addition, as of January 30, 2016 , there are approximately 1.5 million options outstanding which were granted to our Chief Executive Officer in 2012 outside of the above plans as an inducement to employment. The total pre-tax compensation expense related to all st ock-based awards for fiscal 2015, fiscal 2014 and fiscal 2013 was approximately $1.6 million, $2.3 million and $2.8 million, respectively. Stock-based compensation expense is included in merchandise, buying and occupancy expenses for the buying and distribution employees, and in selling, general and administrative expense for all other employees. Black-Scholes assumptions The Company uses the Black-Scholes option-pricing model to value stock options for grants to employees and non-employee directors. Using this option-pricing model, the fair value of each stock option award is estimated on the date of grant and is expensed on a straight-line basis over the vesting period, as the stock options are subject to pro-rata vesting. The expected volatility assumption is based on the historical volatility of the Company’s stock over a term equal to the expected term of the option granted. The expected term of stock option awards granted is derived from the Company’s historical experience and represents the period of time that awards are expected to be outstanding. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the expected term of the option granted. The table below shows the weighted average assumptions relating to the valuation of stock op tions granted during fiscal 2015, fiscal 2014 and fiscal 2013 . Fiscal 2015 Fiscal 2014 Fiscal 2013 Expected dividend yield —% —% —% Expected volatility 68.62% 59.59% 70.08 -75.66% Risk-free interest rate 1.73% 1.73% 0.76 -1.37% Expected term 5.00 years 5.00 years 5.00 years Stock-Based Compensation Activity — Stock Options The following tables present a summary of stock option activity for fiscal 2015 : Aggregate Weighted Average Weighted Average Intrinsic Value Remaining Number of Shares Exercise Price (in thousands) Contractual Life Outstanding, beginning of period Granted Exercised — — Canceled - Vested Canceled - Unvested (Forfeited) Outstanding, end of period $ $ 5.92 years Exercisable, end of period $ $ — 5.89 years Weighted Average Grant Date Number of Shares Fair Value Nonvested, beginning of period $ Granted Vested Forfeited Nonvested, end of period The weighted average fair value for op tions granted during fiscal 2015, fiscal 2014 and fiscal 2013 was $0.80 , $4. 55 and $3.80 , respectively. The fair value of op tions vesting during fiscal 2015, fiscal 2014 and fiscal 2013 was approximately $2. 00 , $1. 71 and $2. 06 , respectively. The aggregate intrinsic value of opti ons exercised during fiscal 2014 and fiscal 2013 was approximately $4.6 million and $0.2 million, respectively . There were no opti ons exercised during fiscal 2015. As of January 30, 2016 , there was approximately $0.02 million of total unrecognized compensation expense related to nonvested stock options granted, which is expected to be recognized over a weighted average period of approximately 1.51 y ears. Stock-Based Compensation Activity — Restricted Stock The following table presents a summary of restricte d stock activity for fiscal 2015 : Weighted Average Aggregate Grant Date Fair Intrinsic Value Number of Shares Value (in thousands) Nonvested, beginning of period $ Granted Vested Forfeited Nonvested, end of period $ The weighted average fair value for restricted stock granted during fiscal 2015, fiscal 2014 and fiscal 2013 was $4.50 , $8.89 and $6.51 , respectively. The total fair value of restricted stock vested during fiscal 2015, fiscal 2014 and fiscal 2013 was approximately $0.6 million, $0.8 million and $0.6 million, respectively. The aggregate intrinsic value of restricted stock vested during fiscal 2015, fiscal 2014 and fiscal 2013 was approximately $0.1 million, $0.6 million and $0.6 million, respectively. As of January 30, 2016 , there was approximately $0.4 million of unrecognized stock-based compensation expense related to nonvested restricted stock awards, which is expected to be recognized over a weighted average period of approximately 1.2 years. Other Stock-Based Awards During fiscal 2014, the Company made performance share awards to a limited number of executive-level employees which entitles these employees to receive a specified number of shares of the Company’s common stock on vesting dates, provided that cumulative two -year and/or three -year targets are achieved. The cumulative targets involve operating margin, net sales growth and total stockholder return versus a specified peer group. Management estimates the fair value of performance shares awards based on the market price of the underlying stock on the date of grant for net sales growth and operating margin targets. The Company utilized a Monte Carlo simulation model to determine the fair value of the performance shares for total stockholder return. The target grants (as revised for non-vested forfeitures) currently approximate 96,000 and 143,000 shares, respectively, with a weighted average grant-date fair value of $6.41 per share. The actual number of shares issued on the vesting dates could range from zero to 200% of target, depending upon actual performance achieved. Based on the market price of the Company’s common stock at January 30, 2016, the maximum future value that could be awarded on the vesting dates was $0.3 million for the two-year target awards and $0.5 million for the three-year target awards. During fiscal 2015, the Company made performance share awards to a limited number of executive-level employees which entitles these employees to receive a specified number of shares of the Company’s common stock on vesting dates, provided that cumulative two -year targets are achieved. The cumulative targets involve operating margin and net sales growth. Management estimates the fair value of performance shares based on the market price of the underlying stock on the date of grant. The target grants (as revised for non-vested forfeitures) currently approximate 157,000 shares with a weighted average grant-date fair value of $5.29 per share. The actual number of shares issued on the vesting date could range from zero to 200% of target, depending upon actual performance achieved. Based on the market price of the Company’s stock at January 30, 2016, the maximum future value that could be awarded on the vesting dates was $0.5 million. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Jan. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | NOTE 9 — Other Income (Expense) Other income (expense) consisted of the following for the periods identified below (in thousands): Fiscal 2015 Fiscal 2014 Fiscal 2013 Interest expense $ $ $ Interest income, net Gain (loss) on investments carried at fair value — — Total other income (expense) $ $ $ |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure | |
Income Taxes | NOTE 10 — Income Taxes The provision for income taxes consisted of the following for the fiscal periods identified below (in thousands): Fiscal 2015 Fiscal 2014 Fiscal 2013 Current: Federal tax expense (benefit) $ — $ $ State tax expense (benefit) Current tax expense (benefit) Deferred tax expense (benefit) — Income tax provision (benefit) $ $ $ The following presents a reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate for the fiscal periods ended: January 30, 2016 January 31, 2015 February 1, 2014 Federal income tax at statutory rate % % % State income tax, net of federal benefit Change in valuation allowance Reserve for unrecognized tax benefits Tax credits — — Other Effective income tax rate % % % Deferred income taxes are provided for temporary differences between the basis of assets and liabilities for financial reporting purposes and income tax purposes. Deferred tax assets and liabilities as of January 31, 2015, were classified as current and noncurrent on the basis of the classification of the related asset or liability for financial reporting. In November 2015, the FASB issued ASU 2015-17 “Income Taxes.” ASU 2015-17 requires that deferred income tax liabilities and assets be classified as non-current in a statement of financial position. The Company elected early adoption of this guidance for the fiscal year ended January 30, 2016, on a prospective basis. The adoption of this ASU allows the Company to simplify its presentation of deferred income tax liabilities and assets. Prior periods were not retrospectively adjusted. Significant components of the Company's deferred income tax assets and liabilities are as follows (in thousands): January 30, 2016 January 31, 2015 Deferred tax assets: Accrued Friendship Rewards loyalty liability $ $ Accrued gift card liability Merchandise inventories Deferred rent and deferred lease incentives Stock-based compensation expense Net operating loss carryforwards Contribution carryforwards Tax credit carryforwards Depreciation and amortization — Other accrued liabilities Total deferred tax assets Less: Valuation allowance Deferred tax assets, net of valuation allowance Deferred tax liabilities: Depreciation and amortization — Other Total deferred tax liabilities Net deferred tax assets $ $ Deferred income tax assets represent potential future income tax benefits. Realization of these assets is ultimately dependent upon future taxable income. ASC 740 Income Taxes requires that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is considered more likely than not that some or all of the recorded deferred tax assets will not be realized in a future period. Forming a conclusion that a valuation allowance is not needed is difficult when negative evidence such as cumulative losses exists. As a result of management's evaluation in fiscal 2011, a non-cash provision of $10.6 million was recognized to establish a valuation allowance against deferred tax assets as there was insufficient positive evidence to overcome the negative evidence related to the Company's cumulative losses. In the fourth quarter of fiscal 2014, the Company released the vast majority of the valuation allowance based on two consecutive years of profitability, three years of cumulative positive earnings achieved in the fourth quarter of fiscal 2014 and the Company’s forecast of continued profitability in fiscal 2015. A small valuation allowance was retained for state net operating loss carryforwards that may expire before they are utilized. The release of the valuation allowance resulted in a $41.3 million benefit to the income tax provision in fiscal 2014. Management continued to monitor the realizability of the deferred tax assets in fiscal 2015. The release of the valuation allowance in fiscal 2014 assumed the Company would continue to generate future profits. The fiscal 2015 loss had an impact on the expected amount of the 36 month cumulative loss. Although management’s evaluation considered the effects of improved sales trends that may result in future taxable income, estimates such as these are inherently subjective. Without significant positive evidence to overcome the weight of possible future cumulative losses, the Company established a valuation allowance against its deferred tax assets in the fourth quarter of fiscal 2015. A non-cash provision of $37.5 million was recognized to establish the valuation allowance. A small deferred tax asset was allowed related to certain state tax benefits. As of January 30, 2016, the Company has federal and state net operating loss carryforwards which will reduce future taxable income. Approximately $29.8 million in net federal tax benefits are available from these federal loss carryforwards of approximately $85.0 million, and an additional $1.3 million is available in net tax credit carryforwards. Included in the federal net operating loss is approximately $5.3 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 will result in net state tax benefits of approximately $2.1 million. The federal net operating loss carryovers will expire in October 2032 and beyond. The Company has analyzed equity ownership changes and determined its net operating losses will not be limited under IRC Section 382. The state net operating loss carryforwards will expire in November 2016 and beyond. Additionally, the Company has charitable contribution carryforwards that will expire in 2016 and beyond. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): Balance at February 2, 2013 $ Additions based on tax positions related to the current year Reductions for tax positions of previous years Reductions for tax positions of previous years due to lapse of applicable statute of limitations Balance at February 1, 2014 Additions based on tax positions related to the current year Additions for tax positions of previous years Reductions for tax positions of previous years due to lapse of applicable statute of limitations Balance at January 31, 2015 Additions based on tax positions related to the current year Additions for tax positions of previous years Reductions for tax positions of previous years Reductions for tax positions of previous years due to lapse of applicable statute of limitations Balance at January 30, 2016 $ The Company's liability for unrecognized tax benefits is recorded within other non-current liabilities. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of January 30, 2016 and January 31, 2015 were $0.6 million and $0.6 million, respectively. Interest and penalties related to unrecognized tax benefits of approximately $64 thousand, $53 thousand and $47 thousand were recognized as components of income tax expense in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. At January 30, 2016 and January 31, 2015, approximately $0.2 million and $0.2 million, respectively, were accrued for the potential payment of interest and penalties. The Company and its subsidiaries are subject to U.S. federal income taxes and the income tax obligations of various state and local jurisdictions. 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 n or any impact to tax expense. The Company is currently under exam by the IRS for fiscal 2013. Periods after the fiscal 2012 transition period remain subject to examination by the Internal Revenue Service. With few exceptions, the Company is not subject to state income tax examination by tax authorities for taxable years prior to fiscal 20 11. As of January 30, 2016, the Company had no other ongoing audits in various jurisdictions and does not expect the liability for unrecognized tax benefits to significantly increase or decrease in the next twelve months. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 11 — Earnings Per Share The calculation of EPS shown below excludes the income attributable to participating securities from the numerator. Fiscal 2015 Fiscal 2014 Fiscal 2013 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 2.3 million, 0.3 million and 0.5 million were excluded from the shares used in the computation of diluted earnings per share for fiscal 2015, fiscal 2014 and fiscal 2013, respectively, as they were anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 12 — Fair Value Measurements 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 January 30, 2016: Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Short-term investments: 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 $ $ — $ $ — As of January 30, 2016, 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. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during fiscal 2015 . Consistent with Company policy, transfers into levels and transfers out of levels are recognized 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 fiscal periods ended January 30, 2016 and 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. Fiscal Year Ended Fiscal Year Ended Long-Lived Assets Held and Used (in thousands) : January 30, 2016 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 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 8% (3%) to 3.5% |
Employee Benefit Plans and Empl
Employee Benefit Plans and Employment Agreements | 12 Months Ended |
Jan. 30, 2016 | |
Employee Benefit Plans and Employment Agreements [Abstract] | |
Employee Benefit Plans and Employment Agreements | NOTE 13 — Employee Benefit Plans and Employment Agreements 401(k) Plan The Company has established a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code for the benefit of all employees who meet certain eligibility requirements, which are primarily age, length of service and hours of service. The plan allows eligible employees to invest from 1% to 60% of their compensation, subject to dollar limits as established by the federal government. The plan allows for discretionary Company matching contributions. Effective March 8, 2009, the Company discontinued its discretionary matching contributions. The Company reinstated its discretionary matching contributions during fiscal 2013, and made matching contributions totaling appro ximately $0.5 million, $0.5 million and $0.2 million in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. The Company does not offer any other post-retirement, post-employment or pension benefits to directors or employees. Severance Agreements In April 2014, the Company entered into the same form of severance agreements (the “Severance Agreement”) with each of its executive officers, other than its Chief Executive Officer and President, and in November 2015 with its recently hired Vice President, Controller (each an “Executive”). Per the terms of the Severance Agreement, the Executive is and remains an at-will employee, and thus may be terminated at any time with or without “Cause”, as such term is defined in the Severance Agreement. If the Executive is involuntarily terminated by the Company without “Cause”, and executes a general release of claims in favor of the Company, the Company will be obligated to pay the Executive a severance payment equal to twelve months of the Executive’s highest annual salary at any time during the twelve months preceding the date of termination. In addition, the Severance Agreement provides that the Company will pay the Company portion of COBRA health and dental premiums for up to twelve months after termination. The Severance Agreement also provides that, notwithstanding the foregoing, if, 180 days prior to, or twelve months after a “Change in Control” the Executive is terminated without “Cause” or resigns for “Good Reason”, as such terms are defined in the Severance Agreement, then the Executive, based on his or her position, shall be entitled to receive a severance payment in one lump sum and adjusted for any severance payments previously made by the Company, generally equal to the following: Executive Vice Presidents: The sum of (A) eighteen months of his or her highest annual salary at any time during the twelve month period preceding the date of termination; (B) 1.5 times his or her then current on-target bonus; and (C) the value of eighteen months of the Company portion of COBRA health and dental premiums, unless the executive is eligible for a government subsidy with respect to such COBRA benefits. Senior Vice Presidents and Vice President, Controller: The sum of (A) twelve months of his or her highest annual salary at any time during the twelve month period preceding the date of termination; (B) 1.0 times his or her then current on-target bonus; and (C) the value of twelve months of the Company portion of COBRA health and dental premiums, unless the executive is eligible for a government subsidy with respect to such COBRA benefits. The Severance Agreement also provides for a “cutback” such that any severance payment shall be reduced below the amount that would trigger an excise tax liability. The Company is not obligated to pay an “excise tax” under Section 4999 of the Internal Revenue Code of 1986, as amended, and there are no tax “gross-up” provisions in the Severance Agreement. Additionally, the Severance Agreement contains a provision prohibiting the Executive during the period of his or her employment and, for a period of twelve months after the Executive’s termination, from (i) engaging in certain competitive activities; (ii) soliciting employees to either leave their employment with the Company or its affiliates or to establish a relationship with a “Competitor” (as such term is defined in the Severance Agreement); or (iii) soliciting, engaging or inducing a vendor or supplier of the Company or its affiliates to sever or materially alter its relationship with the Company or to establish a relationship with a Competitor. As of January 30, 2016 and January 31, 2015, our severance liability for Executive Officers was not material. Management Retention Plan On July 5, 2012, the Compensation Committee (the “Committee”) of the Board approved a Management Retention Plan (the “Plan”) and the entry into of retention agreements (the “Retention Agreements”), issued pursuant to the Plan, with certain members of management, including the Chief Financial Officer and one additional “named executive officer,” as determined pursuant to Item 402 of Regulation S-K for purposes of the Company’s Proxy Statement filed May 15, 2012 (the “Proxy Statement”). The Company had received an unsolicited offer to acquire the Company, which the Board and the Committee recognized can be highly disruptive to the Company’s day-to-day operations, and may cause certain key members of management to consider other employment opportunities. In order to ensure that the most critical members of management remain fully engaged and focused on driving improved performance at the Company for the benefit of the Company’s stockholders, the Committee approved and adopted the Plan and the Retention Agreements. The Retention Agreements provided for a lump-sum cash award. The term of the award was for one year from adoption, unless accelerated due to a change in control. Pursuant to the Plan and the Retention Agreements, if there were a change in control event prior to the completion of the term, and a recipient’s employment were terminated without “cause” or with “good reason” (as each such term is defined in the Plan) prior to the completion of the term, the recipient would receive the award payment in full upon such termination. The amount of the award for each of the recipients was equal to such recipient’s annualized base salary without regard to bonuses and other incentive compensation in effect immediately prior to the distribution, but not less than such recipient’s highest annualized base salary in effect within the twelve month period immediately preceding the change in control. The awards under the Plan were paid in July 2013 and the Plan is no longer in force or effect. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Jan. 30, 2016 | |
Lease Commitments | |
Lease Commitments | NOTE 14 — Lease Commitments The Company leases its store locations and vehicles under operating leases. The store lease terms, including rental period, renewal options, escalation clauses and rent as a percentage of sales, vary among the leases. Most store leases require the Company to pay real estate taxes and common area maintenance charges. Total rental expense for all leases was as follows for the fiscal periods ended (in thousands): Fiscal 2015 Fiscal 2014 Fiscal 2013 Minimum rent $ $ $ Contingent rent Maintenance, taxes and other Amortization of deferred lease incentives Total rent expense $ $ $ Future minimum rental payments as of January 30, 2016, and the estimated timing and effect that such obligations are expected to have on the Company’s liquidity and cash flows for operating leases are as follows (in thousands): Payments Due by Period Fiscal Fiscal Fiscal Fiscal 2021 Contractual Obligations 2016 2017-2018 2019-2020 and Thereafter Total Retail store facility operating leases $ $ $ $ $ Vehicle operating leases — — Total obligations $ $ $ $ $ |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Jan. 30, 2016 | |
Lease Commitments | |
Legal Proceedings | NOTE 15 — 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, in management’s opinion, be accurately predicted, any such liability is not expected to have a material adverse impact on the Company's financial position, results of operations or liquidity. |
Sources of Supply
Sources of Supply | 12 Months Ended |
Jan. 30, 2016 | |
Sources of Supply [Abstract] | |
Sources of Supply | NOTE 16 — Sources of Supply The Company's ten largest vendors accounted for approximately 70% of total merchandise purchases in each of the prior three fiscal years, respectively. One of the Company’s suppliers accounted for approximately 30% , 28% , and 19% of merchandise purchases during fiscal 2015, fiscal 2014 and fiscal 2013, respectively. Another supplier accounted for approximately 10% , 10% and 11% of merchandise purchases during fiscal 2015, fiscal 2014 and fiscal 2013, respectively. Although the Company has strong relationships with these vendors, there can be no assurance that these relationships can be maintained in the future or that these vendors will continue to supply merchandise to the Company. If there should be any significant disruption in the supply of merchandise from these vendors, management believes that production could be shifted to other suppliers so as to continue to secure the required volume of product. Nevertheless, it is possible that any significant disruption in supply could have a material adverse impact on the Company's financial position or results of operations. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 17 — Segment Reporting In the table below, Retail Operations includes activity generated by the Company’s retail store locations (Missy Petite Women ("MPW"), Outlet stores, Christopher & Banks, and C.J. Banks) as well as the eCommerce business. Retail Operations only includes net sales, merchandise gross margin and direct store expenses with no allocation of corporate overhead as that is the information used by the chief operating decision maker to evaluate performance and to allocate resources. The Corporate/Administrative balances include supporting administrative activity at the corporate office and distribution center facility and are included to reconcile the amounts to the consolidated financial statements. For the fiscal period ended January 30, 2016, long-lived assets with a carrying amount of $0.4 million were written down to their fair value of $0.1 million resulting in an impairment charge of $0.3 million. For the fiscal period ended January 31, 2015, long-lived assets with a carrying amount of $0.3 million were written down to their fair value of $0.1 million resulting in an impairment charge of $0.2 million. For the fiscal period ended February 1, 2014, long-lived assets with a carrying amount of $0.1 million were written down to their fair value of $5 thousand resulting in an impairment charge of $0.1 million. The impairment costs for each fiscal period related to store-level asset impairment charges are included in the operating income for the Retail Operations segment. Business Segment Information (in thousands) Retail Corporate/ Operations Administrative Consolidated Fiscal 2015 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets Fiscal 2014 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets Fiscal 2013 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 18 — Related-Party Transactions We, or our subsidiaries, have for the past several years purchased goods from or through G-III Apparel Group Ltd. (“G-III”) or its related entities. On January 3, 2011, Morris Goldfarb, the Chairman of the Board and Chief Executive Officer of G-III, became a director of the Company. On June 27, 2013, Mr. Goldfarb ceased to be a member of the Board as he did not stand for re-election at the Company's annual meeting of stockholders in June 2013. In fiscal 2014 and fiscal 2013, payments made by us and our subsidiaries to G-III and its related entities aggregated approximately $1.1 million and $1.2 million, respectively. As of January 31, 2015, we had a balance due to G-III or its related entities of approximately $12 thousand. We have evaluated the terms and considerations for such related party transactions and have determined the terms are comparable to amounts that would have to be paid to, or received from, independent third-parties. G-III was not considered a related party during fiscal 2015. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | NOTE 19 — Quarterly Financial Data (Unaudited) Fiscal 2015 Quarters (1) (in thousands, except per share data) First Second Third Fourth Net sales $ $ $ $ Operating (loss) income Net loss Net loss per share data: Basic $ $ $ $ Diluted $ $ $ $ Fiscal 2014 Quarters (1) (in thousands, except per share data) First Second Third Fourth (2) Net sales $ $ $ $ Operating income (loss) Net income Net income per share data: Basic $ $ $ $ Diluted $ $ $ $ (1) The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. (2) As described in Note 1, in connection with the preparation of the Company’s consolidated financial statements for the fiscal year ended January 31, 2015, the Company determined that its calculation of deferred rent expense was incorrect. The Company corrected the error in the fourth quarter of fiscal 2014, which resulted in an increase to rent expense of approximately $3.6 million. The effect of the correction was to decrease operating income for the 2014 fourth quarter by approximately $3.6 million; net income for the fourth quarter was reduced by approximately $2.2 million. The Company concluded that this correction was immaterial to the related consolidated financial statements as a whole . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 20 — Subsequent Events In the first quarter of fiscal 2016, the Company will incur approximately $1.6 million in legal and other professional advisory fees in connection with shareholder activism related to the Company’s 2016 annual meeting of shareholders that was settled subsequent to the fiscal year end. |
Nature of Business and Signif29
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies | |
Fiscal year and basis of presentation | Fiscal year and basis of presentation The Company follows the standard fiscal year of the retail industry, which is a fifty-two or fifty-three week period ending on the Saturday closest to January 31, and is designated by the calendar year in which the fiscal year commences. The fiscal years ended January 30, 2016 ("fiscal 2015"), January 31, 2015 ("fiscal 2014"), and February 1, 2014 ("fiscal 2013") consisted of fifty-two weeks each, respectively. The consolidated financial statements include the accounts of Christopher & B anks Corporation and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. |
Correction of an error | Correction of an error In connection with the preparation of the Company’s consolidated financial statements for the fiscal year ended January 31, 2015, the Company determined that its calculation of deferred rent expense was incorrect. The Company corrected the error in the fourth quarter of fiscal 2014, which resulted in a cumulative increase to rent expense of approximately $3.6 million recorded in merchandise, buying and occupancy expenses within the consolidated statements of operations . The effect of the correction was to decrease the Company’s operating income for the 2014 fourth quarter and fiscal year by approximately $3.6 million; net income for the fourth quarter and fiscal year were reduced by approximately $2.2 million. There was no impact to cash flows from operations. The Company concluded that this correction was immaterial to the related consolidated financial statements as a whole. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during reporting periods. As a result, actual results could differ because of the use of these estimates and assumptions. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and in banks and investments purchased with an original maturity of ninety days or less. |
Investments | Investments Investments are accounted for in accordance with Accounting Standards Codification ("ASC") 320-10, Investments — Debt and Equity Securities . At January 30, 2016 and January 31, 2015, the Company's investment balances consisted solely of available-for-sale securities and were valued at fair value in accordance with ASC 820-10 Fair Value Measurements . Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of stockholders’ equity as accumulated other comprehensive income (loss), net of tax. Fair value for available-for-sale securities is 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. Amortization of premiums or discounts arising at acquisition, and gains or losses on the disposition of available-for-sale securities are reported as other income (expense) in the consolidated statements of operations. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income (expense) in the consolidated statements of operations. Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise which may indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported in equity as accumulated other comprehensive income (loss). |
Inventory valuation | Inventory valuation Merchandise inventories are stated at the lower of cost or market utilizing the retail inventory method. The retail inventory method inherently requires management judgments and estimates, such as the amount and timing of permanent markdowns to clear unproductive or slow-moving inventory, which may impact the ending inventory valuation as well as gross margins. Permanent markdowns designated for clearance activity are recorded when the utility of the inventory has diminished. Factors considered in the determination of permanent markdowns include current and anticipated demand, customer preferences, age of the merchandise and fashion trends. When a decision is made to permanently mark down merchandise, the resulting gross profit reduction is recognized. Physical inventories are generally taken annually, and inventory records are adjusted accordingly, resulting in the recording of actual shrinkage. Physical inventories are taken at all store locations approximately three weeks before the end of the fiscal year. Shrinkage is estimated as a percentage of net sales at interim periods and for this approximate three-week period, based on historical shrinkage rates. |
Property, equipment and improvements, net | Property, equipment and improvements, net Property, equipment and improvements are initially recorded at cost. Property and equipment is depreciated on a straight-line basis over its estimated useful life as follows: Description Estimated Useful Lives Building and building improvements 25 years Computer hardware and software 3 to 5 years Equipment, furniture and fixtures 3 to 10 years Store leasehold improvements Shorter of the useful life or term of lease, typically 10 years Repairs and maintenance which do not extend an asset’s useful life are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for that period. |
Long-lived assets | Long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When evaluating long-lived assets for potential impairment, we first compare the carrying value of the asset to the asset's estimated future cash flows (undiscounted and without interest charges). If the sum of the estimated future cash flows is less than the carrying value of the asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the asset to the asset's estimated fair value, which is typically based on estimated discounted future cash flows. We recognize an impairment loss if the amount of the asset's carrying value exceeds the asset's estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For a depreciable long-lived asset, the new cost basis is depreciated over the remaining useful life of that asset. When reviewing long-lived assets for impairment, we group long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For long-lived assets deployed at store locations, we review for impairment at the individual store level. These reviews involve comparing the carrying value of all leasehold improvements, fixtures and equipment located at each store to the net cash flow projections for each store. In addition, we conduct separate impairment reviews at other levels as appropriate. For example, shared assets such as our corporate office and distribution center would be evaluated by reference to the aggregate assets, liabilities and projected residual cash flows of all areas of the businesses utilizing those shared assets. Our impairment loss calculations involve uncertainty because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including estimating useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows. If actual results are not consistent with our estimates and assumptions used in estimating future cash flows and asset fair values, we may be exposed to losses that could be material. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions we use to calculate long-lived asset impairment losses. We recorded long-lived store-level asset impairment charges of approximately $0.3 million, $0.2 million and $0.1 million in fiscal 2015, fiscal 2014, and fiscal 2013, respectively, related to a small number of underperforming store locations. See Note 12 - Fair Value Measurements , for further detail. |
Common stock held in treasury | Common stock held in treasury Treasury stock is accounted for under the cost method, whereby stockholders’ equity is reduced for the total cost of the shares repurchased. |
Revenue recognition | Revenue recognition Sales are recognized at the point of purchase when a customer takes possession of the merchandise and pays for the purchase with cash, credit card, debit card or gift card. The Company records eCommerce revenue upon the estimated date the customer receives the merchandise. Shipping and handling revenues are included in net sales. Sales are recognized net of a sales return reserve, which is based on historical sales return data and is not material. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from net sales. Gift cards are recorded as a liability when issued and until they are redeemed, at which point a sale is recorded. Unredeemed gift cards (“gift card breakage”) is recognized as a reduction of merchandise, buying and occupancy costs when the likelihood of a gift card being redeemed by a customer in the future is deemed remote and the Company determines that there is no legal obligation to remit the value of the unredeemed gift card to any state or local jurisdiction as unclaimed or abandoned property. The Company utilizes historical redemption patterns in order to estimate the rate and timing of breakage associated with gift cards. Based on historical redemption patterns, we currently recognize breakage for a portion of the gift card balances that remain outstanding following 36 months of issuance. |
Vendor allowances | Vendor allowances At certain times the Company receives allowances or credits from its merchandise vendors primarily related to goods that do not meet our quality standards. These allowances or credits are reflected as a reduction of merchandise inventory in the period they are received. The majority of merchandise is produced exclusively for the Company. Accordingly, the Company does not enter into any arrangements with vendors where payments or other consideration might be received in connection with the purchase or promotion of a vendor’s products such as buy-down agreements or cooperative advertising programs. |
Merchandise, buying and occupancy costs | Merchandise, buying and occupancy costs Merchandise, buying and occupancy costs include the cost of merchandise, markdowns, shrink, freight, shipping and handling charges, buyer and distribution center salaries, buyer travel, rent and other occupancy related costs, various merchandise design and development costs, miscellaneous merchandise-related expenses and other costs related to the Company's distribution network. Merchandise, buying and occupancy costs do not include any depreciation or amortization expense. |
Selling, general and administrative expenses | Selling, general and administrative expenses Selling, general and administrative expenses include salaries, with the exception of buyer and distribution center salaries, other employee benefits, marketing, store supplies, payment processing fees, information technology-related costs, insurance, professional services, non-buyer travel and miscellaneous other selling and administrative related expenses. Selling, general and administrative expenses do not include any depreciation or amortization expense. |
Store pre-opening costs | Store pre-opening costs Non-capital expenditures such as payroll and training costs incurred prior to the opening of a new store are charged to selling, general and administrative expense in the period they are incurred. |
Rent expense, deferred rent obligations and deferred lease incentives | Rent expense, deferred rent obligations and deferred lease incentives The Company leases all of its store locations under operating leases. Most of these lease agreements contain tenant improvement allowances, funded by landlord cash incentives or rent abatements, which are recorded as a deferred lease incentive liability and amortized as a reduction of rent expense over the term of the lease. For purposes of recognizing landlord incentives and minimum rental expense, the Company utilizes the date that it obtains the legal right to use and control the leased space, which is generally when the Company enters the space and begins to make improvements in preparation for opening a new store location. Certain lease agreements contain rent escalation clauses which provide for scheduled rent increases during the lease term or for rental payments commencing at a date other than the date of initial occupancy. Such escalating rent expense is recorded on a straight-line basis over the lease term, not including any renewal option periods, and the difference between the recognized rent expense and amounts payable under the lease are recorded as deferred rent obligations. The Company's leases may also provide for contingent rents, which are determined as a percentage of sales in excess of specified levels. When specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable, the Company records a current accrued liability along with the corresponding rent expense. A small portion of our leases contain renewal options that generally allow us to extend the lease for an additional five years. |
Advertising | Advertising Advertising costs are expensed as incurred and included in selling, general and administrative expenses . Advertising costs for fiscal 2015, fiscal 2014 and fiscal 2013, were approximately $7.3 million, $7.9 million and $7.4 million, respectively. |
Customer Loyalty Program [Policy Text Block] | Customer loyalty program The Company’s Friendship Rewards loyalty program grants customers the ability to accumulate points based on purchase activity. Once a Friendship Rewards member achieves a certain point level, the member earns award certificates that may be redeemed towards future merchandise purchases. Points are accrued as unearned revenue and recorded as a reduction of net sales and a current liability as they are accumulated by members and certificates are earned. The liability is recorded net of estimated breakage based on historical redemption patterns and trends. Revenue and the related cost of sales are recognized upon redemption of the reward certificates, which expire approximately six weeks after issuance . |
Private Label Credit Card Program [Policy Text Block] | Private label credit card program |
Lease Termination Costs [Policy Text Block] | Lease termination costs Discounted liabilities for future lease costs and the fair value of related subleases of closed locations are recorded when the stores are closed prior to the expiration of the lease or execution of a lease termination agreement. In assessing the discounted liabilities for future costs of obligations related to closed stores, the Company makes assumptions regarding amounts of future subleases. If these assumptions or their related estimates change in the future, the Company may be required to record additional exit costs or reduce exit costs previously accrued. Actual settlements may vary substantially from recorded obligations. As of January 30, 2016 and January 31, 2015, our lease termination liability is not material . |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 (unadjusted) in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices included in Level 1 that are either directly or indirectly observable Level 3 – Unobservable inputs that are significant to the fair value of the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Certain of the Company's financial assets and liabilities are recorded at their carrying amounts which approximate fair value, based on their short-term nature. These financial assets and liabilities include cash and cash equivalents, accounts receivable and accounts payable. The Company records its investments at fair value. The Company measures certain of its long-lived assets at fair value on a non-recurring basis. Long-lived store-level asset impairment charges recorded during fiscal 2015, 2014 and 2013 were measured at fair value using Level 3 inputs. |
Stock-based compensation | Stock-based compensation Stock-based compensation is accounted for in accordance with ASC 718-10 , Stock Compensation . To calculate the estimated fair value of stock options on the date of grant, the Company uses the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to estimate key assumptions such as expected term, volatility, risk-free interest rates and dividend yield to determine the fair value of stock options, based on both historical information and management judgment regarding market factors and trends. The Company recognizes stock-based compensation expense on a straight-line basis over the corresponding vesting period of the entire award, net of estimated forfeiture rates. The Company estimates expected forfeitures of share-based awards at the grant date and recognizes compensation cost only for those awards expected to vest. In estimating expected forfeitures, the Company analyzes historical forfeiture and termination information and considers how future termination rates are expected to differ from historical termination rates. The Company ultimately adjusts this forfeiture assumption to actual forfeitures. Any changes in the forfeiture assumptions do not impact the total amount of expense ultimately recognized over the vesting period. Instead, different forfeiture assumptions only impact the timing of expense recognition over the vesting period. If the actual forfeitures differ from management estimates, additional adjustments to compensation expense are recorded. Restricted stock awards are generally subject to forfeiture if employment or service terminates prior to the lapse of the restrictions. In addition, certain restricted stock awards have performance-based vesting provisions and are subject to forfeiture, in whole or in part, if these performance conditions are not achieved. Management assesses, on an ongoing basis, the probability of whether the performance criteria will be achieved and, once it is deemed probable, compensation expense is recognized over the relevant performance period. For those awards not subject to performance criteria, the cost of the restricted stock awards is expensed, which is determined to be the fair market value of the shares at the date of grant, on a straight-line basis over the vesting period. Time-based grants of restricted stock participate in dividend payments to the extent dividends are declared and paid prior to vesting. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are calculated in accordance with ASC 740, Income Taxes, which requires the use of the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future income taxes attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We record a valuation allowance against our deferred tax assets when it is more likely than not that some portion or all of our deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make judgments regarding future income, taxable income and the potential effects of the mix of income or losses in jurisdictions in which we operate. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. |
Earnings Per Share, Policy [Policy Text Block] | Net income (loss) per common share The Company utilizes the two-class method of calculating earnings per share (“EPS”) where unvested share-based payment awards that contain non-forfeitable rights to receive dividends or dividend equivalents (whether paid or unpaid) are participating securities, and thus, are included in the two-class method of computing EPS. Participating securities include unvested employee restricted stock awards with time-based vesting, which contain non-forfeitable rights to receive dividend payments. Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the applicable period, while diluted EPS is computed based on the weighted average number of shares of common and common equivalent shares outstanding. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company reports its operations as one reportable segment, Retail Operations, which consists of one operating segment, in accordance with Accounting Standards Codification (“ASC”) Topic 280, “Segment Reporting.” The Company defines an operating segment on the same basis that it uses to evaluate performance and to allocate resources. The Company has also considered its organizational structure and design of its Executive compensation programs. Therefore, the Company reports results as a single segment, which includes the operation of its retail stores, outlet stores, online and mobile. For details regarding the operating performance of the Company's retail operations and supporting corporate/administrative functions, refer to Note 17 - Segment Reporting . |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under Accounting Standards Update ("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 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. The Company elected early adoption of this guidance for the fiscal year ended January 30, 2016, on a prospective basis. The adoption of this ASU allows the Company to simplify its presentation of deferred income tax liabilities and assets. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU 2016-02, Leases , which requires that lease arrangements longer than twelve months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We have not evaluated the impact of the updated guidance on our consolidated financial statements. |
Nature of Business and Signif30
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies | |
Schedule of Property and Equipment Estimated Useful Lives | Description Estimated Useful Lives Building and building improvements 25 years Computer hardware and software 3 to 5 years Equipment, furniture and fixtures 3 to 10 years Store leasehold improvements Shorter of the useful life or term of lease, typically 10 years |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Investments [Abstract] | |
Schedule of Cost and Fair Value of Investments (in thousands) | Investments as of January 30, 2016 consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Available-for-sale securities: Corporate bonds Municipal bonds — — Total short-term investments 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) | January 30, 2016 Due in one year or less $ Due after one year through five years — Total investments $ |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounts Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | January 30, 2016 January 31, 2015 Credit card receivables $ $ Amounts due from landlords Other receivables Total accounts receivable $ $ |
Merchandise Inventories (Tables
Merchandise Inventories (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of merchandise inventories | January 30, 2016 January 31, 2015 Merchandise - in store/eCommerce $ $ Merchandise - in transit Total merchandise inventories $ $ |
Property, Equipment and Impro34
Property, Equipment and Improvements, Net (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Description January 30, 2016 January 31, 2015 Land $ $ Corporate office, distribution center and related building improvements Store leasehold improvements Store furniture and fixtures Corporate office and distribution center furniture, fixtures and equipment Computer and point of sale hardware and software 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) | 12 Months Ended |
Jan. 30, 2016 | |
Accrued Liabilities | |
Schedule of other accrued liabilities | January 30, 2016 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 $ $ |
Stockholders Equity and Stock36
Stockholders Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Equity [Abstract] | |
Schedule of Assumptions Relating to Valuation of Stock Options | Fiscal 2015 Fiscal 2014 Fiscal 2013 Expected dividend yield —% —% —% Expected volatility 68.62% 59.59% 70.08 -75.66% Risk-free interest rate 1.73% 1.73% 0.76 -1.37% Expected term 5.00 years 5.00 years 5.00 years |
Summary of stock option activity | Aggregate Weighted Average Weighted Average Intrinsic Value Remaining Number of Shares Exercise Price (in thousands) Contractual Life Outstanding, beginning of period Granted Exercised — — Canceled - Vested Canceled - Unvested (Forfeited) Outstanding, end of period $ $ 5.92 years Exercisable, end of period $ $ — 5.89 years Weighted Average Grant Date Number of Shares Fair Value Nonvested, beginning of period $ Granted Vested Forfeited Nonvested, end of period |
Summary of restricted stock activity | Weighted Average Aggregate Grant Date Fair Intrinsic Value Number of Shares Value (in thousands) Nonvested, beginning of period $ Granted Vested Forfeited Nonvested, end of period $ |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) Components | Fiscal 2015 Fiscal 2014 Fiscal 2013 Interest expense $ $ $ Interest income, net Gain (loss) on investments carried at fair value — — Total other income (expense) $ $ $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal 2015 Fiscal 2014 Fiscal 2013 Current: Federal tax expense (benefit) $ — $ $ State tax expense (benefit) Current tax expense (benefit) Deferred tax expense (benefit) — Income tax provision (benefit) $ $ $ |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | January 30, 2016 January 31, 2015 February 1, 2014 Federal income tax at statutory rate % % % State income tax, net of federal benefit Change in valuation allowance Reserve for unrecognized tax benefits Tax credits — — Other Effective income tax rate % % % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | January 30, 2016 January 31, 2015 Deferred tax assets: Accrued Friendship Rewards loyalty liability $ $ Accrued gift card liability Merchandise inventories Deferred rent and deferred lease incentives Stock-based compensation expense Net operating loss carryforwards Contribution carryforwards Tax credit carryforwards Depreciation and amortization — Other accrued liabilities Total deferred tax assets Less: Valuation allowance Deferred tax assets, net of valuation allowance Deferred tax liabilities: Depreciation and amortization — Other Total deferred tax liabilities Net deferred tax assets $ $ |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance at February 2, 2013 $ Additions based on tax positions related to the current year Reductions for tax positions of previous years Reductions for tax positions of previous years due to lapse of applicable statute of limitations Balance at February 1, 2014 Additions based on tax positions related to the current year Additions for tax positions of previous years Reductions for tax positions of previous years due to lapse of applicable statute of limitations Balance at January 31, 2015 Additions based on tax positions related to the current year Additions for tax positions of previous years Reductions for tax positions of previous years Reductions for tax positions of previous years due to lapse of applicable statute of limitations Balance at January 30, 2016 $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Fiscal 2015 Fiscal 2014 Fiscal 2013 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) | 12 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of available for sale securities measured on a recurring basis (in thousands) | Fair Value Measurements As of January 30, 2016: Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Short-term investments: 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) | Fiscal Year Ended Fiscal Year Ended Long-Lived Assets Held and Used (in thousands) : January 30, 2016 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 8% (3%) to 3.5% |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Lease Commitments [Abstract] | |
Schedule of Rent Expense (in thousands) | Fiscal 2015 Fiscal 2014 Fiscal 2013 Minimum rent $ $ $ Contingent rent Maintenance, taxes and other Amortization of deferred lease incentives Total rent expense $ $ $ |
Schedule of Future Minimum Rental Payments (in thousands) | Payments Due by Period Fiscal Fiscal Fiscal Fiscal 2021 Contractual Obligations 2016 2017-2018 2019-2020 and Thereafter Total Retail store facility operating leases $ $ $ $ $ Vehicle operating leases — — Total obligations $ $ $ $ $ |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting | Retail Corporate/ Operations Administrative Consolidated Fiscal 2015 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets Fiscal 2014 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets Fiscal 2013 Net sales $ $ — $ Depreciation and amortization Operating income (loss) Total assets |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data | Fiscal 2015 Quarters (1) (in thousands, except per share data) First Second Third Fourth Net sales $ $ $ $ Operating (loss) income Net loss Net loss per share data: Basic $ $ $ $ Diluted $ $ $ $ Fiscal 2014 Quarters (1) (in thousands, except per share data) First Second Third Fourth (2) Net sales $ $ $ $ Operating income (loss) Net income Net income per share data: Basic $ $ $ $ Diluted $ $ $ $ (1) The summation of quarterly per share data may not equate to the calculation for the full fiscal year as quarterly calculations are performed on a discrete basis. (2) As described in Note 1, in connection with the preparation of the Company’s consolidated financial statements for the fiscal year ended January 31, 2015, the Company determined that its calculation of deferred rent expense was incorrect. The Company corrected the error in the fourth quarter of fiscal 2014, which resulted in an increase to rent expense of approximately $3.6 million. The effect of the correction was to decrease operating income for the 2014 fourth quarter by approximately $3.6 million; net income for the fourth quarter was reduced by approximately $2.2 million. The Company concluded that this correction was immaterial to the related consolidated financial statements as a whole . |
Nature of Business and Signif44
Nature of Business and Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2015USD ($)item | Jan. 30, 2016item | Jan. 31, 2015USD ($)item | Feb. 01, 2014item | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||
Number of Stores | item | 518 | 518 | 518 | 560 |
Fiscal Period Duration | 364 days | |||
Period between inventory valuation and year-end | 21 days | |||
Calculation of Deferred Rent Expense [Member] | Cash and Cash Equivalents [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||
Effect of error on prior year results | $ 0 | |||
Calculation of Deferred Rent Expense [Member] | Merchandise Buying And Occupancy Expenses [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||
Effect of error on prior year results | $ 3.6 | |||
Calculation of Deferred Rent Expense [Member] | Operating Income (Loss) [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||
Effect of error on prior year results | 3.6 | 3.6 | ||
Calculation of Deferred Rent Expense [Member] | Net Income (Loss) [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ||||
Effect of error on prior year results | $ 2.2 | $ 2.2 |
Nature of Business and Signif45
Nature of Business and Significant Accounting Policies - PPE, etc. (Details) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016USD ($)segment | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | Feb. 02, 2013USD ($) | |
Property, equipment and improvements | ||||
Impairment of store assets | $ 281 | $ 216 | $ 140 | |
Period of balance outstanding before gift card breakage is recognized | 36 months | |||
Lease extension period | 5 years | |||
Advertising Expense | $ 7,300 | 7,900 | 7,400 | |
Expiration period of reward certificates from the date of issuance (in weeks) | 42 days | |||
Signing bonus received | $ 500 | |||
Royalty Revenue | $ 700 | 700 | 600 | |
Number of Operating Segments | segment | 1 | |||
Number of Reportable Segments | segment | 1 | |||
Retail Operations | ||||
Property, equipment and improvements | ||||
Impairment of store assets | $ 300 | $ 200 | $ 100 | |
Building and building improvements | ||||
Property, equipment and improvements | ||||
Estimated Useful Life | P25Y | |||
Computer hardware and software | Maximum | ||||
Property, equipment and improvements | ||||
Estimated Useful Life | P5Y | |||
Computer hardware and software | Minimum | ||||
Property, equipment and improvements | ||||
Estimated Useful Life | P3Y | |||
Equipment, furniture and fixtures | Maximum | ||||
Property, equipment and improvements | ||||
Estimated Useful Life | P10Y | |||
Equipment, furniture and fixtures | Minimum | ||||
Property, equipment and improvements | ||||
Estimated Useful Life | P3Y | |||
Store leasehold improvements | Maximum | ||||
Property, equipment and improvements | ||||
Estimated Useful Life | P10Y |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Available-for-sale securities | |||
Amortized Cost | $ 3,015 | $ 18,050 | |
Unrealized Gains | 1 | 5 | |
Unrealized Losses | (1) | (10) | |
Available-for-sale Securities, Total | 3,015 | 18,045 | |
Purchases of available-for-sale securities | 0 | 18,480 | $ 24,484 |
Maturities of available-for-sale investments | 14,987 | 16,506 | $ 8,306 |
Other than temporary impairment of available-for-sale securities | 0 | 0 | |
Expected maturities of available-for-sale securities | |||
Due in one year or less | 3,015 | ||
Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 3,015 | 13,293 | |
Unrealized Gains | 1 | 5 | |
Unrealized Losses | (1) | (5) | |
Available-for-sale Securities, Total | 3,015 | 13,293 | |
Long-term investments | |||
Available-for-sale securities | |||
Amortized Cost | 4,757 | ||
Unrealized Losses | (5) | ||
Available-for-sale Securities, Total | 4,752 | ||
Certificates of deposit | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 4,080 | ||
Unrealized Losses | (2) | ||
Available-for-sale Securities, Total | 4,078 | ||
Commercial paper | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 7,384 | ||
Unrealized Gains | 3 | ||
Unrealized Losses | (3) | ||
Available-for-sale Securities, Total | 7,384 | ||
Corporate bonds | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 2,810 | 1,615 | |
Unrealized Gains | 1 | 1 | |
Unrealized Losses | (1) | ||
Available-for-sale Securities, Total | 2,810 | 1,616 | |
Corporate bonds | Long-term investments | |||
Available-for-sale securities | |||
Amortized Cost | 2,857 | ||
Unrealized Losses | (4) | ||
Available-for-sale Securities, Total | 2,853 | ||
U.S. Agency securities | Long-term investments | |||
Available-for-sale securities | |||
Amortized Cost | 1,900 | ||
Unrealized Losses | (1) | ||
Available-for-sale Securities, Total | 1,899 | ||
Municipal bonds | Short Term Investments | |||
Available-for-sale securities | |||
Amortized Cost | 205 | 214 | |
Unrealized Gains | 1 | ||
Available-for-sale Securities, Total | $ 205 | $ 215 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Accounts Receivable, Net [Abstract] | ||
Credit card receivables | $ 2,126 | $ 1,868 |
Amounts due from landlords | 1,576 | 1,505 |
Other receivables | 365 | 627 |
Total accounts receivable | $ 4,067 | $ 4,000 |
Collection Period, Minimum | 1 day | |
Collection Period, Maximum | 5 days |
Merchandise Inventories (Detail
Merchandise Inventories (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Merchandise - in store/e-commerce | $ 31,751 | $ 33,534 |
Merchandise - in transit | 10,730 | 11,784 |
Total merchandise inventories | $ 42,481 | $ 45,318 |
Property, Equipment and Impro49
Property, Equipment and Improvements, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | $ 184,321 | $ 175,949 | |
Less accumulated depreciation and amortization | (125,097) | (130,842) | |
Total property, equipment and improvements, net | 59,224 | 45,107 | |
Impairment of store assets | 281 | 216 | $ 140 |
Land | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 1,597 | 1,597 | |
Building and building improvements | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 12,618 | 12,616 | |
Store leasehold improvements | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 52,812 | 51,700 | |
Store furniture and fixtures | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 74,513 | 70,083 | |
Corporate office and distribution center furniture fixtures and equipment | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 4,356 | 4,344 | |
Computer hardware and software | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | 32,644 | 32,888 | |
Construction in progress | |||
Property, equipment and improvements | |||
Total property, equipment and improvements, gross | $ 5,781 | $ 2,721 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Accrued Liabilities | ||
Gift card and store credit liabilities | $ 8,029 | $ 8,170 |
Accrued Friendship Rewards Program loyalty liability | 3,838 | 3,731 |
Accrued income, sales and other taxes payable | 1,622 | 1,578 |
Accrued occupancy-related expenses | 3,017 | 3,957 |
Sales return reserve | 1,309 | 1,077 |
Other accrued liabilities | 6,755 | 5,475 |
Total accrued liabilities and other current liabilities | $ 24,570 | $ 23,988 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Credit Facility | |||
Maximum availability under credit facility | $ 50 | ||
Maximum availability for letters of credit | $ 10 | ||
Unused commitment fee, as a percent | 0.25% | ||
Ownership interest percentage held as collateral security | 100.00% | ||
Borrowings under the credit facility | $ 0 | $ 0 | $ 0 |
Borrowing base | 26.3 | ||
Open on-demand letters of credit | 0.3 | ||
Net available borrowing capacity under the credit facility | $ 23 | ||
Minimum | |||
Credit Facility | |||
Minimum availability requirement, percentage of borrowing base | 10.00% | ||
Minimum availability requirement, amount | $ 3 | ||
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% |
Stockholders Equity and Stock52
Stockholders Equity and Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividends paid | $ 0 | $ 0 | $ 0 | ||
Stockholder Rights Plan [Abstract] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Weighted average valuation assumptions | |||||
Expected volatility | 68.62% | 59.59% | |||
Risk Free Interest Rate | 1.73% | ||||
Expected term | 5 years | 5 years | 5 years | ||
Compensation expense | |||||
Pre-tax stock-based compensation expense | $ 1,600,000 | $ 2,300,000 | $ 2,800,000 | ||
Chief Executive Officer [Member] | |||||
Stock-based compensation | |||||
Options granted outside of plan | 1,500,000 | 1,500,000 | |||
Stock option activity rollforward | |||||
Outstanding, end of period | 1,500,000 | ||||
Minimum | |||||
Weighted average valuation assumptions | |||||
Expected volatility | 70.08% | ||||
Risk Free Interest Rate | 1.73% | 0.76% | |||
Maximum | |||||
Weighted average valuation assumptions | |||||
Expected volatility | 75.66% | ||||
Risk Free Interest Rate | 1.37% | ||||
Employee and Nonemployee Director Stock Option [Member] | |||||
Stock-based compensation | |||||
Options granted outside of plan | 2,642,774 | 2,642,774 | 2,617,827 | 2,642,774 | |
Stock option activity rollforward | |||||
Outstanding, beginning of period | 2,642,774 | ||||
Granted | 15,609 | ||||
Exercised | 0 | ||||
Canceled - Vested | (29,124) | ||||
Canceled - Unvested (Forfeited) | (11,432) | ||||
Outstanding, end of period | 2,617,827 | 2,642,774 | |||
Exercisable, end of period | 2,579,644 | ||||
Weighted average exercise price of stock option activity rollforward | |||||
Outstanding, Exercise Price, beginning of period | $ 4.94 | ||||
Grants, Exercise Price | 1.39 | ||||
Canceled - Vested, Exercise Price | 3.43 | ||||
Canceled - Unvested (Forfeited), Exercise Price | 5.86 | ||||
Outstanding, Exercise Price, end of period | $ 4.93 | $ 4.94 | |||
Exercisable, end of period | $ 4.94 | ||||
Aggregate intrinsic value of options outstanding | $ 5,307,000 | ||||
Weighted average remaining contractual life of options outstanding | 5 years 11 months 1 day | ||||
Weighted average remaining contractual life of exercisable options | 5 years 10 months 21 days | ||||
Nonvested stock options, shares rollforward | |||||
Nonvested, beginning of period | 689,920 | ||||
Granted | 15,609 | ||||
Vested | 655,914 | ||||
Forfeited | 11,432 | ||||
Nonvested, end of period | 38,183 | 689,920 | |||
Weighted Average Grant Date Fair Value - Nonvested stock options | |||||
Nonvested, beginning of period | $ 2.08 | ||||
Granted | 0.80 | $ 4.55 | $ 3.80 | ||
Vested | 2 | 1.71 | $ 2.06 | ||
Forfeited | 3.33 | ||||
Nonvested, end of period | $ 2.58 | $ 2.08 | |||
Compensation expense | |||||
Aggregate intrinsic value of options exercised during the period | $ 4,600,000 | $ 200,000 | |||
Total compensation expense not yet recognized on nonvested stock awards granted | 20,000 | ||||
Weighted average period over which the unrecognized compensation expense related to nonvested stock awards granted is expected to be recognized | 1 year 6 months 4 days | ||||
Employee and Nonemployee Director Stock Option [Member] | Employee [Member] | |||||
Stock-based compensation | |||||
Vesting period | 3 years | ||||
Employee and Nonemployee Director Stock Option [Member] | Director [Member] | |||||
Stock-based compensation | |||||
Vesting period | 30 months | ||||
Stock option activity rollforward | |||||
Granted | 0 | 0 | 0 | ||
Nonvested stock options, shares rollforward | |||||
Granted | 0 | 0 | 0 | ||
Employee and Nonemployee Director Stock Option [Member] | Minimum | |||||
Stock-based compensation | |||||
Price at which common stock may be purchased under option grant, as a percent of the fair value at grant date | 100.00% | ||||
Employee and Nonemployee Director Stock Option [Member] | Maximum | Employee [Member] | |||||
Stock-based compensation | |||||
Length of time options are exercisable after grant date | 10 years | ||||
Employee and Nonemployee Director Stock Option [Member] | Maximum | Director [Member] | |||||
Stock-based compensation | |||||
Length of time options are exercisable after grant date | 10 years | ||||
Restricted Stock [Member] | |||||
Compensation expense | |||||
Total compensation expense not yet recognized on nonvested stock awards granted | $ 400,000 | ||||
Weighted average period over which the unrecognized compensation expense related to nonvested stock awards granted is expected to be recognized | 1 year 2 months 12 days | ||||
Restricted Stock [Member] | Director [Member] | |||||
Stock-based compensation | |||||
Vesting period | 1 year | ||||
Restricted Stock [Member] | Minimum | Employee [Member] | |||||
Stock-based compensation | |||||
Vesting period | 1 year | ||||
Restricted Stock [Member] | Maximum | Employee [Member] | |||||
Stock-based compensation | |||||
Vesting period | 3 years | ||||
2013 Plan [Member] | |||||
Stock-based compensation | |||||
Number of shares authorized for grant | 500,000 | ||||
Number of shares available for grant | 200,000 | ||||
2014 Plan [Member] | |||||
Stock-based compensation | |||||
Number of shares authorized for grant | 3,900,000 | ||||
Number of shares available for grant | 2,400,000 |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation - Restricted and other (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Restricted Stock [Member] | |||
Nonvested restricted stock, shares rollforward | |||
Nonvested number, beginning of period | 91,641 | ||
Granted number | 212,224 | ||
Vested number | (73,836) | ||
Forfeited number | (23,654) | ||
Nonvested number, end of period | 206,375 | 91,641 | |
Weighted Average Grant Date Fair Value - Nonvested restricted stock | |||
Grant date fair value, nonvested, beginning of period | $ 7.84 | ||
Grant date fair value, nonvested, granted | 4.50 | $ 8.89 | $ 6.51 |
Grant date fair value, vested | 8.25 | ||
Grant date fair value, nonvested, forfeited | 5.42 | ||
Grant date fair value, nonvested, end of period | $ 4.54 | $ 7.84 | |
Aggregate intrinsic value | $ 357 | ||
Total fair value of restricted stock vesting during the period | 600 | $ 800 | $ 600 |
Aggregate intrinsic value of restricted stock vesting during the period | 100 | $ 600 | $ 600 |
Compensation expense | |||
Total compensation expense not yet recognized on nonvested stock awards granted | $ 400 | ||
Weighted average period over which the unrecognized compensation expense related to nonvested stock awards granted is expected to be recognized | 1 year 2 months 12 days | ||
Performance Share Awards Fiscal 2014 [Member] | |||
Weighted Average Grant Date Fair Value - Nonvested restricted stock | |||
Grant date fair value, nonvested, granted | $ 6.41 | ||
Performance Share Awards Fiscal 2014 [Member] | Maximum | |||
Other Stock-Based Awards | |||
Performance share target period (in years) | 3 years | ||
Number of shares that could be issued at vesting, as a percent | 200.00% | ||
Performance Share Awards Fiscal 2014 [Member] | Minimum | |||
Other Stock-Based Awards | |||
Performance share target period (in years) | 2 years | ||
Number of shares that could be issued at vesting, as a percent | 0.00% | ||
Performance Share Awards Fiscal 2014 [Member] | Two-year Target [Member] | |||
Other Stock-Based Awards | |||
Performance share award target, net of forfeitures | 96,000 | ||
Maximum future value of awards | $ 300 | ||
Performance Share Awards Fiscal 2014 [Member] | Three-year Target [Member] | |||
Other Stock-Based Awards | |||
Performance share award target, net of forfeitures | 143,000 | ||
Maximum future value of awards | $ 500 | ||
Performance Share Awards Fiscal 2015 [Member] | |||
Weighted Average Grant Date Fair Value - Nonvested restricted stock | |||
Grant date fair value, nonvested, granted | $ 5.29 | ||
Other Stock-Based Awards | |||
Performance share target period (in years) | 2 years | ||
Performance share award target, net of forfeitures | 157,000 | ||
Maximum future value of awards | $ 500 | ||
Performance Share Awards Fiscal 2015 [Member] | Maximum | |||
Other Stock-Based Awards | |||
Number of shares that could be issued at vesting, as a percent | 200.00% | ||
Performance Share Awards Fiscal 2015 [Member] | Minimum | |||
Other Stock-Based Awards | |||
Number of shares that could be issued at vesting, as a percent | 0.00% |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Other Income and Expenses [Abstract] | |||
Interest expense | $ (168) | $ (258) | $ (253) |
Interest income, net | 53 | 68 | 62 |
Gain (loss) on investments carried at fair value | (1) | ||
Total other income (expense) | $ (115) | $ (191) | $ (191) |
Income Taxes - Tax Provision (D
Income Taxes - Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure | |||
Federal tax expense (benefit) | $ (248) | $ 107 | |
State tax expense (benefit) | $ 172 | 283 | (112) |
Current Tax Expense (Benefit) | 172 | 35 | (5) |
Deferred tax expense (benefit) | 37,543 | (37,937) | |
Income Tax Provision (Benefit), Total | $ 37,715 | $ (37,902) | $ (5) |
Income Taxes - ETR (Details)
Income Taxes - ETR (Details) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure | |||
Federal income tax (benefit) at statutory rate | 35.00% | 35.00% | 35.00% |
State income tax, net of federal benefit | 3.10% | 4.60% | 0.40% |
Change in valuation allowance | (373.00%) | (447.60%) | (33.70%) |
Reserve for unrecognized tax benefits | (0.40%) | 0.60% | (2.40%) |
Tax credits | 4.80% | ||
Other | (1.00%) | (3.40%) | 0.60% |
Effective income tax rate | (331.50%) | (410.80%) | (0.10%) |
Income Taxes - DTA & DTL (Detai
Income Taxes - DTA & DTL (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 28, 2012 | |
Deferred tax assets: | ||||
Accrued Friendship Rewards loyalty liability | $ 1,202 | $ 1,180 | $ 1,180 | |
Accrued Incentives | 464 | 298 | 298 | |
Merchandise inventories | 1,557 | 1,291 | 1,291 | |
Deferred rent and deferred lease incentives | 7,991 | 6,426 | 6,426 | |
Stock-based compensation expense | 2,535 | 2,152 | 2,152 | |
Net operating loss carryforwards | 29,854 | 24,875 | 24,875 | |
Contribution carryforwards | 207 | 159 | 159 | |
Tax credit carryforwards | 1,276 | 706 | 706 | |
Depreciation and amortization | 46 | 46 | ||
Other accrued liabilities | 1,440 | 1,257 | 1,257 | |
Total deferred tax assets | 46,526 | 38,390 | 38,390 | |
Less: Valuation allowance | (42,021) | (28) | (28) | $ (10,600) |
Deferred tax assets, net of valuation allowance | 4,505 | 38,362 | 38,362 | |
Deferred tax liabilities: | ||||
Depreciation and amortization | (3,504) | |||
Other | (608) | (424) | (424) | |
Total deferred tax liabilities | (4,112) | (424) | (424) | |
Net deferred tax assets | 393 | $ 37,938 | 37,938 | |
Number of consecutive years of profitability | 2 years | |||
Number of years of cumulative positive earnings | 3 years | |||
Valuation Allowance, Increase (Decrease) | $ 37,500 | $ (41,300) |
Income Taxes - Loss carryforwar
Income Taxes - Loss carryforwards (Details) $ in Millions | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Income Tax Disclosure | |
Deferred Federal Income Tax Expense (Benefit) | $ 29.8 |
Operating Loss Carryforwards | 85 |
Tax credit carryforward | 1.3 |
Portion of net operating loss related to equity-based compensation | 5.3 |
Deferred State and Local Income Tax Expense (Benefit) | $ (2.1) |
Income Taxes - UTB (Details)
Income Taxes - UTB (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Unrecognized Tax Benefits, Beginning Balance | $ 876 | $ 757 | $ 993 |
Additions based on tax positions related to the current year | 329 | 180 | 152 |
Additions for tax positions of previous years | 16 | 24 | |
Reductions for tax positions of previous years | (70) | (152) | |
Reductions for tax positions of previous years due to lapse of applicable statute of limitations | (42) | (85) | (236) |
Unrecognized Tax Benefits, Ending Balance | 1,109 | 876 | 757 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 64 | 53 | $ 47 |
Accrued interest and penalties related to unrecognized tax benefits | 200 | 200 | |
Other Noncurrent Liabilities [Member] | |||
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | $ 600 | $ 600 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Numerator (in thousands): | |||||||||||
Net (loss) income attributable to Christopher & Banks Corporation | $ (46,627) | $ (315) | $ (710) | $ (1,442) | $ 32,164 | $ 8,983 | $ 3,362 | $ 2,616 | $ (49,094) | $ 47,126 | $ 8,690 |
Income allocated to participating securities | (155) | (32) | |||||||||
Net (loss) income available to common shareholders | $ (49,094) | $ 46,971 | $ 8,658 | ||||||||
Denominator (in thousands): | |||||||||||
Weighted average common shares outstanding - basic | 36,886 | 36,819 | 36,246 | ||||||||
Dilutive shares | 934 | 898 | |||||||||
Weighted average common and common equivalent shares outstanding - diluted | 36,886 | 37,753 | 37,144 | ||||||||
Net (loss) earnings per common share: | |||||||||||
Basic | $ (1.26) | $ (0.01) | $ (0.02) | $ (0.04) | $ 0.87 | $ 0.24 | $ 0.09 | $ 0.07 | $ (1.33) | $ 1.28 | $ 0.24 |
Diluted | $ (1.26) | $ (0.01) | $ (0.02) | $ (0.04) | $ 0.86 | $ 0.24 | $ 0.09 | $ 0.07 | $ (1.33) | $ 1.24 | $ 0.23 |
Stock options excluded from the shares used in the computation of diluted earnings per share because they were anti-dilutive | 2,300 | 300 | 500 |
Fair Value Measurements-recurri
Fair Value Measurements-recurring (Details) - Recurring basis - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Fair value measurements | ||
Total assets | $ 3,015 | $ 18,045 |
Level 1 to Level 2 Transfers | 0 | |
Level 2 to Level 1 Transfers | 0 | |
Level 2 | ||
Fair value measurements | ||
Total assets | 3,015 | 18,045 |
Short Term Investments | ||
Fair value measurements | ||
Short-term investments | 13,293 | |
Short Term Investments | Certificates of deposit | ||
Fair value measurements | ||
Short-term investments | 4,078 | |
Short Term Investments | Commercial paper | ||
Fair value measurements | ||
Short-term investments | 7,384 | |
Short Term Investments | Corporate bonds | ||
Fair value measurements | ||
Short-term investments | 2,810 | 1,616 |
Short Term Investments | Municipal bonds | ||
Fair value measurements | ||
Short-term investments | 205 | |
Short Term Investments | U.S. Agency securities | ||
Fair value measurements | ||
Short-term investments | 215 | |
Short Term Investments | Level 2 | ||
Fair value measurements | ||
Short-term investments | 13,293 | |
Short Term Investments | Level 2 | Certificates of deposit | ||
Fair value measurements | ||
Short-term investments | 4,078 | |
Short Term Investments | Level 2 | Commercial paper | ||
Fair value measurements | ||
Short-term investments | 7,384 | |
Short Term Investments | Level 2 | Corporate bonds | ||
Fair value measurements | ||
Short-term investments | 2,810 | 1,616 |
Short Term Investments | Level 2 | Municipal bonds | ||
Fair value measurements | ||
Short-term investments | $ 205 | |
Short Term Investments | Level 2 | U.S. Agency securities | ||
Fair value measurements | ||
Short-term investments | 215 | |
Long-term investments | ||
Fair value measurements | ||
Long-term investments | 4,752 | |
Long-term investments | Corporate bonds | ||
Fair value measurements | ||
Long-term investments | 2,853 | |
Long-term investments | U.S. Agency securities | ||
Fair value measurements | ||
Long-term investments | 1,899 | |
Long-term investments | Level 2 | ||
Fair value measurements | ||
Long-term investments | 4,752 | |
Long-term investments | Level 2 | Corporate bonds | ||
Fair value measurements | ||
Long-term investments | 2,853 | |
Long-term investments | Level 2 | U.S. Agency securities | ||
Fair value measurements | ||
Long-term investments | $ 1,899 |
Fair Value Measurements-non-rec
Fair Value Measurements-non-recurring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Fair value measurements | |||
Carrying value of long-lived assets held and used | $ 356 | $ 270 | $ 100 |
Fair value of long-lived assets held and used | 100 | 100 | 5 |
Impairment charge | 281 | 216 | $ 140 |
Nonrecurring basis | Level 3 | |||
Fair value measurements | |||
Fair value of long-lived assets held and used | $ 75 | $ 54 |
Fair Value Measurements-valuati
Fair Value Measurements-valuation (Details) | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted average cost of capital | 15.00% | 15.00% |
Minimum | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Annual Sales Growth | 0.00% | (3.00%) |
Maximum | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Annual Sales Growth | 8.00% | 3.50% |
Employee Benefit Plans and Em64
Employee Benefit Plans and Employment Agreements (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2013item | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Minimum employee contribution as a percent of gross pay | 1.00% | |||
Maximum employee contribution as a percent of gross pay | 60.00% | |||
Defined contribution plan company match, cost recognized | $ | $ 0.5 | $ 0.5 | $ 0.2 | |
Severance payments to executive officer, in months | 12 months | |||
Highest annual salary measurement period | 12 months | |||
Health and dental premium payment period, in months | 12 months | |||
Period of Non-Compete | 12 months | |||
Number of additional executive officers included | item | 1 | |||
Term of Retention Award | 1 year | |||
Change in Control [Member] | ||||
Period, prior to change in control, when severance payments are adjusted | 180 days | |||
Period, after change in control, when severance payments are adjusted | 12 months | |||
Salary period for retention payment | 12 months | |||
Change in Control [Member] | Executive Vice President [Member] | ||||
Severance payments to executive officer, in months | 18 months | |||
Highest annual salary measurement period | 12 months | |||
Health and dental premium payment period, in months | 18 months | |||
Multiple applied to bonus | 1.5 | |||
Change in Control [Member] | Senior Vice Presidents and Vice President, Controller | ||||
Severance payments to executive officer, in months | 12 months | |||
Highest annual salary measurement period | 12 months | |||
Health and dental premium payment period, in months | 12 months | |||
Multiple applied to bonus | 1 |
Lease Commitments (Details)
Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Future Minimum Rental Commitments | |||
Minimum rent | $ 37,723 | $ 38,720 | $ 32,547 |
Contingent rent | 2,200 | 3,914 | 7,602 |
Maintenance, taxes and other | 19,159 | 17,577 | 17,766 |
Amortization of deferred lease incentives | (2,105) | (2,229) | (2,383) |
Total rent expense | 56,977 | $ 57,982 | $ 55,532 |
Fiscal 2,016 | 38,638 | ||
Fiscal 2017-2018 | 58,949 | ||
Fiscal 2019-2020 | 43,957 | ||
Fiscal 2021 and Thereafter | 68,361 | ||
Total minimum lease payments | 209,905 | ||
Retail Store Operating Leases [Member] | |||
Future Minimum Rental Commitments | |||
Fiscal 2,016 | 38,414 | ||
Fiscal 2017-2018 | 58,808 | ||
Fiscal 2019-2020 | 43,957 | ||
Fiscal 2021 and Thereafter | 68,361 | ||
Total minimum lease payments | 209,540 | ||
Vehicle and Other Operating Leases [Member] | |||
Future Minimum Rental Commitments | |||
Fiscal 2,016 | 224 | ||
Fiscal 2017-2018 | 141 | ||
Total minimum lease payments | $ 365 |
Sources of Supply (Details)
Sources of Supply (Details) - Cost Of Goods Merchandise Member - Supplier Concentration Risk [Member] | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Ten Largest Vendors [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 70.00% | 70.00% | 70.00% |
Vendor One | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 30.00% | 28.00% | 19.00% |
Vendor Two | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 11.00% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Segment Reporting | |||||||||||
Carrying value of long-lived assets held and used | $ 356 | $ 270 | $ 356 | $ 270 | $ 100 | ||||||
Fair value of long-lived assets held and used | 100 | 100 | 100 | 100 | 5 | ||||||
Impairment charge | 281 | 216 | 140 | ||||||||
Net sales | 94,569 | $ 103,641 | $ 93,997 | $ 91,621 | 97,975 | $ 110,610 | $ 106,633 | $ 103,366 | 383,828 | 418,584 | 435,754 |
Depreciation and amortization | 12,048 | 11,786 | 13,168 | ||||||||
Operating income (loss) | (7,393) | $ 335 | $ (1,710) | $ (2,496) | (5,971) | $ 9,344 | $ 3,250 | $ 2,792 | (11,264) | 9,415 | 8,876 |
Total assets | 150,890 | 196,037 | 150,890 | 196,037 | 148,978 | ||||||
Retail Operations | |||||||||||
Segment Reporting | |||||||||||
Impairment charge | 300 | 200 | 100 | ||||||||
Net sales | 383,828 | 418,584 | 435,754 | ||||||||
Depreciation and amortization | 9,594 | 9,166 | 9,757 | ||||||||
Operating income (loss) | 41,149 | 60,830 | 63,633 | ||||||||
Total assets | 99,530 | 95,538 | 99,530 | 95,538 | 95,631 | ||||||
Corporate/ Administrative | |||||||||||
Segment Reporting | |||||||||||
Depreciation and amortization | 2,454 | 2,620 | 3,411 | ||||||||
Operating income (loss) | (52,413) | (51,415) | (54,757) | ||||||||
Total assets | $ 51,360 | $ 100,499 | $ 51,360 | $ 100,499 | $ 53,347 |
Related Party Transactions (Det
Related Party Transactions (Details) - G-III and its related entities - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Related Party Transactions | ||
Aggregate payments made by the company or its subsidiaries to related party | $ 1,100 | $ 1,200 |
Balance due to related party | $ 12 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net sales | $ 94,569 | $ 103,641 | $ 93,997 | $ 91,621 | $ 97,975 | $ 110,610 | $ 106,633 | $ 103,366 | $ 383,828 | $ 418,584 | $ 435,754 |
Operating income (loss) | (7,393) | 335 | (1,710) | (2,496) | (5,971) | 9,344 | 3,250 | 2,792 | (11,264) | 9,415 | 8,876 |
Net (loss) income | $ (46,627) | $ (315) | $ (710) | $ (1,442) | $ 32,164 | $ 8,983 | $ 3,362 | $ 2,616 | $ (49,094) | $ 47,126 | $ 8,690 |
Net (loss) income per share data: | |||||||||||
Basic | $ (1.26) | $ (0.01) | $ (0.02) | $ (0.04) | $ 0.87 | $ 0.24 | $ 0.09 | $ 0.07 | $ (1.33) | $ 1.28 | $ 0.24 |
Diluted | $ (1.26) | $ (0.01) | $ (0.02) | $ (0.04) | $ 0.86 | $ 0.24 | $ 0.09 | $ 0.07 | $ (1.33) | $ 1.24 | $ 0.23 |
Merchandise Buying And Occupancy Expenses [Member] | Calculation of Deferred Rent Expense [Member] | |||||||||||
Net (loss) income per share data: | |||||||||||
Quantifying Misstatement In Prior Year Financial Statements Amount | $ 3,600 | ||||||||||
Net Income (Loss) [Member] | Calculation of Deferred Rent Expense [Member] | |||||||||||
Net (loss) income per share data: | |||||||||||
Quantifying Misstatement In Prior Year Financial Statements Amount | $ 2,200 | 2,200 | |||||||||
Operating Income (Loss) [Member] | Calculation of Deferred Rent Expense [Member] | |||||||||||
Net (loss) income per share data: | |||||||||||
Quantifying Misstatement In Prior Year Financial Statements Amount | $ 3,600 | $ 3,600 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended |
Apr. 30, 2016USD ($) | |
Scenario, Forecast [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Professional Fees | $ 1.6 |