Stein Mart (SMRTQ) 10-Q 9 Dec 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2015	Nov. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	SMRT
Entity Registrant Name	STEIN MART INC
Entity Central Index Key	884,940
Current Fiscal Year End Date	--01-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		45,678,715

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Current assets:
Cash and cash equivalents	$ 14,126	$ 65,314	$ 64,882
Inventories	372,912	285,623	343,721
Prepaid expenses and other current assets	34,681	22,733	29,840
Total current assets	421,719	373,670	438,443
Property and equipment, net of accumulated depreciation and amortization of $185,520, $166,646 and $168,557, respectively	162,907	148,782	150,646
Other assets	30,323	30,639	31,005
Total assets	614,949	553,091	620,094
Current liabilities:
Accounts payable	202,176	129,924	214,635
Current portion of debt	10,000
Accrued expenses and other current liabilities	68,162	69,213	63,332
Total current liabilities	280,338	199,137	277,967
Long-term debt	181,833
Deferred rent	41,163	31,284	32,063
Other liabilities	39,355	37,732	36,211
Total liabilities	$ 542,689	$ 268,153	$ 346,241
COMMITMENTS AND CONTINGENCIES
Shareholders' equity:
Preferred stock - $.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	$ 0	$ 0	$ 0
Common stock - $.01 par value; 100,000,000 shares authorized; 45,675,579, 44,918,649 and 44,945,280 shares issued and outstanding, respectively	457	449	449
Additional paid-in capital	41,826	34,875	32,532
Retained earnings	30,397	250,046	241,125
Accumulated other comprehensive loss	(420)	(432)	(253)
Total shareholders' equity	72,260	284,938	273,853
Total liabilities and shareholders' equity	$ 614,949	$ 553,091	$ 620,094

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization	$ 185,520	$ 166,646	$ 168,557
Preferred stock, par value	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	45,675,579	44,918,649	44,945,280
Common stock, shares outstanding	45,675,579	44,918,649	44,945,280

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Income Statement [Abstract]
Net sales	$ 300,665	$ 303,667	$ 965,769	$ 930,678
Cost of merchandise sold	218,497	219,106	686,286	657,547
Gross profit	82,168	84,561	279,483	273,131
Selling, general and administrative expenses	81,464	86,277	248,631	248,957
Operating income (loss)	704	(1,716)	30,852	24,174
Interest expense, net	891	66	2,384	200
(Loss) income before income taxes	(187)	(1,782)	28,468	23,974
Income tax expense (benefit)	10	(571)	11,007	9,373
Net (loss) income	$ (197)	$ (1,211)	$ 17,461	$ 14,601
Net (loss) income per share:
Basic	$ (0.01)	$ (0.03)	$ 0.39	$ 0.33
Diluted	$ (0.01)	$ (0.03)	$ 0.37	$ 0.32
Weighted-average shares outstanding:
Basic	44,791	43,857	44,704	43,833
Diluted	44,791	43,857	45,916	44,664
Dividends declared per common share	$ 0.075	$ 0.075	$ 5.225	$ 0.200

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (197)	$ (1,211)	$ 17,461	$ 14,601
Other comprehensive income, net of tax:
Amounts reclassified from accumulated other comprehensive income	4	3	12	8
Comprehensive (loss) income	$ (193)	$ (1,208)	$ 17,473	$ 14,609

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Oct. 31, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Jan. 31, 2015	$ 284,938	$ 449	$ 34,875	$ 250,046	$ (432)
Balance, shares at Jan. 31, 2015		44,919
Net income	17,461			17,461
Other comprehensive income, net of tax	12				12
Common shares issued under stock option plan	204	$ 1	203
Common shares issued under stock option plan, shares		70
Common shares issued under employee stock purchase plan	358		358
Common shares issued under employee stock purchase plan, shares		40
Reacquired shares	(3,212)	$ (2)	(3,210)
Reacquired shares, shares		(214)
Issuance of restricted stock, net		$ 9	(9)
Issuance of restricted stock, net, shares		861
Share-based compensation	5,773		5,773
Tax benefit from equity issuances	3,836		3,836
Cash dividends paid	(235,691)			(235,691)
Cash dividends payable	(1,419)			(1,419)
Balance at Oct. 31, 2015	$ 72,260	$ 457	$ 41,826	$ 30,397	$ (420)
Balance, shares at Oct. 31, 2015		45,676

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical)	9 Months Ended
	Oct. 31, 2015$ / shares
Cash dividends paid, per share	$ 5.225
Retained Earnings [Member]
Cash dividends paid, per share	$ 5.225

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Cash flows from operating activities:
Net income	$ 17,461	$ 14,601
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,050	21,709
Share-based compensation	5,773	5,492
Store closing charges	7	1,163
Impairment of property and other assets		96
Loss on disposal of property and equipment	53	121
Deferred income taxes	(809)	1,399
Tax benefit from equity issuances	3,836	756
Excess tax benefits from share-based compensation	(3,875)	(879)
Changes in assets and liabilities:
Inventories	(87,289)	(82,204)
Prepaid expenses and other current assets	(12,181)	(4,278)
Other assets	603	(3,591)
Accounts payable	71,617	83,446
Accrued expenses and other current liabilities	(2,177)	(1,729)
Other liabilities	11,226	6,477
Net cash provided by operating activities	26,295	42,579
Cash flows from investing activities:
Net acquisition of property and equipment	(34,470)	(34,043)
Net cash used in investing activities	(34,470)	(34,043)
Cash flows from financing activities:
Proceeds from borrowings	533,334
Repayments of debt	(341,501)
Debt issuance costs	(380)
Cash dividends paid	(235,691)	(8,929)
Excess tax benefits from share-based compensation	3,875	879
Proceeds from exercise of stock options and other	562	427
Repurchase of common stock	(3,212)	(2,885)
Net cash used in financing activities	(43,013)	(10,508)
Net decrease in cash and cash equivalents	(51,188)	(1,972)
Cash and cash equivalents at beginning of year	65,314	66,854
Cash and cash equivalents at end of period	14,126	64,882
Supplemental disclosures of cash flow information:
Income taxes paid	12,304	8,802
Interest paid	2,130	273
Purchases of property and equipment included in accounts payable, accrued expenses and other current liabilities at period end	$ 4,051	$ 1,356

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal and recurring adjustments) considered necessary for fair presentation of the Condensed Consolidated Financial Statements have been included. Due to the seasonality of our business, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in our annual report on Form 10-K for the year ended January 31, 2015. As used herein, the terms “we,” “our,” “us,” “Stein Mart” and the “Company” refer to Stein Mart, Inc. and its wholly-owned subsidiaries. Recent Accounting Pronouncements In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes – Balance Sheet Classification of Deferred Taxes (Subtopic 740)

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Oct. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	2. Accrued Expenses and Other Current Liabilities The major components of accrued expenses and other current liabilities are as follows: October 31, January 31, November 1, 2015 2015 2014 Compensation and employee benefits $ 10,141 $ 12,519 $ 9,758 Unredeemed gift and merchandise return cards 7,708 10,614 6,786 Property taxes 14,179 12,805 13,176 Accrued vacation 7,241 7,241 6,976 Other 28,893 26,034 26,636 Accrued expenses and other current liabilities $ 68,162 $ 69,213 $ 63,332

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements We have historically had money market fund investments classified as cash equivalents, which are Level 1 assets because fair value is based on readily available market prices. The fair value of these assets was $53.7 million at January 31, 2015 and $50.2 million at November 1, 2014. We did not have money market fund investments at October 31, 2015. As the Company’s primary debt obligations are variable rate, there are no significant differences between the estimated fair value (Level 2 measurements) and the carrying value of the Company’s debt obligations at October 31, 2015. The Company did not have outstanding debt at January 31, 2015 and November 1, 2014.

Debt

Debt	9 Months Ended
	Oct. 31, 2015
Debt Disclosure [Abstract]
Debt	4. Debt On February 3, 2015, we entered into a $250 million senior secured revolving credit facility pursuant to a second amended and restated credit agreement with Wells Fargo Bank (the “Credit Agreement”) that will mature in February 2020 and a secured $25 million master loan agreement with Wells Fargo Equipment Finance, Inc. (the “Equipment Term Loan” and, together with the Credit Agreement, the “Credit Facilities”) that will mature in February 2018. The Credit Facilities replace the Company’s former $100 million senior secured revolving credit facility which was set to mature on February 28, 2017. Borrowings under the Credit Facilities were initially used for a special dividend, but subsequently may be used for working capital, capital expenditures and other general corporate purposes. During 2015, debt issuance costs associated with the Credit Facilities were capitalized in the amount of $0.4 million and will be amortized over their respective terms. Long-term debt consisted of the following at October 31, 2015: Revolving credit facility $ 168,500 Equipment term loan 23,333 Total debt 191,833 Current maturities (10,000 ) Long-term debt $ 181,833 The aggregate maturities of long-term debt subsequent to October 31, 2015 for the following fiscal years: 2015 $ 2,500 2016 10,000 2017 10,833 2018 — 2019 — Thereafter 168,500 Total $ 191,833 The total amount available under the Credit Agreement is the lesser of the Aggregate Commitment or 100% of eligible credit card receivables and the Net Recovery Percentage of inventories less reserves. At October 31, 2015, in addition to outstanding borrowings under the Credit Agreement, the Company had $6.4 million of outstanding letters of credit, which reduced the Company’s availability under the Credit Agreement to $75.1 million. The Credit Facilities contain customary representations and warranties, affirmative and negative covenants (including, in the Credit Agreement, the requirement of a 1 to 1 consolidated fixed charge coverage ratio upon the occurrence and during the continuance of any Covenant Compliance Event, as defined in the Credit Agreement), and events of default for facilities of this type and are cross-collateralized and cross-defaulted. Collateral for the Credit Facilities consists of substantially all of our personal property. Wells Fargo Bank has a first lien on all collateral other than equipment and Wells Fargo Equipment Finance has a first lien on equipment. At October 31, 2015, the Company was in compliance with all debt covenants. Borrowings under the Credit Agreement shall be either Base Rate Loans or LIBO Rate Loans. LIBO Rate Loans bear interest equal to the Adjusted LIBO Rate plus the Applicable Margin (125 to 175 basis points) depending on the Quarterly Average Excess Availability. Base Rate Loans bear interest equal to the highest of (a) the Federal Funds Rate plus one-half of one percent (0.50%), (b) the Adjusted LIBO Rate plus one percent (1.00%), or (c) the Wells Fargo “prime rate,” plus the Applicable Margin (25 to 75 basis points). Borrowings under the Equipment Term Loan shall be LIBO Rate plus 2%. The weighted average interest rate for amounts outstanding under the Credit Agreement and Equipment Term Loan were 1.74 percent and 2.19 percent, respectively, as of October 31, 2015.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Oct. 31, 2015
Equity [Abstract]
Shareholders' Equity	5. Shareholders’ Equity Dividends During 2015, we paid a special cash dividend of $5.00 per common share on February 27, 2015 and three quarterly dividends of $0.075 per common share on April 17, 2015, July 17, 2015 and October 16, 2015. In 2014, we paid quarterly dividends of $0.05 per common share on April 18, 2014 and $0.075 per common share on July 18, 2014 and October 17, 2014. On December 9, 2015, the Board of Directors declared a dividend of $0.075 per common share to be paid on January 15, 2016 to shareholders of record on December 31, 2015. Stock Repurchase Plan During the 39 weeks ended October 31, 2015, we repurchased 213,815 shares of our common stock at a total cost of $3.2 million. During the 39 weeks ended November 1, 2014, we repurchased 228,553 shares of our common stock at a total cost of $2.9 million. Stock repurchases were for tax withholding amounts due on the vesting of employee stock awards and during the first nine months of 2015 did not include any shares purchased on the open market under our previously authorized stock repurchase plan. As of October 31, 2015, there are 269,295 shares that can be repurchased pursuant to the Board of Director’s current authorization. In November 2015, the Board of Directors authorized the repurchase of 500,000 shares of our common stock in addition to amounts previously authorized.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share We calculate earnings per common share (“EPS”) using the two-class method. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS. Our restricted stock awards in 2013 and prior are considered “participating securities” because they contain non-forfeitable rights to dividends. The following table presents the calculation of basic and diluted EPS (shares in thousands): 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Basic (Loss) Earnings Per Common Share: Net (loss) income $ (197 ) $ (1,211 ) $ 17,461 $ 14,601 Income allocated to participating securities 26 — 205 268 Net (loss) income available to common shareholders $ (223 ) $ (1,211 ) $ 17,256 $ 14,333 Basic weighted-average shares outstanding 44,791 43,857 44,704 43,833 Basic (loss) earnings per share $ (0.01 ) $ (0.03 ) $ 0.39 $ 0.33 Diluted (Loss) Earnings Per Common Share: Net (loss) income $ (197 ) $ (1,211 ) $ 17,461 $ 14,601 Income allocated to participating securities 26 — 255 266 Net (loss) income available to common shareholders $ (223 ) $ (1,211 ) $ 17,206 $ 14,335 Basic weighted-average shares outstanding 44,791 43,857 44,704 43,833 Incremental shares from share-based compensation plans — — 1,212 831 Diluted weighted-average shares outstanding 44,791 43,857 45,916 44,664 Diluted (loss) earnings per share $ (0.01 ) $ (0.03 ) $ 0.37 $ 0.32 Due to the Company’s net loss position for the third quarter of 2015 and 2014, 0.4 million and 0.8 million weighted average unvested restricted shares (participating securities) and 1.3 million and 1.0 million weighted average common stock equivalents (non-participating securities), respectively, were not considered in the calculation of net loss available to common shareholders used for both basic and diluted EPS for the quarter. In addition, options to acquire shares totaling approximately 0.4 million shares of common stock that were outstanding during each of the third quarters of 2015 and 2014 were not included in the computation of diluted earnings per common share. Options excluded were those that had exercise prices greater than the average market price of the common shares such that inclusion would have been anti-dilutive. For the first nine months of 2015 and 2014, options to acquire shares of approximately 0.2 million and 0.3 million shares of common stock, respectively, were not included in the computation of diluted earnings per share for the aforementioned reasons.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies On July 24, 2013, the Securities and Exchange Commission (the “SEC”) informed us that it was conducting an investigation of the Company and made a request for voluntary production of documents and information. The request was focused on our restatement of 2012 and prior consolidated financial statements and our 2013 change in auditors. In an administrative proceeding, the SEC found that the Company had violated the reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934 during the restatement period and ordered the Company to cease and desist from committing or causing any violations and any future violations of such SEC rules. In September 2015, the Company agreed to a settlement with the SEC without admitting or denying the findings of the SEC and also agreed to pay a civil monetary penalty of $0.8 million. The Company previously established a reserve for the potential settlement of this matter, which did not require significant adjustment in the third quarter of 2015. The Company recognized $0.2 million and $2.9 million of expenses, net of expected insurance recoveries, related to the SEC investigation during the 39 weeks ended October 31, 2015 and November 1, 2014, respectively. The SEC did not allege fraud by the Company and did not bring charges against any individual. In connection with the settlement, the SEC considered remedial acts undertaken by the Company, including its enhancement of internal controls, retention of additional accounting personnel, and the Company’s cooperation with the SEC staff during the course of the investigation. We are involved in various routine legal proceedings incidental to the conduct of our business. Management, based upon the advice of outside legal counsel, does not believe that any of these legal proceedings will have a material adverse effect on our financial condition, results of operations or cash flows.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal and recurring adjustments) considered necessary for fair presentation of the Condensed Consolidated Financial Statements have been included. Due to the seasonality of our business, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in our annual report on Form 10-K for the year ended January 31, 2015. As used herein, the terms “we,” “our,” “us,” “Stein Mart” and the “Company” refer to Stein Mart, Inc. and its wholly-owned subsidiaries.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes – Balance Sheet Classification of Deferred Taxes (Subtopic 740)

Accrued Expenses and Other Cu17

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Oct. 31, 2015
Payables and Accruals [Abstract]
Major Components of Accrued Expenses and Other Current Liabilities	The major components of accrued expenses and other current liabilities are as follows: October 31, January 31, November 1, 2015 2015 2014 Compensation and employee benefits $ 10,141 $ 12,519 $ 9,758 Unredeemed gift and merchandise return cards 7,708 10,614 6,786 Property taxes 14,179 12,805 13,176 Accrued vacation 7,241 7,241 6,976 Other 28,893 26,034 26,636 Accrued expenses and other current liabilities $ 68,162 $ 69,213 $ 63,332

Debt (Tables)

Debt (Tables)	9 Months Ended
	Oct. 31, 2015
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consisted of the following at October 31, 2015: Revolving credit facility $ 168,500 Equipment term loan 23,333 Total debt 191,833 Current maturities (10,000 ) Long-term debt $ 181,833
Aggregate Maturities of Long-term Debt	The aggregate maturities of long-term debt subsequent to October 31, 2015 for the following fiscal years: 2015 $ 2,500 2016 10,000 2017 10,833 2018 — 2019 — Thereafter 168,500 Total $ 191,833

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Basic and Diluted Income Per Common Share	The following table presents the calculation of basic and diluted EPS (shares in thousands): 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Basic (Loss) Earnings Per Common Share: Net (loss) income $ (197 ) $ (1,211 ) $ 17,461 $ 14,601 Income allocated to participating securities 26 — 205 268 Net (loss) income available to common shareholders $ (223 ) $ (1,211 ) $ 17,256 $ 14,333 Basic weighted-average shares outstanding 44,791 43,857 44,704 43,833 Basic (loss) earnings per share $ (0.01 ) $ (0.03 ) $ 0.39 $ 0.33 Diluted (Loss) Earnings Per Common Share: Net (loss) income $ (197 ) $ (1,211 ) $ 17,461 $ 14,601 Income allocated to participating securities 26 — 255 266 Net (loss) income available to common shareholders $ (223 ) $ (1,211 ) $ 17,206 $ 14,335 Basic weighted-average shares outstanding 44,791 43,857 44,704 43,833 Incremental shares from share-based compensation plans — — 1,212 831 Diluted weighted-average shares outstanding 44,791 43,857 45,916 44,664 Diluted (loss) earnings per share $ (0.01 ) $ (0.03 ) $ 0.37 $ 0.32

Accrued Expenses and Other Cu20

Accrued Expenses and Other Current Liabilities - Major Components of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Accrued Liabilities and Other Liabilities [Abstract]
Compensation and employee benefits	$ 10,141	$ 12,519	$ 9,758
Unredeemed gift and merchandise return cards	7,708	10,614	6,786
Property taxes	14,179	12,805	13,176
Accrued vacation	7,241	7,241	6,976
Other	28,893	26,034	26,636
Accrued expenses and other current liabilities	$ 68,162	$ 69,213	$ 63,332

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Jan. 31, 2015	Nov. 01, 2014
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	$ 53.7	$ 50.2

Debt - Additional Information (

Debt - Additional Information (Detail)	Feb. 03, 2015USD ($)	Oct. 31, 2015USD ($)
Debt Instrument [Line Items]
Debt issuance costs		$ 400,000
Borrowing capacity covenant, percentage of credit card receivables and net recovery of inventories		100.00%
Letters of credit, outstanding		$ 6,400,000
Remaining borrowing capacity under line of credit facility		$ 75,100,000
Fixed charges coverage ratio		1
Equipment Term Loan [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 25,000,000
Credit facility agreement expiration date	Feb. 28, 2018
Weighted average interest rate on debt amounts outstanding		2.19%
Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument interest rate		0.50%
Terms of credit agreement		Base Rate Loans bear interest equal to the highest of (a) the Federal Funds Rate plus one-half of one percent (0.50%), (b) the Adjusted LIBO Rate plus one percent (1.00%), or (c) the Wells Fargo "prime rate," plus the Applicable Margin (25 to 75 basis points).
Weighted average interest rate on debt amounts outstanding		1.74%
Former Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 100,000,000
Credit facility agreement expiration date	Feb. 28, 2017
Wells Fargo Bank [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 250,000,000
Credit facility agreement expiration date	Feb. 28, 2020
London Interbank Offered Rate (LIBOR) [Member] | Equipment Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument interest rate		2.00%
London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument interest rate		1.00%

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Detail) $ in Thousands	Oct. 31, 2015USD ($)
Debt Disclosure [Abstract]
Revolving credit facility	$ 168,500
Equipment term loan	23,333
Total	191,833
Current maturities	(10,000)
Long-term debt	$ 181,833

Debt - Aggregate Maturities of

Debt - Aggregate Maturities of Long-term Debt (Detail) $ in Thousands	Oct. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,015	$ 2,500
2,016	10,000
2,017	10,833
2,018	0
2,019	0
Thereafter	168,500
Total	$ 191,833

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Dec. 09, 2015	Oct. 16, 2015	Jul. 17, 2015	Apr. 17, 2015	Feb. 27, 2015	Oct. 17, 2014	Jul. 18, 2014	Apr. 18, 2014	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014	Nov. 30, 2015
Schedule of Shareholders' Equity [Line Items]
Dividend declared and cash paid per share		$ 0.075	$ 0.075	$ 0.075	$ 5	$ 0.075	$ 0.075	$ 0.050			$ 5.225
Dividend to be paid for common shares	$ 0.075								$ 0.075	$ 0.075	$ 5.225	$ 0.200
Repurchase of shares											213,815	228,553
Repurchase shares value											$ 3.2	$ 2.9
Board of Directors [Member]
Schedule of Shareholders' Equity [Line Items]
Repurchase of shares											0
Repurchase of shares, remaining									269,295		269,295
Common shares authorized to repurchase													500,000

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Basic (Loss) Earnings Per Common Share:
Net (loss) income	$ (197)	$ (1,211)	$ 17,461	$ 14,601
Income allocated to participating securities	26		205	268
Net (loss) income available to common shareholders	$ (223)	$ (1,211)	$ 17,256	$ 14,333
Basic weighted-average shares outstanding	44,791	43,857	44,704	43,833
Basic (loss) earnings per share	$ (0.01)	$ (0.03)	$ 0.39	$ 0.33
Diluted (Loss) Earnings Per Common Share:
Net (loss) income	$ (197)	$ (1,211)	$ 17,461	$ 14,601
Income allocated to participating securities	26		255	266
Net (loss) income available to common shareholders	$ (223)	$ (1,211)	$ 17,206	$ 14,335
Basic weighted-average shares outstanding	44,791	43,857	44,704	43,833
Incremental shares from share-based compensation plans			1,212	831
Diluted weighted-average shares outstanding	44,791	43,857	45,916	44,664
Diluted (loss) earnings per share	$ (0.01)	$ (0.03)	$ 0.37	$ 0.32

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Earnings Per Share [Line Items]
Weighted average common stock equivalents	44,791	43,857	45,916	44,664
Weighted average common stock equivalents	400	400	200	300
Participating Securities [Member]
Earnings Per Share [Line Items]
Weighted average unvested restricted shares	400	800
Non Participating Securities [Member]
Earnings Per Share [Line Items]
Weighted average common stock equivalents	1,300	1,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015	Nov. 01, 2014
Commitment And Contingencies [Line Items]
SEC investigation expense		$ 0.2	$ 2.9
Securities and Exchange Commission [Member]
Commitment And Contingencies [Line Items]
Civil monetary penalty payable as part of settlement	$ 0.8