Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Mar. 25, 2019 | Aug. 04, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 2, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STEIN MART INC | ||
Entity Central Index Key | 0000884940 | ||
Current Fiscal Year End Date | --02-02 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Trading Symbol | SMRT | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 47,836,904 | ||
Entity Small Business | true | ||
Entity Public Float | $ 70,509,246 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 9,049 | $ 10,400 |
Inventories | 255,884 | 270,237 |
Prepaid expenses and other current assets | 28,326 | 26,620 |
Total current assets | 293,259 | 307,257 |
Property and equipment, net | 123,838 | 151,128 |
Other assets | 24,108 | 24,973 |
Total assets | 441,205 | 483,358 |
Current liabilities: | ||
Accounts payable | 89,646 | 119,388 |
Current portion of debt | 13,738 | |
Accrued expenses and other current liabilities | 77,650 | 78,453 |
Total current liabilities | 167,296 | 211,579 |
Long-term debt, net of current portion | 153,253 | 142,387 |
Deferred rent | 39,708 | 40,860 |
Other liabilities | 33,897 | 40,214 |
Total liabilities | 394,154 | 435,040 |
COMMITMENTS AND CONTINGENCIES (Notes 5 and 9) | ||
Shareholders' equity: | ||
Preferred stock - $.01 par value; 1,000,000 shares authorized; no shares issued or outstanding | ||
Common stock - $.01 par value; 100,000,000 shares authorized; 47,874,286 and 47,978,275 shares issued and outstanding, at February 2, 2019 and February 3, 2018, respectively | 479 | 480 |
Additional paid-in capital | 60,172 | 56,002 |
Retained deficit | (13,853) | (7,918) |
Accumulated other comprehensive income (loss) | 253 | (246) |
Total shareholders' equity | 47,051 | 48,318 |
Total liabilities and shareholders' equity | $ 441,205 | $ 483,358 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 02, 2019 | Feb. 03, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 47,874,286 | 47,978,275 |
Common stock, shares outstanding | 47,874,286 | 47,978,275 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 1,257,598 | $ 1,318,633 |
Other revenue | 15,134 | 13,936 |
Total revenue | 1,272,732 | 1,332,569 |
Cost of merchandise sold | 919,812 | 987,692 |
Selling, general and administrative expenses | 348,061 | 376,111 |
Operating income (loss) | 4,859 | (31,234) |
Interest expense, net | 10,882 | 4,788 |
Loss before income taxes | (6,023) | (36,022) |
Income tax benefit | (25) | (11,698) |
Net loss | $ (5,998) | $ (24,324) |
Net loss per share: | ||
Basic | $ (0.13) | $ (0.52) |
Diluted | $ (0.13) | $ (0.52) |
Weighted-average shares outstanding: | ||
Basic | 46,706 | 46,342 |
Diluted | 46,706 | 46,342 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (5,998) | $ (24,324) |
Change in post-retirement benefit obligations (See Note 7): | ||
Other comprehensive income before reclassifications | 481 | 23 |
Amounts reclassified from accumulated other comprehensive income (loss) | 18 | 35 |
Comprehensive loss | $ (5,499) | $ (24,266) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Balance at Jan. 28, 2017 | $ 70,291 | $ 470 | $ 50,241 | $ 19,884 | $ (304) |
Balance, shares at Jan. 28, 2017 | 47,019 | ||||
Net loss | (24,324) | (24,324) | |||
Other comprehensive income (loss), net of tax | 58 | 58 | |||
Common shares issued under employee stock purchase plan | 328 | $ 2 | 326 | ||
Common shares issued under employee stock purchase plan, shares | 228 | ||||
Reacquired shares | (248) | (248) | |||
Reacquired shares, shares | (81) | ||||
Issuance of restricted stock, net | $ 8 | (8) | |||
Issuance of restricted stock, net, shares | 812 | ||||
Share-based compensation | 5,691 | 5,691 | |||
Cash dividends paid | (3,639) | (3,639) | |||
Cash dividends payable | 161 | 161 | |||
Balance at Feb. 03, 2018 | 48,318 | $ 480 | 56,002 | (7,918) | (246) |
Balance, shares at Feb. 03, 2018 | 47,978 | ||||
Net loss | (5,998) | (5,998) | |||
Other comprehensive income (loss), net of tax | 499 | 499 | |||
Common shares issued under employee stock purchase plan | 202 | $ 2 | 200 | ||
Common shares issued under employee stock purchase plan, shares | 215 | ||||
Reacquired shares | (142) | $ (1) | (141) | ||
Reacquired shares, shares | (122) | ||||
Issuance of restricted stock, net | $ (2) | 2 | |||
Issuance of restricted stock, net, shares | (197) | ||||
Share-based compensation | 4,109 | 4,109 | |||
Cash dividends paid | (223) | (223) | |||
Cash dividends payable | 286 | 286 | |||
Balance at Feb. 02, 2019 | $ 47,051 | $ 479 | $ 60,172 | $ (13,853) | $ 253 |
Balance, shares at Feb. 02, 2019 | 47,874 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended |
Feb. 03, 2018$ / shares | |
Retained Earnings (Deficit) [Member] | |
Cash dividends paid, per share | $ 0.075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (5,998) | $ (24,324) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 32,447 | 32,333 |
Share-based compensation | 4,109 | 5,691 |
Store closing charges | 215 | 168 |
Impairment of property and other assets | 2,803 | 3,792 |
Loss on disposal of property and equipment | 681 | 329 |
Deferred income taxes | (3,222) | |
Changes in assets and liabilities: | ||
Inventories | 14,353 | 20,873 |
Prepaid expenses and other current assets | (1,706) | 6,438 |
Other assets | (1,350) | 2,254 |
Accounts payable | (29,823) | 5,096 |
Accrued expenses and other current liabilities | (635) | 3,021 |
Other liabilities | (6,194) | (4,737) |
Net cash provided by operating activities | 8,902 | 47,712 |
Cash flows from investing activities: | ||
Net acquisition of property and equipment | (8,993) | (21,244) |
Proceeds from canceled corporate-owned life insurance policies | 2,514 | 2,716 |
Proceeds from insurance claims | 296 | 44 |
Net cash used in investing activities | (6,183) | (18,484) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 1,107,183 | 474,529 |
Repayments of debt | (1,109,208) | (500,238) |
Debt issuance costs | (1,146) | |
Cash dividends paid | (223) | (3,639) |
Capital lease payments | (736) | (164) |
Proceeds from exercise of stock options and other | 202 | 328 |
Repurchase of common stock | (142) | (248) |
Net cash used in financing activities | (4,070) | (29,432) |
Net decrease in cash and cash equivalents | (1,351) | (204) |
Cash and cash equivalents at beginning of year | 10,400 | 10,604 |
Cash and cash equivalents at end of year | 9,049 | 10,400 |
Supplemental disclosures of cash flow information: | ||
Income taxes received | (443) | (19,422) |
Interest paid | 10,312 | 4,578 |
Accruals and accounts payable for capital expenditures | 242 | 629 |
Property and equipment acquired through capital lease | $ 35 | $ 1,996 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Other Information | 12 Months Ended |
Feb. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies and Other Information | 1. Summary of Significant Accounting Policies and Other Information As of February 2, 2019, Stein Mart, Inc. operated a chain of 287 retail stores in 30 states and an Ecommerce site that offers the fashion merchandise, service and presentation of a better department or specialty store at prices competitive with off-price retail chains. As used herein, the terms “we,” “our,” “us” and “Stein Mart” refer to Stein Mart, Inc. and its wholly-owned subsidiaries, Stein Mart Buying Corporation and Stein Mart Holding Corporation. Consolidation The accompanying Consolidated Financial Statements include the accounts of Stein Mart and all its wholly-owned subsidiaries. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All inter-company accounts have been eliminated in consolidation. Fiscal Year End Our fiscal year ends on the Saturday closest to January 31. Fiscal years 2018 and 2017 ended on February 2, 2019 and February 3, 2018, respectively. Fiscal 2018 included 52 weeks. Fiscal 2017 included 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Included in cash and cash equivalents are cash on hand in the stores, deposits with banks and amounts due from credit card transactions with settlement terms of five days or less. Credit and debit card receivables included within cash were $6.8 million at February 2, 2019, and $7.3 million at February 3, 2018. We have no restrictions on our cash and cash equivalents. Retail Inventory Method and Inventory Valuation Inventories are valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method (“RIM”), the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories. RIM is an averaging method that is widely used in the retail industry. The use of the retail inventory method results in valuing inventories at lower of cost or market as permanent markdowns are currently taken as a reduction of the retail value of inventories. Inherent in the RIM calculation are certain significant management judgments and estimates including, among others, merchandise markon, markup, markdowns and shrinkage, which significantly affect the ending inventory valuation at cost as well as the corresponding charge to cost of goods sold. In addition, failure to take appropriate permanent markdowns currently can result in an overstatement of inventory. We perform physical inventory counts at all stores once per year, in either the summer or January. Included in the carrying value of merchandise inventories between physical counts is a reserve for estimated shrinkage. That estimate is based on historical physical inventory results. The difference between actual and estimated shrinkage may cause fluctuations in quarterly results but was not significant in 2018 or 2017. Vendor Allowances We receive certain allowances from some of our vendors primarily related to markdown reimbursement, damaged/defective merchandise and vendor non-compliance issues. Vendor allowances are recorded when earned in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers Property and Equipment, Net Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of 3-10 years for fixtures, equipment and software and 5-10 years for leasehold improvements. Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the term of the lease. We capitalize costs associated with the acquisition or development of software for internal use. We only capitalize subsequent additions, modifications or upgrades to internal-use software to the extent that such changes increase functionality. We expense software maintenance and training costs as incurred. Impairment of Long-Lived Assets We follow the guidance in ASC Topic 360, Property, Plant and Equipment Fair Value Measurements We follow the guidance of ASC Topic 820, Fair Value Measurements and Disclosures, Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs that reflect assumptions about what market participants would use in pricing assets or liabilities based on the best information available. Assets and liabilities measured at fair value on a recurring basis include cash and cash equivalents. Assets and liabilities measured on a non-recurring basis include store related assets as used in our impairment calculations. See Note 2, Property and Equipment, Net, for further discussion. As our primary debt obligations are at a variable rate, there are no significant differences between the estimated fair value (Level 2 measurements) and the carrying value of our debt obligations at February 2, 2019 and February 3, 2018. Store Closing Costs We close under-performing stores in the normal course of business. We follow the guidance in ASC Topic 420, Exit or Disposal Cost Obligations , Accounts Payable Accounts payable represents amounts owed by us to third parties at the end of the period. Accounts payable includes $0.4 million of book cash overdrafts in excess of cash balances in such accounts at February 2, 2019 and no book cash overdrafts in excess of cash balances in such accounts at February 3, 2018. We include the change in book cash overdrafts in operating cash flows in the Consolidated Statements of Cash Flows. Insurance Reserves We use a combination of insurance and self-insurance to mitigate various risks including workers’ compensation, general liability and associate-related health care benefits, a portion of which is paid by the covered employees. We are responsible for paying the claims that are less than the insured limits. The reserves recorded for these claims are estimated actuarially, based on claims filed and claims incurred but not yet reported. These reserve estimates are adjusted based upon actual claims filed and settled which are included in accrued expenses and other current liabilities in the Consolidated Balance Sheets. Hurricanes During the third quarter of fiscal 2018, hurricanes Florence and Michael made landfall in the Carolinas and Florida, respectively. In 2018, we recognized a loss of approximately $1.0 million attributable to hurricane-related expenses, mainly related to damaged inventory. We have also received $1.2 million in insurance recoveries as of February 2, 2019. During the third quarter of fiscal 2017, hurricanes Harvey and Irma made landfall in Texas and Florida, respectively. We operated 44 stores in Texas and 46 stores in Florida and approximately half of these locations were closed for multiple days or had reduced hours of operation. We have recognized a loss of approximately $1.8 million attributable to hurricane-related expenses, mainly related to damaged inventory. We have also received $2.1 million in insurance recoveries as of February 2, 2019. Store Pre-Opening Costs Costs incurred prior to the date that new stores open are expensed as incurred. These pre-opening costs are included in SG&A in the Consolidated Statements of Operations. Pre-opening costs include, among other items, payroll for store set-up, advertising and pre-opening rent. Comprehensive Loss Comprehensive loss consists of two components, net loss and other comprehensive loss. Other comprehensive income refers to gains and losses that, under GAAP, are recorded as an element of shareholders’ equity but are excluded from net income. Accumulated other comprehensive income (loss) in 2018 and 2017 includes changes in postretirement benefits. See Note 7, Employee Benefit Plans, for further discussion. Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU No. 2014-09”). This update provides a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this ASU on February 4, 2018, for all revenue contracts with our customers using the full retrospective approach and increased retained earnings as of January 28, 2017, by less than $0.1 million as we now recognize Ecommerce sales when orders are delivered to the carrier and no longer reserve for orders in transit. Prior to the adoption of ASU No. 2014-09, our sales return liability was recorded as a net liability on the Consolidated Balance Sheets. We now recognize a gross return liability for the sales amounts expected to be refunded to customers and a corresponding asset for the recoverable cost of the merchandise expected to be returned by customers in other current assets and other current liabilities on the Consolidated Balance Sheets. Other changes relate primarily to the presentation of revenue. Revenue associated with our credit card program and breakage revenue has been retrospectively reclassified to present the revenue in other revenues, rather than as an offset to selling, general and administrative expenses on the Consolidated Statements of Income for all periods presented. Revenue from sales of our merchandise is recognized at the time of sale net of any returns, discounts and percentage-off coupons. Our Ecommerce operation records revenue as orders are fulfilled and provided to a carrier for delivery. Shipping and handling fees charged to customers are also included in total net sales with corresponding costs recorded as cost of goods sold as they are considered a fulfillment cost. Future merchandise returns are estimated based on historical experience. Sales tax collected from customers is not recognized as revenue and is included in accrued expenses and other current liabilities on the Consolidated Balance Sheets until paid. Our shoe department and vintage luxury handbag department inventories are each owned by separate single suppliers under supply agreements. Our commissions from the sales in these areas are included in net sales on the Consolidated Statements of Operations. We offer gift and merchandise return cards to our customers. Some cards are electronic and none have expiration dates. At the time gift cards are sold, the issuance is recorded as a liability to customers, and no revenue is recognized. At the time merchandise return cards are issued for returned merchandise, the sale is reversed and a liability to customers is recorded. These card liabilities are reduced and sales revenue recognized when they are redeemed for merchandise. Card liabilities are included in accrued expenses and other current liabilities in the Consolidated Balance Sheets. Our gift and merchandise return cards may not ultimately be redeemed either in full or partially. We account for this “breakage” of unused amounts as revenue in proportion to the pattern of rights exercised by the customer. With the adoption of ASU No. 2014-09, breakage revenue is recorded within other revenue in the Consolidated Statements of Operations. During 2018 and 2017, we recognized $1.7 million and $1.6 million, respectively, of breakage revenue on unused gift and merchandise return cards. Credit Card We offer co-branded and private label credit cards under the Stein Mart brand. These cards are issued by Synchrony Bank (“Synchrony”). Synchrony extends credit directly to card holders, provides all servicing for the credit card accounts and bears all risk of credit and fraud losses. We receive royalty revenue from Synchrony based on card usage in our stores and at other retailers for the Stein Mart Mastercard. We also receive revenues for new accounts and gain share based on the profitability of the overall program. Credit card revenue is recorded within other revenue in the Consolidated Statements of Operations. These revenues are recorded as they are earned based on the occurrence of the various program activities and represent the majority of other revenue. Once a card is activated, the card holders are eligible to participate in the credit card rewards program, which provides for an incentive to card holders in the form of reward points for which certificates are issued in $10 increments, which is equivalent to 1,000 points. Points are valued at the stand-alone selling price of the certificates issued. We defer a portion of our revenue for loyalty points earned by customers using the co-branded and private label cards and recognize the revenue as the certificates earned are used to purchase merchandise by our customers. This revenue is recorded within other revenue in the Consolidated Statements of Operations. Certificates may not ultimately be redeemed either in full or partially. We account for this “breakage” of unused amounts as revenue in proportion to the pattern of rights exercised by the customer. Breakage revenue is recorded within other revenue in the Consolidated Statements of Operations. During 2018 and 2017, we recognized $5.7 million and $3.2 million, respectively, of breakage revenue on unused credit card reward certificates and points. Stein Mart card holders also receive special promotional offers and advance notice of in-store sales events. Adjustments to Previously Reported Financial Statements The following tables set forth the adjustments made to our financial statements for the adoption of ASU No. 2014-09 (in thousands): Consolidated Balance Sheets February 3, 2018 As Reported Adjustment As Adjusted Prepaid expenses and other current assets $ 24,194 $ 2,426 $ 26,620 Accrued expenses and other current liabilities 76,058 2,395 78,453 Retained deficit (7,949 ) 31 (7,918 ) Consolidated Statements of Operations 53 Weeks Ended February 3, 2018 As Reported Adjustment As Adjusted Other revenue $ - $ 13,936 $ 13,936 Selling, general and administrative expenses 362,175 13,936 376,111 Consolidated Statements of Cash Flows 53 Weeks Ended February 3, 2018 As Reported Adjustment As Adjusted Prepaid expenses and other current assets $ 6,055 $ 383 $ 6,438 Accrued expenses and other current liabilities 3,404 (383 ) 3,021 Revenue The following table sets forth our revenue by type of contract (in thousands): As Adjusted 52 Weeks Ended 53 Weeks Ended Store sales (1) $ 1,179,613 $ 1,257,657 Ecommerce sales (1) 53,137 37,851 Licensed department commissions (2) 24,848 23,125 Net sales $ 1,257,598 $ 1,318,633 Credit card revenue (3) 7,561 9,004 Breakage revenue (4) 7,424 4,792 Other 149 140 Other revenue 15,134 13,936 Total revenue $ 1,272,732 $ 1,332,569 (1) Store and Ecommerce sales are net of any returns, discounts and percentage-off coupons. (2) Licensed department commissions are licensed department commissions received net of any returns. (3) Credit card revenue earned from Synchrony programs. (4) Breakage revenue earned on unused gift and merchandise return cards and unused certificates and loyalty reward points. The following table sets forth the gross up of the sales return reserve (in thousands): February 2, 2019 February 3, 2018 Reserve for sales returns $ (3,469 ) $ (4,094 ) Cost of inventory returns 1,984 2,426 The following table sets forth the contract liabilities (in thousands): February 2, 2019 February 3, 2018 Deferred revenue contracts $ (11,017 ) $ (12,512 ) Gift card liability (12,246 ) (12,180 ) Credit card reward liability (5,583 ) (4,689 ) Liability for deferred revenue $ (28,846 ) $ (29,381 ) Contract liabilities include consideration received for gift card and loyalty related performance obligations which have not been satisfied as of the dates presented above. The following table sets forth a rollforward of the amounts included in contract liabilities for the periods presented (in thousands): 52 Weeks Ended 53 Weeks Ended Beginning balance $ 29,381 $ 29,412 Current period gift cards sold and loyalty reward points earned 39,402 37,112 Net sales from redemptions (1) (30,918) (30,763) Breakage and amortization (2) (9,019) (6,380) Ending balance $ 28,846 $ 29,381 (1) $8.3 million and $8.2 million in net sales from redemptions were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. (2) $3.8 million and $3.0 million in breakage and amortization were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. Operating Leases We lease all of our retail stores under operating leases. Certain lease agreements contain rent holidays, and/or rent escalation clauses. Except for contingent rent, we recognize rent expense on a straight-line basis over the lease term and record the difference between the amount charged to expense and the rent paid as a deferred rent liability. Contingent rent, determined based on a percentage of sales more than specified levels, is recognized as rent expense when achievement of the specified sales that triggers the contingent rent is probable. Contingent rent expense was $0.3 million during fiscal 2018 and 2017. Construction allowances and other such lease incentives are recorded as a deferred rent liability and are amortized on a straight-line basis as a reduction of rent expense. Capital Leases In October 2017, Stein Mart entered into a three-year capital lease agreement for networking and telephone equipment. The capital lease agreement carries a bargain purchase option for the equipment. The leased networking equipment has a useful life of three years and the telephone equipment has a useful life of five years; the equipment will be depreciated on a straight-line basis over the respective periods. The leased equipment was recorded at fair value as this amount was less than the present value of the minimum lease payments, which was $2.0 million. The gross value of assets subject to capital leases was $2.0 million as of February 2, 2019, and is included in property and equipment, net on the Consolidated Balance Sheets. The remaining capital lease obligation of $1.2 million as of February 2, 2019, is split between accrued expenses and other current liabilities for the short-term portion and other liabilities for the long-term portion on the Consolidated Balance Sheets. Advertising Expense Advertising costs are expensed as incurred. Advertising expenses of $57.9 million and $64.1 million are reflected in SG&A in the Consolidated Statements of Operations for 2018 and 2017, respectively. Income Taxes We follow the guidance in ASC Topic 740, Income Taxes Share-Based Compensation We follow the guidance in ASC Topic 718, Stock Compensation Stock Compensation, Earnings Per Share (“EPS”) We follow the guidance of ASC Topic 260, Earnings Per Share The following table sets forth the calculation of basic and diluted loss per common share (in thousands, except per share data): 2018 2017 Basic EPS: Net loss $ (5,998) $ (24,324) Income allocated to participating securities - 2 Net loss available to common shareholders $ (5,998) $ (24,326) Basic weighted-average shares outstanding 46,706 46,342 Basic loss per common share: $ (0.13) $ (0.52) Diluted EPS: Net loss $ (5,998) $ (24,324) Income allocated to participating securities - 2 Net loss available to common shareholders $ (5,998) $ (24,326) Basic weighted-average shares outstanding 46,706 46,342 Incremental shares from share-based compensation plans - - Diluted weighted-average shares outstanding 46,706 46,342 Diluted loss per common share: $ (0.13) $ (0.52) Diluted weighted-average shares outstanding exclude approximately 2.3 million and 3.8 million shares during 2018 and 2017, respectively, which are anti-dilutive for the periods presented. These shares are comprised of a mix of stock options, performance awards and restricted stock. Stock 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. Restricted stock and performance shares excluded were shares that were anti-dilutive as calculated using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed conversion of stock options and performance awards are anti-dilutive. Consolidated Statements of Operations Classifications Cost of merchandise sold includes merchandise costs, net of vendor discounts and allowances; freight; inventory shrinkage; store occupancy costs (including rent, common area maintenance, real estate taxes, utilities and maintenance); payroll, benefits and travel costs directly associated with buying inventory; and costs and depreciation related to the consolidation centers and distribution warehouses. SG&A includes store operating expenses, such as payroll and benefit costs, advertising, store supplies, depreciation not related to consolidation and distribution centers and other direct selling costs and costs associated with our corporate functions. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This will require recognition on our Consolidated Balance Sheets for the rights and obligations created by leases with terms greater than twelve months. The new standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. We plan to adopt this ASU at the beginning of our first quarter of fiscal 2019 and plan to utilize the transition option which does not require application of the guidance to comparative periods in the year of adoption. The primary effect of adoption will be recording right-of-use assets and corresponding lease obligations for current operating leases. We currently believe the adoption of this ASU will have a significant effect on our Consolidated Balance Sheets due to the addition of a right-of-use asset and lease liability of approximately $350.0 million – $450.0 million. We have not completed our validation work over the implementation and it’s effect on the financial statements, and therefore, the amount recorded in fiscal 2019 may differ from these estimates, which is based upon information available and procedures completed to date. We do not believe the adoption of this ASU will have a significant effect on our results of operations as the lease expense under the new standard will approximate our rent expense as it is currently being recorded. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40). This update provides additional guidance to ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which was issued in April 2015. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This ASU is effective for annual reporting periods beginning on or after December 15, 2019, and interim periods within those annual periods with early adoption permitted in any interim period for which financial statements have not yet been issued. We are in the process of evaluating the effect that this ASU will have on our financial condition, results of operations and cash flows. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 2. Property and Equipment, Net The following table sets forth Property and equipment, net: February 2, 2019 February 3, 2018 Fixtures, equipment and software $ 245,289 $ 245,718 Leasehold improvements 131,309 137,407 376,598 383,125 Accumulated depreciation and amortization (252,760) (231,997) Property and equipment, net $ 123,838 $ 151,128 During 2018 and 2017, we recorded asset impairment charges in SG&A of $2.8 million and $3.8 million, respectively, to reduce the carrying value of fixtures, equipment and leasehold improvements held for use and certain other assets in under-performing or closing stores to their respective estimated fair value. Store assets are considered Level 3 assets in the fair value hierarchy as the inputs for calculating the fair value of these assets are based on the best information available, including prices for similar assets. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 3. Accrued Expenses and Other Current Liabilities The following table sets forth the major components of accrued expenses and other current liabilities: February 2, 2019 As Adjusted February 3, 2018 Property taxes $ 18,852 $ 17,451 Unredeemed gift and merchandise return cards 12,246 12,180 Compensation and employee benefits 9,271 7,732 Accrued vacation 4,365 7,632 Other 32,916 33,458 Accrued expenses and other current liabilities $ 77,650 $ 78,453 |
Debt
Debt | 12 Months Ended |
Feb. 02, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt The following table sets forth our Debt: February 2, 2019 February 3, 2018 Revolving credit facility $ 119,100 $ 142,387 Term loan 35,000 - Promissory note - 13,738 Total debt 154,100 156,125 Current portion - (13,738) Debt issuance costs (847) - Long-term debt $ 153,253 $ 142,387 Revolving Credit Facility and Equipment Term Loan On February 3, 2015, we entered into a $250.0 million senior secured revolving credit facility pursuant to a second amended and restated credit agreement (the “Credit Agreement”) with Wells Fargo Bank (“Wells Fargo”) with an original maturity of February 2020 (the “Revolving Credit Facility”) and a secured $25.0 million master loan agreement with Wells Fargo Equipment Finance, Inc. (the “Equipment Term Loan”) with an original maturity of February 2018. Borrowings under the Revolving Credit Facility were initially used for a special dividend but are subsequently being used for working capital, capital expenditures and other general corporate purposes. During 2015, debt issuance costs of $0.4 million were associated with the Revolving Credit Facility and the Equipment Term Loan. Debt issuance costs associated with the Revolving Credit Facility are being amortized over its respective term. We repaid the Equipment Term Loan in full on January 22, 2018, at which time the associated debt issuance costs were fully amortized. On February 19, 2018, we entered into Amendment No. 1 (the “Credit Agreement Amendment”) to the Credit Agreement with Wells Fargo. The Credit Agreement Amendment provided for, among other things, an Accommodation Period (as defined in the Credit Agreement Amendment) during which we were not required to meet the Fixed Charge Coverage Ratio (as defined in the Credit Agreement). This change permitted us to borrow the full amount of the then applicable borrowing base until we delivered our financial statements for the Measurement Period (as defined in the Credit Agreement) ended February 28, 2018. Pursuant to the Credit Agreement Amendment, a Cash Dominion Event (as defined in the Credit Agreement Amendment) occurred as of the effective date of the Credit Agreement Amendment and always thereafter. Because of the Cash Dominion Event, all of our cash receipts were swept daily to repay outstanding borrowings under the Credit Agreement and the amount outstanding under the Credit Agreement was classified as a short-term obligation. As noted below, the Third Credit Agreement Amendment removed the Cash Dominion Event effective September 18, 2018. On March 14, 2018, we entered into Amendment No. 2 (the “Second Credit Agreement Amendment”) to the Credit Agreement with Wells Fargo. The Second Credit Agreement Amendment provided for, among other things, the following: (1) the $25.0 million Tranche A-1 Revolving Loans (as defined in the Second Credit Agreement Amendment) were repaid in full with the proceeds of the Term Loan (as defined below); (2) the entry into the Intercreditor Agreement (as defined below); and (3) certain other modifications and updates to coordinate the Revolving Credit Facility with the Term Loan. On September 18, 2018, we entered into Amendment No. 3 (the “Third Credit Agreement Amendment”) to the Credit Agreement with Wells Fargo. The Third Credit Agreement Amendment provided for, among other things, the following: (1) the increase of Aggregate Tranche A Revolving Loan Commitments (as defined in the Second Credit Agreement Amendment) from $225.0 million to $240.0 million; (2) an extension of the maturity date of the Revolving Credit Facility to the earlier of (a) the maturity date of the Term Loan Agreement (as defined below) or (b) September 18, 2023; and (3) the elimination of Cash Dominion Event status and a change in Cash Dominion to be triggered only in the event of (a) the occurrence and continuance of any Event of Default or (b) Excess Availability of less than (A) 10.0% of the loan cap at any time or (B) 12.5% of the loan cap for three consecutive business days. During 2018, debt issuance costs of less than $0.1 million were associated with the Third Credit Agreement Amendment and are being amortized over its respective term. Debt issuance costs of $0.1 million remaining under the initial Credit Agreement will also be amortized over the new term of the Third Credit Agreement Amendment. The elimination of cash dominion status changed the debt classification from a short-term to long-term obligation. Subsequent to year-end, The total amount available for borrowings under the Credit Agreement is the lesser of $240.0 million or 100 percent of eligible credit card receivables and the net recovery percentage of eligible inventories less reserves. On February 2, 2019, in addition to outstanding borrowings under the Credit Agreement, we had $7.9 million of outstanding letters of credit and our Excess Availability (as defined in the Credit Agreement) was $58.2 million on February 2, 2019. In addition, we had $14.5 million available, on a short term basis, to borrow which would be collateralized by life insurance policies at the end of the year. The Credit Agreement contains customary representations and warranties, affirmative and negative covenants (including the requirement of a 1.0 to 1.0 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 is cross-collateralized and cross-defaulted. Collateral for the Revolving Credit Facility and the Equipment Term Loan consists of substantially all of our personal property. Wells Fargo has a first lien on all collateral other than equipment. Wells Fargo Equipment Finance had a first lien on equipment through January 22, 2018, when we repaid the Equipment Term Loan in full. Borrowings under the Credit Agreement are either base rate loans or London Interbank Offered Rate (“LIBOR”) loans. LIBOR loans bear interest equal to the adjusted LIBOR 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 0.50 percent, (b) the adjusted LIBOR plus 1.00 percent, or (c) the Wells Fargo “prime rate,” plus the Applicable Margin (25 to 75 basis points). The weighted average interest rate for the amount outstanding under the Credit Agreement was 4.29 percent as of February 2, 2019. Term Loan On March 14, 2018, we entered into a Term Loan Credit Agreement with Gordon Brothers Finance Company, as administrative agent (in such capacity, the “Term Loan Agent”), and Gordon Brothers Finance Company, LLC, as lender (the “Term Loan Agreement”). The Term Loan Agreement provided for a term loan in the amount of $50.0 million (the “Term Loan”). Debt issuance costs associated with the Term Loan were capitalized in the amount of $0.9 million and will be amortized over the term of the Term Loan. The net proceeds of $49.1 million from the Term Loan were used to permanently pay off the $25.0 million Tranche A-1 Revolving Loan (as defined in the Credit Agreement) and to pay down the Revolving Credit Facility. After utilizing proceeds from the Term Loan for repayment of amounts outstanding under the existing Tranche A-1 Revolving Loans, the Term Loan resulted in an increase in our Excess Availability of approximately $25.0 million under the Credit Agreement. The Term Loan originally matured on the earlier of (1) the termination date specified in our Credit Agreement, as such date may be extended with the consent of the Term Loan Agent or in accordance with the Intercreditor Agreement (defined below), and (2) March 14, 2020. On September 18, 2018, we entered into Amendment No. 2 (the “Second Term Loan Amendment”) to the Term Loan with Gordon Brothers Finance Company. The Second Term Loan Amendment provided for, among other things, the following: (1) the reduction of the maximum amount of the Term Loan to $35.0 million; (2) an extension of the maturity date of the Term Loan Agreement to the earlier of (a) the termination date specified in the Revolving Credit Facility (as defined in the Third Credit Agreement Amendment), and (b) September 18, 2023; (3) the reduction of the non-default interest rate applicable to the Term Loan under the Term Loan Agreement to a fluctuating rate of interest equal to three-month LIBOR (with a floor of 1.5%) plus 8.25% per annum; and (4) the elimination of Cash Dominion Event status and a change in Cash Dominion to be triggered only in the event of (a) the occurrence and continuance of any Event of Default or (b) Excess Availability of less than (A) 10.0% of the Revolving Loan Cap at any time or (B) 12.5% of the Revolving Loan Cap for three consecutive Business Days. During 2018, debt issuance costs of approximately $0.3 million were associated with the Term Loan and are being amortized over its term. The elimination of cash dominion status changed the debt classification from a short-term to long-term obligation. Subsequent to year-end, on February 26, 2019, we entered into Amendment No. 3 (the “Third Term Loan Amendment”) to the Term Loan Agreement. The Third Term Loan Amendment provided for, among other things, a modification to the definition of “Capital Expenditures” and “Permitted Indebtedness” as defined in the Third Term Loan Amendment. The Term Loan Agreement contains customary representations and warranties, affirmative and negative covenants including the retention of the existing minimum 1.0 to 1.0 consolidated fixed charge coverage ratio under the Credit Agreement, which limits borrowing availability if not met during periods where Revolving Excess Availability (as defined in the Term Loan Agreement) is less than the greater of $20.0 million or 10.0 percent of Combined Loan Cap (as defined in the Term Loan Agreement) for four consecutive business days, and events of default for a facility of this type. The Term Loan is secured by a second lien security interest (subordinate only to the liens securing the Credit Agreement) on all assets securing the Credit Agreement (which consist of substantially all of our personal property), except furniture, fixtures and equipment and intellectual property, upon which the Term Loan lenders will have a first lien security interest. If at any time prior to the first anniversary date of the Term Loan, the Revolving Excess Availability is less than $20.0 million, if requested by the Term Loan Agent, the Term Loan will also be secured by a first lien on leasehold interests in real property with an aggregate value of not less than $10.0 million, and the Credit Agreement will be secured by a second lien on such leasehold interests. The Term Loan is subject to certain mandatory prepayments if an Event of Default (as defined in the Term Loan Agreement) exists. If no such Event of Default exists, proceeds of the Term Loan priority collateral are to be applied to amounts outstanding under the Credit Agreement. The Term Loan Agent and Wells Fargo have entered into an Intercreditor Agreement dated as of March 14, 2018 (the “Intercreditor Agreement”), acknowledged by us under the Term Loan and the Credit Agreement. The Intercreditor Agreement was also amended on September 18, 2018 to incorporate the amendment to the Revolving Credit Facility and the Term Loan Agreement. The weighted average interest rate for the amount outstanding under the Term Loan was 11.05 percent as of February 2, 2019. Promissory Note We believe we can borrow, on a short-term basis and subject to the formal agreement of the lender, amounts up to the cash surrender value of the life insurance policies related to our executive deferred compensation plans to provide additional liquidity if needed. At February 2, 2019, the cash surrender value of our life insurance policies was $14.5 million. On February 2, 2018, we executed a promissory note under which we borrowed approximately $13.7 million (the “Promissory Note”) from SunTrust Bank (the “Trustee”) in its capacity as the trustee under a trust agreement (the “Trust Agreement”) dated September 1, 1999. The trust established by the Trust Agreement (the “Trust”) holds certain life insurance policies related to our executive deferred compensation plans. The Trustee obtained loans from the insurance policies held in the Trust in an amount not less than the amount of the Promissory Note. The Promissory Note is a short-term obligation and the proceeds were used to pay down borrowings under the existing Credit Agreement which provided additional availability under that agreement. The Promissory Note had a fixed interest rate of 3.58 percent per annum and an original maturity date of April 1, 2018. On March 7, 2018, we executed an amendment to the Promissory Note under which the Trustee extended the maturity date of the note from April 1, 2018, to July 1, 2018 (the “Maturity Date”). The amendment did not alter the short-term nature of the Promissory Note. The Promissory Note could be prepaid in whole or in part at any time. All unpaid principal and accrued interest on the Promissory Note would have become due and payable on the Maturity Date. The Trustee could offset payments due under the Promissory Note against amounts we would otherwise be entitled to withdraw from the Trust under the terms of the Trust Agreement. On June 29, 2018, we repaid the outstanding balance of the Promissory Note. On July 31, 2018, we executed a second promissory note from SunTrust Bank for $13.0 million which carried a fixed interest rate of 3.58 percent per annum and an original maturity date of September 10, 2018. This note is under the same terms as the Promissory Note executed on February 2, 2018. On September 10, 2018, we repaid the outstanding balance of the Promissory Note. The following table sets forth the aggregate maturities of our long-term debt at February 2, 2019, for the following fiscal years (in thousands): 2019 $ - 2020 - 2021 - 2022 - 2023 154,100 Thereafter - Total $ 154,100 |
Leases
Leases | 12 Months Ended |
Feb. 02, 2019 | |
Leases [Abstract] | |
Leases | 5. Leases We lease all of our retail stores, support facilities and certain equipment under operating leases. Our store leases are generally for 10 years with options to extend the lease term for two or more 5-year The following table sets forth rent expense: 2018 2017 Minimum rentals $ 95,340 $ 96,782 Contingent rentals 295 325 Rent expense $ 95,635 $ 97,107 The following table sets forth the future contractual minimum lease payments at February 2, 2019: 2019 $ 101,876 2020 93,764 2021 82,325 2022 66,820 2023 50,697 Thereafter 102,550 Total $ 498,032 |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Temporary differences, which give rise to deferred tax assets and liabilities, are as follows: February 2, 2019 February 3, 2018 Deferred income tax assets: Employee benefit expense $ 6,291 $ 9,359 Deferred rents 9,786 10,071 Net operating loss carryforwards 2,380 5,097 Other 7,787 7,026 26,244 31,553 Valuation allowance (2,130) (2,384) Gross deferred income tax assets, net of valuation allowance $ 24,114 $ 29,169 Deferred income tax liabilities: Property and equipment $ (22,399) $ (26,947) Inventory (1,021) (1,652) Other (694) (570) Total deferred income tax liabilities (24,114) (29,169) Net deferred income tax assets (liabilities) $ - $ - As of February 2, 2019, we do not believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets and therefore established a full valuation allowance in the amount of $2.1 million as of February 2, 2019 and $2.4 million as of February 3, 2018. The valuation allowance will be maintained against the deferred tax assets until we believe it is more likely than not that these assets will be realized in the future. If sufficient positive evidence arises in the future indicating that all or a portion of the deferred tax assets meet the more-likely-than-not standard under ASC 740, the valuation allowance would be reversed accordingly in the period that such determination is made. As of February 2, 2019, we have tax credit carryforwards for Federal income tax purposes of $0.9 million. Additionally, as of February 2, 2019, we have gross net operating loss carryforwards for State income tax purposes of $36.0 million that will begin to expire in 2023. The components of income tax (benefit) expense are as follows: 2018 2017 Current: Federal $ - $ (7,222) State (25) (1,254) Total current (25) (8,476) Deferred: Federal - (3,665) State - 443 Total deferred - (3,222) Income tax benefit $ (25 ) $ (11,698) Income tax expense differs from the amount of income tax determined by applying the statutory U.S. corporate tax rate to pre-tax amounts due to the following items: 2018 2017 Federal tax at the statutory rate 21.0% 33.8% State income taxes, net of federal benefit (0.9)% 3.5% Permanent differences and other (37.8)% 1.8% Federal credits 13.9% - Valuation allowance 4.2% (6.6)% Effective tax rate 0.4% 32.5% The effective tax rate (“ETR”) represents the applicable combined federal and state statutory rates reduced by the federal benefit of state taxes deductible on federal returns, adjusted for the effect of permanent differences. As of February 2, 2019, there were no unrecognized tax benefits (“UTBs”) that, if recognized, would affect the ETR. We recognize interest and penalties related to UTBs in interest expense and penalties. During 2018 and 2017, the amount of interest and penalties related to UTBs was less than $0.1 million. The total amount of accrued interest and accrued penalties related to UTBs as of February 2, 2019 and February 3, 2018 was less than $0.1 million. We are currently open to audit under the statute of limitations by the Internal Revenue Service for the tax years 2015 through 2017. Our state tax returns are open to audit under statutes of limitations for the tax years 2013 through 2017. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 02, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 7. Employee Benefit Plans We have a defined contribution retirement plan (a 401(k) plan) covering employees who are at least 21 years of age, have completed at least one year of service and who work at least 1,000 hours annually. Beginning March 1, 2019, full-time associates are eligible to participate in the plan on the first of the month following 60 days of employment, instead of having to wait a year. Under the profit sharing portion of the plan, we can make discretionary contributions which vest at a rate of 20 percent per year after two years of service. Beginning March 1, 2019, we will make discretionary contributions which vest at a rate of 25 percent per year after two years of service. During 2018, we suspended our matching contribution until September 1, 2018. Beginning September 1, 2018, we matched 25 percent of an employee’s voluntary pre-tax contributions up to a maximum of 4 percent of an employee’s compensation. During 2017, we matched 50 percent of an employee’s voluntary pre-tax contributions up to a maximum of 4 percent of an employee’s compensation. Eligibility for company match begins after one year of service and at least 1,000 hours worked annually whether you are a full-time or part-time associate. Our matching portion vests in accordance with the plan’s vesting schedule. Our contributions to the retirement plan, net of forfeitures, were $0.2 million for 2018 and $1.7 million for 2017 and are included in SG&A on the Consolidated Statements of Operations. We have an executive deferral plan providing officers, key executives and director-level employees with the opportunity to defer receipt of salary, bonus and other compensation. The plan allows for us to make discretionary contributions. During 2018, we suspended our matching contribution. During 2017, we matched contributions up to 10 percent of salary and bonuses and discretionary contributions were matched at a rate of 50 percent for officers and key executives and a rate of 25 percent for directors. In 2017, matching contributions and related investment earnings for the executive deferral plan vest at 20 percent per year in each of years four through eight, at which time a participant is fully vested. The executive deferral plan liability was $13.3 million at February 2, 2019 and $15.3 million at February 3, 2018 and is included in accrued expenses and other current liabilities and other liabilities on the Consolidated Balance Sheets. In 2018, forfeitures exceeded expense for this plan, resulting in $0.1 million of income. The expense for this plan, net of forfeitures, was less than $0.1 million in 2017. We provide an executive split-dollar life insurance benefit which provides officers, key executives and director-level employees with pre-retirement life insurance benefits based upon three to five times the current annual compensation. The discount rate used to determine the benefit obligation was 3.63 percent as of February 2, 2019 and 3.45 percent as of February 3, 2018. On February 1, 2018, we canceled the majority of our executive split-dollar life insurance policies. The post-retirement benefit obligations included in other liabilities in the Consolidated Balance Sheets were $0.1 million for 2018 and 2017, respectively. The net periodic postretirement benefit costs for 2018 and 2017 were less than $0.1 million. The following table sets forth the amounts included in accumulated other comprehensive income (loss): February 2, 2019 February 3, 2018 Total net actuarial gain $ 63 $ 66 In connection with the executive deferral and executive split-dollar life insurance plans, whole life insurance contracts were purchased on the related participants. On February 2, 2019, and February 3, 2018, the cash surrender value of these policies was $14.7 million and $15.3 million, respectively, and is included in other assets in the Consolidated Balance Sheets. We have a noncontributory executive retiree medical plan wherein eligible retired executives may continue their pre-retirement medical, dental and vision benefits through age 65. The postretirement benefit liability was $0.5 million at February 2, 2019, and $0.9 million at February 3, 2018. Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets includes $0.5 million in income for this plan at February 2, 2019, and less than $0.1 million at February 3, 2018. The expense recorded in net loss for 2018 and 2017 was less than $0.1 million each year. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 02, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Dividends In 2018, there were no cash dividends declared. In 2017, we paid a quarterly cash dividend of $0.075 per common share on April 14, 2017. Stock Repurchase Plan During 2018 and 2017, we repurchased 121,801 shares and 81,232 shares, respectively, of our common stock in the open market at a total cost of $0.1 million and $0.2 million, respectively. Stock repurchases on the open market, under a Board of Directors authorized plan, were for taxes due on the vesting of employee stock awards. As of February 2, 2019, there are 366,889 shares which can be repurchased pursuant to the Board of Directors’ current authorization. Employee Stock Purchase Plan In December 2017, our Board of Directors (the “Board”) adopted a new Employee Stock Purchase Plan (the “Stock Purchase Plan”) and was approved by our shareholders at our June 19, 2018 annual meeting. Under our Stock Purchase Plan, all employees who complete six months of employment and who work on a full-time basis or are regularly scheduled to work more than 20 hours per week are eligible to participate in the Stock Purchase Plan. Participants in the Stock Purchase Plan may purchase shares of our common stock at 85 percent of the lower of the fair market value of our stock determined at either the beginning or the end of each semi-annual option period. Shares eligible under the Stock Purchase Plan, which is effective for the years 2017 through 2027, are limited to 2.0 million shares in the aggregate. In 2018, the participants acquired 214,621 shares of common stock at a weighted-average per share price of $0.94. Under the prior employee stock purchase plan, all employees who completed six months of employment and who worked on a full-time basis or were regularly scheduled to work more than 20 hours per week were eligible to participate in the stock purchase plan. Participants in the prior stock purchase plan were able to purchase shares of our common stock at 85 percent of the lower of the fair market value of our stock determined at either the beginning or the end of each semi-annual option period. Shares eligible under the prior stock purchase plan, which was effective for the years 1997 through 2020, were limited to 2.9 million shares in the aggregate, with no more than 200,000 shares being made available in each calendar year, excluding carryover from previous years. In 2017, the participants acquired 228,562 shares of common stock at a weighted-average per share price of $1.44. The fair value of Stock Purchase Plan shares was estimated using the Black-Scholes-Merton call option value model with the following weighted-average assumptions for 2018: expected volatility of 88.47 percent, a risk-free interest rate of 1.82 percent, a present-value discount factor of 1.0 and an expected term of six months. Share-based compensation expense for the Stock Purchase Plan was $0.2 million in 2018 and $0.3 million in 2017. We had 1.8 million shares authorized and available for grant under the Stock Purchase Plan at February 2, 2019. Omnibus Plans On January 23, 2018, our Board adopted the 2018 Omnibus Incentive Plan (the “2018 Plan”). The 2018 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance share awards and other equity-based awards to employees, directors and consultants of Stein Mart and our affiliates. The 2018 Plan replaced our 2001 Omnibus Plan (as amended and restated, the “2001 Plan”), and, together with the 2018 Plan, the “Omnibus Plans”). The 2018 Plan was approved at our 2018 annual meeting of shareholders. No further awards will be granted under the 2001 Plan. The Board, or a committee to which it delegates authority, determine the terms of all grants. The shares will be issued from authorized and unissued shares of our common stock. Expired and forfeited awards become available for re-issuance. Vesting and exercise are contingent on continued employment. The following table sets forth the number of awards authorized and available for grant under the 2018 Plan at February 2, 2019 (shares in thousands): 2018 Plan Total awards authorized 4,100 Awards available for grant 3,049 Stock Options Under both Omnibus Plans, the exercise price of an option cannot be less than the fair value on the grant date. In general, for awards granted prior to 2014, one-third of the awards vest on each of the third, fourth and fifth-anniversary dates of grant. Awards under the 2001 Plan granted after 2013 generally vest monthly in equal amounts over a five-year period. The awards expire seven to ten years after the date of grant. Future grants under the 2018 Plan have a minimum vesting period of one year, subject to certain exceptions. Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding on February 3, 2018 2,145 $ 5.90 Cancelled or forfeited (111) 7.35 Outstanding on February 2, 2019 2,034 $ 5.81 5.19 years $ - Exercisable stock options at February 2, 2019 818 $ 5.30 3.38 years $ - The aggregate intrinsic value in the table above represents the excess of our closing stock price on February 1, 2019, the last business day of our 2018 fiscal year ($1.14 per share), over the exercise price, multiplied by the applicable number of in-the-money options, this amount changes based on the fair market value of our common stock. Because there were no in-the-money options outstanding and exercisable on February 2, 2019, the aggregate intrinsic value is zero. As of February 2, 2019, there was $0.7 million of unrecognized compensation cost related to stock options which are expected to be recognized over a weighted-average period of 0.9 years using the mid-point method. There were no options granted during 2018. The weighted-average grant-date fair value of options granted was $0.82 during 2017. There were no options exercised in 2018 or 2017. We did not grant any stock options in 2018. The fair value of each stock option granted during 2017 was estimated at the date of grant using the Black-Scholes-Merton options pricing model with the following weighted-average assumptions: 2017 Expected term 5.0 years Risk-free interest rate 1.9% Volatility 43.1% Dividend yield 8.1% The expected volatility is based on the historical volatility of our stock price over assumed expected terms. The risk-free interest rate is estimated from yields of U.S. Treasury instruments of varying maturities with terms consistent with the expected terms of the options. The expected term of an option is calculated from a lattice model using historical employee exercise data. Restricted Stock and Performance Share Awards We have issued restricted stock, restricted stock units and performance share awards to eligible participants under the Omnibus Plans. All restricted stock and restricted stock unit awards have restriction periods tied primarily to employment, and all performance share awards have vesting tied to market-based performance and service. Restricted Stock Awards and Restricted Stock Units under the Omnibus Plans entitle the recipient to all rights of common stock ownership except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. Vesting for most restricted stock and restricted stock unit awards is based on the service period and vesting generally occurs between three and five years following the date of grant. Unvested awards are forfeited upon termination of employment unless the award agreement provides otherwise. The total value of share-based compensation expense for restricted stock is based on the closing price of our common stock on the date of grant. The fair value of the market-based performance share awards was determined using a Monte-Carlo simulation model. Performance share awards provide the right to receive a share award at the end of a specified period in which a performance goal based on total shareholder return has been established. The following table sets forth non-vested stock activity for the year ended February 2, 2019 (shares in thousands): Restricted Stock Awards Restricted Stock Units Performance Share Awards Shares Weighted- Average Grant Date Shares Weighted- Average Grant Date Shares Weighted- Average Grant Date Non-vested on February 3, 2018 1,481 $ 4.90 - $ - 1,209 $ 5.94 Granted - - 1,445 1.81 - - Vested (485 ) 7.34 - - - - Cancelled or forfeited (196 ) 3.91 (90 ) 1.85 (725 ) 2.94 Non-vested on February 2, 2019 800 $ 2.84 1,355 1.81 484 $ 0.80 Total unrecognized compensation cost $ 893 $ 1,443 $ 154 Weighted-average expected life remaining 1.0 years 0.9 years 0.6 years The total fair value of restricted stock vested was $4.2 million and $1.0 million during 2018 and 2017, respectively. No performance awards vested in 2018 or 2017. Share-Based Compensation Expense The following table sets forth the share-based compensation expense for the years ended February 2, 2019 and February 3, 2018: 2018 2017 Cost of merchandise sold $ 1,276 $ 1,867 Selling, general and administrative expenses 2,833 3,824 Total share-based compensation expense $ 4,109 $ 5,691 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies We are involved in various routine legal proceedings incidental to the conduct of our business. While some of these matters could be material to our results of operations or cash flows for any period if an unfavorable outcome results, we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate will have a material adverse effect on our overall financial condition. During the years ended February 2, 2019 and February 3, 2018, we incurred expense of $1.1 million and $0.1 million, respectively, for legal settlements. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 10. Quarterly Results of Operations (Unaudited) Year Ended February 2, 2019 13 Weeks Ended May 5, 2018 13 Weeks Ended August 4, 2018 13 Weeks Ended November 3, 2018 13 Weeks Ended February 2, 2019 Net sales $ 326,685 $ 310,939 $ 279,127 $ 340,847 Other revenue 4,302 3,489 3,734 3,609 Total revenue 330,987 314,428 282,861 344,456 Gross profit 96,064 79,419 69,841 92,462 Net income (loss) 7,334 (1,144 ) (16,622 ) 4,434 Basic net income (loss) per share $ 0.16 $ (0.02 ) $ (0.36 ) $ 0.09 Diluted net income (loss) per share $ 0.16 $ (0.02 ) $ (0.36 ) $ 0.09 Weighted-average shares outstanding: Basic 46,610 46,669 46,743 46,803 Diluted 46,659 46,669 46,743 47,443 Year Ended February 3, 2018 As Adjusted 13 Weeks Ended April 29, 2017 As Adjusted 13 Weeks Ended July 29, 2017 As Adjusted 13 Weeks Ended October 28, 2017 As Adjusted February 3, 2018 Net sales $ 337,335 $ 311,036 $ 285,395 $ 384,867 Other revenue 3,714 3,498 3,516 3,208 Total revenue 341,049 314,534 288,911 388,075 Gross profit 95,556 64,668 68,269 102,448 Net income (loss) 3,700 (12,993) (14,616 ) (415) Basic net income (loss) per share $ 0.08 $ (0.28) $ (0.31 ) $ (0.01) Diluted net income (loss) per share $ 0.08 $ (0.28) $ (0.31 ) $ (0.01) Weighted-average shares outstanding: Basic 46,165 46,264 46,447 46,482 Diluted 46,171 46,264 46,447 46,482 The sum of the quarterly Net income (loss) per share amounts may not equal the annual amount because income (loss) per share is calculated independently for each quarter. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 02, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions One of our directors is the majority shareholder of the law firm that serves as our general counsel. Legal fees paid to this firm were $0.2 million in 2018 and 2017. In addition, the director also participated in our 2018 and 2017 Incentive Plans related to his role as general counsel. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Other Information (Policies) | 12 Months Ended |
Feb. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation The accompanying Consolidated Financial Statements include the accounts of Stein Mart and all its wholly-owned subsidiaries. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All inter-company accounts have been eliminated in consolidation. |
Fiscal Year End | Fiscal Year End Our fiscal year ends on the Saturday closest to January 31. Fiscal years 2018 and 2017 ended on February 2, 2019 and February 3, 2018, respectively. Fiscal 2018 included 52 weeks. Fiscal 2017 included 53 weeks. References to years in the Consolidated Financial Statements relate to fiscal years rather than calendar years. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Included in cash and cash equivalents are cash on hand in the stores, deposits with banks and amounts due from credit card transactions with settlement terms of five days or less. Credit and debit card receivables included within cash were $6.8 million at February 2, 2019, and $7.3 million at February 3, 2018. We have no restrictions on our cash and cash equivalents. |
Retail Inventory Method and Inventory Valuation | Retail Inventory Method and Inventory Valuation Inventories are valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method (“RIM”), the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories. RIM is an averaging method that is widely used in the retail industry. The use of the retail inventory method results in valuing inventories at lower of cost or market as permanent markdowns are currently taken as a reduction of the retail value of inventories. Inherent in the RIM calculation are certain significant management judgments and estimates including, among others, merchandise markon, markup, markdowns and shrinkage, which significantly affect the ending inventory valuation at cost as well as the corresponding charge to cost of goods sold. In addition, failure to take appropriate permanent markdowns currently can result in an overstatement of inventory. We perform physical inventory counts at all stores once per year, in either the summer or January. Included in the carrying value of merchandise inventories between physical counts is a reserve for estimated shrinkage. That estimate is based on historical physical inventory results. The difference between actual and estimated shrinkage may cause fluctuations in quarterly results but was not significant in 2018 or 2017. |
Vendor Allowances | Vendor Allowances We receive certain allowances from some of our vendors primarily related to markdown reimbursement, damaged/defective merchandise and vendor non-compliance issues. Vendor allowances are recorded when earned in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of 3-10 years for fixtures, equipment and software and 5-10 years for leasehold improvements. Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the term of the lease. We capitalize costs associated with the acquisition or development of software for internal use. We only capitalize subsequent additions, modifications or upgrades to internal-use software to the extent that such changes increase functionality. We expense software maintenance and training costs as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We follow the guidance in ASC Topic 360, Property, Plant and Equipment |
Fair Value Measurements | Fair Value Measurements We follow the guidance of ASC Topic 820, Fair Value Measurements and Disclosures, Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs that reflect assumptions about what market participants would use in pricing assets or liabilities based on the best information available. Assets and liabilities measured at fair value on a recurring basis include cash and cash equivalents. Assets and liabilities measured on a non-recurring basis include store related assets as used in our impairment calculations. See Note 2, Property and Equipment, Net, for further discussion. As our primary debt obligations are at a variable rate, there are no significant differences between the estimated fair value (Level 2 measurements) and the carrying value of our debt obligations at February 2, 2019 and February 3, 2018. |
Store Closing Costs | Store Closing Costs We close under-performing stores in the normal course of business. We follow the guidance in ASC Topic 420, Exit or Disposal Cost Obligations , |
Accounts Payable | Accounts Payable Accounts payable represents amounts owed by us to third parties at the end of the period. Accounts payable includes $0.4 million of book cash overdrafts in excess of cash balances in such accounts at February 2, 2019 and no book cash overdrafts in excess of cash balances in such accounts at February 3, 2018. We include the change in book cash overdrafts in operating cash flows in the Consolidated Statements of Cash Flows. |
Insurance Reserves | Insurance Reserves We use a combination of insurance and self-insurance to mitigate various risks including workers’ compensation, general liability and associate-related health care benefits, a portion of which is paid by the covered employees. We are responsible for paying the claims that are less than the insured limits. The reserves recorded for these claims are estimated actuarially, based on claims filed and claims incurred but not yet reported. These reserve estimates are adjusted based upon actual claims filed and settled which are included in accrued expenses and other current liabilities in the Consolidated Balance Sheets. |
Hurricanes | Hurricanes During the third quarter of fiscal 2018, hurricanes Florence and Michael made landfall in the Carolinas and Florida, respectively. In 2018, we recognized a loss of approximately $1.0 million attributable to hurricane-related expenses, mainly related to damaged inventory. We have also received $1.2 million in insurance recoveries as of February 2, 2019. During the third quarter of fiscal 2017, hurricanes Harvey and Irma made landfall in Texas and Florida, respectively. We operated 44 stores in Texas and 46 stores in Florida and approximately half of these locations were closed for multiple days or had reduced hours of operation. We have recognized a loss of approximately $1.8 million attributable to hurricane-related expenses, mainly related to damaged inventory. We have also received $2.1 million in insurance recoveries as of February 2, 2019. |
Store Pre-Opening Costs | Store Pre-Opening Costs Costs incurred prior to the date that new stores open are expensed as incurred. These pre-opening costs are included in SG&A in the Consolidated Statements of Operations. Pre-opening costs include, among other items, payroll for store set-up, advertising and pre-opening rent. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss consists of two components, net loss and other comprehensive loss. Other comprehensive income refers to gains and losses that, under GAAP, are recorded as an element of shareholders’ equity but are excluded from net income. Accumulated other comprehensive income (loss) in 2018 and 2017 includes changes in postretirement benefits. See Note 7, Employee Benefit Plans, for further discussion. |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU No. 2014-09”). This update provides a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this ASU on February 4, 2018, for all revenue contracts with our customers using the full retrospective approach and increased retained earnings as of January 28, 2017, by less than $0.1 million as we now recognize Ecommerce sales when orders are delivered to the carrier and no longer reserve for orders in transit. Prior to the adoption of ASU No. 2014-09, our sales return liability was recorded as a net liability on the Consolidated Balance Sheets. We now recognize a gross return liability for the sales amounts expected to be refunded to customers and a corresponding asset for the recoverable cost of the merchandise expected to be returned by customers in other current assets and other current liabilities on the Consolidated Balance Sheets. Other changes relate primarily to the presentation of revenue. Revenue associated with our credit card program and breakage revenue has been retrospectively reclassified to present the revenue in other revenues, rather than as an offset to selling, general and administrative expenses on the Consolidated Statements of Income for all periods presented. Revenue from sales of our merchandise is recognized at the time of sale net of any returns, discounts and percentage-off coupons. Our Ecommerce operation records revenue as orders are fulfilled and provided to a carrier for delivery. Shipping and handling fees charged to customers are also included in total net sales with corresponding costs recorded as cost of goods sold as they are considered a fulfillment cost. Future merchandise returns are estimated based on historical experience. Sales tax collected from customers is not recognized as revenue and is included in accrued expenses and other current liabilities on the Consolidated Balance Sheets until paid. Our shoe department and vintage luxury handbag department inventories are each owned by separate single suppliers under supply agreements. Our commissions from the sales in these areas are included in net sales on the Consolidated Statements of Operations. We offer gift and merchandise return cards to our customers. Some cards are electronic and none have expiration dates. At the time gift cards are sold, the issuance is recorded as a liability to customers, and no revenue is recognized. At the time merchandise return cards are issued for returned merchandise, the sale is reversed and a liability to customers is recorded. These card liabilities are reduced and sales revenue recognized when they are redeemed for merchandise. Card liabilities are included in accrued expenses and other current liabilities in the Consolidated Balance Sheets. Our gift and merchandise return cards may not ultimately be redeemed either in full or partially. We account for this “breakage” of unused amounts as revenue in proportion to the pattern of rights exercised by the customer. With the adoption of ASU No. 2014-09, breakage revenue is recorded within other revenue in the Consolidated Statements of Operations. During 2018 and 2017, we recognized $1.7 million and $1.6 million, respectively, of breakage revenue on unused gift and merchandise return cards. |
Credit Card | Credit Card We offer co-branded and private label credit cards under the Stein Mart brand. These cards are issued by Synchrony Bank (“Synchrony”). Synchrony extends credit directly to card holders, provides all servicing for the credit card accounts and bears all risk of credit and fraud losses. We receive royalty revenue from Synchrony based on card usage in our stores and at other retailers for the Stein Mart Mastercard. We also receive revenues for new accounts and gain share based on the profitability of the overall program. Credit card revenue is recorded within other revenue in the Consolidated Statements of Operations. These revenues are recorded as they are earned based on the occurrence of the various program activities and represent the majority of other revenue. Once a card is activated, the card holders are eligible to participate in the credit card rewards program, which provides for an incentive to card holders in the form of reward points for which certificates are issued in $10 increments, which is equivalent to 1,000 points. Points are valued at the stand-alone selling price of the certificates issued. We defer a portion of our revenue for loyalty points earned by customers using the co-branded and private label cards and recognize the revenue as the certificates earned are used to purchase merchandise by our customers. This revenue is recorded within other revenue in the Consolidated Statements of Operations. Certificates may not ultimately be redeemed either in full or partially. We account for this “breakage” of unused amounts as revenue in proportion to the pattern of rights exercised by the customer. Breakage revenue is recorded within other revenue in the Consolidated Statements of Operations. During 2018 and 2017, we recognized $5.7 million and $3.2 million, respectively, of breakage revenue on unused credit card reward certificates and points. Stein Mart card holders also receive special promotional offers and advance notice of in-store sales events. |
Adjustments to Previously Reported Financial Statements | The following tables set forth the adjustments made to our financial statements for the adoption of ASU No. 2014-09 (in thousands): Consolidated Balance Sheets February 3, 2018 As Reported Adjustment As Adjusted Prepaid expenses and other current assets $ 24,194 $ 2,426 $ 26,620 Accrued expenses and other current liabilities 76,058 2,395 78,453 Retained deficit (7,949 ) 31 (7,918 ) Consolidated Statements of Operations 53 Weeks Ended February 3, 2018 As Reported Adjustment As Adjusted Other revenue $ - $ 13,936 $ 13,936 Selling, general and administrative expenses 362,175 13,936 376,111 Consolidated Statements of Cash Flows 53 Weeks Ended February 3, 2018 As Reported Adjustment As Adjusted Prepaid expenses and other current assets $ 6,055 $ 383 $ 6,438 Accrued expenses and other current liabilities 3,404 (383 ) 3,021 Revenue The following table sets forth our revenue by type of contract (in thousands): As Adjusted 52 Weeks Ended 53 Weeks Ended Store sales (1) $ 1,179,613 $ 1,257,657 Ecommerce sales (1) 53,137 37,851 Licensed department commissions (2) 24,848 23,125 Net sales $ 1,257,598 $ 1,318,633 Credit card revenue (3) 7,561 9,004 Breakage revenue (4) 7,424 4,792 Other 149 140 Other revenue 15,134 13,936 Total revenue $ 1,272,732 $ 1,332,569 (1) Store and Ecommerce sales are net of any returns, discounts and percentage-off coupons. (2) Licensed department commissions are licensed department commissions received net of any returns. (3) Credit card revenue earned from Synchrony programs. (4) Breakage revenue earned on unused gift and merchandise return cards and unused certificates and loyalty reward points. The following table sets forth the gross up of the sales return reserve (in thousands): February 2, 2019 February 3, 2018 Reserve for sales returns $ (3,469 ) $ (4,094 ) Cost of inventory returns 1,984 2,426 The following table sets forth the contract liabilities (in thousands): February 2, 2019 February 3, 2018 Deferred revenue contracts $ (11,017 ) $ (12,512 ) Gift card liability (12,246 ) (12,180 ) Credit card reward liability (5,583 ) (4,689 ) Liability for deferred revenue $ (28,846 ) $ (29,381 ) Contract liabilities include consideration received for gift card and loyalty related performance obligations which have not been satisfied as of the dates presented above. The following table sets forth a rollforward of the amounts included in contract liabilities for the periods presented (in thousands): 52 Weeks Ended 53 Weeks Ended Beginning balance $ 29,381 $ 29,412 Current period gift cards sold and loyalty reward points earned 39,402 37,112 Net sales from redemptions (1) (30,918) (30,763) Breakage and amortization (2) (9,019) (6,380) Ending balance $ 28,846 $ 29,381 (1) $8.3 million and $8.2 million in net sales from redemptions were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. (2) $3.8 million and $3.0 million in breakage and amortization were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. |
Operating and Capital Leases | Operating Leases We lease all of our retail stores under operating leases. Certain lease agreements contain rent holidays, and/or rent escalation clauses. Except for contingent rent, we recognize rent expense on a straight-line basis over the lease term and record the difference between the amount charged to expense and the rent paid as a deferred rent liability. Contingent rent, determined based on a percentage of sales more than specified levels, is recognized as rent expense when achievement of the specified sales that triggers the contingent rent is probable. Contingent rent expense was $0.3 million during fiscal 2018 and 2017. Construction allowances and other such lease incentives are recorded as a deferred rent liability and are amortized on a straight-line basis as a reduction of rent expense. Capital Leases In October 2017, Stein Mart entered into a three-year capital lease agreement for networking and telephone equipment. The capital lease agreement carries a bargain purchase option for the equipment. The leased networking equipment has a useful life of three years and the telephone equipment has a useful life of five years; the equipment will be depreciated on a straight-line basis over the respective periods. The leased equipment was recorded at fair value as this amount was less than the present value of the minimum lease payments, which was $2.0 million. The gross value of assets subject to capital leases was $2.0 million as of February 2, 2019, and is included in property and equipment, net on the Consolidated Balance Sheets. The remaining capital lease obligation of $1.2 million as of February 2, 2019, is split between accrued expenses and other current liabilities for the short-term portion and other liabilities for the long-term portion on the Consolidated Balance Sheets. |
Advertising Expense | Advertising Expense Advertising costs are expensed as incurred. Advertising expenses of $57.9 million and $64.1 million are reflected in SG&A in the Consolidated Statements of Operations for 2018 and 2017, respectively. |
Income Taxes | Income Taxes We follow the guidance in ASC Topic 740, Income Taxes |
Share-Based Compensation | Share-Based Compensation We follow the guidance in ASC Topic 718, Stock Compensation Stock Compensation, |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) We follow the guidance of ASC Topic 260, Earnings Per Share The following table sets forth the calculation of basic and diluted loss per common share (in thousands, except per share data): 2018 2017 Basic EPS: Net loss $ (5,998) $ (24,324) Income allocated to participating securities - 2 Net loss available to common shareholders $ (5,998) $ (24,326) Basic weighted-average shares outstanding 46,706 46,342 Basic loss per common share: $ (0.13) $ (0.52) Diluted EPS: Net loss $ (5,998) $ (24,324) Income allocated to participating securities - 2 Net loss available to common shareholders $ (5,998) $ (24,326) Basic weighted-average shares outstanding 46,706 46,342 Incremental shares from share-based compensation plans - - Diluted weighted-average shares outstanding 46,706 46,342 Diluted loss per common share: $ (0.13) $ (0.52) Diluted weighted-average shares outstanding exclude approximately 2.3 million and 3.8 million shares during 2018 and 2017, respectively, which are anti-dilutive for the periods presented. These shares are comprised of a mix of stock options, performance awards and restricted stock. Stock 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. Restricted stock and performance shares excluded were shares that were anti-dilutive as calculated using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed conversion of stock options and performance awards are anti-dilutive. |
Consolidated Statements of Operations Classifications | Consolidated Statements of Operations Classifications Cost of merchandise sold includes merchandise costs, net of vendor discounts and allowances; freight; inventory shrinkage; store occupancy costs (including rent, common area maintenance, real estate taxes, utilities and maintenance); payroll, benefits and travel costs directly associated with buying inventory; and costs and depreciation related to the consolidation centers and distribution warehouses. SG&A includes store operating expenses, such as payroll and benefit costs, advertising, store supplies, depreciation not related to consolidation and distribution centers and other direct selling costs and costs associated with our corporate functions. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This will require recognition on our Consolidated Balance Sheets for the rights and obligations created by leases with terms greater than twelve months. The new standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. We plan to adopt this ASU at the beginning of our first quarter of fiscal 2019 and plan to utilize the transition option which does not require application of the guidance to comparative periods in the year of adoption. The primary effect of adoption will be recording right-of-use assets and corresponding lease obligations for current operating leases. We currently believe the adoption of this ASU will have a significant effect on our Consolidated Balance Sheets due to the addition of a right-of-use asset and lease liability of approximately $350.0 million – $450.0 million. We have not completed our validation work over the implementation and it’s effect on the financial statements, and therefore, the amount recorded in fiscal 2019 may differ from these estimates, which is based upon information available and procedures completed to date. We do not believe the adoption of this ASU will have a significant effect on our results of operations as the lease expense under the new standard will approximate our rent expense as it is currently being recorded. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40). This update provides additional guidance to ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which was issued in April 2015. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). This ASU is effective for annual reporting periods beginning on or after December 15, 2019, and interim periods within those annual periods with early adoption permitted in any interim period for which financial statements have not yet been issued. We are in the process of evaluating the effect that this ASU will have on our financial condition, results of operations and cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Other Information (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |
Summary of Revenue by Type of Contract | The following table sets forth our revenue by type of contract (in thousands): As Adjusted 52 Weeks Ended 53 Weeks Ended Store sales (1) $ 1,179,613 $ 1,257,657 Ecommerce sales (1) 53,137 37,851 Licensed department commissions (2) 24,848 23,125 Net sales $ 1,257,598 $ 1,318,633 Credit card revenue (3) 7,561 9,004 Breakage revenue (4) 7,424 4,792 Other 149 140 Other revenue 15,134 13,936 Total revenue $ 1,272,732 $ 1,332,569 (1) Store and Ecommerce sales are net of any returns, discounts and percentage-off coupons. (2) Licensed department commissions are licensed department commissions received net of any returns. (3) Credit card revenue earned from Synchrony programs. (4) Breakage revenue earned on unused gift and merchandise return cards and unused certificates and loyalty reward points. |
Summary of Gross Up of Sales Return Reserve | The following table sets forth the gross up of the sales return reserve (in thousands): February 2, 2019 February 3, 2018 Reserve for sales returns $ (3,469 ) $ (4,094 ) Cost of inventory returns 1,984 2,426 |
Summary of Contract Liabilities and Their Relationship to Revenue | The following table sets forth the contract liabilities (in thousands): February 2, 2019 February 3, 2018 Deferred revenue contracts $ (11,017 ) $ (12,512 ) Gift card liability (12,246 ) (12,180 ) Credit card reward liability (5,583 ) (4,689 ) Liability for deferred revenue $ (28,846 ) $ (29,381 ) |
Summary of Amounts Included in Contract Liabilities | The following table sets forth a rollforward of the amounts included in contract liabilities for the periods presented (in thousands): 52 Weeks Ended 53 Weeks Ended Beginning balance $ 29,381 $ 29,412 Current period gift cards sold and loyalty reward points earned 39,402 37,112 Net sales from redemptions (1) (30,918) (30,763) Breakage and amortization (2) (9,019) (6,380) Ending balance $ 28,846 $ 29,381 (1) $8.3 million and $8.2 million in net sales from redemptions were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. (2) $3.8 million and $3.0 million in breakage and amortization were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. |
Calculation of Basic and Diluted (Loss) Earning Per Common Share | The following table sets forth the calculation of basic and diluted loss per common share (in thousands, except per share data): 2018 2017 Basic EPS: Net loss $ (5,998) $ (24,324) Income allocated to participating securities - 2 Net loss available to common shareholders $ (5,998) $ (24,326) Basic weighted-average shares outstanding 46,706 46,342 Basic loss per common share: $ (0.13) $ (0.52) Diluted EPS: Net loss $ (5,998) $ (24,324) Income allocated to participating securities - 2 Net loss available to common shareholders $ (5,998) $ (24,326) Basic weighted-average shares outstanding 46,706 46,342 Incremental shares from share-based compensation plans - - Diluted weighted-average shares outstanding 46,706 46,342 Diluted loss per common share: $ (0.13) $ (0.52) |
Accounting Standards Update 2014-09 [Member] | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |
Summary of Adjustments Made to Financial Statements | The following tables set forth the adjustments made to our financial statements for the adoption of ASU No. 2014-09 (in thousands): Consolidated Balance Sheets February 3, 2018 As Reported Adjustment As Adjusted Prepaid expenses and other current assets $ 24,194 $ 2,426 $ 26,620 Accrued expenses and other current liabilities 76,058 2,395 78,453 Retained deficit (7,949 ) 31 (7,918 ) Consolidated Statements of Operations 53 Weeks Ended February 3, 2018 As Reported Adjustment As Adjusted Other revenue $ - $ 13,936 $ 13,936 Selling, general and administrative expenses 362,175 13,936 376,111 Consolidated Statements of Cash Flows 53 Weeks Ended February 3, 2018 As Reported Adjustment As Adjusted Prepaid expenses and other current assets $ 6,055 $ 383 $ 6,438 Accrued expenses and other current liabilities 3,404 (383 ) 3,021 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | The following table sets forth Property and equipment, net: February 2, 2019 February 3, 2018 Fixtures, equipment and software $ 245,289 $ 245,718 Leasehold improvements 131,309 137,407 376,598 383,125 Accumulated depreciation and amortization (252,760) (231,997) Property and equipment, net $ 123,838 $ 151,128 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Major Components of Accrued Expenses and Other Current Liabilities | The following table sets forth the major components of accrued expenses and other current liabilities: February 2, 2019 As Adjusted February 3, 2018 Property taxes $ 18,852 $ 17,451 Unredeemed gift and merchandise return cards 12,246 12,180 Compensation and employee benefits 9,271 7,732 Accrued vacation 4,365 7,632 Other 32,916 33,458 Accrued expenses and other current liabilities $ 77,650 $ 78,453 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following table sets forth our Debt: February 2, 2019 February 3, 2018 Revolving credit facility $ 119,100 $ 142,387 Term loan 35,000 - Promissory note - 13,738 Total debt 154,100 156,125 Current portion - (13,738) Debt issuance costs (847) - Long-term debt $ 153,253 $ 142,387 |
Aggregate Maturities of Debt | The following table sets forth the aggregate maturities of our long-term debt at February 2, 2019, for the following fiscal years (in thousands): 2019 $ - 2020 - 2021 - 2022 - 2023 154,100 Thereafter - Total $ 154,100 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Leases [Abstract] | |
Rent Expense | The following table sets forth rent expense: 2018 2017 Minimum rentals $ 95,340 $ 96,782 Contingent rentals 295 325 Rent expense $ 95,635 $ 97,107 |
Future Contractual Minimum Lease Payments Under Operating Leases | The following table sets forth the future contractual minimum lease payments at February 2, 2019: 2019 $ 101,876 2020 93,764 2021 82,325 2022 66,820 2023 50,697 Thereafter 102,550 Total $ 498,032 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets and Liabilities | Temporary differences, which give rise to deferred tax assets and liabilities, are as follows: February 2, 2019 February 3, 2018 Deferred income tax assets: Employee benefit expense $ 6,291 $ 9,359 Deferred rents 9,786 10,071 Net operating loss carryforwards 2,380 5,097 Other 7,787 7,026 26,244 31,553 Valuation allowance (2,130) (2,384) Gross deferred income tax assets, net of valuation allowance $ 24,114 $ 29,169 Deferred income tax liabilities: Property and equipment $ (22,399) $ (26,947) Inventory (1,021) (1,652) Other (694) (570) Total deferred income tax liabilities (24,114) (29,169) Net deferred income tax assets (liabilities) $ - $ - |
Components of Income Tax (Benefit) Expense | The components of income tax (benefit) expense are as follows: 2018 2017 Current: Federal $ - $ (7,222) State (25) (1,254) Total current (25) (8,476) Deferred: Federal - (3,665) State - 443 Total deferred - (3,222) Income tax benefit $ (25 ) $ (11,698) |
Determination of Income Tax by Applying Statutory U.S. Corporate Tax Rate to Pre-Tax Amounts | Income tax expense differs from the amount of income tax determined by applying the statutory U.S. corporate tax rate to pre-tax amounts due to the following items: 2018 2017 Federal tax at the statutory rate 21.0% 33.8% State income taxes, net of federal benefit (0.9)% 3.5% Permanent differences and other (37.8)% 1.8% Federal credits 13.9% - Valuation allowance 4.2% (6.6)% Effective tax rate 0.4% 32.5% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Postemployment Benefits [Abstract] | |
Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss) | The following table sets forth the amounts included in accumulated other comprehensive income (loss): February 2, 2019 February 3, 2018 Total net actuarial gain $ 63 $ 66 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Equity [Abstract] | |
Number of Awards Authorized and Available for Grant Under 2001 and 2018 Plan | The following table sets forth the number of awards authorized and available for grant under the 2018 Plan at February 2, 2019 (shares in thousands): 2018 Plan Total awards authorized 4,100 Awards available for grant 3,049 |
Summary of Stock Option Information | Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding on February 3, 2018 2,145 $ 5.90 Cancelled or forfeited (111) 7.35 Outstanding on February 2, 2019 2,034 $ 5.81 5.19 years $ - Exercisable stock options at February 2, 2019 818 $ 5.30 3.38 years $ - The aggregate intrinsic value in the table above represents the excess of our closing stock price on February 1, 2019, the last business day of our 2018 fiscal year ($1.14 per share), over the exercise price, multiplied by the applicable number of in-the-money options, this amount changes based on the fair market value of our common stock. Because there were no in-the-money options outstanding and exercisable on February 2, 2019, the aggregate intrinsic value is zero. |
Summary of Fair Value of Stock Option with Weighted Average Assumption | The fair value of each stock option granted during 2017 was estimated at the date of grant using the Black-Scholes-Merton options pricing model with the following weighted-average assumptions: 2017 Expected term 5.0 years Risk-free interest rate 1.9% Volatility 43.1% Dividend yield 8.1% |
Summary of Non-Vested Stock Activity | The following table sets forth non-vested stock activity for the year ended February 2, 2019 (shares in thousands): Restricted Stock Awards Restricted Stock Units Performance Share Awards Shares Weighted- Average Grant Date Shares Weighted- Average Grant Date Shares Weighted- Average Grant Date Non-vested on February 3, 2018 1,481 $ 4.90 - $ - 1,209 $ 5.94 Granted - - 1,445 1.81 - - Vested (485 ) 7.34 - - - - Cancelled or forfeited (196 ) 3.91 (90 ) 1.85 (725 ) 2.94 Non-vested on February 2, 2019 800 $ 2.84 1,355 1.81 484 $ 0.80 Total unrecognized compensation cost $ 893 $ 1,443 $ 154 Weighted-average expected life remaining 1.0 years 0.9 years 0.6 years |
Pre-Tax Share-Based Compensation Expense | The following table sets forth the share-based compensation expense for the years ended February 2, 2019 and February 3, 2018: 2018 2017 Cost of merchandise sold $ 1,276 $ 1,867 Selling, general and administrative expenses 2,833 3,824 Total share-based compensation expense $ 4,109 $ 5,691 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Year Ended February 2, 2019 13 Weeks Ended May 5, 2018 13 Weeks Ended August 4, 2018 13 Weeks Ended November 3, 2018 13 Weeks Ended February 2, 2019 Net sales $ 326,685 $ 310,939 $ 279,127 $ 340,847 Other revenue 4,302 3,489 3,734 3,609 Total revenue 330,987 314,428 282,861 344,456 Gross profit 96,064 79,419 69,841 92,462 Net income (loss) 7,334 (1,144 ) (16,622 ) 4,434 Basic net income (loss) per share $ 0.16 $ (0.02 ) $ (0.36 ) $ 0.09 Diluted net income (loss) per share $ 0.16 $ (0.02 ) $ (0.36 ) $ 0.09 Weighted-average shares outstanding: Basic 46,610 46,669 46,743 46,803 Diluted 46,659 46,669 46,743 47,443 Year Ended February 3, 2018 As Adjusted 13 Weeks Ended April 29, 2017 As Adjusted 13 Weeks Ended July 29, 2017 As Adjusted 13 Weeks Ended October 28, 2017 As Adjusted February 3, 2018 Net sales $ 337,335 $ 311,036 $ 285,395 $ 384,867 Other revenue 3,714 3,498 3,516 3,208 Total revenue 341,049 314,534 288,911 388,075 Gross profit 95,556 64,668 68,269 102,448 Net income (loss) 3,700 (12,993) (14,616 ) (415) Basic net income (loss) per share $ 0.08 $ (0.28) $ (0.31 ) $ (0.01) Diluted net income (loss) per share $ 0.08 $ (0.28) $ (0.31 ) $ (0.01) Weighted-average shares outstanding: Basic 46,165 46,264 46,447 46,482 Diluted 46,171 46,264 46,447 46,482 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Other Information - Additional Information (Detail) $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Nov. 03, 2018USD ($) | Oct. 28, 2017USD ($)Store | Feb. 02, 2019USD ($)StoreStatesshares | Feb. 03, 2018USD ($)Storeshares | Jan. 28, 2017USD ($)Store | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of retail stores | Store | 287 | ||||
Number of states in which retail stores are operated | States | 30 | ||||
Credit card transactions maximum settlement terms | 5 days | ||||
Credit and debit card receivables | $ 6,800 | $ 7,300 | |||
Number of closed stores | Store | 8 | 6 | 1 | ||
Net pre tax charges for store closing charges | $ 1,100 | $ 700 | $ 600 | ||
Accounts payable includes book cash overdrafts | 400 | ||||
Loss due to natural calamity | $ 1,000 | $ 1,800 | |||
Insurance recoveries | $ 1,200 | 2,100 | |||
Breakage unused gift and merchandise revenue recognized | 1,700 | 1,600 | |||
Contingent rent expense | 295 | 325 | |||
Present value of the minimum capital lease payments | $ 2,000 | ||||
Gross value of assets subject to capital leases | 2,000 | ||||
Advertising expense | $ 57,900 | $ 64,100 | |||
Antidilutive securities excluded | shares | 2.3 | 3.8 | |||
Description of Incentives Provided to Card holders | reward points for which certificates are issued in $10 increments, which is equivalent to 1,000 points. | ||||
Remaining capital lease obligation | $ 1,200 | ||||
Breakage revenue on unused credit card reward certificates | 5,700 | $ 3,200 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease, right-of-use asset | 350,000 | ||||
Operating lease, liability | $ 450,000 | ||||
Texas [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of retail stores | Store | 44 | ||||
Florida [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of retail stores | Store | 46 | ||||
Networking Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life of leased agreement | Three years | ||||
Telephone Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Useful life of leased agreement | Five years | ||||
Minimum [Member] | Fixtures [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Minimum [Member] | Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Minimum [Member] | Software [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Minimum [Member] | Leasehold Improvements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 5 years | ||||
Maximum [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
New accounting pronouncement, increase in retained earnings | $ 100 | ||||
Maximum [Member] | Fixtures [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years | ||||
Maximum [Member] | Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years | ||||
Maximum [Member] | Software [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years | ||||
Maximum [Member] | Leasehold Improvements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Other Information - Summary of Adjustments Made to Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Prepaid expenses and other current assets | $ 28,326 | $ 26,620 | $ 28,326 | $ 26,620 | ||||||
Accrued expenses and other current liabilities | 77,650 | 78,453 | 77,650 | 78,453 | ||||||
Retained deficit | (13,853) | (7,918) | (13,853) | (7,918) | ||||||
Other revenue | $ 3,609 | $ 3,734 | $ 3,489 | $ 4,302 | 3,208 | $ 3,516 | $ 3,498 | $ 3,714 | 15,134 | 13,936 |
Selling, general and administrative expenses | 348,061 | 376,111 | ||||||||
Prepaid expenses and other current assets | 1,706 | (6,438) | ||||||||
Accrued expenses and other current liabilities | $ (635) | 3,021 | ||||||||
Scenario, Adjustment [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Prepaid expenses and other current assets | 2,426 | 2,426 | ||||||||
Accrued expenses and other current liabilities | 2,395 | 2,395 | ||||||||
Retained deficit | 31 | 31 | ||||||||
Other revenue | 13,936 | |||||||||
Selling, general and administrative expenses | 13,936 | |||||||||
Prepaid expenses and other current assets | 383 | |||||||||
Accrued expenses and other current liabilities | (383) | |||||||||
Previously Reported [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Prepaid expenses and other current assets | 24,194 | 24,194 | ||||||||
Accrued expenses and other current liabilities | 76,058 | 76,058 | ||||||||
Retained deficit | $ (7,949) | (7,949) | ||||||||
Selling, general and administrative expenses | 362,175 | |||||||||
Prepaid expenses and other current assets | 6,055 | |||||||||
Accrued expenses and other current liabilities | $ 3,404 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Other Information - Summary of Revenue by Type of Contract (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales | $ 340,847 | $ 279,127 | $ 310,939 | $ 326,685 | $ 384,867 | $ 285,395 | $ 311,036 | $ 337,335 | $ 1,257,598 | $ 1,318,633 |
Other revenue | 3,609 | 3,734 | 3,489 | 4,302 | 3,208 | 3,516 | 3,498 | 3,714 | 15,134 | 13,936 |
Total revenue | $ 344,456 | $ 282,861 | $ 314,428 | $ 330,987 | $ 388,075 | $ 288,911 | $ 314,534 | $ 341,049 | 1,272,732 | 1,332,569 |
Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales | 1,257,598 | 1,318,633 | ||||||||
Other revenue | 15,134 | 13,936 | ||||||||
Total revenue | 1,272,732 | 1,332,569 | ||||||||
Store sales [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales | 1,179,613 | 1,257,657 | ||||||||
Ecommerce sales [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales | 53,137 | 37,851 | ||||||||
Licensee department commissions [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net sales | 24,848 | 23,125 | ||||||||
Credit Card [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Other revenue | 7,561 | 9,004 | ||||||||
Breakage revenue [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Other revenue | 7,424 | 4,792 | ||||||||
Other [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Other revenue | $ 149 | $ 140 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Other Information - Summary of Gross Up of Sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Reserve for sales returns | $ (3,469) | $ (4,094) |
Cost of inventory returns | $ 1,984 | $ 2,426 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Other Information - Summary of Contract Liabilities and Their Relationship to Revenue (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue contracts | $ (11,017) | $ (12,512) | |
Gift card liability | (12,246) | (12,180) | |
Credit Card Reward Liability | (5,583) | (4,689) | |
Liability for deferred revenue | $ (28,846) | $ (29,381) | $ (29,412) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies and Other Information - Summary of Amounts Included in Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | ||
Revenue from Contract with Customer [Abstract] | |||
Beginning balance | $ 29,381 | $ 29,412 | |
Current period gift cards sold and loyalty reward points earned | 39,402 | 37,112 | |
Net sales from redemptions | [1] | (30,918) | (30,763) |
Breakage and amortization | [2] | (9,019) | (6,380) |
Ending balance | $ 28,846 | $ 29,381 | |
[1] | $8.3 million and $8.2 million in net sales from redemptions were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. | ||
[2] | $3.8 million and $3.0 million in breakage and amortization were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. |
Summary of Significant Accou_10
Summary of Significant Accounting Policies and Other Information - Summary of Amounts Included in Contract Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | [1] | $ (30,918) | $ (30,763) |
Revenue Recognition [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | 8,300 | 8,200 | |
Breakage and amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | $ 3,800 | $ 3,000 | |
[1] | $8.3 million and $8.2 million in net sales from redemptions were included in the beginning balance of contract liabilities for the 52 weeks ended February 2, 2019 and 53 weeks ended February 3, 2018, respectively. |
Summary of Significant Accou_11
Summary of Significant Accounting Policies and Other Information - Calculation of Basic and Diluted (Loss) Earning Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | |
Basic EPS: | ||||||||||
Net loss | $ 4,434 | $ (16,622) | $ (1,144) | $ 7,334 | $ (415) | $ (14,616) | $ (12,993) | $ 3,700 | $ (5,998) | $ (24,324) |
Income allocated to participating securities | 0 | 2 | ||||||||
Net loss available to common shareholders | $ (5,998) | $ (24,326) | ||||||||
Basic weighted-average shares outstanding | 46,803 | 46,743 | 46,669 | 46,610 | 46,482 | 46,447 | 46,264 | 46,165 | 46,706 | 46,342 |
Basic loss per common share: | $ 0.09 | $ (0.36) | $ (0.02) | $ 0.16 | $ (0.01) | $ (0.31) | $ (0.28) | $ 0.08 | $ (0.13) | $ (0.52) |
Diluted EPS: | ||||||||||
Net loss | $ 4,434 | $ (16,622) | $ (1,144) | $ 7,334 | $ (415) | $ (14,616) | $ (12,993) | $ 3,700 | $ (5,998) | $ (24,324) |
Income allocated to participating securities | 0 | 2 | ||||||||
Net loss available to common shareholders | $ (5,998) | $ (24,326) | ||||||||
Basic weighted-average shares outstanding | 46,803 | 46,743 | 46,669 | 46,610 | 46,482 | 46,447 | 46,264 | 46,165 | 46,706 | 46,342 |
Diluted weighted-average shares outstanding | 47,443 | 46,743 | 46,669 | 46,659 | 46,482 | 46,447 | 46,264 | 46,171 | 46,706 | 46,342 |
Diluted loss per common share: | $ 0.09 | $ (0.36) | $ (0.02) | $ 0.16 | $ (0.01) | $ (0.31) | $ (0.28) | $ 0.08 | $ (0.13) | $ (0.52) |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 376,598 | $ 383,125 |
Accumulated depreciation and amortization | (252,760) | (231,997) |
Property and equipment, net | 123,838 | 151,128 |
Fixtures, Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 245,289 | 245,718 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 131,309 | $ 137,407 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Net pre-tax asset impairment charges | $ 2,803 | $ 3,792 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Major Components of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Property taxes | $ 18,852 | $ 17,451 |
Unredeemed gift and merchandise return cards | 12,246 | 12,180 |
Compensation and employee benefits | 9,271 | 7,732 |
Accrued vacation | 4,365 | 7,632 |
Other | 32,916 | 33,458 |
Accrued expenses and other current liabilities | $ 77,650 | $ 78,453 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 30, 2016 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 119,100 | $ 142,387 | |
Term loan | 35,000 | ||
Promissory note | 13,738 | ||
Total | 154,100 | 156,125 | |
Current portion | 13,738 | ||
Debt issuance costs | (847) | $ (400) | |
Long-term debt | $ 153,253 | $ 142,387 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Sep. 18, 2018 | Jul. 31, 2018 | Mar. 14, 2018 | Feb. 03, 2015 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 30, 2016 |
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 35,000,000 | ||||||
Debt issuance costs | $ 847,000 | $ 400,000 | |||||
Borrowing capacity covenant, percentage of credit card receivables and net recovery of inventories | 100.00% | ||||||
Letters of credit, outstanding | $ 7,900,000 | ||||||
Remaining borrowing capacity under line of credit facility | $ 58,200,000 | ||||||
Fixed charges coverage ratio | 1 | ||||||
Borrowings | $ 154,100,000 | ||||||
Short-term available borrowing | 14,500,000 | ||||||
Revolving loan commitment | $ 119,100,000 | $ 142,387,000 | |||||
Equipment Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 25,000,000 | ||||||
Credit facility agreement expiration date | Feb. 28, 2018 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed charges coverage ratio | 1 | ||||||
Weighted average interest rate on debt amounts outstanding | 11.05% | ||||||
Covenant description | The Term Loan Agreement contains customary representations and warranties, affirmative and negative covenants including the retention of the existing minimum 1.0 to 1.0 consolidated fixed charge coverage ratio under the Credit Agreement, which limits borrowing availability if not met during periods where Revolving Excess Availability (as defined in the Term Loan Agreement) is less than the greater of $20.0 million or 10.0 percent of Combined Loan Cap (as defined in the Term Loan Agreement) for four consecutive business days, and events of default for a facility of this type. | ||||||
Percent of combined loan cap | 10.00% | ||||||
Term Loan [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Remaining borrowing capacity under line of credit facility | $ 20,000,000 | ||||||
Term Loan [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Value of leasehold interests in real property | $ 10,000,000 | ||||||
Tranche A-1 Revolving Loan Commitment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving loan commitment | $ 25,000,000 | ||||||
Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate on debt amounts outstanding | 4.29% | ||||||
Terms of credit agreement | Base Rate Loans bear interest equal to the highest of (a) the Federal Funds Rate plus 0.50 percent, (b) the adjusted LIBOR plus 1.00 percent, or (c) the Wells Fargo “prime rate,” plus the Applicable Margin (25 to 75 basis points). | ||||||
Wells Fargo Bank [Member] | Tranche A-1 Revolving Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | 25,000,000 | ||||||
Wells Fargo Bank [Member] | Tranche A Revolving Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 240,000,000 | 225,000,000 | |||||
Credit facility agreement expiration date | Sep. 18, 2023 | ||||||
Debt issuance costs | 100,000 | ||||||
Loan cap percentage | 12.50% | ||||||
Number of consecutive business days | 3 | ||||||
Wells Fargo Bank [Member] | Tranche A Revolving Loan [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan cap percentage | 10.00% | ||||||
Wells Fargo Bank [Member] | Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 250,000,000 | $ 240,000,000 | |||||
Credit facility agreement expiration date | Feb. 28, 2020 | ||||||
Current borrowing capacity under line of credit facility | $ 14,500,000 | ||||||
Sun Trust Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility agreement expiration date | Sep. 10, 2018 | Apr. 1, 2018 | |||||
Fixed interest rate | 3.58% | 3.58% | |||||
Sun Trust Bank [Member] | Promissory Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings | $ 13,000,000 | $ 13,700,000 | |||||
Gordon Brothers Finance Company, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | 900,000 | ||||||
Gordon Brothers Finance Company, LLC [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 35,000,000 | 50,000,000 | |||||
Credit facility agreement expiration date | Sep. 18, 2023 | ||||||
Debt issuance costs | $ 300,000 | ||||||
Loan cap percentage | 12.50% | ||||||
Number of consecutive business days | 3 | ||||||
Terms of credit agreement | the non-default interest rate applicable to the Term Loan under the Term Loan Agreement to a fluctuating rate of interest equal to three-month LIBOR (with a floor of 1.5%) plus 8.25% per annum | ||||||
Proceeds from term loan | 49,100,000 | ||||||
Increase in excess availability under the Credit Agreement | $ 25,000,000 | ||||||
Gordon Brothers Finance Company, LLC [Member] | Term Loan [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan cap percentage | 10.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 1.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Gordon Brothers Finance Company, LLC [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument interest rate | 8.25% | ||||||
Floor rate | 1.50% |
Debt - Aggregate Maturities of
Debt - Aggregate Maturities of Debt (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 154,100 |
Thereafter | 0 |
Total | $ 154,100 |
Leases - Additional Information
Leases - Additional Information (Detail) | Feb. 02, 2019 |
Operating Leased Assets [Line Items] | |
Lease term | 10 years |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Length of lease extension | 5 years |
Leases - Rent Expense (Detail)
Leases - Rent Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Leases [Abstract] | ||
Minimum rentals | $ 95,340 | $ 96,782 |
Contingent rentals | 295 | 325 |
Rent expense | $ 95,635 | $ 97,107 |
Leases - Future Contractual Min
Leases - Future Contractual Minimum Lease Payments (Detail) $ in Thousands | Feb. 02, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 101,876 |
2020 | 93,764 |
2021 | 82,325 |
2022 | 66,820 |
2023 | 50,697 |
Thereafter | 102,550 |
Total | $ 498,032 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Deferred income tax assets: | ||
Employee benefit expense | $ 6,291 | $ 9,359 |
Deferred rents | 9,786 | 10,071 |
Net operating loss carryforwards | 2,380 | 5,097 |
Other | 7,787 | 7,026 |
Total deferred income tax assets | 26,244 | 31,553 |
Valuation allowance | (2,130) | (2,384) |
Gross deferred income tax assets, net of valuation allowance | 24,114 | 29,169 |
Deferred income tax liabilities: | ||
Property and equipment | (22,399) | (26,947) |
Inventory | (1,021) | (1,652) |
Other | (694) | (570) |
Total deferred income tax liabilities | $ (24,114) | $ (29,169) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Tax Examination [Line Items] | |||
Valuation allowance | $ 2,130,000 | $ 2,384,000 | |
Unrecognized tax benefit | 0 | ||
Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Interest and penalties related to unrecognized tax benefits | 100,000 | 100,000 | $ 100,000 |
Accrued interest and accrued penalties related to unrecognized tax benefits | 100,000 | $ 100,000 | |
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Gross operating loss carry forward | $ 36,000,000 | ||
Operating loss carry forward, expiration year | 2023 | ||
Domestic Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Gross operating loss carry forward | $ 900,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Current: | ||
Federal | $ (7,222) | |
State | $ (25) | (1,254) |
Total current | (25) | (8,476) |
Deferred: | ||
Federal | (3,665) | |
State | 443 | |
Total deferred | (3,222) | |
Income tax benefit | $ (25) | $ (11,698) |
Income Taxes - Determination of
Income Taxes - Determination of Income Tax by Applying Statutory U.S. Corporate Tax Rate to Pre-Tax Amounts (Detail) | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal tax at the statutory rate | 21.00% | 33.80% |
State income taxes, net of federal benefit | (0.90%) | 3.50% |
Permanent differences and other | (37.80%) | 1.80% |
Federal credits | 13.90% | |
Valuation allowance | 4.20% | (6.60%) |
Effective tax rate | 0.40% | 32.50% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | Mar. 01, 2019 | Sep. 01, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Minimum age of employees for contribution retirement plan | 21 years | ||||
Minimum service period criteria to be eligible for plan | 1 year | ||||
Minimum service period in hour criteria to be eligible for plan | 1000 hours | ||||
Employer discretionary contribution percentage under plan | 25.00% | 20.00% | |||
Period of employees service after which Employer Discretionary Contribution payable | 2 years | ||||
Employee's voluntary pre-tax contributions | 25.00% | 50.00% | |||
Employee's compensation for voluntary pre-tax contributions | 4.00% | 4.00% | 4.00% | ||
Company contributions to the retirement plan, net of forfeitures | $ 200,000 | $ 1,700,000 | |||
Employers contribution towards plan | 10.00% | ||||
Percent vested per year until fully vested in matching contributions | 20.00% | ||||
Contributions and related investment earnings vest, description | Matching contributions and related investment earnings for the executive deferral plan vest at 20 percent per year in each of years four through eight, at which time a participant is fully vested. | ||||
Deferred compensation plan liability | $ 13,300,000 | $ 15,300,000 | |||
Deferred compensation program income (expense), net of forfeitures | $ 100,000 | $ 100,000 | |||
Curtailment and settlement benefit obligation discount rate | 3.63% | 3.45% | |||
Post-retirement benefit obligations | $ 100,000 | $ 100,000 | |||
Cash surrender value | $ 14,700,000 | 15,300,000 | |||
Age for availing pre-retirement medical, dental and vision benefits | 65 years | ||||
Defined Benefit Postretirement Health Coverage [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Deferred compensation plan liability | $ 500,000 | 900,000 | |||
Net periodic post-retirement benefit cost | $ 500,000 | ||||
Minimum [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Contributions and related investment earnings vest | 4 years | ||||
Pre-retirement life insurance protection based multiplier | 3 | ||||
Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Contributions and related investment earnings vest | 8 years | ||||
Pre-retirement life insurance protection based multiplier | 5 | ||||
Net periodic post-retirement benefit cost | $ 100,000 | 100,000 | |||
Maximum [Member] | Defined Benefit Postretirement Health Coverage [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Net periodic post-retirement benefit cost | 100,000 | ||||
Change in post-retirement (income) loss obligations | $ 100,000 | $ 100,000 | |||
Officers and Key Executives [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Employers contribution towards plan | 50.00% | ||||
Director [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Employers contribution towards plan | 25.00% | ||||
Full Time Associates [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Minimum service period in days criteria to be eligible for plan | 60 days | ||||
Associates [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Minimum service period criteria to be eligible for matching contribution | 1 year | ||||
Minimum service period in hours criteria to be eligible for matching contribution | 1000 hours |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Compensation and Retirement Disclosure [Abstract] | ||
Total net actuarial gain | $ 63 | $ 66 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Apr. 14, 2017 | Feb. 02, 2019 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Schedule of Shareholders' Equity [Line Items] | |||||
Dividends declared and cash paid per share | $ 0.075 | ||||
Repurchase of shares | 121,801 | 81,232 | |||
Repurchase shares value | $ 100,000 | $ 200,000 | |||
Number of shares authorized under plan | 2,000,000 | 2,000,000 | |||
Shares acquired by participants | 214,621 | ||||
Expected volatility | 43.10% | ||||
Risk-free interest rate | 1.90% | ||||
Expected option term | 5 years | ||||
Share-based compensation expense | $ 4,109,000 | $ 5,691,000 | |||
Weighted-average grant-date fair value of options granted | $ 0.82 | ||||
Shares acquired by participants | 214,621 | ||||
2018 Plan [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Number of shares authorized under plan | 4,100,000 | 4,100,000 | |||
Stock Options [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Stock option exercisable terms and conditions | one-third of the awards vest on each of the third, fourth and fifth-anniversary dates of grant. Awards under the 2001 Plan granted after 2013 generally vest monthly in equal amounts over a five-year period. The awards expire seven to ten years after the date of grant. | ||||
Closing stock price per share | $ 1.14 | $ 1.14 | |||
Money option outstanding | $ 0 | $ 0 | |||
Aggregate intrinsic value of outstanding and exercisable stock options | 0 | 0 | |||
Unrecognized compensation cost | $ 700,000 | $ 700,000 | |||
Shares, Weighted-average expected life remaining | 10 months 24 days | ||||
Number of options, exercised | 0 | 0 | |||
Incremental share based compensation | $ 0 | ||||
Number of options granted | 0 | ||||
Stock Options [Member] | 2001 Plan [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Award vesting period | 5 years | ||||
Stock Options [Member] | Minimum [Member] | 2001 Plan [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Expiration period of options | 7 years | ||||
Stock Options [Member] | Minimum [Member] | 2018 Plan [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Award vesting period | 1 year | ||||
Stock Options [Member] | Maximum [Member] | 2001 Plan [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Expiration period of options | 10 years | ||||
Restricted Stock Awards [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Shares, Weighted-average expected life remaining | 1 year | ||||
Total fair value, vested | $ 4,200,000 | $ 1,000,000 | |||
Restricted Stock Awards [Member] | Minimum [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Award vesting period | 3 years | ||||
Restricted Stock Awards [Member] | Maximum [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Award vesting period | 5 years | ||||
Employee Stock Purchase Plan [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Completion period for ESOP participation eligibility | 6 months | ||||
Regular scheduled period for ESOP participation eligibility | 20 hours | ||||
Discount for participants under stock purchase plan | 85.00% | 85.00% | |||
Number of shares authorized under plan | 2,900,000 | 2,900,000 | |||
Number of shares available each year | 200,000 | ||||
Shares acquired by participants | 214,621 | 228,562 | 145,136 | ||
Weighted average price per share | $ 0.94 | $ 0.94 | $ 1.44 | $ 5.13 | |
Expected volatility | 88.47% | ||||
Risk-free interest rate | 1.82% | ||||
Present value discount factor | 1.00% | ||||
Expected option term | 6 months | ||||
Share-based compensation expense | $ 100,000 | $ 300,000 | $ 1,800,000 | ||
Shares acquired by participants | 214,621 | 228,562 | 145,136 | ||
Board of Directors [Member] | |||||
Schedule of Shareholders' Equity [Line Items] | |||||
Repurchase of shares, remaining | 366,889 | 366,889 |
Shareholders' Equity - Number o
Shareholders' Equity - Number of Awards Authorized and Available for Grant Under 2018 Plan (Detail) | Feb. 02, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total awards authorized | 2,000,000 |
2018 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total awards authorized | 4,100,000 |
Awards available for grant | 3,049,000 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Stock Option Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Shares, Outstanding at February 3, 2018 | shares | 2,145 |
Number of Shares, Cancelled or forfeited | shares | (111) |
Number of Shares, Outstanding at February 2, 2019 | shares | 2,034 |
Number of Shares, Exercisable stock options at February 2, 2019 | shares | 818 |
Weighted-Average Exercise Price, Outstanding at February 3, 2018 | $ / shares | $ 5.90 |
Weighted-Average Exercise Price, Cancelled or forfeited | $ / shares | 7.35 |
Weighted-Average Exercise Price, Outstanding at February 2, 2019 | $ / shares | 5.81 |
Weighted-Average Exercise Price, Exercisable stock options at February 2, 2019 | $ / shares | $ 5.30 |
Weighted-Average Remaining Contractual Term, Outstanding at February 2, 2019 | 5 years 2 months 8 days |
Weighted-Average Remaining Contractual Term, Exercisable stock options at February 2, 2019 | 3 years 4 months 17 days |
Aggregate Intrinsic Value, Outstanding at February 2, 2019 | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable stock options at February 2, 2019 | $ | $ 0 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Fair Value of Stock Option with Weighted Average Assumption (Detail) | 12 Months Ended |
Feb. 03, 2018 | |
Equity [Abstract] | |
Expected term | 5 years |
Risk-free interest rate | 1.90% |
Volatility | 43.10% |
Dividend yield | 8.10% |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Non-Vested Stock Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($)$ / sharesshares | |
Restricted Stock Awards [Member] | |
Schedule of Shareholders' Equity [Line Items] | |
Shares, Non-vested, Beginning Balance | shares | 1,481 |
Shares, Vested | shares | (485) |
Shares, Cancelled or forfeited | shares | (196) |
Shares, Non-vested, Ending Balance | shares | 800 |
Shares, Total unrecognized compensation cost | $ | $ 893 |
Shares, Weighted-average expected life remaining | 1 year |
Weighted-Average Grant Date Fair Value, Non-vested Beginning Balance | $ / shares | $ 4.90 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 7.34 |
Weighted-Average Grant Date Fair Value, Cancelled or forfeited | $ / shares | 3.91 |
Weighted Average Grant Date Fair Value, Non-vested Ending Balance | $ / shares | $ 2.84 |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Shareholders' Equity [Line Items] | |
Shares, Granted | shares | 1,445 |
Shares, Cancelled or forfeited | shares | (90) |
Shares, Non-vested, Ending Balance | shares | 1,355 |
Shares, Total unrecognized compensation cost | $ | $ 1,443 |
Shares, Weighted-average expected life remaining | 10 months 24 days |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 1.81 |
Weighted-Average Grant Date Fair Value, Cancelled or forfeited | $ / shares | 1.85 |
Weighted Average Grant Date Fair Value, Non-vested Ending Balance | $ / shares | $ 1.81 |
Performance Share Awards [Member] | |
Schedule of Shareholders' Equity [Line Items] | |
Shares, Non-vested, Beginning Balance | shares | 1,209 |
Shares, Granted | shares | 0 |
Shares, Cancelled or forfeited | shares | (725) |
Shares, Non-vested, Ending Balance | shares | 484 |
Shares, Total unrecognized compensation cost | $ | $ 154 |
Shares, Weighted-average expected life remaining | 7 months 6 days |
Weighted-Average Grant Date Fair Value, Non-vested Beginning Balance | $ / shares | $ 5.94 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Cancelled or forfeited | $ / shares | 2.94 |
Weighted Average Grant Date Fair Value, Non-vested Ending Balance | $ / shares | $ 0.80 |
Shareholders' Equity - Pre-Tax
Shareholders' Equity - Pre-Tax Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | $ 4,109 | $ 5,691 |
Cost of Merchandise Sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | 1,276 | 1,867 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation expense | $ 2,833 | $ 3,824 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Legal settlements expense | $ 1.1 | $ 0.1 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Net sales | $ 340,847 | $ 279,127 | $ 310,939 | $ 326,685 | $ 384,867 | $ 285,395 | $ 311,036 | $ 337,335 | $ 1,257,598 | $ 1,318,633 |
Other revenue | 3,609 | 3,734 | 3,489 | 4,302 | 3,208 | 3,516 | 3,498 | 3,714 | 15,134 | 13,936 |
Total revenue | 344,456 | 282,861 | 314,428 | 330,987 | 388,075 | 288,911 | 314,534 | 341,049 | 1,272,732 | 1,332,569 |
Gross profit | 92,462 | 69,841 | 79,419 | 96,064 | 102,448 | 68,269 | 64,668 | 95,556 | ||
Net income (loss) | $ 4,434 | $ (16,622) | $ (1,144) | $ 7,334 | $ (415) | $ (14,616) | $ (12,993) | $ 3,700 | $ (5,998) | $ (24,324) |
Basic net income (loss) per share | $ 0.09 | $ (0.36) | $ (0.02) | $ 0.16 | $ (0.01) | $ (0.31) | $ (0.28) | $ 0.08 | $ (0.13) | $ (0.52) |
Diluted net income (loss) per share | $ 0.09 | $ (0.36) | $ (0.02) | $ 0.16 | $ (0.01) | $ (0.31) | $ (0.28) | $ 0.08 | $ (0.13) | $ (0.52) |
Weighted-average shares outstanding: | ||||||||||
Basic | 46,803 | 46,743 | 46,669 | 46,610 | 46,482 | 46,447 | 46,264 | 46,165 | 46,706 | 46,342 |
Diluted | 47,443 | 46,743 | 46,669 | 46,659 | 46,482 | 46,447 | 46,264 | 46,171 | 46,706 | 46,342 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Legal Services [Member] | Director [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Expenses, services from related party | $ 0.2 | $ 0.2 |