Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 21, 2014 | Aug. 03, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BKE | ' | ' |
Entity Registrant Name | 'BUCKLE INC | ' | ' |
Entity Central Index Key | '0000885245 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 48,374,802 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,587,093,025 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $164,868 | $117,608 |
Short-term investments (Notes A, B, and C) | 20,197 | 26,414 |
Receivables | 4,318 | 3,470 |
Inventory | 124,141 | 103,853 |
Prepaid expenses and other assets (Note F) | 28,613 | 25,528 |
Total current assets | 342,137 | 276,873 |
PROPERTY AND EQUIPMENT (Note D) | 393,656 | 373,286 |
Less accumulated depreciation and amortization | -235,087 | -210,183 |
PROPERTY AND EQUIPMENT, Net | 158,569 | 163,103 |
LONG-TERM INVESTMENTS (Notes A, B, and C) | 43,436 | 35,735 |
OTHER ASSETS (Note G) | 2,151 | 2,263 |
Total assets | 546,293 | 477,974 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 37,147 | 34,124 |
Accrued employee compensation | 36,933 | 42,183 |
Accrued store operating expenses | 9,983 | 10,121 |
Gift certificates redeemable | 23,131 | 22,221 |
Income taxes payable | 16,187 | 20,307 |
Total current liabilities | 123,381 | 128,956 |
DEFERRED COMPENSATION (Note I) | 12,797 | 10,600 |
DEFERRED RENT LIABILITY | 37,564 | 36,947 |
OTHER LIABILITIES (Note F) | 10,621 | 11,822 |
Total liabilities | 184,363 | 188,325 |
COMMITMENTS (Notes E and H) | ' | ' |
STOCKHOLDERS’ EQUITY (Note J): | ' | ' |
Common stock, authorized 100,000,000 shares of $.01 par value; 48,336,392 and 48,059,269 shares issued and outstanding at February 1, 2014 and February 2, 2013, respectively | 483 | 481 |
Additional paid-in capital | 124,134 | 117,391 |
Retained earnings | 238,151 | 172,711 |
Accumulated other comprehensive loss | -838 | -934 |
Total stockholders’ equity | 361,930 | 289,649 |
Total liabilities and stockholders' equity | $546,293 | $477,974 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Common stock, authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares issued (shares) | 48,336,392 | 48,059,269 |
Common stock, shares outstanding (shares) | 48,336,392 | 48,059,269 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
SALES, Net of returns and allowances of $108,851, $106,612, and $95,476, respectively | $1,128,001 | $1,124,007 | $1,062,946 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 628,856 | 624,692 | 594,291 |
Gross profit | 499,145 | 499,315 | 468,655 |
OPERATING EXPENSES: | ' | ' | ' |
Selling | 206,893 | 201,963 | 195,294 |
General and administrative | 35,258 | 39,177 | 37,041 |
Total selling, general and administrative expenses | 242,151 | 241,140 | 232,335 |
INCOME FROM OPERATIONS | 256,994 | 258,175 | 236,320 |
OTHER INCOME, Net (Note A) | 3,462 | 3,524 | 4,161 |
INCOME BEFORE INCOME TAXES | 260,456 | 261,699 | 240,481 |
PROVISION FOR INCOME TAXES (Note F) | 97,872 | 97,394 | 89,025 |
NET INCOME | $162,584 | $164,305 | $151,456 |
EARNINGS PER SHARE (Note K): | ' | ' | ' |
Basic (dollars per share) | $3.41 | $3.47 | $3.23 |
Diluted (dollars per share) | $3.39 | $3.44 | $3.20 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
SALES, returns and allowances | $108,851 | $106,612 | $95,476 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
NET INCOME | $162,584 | $164,305 | $151,456 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ' | ' | ' |
Change in unrealized loss on investments, net of tax of $56, $(138), and $(17), respectively | 96 | -235 | -28 |
Other comprehensive income | 96 | -235 | -28 |
COMPREHENSIVE INCOME | $162,680 | $164,070 | $151,428 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Change in unrealized loss on investments, tax | $56 | ($138) | ($17) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data, unless otherwise specified | |||||
BALANCE at Jan. 29, 2011 | $345,665 | $471 | $89,719 | $256,146 | ($671) |
BALANCE (shares) at Jan. 29, 2011 | ' | 47,127,926 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 151,456 | ' | ' | 151,456 | ' |
Dividends paid on common stock | -144,563 | ' | ' | -144,563 | ' |
Common stock issued on exercise of stock options (shares) | ' | 184,368 | ' | ' | ' |
Common stock issued on exercise of stock options | 829 | 2 | 827 | ' | ' |
Issuance of non-vested stock, net of forfeitures (shares) | ' | 128,395 | ' | ' | ' |
Issuance of non-vested stock, net of forfeitures | ' | 1 | -1 | ' | ' |
Amortization of non-vested stock grants, net of forfeitures | 6,403 | ' | 6,403 | ' | ' |
Common stock purchased and retired (shares) | ' | -8,600 | ' | ' | ' |
Common stock purchased and retired | -296 | ' | -296 | ' | ' |
Income tax benefit related to exercise of stock options | 3,681 | ' | 3,681 | ' | ' |
Change in unrealized loss on investments, net of tax | -28 | ' | ' | ' | -28 |
BALANCE at Jan. 28, 2012 | 363,147 | 474 | 100,333 | 263,039 | -699 |
BALANCE (shares) at Jan. 28, 2012 | ' | 47,432,089 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 164,305 | ' | ' | 164,305 | ' |
Dividends paid on common stock | -254,633 | ' | ' | -254,633 | ' |
Common stock issued on exercise of stock options (shares) | ' | 377,520 | ' | ' | ' |
Common stock issued on exercise of stock options | 846 | 4 | 842 | ' | ' |
Issuance of non-vested stock, net of forfeitures (shares) | ' | 249,660 | ' | ' | ' |
Issuance of non-vested stock, net of forfeitures | ' | 3 | -3 | ' | ' |
Amortization of non-vested stock grants, net of forfeitures | 8,388 | ' | 8,388 | ' | ' |
Income tax benefit related to exercise of stock options | 7,831 | ' | 7,831 | ' | ' |
Change in unrealized loss on investments, net of tax | -235 | ' | ' | ' | -235 |
BALANCE at Feb. 02, 2013 | 289,649 | 481 | 117,391 | 172,711 | -934 |
BALANCE (shares) at Feb. 02, 2013 | ' | 48,059,269 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 162,584 | ' | ' | 162,584 | ' |
Dividends paid on common stock | -97,144 | ' | ' | -97,144 | ' |
Common stock issued on exercise of stock options (shares) | ' | 25,555 | ' | ' | ' |
Issuance of non-vested stock, net of forfeitures (shares) | ' | 251,568 | ' | ' | ' |
Issuance of non-vested stock, net of forfeitures | ' | 2 | -2 | ' | ' |
Amortization of non-vested stock grants, net of forfeitures | 5,066 | ' | 5,066 | ' | ' |
Income tax benefit related to exercise of stock options | 1,679 | ' | 1,679 | ' | ' |
Change in unrealized loss on investments, net of tax | 96 | ' | ' | ' | 96 |
BALANCE at Feb. 01, 2014 | $361,930 | $483 | $124,134 | $238,151 | ($838) |
BALANCE (shares) at Feb. 01, 2014 | ' | 48,336,392 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Dividends paid on common stock, per share | $2.02 | $5.30 | $3.05 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $162,584 | $164,305 | $151,456 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 32,631 | 33,834 | 32,769 |
Amortization of non-vested stock grants, net of forfeitures | 5,066 | 8,388 | 6,403 |
Deferred income taxes | -2,086 | -1,939 | 5,417 |
Other | 988 | 1,528 | 859 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables | -989 | 596 | 1,232 |
Inventory | -20,288 | 356 | -15,616 |
Prepaid expenses and other assets | -2,255 | -10,281 | 321 |
Accounts payable | 2,738 | 6,534 | -2,883 |
Accrued employee compensation | -5,250 | -671 | 6,836 |
Accrued store operating expenses | -138 | -1,004 | 1,472 |
Gift certificates redeemable | 910 | 1,935 | 3,073 |
Income taxes payable | -2,699 | 14,897 | 18,007 |
Deferred rent liabilities and deferred compensation | 2,814 | 2,463 | -73 |
Net cash flows from operating activities | 174,026 | 220,941 | 209,273 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -28,811 | -30,297 | -36,627 |
Proceeds from sale of property and equipment | 11 | 1,140 | 9 |
Change in other assets | 112 | 130 | 19 |
Purchases of investments | -32,314 | -29,933 | -14,099 |
Proceeds from sales/maturities of investments | 30,981 | 37,294 | 33,125 |
Net cash flows from investing activities | -30,021 | -21,666 | -17,573 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from the exercise of stock options | 0 | 846 | 829 |
Excess tax benefit from stock option exercises | 399 | 5,609 | 2,371 |
Purchases of common stock | 0 | 0 | -296 |
Payment of dividends | -97,144 | -254,633 | -144,563 |
Net cash flows from financing activities | -96,745 | -248,178 | -141,659 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47,260 | -48,903 | 50,041 |
CASH AND CASH EQUIVALENTS, Beginning of year | 117,608 | 166,511 | 116,470 |
CASH AND CASH EQUIVALENTS, End of year | $164,868 | $117,608 | $166,511 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Feb. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
A. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Fiscal Year - The Buckle, Inc. (the “Company”) has its fiscal year end on the Saturday nearest January 31. All references in these consolidated financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal 2013 represents the 52-week period ended February 1, 2014, fiscal 2012 represents the 53-week period ended February 2, 2013, and fiscal 2011 represents the 52-week period ended January 28, 2012. | ||
Nature of Operations - The Company is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women operating 450 stores located in 43 states throughout the continental United States as of February 1, 2014. | ||
During fiscal 2013, the Company opened 13 new stores, substantially renovated 8 stores, and closed 3 stores. During fiscal 2012, the Company opened 10 new stores, substantially renovated 21 stores, and closed 1 store. During fiscal 2011, the Company opened 13 new stores, substantially renovated 24 stores, and closed 2 stores. | ||
Principles of Consolidation - The consolidated financial statements include the accounts of The Buckle, Inc. and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Revenue Recognition - Retail store sales are recorded upon the purchase of merchandise by customers. Online sales are recorded when merchandise is delivered to the customer, with the time of delivery being based on estimated shipping time from the Company’s distribution center to the customer. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. Shipping costs were $6,223, $6,477, and $7,618 during fiscal 2013, 2012, and 2011, respectively. Merchandise returns are estimated based upon the historical average sales return percentage and accrued at the end of the period. The reserve for merchandise returns was $750 and $853 as of February 1, 2014 and February 2, 2013, respectively. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. | ||
The Company records the sale of gift cards and gift certificates as a current liability and recognizes a sale when a customer redeems the gift card or gift certificate. The amount of the gift certificate liability is determined using the outstanding balances from the prior three years of issuance and the gift card liability is determined using the outstanding balances from the prior four years of issuance. The Company records breakage as other income when the probability of redemption, which is based on historical redemption patterns, is remote. Breakage reported for the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012 was $1,146, $755, and $701, respectively. The Company recognizes a current liability for the down payment and subsequent installment payments made when merchandise is placed on layaway and recognizes layaways as a sale at the time the customer makes final payment and picks up the merchandise. | ||
Cash and Cash Equivalents - The Company considers all highly liquid debt instruments with an original maturity of three months or less when purchased to be cash equivalents. | ||
Investments - Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year, and a portion of the Company’s investments in auction-rate securities (“ARS”), which are available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity (net of the effect of income taxes), using the specific identification method, until they are sold. The Company reviews impairments to determine the classification of potential impairments as either “temporary” or “other-than-temporary.” A temporary impairment results in an unrealized loss being recorded in other comprehensive income. Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of income. The Company considers various factors in reviewing impairments, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value. Held-to-maturity securities are carried at amortized cost. The Company believes it has the ability and maintains its intent to hold these investments until recovery of market value occurs or until the ultimate maturity of the investments. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method. | ||
Inventory - Inventory is stated at the lower of cost or market. Cost is determined using the average cost method. Management makes adjustments to inventory and cost of goods sold to account for merchandise obsolescence and markdowns based on assumptions using calculations applied to current inventory levels by department within each different markdown level. Management also reviews the levels of inventory in each markdown group, and the overall aging of inventory, versus the estimated future demand for such product and the current market conditions. The calculation for estimated markdowns and/or obsolescence reduced the Company’s inventory valuation by $7,415 and $6,286 as of February 1, 2014 and February 2, 2013, respectively. The amount charged (credited) to cost of goods sold, resulting from adjustments for estimated markdowns and/or obsolescence, was $1,129, $1,382, and $(183), for fiscal years 2013, 2012, and 2011, respectively. | ||
Property and Equipment - Property and equipment are stated on the basis of historical cost. Depreciation is provided using a combination of accelerated and straight-line methods based upon the estimated useful lives of the assets. The majority of property and equipment have useful lives of five to ten years with the exception of buildings, which have estimated useful lives of 31.5 to 39 years. Leasehold improvements are stated on the basis of historical cost and are amortized over the shorter of the life of the lease or the estimated economic life of the assets. When circumstances indicate the carrying values of long-lived assets may be impaired, an evaluation is performed on current net book value amounts. Judgments made by the Company related to the expected useful lives of property and equipment and the ability to realize cash flows in excess of carrying amounts of such assets are affected by factors such as changes in economic conditions and changes in operating performance. As the Company assesses the expected cash flows and carrying amounts of long-lived assets, adjustments are made to such carrying values. | ||
Pre-Opening Expenses - Costs related to opening new stores are expensed as incurred. | ||
Advertising Costs - Advertising costs are expensed as incurred and were $11,088, $10,214 and $8,865 for fiscal years 2013, 2012, and 2011, respectively. | ||
Health Care Costs -The Company is self-funded for health and dental claims up to $200 per individual per plan year. The Company’s plan covers eligible employees, and management makes estimates at period end to record a reserve for unpaid claims based upon historical claims information. The accrued liability as a reserve for unpaid health care claims was $875 and $675 as of February 1, 2014 and February 2, 2013, respectively. | ||
Operating Leases - The Company leases retail stores under operating leases. Most lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. For purposes of recognizing lease incentives and minimum rental expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin expensing rent, which is generally when the Company enters the space and begins to make improvements in preparation of intended use. | ||
For tenant improvement allowances and rent holidays, the Company records a deferred rent liability on the consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of income. | ||
For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of income. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “accrued store operating expenses” on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or are reasonably probable to be achieved. | ||
Other Income - The Company’s other income is derived primarily from interest and dividends received on cash and investments. | ||
Income Taxes - The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the judgment of the Company’s management determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased, thus increasing net income in the period such determination was made. The Company records tax benefits only for tax positions that are more than likely to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. | ||
Financial Instruments and Credit Risk Concentrations - Financial instruments, which potentially subject the Company to concentrations of credit risk, are primarily cash, investments, and accounts receivable. The Company’s investments are primarily in tax-free municipal bonds, auction-rate securities, corporate bonds, or U.S. Treasury securities with short-term maturities. The majority of the Company’s cash and cash equivalents are held by Wells Fargo Bank, N.A. This amount, as well as cash and investments held by certain other financial institutions, exceed federally insured limits. | ||
Of the Company’s $228,501 in total cash and investments as of February 1, 2014, $9,644 was comprised of investments in auction-rate securities (“ARS”). ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of certain of the Company’s investments in ARS and the Company has reason to believe that certain of the underlying issuers of its ARS are currently at risk. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. | ||
Concentrations of credit risk with respect to accounts receivable are limited due to the nature of the Company’s receivables, which include primarily employee receivables that can be offset against future compensation. The Company’s financial instruments have a fair value approximating the carrying value. | ||
Earnings Per Share - Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares, including stock options. | ||
Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the 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 these estimates. | ||
Recently Issued Accounting Pronouncements - In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds additional disclosure requirements for items reclassified out of accumulated other comprehensive income. The additional disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial position or results of operations, as there were no such reclassifications during the periods presented in this Form 10-K. | ||
Supplemental Cash Flow Information - The Company had non-cash investing activities during fiscal years 2013, 2012, and 2011 of $(285), $(174), and $3,190, respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the year. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $1,304, $1,019, and $845 as of February 1, 2014, February 2, 2013, and January 28, 2012, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the consolidated statement of cash flows in the period they are paid. | ||
Additional cash flow information for the Company includes cash paid for income taxes during fiscal years 2013, 2012, and 2011 of $102,259, $78,828, and $63,230, respectively. |
INVESTMENTS
INVESTMENTS | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Schedule of Investments [Abstract] | ' | |||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||
B. | INVESTMENTS | |||||||||||||||||||
The following is a summary of investments as of February 1, 2014: | ||||||||||||||||||||
Amortized | Gross | Gross | Other-than- | Estimated | ||||||||||||||||
Cost or | Unrealized | Unrealized | Temporary | Fair | ||||||||||||||||
Par Value | Gains | Losses | Impairment | Value | ||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Auction-rate securities | $ | 10,975 | $ | — | $ | (1,331 | ) | $ | — | $ | 9,644 | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||
State and municipal bonds | $ | 41,192 | $ | 210 | $ | (2 | ) | $ | — | $ | 41,400 | |||||||||
Trading Securities: | ||||||||||||||||||||
Mutual funds | $ | 11,769 | $ | 1,028 | $ | — | $ | — | $ | 12,797 | ||||||||||
The following is a summary of investments as of February 2, 2013: | ||||||||||||||||||||
Amortized | Gross | Gross | Other-than- | Estimated | ||||||||||||||||
Cost or | Unrealized | Unrealized | Temporary | Fair | ||||||||||||||||
Par Value | Gains | Losses | Impairment | Value | ||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Auction-rate securities | $ | 13,075 | $ | — | $ | (1,482 | ) | $ | (725 | ) | $ | 10,868 | ||||||||
Preferred stock | 2,000 | — | — | (1,974 | ) | 26 | ||||||||||||||
$ | 15,075 | $ | — | $ | (1,482 | ) | $ | (2,699 | ) | $ | 10,894 | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||
State and municipal bonds | $ | 40,155 | $ | 108 | $ | (15 | ) | $ | — | $ | 40,248 | |||||||||
Certificates of deposit | 500 | 4 | — | — | 504 | |||||||||||||||
$ | 40,655 | $ | 112 | $ | (15 | ) | $ | — | $ | 40,752 | ||||||||||
Trading Securities: | ||||||||||||||||||||
Mutual funds | $ | 10,257 | $ | 343 | $ | — | $ | — | $ | 10,600 | ||||||||||
The auction-rate securities were invested as follows as of February 1, 2014: | ||||||||||||||||||||
Nature | Underlying Collateral | Par Value | ||||||||||||||||||
Municipal revenue bonds | 100% insured by AAA/AA/A-rated bond insurers | $ | 7,975 | |||||||||||||||||
Municipal bond funds | Fixed income instruments within issuers' money market funds | 50 | ||||||||||||||||||
Student loan bonds | Student loans guaranteed by state entities | 2,950 | ||||||||||||||||||
Total par value | $ | 10,975 | ||||||||||||||||||
As of February 1, 2014, the Company’s auction-rate securities portfolio was 74% AA/Aa-rated and 26% A-rated. | ||||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturity as of February 1, 2014 is as follows: | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||
Less than 1 year | $ | 20,197 | $ | 20,221 | ||||||||||||||||
1 - 5 years | 20,995 | 21,179 | ||||||||||||||||||
$ | 41,192 | $ | 41,400 | |||||||||||||||||
At February 1, 2014 and February 2, 2013, $9,644 and $10,869 of available-for-sale securities and $20,995 and $14,266 of held-to-maturity securities are classified in long-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments. | ||||||||||||||||||||
The Company’s investments in auction-rate securities (“ARS”) and preferred securities are classified as available-for-sale and reported at fair market value. As of February 1, 2014, the reported investment amount is net of $1,331 of temporary impairment to account for the impairment of certain securities from their stated par value. The $1,331 temporary impairment is reported, net of tax, as an “accumulated other comprehensive loss” of $838 in stockholders’ equity as of February 1, 2014. For the investments considered temporarily impaired, all of which have been in loss positions for over a year, the Company believes that these ARS can be successfully redeemed or liquidated in the future at par value plus accrued interest. The Company believes it has the ability and maintains its intent to hold these investments until such recovery of market value occurs; therefore, the Company believes the current lack of liquidity has created the temporary impairment in valuation and has classified the investments in long-term investments. | ||||||||||||||||||||
As of February 1, 2014, the Company had $10,975 invested in ARS, at par value, which is reported at its estimated fair value of $9,644. As of February 2, 2013, the Company had $13,075 invested in ARS and $2,000 invested in preferred securities, which were reported at their estimated fair value of $10,868 and $26, respectively. ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of certain of the Company’s investments in ARS and the Company has reason to believe that certain of the underlying issuers of its ARS are currently at risk. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. During fiscal years 2013, 2012, and 2011, the Company was able to successfully liquidate ARS and preferred securities with a par value of $4,100, $2,900, and $5,750, respectively. The Company reviews all investments for other-than-temporary impairment ("OTTI") at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of decline in market value. In addition, the Company considers qualitative factors including, but not limited to, the financial condition of the investee, the credit rating of the investee, and the current and expected market and industry conditions in which the investee operates. | ||||||||||||||||||||
As of February 1, 2014, all of the Company’s investments in ARS were classified in long-term investments. As of February 2, 2013, $25 of the Company’s investments in ARS and preferred securities was classified in short-term investments (due to a known upcoming redemption at par value) and $10,869 was classified in long-term investments. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
C. | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: | ||||||||||||||||
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. | |||||||||||||||
• | Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. | |||||||||||||||
• | Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. The Company has concluded that certain of its ARS represent Level 3 valuation and should be valued using a discounted cash flow analysis. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, timing and amount of cash flows, and expected holding periods of the ARS. As of February 1, 2014, the unobservable inputs used by the Company and its independent third-party valuation consultant in valuing its Level 3 investments in ARS included: | |||||||||||||||
◦ | Durations until redemption ranging from 3.1 to 5.7 years, with a weighted average of 4.9 years. | |||||||||||||||
◦ | Discount rates ranging from 3.93% to 4.93%, with a weighted average of 4.56%. | |||||||||||||||
As of February 1, 2014 and February 2, 2013, the Company held certain assets that are required to be measured at fair value on a recurring basis including available-for-sale and trading securities. The Company’s available-for-sale securities include its investments in ARS, as further described in Note B. The failed auctions, beginning in February 2008, related to certain of the Company’s investments in ARS have limited the availability of quoted market prices. The Company has determined the fair value of its ARS using Level 1 inputs for known or anticipated subsequent redemptions at par value, Level 2 inputs using observable inputs, and Level 3 using unobservable inputs where the following criteria were considered in estimating fair value: | ||||||||||||||||
• | Pricing was provided by the custodian or third-party broker for ARS; | |||||||||||||||
• | Sales of similar securities; | |||||||||||||||
• | Quoted prices for similar securities in active markets; | |||||||||||||||
• | Quoted prices for publicly traded preferred securities; | |||||||||||||||
• | Quoted prices for similar assets in markets that are not active - including markets where there are few transactions for the asset, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; | |||||||||||||||
• | Pricing was provided by a third-party valuation consultant (using Level 3 inputs). | |||||||||||||||
In addition, the Company considers other factors including, but not limited to, the financial condition of the investee, the credit rating, insurance, guarantees, collateral, cash flows, and the current and expected market and industry conditions in which the investee operates. Management believes it has used information that was reasonably obtainable in order to complete its valuation process and determine if the Company’s investments in ARS had incurred any temporary and/or other-than-temporary impairment as of February 1, 2014 and February 2, 2013. | ||||||||||||||||
Future fluctuations in fair value of ARS that the Company judges to be temporary, including any recoveries of previous write-downs, would be recorded as an adjustment to “accumulated other comprehensive loss.” The value and liquidity of ARS held by the Company may be affected by continued auction-rate failures, the credit quality of each security, the amount and timing of interest payments, the amount and timing of future principal payments, and the probability of full repayment of the principal. Additional indicators of impairment include the duration and severity of the decline in market value. The interest rates on these investments will be determined by the terms of each individual ARS. The material risks associated with the ARS held by the Company include those stated above as well as the current economic environment, downgrading of credit ratings on investments held, and the volatility of the entities backing each of the issues. | ||||||||||||||||
The Company’s financial assets measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | ||||||||||||||||
February 1, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Auction-rate securities | $ | — | $ | 177 | $ | 9,467 | $ | 9,644 | ||||||||
Trading securities (including mutual funds) | 12,797 | — | — | 12,797 | ||||||||||||
Totals | $ | 12,797 | $ | 177 | $ | 9,467 | $ | 22,441 | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | ||||||||||||||||
February 2, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Auction-rate securities | $ | — | $ | 178 | $ | 10,690 | $ | 10,868 | ||||||||
Preferred stock | 26 | — | — | 26 | ||||||||||||
Trading securities (including mutual funds) | 10,600 | — | — | 10,600 | ||||||||||||
Totals | $ | 10,626 | $ | 178 | $ | 10,690 | $ | 21,494 | ||||||||
Securities included in Level 1 represent securities which have a known or anticipated upcoming redemption as of the reporting date and those that have publicly traded quoted prices. ARS included in Level 2 represent securities which have not experienced a successful auction subsequent to the end of fiscal 2007. The fair market value for these securities was determined by applying a discount to par value based on auction prices for similar securities and by utilizing a discounted cash flow model, using market-based inputs, to determine fair value. The Company used a discounted cash flow model to value its Level 3 investments, using estimates regarding recovery periods, yield, and liquidity. The assumptions used are subjective based upon management’s judgment and views on current market conditions, and resulted in $1,308 of the Company’s recorded temporary impairment as of February 1, 2014. The use of different assumptions would result in a different valuation and related temporary impairment charge. | ||||||||||||||||
Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fifty-two Weeks Ended February 1, 2014 | ||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Available-for-Sale Securities | Trading Securities | |||||||||||||||
Auction-rate | Preferred | Mutual | Total | |||||||||||||
Securities | Stock | Funds | ||||||||||||||
Balance, beginning of year | $ | 10,690 | $ | — | $ | — | $ | 10,690 | ||||||||
Total gains and losses: | ||||||||||||||||
Included in other comprehensive income | 152 | — | — | 152 | ||||||||||||
Purchases, Issuances, Sales, and Settlements: | ||||||||||||||||
Sales | (1,375 | ) | — | — | (1,375 | ) | ||||||||||
Balance, end of year | $ | 9,467 | $ | — | $ | — | $ | 9,467 | ||||||||
Fifty-three Weeks Ended February 2, 2013 | ||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Available-for-Sale Securities | Trading Securities | |||||||||||||||
Auction-rate | Preferred | Mutual | Total | |||||||||||||
Securities | Stock | Funds | ||||||||||||||
Balance, beginning of year | $ | 11,220 | $ | — | $ | — | $ | 11,220 | ||||||||
Total gains and losses: | ||||||||||||||||
Included in other comprehensive income | (480 | ) | — | — | (480 | ) | ||||||||||
Purchases, Issuances, Sales, and Settlements: | ||||||||||||||||
Sales | (50 | ) | — | — | (50 | ) | ||||||||||
Balance, end of year | $ | 10,690 | $ | — | $ | — | $ | 10,690 | ||||||||
There were no transfers of securities between Levels 1, 2, or 3 during the fiscal years ended February 1, 2014 or February 2, 2013. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period in which the transfer occurred. | ||||||||||||||||
The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist of state and municipal bonds, corporate bonds, and certificates of deposit. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of February 1, 2014, the fair value of held-to-maturity securities was $41,400 compared to the carrying amount of $41,192. As of February 2, 2013, the fair value of held-to-maturity securities was $40,752 compared to the carrying amount of $40,655. | ||||||||||||||||
The carrying values of receivables, accounts payable, accrued expenses and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial as of both February 1, 2014 and February 2, 2013, respectively. |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY AND EQUIPMENT | ' | |||||||
D. | PROPERTY AND EQUIPMENT | |||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
Land | $ | 2,165 | $ | 2,165 | ||||
Building and improvements | 28,006 | 28,055 | ||||||
Office equipment | 9,357 | 8,265 | ||||||
Transportation equipment | 20,782 | 15,445 | ||||||
Leasehold improvements | 146,655 | 141,165 | ||||||
Furniture and fixtures | 157,771 | 149,836 | ||||||
Shipping/receiving equipment | 26,392 | 25,847 | ||||||
Screenprinting equipment | 111 | 111 | ||||||
Construction-in-progress | 2,417 | 2,397 | ||||||
$ | 393,656 | $ | 373,286 | |||||
FINANCING_ARRANGEMENTS
FINANCING ARRANGEMENTS | 12 Months Ended | |
Feb. 01, 2014 | ||
Debt Disclosure [Abstract] | ' | |
FINANCING ARRANGEMENTS | ' | |
E. | FINANCING ARRANGEMENTS | |
The Company has available an unsecured line of credit of $25,000 with Wells Fargo Bank, N.A. for operating needs and letters of credit. The line of credit provides that outstanding letters of credit cannot exceed $20,000. Borrowings under the line of credit provide for interest to be paid at a rate based on LIBOR. The Company has, from time to time, borrowed against these lines during periods of peak inventory build-up. There were no bank borrowings as of February 1, 2014 and February 2, 2013. There were no bank borrowings during fiscal 2013, 2012, and 2011. The Company had outstanding letters of credit totaling $3,226 and $3,243 as of February 1, 2014 and February 2, 2013, respectively. The line of credit is scheduled to expire on July 31, 2015. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
F. | INCOME TAXES | |||||||||||
The provision for income taxes consists of: | ||||||||||||
Fiscal Years Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Current income tax expense: | ||||||||||||
Federal | $ | 89,198 | $ | 88,265 | $ | 73,880 | ||||||
State | 10,760 | 11,068 | 9,728 | |||||||||
Deferred income tax expense | (2,086 | ) | (1,939 | ) | 5,417 | |||||||
Total | $ | 97,872 | $ | 97,394 | $ | 89,025 | ||||||
Total income tax expense for the year varies from the amount which would be provided by applying the statutory income tax rate to earnings before income taxes. The primary reasons for this difference (expressed as a percent of pre-tax income) are as follows: | ||||||||||||
Fiscal Years Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income tax effect | 2.7 | 2.8 | 2.7 | |||||||||
Tax exempt interest income | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||
Other | — | (0.5 | ) | (0.5 | ) | |||||||
Effective tax rate | 37.6 | % | 37.2 | % | 37 | % | ||||||
Deferred income tax assets and liabilities are comprised of the following: | ||||||||||||
February 1, | February 2, | |||||||||||
2014 | 2013 | |||||||||||
Deferred income tax assets (liabilities): | ||||||||||||
Inventory | $ | 5,020 | $ | 4,260 | ||||||||
Stock-based compensation | 4,012 | 4,595 | ||||||||||
Accrued compensation | 4,903 | 4,121 | ||||||||||
Accrued store operating costs | 655 | 733 | ||||||||||
Realized and unrealized loss on securities | 1,264 | 1,843 | ||||||||||
Gift certificates redeemable | 1,311 | 1,060 | ||||||||||
Allowance for doubtful accounts | 4 | 3 | ||||||||||
Deferred rent liability | 13,899 | 13,670 | ||||||||||
Property and equipment | (31,411 | ) | (33,390 | ) | ||||||||
Less: Valuation allowance | (925 | ) | (194 | ) | ||||||||
Net deferred income tax asset (liability) | $ | (1,268 | ) | $ | (3,299 | ) | ||||||
As of February 1, 2014 and February 2, 2013, respectively, the net current deferred income tax assets of $9,353 and $8,523 are classified in “prepaid expenses and other assets.” As of February 1, 2014 and February 2, 2013, respectively, the net non-current deferred income tax liabilities of $10,621 and $11,822 are classified in “other liabilities.” There are no unrecognized tax benefits recorded in the Company’s consolidated financial statements as of February 1, 2014 or February 2, 2013. The Company has no open examinations with the Internal Revenue Service and fiscal years 2010, 2011, 2012 and 2013 remain subject to examination by the Internal Revenue Service as well as state taxing authorities. | ||||||||||||
Valuation allowances are recorded to reduce the value of deferred tax assets to the amount that is more likely than not to be realized. As of February 1, 2014, the Company had $1,152 in deferred tax assets for capital loss carryforwards, which expire in periods from fiscal 2014 through fiscal 2019, and a related valuation allowance of $(925). As of February 2, 2013, the Company had a deferred tax asset of $423 for capital loss carryforwards and a related valuation allowance of $(194). |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |
Feb. 01, 2014 | ||
Related Party Transactions [Abstract] | ' | |
RELATED PARTY TRANSACTIONS | ' | |
G. | RELATED PARTY TRANSACTIONS | |
Included in other assets is a note receivable of $1,155 as of February 1, 2014 and $1,125 as of February 2, 2013, respectively, from a life insurance trust fund controlled by the Company’s Chairman. The note was created over three years, beginning in July 1994, when the Company paid life insurance premiums of $200 each year for the Chairman on a personal policy. The note accrues interest at 5% of the principal balance per year and is to be paid from the life insurance proceeds. The note is secured by a life insurance policy on the Chairman. |
COMMITMENTS
COMMITMENTS | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS | ' | |||
H. | COMMITMENTS | |||
Leases - The Company conducts its operations in leased facilities under numerous non-cancelable operating leases expiring at various dates through fiscal 2024. Most of the Company’s stores have lease terms of approximately ten years and generally do not contain renewal options. Most lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. For purposes of recognizing lease incentives and minimum rental expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin amortization, which is generally when the Company enters the space and begins to make improvements in preparation of intended use. For tenant improvement allowances and rent holidays, the Company records a deferred rent liability on the consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of income. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of income. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or are reasonably probable to be achieved. Operating lease base rental expense for fiscal 2013, 2012, and 2011 was $61,640, $58,683, and $54,626, respectively. Most of the rental payments are based on a minimum annual rental plus a percentage of sales in excess of a specified amount. Percentage rents for fiscal 2013, 2012, and 2011 were $5,080, $5,163, and $5,256, respectively. | ||||
Total future minimum rental commitments under these operating leases with remaining lease terms in excess of one year as of February 1, 2014 are as follows: | ||||
Minimum Rental | ||||
Fiscal Year | Commitments | |||
2014 | $ | 62,915 | ||
2015 | 57,745 | |||
2016 | 52,628 | |||
2017 | 47,617 | |||
2018 | 41,237 | |||
Thereafter | 89,579 | |||
Total minimum rental commitments | $ | 351,721 | ||
Litigation - From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. As of the date of these consolidated financial statements, the Company was not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material effect on the Company. |
EMPLOYEE_BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended | |
Feb. 01, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ' | |
EMPLOYEE BENEFITS | ' | |
I. | EMPLOYEE BENEFITS | |
The Company has a 401(k) profit sharing plan covering all eligible employees who elect to participate. Contributions to the plan are based upon the amount of the employees’ deferrals and the employer’s discretionary matching formula. The Company may contribute to the plan at its discretion. The total expense under the profit sharing plan was $1,166, $1,059, and $791 for fiscal years 2013, 2012, and 2011, respectively. | ||
The Buckle, Inc. Deferred Compensation Plan covers the Company’s executive officers. The plan is funded by participant contributions and a specified annual Company matching contribution not to exceed 6% of the participant’s compensation. The Company’s contributions were $326, $429, and $235 for fiscal years 2013, 2012, and 2011, respectively. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||
J. | STOCK-BASED COMPENSATION | |||||||||||||
The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The options are in the form of non-qualified stock options and are granted with an exercise price equal to the market value of the Company’s common stock on the date of grant. The options generally expire ten years from the date of grant. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. | ||||||||||||||
As of February 1, 2014, 635,315 shares were available for grant under the various stock option plans, of which 447,457 shares were available for grant to executive officers. Also as of February 1, 2014, 1,139,296 shares were available for grant under the Company’s various restricted stock plans, of which 1,114,172 shares were available for grant to executive officers. | ||||||||||||||
Compensation expense was recognized during fiscal 2013, 2012, and 2011 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. | ||||||||||||||
Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: | ||||||||||||||
Fiscal Years Ended | ||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||||
Stock-based compensation expense, before tax | $ | 5,066 | $ | 8,388 | $ | 6,403 | ||||||||
Stock-based compensation expense, after tax | $ | 3,192 | $ | 5,284 | $ | 4,034 | ||||||||
FASB ASC 718 requires the benefits of tax deductions in excess of the compensation cost recognized for stock options exercised during the period to be classified as financing cash inflows. This amount is shown as “excess tax benefit from stock option exercises” on the consolidated statements of cash flows. For fiscal 2013, 2012, and 2011, the excess tax benefit realized from exercised stock options was $399, $5,609, and $2,371, respectively. | ||||||||||||||
The Company paid a special cash dividend in each of the past three fiscal years. On September 19, 2011, the Board of Directors authorized a $2.25 per share special cash dividend to be paid on October 27, 2011 to shareholders of record at the close of business on October 14, 2011. On November 5, 2012, the Board of Directors authorized a $4.50 per share special cash dividend to be paid on December 21, 2012 to shareholders of record at the close of business on December 7, 2012. On December 9, 2013, the Board of Directors authorized a $1.20 per share special cash dividend to be paid on January 27, 2014 to shareholders of record at the close of business on January 15, 2014. To preserve the intrinsic value for option holders, the Board also approved on each occasion, pursuant to the terms of the Company’s various stock option plans, a proportional adjustment to both the exercise price and the number of shares covered by each award for all outstanding stock options. This adjustment did not result in any incremental compensation expense. | ||||||||||||||
A summary of the Company’s stock-based compensation activity related to stock options for the fiscal year ended February 1, 2014 is as follows: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
Outstanding - beginning of year | 42,808 | $ | 1.79 | |||||||||||
Granted | — | — | ||||||||||||
Other (1) | 334 | 0.05 | ||||||||||||
Expired/forfeited | (496 | ) | 0.01 | |||||||||||
Exercised | (25,555 | ) | 0.01 | |||||||||||
Outstanding - end of year | 17,091 | $ | 4.12 | 1.27 | years | $ | 687 | |||||||
Exercisable - end of year | 17,091 | $ | 4.12 | 1.27 | years | $ | 687 | |||||||
-1 | An adjustment was made to the exercise price and number of options outstanding for the special cash dividend paid during January 2014. "Other" represents additional options issues as a result of this adjustment in the fourth quarter of fiscal 2013. | |||||||||||||
No stock options were granted during fiscal 2013, 2012, and 2011. The total intrinsic value of options exercised during fiscal 2013, 2012, and 2011 was $1,244, $17,386, and $7,218, respectively. As of February 1, 2014, there was no unrecognized compensation expense as all outstanding stock options were vested. | ||||||||||||||
Non-vested shares of common stock granted during each of the past three fiscal years were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan typically vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant. | ||||||||||||||
A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the fiscal year ended February 1, 2014 is as follows: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-Vested - beginning of year | 419,261 | $ | 39.52 | |||||||||||
Granted | 254,400 | 47.03 | ||||||||||||
Forfeited | (2,832 | ) | 40.49 | |||||||||||
Vested | (207,030 | ) | 38.28 | |||||||||||
Non-Vested - end of year | 463,799 | $ | 44.19 | |||||||||||
As of February 1, 2014, there was $3,241 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 1.5 years. The total fair value of shares vested during fiscal 2013, 2012, and 2011 was $9,329, $10,199, and $7,527 respectively. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||||||||||||||||||
K. | EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||
The following table provides reconciliation between basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||||||||||
Average | Amount | Average | Amount | Average | Amount | ||||||||||||||||||||||||||||
Shares | Shares | Shares | |||||||||||||||||||||||||||||||
Basic EPS | $ | 162,584 | 47,744 | $ | 3.41 | $ | 164,305 | 47,383 | $ | 3.47 | $ | 151,456 | 46,859 | $ | 3.23 | ||||||||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||||||||||||
Stock options and non-vested shares | — | 232 | (0.02 | ) | — | 327 | (0.03 | ) | — | 500 | (0.03 | ) | |||||||||||||||||||||
Diluted EPS | $ | 162,584 | 47,976 | $ | 3.39 | $ | 164,305 | 47,710 | $ | 3.44 | $ | 151,456 | 47,359 | $ | 3.2 | ||||||||||||||||||
No stock options were deemed anti-dilutive and excluded from the computation of diluted earnings per share for fiscal 2013, 2012 or 2011. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
SEGMENT INFORMATION | ' | ||||||||
L. | SEGMENT INFORMATION | ||||||||
The Company is a retailer of medium to better priced casual apparel, footwear, and accessories. The Company operates its business as one reportable segment. The Company operated 450 stores located in 43 states throughout the continental United States as of February 1, 2014. | |||||||||
The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: | |||||||||
Fiscal Years Ended | |||||||||
Merchandise Group | February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||
Denims | 45.3 | % | 46.4 | % | 46.6 | % | |||
Tops (including sweaters) | 30.2 | 30.9 | 32.1 | ||||||
Accessories | 8.5 | 8.4 | 8.2 | ||||||
Sportswear/Fashions | 6 | 5.7 | 5.1 | ||||||
Footwear | 5.8 | 5.3 | 4.9 | ||||||
Outerwear | 2.3 | 2.2 | 2.3 | ||||||
Casual bottoms | 0.9 | 0.8 | 0.6 | ||||||
Other | 1 | 0.3 | 0.2 | ||||||
100 | % | 100 | % | 100 | % |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||
M. | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Selected unaudited quarterly financial information for fiscal 2013 and 2012 are as follows: | ||||||||||||||||
Quarter | ||||||||||||||||
Fiscal 2013 | First | Second | Third | Fourth | ||||||||||||
Net sales | $ | 269,712 | $ | 232,529 | $ | 286,761 | $ | 338,999 | ||||||||
Gross profit | $ | 117,007 | $ | 94,487 | $ | 126,225 | $ | 161,426 | ||||||||
Net income | $ | 37,552 | $ | 25,144 | $ | 40,584 | $ | 59,304 | ||||||||
Basic earnings per share | $ | 0.79 | $ | 0.53 | $ | 0.85 | $ | 1.24 | ||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.52 | $ | 0.85 | $ | 1.23 | ||||||||
Quarter | ||||||||||||||||
Fiscal 2012 | First | Second | Third | Fourth | ||||||||||||
Net sales | $ | 263,762 | $ | 215,483 | $ | 284,147 | $ | 360,615 | ||||||||
Gross profit | $ | 114,195 | $ | 86,503 | $ | 125,415 | $ | 173,202 | ||||||||
Net income | $ | 37,809 | $ | 23,223 | $ | 41,917 | $ | 61,356 | ||||||||
Basic earnings per share | $ | 0.8 | $ | 0.49 | $ | 0.89 | $ | 1.29 | ||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.49 | $ | 0.88 | $ | 1.28 | ||||||||
Basic and diluted shares outstanding are computed independently for each of the quarters presented and, therefore, may not sum to the totals for the year. Each of the quarters presented is a 13-week quarter with the exception of the fourth quarter of fiscal 2012, which was a 14-week quarter ending the Company's 53-week fiscal year. |
SCHEDULE_II_Valuation_and_Qual
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Abstract] | ' | |||||||||||
SCHEDULE II - Valuation and Qualifying Accounts | ' | |||||||||||
SCHEDULE II - Valuation and Qualifying Accounts | ||||||||||||
(Amounts in Thousands) | ||||||||||||
Allowance for Doubtful Accounts | Reserve for Sales Returns | Valuation Allowance - Deferred Tax Assets | ||||||||||
Balance, January 29, 2011 | $ | 40 | $ | 731 | $ | 241 | ||||||
Amounts charged to costs and expenses | 356 | — | — | |||||||||
Amounts charged to other accounts | — | 95,476 | — | |||||||||
Deductions | (378 | ) | (95,375 | ) | (47 | ) | ||||||
Balance, January 28, 2012 | $ | 18 | $ | 832 | $ | 194 | ||||||
Amounts charged to costs and expenses | 591 | — | — | |||||||||
Amounts charged to other accounts | — | 106,612 | — | |||||||||
Deductions | (601 | ) | (106,591 | ) | — | |||||||
Balance, February 2, 2013 | $ | 8 | $ | 853 | $ | 194 | ||||||
Amounts charged to costs and expenses | 729 | — | 731 | |||||||||
Amounts charged to other accounts | — | 108,851 | — | |||||||||
Deductions | (726 | ) | (108,954 | ) | — | |||||||
Balance, February 1, 2014 | $ | 11 | $ | 750 | $ | 925 | ||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal Year | ' |
Fiscal Year - The Buckle, Inc. (the “Company”) has its fiscal year end on the Saturday nearest January 31. All references in these consolidated financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal 2013 represents the 52-week period ended February 1, 2014, fiscal 2012 represents the 53-week period ended February 2, 2013, and fiscal 2011 represents the 52-week period ended January 28, 2012. | |
Nature Of Operations | ' |
Nature of Operations - The Company is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women operating 450 stores located in 43 states throughout the continental United States as of February 1, 2014. | |
During fiscal 2013, the Company opened 13 new stores, substantially renovated 8 stores, and closed 3 stores. During fiscal 2012, the Company opened 10 new stores, substantially renovated 21 stores, and closed 1 store. During fiscal 2011, the Company opened 13 new stores, substantially renovated 24 stores, and closed 2 stores. | |
Principles of Consolidation | ' |
Principles of Consolidation - The consolidated financial statements include the accounts of The Buckle, Inc. and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. | |
Revenue Recognition | ' |
Revenue Recognition - Retail store sales are recorded upon the purchase of merchandise by customers. Online sales are recorded when merchandise is delivered to the customer, with the time of delivery being based on estimated shipping time from the Company’s distribution center to the customer. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. Shipping costs were $6,223, $6,477, and $7,618 during fiscal 2013, 2012, and 2011, respectively. Merchandise returns are estimated based upon the historical average sales return percentage and accrued at the end of the period. The reserve for merchandise returns was $750 and $853 as of February 1, 2014 and February 2, 2013, respectively. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. | |
The Company records the sale of gift cards and gift certificates as a current liability and recognizes a sale when a customer redeems the gift card or gift certificate. The amount of the gift certificate liability is determined using the outstanding balances from the prior three years of issuance and the gift card liability is determined using the outstanding balances from the prior four years of issuance. The Company records breakage as other income when the probability of redemption, which is based on historical redemption patterns, is remote. Breakage reported for the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012 was $1,146, $755, and $701, respectively. The Company recognizes a current liability for the down payment and subsequent installment payments made when merchandise is placed on layaway and recognizes layaways as a sale at the time the customer makes final payment and picks up the merchandise. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents - The Company considers all highly liquid debt instruments with an original maturity of three months or less when purchased to be cash equivalents. | |
Investments | ' |
Investments - Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year, and a portion of the Company’s investments in auction-rate securities (“ARS”), which are available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity (net of the effect of income taxes), using the specific identification method, until they are sold. The Company reviews impairments to determine the classification of potential impairments as either “temporary” or “other-than-temporary.” A temporary impairment results in an unrealized loss being recorded in other comprehensive income. Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of income. The Company considers various factors in reviewing impairments, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value. Held-to-maturity securities are carried at amortized cost. The Company believes it has the ability and maintains its intent to hold these investments until recovery of market value occurs or until the ultimate maturity of the investments. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method. | |
Inventory | ' |
Inventory - Inventory is stated at the lower of cost or market. Cost is determined using the average cost method. Management makes adjustments to inventory and cost of goods sold to account for merchandise obsolescence and markdowns based on assumptions using calculations applied to current inventory levels by department within each different markdown level. Management also reviews the levels of inventory in each markdown group, and the overall aging of inventory, versus the estimated future demand for such product and the current market conditions. The calculation for estimated markdowns and/or obsolescence reduced the Company’s inventory valuation by $7,415 and $6,286 as of February 1, 2014 and February 2, 2013, respectively. The amount charged (credited) to cost of goods sold, resulting from adjustments for estimated markdowns and/or obsolescence, was $1,129, $1,382, and $(183), for fiscal years 2013, 2012, and 2011, respectively. | |
Property and Equipment | ' |
Property and Equipment - Property and equipment are stated on the basis of historical cost. Depreciation is provided using a combination of accelerated and straight-line methods based upon the estimated useful lives of the assets. The majority of property and equipment have useful lives of five to ten years with the exception of buildings, which have estimated useful lives of 31.5 to 39 years. Leasehold improvements are stated on the basis of historical cost and are amortized over the shorter of the life of the lease or the estimated economic life of the assets. When circumstances indicate the carrying values of long-lived assets may be impaired, an evaluation is performed on current net book value amounts. Judgments made by the Company related to the expected useful lives of property and equipment and the ability to realize cash flows in excess of carrying amounts of such assets are affected by factors such as changes in economic conditions and changes in operating performance. As the Company assesses the expected cash flows and carrying amounts of long-lived assets, adjustments are made to such carrying values. | |
Pre-Opening Expenses | ' |
Pre-Opening Expenses - Costs related to opening new stores are expensed as incurred. | |
Advertising Costs | ' |
Advertising Costs - Advertising costs are expensed as incurred and were $11,088, $10,214 and $8,865 for fiscal years 2013, 2012, and 2011, respectively. | |
Health Care Costs | ' |
Health Care Costs -The Company is self-funded for health and dental claims up to $200 per individual per plan year. The Company’s plan covers eligible employees, and management makes estimates at period end to record a reserve for unpaid claims based upon historical claims information. The accrued liability as a reserve for unpaid health care claims was $875 and $675 as of February 1, 2014 and February 2, 2013, respectively. | |
Operating Leases | ' |
Operating Leases - The Company leases retail stores under operating leases. Most lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. For purposes of recognizing lease incentives and minimum rental expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin expensing rent, which is generally when the Company enters the space and begins to make improvements in preparation of intended use. | |
For tenant improvement allowances and rent holidays, the Company records a deferred rent liability on the consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of income. | |
For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of income. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “accrued store operating expenses” on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or are reasonably probable to be achieved. | |
Other Income | ' |
Other Income - The Company’s other income is derived primarily from interest and dividends received on cash and investments. | |
Income Taxes | ' |
Income Taxes - The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the judgment of the Company’s management determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased, thus increasing net income in the period such determination was made. The Company records tax benefits only for tax positions that are more than likely to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. | |
Financial Instruments And Credit Risk Concentrations | ' |
Financial Instruments and Credit Risk Concentrations - Financial instruments, which potentially subject the Company to concentrations of credit risk, are primarily cash, investments, and accounts receivable. The Company’s investments are primarily in tax-free municipal bonds, auction-rate securities, corporate bonds, or U.S. Treasury securities with short-term maturities. The majority of the Company’s cash and cash equivalents are held by Wells Fargo Bank, N.A. This amount, as well as cash and investments held by certain other financial institutions, exceed federally insured limits. | |
Of the Company’s $228,501 in total cash and investments as of February 1, 2014, $9,644 was comprised of investments in auction-rate securities (“ARS”). ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of certain of the Company’s investments in ARS and the Company has reason to believe that certain of the underlying issuers of its ARS are currently at risk. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. | |
Concentrations of credit risk with respect to accounts receivable are limited due to the nature of the Company’s receivables, which include primarily employee receivables that can be offset against future compensation. The Company’s financial instruments have a fair value approximating the carrying value. | |
Earnings Per Share | ' |
Earnings Per Share - Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares, including stock options. | |
Use of Estimates | ' |
Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the 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 these estimates. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements - In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds additional disclosure requirements for items reclassified out of accumulated other comprehensive income. The additional disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s financial position or results of operations, as there were no such reclassifications during the periods presented in this Form 10-K. | |
Supplemental Cash Flow Information | ' |
Supplemental Cash Flow Information - The Company had non-cash investing activities during fiscal years 2013, 2012, and 2011 of $(285), $(174), and $3,190, respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the year. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $1,304, $1,019, and $845 as of February 1, 2014, February 2, 2013, and January 28, 2012, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the consolidated statement of cash flows in the period they are paid. | |
Additional cash flow information for the Company includes cash paid for income taxes during fiscal years 2013, 2012, and 2011 of $102,259, $78,828, and $63,230, respectively. |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Schedule of Investments [Abstract] | ' | |||||||||||||||||||
Schedule of investments, cost and fair value | ' | |||||||||||||||||||
The following is a summary of investments as of February 1, 2014: | ||||||||||||||||||||
Amortized | Gross | Gross | Other-than- | Estimated | ||||||||||||||||
Cost or | Unrealized | Unrealized | Temporary | Fair | ||||||||||||||||
Par Value | Gains | Losses | Impairment | Value | ||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Auction-rate securities | $ | 10,975 | $ | — | $ | (1,331 | ) | $ | — | $ | 9,644 | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||
State and municipal bonds | $ | 41,192 | $ | 210 | $ | (2 | ) | $ | — | $ | 41,400 | |||||||||
Trading Securities: | ||||||||||||||||||||
Mutual funds | $ | 11,769 | $ | 1,028 | $ | — | $ | — | $ | 12,797 | ||||||||||
The following is a summary of investments as of February 2, 2013: | ||||||||||||||||||||
Amortized | Gross | Gross | Other-than- | Estimated | ||||||||||||||||
Cost or | Unrealized | Unrealized | Temporary | Fair | ||||||||||||||||
Par Value | Gains | Losses | Impairment | Value | ||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Auction-rate securities | $ | 13,075 | $ | — | $ | (1,482 | ) | $ | (725 | ) | $ | 10,868 | ||||||||
Preferred stock | 2,000 | — | — | (1,974 | ) | 26 | ||||||||||||||
$ | 15,075 | $ | — | $ | (1,482 | ) | $ | (2,699 | ) | $ | 10,894 | |||||||||
Held-to-Maturity Securities: | ||||||||||||||||||||
State and municipal bonds | $ | 40,155 | $ | 108 | $ | (15 | ) | $ | — | $ | 40,248 | |||||||||
Certificates of deposit | 500 | 4 | — | — | 504 | |||||||||||||||
$ | 40,655 | $ | 112 | $ | (15 | ) | $ | — | $ | 40,752 | ||||||||||
Trading Securities: | ||||||||||||||||||||
Mutual funds | $ | 10,257 | $ | 343 | $ | — | $ | — | $ | 10,600 | ||||||||||
Schedule of auction rate securities | ' | |||||||||||||||||||
The auction-rate securities were invested as follows as of February 1, 2014: | ||||||||||||||||||||
Nature | Underlying Collateral | Par Value | ||||||||||||||||||
Municipal revenue bonds | 100% insured by AAA/AA/A-rated bond insurers | $ | 7,975 | |||||||||||||||||
Municipal bond funds | Fixed income instruments within issuers' money market funds | 50 | ||||||||||||||||||
Student loan bonds | Student loans guaranteed by state entities | 2,950 | ||||||||||||||||||
Total par value | $ | 10,975 | ||||||||||||||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | ' | |||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturity as of February 1, 2014 is as follows: | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||
Less than 1 year | $ | 20,197 | $ | 20,221 | ||||||||||||||||
1 - 5 years | 20,995 | 21,179 | ||||||||||||||||||
$ | 41,192 | $ | 41,400 | |||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial assets measured at fair value on a recurring basis | ' | |||||||||||||||
The Company’s financial assets measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | ||||||||||||||||
February 1, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Auction-rate securities | $ | — | $ | 177 | $ | 9,467 | $ | 9,644 | ||||||||
Trading securities (including mutual funds) | 12,797 | — | — | 12,797 | ||||||||||||
Totals | $ | 12,797 | $ | 177 | $ | 9,467 | $ | 22,441 | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | ||||||||||||||||
February 2, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Auction-rate securities | $ | — | $ | 178 | $ | 10,690 | $ | 10,868 | ||||||||
Preferred stock | 26 | — | — | 26 | ||||||||||||
Trading securities (including mutual funds) | 10,600 | — | — | 10,600 | ||||||||||||
Totals | $ | 10,626 | $ | 178 | $ | 10,690 | $ | 21,494 | ||||||||
Financial assets measured at fair value on a recurring basis, unobservable input reconciliation | ' | |||||||||||||||
Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fifty-two Weeks Ended February 1, 2014 | ||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Available-for-Sale Securities | Trading Securities | |||||||||||||||
Auction-rate | Preferred | Mutual | Total | |||||||||||||
Securities | Stock | Funds | ||||||||||||||
Balance, beginning of year | $ | 10,690 | $ | — | $ | — | $ | 10,690 | ||||||||
Total gains and losses: | ||||||||||||||||
Included in other comprehensive income | 152 | — | — | 152 | ||||||||||||
Purchases, Issuances, Sales, and Settlements: | ||||||||||||||||
Sales | (1,375 | ) | — | — | (1,375 | ) | ||||||||||
Balance, end of year | $ | 9,467 | $ | — | $ | — | $ | 9,467 | ||||||||
Fifty-three Weeks Ended February 2, 2013 | ||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Available-for-Sale Securities | Trading Securities | |||||||||||||||
Auction-rate | Preferred | Mutual | Total | |||||||||||||
Securities | Stock | Funds | ||||||||||||||
Balance, beginning of year | $ | 11,220 | $ | — | $ | — | $ | 11,220 | ||||||||
Total gains and losses: | ||||||||||||||||
Included in other comprehensive income | (480 | ) | — | — | (480 | ) | ||||||||||
Purchases, Issuances, Sales, and Settlements: | ||||||||||||||||
Sales | (50 | ) | — | — | (50 | ) | ||||||||||
Balance, end of year | $ | 10,690 | $ | — | $ | — | $ | 10,690 | ||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property and equipment | ' | |||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
Land | $ | 2,165 | $ | 2,165 | ||||
Building and improvements | 28,006 | 28,055 | ||||||
Office equipment | 9,357 | 8,265 | ||||||
Transportation equipment | 20,782 | 15,445 | ||||||
Leasehold improvements | 146,655 | 141,165 | ||||||
Furniture and fixtures | 157,771 | 149,836 | ||||||
Shipping/receiving equipment | 26,392 | 25,847 | ||||||
Screenprinting equipment | 111 | 111 | ||||||
Construction-in-progress | 2,417 | 2,397 | ||||||
$ | 393,656 | $ | 373,286 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision for income taxes | ' | |||||||||||
The provision for income taxes consists of: | ||||||||||||
Fiscal Years Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Current income tax expense: | ||||||||||||
Federal | $ | 89,198 | $ | 88,265 | $ | 73,880 | ||||||
State | 10,760 | 11,068 | 9,728 | |||||||||
Deferred income tax expense | (2,086 | ) | (1,939 | ) | 5,417 | |||||||
Total | $ | 97,872 | $ | 97,394 | $ | 89,025 | ||||||
Reconciliation of effective tax rate | ' | |||||||||||
Total income tax expense for the year varies from the amount which would be provided by applying the statutory income tax rate to earnings before income taxes. The primary reasons for this difference (expressed as a percent of pre-tax income) are as follows: | ||||||||||||
Fiscal Years Ended | ||||||||||||
February 1, | February 2, | January 28, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income tax effect | 2.7 | 2.8 | 2.7 | |||||||||
Tax exempt interest income | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||
Other | — | (0.5 | ) | (0.5 | ) | |||||||
Effective tax rate | 37.6 | % | 37.2 | % | 37 | % | ||||||
Deferred income tax assets and liabilities | ' | |||||||||||
Deferred income tax assets and liabilities are comprised of the following: | ||||||||||||
February 1, | February 2, | |||||||||||
2014 | 2013 | |||||||||||
Deferred income tax assets (liabilities): | ||||||||||||
Inventory | $ | 5,020 | $ | 4,260 | ||||||||
Stock-based compensation | 4,012 | 4,595 | ||||||||||
Accrued compensation | 4,903 | 4,121 | ||||||||||
Accrued store operating costs | 655 | 733 | ||||||||||
Realized and unrealized loss on securities | 1,264 | 1,843 | ||||||||||
Gift certificates redeemable | 1,311 | 1,060 | ||||||||||
Allowance for doubtful accounts | 4 | 3 | ||||||||||
Deferred rent liability | 13,899 | 13,670 | ||||||||||
Property and equipment | (31,411 | ) | (33,390 | ) | ||||||||
Less: Valuation allowance | (925 | ) | (194 | ) | ||||||||
Net deferred income tax asset (liability) | $ | (1,268 | ) | $ | (3,299 | ) |
COMMITMENTS_Tables
COMMITMENTS (Tables) | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | ' | |||
Minimum rental commitments under operating leases | ' | |||
Total future minimum rental commitments under these operating leases with remaining lease terms in excess of one year as of February 1, 2014 are as follows: | ||||
Minimum Rental | ||||
Fiscal Year | Commitments | |||
2014 | $ | 62,915 | ||
2015 | 57,745 | |||
2016 | 52,628 | |||
2017 | 47,617 | |||
2018 | 41,237 | |||
Thereafter | 89,579 | |||
Total minimum rental commitments | $ | 351,721 | ||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-based compensation expense | ' | |||||||||||||
Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: | ||||||||||||||
Fiscal Years Ended | ||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||||
Stock-based compensation expense, before tax | $ | 5,066 | $ | 8,388 | $ | 6,403 | ||||||||
Stock-based compensation expense, after tax | $ | 3,192 | $ | 5,284 | $ | 4,034 | ||||||||
Summary of stock-based compensation activity related to stock options | ' | |||||||||||||
A summary of the Company’s stock-based compensation activity related to stock options for the fiscal year ended February 1, 2014 is as follows: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
Outstanding - beginning of year | 42,808 | $ | 1.79 | |||||||||||
Granted | — | — | ||||||||||||
Other (1) | 334 | 0.05 | ||||||||||||
Expired/forfeited | (496 | ) | 0.01 | |||||||||||
Exercised | (25,555 | ) | 0.01 | |||||||||||
Outstanding - end of year | 17,091 | $ | 4.12 | 1.27 | years | $ | 687 | |||||||
Exercisable - end of year | 17,091 | $ | 4.12 | 1.27 | years | $ | 687 | |||||||
-1 | An adjustment was made to the exercise price and number of options outstanding for the special cash dividend paid during January 2014. "Other" represents additional options issues as a result of this adjustment in the fourth quarter of fiscal 2013. | |||||||||||||
Summary of stock-based compensation activity related to grants of non-vested shares of common stock | ' | |||||||||||||
A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the fiscal year ended February 1, 2014 is as follows: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-Vested - beginning of year | 419,261 | $ | 39.52 | |||||||||||
Granted | 254,400 | 47.03 | ||||||||||||
Forfeited | (2,832 | ) | 40.49 | |||||||||||
Vested | (207,030 | ) | 38.28 | |||||||||||
Non-Vested - end of year | 463,799 | $ | 44.19 | |||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted | ' | ||||||||||||||||||||||||||||||||
The following table provides reconciliation between basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||||||||||
Average | Amount | Average | Amount | Average | Amount | ||||||||||||||||||||||||||||
Shares | Shares | Shares | |||||||||||||||||||||||||||||||
Basic EPS | $ | 162,584 | 47,744 | $ | 3.41 | $ | 164,305 | 47,383 | $ | 3.47 | $ | 151,456 | 46,859 | $ | 3.23 | ||||||||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||||||||||||
Stock options and non-vested shares | — | 232 | (0.02 | ) | — | 327 | (0.03 | ) | — | 500 | (0.03 | ) | |||||||||||||||||||||
Diluted EPS | $ | 162,584 | 47,976 | $ | 3.39 | $ | 164,305 | 47,710 | $ | 3.44 | $ | 151,456 | 47,359 | $ | 3.2 | ||||||||||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Schedule of product information | ' | ||||||||
The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: | |||||||||
Fiscal Years Ended | |||||||||
Merchandise Group | February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||
Denims | 45.3 | % | 46.4 | % | 46.6 | % | |||
Tops (including sweaters) | 30.2 | 30.9 | 32.1 | ||||||
Accessories | 8.5 | 8.4 | 8.2 | ||||||
Sportswear/Fashions | 6 | 5.7 | 5.1 | ||||||
Footwear | 5.8 | 5.3 | 4.9 | ||||||
Outerwear | 2.3 | 2.2 | 2.3 | ||||||
Casual bottoms | 0.9 | 0.8 | 0.6 | ||||||
Other | 1 | 0.3 | 0.2 | ||||||
100 | % | 100 | % | 100 | % |
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Selected quarterly financial data | ' | |||||||||||||||
Selected unaudited quarterly financial information for fiscal 2013 and 2012 are as follows: | ||||||||||||||||
Quarter | ||||||||||||||||
Fiscal 2013 | First | Second | Third | Fourth | ||||||||||||
Net sales | $ | 269,712 | $ | 232,529 | $ | 286,761 | $ | 338,999 | ||||||||
Gross profit | $ | 117,007 | $ | 94,487 | $ | 126,225 | $ | 161,426 | ||||||||
Net income | $ | 37,552 | $ | 25,144 | $ | 40,584 | $ | 59,304 | ||||||||
Basic earnings per share | $ | 0.79 | $ | 0.53 | $ | 0.85 | $ | 1.24 | ||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.52 | $ | 0.85 | $ | 1.23 | ||||||||
Quarter | ||||||||||||||||
Fiscal 2012 | First | Second | Third | Fourth | ||||||||||||
Net sales | $ | 263,762 | $ | 215,483 | $ | 284,147 | $ | 360,615 | ||||||||
Gross profit | $ | 114,195 | $ | 86,503 | $ | 125,415 | $ | 173,202 | ||||||||
Net income | $ | 37,809 | $ | 23,223 | $ | 41,917 | $ | 61,356 | ||||||||
Basic earnings per share | $ | 0.8 | $ | 0.49 | $ | 0.89 | $ | 1.29 | ||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.49 | $ | 0.88 | $ | 1.28 | ||||||||
Basic and diluted shares outstanding are computed independently for each of the quarters presented and, therefore, may not sum to the totals for the year. Each of the quarters presented is a 13-week quarter with the exception of the fourth quarter of fiscal 2012, which was a 14-week quarter ending the Company's 53-week fiscal year. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
store | store | store | Minimum [Member] | Maximum [Member] | Property And Equipment Excluding Buildings [Member] | Property And Equipment Excluding Buildings [Member] | Building [Member] | Building [Member] | Allowance for Sales Returns [Member] | Allowance for Sales Returns [Member] | Allowance for Sales Returns [Member] | Allowance for Sales Returns [Member] | |
state | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Nature of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stores | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states in which stores are located | 43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New stores opened during the period | 13 | 10 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stores substantially renovated during the period | 8 | 21 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stores closed during the period | 3 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping costs during the period | $6,223 | $6,477 | $7,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve for merchandise returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750 | 853 | 832 | 731 |
Number of years of outstanding balances used in calculating gift certificate liability | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years of outstanding balances used in calculating gift card liability | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gift card breakage income | 1,146 | 755 | 701 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment for merchandise obsolescence and markdowns | 7,415 | 6,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales, effect of changes in markdown adjustment | 1,129 | 1,382 | -183 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment, years | ' | ' | ' | ' | ' | '5 years | '10 years | '31 years 6 months | '39 years | ' | ' | ' | ' |
Advertising Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | 11,088 | 10,214 | 8,865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Health Care Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self-insurance limit per employee per plan year for health and dental claims | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve for self-insured employee health care claims | 875 | 675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage needed for likely sustainment of an uncertain tax position before related tax benefits are recognized | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments and Credit Risk Concentrations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and investments | 228,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities | 9,644 | 10,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dutch auction, reset interval | ' | ' | ' | '7 days | '49 days | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Cash Flow Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash investing activities-change in unpaid purchases of property, plant and equipment | -285 | -174 | 3,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liability for unpaid purchases of property, plant and equipment | 1,304 | 1,019 | 845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for income taxes | $102,259 | $78,828 | $63,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INVESTMENTS_Schedule_of_Invest
INVESTMENTS (Schedule of Investments) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-Sale Securities, Amortized Cost or Par Value | $10,975 | $15,075 |
Available-for-Sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-Sale Securities, Gross Unrealized Losses | -1,331 | -1,482 |
Available-for-Sale Securities, Other-than-Temporary Impairment | 0 | -2,699 |
Available-for-Sale Securities, Estimated Fair Value | 9,644 | 10,894 |
Held-to-maturity Securities [Abstract] | ' | ' |
Held-to-Maturity Securities, Amortized Cost or Par Value | 41,192 | 40,655 |
Held-to-Maturity Securities, Gross Unrealized Gains | 210 | 112 |
Held-to-Maturity Securities, Gross Unrealized Losses | -2 | -15 |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 41,400 | 40,752 |
Auction-rate securities [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-Sale Securities, Amortized Cost or Par Value | 10,975 | 13,075 |
Available-for-Sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-Sale Securities, Gross Unrealized Losses | -1,331 | -1,482 |
Available-for-Sale Securities, Other-than-Temporary Impairment | 0 | -725 |
Available-for-Sale Securities, Estimated Fair Value | 9,644 | 10,868 |
Preferred stock [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-Sale Securities, Amortized Cost or Par Value | ' | 2,000 |
Available-for-Sale Securities, Gross Unrealized Gains | ' | 0 |
Available-for-Sale Securities, Gross Unrealized Losses | ' | 0 |
Available-for-Sale Securities, Other-than-Temporary Impairment | ' | -1,974 |
Available-for-Sale Securities, Estimated Fair Value | ' | 26 |
State and municipal bonds [Member] | ' | ' |
Held-to-maturity Securities [Abstract] | ' | ' |
Held-to-Maturity Securities, Amortized Cost or Par Value | 41,192 | 40,155 |
Held-to-Maturity Securities, Gross Unrealized Gains | 210 | 108 |
Held-to-Maturity Securities, Gross Unrealized Losses | -2 | -15 |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 41,400 | 40,248 |
Certificates of deposit [Member] | ' | ' |
Held-to-maturity Securities [Abstract] | ' | ' |
Held-to-Maturity Securities, Amortized Cost or Par Value | ' | 500 |
Held-to-Maturity Securities, Gross Unrealized Gains | ' | 4 |
Held-to-Maturity Securities, Gross Unrealized Losses | ' | 0 |
Held-to-Maturity Securities, Other-than-Temporary Impairment | ' | 0 |
Held-to-Maturity Securities, Estimated Fair Value | ' | 504 |
Mutual funds [Member] | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Securities, Amortized Cost or Par Value | 11,769 | 10,257 |
Trading Securities, Gross Unrealized Gains | 1,028 | 343 |
Trading Securities, Gross Unrealized Losses | 0 | 0 |
Trading Securities, Other-than-Temporary Impairment | 0 | 0 |
Trading Securities, Estimated Fair Value | $12,797 | $10,600 |
INVESTMENTS_Par_Value_Details
INVESTMENTS (Par Value) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | Auction-rate securities [Member] | Auction-rate securities [Member] | Auction-rate securities [Member] | Auction-rate securities [Member] | Auction-rate securities [Member] | ||
Municipal revenue bonds [Member] | Municipal bond funds [Member] | Student loan bonds [Member] | |||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Underlying Collateral | ' | ' | ' | ' | '100% insured by AAA/AA/A-rated bond insurers | 'Fixed income instruments within issuers' money market funds | 'Student loans guaranteed by state entities |
Available-for-sale securities, par value | $10,975 | $15,075 | $10,975 | $13,075 | $7,975 | $50 | $2,950 |
Percentage of bond insured by AAA/AA/A-rated bond issuers | ' | ' | ' | ' | 100.00% | ' | ' |
INVESTMENTS_HeldToMaturity_Sec
INVESTMENTS (Held-To-Maturity Securities) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Contractual maturities of held-to-maturity securities, at fair values: | ' | ' |
Less than 1 year, Fair Value | $20,221 | ' |
1 - 5 years, Fair Value | 21,179 | ' |
Held-to-Maturity Securities, Estimated Fair Value | 41,400 | 40,752 |
Contractual maturities of held-to-maturity securities, at amortized cost: | ' | ' |
Less than 1 year, Amortized Cost | 20,197 | ' |
1 - 5 years, Amortized Cost | 20,995 | ' |
Held-to-Maturity Securities, Amortized Cost | $41,192 | ' |
INVESTMENTS_Narrative_Details
INVESTMENTS (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Schedule of Investments [Line Items] | ' | ' | ' |
Available-for-sale securities classified as noncurrent | $9,644 | $10,869 | ' |
Long-term investment, held-to-maturity securities | 20,995 | 14,266 | ' |
Temporary impairment | 1,331 | 1,482 | ' |
Other-than-temporary impairment | 0 | 2,699 | ' |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | 838 | 934 | ' |
Available-for-sale securities, par value | 10,975 | 15,075 | ' |
Available-for-sale securities, estimated fair value | 9,644 | 10,894 | ' |
Minimum [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Dutch auction, reset interval (days) | '7 days | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Dutch auction, reset interval (days) | '49 days | ' | ' |
Auction-rate securities [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Temporary impairment | 1,331 | 1,482 | ' |
Other-than-temporary impairment | 0 | 725 | ' |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | 838 | ' | ' |
Available-for-sale securities, par value | 10,975 | 13,075 | ' |
Available-for-sale securities, estimated fair value | 9,644 | 10,868 | ' |
Auction-rate securities [Member] | AA/Aa-rated [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Securities by credit rating (percent) | 74.00% | ' | ' |
Auction-rate securities [Member] | A-rated [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Securities by credit rating (percent) | 26.00% | ' | ' |
Auction Rate Securities and Preferred Stock [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Available-for-sale securities classified as noncurrent | ' | 10,869 | ' |
Par value of securities liquidated | 4,100 | 2,900 | 5,750 |
Available-for-sale securities classified as current | ' | 25 | ' |
Preferred stock [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Temporary impairment | ' | 0 | ' |
Other-than-temporary impairment | ' | 1,974 | ' |
Available-for-sale securities, par value | ' | 2,000 | ' |
Available-for-sale securities, estimated fair value | ' | $26 | ' |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value Inputs) (Details) (Significant Unobservable Inputs (Level 3) [Member], Auction-rate securities [Member], Fair Value Measurements, Recurring [Member]) | 12 Months Ended |
Feb. 01, 2014 | |
Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Durations until redemption (years) | '3 years 1 month 6 days |
Discount rates (percent) | 3.93% |
Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Durations until redemption (years) | '5 years 8 months 12 days |
Discount rates (percent) | 4.93% |
Weighted Average [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Durations until redemption (years) | '4 years 10 months 24 days |
Discount rates (percent) | 4.56% |
FAIR_VALUE_MEASUREMENTS_Recurr
FAIR VALUE MEASUREMENTS (Recurring Basis) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | $9,644 | $10,894 |
Auction-rate securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | 9,644 | 10,868 |
Preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | ' | 26 |
Mutual funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities (including mutual funds) | 12,797 | 10,600 |
Fair Value Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | 22,441 | 21,494 |
Fair Value Measurements, Recurring [Member] | Auction-rate securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | 9,644 | 10,868 |
Fair Value Measurements, Recurring [Member] | Preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | ' | 26 |
Fair Value Measurements, Recurring [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities (including mutual funds) | 12,797 | 10,600 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | 12,797 | 10,626 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Auction-rate securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | 0 | 0 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | ' | 26 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities (including mutual funds) | 12,797 | 10,600 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | 177 | 178 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Auction-rate securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | 177 | 178 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | ' | 0 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities (including mutual funds) | 0 | 0 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Totals | 9,467 | 10,690 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Auction-rate securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | 9,467 | 10,690 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Preferred stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, estimated fair value | ' | 0 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities (including mutual funds) | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Temporary impairment | $1,331 | $1,482 |
Held-to-maturity securities, fair value | 41,400 | 40,752 |
Held-to-maturity securities, carrying value | 41,192 | 40,655 |
Auction-rate securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Temporary impairment | 1,331 | 1,482 |
Auction-rate securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Temporary impairment | $1,308 | ' |
FAIR_VALUE_MEASUREMENTS_Change
FAIR VALUE MEASUREMENTS (Changes in Fair Value) (Details) (Fair Value Measurements, Recurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, Level 3 securities, beginning of year | $10,690 | $11,220 |
Unrealized gains on Level 3 securities included in other comprehensive income | 152 | -480 |
Sales of Level 3 securities | -1,375 | -50 |
Balance, Level 3 securities, end of year | 9,467 | 10,690 |
Auction-rate securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, Level 3 securities, beginning of year | 10,690 | 11,220 |
Unrealized gains on Level 3 securities included in other comprehensive income | 152 | -480 |
Sales of Level 3 securities | -1,375 | -50 |
Balance, Level 3 securities, end of year | 9,467 | 10,690 |
Preferred stock [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, Level 3 securities, beginning of year | 0 | 0 |
Unrealized gains on Level 3 securities included in other comprehensive income | 0 | 0 |
Sales of Level 3 securities | 0 | 0 |
Balance, Level 3 securities, end of year | 0 | 0 |
Mutual funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, Level 3 securities, beginning of year | 0 | 0 |
Unrealized gains on Level 3 securities included in other comprehensive income | 0 | 0 |
Sales of Level 3 securities | 0 | 0 |
Balance, Level 3 securities, end of year | $0 | $0 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $393,656 | $373,286 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 2,165 | 2,165 |
Building and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 28,006 | 28,055 |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 9,357 | 8,265 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 20,782 | 15,445 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 146,655 | 141,165 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 157,771 | 149,836 |
Shipping And Receiving Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 26,392 | 25,847 |
Screenprinting Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 111 | 111 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $2,417 | $2,397 |
FINANCING_ARRANGEMENTS_Narrati
FINANCING ARRANGEMENTS (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Unsecured line of credit, maximum borrowing capacity | $25,000 | ' |
Unsecured line of credit, portion available for letters of credit | 20,000 | ' |
Line of credit, description of interest agreement | 'Borrowings under the line of credit provide for interest to be paid at a rate based on LIBOR. | ' |
Letters of credit outstanding, amount | $3,226 | $3,243 |
Line of credit, expiration date | 31-Jul-15 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Provision for income taxes: | ' | ' | ' |
Current federal income tax expense | $89,198 | $88,265 | $73,880 |
Current state income tax expense | 10,760 | 11,068 | 9,728 |
Deferred income tax expense | -2,086 | -1,939 | 5,417 |
Total | 97,872 | 97,394 | 89,025 |
Reconciliation of effective tax rate to statutory rate: | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
State income tax effect | 2.70% | 2.80% | 2.70% |
Tax exempt interest income | -0.10% | -0.10% | -0.20% |
Other | 0.00% | -0.50% | -0.50% |
Effective tax rate | 37.60% | 37.20% | 37.00% |
Deferred income tax assets (liabilities): | ' | ' | ' |
Inventory | 5,020 | 4,260 | ' |
Stock-based compensation | 4,012 | 4,595 | ' |
Accrued compensation | 4,903 | 4,121 | ' |
Accrued store operating costs | 655 | 733 | ' |
Realized and unrealized loss on securities | 1,264 | 1,843 | ' |
Gift certificates redeemable | 1,311 | 1,060 | ' |
Allowance for doubtful accounts | 4 | 3 | ' |
Deferred rent liability | 13,899 | 13,670 | ' |
Property and equipment | -31,411 | -33,390 | ' |
Less: Valuation allowance | -925 | -194 | ' |
Net deferred income tax asset (liability) | ($1,268) | ($3,299) | ' |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current deferred income tax assets | ' | ' | ' | ' | ' | ' | $9,353 | $8,523 | ' | ' |
Net non-current deferred income tax liabilities | 10,621 | 11,822 | ' | ' | ' | ' | ' | ' | 10,621 | 11,822 |
Year open to tax examination | ' | ' | '2010 | '2013 | '2010 | '2013 | ' | ' | ' | ' |
Gross deferred income tax asset, capital loss carryforward | 1,152 | 423 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset valuation allowance, capital loss carryforward | ($925) | ($194) | ' | ' | ' | ' | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative (Details) (Other Noncurrent Assets [Member], Debtor Life Insurance Trust Fund Controlled By Entity Chairman [Member], Notes Receivable [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Other Noncurrent Assets [Member] | Debtor Life Insurance Trust Fund Controlled By Entity Chairman [Member] | Notes Receivable [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Related party note receivable | $1,155 | $1,125 |
Description of related party receivable | 'The note receivable is from a life insurance trust fund controlled by the Company's Chairman. The note was created over three years, when the Company paid life insurance premiums each year for the Chairman on a personal policy. The note is to be paid from the life insurance proceeds, and is secured by a life insurance policy on the Chairman. | ' |
Frequency of annual payments | '3 years | ' |
Annual life insurance premiums paid on behalf of related party | $200 | ' |
Interest rate on related party note receivable | 5.00% | ' |
COMMITMENTS_Narrative_Details
COMMITMENTS Narrative (Details) (Retail Site [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Retail Site [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases base rental expense | $61,640 | $58,683 | $54,626 |
Operating leases rental expense based upon percentage of sales in excess of a specified amount | $5,080 | $5,163 | $5,256 |
COMMITMENTS_Details
COMMITMENTS (Details) (Retail Site [Member], USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Retail Site [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Minimum rental commitments - 2014 | $62,915 |
Minimum rental commitments - 2015 | 57,745 |
Minimum rental commitments - 2016 | 52,628 |
Minimum rental commitments - 2017 | 47,617 |
Minimum rental commitments - 2018 | 41,237 |
Minimum rental commitments - After 2018 | 89,579 |
Total minimum rental commitments | $351,721 |
EMPLOYEE_BENEFITS_Details
EMPLOYEE BENEFITS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
401(K) Profit Sharing Plan [Member] | ' | ' | ' |
Schedule Of Deferred Compensation Plans [Line Items] | ' | ' | ' |
Description of deferred compensation plan | 'The Company has a 401(k) profit sharing plan covering all eligible employees who elect to participate. Contributions to the plan are based upon the amount of the employees’ deferrals and the employer’s discretionary matching formula. The Company may contribute to the plan at its discretion. | ' | ' |
Plan expense for the period | $1,166 | $1,059 | $791 |
Deferred Compensation Plan for Executives [Member] | ' | ' | ' |
Schedule Of Deferred Compensation Plans [Line Items] | ' | ' | ' |
Description of deferred compensation plan | 'The Buckle, Inc. Deferred Compensation Plan covers the Company’s executive officers. The plan is funded by participant contributions and a specified annual Company matching contribution not to exceed 6% of the participant’s compensation. | ' | ' |
Annual maximum percentage limitation based on participant's contribution | 6.00% | ' | ' |
Employer contributions during the period | $326 | $429 | $235 |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Excess tax benefit realized from exercised stock options | $399,000 | $5,609,000 | $2,371,000 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options expiration period (years) | '10 years | ' | ' |
Shares available for grant (shares) | 635,315 | ' | ' |
Excess tax benefit realized from exercised stock options | 399,000 | 5,609,000 | 2,371,000 |
Stock options granted (shares) | 0 | 0 | 0 |
Total intrinsic value of options exercised | 1,244,000 | 17,386,000 | 7,218,000 |
Unrecognized compensation expense | 0 | ' | ' |
Stock Options [Member] | Executive Officers [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for grant (shares) | 447,457 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for grant (shares) | 1,139,296 | ' | ' |
Unrecognized compensation expense | 3,241,000 | ' | ' |
Expected weighted average period of unrecognized compensation expense recognition (years) | '1 year 6 months 0 days | ' | ' |
Total fair value of shares vested | $9,329,000 | $10,199,000 | $7,527,000 |
Restricted Stock [Member] | Restricted Stock Plan 2005 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares vested description | 'Shares granted under the 2005 Plan typically vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. | ' | ' |
Vesting period (years) | '4 years | ' | ' |
Restricted Stock [Member] | Director Restricted Stock Plan 2008 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares vested description | 'Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant. | ' | ' |
Vesting period (years) | '3 years | ' | ' |
Percentage of shares vesting annually (percent) | 25.00% | ' | ' |
Restricted Stock [Member] | Executive Officers [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for grant (shares) | 1,114,172 | ' | ' |
STOCKBASED_COMPENSATION_Compen
STOCK-BASED COMPENSATION (Compensation Expenses) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense, before tax | $5,066 | $8,388 | $6,403 |
Stock-based compensation expense, after tax | $3,192 | $5,284 | $4,034 |
STOCKBASED_COMPENSATION_Specia
STOCK-BASED COMPENSATION Special Dividends - Narrative (Details) (USD $) | 1 Months Ended | ||
Jan. 27, 2014 | Dec. 21, 2012 | Oct. 27, 2011 | |
Dividends Payable [Line Items] | ' | ' | ' |
Dividend declaration date | 9-Dec-13 | 5-Nov-12 | 19-Sep-11 |
Dividend payment date | 27-Jan-14 | 21-Dec-12 | 27-Oct-11 |
Dividend record date | 15-Jan-14 | 7-Dec-12 | 14-Oct-11 |
Special dividend, description | 'The Board of Directors authorized a special cash dividend to be paid. | 'The Board of Directors authorized a special cash dividend to be paid. | 'The Board of Directors authorized a special cash dividend to be paid. |
Common Stock [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Special dividend paid, per share | 1.2 | 4.5 | 2.25 |
STOCKBASED_COMPENSATION_Stock_
STOCK-BASED COMPENSATION (Stock Options) (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding - beginning of year (shares) | 42,808 |
Granted (shares) | 0 |
Other (shares) | 334 |
Expired/forfeited (shares) | -496 |
Exercised (shares) | -25,555 |
Outstanding - end of year (shares) | 17,091 |
Exercisable - end of year (shares) | 17,091 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding - beginning of year, Weighted Average Exercise Price (dollars per share) | $1.79 |
Granted, Weighted Average Exercise Price (dollars per share) | $0 |
Other, Weighted Average Exercise Price (dollars per share) | $0.05 |
Expired/forfeited, Weighted Average Exercise Price (dollars per share) | $0.01 |
Exercised, Weighted Average Exercise Price (dollars per share) | $0.01 |
Outstanding - end of year, Weighted Average Exercise Price (dollars per share) | $4.12 |
Exercisable - end of year, Weighted Average Exercise Price (dollars per share) | $4.12 |
Outstanding - end of year, Weighted Average Remaining Contractual Life (years) | '1 year 99 days |
Exercisable - end of year, Weighted Average Remaining Contractual Life (years) | '1 year 99 days |
Outstanding - end of year, Aggregate Intrinsic Value | $687 |
Exercisable - end of year, Aggregate Intrinsic Value | $687 |
STOCKBASED_COMPENSATION_Nonves
STOCK-BASED COMPENSATION (Non-vested Shares) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Non-Vested - beginning of year (shares) | 419,261 |
Granted (shares) | 254,400 |
Forfeited (shares) | -2,832 |
Vested (shares) | -207,030 |
Non-Vested - end of year (shares) | 463,799 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Non-Vested - beginning of year, Weighted Average Grant Date Fair Value (dollars per share) | $39.52 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $47.03 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $40.49 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $38.28 |
Non-Vested - end of year, Weighted Average Grant Date Fair Value (dollars per share) | $44.19 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic EPS, Income | $59,304 | $40,584 | $25,144 | $37,552 | $61,356 | $41,917 | $23,223 | $37,809 | $162,584 | $164,305 | $151,456 |
Effect of dilutive stock options and non-vested shares, Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Diluted EPS, Income | ' | ' | ' | ' | ' | ' | ' | ' | $162,584 | $164,305 | $151,456 |
Weighted Average Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic EPS, Weighted Average Shares (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 47,744 | 47,383 | 46,859 |
Effect of dilutive stock options and non-vested shares, Weighted Average Shares (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 232 | 327 | 500 |
Diluted EPS, Weighted Average Shares (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 47,976 | 47,710 | 47,359 |
Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic EPS, Per Share Amount (dollars per share) | $1.24 | $0.85 | $0.53 | $0.79 | $1.29 | $0.89 | $0.49 | $0.80 | $3.41 | $3.47 | $3.23 |
Effect of dilutive stock options and non-vested shares, Per Share Amount (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ($0.03) | ($0.03) |
Diluted EPS, Per Share Amount (dollars per share) | $1.23 | $0.85 | $0.52 | $0.78 | $1.28 | $0.88 | $0.49 | $0.79 | $3.39 | $3.44 | $3.20 |
SEGMENT_INFORMATION_Narrative_
SEGMENT INFORMATION (Narrative) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
segment | |
state | |
store | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of reportable segments (segment) | 1 |
Number of stores (store) | 450 |
Number of states in which stores are located (state) | 43 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 100.00% | 100.00% | 100.00% |
Denims [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 45.30% | 46.40% | 46.60% |
Tops (including sweaters) [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 30.20% | 30.90% | 32.10% |
Accessories [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 8.50% | 8.40% | 8.20% |
Sportswear / Fashions [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 6.00% | 5.70% | 5.10% |
Footwear [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 5.80% | 5.30% | 4.90% |
Outerwear [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 2.30% | 2.20% | 2.30% |
Casual bottoms [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 0.90% | 0.80% | 0.60% |
Other [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Percentage of net sales | 1.00% | 0.30% | 0.20% |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $338,999 | $286,761 | $232,529 | $269,712 | $360,615 | $284,147 | $215,483 | $263,762 | $1,128,001 | $1,124,007 | $1,062,946 |
Gross profit | 161,426 | 126,225 | 94,487 | 117,007 | 173,202 | 125,415 | 86,503 | 114,195 | 499,145 | 499,315 | 468,655 |
Net income | $59,304 | $40,584 | $25,144 | $37,552 | $61,356 | $41,917 | $23,223 | $37,809 | $162,584 | $164,305 | $151,456 |
Basic earnings per share | $1.24 | $0.85 | $0.53 | $0.79 | $1.29 | $0.89 | $0.49 | $0.80 | $3.41 | $3.47 | $3.23 |
Diluted earnings per share | $1.23 | $0.85 | $0.52 | $0.78 | $1.28 | $0.88 | $0.49 | $0.79 | $3.39 | $3.44 | $3.20 |
SCHEDULE_II_Valuation_and_Qual1
SCHEDULE II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | $8 | $18 | $40 |
Amounts charged to costs and expenses | 729 | 591 | 356 |
Deductions | -726 | -601 | -378 |
Ending balance | 11 | 8 | 18 |
Allowance for Sales Returns [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | 853 | 832 | 731 |
Amounts charged to other accounts | 108,851 | 106,612 | 95,476 |
Deductions | -108,954 | -106,591 | -95,375 |
Ending balance | 750 | 853 | 832 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | 194 | 194 | 241 |
Amounts charged to costs and expenses | 731 | 0 | 0 |
Deductions | 0 | 0 | -47 |
Ending balance | $925 | $194 | $194 |