Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 02, 2019 | Dec. 06, 2019 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 2, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BKE | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Entity Registrant Name | BUCKLE INC | |
Entity Central Index Key | 0000885245 | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 49,224,561 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 213,836 | $ 168,471 |
Short-term investments | 31,946 | 51,546 |
Receivables | 9,432 | 7,089 |
Inventory | 138,879 | 125,190 |
Prepaid expenses and other assets | 22,195 | 18,136 |
Total current assets | 416,288 | 370,432 |
PROPERTY AND EQUIPMENT | 453,859 | 452,187 |
Less accumulated depreciation and amortization | (336,098) | (321,505) |
PROPERTY AND EQUIPMENT, Net | 117,761 | 130,682 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 340,417 | 0 |
LONG-TERM INVESTMENTS | 15,710 | 18,745 |
OTHER ASSETS | 7,939 | 7,443 |
Total assets | 898,115 | 527,302 |
CURRENT LIABILITIES: | ||
Accounts payable | 44,771 | 29,008 |
Accrued employee compensation | 18,122 | 21,452 |
Accrued store operating expenses | 21,539 | 17,982 |
Gift certificates redeemable | 12,688 | 16,634 |
Current portion of operating lease liabilities | 81,541 | 0 |
Income taxes payable | 0 | 5,142 |
Total current liabilities | 178,661 | 90,218 |
DEFERRED COMPENSATION | 15,410 | 13,978 |
NON-CURRENT OPERATING LEASE LIABILITIES | 286,706 | 0 |
DEFERRED RENT LIABILITY | 0 | 29,229 |
Total liabilities | 480,777 | 133,425 |
COMMITMENTS | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, authorized 100,000,000 shares of $.01 par value; 49,223,811 and 49,017,395 shares issued and outstanding at November 2, 2019 and February 2, 2019, respectively | 492 | 490 |
Additional paid-in capital | 151,383 | 148,564 |
Retained earnings | 265,463 | 244,823 |
Total stockholders’ equity | 417,338 | 393,877 |
Total liabilities and stockholders' equity | $ 898,115 | $ 527,302 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Nov. 02, 2019 | Feb. 02, 2019 |
Statement of Financial Position [Abstract] | ||
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) | 49,223,811 | 49,017,395 |
Common stock, shares outstanding (shares) | 49,223,811 | 49,017,395 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Income Statement [Abstract] | ||||
SALES, Net of returns and allowances | $ 224,121 | $ 215,107 | $ 629,251 | $ 621,084 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 130,587 | 128,950 | 380,367 | 376,305 |
Gross profit | 93,534 | 86,157 | 248,884 | 244,779 |
OPERATING EXPENSES: | ||||
Selling | 51,282 | 50,612 | 146,426 | 144,361 |
General and administrative | 8,942 | 9,244 | 30,812 | 30,696 |
Total selling, general and administrative expenses | 60,224 | 59,856 | 177,238 | 175,057 |
INCOME FROM OPERATIONS | 33,310 | 26,301 | 71,646 | 69,722 |
OTHER INCOME, Net | 1,105 | 1,332 | 4,446 | 3,791 |
INCOME BEFORE INCOME TAXES | 34,415 | 27,633 | 76,092 | 73,513 |
PROVISION FOR INCOME TAXES | 8,431 | 7,157 | 18,642 | 19,040 |
NET INCOME | $ 25,984 | $ 20,476 | $ 57,450 | $ 54,473 |
EARNINGS PER SHARE: | ||||
Basic (dollars per share) | $ 0.54 | $ 0.42 | $ 1.18 | $ 1.13 |
Diluted (dollars per share) | $ 0.53 | $ 0.42 | $ 1.18 | $ 1.12 |
Basic weighted average shares | 48,549 | 48,379 | 48,550 | 48,379 |
Diluted weighted average shares | 48,809 | 48,611 | 48,768 | 48,584 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 25,984 | $ 20,476 | $ 57,450 | $ 54,473 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ||||
Change in unrealized loss on investments, net of tax of $0, $0, $0, and $31, respectively | 0 | 0 | 0 | 89 |
Other comprehensive income | 0 | 0 | 0 | 89 |
COMPREHENSIVE INCOME | $ 25,984 | $ 20,476 | $ 57,450 | $ 54,562 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in unrealized loss on investments, tax | $ 0 | $ 0 | $ 0 | $ 31 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
BALANCE (shares) at Feb. 03, 2018 | 48,816,170 | ||||
BALANCE at Feb. 03, 2018 | $ 391,248 | $ 488 | $ 144,279 | $ 246,570 | $ (89) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 54,473 | 54,473 | |||
Dividends paid on common stock | (36,656) | (36,656) | |||
Issuance of non-vested stock, net of forfeitures (shares) | 201,805 | ||||
Issuance of non-vested stock, net of forfeitures | $ 2 | (2) | |||
Amortization of non-vested stock grants, net of forfeitures | 3,307 | 3,307 | |||
Change in unrealized loss on investments, net of tax | 89 | 89 | |||
BALANCE (shares) at Nov. 03, 2018 | 49,017,975 | ||||
BALANCE at Nov. 03, 2018 | 412,850 | $ 490 | 147,584 | 264,776 | 0 |
BALANCE (shares) at Aug. 04, 2018 | 49,018,195 | ||||
BALANCE at Aug. 04, 2018 | 404,107 | $ 490 | 147,173 | 256,444 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 20,476 | 20,476 | |||
Dividends paid on common stock | (12,144) | (12,144) | |||
Issuance of non-vested stock, net of forfeitures (shares) | (220) | ||||
Amortization of non-vested stock grants, net of forfeitures | 411 | 411 | |||
Change in unrealized loss on investments, net of tax | 0 | 0 | |||
BALANCE (shares) at Nov. 03, 2018 | 49,017,975 | ||||
BALANCE at Nov. 03, 2018 | 412,850 | $ 490 | 147,584 | 264,776 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative effect of change in accounting upon adoption of ASC Topic 606 | 389 | 389 | |||
BALANCE (shares) at Feb. 02, 2019 | 49,017,395 | ||||
BALANCE at Feb. 02, 2019 | 393,877 | $ 490 | 148,564 | 244,823 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 57,450 | 57,450 | |||
Dividends paid on common stock | (36,810) | (36,810) | |||
Issuance of non-vested stock, net of forfeitures (shares) | 210,968 | ||||
Issuance of non-vested stock, net of forfeitures | $ 2 | (2) | |||
Amortization of non-vested stock grants, net of forfeitures | 2,889 | 2,889 | |||
Common stock purchased and retired (shares) | (4,552) | ||||
Common stock purchased and retired | (68) | (68) | |||
Change in unrealized loss on investments, net of tax | 0 | ||||
BALANCE (shares) at Nov. 02, 2019 | 49,223,811 | ||||
BALANCE at Nov. 02, 2019 | 417,338 | $ 492 | 151,383 | 265,463 | 0 |
BALANCE (shares) at Aug. 03, 2019 | 49,223,811 | ||||
BALANCE at Aug. 03, 2019 | 403,193 | $ 492 | 151,027 | 251,674 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 25,984 | 25,984 | |||
Dividends paid on common stock | (12,195) | (12,195) | |||
Issuance of non-vested stock, net of forfeitures (shares) | 0 | ||||
Amortization of non-vested stock grants, net of forfeitures | 356 | 356 | |||
Common stock purchased and retired (shares) | 0 | ||||
Common stock purchased and retired | 0 | 0 | |||
Change in unrealized loss on investments, net of tax | 0 | ||||
BALANCE (shares) at Nov. 02, 2019 | 49,223,811 | ||||
BALANCE at Nov. 02, 2019 | $ 417,338 | $ 492 | $ 151,383 | $ 265,463 | $ 0 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid on common stock, per share | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME | $ 57,450 | $ 54,473 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 18,021 | 20,308 |
Amortization of non-vested stock grants, net of forfeitures | 2,889 | 3,307 |
Deferred income taxes | (693) | (857) |
Other | 420 | 539 |
Changes in operating assets and liabilities: | ||
Receivables | 373 | 874 |
Inventory | (13,689) | (27,770) |
Prepaid expenses and other assets | (4,059) | (1,792) |
Accounts payable | 15,699 | 19,724 |
Accrued employee compensation | (3,330) | (4,311) |
Accrued store operating expenses | 2,344 | 6,205 |
Gift certificates redeemable | (3,946) | (4,295) |
Income taxes payable | (7,858) | (12,916) |
Other assets and liabilities | 1,246 | (4,871) |
Net cash flows from operating activities | 64,867 | 48,618 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (5,456) | (7,797) |
Change in other assets | 197 | 188 |
Purchases of investments | (25,325) | (53,083) |
Proceeds from sales/maturities of investments | 47,960 | 61,562 |
Net cash flows from investing activities | 17,376 | 870 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Purchases of common stock | (68) | 0 |
Payment of dividends | (36,810) | (36,656) |
Net cash flows from financing activities | (36,878) | (36,656) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 45,365 | 12,832 |
CASH AND CASH EQUIVALENTS, Beginning of period | 168,471 | 165,086 |
CASH AND CASH EQUIVALENTS, End of period | $ 213,836 | $ 177,918 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended February 2, 2019 , included in The Buckle, Inc.'s 2018 Form 10-K. The condensed consolidated balance sheet as of February 2, 2019 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification (“ASC”). There were no significant changes to the Company's significant accounting policies as disclosed in Note A to the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019 , except as set forth below. Leases - In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which superseded the requirements in ASC Topic 840, Leases . The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted Topic 842 on February 3, 2019, using the modified retrospective transition method. Under this transition method, the prior period comparative information has not been adjusted and continues to be reported under Topic 840. The Company has elected to apply the "practical expedient package," which permits it to not reassess previous conclusions around lease identification, lease classification, and initial direct costs. Topic 842 also provides a practical expedient to not separate lease and non-lease components for new leases as well as existing leases through transition, which the Company has elected to apply for each class of underlying assets. The Company did not elect the use of the hindsight practical expedient. Further, the Company has made an accounting policy election to exclude short-term leases from the recognition requirements. As a result of the adoption of the standard, the Company recognized net ROU assets and operating lease liabilities of approximately $362,589 and $389,849 , respectively, as of February 3, 2019 based on the present value of the total fixed payments for retail store and corporate office operating leases. These payments were discounted using the Company's incremental borrowing rate which was determined based on information available at the commencement date, including lease term. The adoption of Topic 842 did not have a material impact on the Company's results of operations for the thirty-nine week period ended November 2, 2019 . See Footnote 6, Leases , for further details. |
Revenues
Revenues | 9 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as one reportable segment. The Company sells its merchandise through its retail stores and e-Commerce platform. The Company had 449 stores located in 42 states throughout the United States as of November 2, 2019 and 453 stores in 43 states as of November 3, 2018 . During the thirty-nine week period ended November 2, 2019 , the Company opened 1 new store, substantially remodeled 3 stores, and closed 2 stores. There were no new, remodeled, or closed stores during the third quarter. During the thirty-nine week period ended November 3, 2018 , the Company did not open any new stores, substantially remodeled 3 stores, and closed 4 stores; which includes no substantial remodels and 2 closed stores during the third quarter. For the thirty-nine week periods ended November 2, 2019 and November 3, 2018 , online revenues accounted for 11.8% and 11.2% , respectively, of the Company's net sales. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales. The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Thirty-Nine Weeks Ended Merchandise Group November 2, November 3, November 2, November 3, Denims 42.3 % 42.9 % 39.3 % 39.4 % Tops (including sweaters) 34.0 34.3 32.6 33.1 Accessories 8.2 8.1 8.8 8.7 Footwear 8.1 6.8 7.7 6.7 Sportswear/Fashions 1.8 1.9 7.6 8.2 Outerwear 2.5 2.8 1.3 1.4 Casual bottoms 1.1 1.4 1.1 1.1 Other 2.0 1.8 1.6 1.4 100.0 % 100.0 % 100.0 % 100.0 % |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
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. Thirteen Weeks Ended Thirteen Weeks Ended November 2, 2019 November 3, 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 25,984 48,549 $ 0.54 $ 20,476 48,379 $ 0.42 Effect of Dilutive Securities: Non-vested shares — 260 (0.01 ) — 232 — Diluted EPS $ 25,984 48,809 $ 0.53 $ 20,476 48,611 $ 0.42 Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended November 2, 2019 November 3, 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 57,450 48,550 $ 1.18 $ 54,473 48,379 $ 1.13 Effect of Dilutive Securities: Non-vested shares — 218 — — 205 (0.01 ) Diluted EPS $ 57,450 48,768 $ 1.18 $ 54,473 48,584 $ 1.12 (a) Shares in thousands. |
Investments
Investments | 9 Months Ended |
Nov. 02, 2019 | |
Schedule of Investments [Abstract] | |
Investments | Investments The following is a summary of investments as of November 2, 2019 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Held-to-Maturity Securities: State and municipal bonds $ 32,246 $ 40 $ — $ — $ 32,286 Trading Securities: Mutual funds $ 14,032 $ 1,378 $ — $ — $ 15,410 The following is a summary of investments as of February 2, 2019 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Held-to-Maturity Securities: State and municipal bonds $ 56,313 $ 65 $ (7 ) $ — $ 56,371 Trading Securities: Mutual funds $ 13,364 $ 614 $ — $ — $ 13,978 The amortized cost and fair value of debt securities by contractual maturity as of November 2, 2019 is as follows: Amortized Cost Fair Value Held-to-Maturity Securities Less than 1 year $ 31,946 $ 31,986 1 - 5 years 300 300 $ 32,246 $ 32,286 As of November 2, 2019 and February 2, 2019 , $300 and $4,767 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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. As of November 2, 2019 and February 2, 2019 , the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities. 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 Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs November 2, 2019 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 15,410 $ — $ — $ 15,410 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs February 2, 2019 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 13,978 $ — $ — $ 13,978 Securities included in Level 1 represent securities which have publicly traded quoted prices. There were no transfers of securities between Levels 1, 2, or 3 during the thirty-nine week periods ended November 2, 2019 or November 3, 2018 . 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 condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. 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 November 2, 2019 , the fair value of held-to-maturity securities was $32,286 compared to the carrying amount of $32,246 . As of February 2, 2019 , the fair value of held-to-maturity securities was $56,371 compared to the carrying amount of $56,313 . 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 for all periods presented. |
Leases
Leases | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. As part of the Company's adoption of Topic 842, as previously discussed in Footnote 1, the Company elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and nonlease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements. Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, November 2, Operating lease cost $ 22,711 $ 65,937 Variable lease cost (a) 7,404 25,240 Total lease cost $ 30,115 $ 91,177 (a) Includes short-term leases with periods of less than twelve months. Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, November 2, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,013 $ 66,278 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 24,134 $ 30,230 The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of November 2, 2019 , the weighted-average remaining lease term was 5.3 years and the weighted-average discount rate was 4.0% . The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of November 2, 2019 : Fiscal Year Operating Leases (a) 2019 (remaining) $ 23,786 2020 94,050 2021 79,313 2022 66,331 2023 54,221 Thereafter 91,721 Total lease payments 409,422 Less: Imputed interest 41,175 Total operating lease liability $ 368,247 (a) Operating lease payments exclude $2,352 of legally binding minimum lease payments for leases signed, but not yet commenced. As previously disclosed in our 2018 Annual Report on Form 10-K, under the previous lease accounting standard our future minimum rent payments for operating leases with remaining lease terms in excess of one year as of February 2, 2019 were as follows: Fiscal Year Minimum Rental Commitments 2019 $ 66,303 2020 55,914 2021 45,908 2022 38,357 2023 31,528 Thereafter 49,249 Total minimum rental commitments $ 287,259 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Nov. 02, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The Company had non-cash investing activities during the thirty-nine week periods ended November 2, 2019 and November 3, 2018 of ($64) and $18 , 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 period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $473 and $409 as of November 2, 2019 and February 2, 2019 , respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed 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 the thirty-nine week periods ended November 2, 2019 and November 3, 2018 of $27,193 and $32,813 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Nov. 02, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. 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 November 2, 2019 , 850,723 shares were available for grant under the Company’s various restricted stock plans, of which 822,412 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2019 and fiscal 2018 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: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, November 3, November 2, November 3, Stock-based compensation expense, before tax $ 356 $ 411 $ 2,889 $ 3,307 Stock-based compensation expense, after tax $ 269 $ 305 $ 2,181 $ 2,451 Non-vested shares of common stock granted during the thirty-nine week periods ended November 2, 2019 and November 3, 2018 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 are typically "performance based" and 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. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. 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 thirty-nine week period ended November 2, 2019 is as follows: Shares Weighted Average Grant Date Fair Value Non-Vested - beginning of year 503,173 $ 20.67 Granted 371,000 17.38 Forfeited (160,032 ) 19.56 Vested (39,542 ) 19.38 Non-Vested - end of quarter 674,599 $ 19.20 As of November 2, 2019 , there was $3,926 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 1.9 years . The total fair value of shares vested during the thirty-nine week periods ended November 2, 2019 and November 3, 2018 was $698 and $702 , respectively. During the thirty-nine week period ended November 2, 2019 , 146,150 shares (representing one-half of the "performance based" shares granted during fiscal 2018 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2018 grants. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value investments. The amendments are effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact this pronouncement will have on its consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Data Security Incident On June 16, 2017, the Company announced that it had become aware that it was a victim of a data security incident in which a threat actor accessed certain guest payment information following purchases at some of the Company's retail stores between October 28, 2016, and April 14, 2017. The Company immediately launched a thorough investigation and engaged leading third-party forensic experts to review its systems and secure the affected part of its network. Through that investigation, the Company learned that its store payment data systems were infected with a form of malicious code, which was removed. The Company has taken actions that it believes have contained the issue and has implemented additional security enhancements. Based on the forensic investigation, the Company believes that no social security numbers, email addresses, or physical addresses were obtained by those criminally responsible. There is also no evidence that the buckle.com website or buckle.com guests were impacted by this event. Buckle self-reported the incident to the payment card brands and cooperated fully with the card brands, their forensic experts, and law enforcement during the investigation. To the extent that any card brand imposes a potential assessment, fine, penalty, or other liability in connection with this incident, the Company does not expect that such amounts, whether individually or in the aggregate, would have a material effect on the Company's consolidated result of operations and financial position. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Nov. 02, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended February 2, 2019 , included in The Buckle, Inc.'s 2018 Form 10-K. The condensed consolidated balance sheet as of February 2, 2019 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification (“ASC”). There were no significant changes to the Company's significant accounting policies as disclosed in Note A to the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019 , except as set forth below. |
Leases | Leases - In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which superseded the requirements in ASC Topic 840, Leases . The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted Topic 842 on February 3, 2019, using the modified retrospective transition method. Under this transition method, the prior period comparative information has not been adjusted and continues to be reported under Topic 840. The Company has elected to apply the "practical expedient package," which permits it to not reassess previous conclusions around lease identification, lease classification, and initial direct costs. Topic 842 also provides a practical expedient to not separate lease and non-lease components for new leases as well as existing leases through transition, which the Company has elected to apply for each class of underlying assets. The Company did not elect the use of the hindsight practical expedient. Further, the Company has made an accounting policy election to exclude short-term leases from the recognition requirements. As a result of the adoption of the standard, the Company recognized net ROU assets and operating lease liabilities of approximately $362,589 and $389,849 , respectively, as of February 3, 2019 based on the present value of the total fixed payments for retail store and corporate office operating leases. These payments were discounted using the Company's incremental borrowing rate which was determined based on information available at the commencement date, including lease term. The adoption of Topic 842 did not have a material impact on the Company's results of operations for the thirty-nine week period ended November 2, 2019 . See Footnote 6, Leases , for further details. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Revenue from Contract with Customer [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: Thirteen Weeks Ended Thirty-Nine Weeks Ended Merchandise Group November 2, November 3, November 2, November 3, Denims 42.3 % 42.9 % 39.3 % 39.4 % Tops (including sweaters) 34.0 34.3 32.6 33.1 Accessories 8.2 8.1 8.8 8.7 Footwear 8.1 6.8 7.7 6.7 Sportswear/Fashions 1.8 1.9 7.6 8.2 Outerwear 2.5 2.8 1.3 1.4 Casual bottoms 1.1 1.4 1.1 1.1 Other 2.0 1.8 1.6 1.4 100.0 % 100.0 % 100.0 % 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 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. Thirteen Weeks Ended Thirteen Weeks Ended November 2, 2019 November 3, 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 25,984 48,549 $ 0.54 $ 20,476 48,379 $ 0.42 Effect of Dilutive Securities: Non-vested shares — 260 (0.01 ) — 232 — Diluted EPS $ 25,984 48,809 $ 0.53 $ 20,476 48,611 $ 0.42 Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended November 2, 2019 November 3, 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 57,450 48,550 $ 1.18 $ 54,473 48,379 $ 1.13 Effect of Dilutive Securities: Non-vested shares — 218 — — 205 (0.01 ) Diluted EPS $ 57,450 48,768 $ 1.18 $ 54,473 48,584 $ 1.12 (a) Shares in thousands. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Schedule of Investments [Abstract] | |
Schedule of investments, cost and fair value | The following is a summary of investments as of November 2, 2019 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Held-to-Maturity Securities: State and municipal bonds $ 32,246 $ 40 $ — $ — $ 32,286 Trading Securities: Mutual funds $ 14,032 $ 1,378 $ — $ — $ 15,410 The following is a summary of investments as of February 2, 2019 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Held-to-Maturity Securities: State and municipal bonds $ 56,313 $ 65 $ (7 ) $ — $ 56,371 Trading Securities: Mutual funds $ 13,364 $ 614 $ — $ — $ 13,978 |
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 November 2, 2019 is as follows: Amortized Cost Fair Value Held-to-Maturity Securities Less than 1 year $ 31,946 $ 31,986 1 - 5 years 300 300 $ 32,246 $ 32,286 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
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 Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs November 2, 2019 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 15,410 $ — $ — $ 15,410 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs February 2, 2019 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 13,978 $ — $ — $ 13,978 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Leases [Abstract] | |
Components of total lease cost | Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, November 2, Operating lease cost $ 22,711 $ 65,937 Variable lease cost (a) 7,404 25,240 Total lease cost $ 30,115 $ 91,177 (a) Includes short-term leases with periods of less than twelve months. |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, November 2, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,013 $ 66,278 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 24,134 $ 30,230 |
Undiscounted future lease payment liabilities | The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of November 2, 2019 : Fiscal Year Operating Leases (a) 2019 (remaining) $ 23,786 2020 94,050 2021 79,313 2022 66,331 2023 54,221 Thereafter 91,721 Total lease payments 409,422 Less: Imputed interest 41,175 Total operating lease liability $ 368,247 (a) Operating lease payments exclude $2,352 of legally binding minimum lease payments for leases signed, but not yet commenced. |
Minimum rental commitments under operating leases | As previously disclosed in our 2018 Annual Report on Form 10-K, under the previous lease accounting standard our future minimum rent payments for operating leases with remaining lease terms in excess of one year as of February 2, 2019 were as follows: Fiscal Year Minimum Rental Commitments 2019 $ 66,303 2020 55,914 2021 45,908 2022 38,357 2023 31,528 Thereafter 49,249 Total minimum rental commitments $ 287,259 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Share-based Payment Arrangement [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: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, November 3, November 2, November 3, Stock-based compensation expense, before tax $ 356 $ 411 $ 2,889 $ 3,307 Stock-based compensation expense, after tax $ 269 $ 305 $ 2,181 $ 2,451 |
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 thirty-nine week period ended November 2, 2019 is as follows: Shares Weighted Average Grant Date Fair Value Non-Vested - beginning of year 503,173 $ 20.67 Granted 371,000 17.38 Forfeited (160,032 ) 19.56 Vested (39,542 ) 19.38 Non-Vested - end of quarter 674,599 $ 19.20 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 03, 2019 | Feb. 02, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 340,417 | $ 0 | |
Operating lease liabilities | $ 368,247 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 362,589 | ||
Operating lease liabilities | $ 389,849 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019storestate | Nov. 03, 2018storestate | Nov. 02, 2019storestatesegment | Nov. 03, 2018storestate | |
Product Information [Line Items] | ||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Number of reportable segments (segment) | segment | 1 | |||
Number of stores (store) | 449 | 453 | 449 | 453 |
Number of states in which stores are located (state) | state | 42 | 43 | 42 | 43 |
New stores opened during the period (store) | 0 | 0 | 1 | 0 |
Stores substantially remodeled during the period (store) | 0 | 0 | 3 | 3 |
Stores closed during the period (store) | 0 | 2 | 2 | 4 |
Revenue [Member] | Online revenues [Member] | ||||
Product Information [Line Items] | ||||
Revenue segment greater than 10 percent | 11.80% | 11.20% |
Revenues (Information Regarding
Revenues (Information Regarding Major Product Lines) (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Product Information [Line Items] | ||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Denims [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 42.30% | 42.90% | 39.30% | 39.40% |
Tops (including sweaters) [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 34.00% | 34.30% | 32.60% | 33.10% |
Accessories [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 8.20% | 8.10% | 8.80% | 8.70% |
Footwear [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 8.10% | 6.80% | 7.70% | 6.70% |
Sportswear / Fashions [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 1.80% | 1.90% | 7.60% | 8.20% |
Outerwear [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 2.50% | 2.80% | 1.30% | 1.40% |
Casual Bottoms [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 1.10% | 1.40% | 1.10% | 1.10% |
Other [Member] | ||||
Product Information [Line Items] | ||||
Percentage of net sales | 2.00% | 1.80% | 1.60% | 1.40% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Income | ||||
Basic EPS, Income | $ 25,984 | $ 20,476 | $ 57,450 | $ 54,473 |
Effect of dilutive non-vested shares, Income | 0 | 0 | 0 | 0 |
Diluted EPS, Income | $ 25,984 | $ 20,476 | $ 57,450 | $ 54,473 |
Weighted Average Shares | ||||
Basic EPS, Weighted Average Shares (shares) | 48,549 | 48,379 | 48,550 | 48,379 |
Effect of dilutive non-vested shares, Weighted Average Shares (shares) | 260 | 232 | 218 | 205 |
Diluted EPS, Weighted Average Shares (shares) | 48,809 | 48,611 | 48,768 | 48,584 |
Per Share Amount | ||||
Basic EPS, Per Share Amount (dollars per share) | $ 0.54 | $ 0.42 | $ 1.18 | $ 1.13 |
Effect of dilutive non-vested shares, Per Share Amount (dollars per share) | (0.01) | 0 | 0 | (0.01) |
Diluted EPS, Per Share Amount (dollars per share) | $ 0.53 | $ 0.42 | $ 1.18 | $ 1.12 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 |
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | $ 32,246 | $ 56,313 |
Held-to-Maturity Securities, Gross Unrealized Gains | 40 | 65 |
Held-to-Maturity Securities, Gross Unrealized Losses | 0 | (7) |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 32,286 | 56,371 |
State and municipal bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | 32,246 | 56,313 |
Held-to-Maturity Securities, Gross Unrealized Gains | 40 | 65 |
Held-to-Maturity Securities, Gross Unrealized Losses | 0 | (7) |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 32,286 | 56,371 |
Mutual funds [Member] | ||
Trading Securities [Abstract] | ||
Trading Securities, Amortized Cost or Par Value | 14,032 | 13,364 |
Trading Securities, Gross Unrealized Gains | 1,378 | 614 |
Trading Securities, Gross Unrealized Losses | 0 | 0 |
Trading Securities, Other-than-Temporary Impairment | 0 | 0 |
Trading Securities, Estimated Fair Value | $ 15,410 | $ 13,978 |
Investments (Held-To-Maturity S
Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 |
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 31,946 | |
1 - 5 years, Amortized Cost | 300 | |
Held-to-Maturity Securities, Amortized Cost | 32,246 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 31,986 | |
1 - 5 years, Fair Value | 300 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 32,286 | $ 56,371 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 |
Schedule of Investments [Line Items] | ||
Long-term investment, held-to-maturity securities | $ 300 | $ 4,767 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring Basis) (Details) - Mutual funds [Member] - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | $ 15,410 | $ 13,978 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 15,410 | 13,978 |
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] | ||
Trading securities (including mutual funds) | 15,410 | 13,978 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [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] | ||
Trading securities (including mutual funds) | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | $ 32,286 | $ 56,371 |
Held-to-maturity securities, carrying value | $ 32,246 | $ 56,313 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Nov. 02, 2019 |
Lessee, Lease, Description [Line Items] | |
Store lease, typical initial term | 10 years |
Operating lease, weighted average remaining lease term | 5 years 4 months 6 days |
Operating lease, weighted average discount rate | 4.00% |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Store lease, typical renewal term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Store lease, typical renewal term | 5 years |
Leases (Components of total lea
Leases (Components of total lease cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019 | Nov. 02, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 22,711 | $ 65,937 |
Variable lease cost | 7,404 | 25,240 |
Total lease cost | $ 30,115 | $ 91,177 |
Leases (Supplemental cash flow
Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 02, 2019 | Nov. 02, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 23,013 | $ 66,278 |
Right-of-use assets obtained in exchange for operating lease liability | $ 24,134 | $ 30,230 |
Leases (Undiscounted future lea
Leases (Undiscounted future lease payment liabilities) (Details) $ in Thousands | Nov. 02, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Payments due remainder of fiscal year | $ 23,786 |
Payments due year two | 94,050 |
Payments due year three | 79,313 |
Payments due year four | 66,331 |
Payments due year five | 54,221 |
Payments due after year five | 91,721 |
Total lease payments | 409,422 |
Less: Imputed interest | 41,175 |
Total operating lease liability | 368,247 |
Total lease payments, leases signed not commenced | $ 2,352 |
Leases (Minimum rental commitme
Leases (Minimum rental commitments under operating leases) (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Payments due next twelve months | $ 66,303 |
Payments due in two years | 55,914 |
Payments due in three years | 45,908 |
Payments due in four years | 38,357 |
Payments due in five years | 31,528 |
Payments due thereafter | 49,249 |
Total minimum rental commitments | $ 287,259 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Feb. 02, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | $ (64) | $ 18 | |
Current liability for unpaid purchases of property, plant and equipment | 473 | $ 409 | |
Cash paid for income taxes | $ 27,193 | $ 32,813 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant (shares) | 850,723 | |
Unrecognized compensation expense | $ 3,926 | |
Expected weighted average period of unrecognized compensation expense recognition (years) | 1 year 10 months 27 days | |
Total fair value of shares vested | $ 698 | $ 702 |
Forfeited (shares) | 160,032 | |
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% | |
Executive Officers [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant (shares) | 822,412 | |
Performance Based Grant [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 are typically "performance based" and 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 | |
Forfeited (shares) | 146,150 | |
Non-Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares vested description | Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. | |
Vesting period (years) | 4 years |
Stock-Based Compensation (Compe
Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before tax | $ 356 | $ 411 | $ 2,889 | $ 3,307 |
Stock-based compensation expense, after tax | $ 269 | $ 305 | $ 2,181 | $ 2,451 |
Stock-Based Compensation (Non-v
Stock-Based Compensation (Non-vested Shares) (Details) - Restricted Stock [Member] | 9 Months Ended |
Nov. 02, 2019$ / sharesshares | |
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) | shares | 503,173 |
Granted (shares) | shares | 371,000 |
Forfeited (shares) | shares | (160,032) |
Vested (shares) | shares | (39,542) |
Non-Vested - end of quarter (shares) | shares | 674,599 |
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) | $ / shares | $ 20.67 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 17.38 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 19.56 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 19.38 |
Non-Vested - end of quarter, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | $ 19.20 |