Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Mar. 17, 2023 | Jul. 29, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2023 | ||
Entity Registrant Name | Shoe Carnival, Inc. | ||
Entity Central Index Key | 0000895447 | ||
Current Fiscal Year End Date | --01-28 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SCVL | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 27,167,658 | ||
Entity Public Float | $ 398,045,237 | ||
Entity File Number | 0-21360 | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Tax Identification Number | 35-1736614 | ||
Entity Address, Address Line One | 7500 East Columbia Street | ||
Entity Address, City or Town | Evansville | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 47715 | ||
City Area Code | 812 | ||
Local Phone Number | 867-4034 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Certain information contained in the Definitive Proxy Statement for the 2023 Annual Meeting of Shareholders of the Registrant to be held on Jun e 22, 2023 are incorporated by reference into PART III hereof. | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Indianapolis, IN |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 51,372 | $ 117,443 |
Marketable securities | 11,601 | 14,961 |
Accounts receivable | 3,052 | 14,159 |
Merchandise inventories | 390,390 | 285,205 |
Other | 13,308 | 10,264 |
Total Current Assets | 469,723 | 442,032 |
Property and equipment – net | 141,435 | 88,533 |
Operating lease right-of-use assets | 318,612 | 220,952 |
Intangible Assets | 32,600 | 32,600 |
Goodwill | 12,023 | 11,384 |
Deferred income taxes | 0 | 2,699 |
Other noncurrent assets | 15,388 | 14,064 |
Total Assets | 989,781 | 812,264 |
Current Liabilities: | ||
Accounts payable | 78,850 | 69,092 |
Accrued and other liabilities | 20,281 | 33,053 |
Current portion of operating lease liabilities | 58,154 | 51,563 |
Total Current Liabilities | 157,285 | 153,708 |
Long-term portion of operating lease liabilities | 285,074 | 194,788 |
Deferred income taxes | 11,844 | 0 |
Deferred compensation | 9,840 | 10,901 |
Other | 170 | 334 |
Total Liabilities | 464,213 | 359,731 |
Shareholders’ Equity: | ||
Common stock, $.01 par value, 50,000,000 shares authorized and 41,049,190 shares issued in each period | 410 | 410 |
Additional paid-in capital | 83,423 | 80,681 |
Retained earnings | 653,450 | 553,487 |
Treasury stock, at cost, 13,883,902 and 12,882,789 shares, respectively | (211,715) | (182,045) |
Total Shareholders’ Equity | 525,568 | 452,533 |
Total Liabilities and Shareholders’ Equity | $ 989,781 | $ 812,264 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 28, 2023 | Jan. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 41,049,190 | 41,049,190 |
Treasury shares, shares | 13,883,902 | 12,882,789 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 1,262,235 | $ 1,330,394 | $ 976,765 |
Cost of sales (including buying, distribution and occupancy costs) | 794,071 | 803,607 | 696,783 |
Gross profit | 468,164 | 526,787 | 279,982 |
Selling, general and administrative expenses | 321,720 | 319,133 | 258,117 |
Operating income | 146,444 | 207,654 | 21,865 |
Interest income | (972) | (24) | (97) |
Interest expense | 294 | 478 | 412 |
Income before income taxes | 147,122 | 207,200 | 21,550 |
Income tax expense | 37,054 | 52,319 | 5,559 |
Net income | $ 110,068 | $ 154,881 | $ 15,991 |
Net income per share: | |||
Basic | $ 4 | $ 5.49 | $ 0.57 |
Diluted | $ 3.96 | $ 5.42 | $ 0.56 |
Weighted average shares: | |||
Basic | 27,543 | 28,233 | 28,133 |
Diluted | 27,812 | 28,596 | 28,496 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings |
Balance at Feb. 01, 2020 | $ 297,363 | $ 410 | $ (178,581) | $ 79,773 | $ 395,761 |
Balance, shares at Feb. 01, 2020 | 41,049 | (13,034) | |||
Dividends | (5,097) | (5,097) | |||
Employee stock purchase plan purchases | 195 | $ 224 | (29) | ||
Employee stock purchase plan purchases, shares | 16 | ||||
Stock-based compensation awards | 0 | $ 4,467 | (4,467) | ||
Stock-based compensation awards, Shares | 323 | ||||
Shares surrendered by employees to pay taxes on stock-based compensation awards | (1,736) | $ (1,736) | |||
Shares surrendered by employees to pay taxes on stock-based compensation awards, Shares | (144) | ||||
Stock-based compensation expense | 3,460 | 3,460 | |||
Net income | 15,991 | 15,991 | |||
Balance at Jan. 30, 2021 | 310,176 | $ 410 | $ (175,626) | 78,737 | 406,655 |
Balance, shares at Jan. 30, 2021 | 41,049 | (12,839) | |||
Dividends | (8,049) | (8,049) | |||
Employee stock purchase plan purchases | 160 | $ 78 | 82 | ||
Employee stock purchase plan purchases, shares | 5 | ||||
Stock-based compensation awards | 0 | $ 3,400 | (3,400) | ||
Stock-based compensation awards, Shares | 248 | ||||
Shares surrendered by employees to pay taxes on stock-based compensation awards | (2,750) | $ (2,750) | |||
Shares surrendered by employees to pay taxes on stock-based compensation awards, Shares | (88) | ||||
Purchase of common stock for Treasury | (7,147) | $ (7,147) | |||
Purchase of common stock for treasury, shares | (209) | ||||
Stock-based compensation expense | 5,262 | 5,262 | |||
Net income | 154,881 | 154,881 | |||
Balance at Jan. 29, 2022 | 452,533 | $ 410 | $ (182,045) | 80,681 | 553,487 |
Balance, shares at Jan. 29, 2022 | 41,049 | (12,883) | |||
Dividends | (10,105) | (10,105) | |||
Employee stock purchase plan purchases | 187 | $ 140 | 47 | ||
Employee stock purchase plan purchases, shares | 9 | ||||
Stock-based compensation awards | 0 | $ 2,880 | (2,880) | ||
Stock-based compensation awards, Shares | 198 | ||||
Shares surrendered by employees to pay taxes on stock-based compensation awards | (2,175) | $ (2,175) | |||
Shares surrendered by employees to pay taxes on stock-based compensation awards, Shares | (74) | ||||
Purchase of common stock for Treasury | (30,515) | $ (30,515) | |||
Purchase of common stock for treasury, shares | (1,134) | ||||
Stock-based compensation expense | 5,575 | 5,575 | |||
Net income | 110,068 | 110,068 | |||
Balance at Jan. 28, 2023 | $ 525,568 | $ 410 | $ (211,715) | $ 83,423 | $ 653,450 |
Balance, shares at Jan. 28, 2023 | 41,049 | (13,884) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Dividends | $ 0.36 | $ 0.28 | $ 0.178 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Cash Flows From Operating Activities | |||
Net income | $ 110,068 | $ 154,881 | $ 15,991 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 23,196 | 18,752 | 16,114 |
Stock-based compensation | 5,434 | 5,531 | 3,883 |
(Gain) Loss on retirement and impairment of assets, net | (501) | 1,404 | 2,807 |
Deferred income taxes | 14,543 | 2,936 | 2,198 |
Non-cash operating lease expense | 47,766 | 43,011 | 42,008 |
Other | 962 | 4,566 | 2,035 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 11,410 | (6,196) | (4,372) |
Merchandise inventories | (106,192) | (24,281) | 26,229 |
Operating lease liabilities | (48,992) | (46,562) | (38,477) |
Accounts payable and accrued liabilities | 925 | 3,781 | 2,510 |
Other | (8,181) | (9,930) | (7,531) |
Net cash provided by operating activities | 50,438 | 147,893 | 63,395 |
Cash Flows From Investing Activities | |||
Purchases of property and equipment | (77,293) | (31,387) | (12,396) |
Investments in marketable securities and other | (976) | (18,975) | 0 |
Sales of marketable securities and other | 3,850 | 1,800 | 303 |
Acquisition, net of cash acquired | 385 | (70,685) | 0 |
Net cash used in investing activities | (74,034) | (119,247) | (12,093) |
Cash Flows From Financing Activities | |||
Borrowings under line of credit | 0 | 0 | 24,903 |
Payments on line of credit | 0 | 0 | (24,903) |
Proceeds from issuance of stock | 187 | 160 | 195 |
Dividends paid | (9,972) | (7,998) | (5,128) |
Purchase of common stock for treasury | (30,515) | (7,147) | 0 |
Shares surrendered by employees to pay taxes on stock-based compensation awards | (2,175) | (2,750) | (1,736) |
Net cash used in financing activities | (42,475) | (17,735) | (6,669) |
Net (decrease) increase in cash and cash equivalents | (66,071) | 10,911 | 44,633 |
Cash and cash equivalents at beginning of year | 117,443 | 106,532 | 61,899 |
Cash and cash equivalents at end of year | 51,372 | 117,443 | 106,532 |
Supplemental disclosures of cash flow information: | |||
Cash paid during year for interest | 303 | 479 | 392 |
Cash paid during year for income taxes | 23,933 | 50,466 | 3,144 |
Capital expenditures incurred but not yet paid | 3,157 | 5,949 | 1,440 |
Dividends declared but not yet paid | $ 316 | $ 184 | $ 133 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 – Organization and Description of Business Our consolidated financial statements include the accounts of Shoe Carnival, Inc. and its wholly-owned subsidiaries SCHC, Inc. and Shoe Carnival Ventures, LLC, and SCLC, Inc., a wholly-owned subsidiary of SCHC, Inc. (collectively referred to as “we”, “our”, “us” or the “Company”). All intercompany accounts and transactions have been eliminated. We are an omnichannel retailer selling footwear and related products through our retail stores located in 35 states within the continental United States and in Puerto Rico, as well as through our e-commerce platform. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Fiscal Year Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2022, 2021 and 2020 relate to the fiscal years ended January 28, 2023 ("Fiscal 2022"), January 29, 2022 ("Fiscal 2021") and January 30, 2021 ("Fiscal 2020"), respectively. Fiscal years 2022, 2021 and 2020 all consisted of 52 weeks. Impact of the COVID-19 Pandemic on Fiscal 2020 Results Our operations were significantly disrupted by the outbreak of a novel strain of coronavirus (“COVID-19”). On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The U.S. Government, as well as the vast majority of states and local governments, took unprecedented measures to control the spread of COVID-19 and to provide stimulus as a mitigating measure to deteriorating economic conditions and increasing unemployment. The COVID-19 pandemic began significantly impacting our operations, sales and costs beginning in the first quarter of Fiscal 2020. Impacts included the temporary closure of our physical stores effective March 19, 2020, reduced foot traffic and sales, deteriorating economic conditions for our customer base, and some disruption to our global supply chain. We began reopening physical stores in accordance with applicable public health guidelines in late April 2020. By the beginning of the second quarter of Fiscal 2020, approximately 50 % of our stores were reopened, and by early June 2020, substantially all of our stores had reopened. Our e-commerce platform has been fully operational during the pandemic, with e-commerce orders generally fulfilled by our store locations. We did not have any stores closed as of January 28, 2023, or for extended periods during Fiscal 2022 or Fiscal 2021 due to the pandemic. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates. Cash and Cash Equivalents We had Cash and Cash Equivalents of $ 51.4 million at January 28, 2023 and $ 117.4 million at January 29, 2022. Credit and debit card receivables and receivables due from a third party totaling $ 6.3 million and $ 6.7 million were included in cash equivalents at January 28, 2023 and January 29, 2022 , respectively. Credit and debit card receivables generally settle within three days ; receivables due from third parties generally settle within five business days. We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 28, 2023 and January 29, 2022 , all invested cash was held in money market mutual funds. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts. Fair Value Measurements The accounting guidance related to fair value measurements defines fair value and provides a consistent framework for measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other guidance requires or permits the fair value measurement of assets and liabilities. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Quoted prices in active or inactive markets for similar assets or liabilities that are either directly or indirectly observable; and • Level 3 – Significant unobservable inputs that are generally model-based valuation techniques such as discounted cash flows, based on the best information available, including our own data. Fair values of our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy. Merchandise Inventories and Cost of Sales Merchandise Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. For determining net realizable value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of Merchandise Inventories contained on our Consolidated Balance Sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at the lower of cost or net realizable value include, among others, recent sale prices, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We also review aging trends, which include the historical rate at which merchandise has sold below cost and the value and nature of merchandise currently held in inventory and priced below original cost. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results. Cost of Sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of Sales related to our e-commerce orders includes freight expense for delivering merchandise to our customers. Leases We evaluate whether a contract is an operating or finance lease at its inception or at its acquisition. All of our leases are classified as operating leases as of January 28, 2023. Leases with terms of twelve months or less were not significant and we have elected to expense them as incurred. On the lease commencement date, we recognize a right-of-use ("ROU") asset for the right to use a leased asset and a liability based on the present value of remaining lease payments over the lease term. As the rate implicit in our leases is not readily determinable, we utilize an incremental borrowing rate for the initial measurement and any subsequent remeasurements of ROU assets and liabilities, which is determined through the development of a synthetic credit rating. Operating lease liabilities are increased by interest and reduced by payments each period, and ROU assets are amortized over the lease term. Interest on operating lease liabilities and the amortization of ROU assets results in straight-line rent expense over the lease term. We record variable lease expense associated with contingent rent, reduced rent due to co-tenancy violations, and other variable non-lease components when incurred. In addition to fixed minimum rental payments set forth in our leases, the measurement of ROU assets and liabilities can also include prepaid rent, landlord incentives (such as construction and tenant improvement allowances), fixed payments related to lease components (such as rent escalation payments scheduled at the lease commencement date), fixed payments related to non-lease components (such as common area maintenance (“CAM”), real estate taxes and insurance) and initial direct costs incurred in conjunction with securing a lease. The measurement of ROU assets and liabilities excludes amounts related to variable payments related to lease components (such as contingent rent payments based on performance), variable payments related to non-lease components (such as CAM, real estate taxes and insurance) and non-store related leases with an initial term of 12 months or less. For new leases, renewals or amendments, or when we make material investments in leased properties pursuant to our modernization plan, we make certain estimates and assumptions regarding property values, market rents, property lives, discount rates and probable terms. These estimates and assumptions can impact: (1) lease classification and the related accounting treatment; (2) rent holidays, escalations or deferred lease incentives, which are taken into consideration when calculating straight-line expense; (3) the term over which leasehold improvements for each store are amortized; and (4) the values and lives of adjustments to initial ROU assets. The amount of amortized rent expense would vary if different estimates and assumptions were used. See Note 10 – “Leases” for additional discussion of our lease policies as well as additional disclosures related to our leases. Revenue Recognition Substantially all of our revenue is for a single performance obligation and is recognized when control passes to customers. We consider control to have transferred when we have a present right to payment, the customer has title to the product, physical possession of the product has been transferred to the customer and the risks and rewards of the product that we retain are minimal. The redemption of loyalty points under our Shoe Perks loyalty rewards program and redemptions of gift cards are accounted for as separate performance obligations. See Note 5 – “Revenue” for additional discussion of our revenue recognition policies as well as additional disclosures on revenue from contracts with customers. Property and Equipment- Net Property and Equipment is stated at cost and is depreciated or amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty-five years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations. Cloud Computing Arrangements that are Service Contracts We account for the costs to implement hosted cloud computing arrangements that are considered to be service contracts in current and noncurrent other assets. We capitalize these costs based on the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We amortize the costs over the related service contract period for the hosted arrangement. Long-Lived Asset Impairment Testing We periodically evaluate our long-lived assets for impairment if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include property and equipment and operating lease ROU assets. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in Selling, General and Administrative Expenses. If the operating lease ROU asset is impaired, we would amortize the remaining ROU asset on a straight-line basis over the remaining lease term. We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our estimates are derived from an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, exercise of future lease renewal options and the store’s contribution to cash flows and, by their nature, include judgments about how current initiatives will impact future performance. We estimate the fair value of operating lease ROU assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term. External factors, such as the local environment in which the store is located, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly impact the fair value of these assets, which may have an effect on the impairment recorded. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future. Goodwill and Intangible Asset Impairment Testing Goodwill recorded on our Consolidated Balance Sheets resulted from our acquisition of substantially all of the assets and liabilities of Shoe Station, Inc. ("Shoe Station") and is based on a fair value allocation of the purchase price at the time of acquisition. Goodwill is charged to expense only when it is impaired. We test for Goodwill impairment at the Shoe Station banner level. This test is performed at least annually and is performed at the beginning of our fiscal fourth quarter. No goodwill impairments were recognized in Fiscal 2022. We also annually test non-amortizing Intangible Assets for impairment. Tradenames acquired as part of the Shoe Station acquisition are our primary non-amortizing Intangible Assets. No impairments were recognized in Fiscal 2022. Insurance Reserves We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk to protect us from individual and aggregate losses over specified dollar values. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. These estimates take into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. We record self-insurance expense as a component of Accrued and Other Liabilities in our Consolidated Balance Sheets and in Selling, General and Administrative Expenses in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material. Consideration Received From a Vendor Consideration is primarily received from merchandise vendors and includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed. Consideration is recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our Cost of Sales unless the consideration represents a reimbursement of a specific, incremental, identifiable cost; in such a scenario, it is recorded as an offset to the same financial statement line item. Consideration received after the related merchandise has been sold is recorded as an offset to Cost of Sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our Cost of Sales at the time of sale. Should the consideration received be related to something other than the vendor’s product and such consideration received exceeds the incremental costs incurred, then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to Cost of Sales in future periods utilizing an average inventory turn rate. Advertising Costs Digital media, print, television, radio, outdoor media and internal production costs are expensed when incurred. External production costs are expensed in the period the advertisement first takes place. Advertising expenses included in Selling, General and Administrative Expenses were $ 55.9 million, $ 58.7 million and $ 42.1 million in fiscal years 2022, 2021 and 2020 , respectively. Store Opening and Start-up Costs Non-capital expenditures, such as payroll, supplies and rent incurred prior to the opening of a new store, are charged to expense in the period they are incurred. Advertising related to new stores is expensed pursuant to the aforementioned advertising policy. Stock-Based Compensation We recognize compensation expense for stock-based awards using a fair value based method. Stock-based awards may include stock units, restricted stock, stock appreciation rights and other stock-based awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in Selling, General and Administrative Expenses. We account for forfeitures as they occur in calculating stock-based compensation expense for the period. For performance-based stock awards, we estimate the probability of vesting based on the likelihood that the awards will meet their performance goals. Segment Information We are a family footwear retailer that offers a broad assortment of dress, casual and athletic footwear for men, women and children with emphasis on national name brands. We operate our business as one reportable segment based on the similar nature of products sold; merchandising, distribution, and marketing processes involved; target customers; and economic characteristics of our stores and e-commerce platform. Due to our omnichannel retailer strategy, we view e-commerce sales as an extension of our physical stores. Income Taxes We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in Income Tax Expense. Net Income Per Share The following table sets forth the computation of Basic and Diluted Net Income per Share as shown on the face of the accompanying Consolidated Statements of Income: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (In thousands, except per share data) Basic Net Income per Share: Net Shares Per Net Shares Per Net Shares Per Net income $ 110,068 $ 154,881 $ 15,991 Conversion of share-based 0 0 0 Net income available for basic $ 110,068 27,543 $ 4.00 $ 154,881 28,233 $ 5.49 $ 15,991 28,133 $ 0.57 Diluted Net Income per Share: Net income $ 110,068 $ 154,881 $ 15,991 Conversion of share-based 0 269 0 363 0 363 Net income available for diluted $ 110,068 27,812 $ 3.96 $ 154,881 28,596 $ 5.42 $ 15,991 28,496 $ 0.56 The computation of Basic Net Income per Share is based on the weighted average number of common shares outstanding during the period. The computation of Diluted Net Income per Share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of stock-based compensation arrangements involving restricted stock, restricted stock units and performance stock units. A small portion of these awards that were outstanding at the beginning of Fiscal 2020 had a non-forfeitable right to dividends. The computation of Diluted Net Income per Share excluded approximately 7,000 unvested stock-based awards for Fiscal 2022 and approximately 2,000 unvested stock-based awards for Fiscal 2020 because the impact would be anti-dilutive. For Fiscal 2021, all unvested stock-based awards were dilutive. Litigation Matters The accounting standard related to loss contingencies provides guidance regarding our disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incidental to the operation of our business. The guidance utilizes the following defined terms to describe the likelihood of a future loss: (1) probable – the future event or events are likely to occur, (2) remote – the chance of the future event or events is slight and (3) reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. The guidance also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a loss has been incurred. No accrual or disclosure is required for losses that are remote. New Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued guidance related to reference rate reform, which addresses contract modifications that may be necessary due to the expected discontinuance of LIBOR as a broadly used reference rate. The guidance was effective immediately and is available for contract modifications made through December 31, 2024. We adopted the guidance at the beginning of Fiscal 2022. This adoption did not have any impact on our consolidated financial position, results of operations or cash flows. In October 2021, the FASB issued guidance related to accounting for contract assets and contract liabilities from contracts with customers in a business combination. Companies will be required to apply the definition of a performance obligation under Accounting Standards Codification Topic 606 to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. The guidance became effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the guidance at the beginning of Fiscal 2022. This adoption did no t have any impact on our consolidated financial position, results of operations or cash flows. |
Acquisition of Shoe Station
Acquisition of Shoe Station | 12 Months Ended |
Jan. 28, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Shoe Station | Note 3 – Acquisition of Shoe Station On December 3, 2021, we acquired the physical s tores and substantially all of the other assets of Shoe Station for total consideration of $ 70.3 million, net of $ 77,000 of cash acquired. The purchase price paid was funded with available cash on hand. As of our Fiscal 2022 year end, we operated 24 stores across five states in the Southeast under the Shoe Station banner, inclusive of the 21 stores acquired and three additional stores opened since the acquisition. The addition of a new brand and new retail locations to the Shoe Carnival portfolio has created a complementary retail platform for us to serve a broader base of family footwear customers in both urban and suburban demographics. The results of Shoe Station are included in our consolidated financial statements since the acquisition date. Net Sales attributed to the Shoe Station banner were $ 99.9 million in Fiscal 2022 and $ 16.6 million from the acquisition date through January 29, 2022 . Acquisition-related costs o f $ 3.2 million were expensed as incurred and are included in Selling, General and Administrative Expenses in our Consolidated Statements of Income in Fiscal 2021. The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed and reflects minor adjustments to the preliminary purchase price allocation as of January 29, 2022. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill. The purchase price allocation was considered complete as of December 3, 2022. (In thousands) Fair value of identifiable assets and liabilities: Merchandise inventories $ 27,708 Other assets 3,404 Property and equipment, net 6,045 Operating lease ROU assets 14,620 Shoe Station trade names 32,600 Goodwill 12,023 Total assets $ 96,400 Accounts payable 6,104 Operating lease liabilities 18,235 Accrued and other liabilities 1,761 Total liabilities $ 26,100 Purchase Price: Total consideration, net of cash acquired $ 70,300 We are treating Shoe Station trade names as indefinite-lived Intangible Assets; therefore, Goodwill and the Shoe Station trade names are charged to expense only if impa ired. Goodwill and the indefinite-lived Intangible Assets are expected to be fully deductible for tax purposes over 15 years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4 – Fair Value of Financial Instruments The following table presents financial instruments that are measured at fair value on a recurring basis at January 28, 2023 and January 29, 2022: Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of January 28, 2023: Cash equivalents – money market mutual funds $ 45,265 $ 0 $ 0 $ 45,265 Marketable securities - mutual funds that fund 11,601 0 0 11,601 Total $ 56,866 $ 0 $ 0 $ 56,866 As of January 29, 2022: Cash equivalents – money market mutual funds $ 115,528 $ 0 $ 0 $ 115,528 Marketable securities - mutual funds that fund 14,961 0 0 14,961 Total $ 130,489 $ 0 $ 0 $ 130,489 During Fiscal 2021, we invested in publicly traded mutual funds with readily determinable fair values. These Marketable Securities are designed to mitigate volatility in our Consolidated Statements of Income associated with our non-qualified deferred compensation plan. As of January 28, 2023, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan. As of January 28, 2023, the balance in our deferred compensation plan was $ 11.3 million, of which $ 1.5 million was in Accrued and Other Liabilities based on scheduled payments due within the next 12 months and $ 9.8 million was in Deferred compensation, a long-term liability. To the extent there are funds in excess of the total non-qualified deferred compensation plan liability, such funds are invested in a stable value mutual fund. We classify these Marketable Securities as current assets because we have the ability to convert the securities into cash at our discretion and these marketable securities are not held in a rabbi trust. We have recognized cumulative unrealized losses of $ 2.9 million related to equity securities still held at January 28, 2023. The fair values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable, Accrued Expenses and Other Current Liabilities approximate their carrying values because of their short-term nature. |
Revenue
Revenue | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 5 – Revenue Disaggregation of Revenue by Product Category Revenue is disaggregated by product category below. Net Sales and percentage of Net Sales for fiscal years 2022, 2021 and 2020 are as follows: (In thousands) January 28, January 29, January 30, Non-Athletics: Women's $ 348,632 28 % $ 317,144 24 % $ 213,095 22 % Men's 208,756 17 189,294 14 132,057 14 Children's 92,664 7 87,926 6 54,706 5 Total 650,052 52 594,364 44 399,858 41 Athletics: Women's 181,348 14 212,669 16 180,664 18 Men's 204,766 16 264,417 20 214,010 22 Children's 150,622 12 183,211 14 125,728 13 Total 536,736 42 660,297 50 520,402 53 Accessories 68,757 5 67,168 5 48,282 5 Other 6,690 1 8,565 1 8,223 1 Total $ 1,262,235 100 % $ 1,330,394 100 % $ 976,765 100 % Accounting Policy and Performance Obligations We operate as an omnichannel, family footwear retailer and provide the convenience of shopping at our physical stores or shopping online through our e-commerce platform. As part of our omnichannel strategy, we offer Shoes 2U, a program that enables us to ship product to a customer’s home or selected store if the product is not in stock at a particular store. We also offer “buy online, pick up in store” services for our customers. “Buy online, pick up in store” provides the convenience of local pickup for our customers. For our physical stores, we satisfy our performance obligation and control is transferred at the point of sale when the customer takes possession of the products. This also includes the “buy online, pick up in store” scenario described above and includes sales made via our Shoes 2U program when customers choose to pick up their goods at a physical store. For sales made through our e-commerce platform in which the customer chooses home delivery, we transfer control and recognize revenue when the product is shipped. This also includes sales made via our Shoes 2U program when the customer chooses home delivery. We offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in Cost of Sales. Gift card revenue is recognized at the time of redemption. When a customer makes a purchase as part of our rewards program, we allocate the transaction price between the goods purchased and the loyalty reward points and recognize the loyalty revenue based on estimated customer redemptions. Transaction Price and Payment Terms The transaction price is the amount of consideration we expect to receive from our customers and is reduced by any stated promotional discounts at the time of purchase. The transaction price may be variable due to terms that permit customers to exchange or return products for a refund. The implicit contract with the customer reflected in the transaction receipt states the final terms of the sale, including the description, quantity, and price of each product purchased. The customer agrees to a stated price in the contract that does not vary over the term of the contract and may include revenue to offset shipping costs. Taxes imposed by governmental authorities such as sales taxes are excluded from Net Sales. We accept various forms of payment from customers at the point of sale typical for an omnichannel retailer. Payments made for products are generally collected when control passes to the customer, either at the point of sale or at the time the customer order is shipped. For Shoes 2U transactions, customers may order the product at the point of sale. For these transactions, customers pay in advance and unearned revenue is recorded as a contract liability. We recognize the related revenue when control has been transferred to the customer (i.e., when the product is picked up by the customer or shipped to the customer). Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at January 28, 2023 and January 29, 2022. Returns and Refunds We have established an allowance based upon historical experience in order to estimate return and refund transactions. This allowance is recorded as a reduction in sales with a corresponding refund liability recorded in Accrued and Other Liabilities. The estimated cost of Merchandise Inventory is recorded as a reduction to Cost of Sales and an increase in Merchandise Inventories. At January 28, 2023 , approximately $ 866,000 of refund liabilities and $ 503,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities. At January 29, 2022 , approximately $ 884,000 of refund liabilities and $ 516,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities. Contract Liabilities The issuance of a gift card is recorded as an increase to contract liabilities and a decrease to contract liabilities when a customer redeems a gift card. Estimated breakage is determined based on historical breakage percentages and recognized as revenue based on expected gift card usage. We do not record breakage revenue when escheat liability to relevant jurisdictions exists. At January 28, 2023 and January 29, 2022 , approximately $ 2.4 million and $ 2.3 million of contract liabilities associated with unredeemed gift cards were recorded in Accrued and Other Liabilities, respectively. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions within two years. Breakage revenue associated with our gift cards recognized in Net Sales was no t material to any of the periods presented. Our Shoe Perks rewards program allows customers to accrue points and provides customers with the opportunity to earn rewards. Points under Shoe Perks are earned primarily by making purchases through any of our omnichannel points of sale. Once a certain threshold of accumulated points is reached, the customer earns a reward certificate, which is redeemable through any of our sales channels. When a Shoe Perks customer makes a purchase, we allocate the transaction price between the goods purchased and the loyalty reward points earned based on the relative standalone selling price. The portion allocated to the points program is recorded as a contract liability for rewards that are expected to be redeemed. We then recognize revenue based on an estimate of when customers redeem rewards, which incorporates an estimate of points expected to expire using historical rates. Loyalty awards recognized in Net Sales were $ 5.5 million, $ 6.1 million and $ 4.4 million during fiscal years 2022, 2021 and 2020, respectively. At January 28, 2023 and January 29, 2022 , approximately $ 844,000 and $ 852,000 of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities, respectively. We expect the revenu e associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6 – Property and Equipment The following is a summary of Property and Equipment: (In thousands) January 28, January 29, Land $ 1,564 $ 1,564 Buildings 7,670 7,525 Furniture, fixtures and equipment 202,790 170,321 Leasehold improvements 163,929 129,550 Total 375,953 308,960 Less accumulated depreciation and amortization ( 234,518 ) ( 220,427 ) Property and equipment – net $ 141,435 $ 88,533 Total depreciation expense associated with Property and Equipment was $ 20.9 million in Fiscal 2022 , $ 14.7 million in Fiscal 2021 and $ 14.8 million in Fiscal 2020 . As of both January 28, 2023 and January 29, 2022, there was approximately $ 13.3 million of construction work in process included in Property and Equipment, primarily related to store remodel and new store construction activity. No impairment charges were recorded in Fiscal 2022. In fiscal years 2021 and 2020 , we recorded impairment charges of $ 1.3 million and $ 3.1 million on long-lived assets held and used, respectively. Impairment charges are included in Selling, General and Administrative Expenses in our Consolidated Statements of Income. |
Cloud Computing Arrangements th
Cloud Computing Arrangements that are Service Contracts | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Cloud Computing Arrangements that are Service Contracts | Note 7 – Cloud Computing Arrangements that are Service Contracts We have engaged third-party providers to host software for us, including our customer relationship management (“CRM”) platform, merchandise financial planning platform and our transportation, warehouse and order management systems. These platforms are cloud computing arrangements that are software-as-a-service (“SaaS”) contracts. Net capitalized costs related to cloud computing arrangements as of January 28, 2023 and January 29, 2022 were $ 16.7 million and $ 15.6 million, respectively. Total amortization expense related to these arrangements was $ 2.3 million during Fiscal 2022, $ 4.0 million during Fiscal 2021 and $ 1.3 million during Fiscal 2020. As of January 28, 2023 , approximately $ 3.0 million of net capitalized costs related to cloud computing arrangements were classified in Other Current Assets and $ 13.7 million were classified as Other Noncurrent Assets in our Consolidated Balance Sheets. As of January 29, 2022 , approximately $ 2.8 million of net capitalized costs related to cloud computin g arrangements were classified in Other Current Assets and $ 12.8 million were classified as Other Noncurrent Assets in our Consolidated Balance Sheets. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Note 8 – Accrued and Other Liabilities Accrued and Other Liabilities consisted of the following: (In thousands) January 28, January 29, Employee compensation and benefits $ 8,474 $ 15,454 Sales and use tax 2,416 2,270 Gift cards 2,399 2,323 Self-insurance reserves 1,721 3,585 Current portion of non-qualified deferred compensation 1,514 3,725 Other 3,757 5,696 Total accrued and other liabilities $ 20,281 $ 33,053 |
Debt
Debt | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 – Debt On March 23, 2022 we entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), which replaced our existing credit agreement (the "Previous Credit Agreement"). This $ 100 million amended and restated credit agreement is collateralized by our inventory, expires on March 23, 2027 and contains a swingline sublimit of $ 15 million. Material covenants associated with the Credit Agreement require that we maintain a minimum net worth of $ 250 million and a consolidated interest coverage ratio of not less than 3.0 to 1.0. The Credit Agreement also provides that cash dividends and share repurchases of $ 15 million or less per fiscal year can be made without restriction as long as there is no default or event of default before and immediately after such distributions. We are also permitted to make acquisitions and pay cash dividends or repurchase shares in excess of $ 15 million in a fiscal year provided that (a) no default or event of default exists before and immediately after the transaction and (b) on a proforma basis, the ratio of (i) the sum of (A) our consolidated funded indebtedness plus (B) three times our consolidated rental expense to (ii) the sum of (A) our consolidated EBITDA plus (B) our consolidated rental expense is less than 3.5 to 1.0. We were in compliance with these covenants at January 28, 2023. Among other restrictions, the Credit Agreement also limits our ability to incur additional secured or unsecured debt to $ 20 million. The Credit Agreement bears interest, at our option, at (1) the agent bank’s base rate plus 0.0 % to 1.0 % or (2) Adjusted Term SOFR plus 0.9 % to 1.9 %, depending on our achievement of certain performance criteria. A commitment fee is charged at 0.2 % to 0.3 % per annum, depending on our achievement of certain performance criteria, on the unused portion of the lenders’ commitment. The terms “net worth”, “consolidated interest coverage ratio”, “consolidated funded indebtedness”, “consolidated rental expense”, “consolidated EBITDA”, “base rate” and “Adjusted Term SOFR” are defined in the Credit Agreement. The Previous Credit Agreement was terminated on March 23, 2022. At its termination, the Previous Credit Agreement contained covenants which stipulated: (1) Total Shareholders’ Equity (as defined in the Previous Credit Agreement) could not fall below $250 million at the end of each fiscal quarter; (2) the ratio of funded debt plus three times rent expense to EBITDA (as defined in the Previous Credit Agreement) plus rent expense could not exceed 3.0 to 1.0, except for the fiscal quarters ending on or about July 31, 2020; October 31, 2020; and January 31, 2021; (3) the aggregate amount of cash dividends for a fiscal year could not exceed $10 million; and (4) distributions in the form of redemptions of Equity Interests (as defined in the Previous Credit Agreement) could be made solely with cash on hand so long as before and immediately after such distributions there were no revolving loans outstanding under the Previous Credit Agreement. We were in compliance with these covenants at January 29, 2022. At its termination, the Previous Credit Agreement bore interest, at our option, at (1) the agent bank’s prime rate as defined in the Previous Credit Agreement plus 1.0%, with the prime rate defined as the greater of (a) the Federal Fund rate plus 0.50% or (b) the interest rate announced from time to time by the agent bank as its “prime rate” or (2) LIBOR plus 1.50% to 2.50%, depending on our achievement of certain performance criteria. If the stated LIBOR rate was less than 0.75%, the LIBOR rate for purposes of calculating the interest rate under the Previous Credit Agreement would have been 0.75%. A commitment fee was charged at 0.30 % to 0.40 % per annum, depending on our achievement of certain performance criteria, on the unused portion of the lenders’ commitment. No borrowings were outstanding under the credit agreements as of January 28, 2023 and January 29, 2022 and we did no t borrow under the credit agreements during Fiscal 2022 or Fiscal 2021. As of January 28, 2023 , there were $ 700,000 in letters of credit outstanding and $ 99.3 million available to us for borrowing under the Credit Agreement. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Leases | Note 10 – Leases We lease all of our physical stores, our single distribution center, which has a current lease term expiring in 2034 , and office space for our Southern office. We also enter into leases of equipment, copiers and billboards. W e do not have any leases with related parties. In addition, we do not have any sublease arrangements with any related party or third party. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Our real estate leases typically include options to extend the lease or to terminate the lease at our sole discretion. Options to extend real estate leases typically include one or more options to renew, with renewal terms that typically extend the lease term for five years or more. Many of our leases also contain “co-tenancy” provisions, including the required presence and continued operation of certain anchor tenants in the adjoining retail space. If a co-tenancy violation occurs, we have the right to a reduction of rent for a defined period after which we have the option to terminate the lease if the violation is not cured. In addition to co-tenancy provisions, certain leases contain “go-dark” provisions that allow us to cease operations while continuing to pay rent through the end of the lease term. When determining the lease term, we include options that are reasonably certain to be exercised. Our leases typically provide for fixed minimum rental payments, and certain leases provide for contingent rental payments based upon various specified percentages of sales above minimum levels. In addition to rental payments, we are required to pay certain non-lease components, such as real estate taxes, insurance and CAM, on most of our real estate leases. Such non-lease components are typically variable in nature. Certain real estate leases also contain escalation clauses for increases in minimum rentals, operating costs and taxes. Lease-related costs reported in our Consolidated Statements of Income were as follows: (In thousands) 2022 2021 2020 Operating lease cost $ 60,777 $ 54,417 $ 53,418 Variable lease cost CAM, property taxes and insurance 19,001 18,914 19,805 Percentage rent and other variable lease costs 1,231 2,723 2,008 Total $ 81,009 $ 76,054 $ 75,231 During Fiscal 2020, we deferred lease payments of approximately $ 3.1 million during April, May and June pursuant to arrangements reached with various landlords. These deferrals were substantially repaid over the remainder of Fiscal 2020. We accounted for these arrangements as if they were part of the enforceable rights and obligations of the existing contracts, not as lease modifications. Rent continued to be recognized on a straight line basis for contracts with these deferrals. Other information related to leases, including supplemental cash flow information, consists of: (In thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of $ 48,991 $ 46,562 $ 38,477 ROU assets obtained in exchange for operating lease liabilities 1 $ 146,996 $ 64,058 $ 36,290 As of As of As of January 28, 2023 January 29, 2022 January 30, 2021 Weighted-average remaining lease term for operating leases 7.3 6.0 6.1 Weighted-average discount rate for operating leases 4.2 % 5.2 % 5.2 % 1) Includes ROU assets added as part of the Shoe Station acquisition described in Note 3 - "Acquisition of Shoe Station" The following table reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to our operating lease liabilities as of January 28, 2023: (In thousands) Operating Leases 2023 $ 71,596 2024 61,821 2025 50,619 2026 49,713 2027 42,946 Thereafter to 2034 119,396 Total undiscounted lease payments 396,091 Less: Imputed interest 52,863 Total operating lease liabilities 343,228 Less: Current portion of operating lease liabilities 58,154 Long-term portion of operating lease liabilities $ 285,074 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes The provision for income taxes consisted of: (In thousands) 2022 2021 2020 Current: Federal $ 15,542 $ 38,576 $ 2,233 State 4,919 8,076 887 Puerto Rico 2,050 2,730 241 Total current 22,511 49,382 3,361 Deferred: Federal 11,712 1,296 2,122 State 1,878 390 ( 294 ) Puerto Rico - - 133 Total deferred 13,590 1,686 1,961 Valuation allowance 953 1,251 237 Total provision $ 37,054 $ 52,319 $ 5,559 Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows: Fiscal years 2022 2021 2020 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax 3.5 3.6 2.4 Puerto Rico 0.6 0.6 1.7 Excess tax benefit on stock-based compensation ( 0.4 ) ( 0.5 ) 0.4 Other 0.5 0.6 0.3 Effective income tax rate 25.2 % 25.3 % 25.8 % Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows: (In thousands) January 28, January 29, Deferred tax assets: Lease obligations $ 83,473 $ 55,126 Accrued compensation 4,496 3,917 Inventory 767 1,018 Other 4,639 3,719 Total deferred tax assets 93,375 63,780 Valuation allowance ( 2,635 ) ( 1,682 ) Total deferred tax assets – net of valuation 90,740 62,098 Deferred tax liabilities: Lease ROU assets 78,627 50,363 Property and equipment 19,673 6,767 Other 4,284 2,269 Total deferred tax liabilities 102,584 59,399 Net long-term (liability) / asset $ ( 11,844 ) $ 2,699 We have tax credit carryforwards associated with our Puerto Rico operations totaling $ 2.6 million at January 28, 2023 and $ 1.7 million at January 29, 2022. These credits expire at various times over the next ten years . We have taken a full valuation allowance against these credits given they are not expected to be utilized due to the current differential between U.S. and Puerto Rico tax rates. As of January 28, 2023 and January 29, 2022 , there were no unrecognized tax liabilities or related accrued penalties or interest. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 12 – Employee Benefit Plans Retirement Savings Plans Our Board of Directors-approved Shoe Carnival Retirement Savings Plan (the “Domestic Savings Plan”) is open to all employees working in the continental United States who have been employed for at least one year , are at least 21 years of age and who work at least 1,000 hours in a defined year. The primary savings mechanism under the Domestic Savings Plan is a 401(k) plan under which an employee may contribute up to 20 % of annual earnings with a matching Company contribution up to the first 4 % at a rate of 50 %. Our contributions to the participants’ accounts become fully vested when participants reach their third anniversary of employment with us. Our Board of Directors-approved Shoe Carnival Puerto Rico Savings Plan (the “Puerto Rico Savings Plan”) is open to all employees working in Puerto Rico who have been employed for at least one year , are at least 21 years of age and who work at least 1,000 hours in a defined year. This plan is similar to our Domestic Savings Plan, whereby an employee may contribute up to 20 % of his or her annual earnings, with a matching Company contribution up to the first 4 % at a rate of 50 %. Contributions charged to expense associated with these plans were $ 1.0 million, $ 949,000 and $ 851,000 in fiscal years 2022, 2021 and 2020, respectively. Deferred Compensation Plan We have a non-qualified deferred compensation plan for certain key employees who, due to Internal Revenue Service guidelines, cannot take full advantage of the employer-sponsored 401(k) plan. Participants in the plan may elect on an annual basis to defer, on a pre-tax basis, portions of their current compensation until retirement, or earlier if so elected. We voluntarily match a portion of the employees’ contributions, which is subject to vesting requirements. The compensation deferred under this plan is credited with earnings or losses measured by the rate of return on investments elected by plan participants. Loss on the deferred amounts, net of c ompensation expense for our match, was $ 330,000 for Fiscal 2022 . Compensation expense for our match and earnings on the deferred amounts was $ 1.3 million for Fiscal 2021 and $ 2.0 million for Fiscal 2020. The total deferred compensation liability at January 28, 2023 and January 29, 2022 was $ 11.3 million and $ 14.6 million, respectively, of which $ 1.5 million and $ 3.7 million was classified as Accrued and Other Liabilities at January 28, 2023 and January 29, 2022 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Note 13 – Stock-Based Compensation Stock-based compensation includes share-settled awards issued pursuant to our shareholder approved Shoe Carnival, Inc. 2017 Equity Incentive Plan (the “2017 Plan”) in the form of restricted stock units, performance stock units, and restricted and other stock awards. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our Employee Stock Purchase Plan and for cash-settled stock appreciation rights (SARs). For fiscal years 2022, 2021 and 2020, stock-based compensation expense was comprised of the following: (In thousands) 2022 2021 2020 Share-settled equity awards $ 5,542 $ 5,234 $ 3,426 Stock appreciation rights ( 141 ) 269 423 Employee stock purchase plan 33 28 34 Total stock-based compensation expense $ 5,434 $ 5,531 $ 3,883 Income tax benefit at statutory rates $ 1,368 $ 1,399 $ 1,002 Additional income tax (benefit)/expense on vesting of share-settled awards $ ( 562 ) $ ( 992 ) $ 81 As of January 28, 2023, there was approximately $ 6.8 million of unrecognized compensation expense remaining related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 1.1 years. Under the 2017 Plan, we may issue stock units, restricted stock, stock appreciation rights, stock options and other stock-based awards to eligible participants. According to the terms of the 2017 Plan, no further awards may be made from any previously approved equity plans. As of January 28, 2023 , there were approximately 546,000 shares of our common stock available for future issuances under the 2017 Plan. Equity awards issued to employees are classified as either performance-based or service-based. Our outstanding performance-based equity awards were granted such that vesting depended on whether Diluted Net Income per Share met an established threshold, target, or maximum level of performance. Diluted Net Income per Share below the threshold level of performance would have resulted in complete forfeiture of the award. Our service-based restricted stock units and restricted stock awards vest under different scenarios based on the year they were granted, as determined and approved by our Board of Directors. Typical vesting scenarios are as follows: (a) one-third of the award vests on each of the first three anniversaries subsequent to the date of the grant; (b) one-half of the award vests after one year and one-half vests after two years; (c) one-third of the award vests after two years and two-thirds of the award vests after three years; (d) the full award vests at the end of a 2-year service period subsequent to the date of grant; or (e) for our non-employee Board members and Vice Chairman, all restricted stock awards are issued to vest on January 2 nd of the year following the year of the grant. Awards that contain both performance and service-based conditions require that the performance target be met during the required service period. Under the 2017 Plan, recipients of restricted stock, restricted stock units and performance stock units are entitled to receive dividend equivalents, based on dividends actually declared and paid, on such awards, and such dividend equivalents are subject to the same restrictions and risk of forfeiture as the restricted stock, restricted stock units and performance stock units. Share-Settled Equity Awards The following table summarizes transactions for our restricted stock units and performance stock units: Number of Weighted- Outstanding at January 29, 2022 457,038 $ 16.54 Granted 345,164 30.32 Vested ( 178,425 ) 18.26 Forfeited ( 63,454 ) 27.26 Outstanding at January 28, 2023 560,323 $ 23.27 The total fair value at grant date of restricted stock units and performance stock units that vested during Fiscal 2022, 2021 and 2020 was $ 3.3 million, $ 3.7 million and $ 4.4 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during Fiscal 2021 and Fiscal 2020 was $ 28.25 and $ 7.48 , respectively. The following table summarizes transactions for our restricted stock and other stock awards: Number of Weighted- Outstanding at January 29, 2022 0 $ 0.00 Granted 19,487 24.12 Vested ( 19,487 ) 24.12 Outstanding at January 28, 2023 0 $ 0.00 The total fair value at grant date of restricted stock and other stock awards that vested during Fiscal 2022, 2021 and 2020 was $ 0.5 million , $ 0.3 million and $ 1.6 million, respectively. The weighted-average grant date fair value of restricted stock and other stock awards granted during Fiscal 2021 and Fiscal 2020 was $ 32.79 and $ 12.46 , respectively. Cash-Settled Stock Appreciation Rights Cash-settled SARs are granted to certain non-executive employees. Each SAR entitles holders, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of Fiscal 2021 vested and became fully exercisable on March 31, 2022 and any unexercised SARs will expire on March 31, 2024. The SARs issued in Fiscal 2021 have a defined maximum gain of $ 5.00 over the exercise price of $ 30.94 . SARs granted during the first quarter of Fiscal 2020 vested and became fully exercisable on March 31, 2021 and have all been exercised. SARs granted during the first quarter of Fiscal 2019 vested and became fully exercisable on March 31, 2020 and have all been exercised. The following table summarizes SARs activity: Number of Weighted- Weighted- Outstanding at January 29, 2022 84,800 $ 30.94 Granted 0 0.00 Forfeited ( 8,800 ) 30.94 Exercised 0 0.00 Outstanding at January 28, 2023 76,000 $ 30.94 1.2 The fair value of these liability awards is remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense are recognized over the vesting period, or immediately for vested awards. The weighted-average fair value of outstanding SAR awards as of January 28, 2023 , was $ 0.81 . The fair value was estimated using a trinomial lattice model with the following assumptions: January 28, January 29, Risk free interest rate yield curve 3.62 %- 4.68 % 0.04 %- 1.61 % Expected dividend yield 1.3 % 0.8 % Expected volatility 65.42 % 63.31 % Maximum life 1.2 Years 2.2 Years Exercise multiple 1.03 1.03 Maximum payout $ 5.00 $ 5.00 Employee exit rate 2.2 % - 9.0 % 2.2 % - 9.0 % The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our quarterly cash dividends, with the assumption that quarterly dividends would continue at that rate. Expected volatility was based on the historical volatility of our common stock. The exercise multiple and employee exit rate were based on historical data. Stock Purchase Plan In 1995, our Board of Directors and shareholders approved the Shoe Carnival, Inc. Employee Stock Purchase Plan (the “Stock Purchase Plan”). The Stock Purchase Plan reserves 450,000 shares of our common stock (subject to adjustment for any subsequent stock splits, stock dividends and certain other changes in our common stock) for issuance and sale to any employee who has been employed for more than a year at the beginning of the calendar year, and who is not a 10 % owner of our common stock, at 85 % of the then fair market value up to a maximum of $ 5,000 in any calendar year. Under the Stock Purchase Plan, 9,000 , 6,000 and 16,000 shares of common stock were purchased by plan participants and proceeds to us for the sale of those shares were approximately $ 187,000 , $ 160,000 and $ 195,000 for fiscal years 2022, 2021 and 2020, respectively. At January 28, 2023 , there were 109,000 shares of unissued common stock reserved for future purchase under the Stock Purchase Plan. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Jan. 28, 2023 | |
Equity [Abstract] | |
Share Repurchase Program | Note 14 – Share Repurchase Program On December 14, 2022, our Board of Directors authorized a share repurchase program for up to $ 50 million of our outstanding common stock, effective January 1, 2023 (the “2023 Share Repurchase Program”). The purchases may be made in the open market or through privately negotiated transactions from time-to-time through December 31, 2023 and in accordance with applicable laws, rules and regulations. The 2023 Share Repurchase Program may be amended, suspended or discontinued at any time and does not commit us to repurchase shares of our common stock. We have funded, and intend to continue to fund, the share repurchase program from cash on hand, and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of our stock price and other market and economic factors. The 2023 Share Repurchase Program replaced a $ 50 million share repurchase program that was authorized in December 2021, became effective January 1, 2022 and expired in accordance with its terms on December 31, 2022 . Shares totaling 1,134,524 were repurchased during Fiscal 2022 at a cost of $ 30.5 million. Shares totaling 208,662 were repurchased during Fiscal 2021 at a cost of $ 7.1 million and no repurchases were made in Fiscal 2020. Share repurchases activity in Fiscal 2021 and Fiscal 2020 was impacted by the COVID-19 pandemic. See Note 9 – “Debt” for a discussion of our Credit Agreement and its restrictions regarding share repurchases. |
Litigation and Business Risk
Litigation and Business Risk | 12 Months Ended |
Jan. 28, 2023 | |
Risks and Uncertainties [Abstract] | |
Litigation and Business Risk | Note 15 – Litigation and Business Risk Litigation Risk From time to time, we are involved in certain legal proceedings in the ordinary course of conducting our business. While the outcome of any legal proceeding is uncertain, we do not currently expect that any such proceedings will have a material adverse effect on our consolidated balance sheets, statements of income, or cash flows. Business Risk Two branded suppliers, Nike, Inc. and Skechers U.S.A., Inc., collectively accounted for approximately 27 % of our Net Sales in Fiscal 2022, 39 % in Fiscal 2021 and 43 % in Fiscal 2020. Nike, Inc. accounted for approximately 14 % in Fiscal 2022, 28 % in Fiscal 2021 and 33 % in Fiscal 2020. Skechers USA, Inc. accounted for approximately 13 % in Fiscal 2022, 11 % in Fiscal 2021 and 10 % in Fiscal 2020. A loss of any of our key suppliers in certain product categories could have a material adverse effect on our business. As is common in the industry, we do not have any long-term contracts with suppliers. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 28, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 – Subsequent Events On March 14, 2023, the Board of Directors approved the payment of a cash dividend to our shareholders in the first quarter of Fiscal 2023. The quarterly cash dividend of $ 0.10 per share will be paid on April 17, 2023 to shareholders of record as of the close of business on April 3, 2023 . The declaration and payment of any future dividends are at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors. See Note 9 – "Debt" for a discussion of our Credit Agreement and its restrictions regarding dividend payments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2022, 2021 and 2020 relate to the fiscal years ended January 28, 2023 ("Fiscal 2022"), January 29, 2022 ("Fiscal 2021") and January 30, 2021 ("Fiscal 2020"), respectively. Fiscal years 2022, 2021 and 2020 all consisted of 52 weeks. |
Impact of the COVID-19 Pandemic on Fiscal 2020 Results | the COVID-19 Pandemic on Fiscal 2020 Results Our operations were significantly disrupted by the outbreak of a novel strain of coronavirus (“COVID-19”). On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The U.S. Government, as well as the vast majority of states and local governments, took unprecedented measures to control the spread of COVID-19 and to provide stimulus as a mitigating measure to deteriorating economic conditions and increasing unemployment. The COVID-19 pandemic began significantly impacting our operations, sales and costs beginning in the first quarter of Fiscal 2020. Impacts included the temporary closure of our physical stores effective March 19, 2020, reduced foot traffic and sales, deteriorating economic conditions for our customer base, and some disruption to our global supply chain. We began reopening physical stores in accordance with applicable public health guidelines in late April 2020. By the beginning of the second quarter of Fiscal 2020, approximately 50 % of our stores were reopened, and by early June 2020, substantially all of our stores had reopened. Our e-commerce platform has been fully operational during the pandemic, with e-commerce orders generally fulfilled by our store locations. We did not have any stores closed as of January 28, 2023, or for extended periods during Fiscal 2022 or Fiscal 2021 due to the pandemic. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We had Cash and Cash Equivalents of $ 51.4 million at January 28, 2023 and $ 117.4 million at January 29, 2022. Credit and debit card receivables and receivables due from a third party totaling $ 6.3 million and $ 6.7 million were included in cash equivalents at January 28, 2023 and January 29, 2022 , respectively. Credit and debit card receivables generally settle within three days ; receivables due from third parties generally settle within five business days. We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 28, 2023 and January 29, 2022 , all invested cash was held in money market mutual funds. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts. |
Fair Value Measurements | Fair Value Measurements The accounting guidance related to fair value measurements defines fair value and provides a consistent framework for measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other guidance requires or permits the fair value measurement of assets and liabilities. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Quoted prices in active or inactive markets for similar assets or liabilities that are either directly or indirectly observable; and • Level 3 – Significant unobservable inputs that are generally model-based valuation techniques such as discounted cash flows, based on the best information available, including our own data. Fair values of our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy. |
Merchandise Inventories and Cost of Sales | Merchandise Inventories and Cost of Sales Merchandise Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. For determining net realizable value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of Merchandise Inventories contained on our Consolidated Balance Sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at the lower of cost or net realizable value include, among others, recent sale prices, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We also review aging trends, which include the historical rate at which merchandise has sold below cost and the value and nature of merchandise currently held in inventory and priced below original cost. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results. Cost of Sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of Sales related to our e-commerce orders includes freight expense for delivering merchandise to our customers. |
Leases | Leases We evaluate whether a contract is an operating or finance lease at its inception or at its acquisition. All of our leases are classified as operating leases as of January 28, 2023. Leases with terms of twelve months or less were not significant and we have elected to expense them as incurred. On the lease commencement date, we recognize a right-of-use ("ROU") asset for the right to use a leased asset and a liability based on the present value of remaining lease payments over the lease term. As the rate implicit in our leases is not readily determinable, we utilize an incremental borrowing rate for the initial measurement and any subsequent remeasurements of ROU assets and liabilities, which is determined through the development of a synthetic credit rating. Operating lease liabilities are increased by interest and reduced by payments each period, and ROU assets are amortized over the lease term. Interest on operating lease liabilities and the amortization of ROU assets results in straight-line rent expense over the lease term. We record variable lease expense associated with contingent rent, reduced rent due to co-tenancy violations, and other variable non-lease components when incurred. In addition to fixed minimum rental payments set forth in our leases, the measurement of ROU assets and liabilities can also include prepaid rent, landlord incentives (such as construction and tenant improvement allowances), fixed payments related to lease components (such as rent escalation payments scheduled at the lease commencement date), fixed payments related to non-lease components (such as common area maintenance (“CAM”), real estate taxes and insurance) and initial direct costs incurred in conjunction with securing a lease. The measurement of ROU assets and liabilities excludes amounts related to variable payments related to lease components (such as contingent rent payments based on performance), variable payments related to non-lease components (such as CAM, real estate taxes and insurance) and non-store related leases with an initial term of 12 months or less. For new leases, renewals or amendments, or when we make material investments in leased properties pursuant to our modernization plan, we make certain estimates and assumptions regarding property values, market rents, property lives, discount rates and probable terms. These estimates and assumptions can impact: (1) lease classification and the related accounting treatment; (2) rent holidays, escalations or deferred lease incentives, which are taken into consideration when calculating straight-line expense; (3) the term over which leasehold improvements for each store are amortized; and (4) the values and lives of adjustments to initial ROU assets. The amount of amortized rent expense would vary if different estimates and assumptions were used. See Note 10 – “Leases” for additional discussion of our lease policies as well as additional disclosures related to our leases. |
Revenue Recognition | Revenue Recognition Substantially all of our revenue is for a single performance obligation and is recognized when control passes to customers. We consider control to have transferred when we have a present right to payment, the customer has title to the product, physical possession of the product has been transferred to the customer and the risks and rewards of the product that we retain are minimal. The redemption of loyalty points under our Shoe Perks loyalty rewards program and redemptions of gift cards are accounted for as separate performance obligations. See Note 5 – “Revenue” for additional discussion of our revenue recognition policies as well as additional disclosures on revenue from contracts with customers. |
Property and Equipment- Net | Property and Equipment- Net Property and Equipment is stated at cost and is depreciated or amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty-five years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations. |
Cloud Computing Arrangements that are Service Contracts | Cloud Computing Arrangements that are Service Contracts We account for the costs to implement hosted cloud computing arrangements that are considered to be service contracts in current and noncurrent other assets. We capitalize these costs based on the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We amortize the costs over the related service contract period for the hosted arrangement. |
Long-Lived Asset Impairment Testing | Long-Lived Asset Impairment Testing We periodically evaluate our long-lived assets for impairment if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include property and equipment and operating lease ROU assets. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in Selling, General and Administrative Expenses. If the operating lease ROU asset is impaired, we would amortize the remaining ROU asset on a straight-line basis over the remaining lease term. We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our estimates are derived from an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, exercise of future lease renewal options and the store’s contribution to cash flows and, by their nature, include judgments about how current initiatives will impact future performance. We estimate the fair value of operating lease ROU assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term. External factors, such as the local environment in which the store is located, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly impact the fair value of these assets, which may have an effect on the impairment recorded. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future. |
Goodwill and Intangible Asset Impairment Testing | Goodwill and Intangible Asset Impairment Testing Goodwill recorded on our Consolidated Balance Sheets resulted from our acquisition of substantially all of the assets and liabilities of Shoe Station, Inc. ("Shoe Station") and is based on a fair value allocation of the purchase price at the time of acquisition. Goodwill is charged to expense only when it is impaired. We test for Goodwill impairment at the Shoe Station banner level. This test is performed at least annually and is performed at the beginning of our fiscal fourth quarter. No goodwill impairments were recognized in Fiscal 2022. We also annually test non-amortizing Intangible Assets for impairment. Tradenames acquired as part of the Shoe Station acquisition are our primary non-amortizing Intangible Assets. No impairments were recognized in Fiscal 2022. |
Insurance Reserves | Insurance Reserves We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk to protect us from individual and aggregate losses over specified dollar values. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. These estimates take into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. We record self-insurance expense as a component of Accrued and Other Liabilities in our Consolidated Balance Sheets and in Selling, General and Administrative Expenses in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material. |
Consideration Received From a Vendor | Consideration Received From a Vendor Consideration is primarily received from merchandise vendors and includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed. Consideration is recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our Cost of Sales unless the consideration represents a reimbursement of a specific, incremental, identifiable cost; in such a scenario, it is recorded as an offset to the same financial statement line item. Consideration received after the related merchandise has been sold is recorded as an offset to Cost of Sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our Cost of Sales at the time of sale. Should the consideration received be related to something other than the vendor’s product and such consideration received exceeds the incremental costs incurred, then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to Cost of Sales in future periods utilizing an average inventory turn rate. |
Advertising Costs | Advertising Costs Digital media, print, television, radio, outdoor media and internal production costs are expensed when incurred. External production costs are expensed in the period the advertisement first takes place. Advertising expenses included in Selling, General and Administrative Expenses were $ 55.9 million, $ 58.7 million and $ 42.1 million in fiscal years 2022, 2021 and 2020 , respectively. |
Store Opening and Start-up Costs | Store Opening and Start-up Costs Non-capital expenditures, such as payroll, supplies and rent incurred prior to the opening of a new store, are charged to expense in the period they are incurred. Advertising related to new stores is expensed pursuant to the aforementioned advertising policy. |
Stock-Based Compensation | Stock-Based Compensation We recognize compensation expense for stock-based awards using a fair value based method. Stock-based awards may include stock units, restricted stock, stock appreciation rights and other stock-based awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in Selling, General and Administrative Expenses. We account for forfeitures as they occur in calculating stock-based compensation expense for the period. For performance-based stock awards, we estimate the probability of vesting based on the likelihood that the awards will meet their performance goals. |
Segment Information | Segment Information We are a family footwear retailer that offers a broad assortment of dress, casual and athletic footwear for men, women and children with emphasis on national name brands. We operate our business as one reportable segment based on the similar nature of products sold; merchandising, distribution, and marketing processes involved; target customers; and economic characteristics of our stores and e-commerce platform. Due to our omnichannel retailer strategy, we view e-commerce sales as an extension of our physical stores. |
Income Taxes | Income Taxes We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in Income Tax Expense. |
Net Income Per Share | Net Income Per Share The following table sets forth the computation of Basic and Diluted Net Income per Share as shown on the face of the accompanying Consolidated Statements of Income: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (In thousands, except per share data) Basic Net Income per Share: Net Shares Per Net Shares Per Net Shares Per Net income $ 110,068 $ 154,881 $ 15,991 Conversion of share-based 0 0 0 Net income available for basic $ 110,068 27,543 $ 4.00 $ 154,881 28,233 $ 5.49 $ 15,991 28,133 $ 0.57 Diluted Net Income per Share: Net income $ 110,068 $ 154,881 $ 15,991 Conversion of share-based 0 269 0 363 0 363 Net income available for diluted $ 110,068 27,812 $ 3.96 $ 154,881 28,596 $ 5.42 $ 15,991 28,496 $ 0.56 The computation of Basic Net Income per Share is based on the weighted average number of common shares outstanding during the period. The computation of Diluted Net Income per Share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of stock-based compensation arrangements involving restricted stock, restricted stock units and performance stock units. A small portion of these awards that were outstanding at the beginning of Fiscal 2020 had a non-forfeitable right to dividends. The computation of Diluted Net Income per Share excluded approximately 7,000 unvested stock-based awards for Fiscal 2022 and approximately 2,000 unvested stock-based awards for Fiscal 2020 because the impact would be anti-dilutive. For Fiscal 2021, all unvested stock-based awards were dilutive. |
Litigation Matters | Litigation Matters The accounting standard related to loss contingencies provides guidance regarding our disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incidental to the operation of our business. The guidance utilizes the following defined terms to describe the likelihood of a future loss: (1) probable – the future event or events are likely to occur, (2) remote – the chance of the future event or events is slight and (3) reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. The guidance also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a loss has been incurred. No accrual or disclosure is required for losses that are remote. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued guidance related to reference rate reform, which addresses contract modifications that may be necessary due to the expected discontinuance of LIBOR as a broadly used reference rate. The guidance was effective immediately and is available for contract modifications made through December 31, 2024. We adopted the guidance at the beginning of Fiscal 2022. This adoption did not have any impact on our consolidated financial position, results of operations or cash flows. In October 2021, the FASB issued guidance related to accounting for contract assets and contract liabilities from contracts with customers in a business combination. Companies will be required to apply the definition of a performance obligation under Accounting Standards Codification Topic 606 to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. The guidance became effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the guidance at the beginning of Fiscal 2022. This adoption did no t have any impact on our consolidated financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Schedule of the Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of Basic and Diluted Net Income per Share as shown on the face of the accompanying Consolidated Statements of Income: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (In thousands, except per share data) Basic Net Income per Share: Net Shares Per Net Shares Per Net Shares Per Net income $ 110,068 $ 154,881 $ 15,991 Conversion of share-based 0 0 0 Net income available for basic $ 110,068 27,543 $ 4.00 $ 154,881 28,233 $ 5.49 $ 15,991 28,133 $ 0.57 Diluted Net Income per Share: Net income $ 110,068 $ 154,881 $ 15,991 Conversion of share-based 0 269 0 363 0 363 Net income available for diluted $ 110,068 27,812 $ 3.96 $ 154,881 28,596 $ 5.42 $ 15,991 28,496 $ 0.56 |
Acquisition of Shoe Station (Ta
Acquisition of Shoe Station (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation | The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed and reflects minor adjustments to the preliminary purchase price allocation as of January 29, 2022. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill. The purchase price allocation was considered complete as of December 3, 2022. (In thousands) Fair value of identifiable assets and liabilities: Merchandise inventories $ 27,708 Other assets 3,404 Property and equipment, net 6,045 Operating lease ROU assets 14,620 Shoe Station trade names 32,600 Goodwill 12,023 Total assets $ 96,400 Accounts payable 6,104 Operating lease liabilities 18,235 Accrued and other liabilities 1,761 Total liabilities $ 26,100 Purchase Price: Total consideration, net of cash acquired $ 70,300 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents financial instruments that are measured at fair value on a recurring basis at January 28, 2023 and January 29, 2022: Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of January 28, 2023: Cash equivalents – money market mutual funds $ 45,265 $ 0 $ 0 $ 45,265 Marketable securities - mutual funds that fund 11,601 0 0 11,601 Total $ 56,866 $ 0 $ 0 $ 56,866 As of January 29, 2022: Cash equivalents – money market mutual funds $ 115,528 $ 0 $ 0 $ 115,528 Marketable securities - mutual funds that fund 14,961 0 0 14,961 Total $ 130,489 $ 0 $ 0 $ 130,489 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregation by Product Category | Revenue is disaggregated by product category below. Net Sales and percentage of Net Sales for fiscal years 2022, 2021 and 2020 are as follows: (In thousands) January 28, January 29, January 30, Non-Athletics: Women's $ 348,632 28 % $ 317,144 24 % $ 213,095 22 % Men's 208,756 17 189,294 14 132,057 14 Children's 92,664 7 87,926 6 54,706 5 Total 650,052 52 594,364 44 399,858 41 Athletics: Women's 181,348 14 212,669 16 180,664 18 Men's 204,766 16 264,417 20 214,010 22 Children's 150,622 12 183,211 14 125,728 13 Total 536,736 42 660,297 50 520,402 53 Accessories 68,757 5 67,168 5 48,282 5 Other 6,690 1 8,565 1 8,223 1 Total $ 1,262,235 100 % $ 1,330,394 100 % $ 976,765 100 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The following is a summary of Property and Equipment: (In thousands) January 28, January 29, Land $ 1,564 $ 1,564 Buildings 7,670 7,525 Furniture, fixtures and equipment 202,790 170,321 Leasehold improvements 163,929 129,550 Total 375,953 308,960 Less accumulated depreciation and amortization ( 234,518 ) ( 220,427 ) Property and equipment – net $ 141,435 $ 88,533 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Liabilities | Accrued and Other Liabilities consisted of the following: (In thousands) January 28, January 29, Employee compensation and benefits $ 8,474 $ 15,454 Sales and use tax 2,416 2,270 Gift cards 2,399 2,323 Self-insurance reserves 1,721 3,585 Current portion of non-qualified deferred compensation 1,514 3,725 Other 3,757 5,696 Total accrued and other liabilities $ 20,281 $ 33,053 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Schedule of Lease Related Costs | Lease-related costs reported in our Consolidated Statements of Income were as follows: (In thousands) 2022 2021 2020 Operating lease cost $ 60,777 $ 54,417 $ 53,418 Variable lease cost CAM, property taxes and insurance 19,001 18,914 19,805 Percentage rent and other variable lease costs 1,231 2,723 2,008 Total $ 81,009 $ 76,054 $ 75,231 |
Schedule of Other Information Related to Leases | Other information related to leases, including supplemental cash flow information, consists of: (In thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of $ 48,991 $ 46,562 $ 38,477 ROU assets obtained in exchange for operating lease liabilities 1 $ 146,996 $ 64,058 $ 36,290 As of As of As of January 28, 2023 January 29, 2022 January 30, 2021 Weighted-average remaining lease term for operating leases 7.3 6.0 6.1 Weighted-average discount rate for operating leases 4.2 % 5.2 % 5.2 % 1) Includes ROU assets added as part of the Shoe Station acquisition described in Note 3 - "Acquisition of Shoe Station" |
Undiscounted Cash Flows to Operating Lease Liabilities | The following table reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to our operating lease liabilities as of January 28, 2023: (In thousands) Operating Leases 2023 $ 71,596 2024 61,821 2025 50,619 2026 49,713 2027 42,946 Thereafter to 2034 119,396 Total undiscounted lease payments 396,091 Less: Imputed interest 52,863 Total operating lease liabilities 343,228 Less: Current portion of operating lease liabilities 58,154 Long-term portion of operating lease liabilities $ 285,074 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The provision for income taxes consisted of: (In thousands) 2022 2021 2020 Current: Federal $ 15,542 $ 38,576 $ 2,233 State 4,919 8,076 887 Puerto Rico 2,050 2,730 241 Total current 22,511 49,382 3,361 Deferred: Federal 11,712 1,296 2,122 State 1,878 390 ( 294 ) Puerto Rico - - 133 Total deferred 13,590 1,686 1,961 Valuation allowance 953 1,251 237 Total provision $ 37,054 $ 52,319 $ 5,559 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows: Fiscal years 2022 2021 2020 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax 3.5 3.6 2.4 Puerto Rico 0.6 0.6 1.7 Excess tax benefit on stock-based compensation ( 0.4 ) ( 0.5 ) 0.4 Other 0.5 0.6 0.3 Effective income tax rate 25.2 % 25.3 % 25.8 % |
Schedule of Deferred Tax Asset/Liability | Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows: (In thousands) January 28, January 29, Deferred tax assets: Lease obligations $ 83,473 $ 55,126 Accrued compensation 4,496 3,917 Inventory 767 1,018 Other 4,639 3,719 Total deferred tax assets 93,375 63,780 Valuation allowance ( 2,635 ) ( 1,682 ) Total deferred tax assets – net of valuation 90,740 62,098 Deferred tax liabilities: Lease ROU assets 78,627 50,363 Property and equipment 19,673 6,767 Other 4,284 2,269 Total deferred tax liabilities 102,584 59,399 Net long-term (liability) / asset $ ( 11,844 ) $ 2,699 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Schedule of Stock-based Compensation Expense | For fiscal years 2022, 2021 and 2020, stock-based compensation expense was comprised of the following: (In thousands) 2022 2021 2020 Share-settled equity awards $ 5,542 $ 5,234 $ 3,426 Stock appreciation rights ( 141 ) 269 423 Employee stock purchase plan 33 28 34 Total stock-based compensation expense $ 5,434 $ 5,531 $ 3,883 Income tax benefit at statutory rates $ 1,368 $ 1,399 $ 1,002 Additional income tax (benefit)/expense on vesting of share-settled awards $ ( 562 ) $ ( 992 ) $ 81 |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our restricted stock and other stock awards: Number of Weighted- Outstanding at January 29, 2022 0 $ 0.00 Granted 19,487 24.12 Vested ( 19,487 ) 24.12 Outstanding at January 28, 2023 0 $ 0.00 |
Summary of SARs Activity | The following table summarizes SARs activity: Number of Weighted- Weighted- Outstanding at January 29, 2022 84,800 $ 30.94 Granted 0 0.00 Forfeited ( 8,800 ) 30.94 Exercised 0 0.00 Outstanding at January 28, 2023 76,000 $ 30.94 1.2 |
Schedule of SARs Assumptions | The fair value was estimated using a trinomial lattice model with the following assumptions: January 28, January 29, Risk free interest rate yield curve 3.62 %- 4.68 % 0.04 %- 1.61 % Expected dividend yield 1.3 % 0.8 % Expected volatility 65.42 % 63.31 % Maximum life 1.2 Years 2.2 Years Exercise multiple 1.03 1.03 Maximum payout $ 5.00 $ 5.00 Employee exit rate 2.2 % - 9.0 % 2.2 % - 9.0 % |
Share-settled Equity Awards | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our restricted stock units and performance stock units: Number of Weighted- Outstanding at January 29, 2022 457,038 $ 16.54 Granted 345,164 30.32 Vested ( 178,425 ) 18.26 Forfeited ( 63,454 ) 27.26 Outstanding at January 28, 2023 560,323 $ 23.27 |
Organization and Description _2
Organization and Description of Business (Narrative) (Details) | Jan. 28, 2023 State |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
'Number of states in which entity operates | State | 35 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | |
Aug. 01, 2020 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cash and cash equivalents | $ 51,372,000 | $ 117,443,000 | ||
Credit and debit card receivables | 6,300,000 | 6,700,000 | ||
Goodwill impairments | 0 | |||
Intangible assets impairments | $ 0 | |||
Credit and debit card receivable, settlement period, low end of range | 3 days | |||
Advertising expenses | $ 55,900,000 | $ 58,700,000 | $ 42,100,000 | |
Topic 606 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accounting policy early adoption | true | |||
Accounting policy adopted | true | |||
Accounting policy immaterial effect | true | |||
Unvested Stock-based Awards | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, shares. | 7,000 | 2,000 | ||
COVID-19 Impacts | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Percentage of stores opened | 50% | |||
Percentage of stores opened, effective date | early June |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Net Income per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Basic Net Income per Share: | |||
Net income | $ 110,068 | $ 154,881 | $ 15,991 |
Conversion of share-based compensation arrangements | 0 | 0 | 0 |
Net income available for basic common shares and basic net income per share | $ 110,068 | $ 154,881 | $ 15,991 |
Basic, Shares | 27,543 | 28,233 | 28,133 |
Basic, Per Share Amount | $ 4 | $ 5.49 | $ 0.57 |
Diluted Net Income per Share: | |||
Net income | $ 110,068 | $ 154,881 | $ 15,991 |
Conversion of share-based compensation arrangements | 0 | 0 | 0 |
Net income available for diluted common shares and diluted net income per share | $ 110,068 | $ 154,881 | $ 15,991 |
Conversion of share-based compensation arrangements, Shares | 269 | 363 | 363 |
Diluted, Shares | 27,812 | 28,596 | 28,496 |
Diluted, Per Share Amount | $ 3.96 | $ 5.42 | $ 0.56 |
Acquisition of Shoe Station (Na
Acquisition of Shoe Station (Narrative) (Details) | 2 Months Ended | 12 Months Ended | |||
Dec. 03, 2021 USD ($) | Jan. 29, 2022 USD ($) | Jan. 28, 2023 USD ($) Store State | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Net sales | $ 1,262,235,000 | $ 1,330,394,000 | $ 976,765,000 | ||
Shoe Station | |||||
Business Acquisition [Line Items] | |||||
Business combination consideration transferred | $ 70,300,000 | ||||
Cash consideration | $ 77,000 | ||||
Number of stores operated | Store | 24 | ||||
Number of southeastern states | State | 5 | ||||
Number of stores acquired | Store | 21 | ||||
Number of stores opened | Store | 3 | ||||
Net sales | $ 16,600,000 | $ 99,900,000 | |||
Acquisition-related costs | $ 3,200,000 | ||||
Business combination goodwill and indefinite-lived intangible assets amortization period | 15 years |
Acquisition of Shoe Station - S
Acquisition of Shoe Station - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Dec. 03, 2022 | Jan. 29, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 12,023 | $ 11,384 | |
Shoe Station [Member] | |||
Business Acquisition [Line Items] | |||
Merchandise inventories | $ 27,708 | ||
Other assets | 3,404 | ||
Property and equipment, net | 6,045 | ||
Operating lease ROU assets | 14,620 | ||
Shoe Station trade names | 32,600 | ||
Goodwill | 12,023 | ||
Total assets | 96,400 | ||
Accounts payable | 6,104 | ||
Operating lease liabilities | 18,235 | ||
Accrued and other liabilities | 1,761 | ||
Total liabilities | 26,100 | ||
Total consideration, net of cash acquired | $ 70,300 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Schedule of Financial Instruments Measure at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market mutual funds | $ 45,265 | $ 115,528 |
Marketable securities - mutual funds that fund deferred compensation | 11,601 | 14,961 |
Total | 56,866 | 130,489 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market mutual funds | 45,265 | 115,528 |
Marketable securities - mutual funds that fund deferred compensation | 11,601 | 14,961 |
Total | 56,866 | 130,489 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market mutual funds | 0 | 0 |
Marketable securities - mutual funds that fund deferred compensation | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market mutual funds | 0 | 0 |
Marketable securities - mutual funds that fund deferred compensation | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Fair Value Disclosures [Abstract] | ||
Investment Owned, at Fair Value | $ 11.3 | |
Accrued Liabilities and Other Liabilities | 1.5 | $ 3.7 |
Deferred Compensation Liability, Current | 9.8 | |
Cumulative unrealized losses related to equity securities | $ (2.9) |
Revenue (Schedule of Revenue Di
Revenue (Schedule of Revenue Disaggregation by Product Category) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Net sales | $ 1,262,235 | $ 1,330,394 | $ 976,765 |
Sales Revenue Net | Geographic Concentration Risk | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 100% | 100% | 100% |
Net sales | $ 1,262,235 | $ 1,330,394 | $ 976,765 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 52% | 44% | 41% |
Net sales | $ 650,052 | $ 594,364 | $ 399,858 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Women' s | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 28% | 24% | 22% |
Net sales | $ 348,632 | $ 317,144 | $ 213,095 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Men' s | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 17% | 14% | 14% |
Net sales | $ 208,756 | $ 189,294 | $ 132,057 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Children' s | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 7% | 6% | 5% |
Net sales | $ 92,664 | $ 87,926 | $ 54,706 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 42% | 50% | 53% |
Net sales | $ 536,736 | $ 660,297 | $ 520,402 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | Women' s | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 14% | 16% | 18% |
Net sales | $ 181,348 | $ 212,669 | $ 180,664 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | Men' s | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 16% | 20% | 22% |
Net sales | $ 204,766 | $ 264,417 | $ 214,010 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | Children' s | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 12% | 14% | 13% |
Net sales | $ 150,622 | $ 183,211 | $ 125,728 |
Sales Revenue Net | Geographic Concentration Risk | Accessories | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 5% | 5% | 5% |
Net sales | $ 68,757 | $ 67,168 | $ 48,282 |
Sales Revenue Net | Geographic Concentration Risk | Other | |||
Disaggregation Of Revenue [Line Items] | |||
Percentage of net sales | 1% | 1% | 1% |
Net sales | $ 6,690 | $ 8,565 | $ 8,223 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Refund liabilities | $ 866,000 | $ 884,000 | ||
Return assets | 503,000 | 516,000 | ||
Contract liabilities associated with unredeemed gift cards | 2,400,000 | 2,300,000 | ||
Breakage revenue | 0 | 0 | $ 0 | |
Net sales associated with loyalty rewards | 5,500,000 | $ 6,100,000 | $ 4,400,000 | |
Contract liabilities associated with loyalty rewards | $ 844,000 | $ 852,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 375,953 | $ 308,960 |
Less accumulated depreciation and amortization | (234,518) | (220,427) |
Property and equipment – net | 141,435 | 88,533 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,564 | 1,564 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,670 | 7,525 |
Furniture, Fixtures and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 202,790 | 170,321 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 163,929 | $ 129,550 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Long-lived assets, impairment charges | $ 0 | $ 1,300,000 | $ 3,100,000 |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense |
Depreciation expense with property and equipment | $ 20,900,000 | $ 14,700,000 | $ 14,800,000 |
Property and equipment | 375,953,000 | 308,960,000 | |
Construction Work in Process | |||
Property and equipment | $ 13,300,000 | $ 13,300,000 |
Cloud Computing Arrangements _2
Cloud Computing Arrangements that are Service Contracts - (Narrative) (Details) - Cloud Computing Arrangements - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net capitalized costs | $ 16.7 | $ 15.6 | |
Total amortization expense related to cloud computing arrangements | 2.3 | 4 | $ 1.3 |
Other Current Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net capitalized costs | 3 | 2.8 | |
Other Noncurrent Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net capitalized costs | $ 13.7 | $ 12.8 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 8,474 | $ 15,454 |
Sales and use tax | 2,416 | 2,270 |
Gift cards | 2,399 | 2,323 |
Self-insurance reserves | 1,721 | 3,585 |
Current Portion of Non-qualified Deferred compensation | 1,514 | 3,725 |
Other | 3,757 | 5,696 |
Total accrued and other liabilities | $ 20,281 | $ 33,053 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |
Mar. 26, 2022 | Mar. 23, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration date | Mar. 23, 2027 | |||
Amount outstanding during period | $ 0 | $ 0 | ||
Maximum amount outstanding during period | $ 100,000,000 | 0 | $ 0 | |
Outstanding letters of credit | 700,000 | |||
Line of credit, available borrowing amount | $ 99,300,000 | |||
Interest rate | 3% | |||
Maximum dividends or share repurchases per year without restriction | $ 15,000,000 | |||
Minimum maintenance of payment conditions for dividends and share repurchases | 15,000,000 | |||
Line of credit swing line sublimit | 15,000,000 | |||
Secured or unsecured Debt | $ 20,000,000 | |||
Line of credit facility minimum net worth | $ 250,000,000 | |||
Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage rate | 0.20% | |||
Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Rent expenses | 3.50% | |||
Commitment fee percentage rate | 0.30% | |||
Credit Agreement | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0% | |||
Credit Agreement | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1% | |||
Credit Agreement | SOFR plus | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.90% | |||
Credit Agreement | SOFR plus | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.90% | |||
Previous Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Credit facility interest rate description | the Previous Credit Agreement bore interest, at our option, at (1) the agent bank’s prime rate as defined in the Previous Credit Agreement plus 1.0%, with the prime rate defined as the greater of (a) the Federal Fund rate plus 0.50% or (b) the interest rate announced from time to time by the agent bank as its “prime rate” or (2) LIBOR plus 1.50% to 2.50%, depending on our achievement of certain performance criteria. If the stated LIBOR rate was less than 0.75%, the LIBOR rate for purposes of calculating the interest rate under the Previous Credit Agreement would have been 0.75%. | |||
Covenant description | (1) Total Shareholders’ Equity (as defined in the Previous Credit Agreement) could not fall below $250 million at the end of each fiscal quarter; (2) the ratio of funded debt plus three times rent expense to EBITDA (as defined in the Previous Credit Agreement) plus rent expense could not exceed 3.0 to 1.0, except for the fiscal quarters ending on or about July 31, 2020; October 31, 2020; and January 31, 2021; (3) the aggregate amount of cash dividends for a fiscal year could not exceed $10 million; and (4) distributions in the form of redemptions of Equity Interests (as defined in the Previous Credit Agreement) could be made solely with cash on hand so long as before and immediately after such distributions there were no revolving loans outstanding under the Previous Credit Agreement. We were in compliance with these covenants at January 29, 2022. | |||
Previous Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage rate | 0.30% | |||
Previous Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage rate | 0.40% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Current lease expiration year | 2034 | |
Deferred lease payment | $ 3.1 |
Leases - Schedule of Lease Rela
Leases - Schedule of Lease Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 60,777 | $ 54,417 | $ 53,418 |
Variable lease cost | |||
CAM, property taxes and insurance | 19,001 | 18,914 | 19,805 |
Percentage rent and other variable lease costs | 1,231 | 2,723 | 2,008 |
Total | $ 81,009 | $ 76,054 | $ 75,231 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | ||
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 48,991 | $ 46,562 | $ 38,477 | |
ROU assets obtained in exchange for operating lease liabilities | [1] | $ 146,996 | $ 64,058 | $ 36,290 |
Weighted-average remaining lease term for operating leases (in years) | 7 years 3 months 18 days | 6 years | 6 years 1 month 6 days | |
Weighted-average discount rate for operating leases | 4.20% | 5.20% | 5.20% | |
[1] Includes ROU assets added as part of the Shoe Station acquisition described in Note 3 - "Acquisition of Shoe Station" |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Leases [Abstract] | ||
2023 | $ 71,596 | |
2024 | 61,821 | |
2025 | 50,619 | |
2026 | 49,713 | |
2027 | 42,946 | |
Thereafter to 2034 | 119,396 | |
Total undiscounted lease payments | 396,091 | |
Less: Imputed interest | 52,863 | |
Total operating lease liabilities | 343,228 | |
Current portion of operating lease liabilities | 58,154 | $ 51,563 |
Long-term portion of operating lease liabilities | $ 285,074 | $ 194,788 |
Income Taxes (Schedule of the P
Income Taxes (Schedule of the Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Current: | |||
Federal | $ 15,542 | $ 38,576 | $ 2,233 |
State | 4,919 | 8,076 | 887 |
Puerto Rico | 2,050 | 2,730 | 241 |
Total current | 22,511 | 49,382 | 3,361 |
Deferred: | |||
Federal | 11,712 | 1,296 | 2,122 |
State | 1,878 | 390 | (294) |
Puerto Rico | 133 | ||
Total deferred | 13,590 | 1,686 | 1,961 |
Valuation allowance | 953 | 1,251 | 237 |
Total provision | $ 37,054 | $ 52,319 | $ 5,559 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Statutory Income Tax Rate) (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory tax rate | 21% | 21% | 21% |
State and local income taxes, net of federal tax benefit | 3.50% | 3.60% | 2.40% |
Puerto Rico | 0.60% | 0.60% | 1.70% |
Excess tax benefit on stock-based compensation | (0.40%) | (0.50%) | 0.40% |
Other | 0.50% | 0.60% | 0.30% |
Effective income tax rate | 25.20% | 25.30% | 25.80% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Income Tax Assets/Liabilities) (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred tax assets: | ||
Lease obligations | $ 83,473 | $ 55,126 |
Accrued compensation | 4,496 | 3,917 |
Inventory | 767 | 1,018 |
Other | 4,639 | 3,719 |
Total deferred tax assets | 93,375 | 63,780 |
Valuation allowance | (2,635) | (1,682) |
Total deferred tax assets – net of valuation allowance | 90,740 | 62,098 |
Deferred tax liabilities: | ||
Lease ROU assets | 78,627 | 50,363 |
Property and equipment | 19,673 | 6,767 |
Other | 4,284 | 2,269 |
Total deferred tax liabilities | 102,584 | 59,399 |
Net long-term asset | $ 2,699 | |
Net long-term (liability) | $ (11,844) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | ||
Tax Credit Carryforward, Amount | $ 2,600,000 | $ 1,700,000 |
Tax Credits Expiration Term | ten years | |
Unrecognized tax liabilities | $ 0 | 0 |
Unrecognized tax liabilities related accrued penalties or interest | $ 0 | $ 0 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions charged to expense | $ 1,000,000 | $ 949,000 | $ 851,000 |
Compensation (income) expense | 330,000 | 1,300,000 | $ 2,000,000 |
Accrued Liabilities and Other Liabilities | 1,500,000 | 3,700,000 | |
Total deferred compensation liability | $ 11,300,000 | $ 14,600,000 | |
United States Postretirement Benefit Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Requisite service period for participation | 1 year | ||
Requisite participant age | 21 years | ||
Requisite work hours for participation | 1000 hours | ||
Percentage of earnings which may be contributed | 20% | ||
Employee contribution percentage | 4% | ||
Eligible earnings which may be contributed, and matched by employer | 50% | ||
Foreign Postretirement Benefit Plan, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Requisite service period for participation | 1 year | ||
Requisite participant age | 21 years | ||
Requisite work hours for participation | 1000 hours | ||
Percentage of earnings which may be contributed | 20% | ||
Employee contribution percentage | 4% | ||
Eligible earnings which may be contributed, and matched by employer | 50% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 5,434 | $ 5,531 | $ 3,883 |
Income tax benefit at statutory rates | 1,368 | 1,399 | 1,002 |
Additional income tax (benefit)/expense on vesting of share-settled awards | (562) | (992) | 81 |
Share-settled Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 5,542 | 5,234 | 3,426 |
Stock Appreciation Rights | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | (141) | 269 | 423 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 33 | $ 28 | $ 34 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock reserved for issuance | 546,000 | ||
SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined maximum gain | $ 5 | $ 5 | |
Exercise price | $ 30.94 | ||
Weighted average grant date fair value of awards | $ 0.81 | ||
Share-settled Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of stock awards vested during period | $ 3,300,000 | $ 3,700,000 | $ 4,400,000 |
Unrecognized share-based compensation expense | $ 6,800,000 | ||
Unrecognized compensation cost, recognition period | 1 year 1 month 6 days | ||
Weighted average grant date fair value of awards | $ 30.32 | $ 28.25 | $ 7.48 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of stock awards vested during period | $ 500,000 | $ 300,000 | $ 1,600,000 |
Weighted average grant date fair value of awards | $ 24.12 | $ 32.79 | $ 12.46 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of unissued common stock reserved for future purchase | 109,000 | ||
Shares of common stock reserved for issuance | 450,000 | ||
Employee service period | 1 year | ||
Maximum ownership rate | 10% | ||
Purchase price, percentage of fair market value | 85% | ||
Maximum annual purchases under plan | $ 5,000 | ||
Shares issued under plan | 9,000 | 6,000 | 16,000 |
Proceeds from issuance of shares under plan | $ 187,000 | $ 160,000 | $ 195,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-settled Equity Awards | |||
Number of Shares | |||
Outstanding at January 29, 2022 | 457,038 | ||
Granted | 345,164 | ||
Vested | (178,425) | ||
Forfeited | (63,454) | ||
Outstanding at January 28, 2023 | 560,323 | 457,038 | |
Weighted-Average Grant Date Fair Value | |||
Outstanding at January 29, 2022 | $ 16.54 | ||
Granted | 30.32 | $ 28.25 | $ 7.48 |
Vested | 18.26 | ||
Forfeited | 27.26 | ||
Outstanding at January 28, 2023 | $ 23.27 | $ 16.54 | |
Restricted Stock | |||
Number of Shares | |||
Outstanding at January 29, 2022 | 0 | ||
Granted | 19,487 | ||
Vested | (19,487) | ||
Outstanding at January 28, 2023 | 0 | 0 | |
Weighted-Average Grant Date Fair Value | |||
Outstanding at January 29, 2022 | $ 0 | ||
Granted | 24.12 | $ 32.79 | $ 12.46 |
Vested | 24.12 | ||
Outstanding at January 28, 2023 | $ 0 | $ 0 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of SARs Activity) (Details) - SARs | 12 Months Ended |
Jan. 28, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 29, 2022 | shares | 84,800 |
Granted | shares | 0 |
Forfeited | shares | (8,800) |
Exercised | shares | 0 |
Outstanding at January 28, 2023 | shares | 76,000 |
Outstanding at January 29, 2022 | $ / shares | $ 30.94 |
Granted | $ / shares | 0 |
Forfeited | $ / shares | 30.94 |
Exercised | $ / shares | 0 |
Outstanding at January 28, 2023 | $ / shares | $ 30.94 |
Outstanding at January 28, 2023 | 1 year 2 months 12 days |
Stock Based Compensation (Sched
Stock Based Compensation (Schedule of SARs Assumptions) (Details) - SARs - $ / shares | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate yield curve, minimum | 3.62% | 0.04% |
Risk free interest rate yield curve, maximum | 4.68% | 1.61% |
Expected dividend yield | 1.30% | 0.80% |
Expected volatility | 65.42% | 63.31% |
Maximum life | 1 year 2 months 12 days | 2 years 2 months 12 days |
Exercise multiple | $ 1.03 | $ 1.03 |
Maximum payout | $ 5 | $ 5 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 2.20% | 2.20% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 9% | 9% |
Share Repurchase Program (Narra
Share Repurchase Program (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 14, 2022 | Dec. 31, 2021 | Jan. 29, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Debt Instrument [Line Items] | |||||
Share repurchase program, authorized amount | $ 50 | $ 50 | |||
Share repurchase program, expiration date | Dec. 31, 2023 | Dec. 31, 2022 | |||
Share repurchase program, shares purchased | 1,134,524 | 208,662 | 0 | ||
Share repurchase program, purchased amount | $ 30.5 | $ 7.1 |
Litigation and Business Risk (N
Litigation and Business Risk (Narrative) (Details) - Supplier Concentration Risk - Sales Revenue Net | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Nike, Inc. | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 14% | 28% | 33% |
Skechers USA, Inc. | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 13% | 11% | 10% |
Nike, Inc. and Skechers USA, Inc. | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 27% | 39% | 43% |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - $ / shares | Mar. 14, 2023 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Subsequent Event [Line Items] | ||||
Dividend declared, amount per share | $ 0.36 | $ 0.28 | $ 0.178 | |
Scenario Forecast | ||||
Subsequent Event [Line Items] | ||||
Dividend declared, amount per share | $ 0.10 | |||
Dividend declared, payment date | Apr. 17, 2023 | |||
Dividend declared, record date | Apr. 03, 2023 |