Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2024 | Jun. 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 04, 2024 | |
Entity Registrant Name | Shoe Carnival, Inc. | |
Entity Central Index Key | 0000895447 | |
Trading Symbol | SCVL | |
Current Fiscal Year End Date | --01-27 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 27,158,322 | |
Entity File Number | 0-21360 | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1736614 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Address, Address Line One | 7500 East Columbia Street | |
Entity Address, City or Town | Evansville | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47715 | |
City Area Code | 812 | |
Local Phone Number | 867-4034 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current Assets: | |||
Cash and cash equivalents | $ 56,919 | $ 99,000 | $ 32,587 |
Marketable securities | 12,555 | 12,247 | 11,535 |
Accounts receivable | 5,868 | 2,593 | 3,084 |
Merchandise inventories | 411,619 | 346,442 | 389,508 |
Other | 17,992 | 21,056 | 16,836 |
Total Current Assets | 504,953 | 481,338 | 453,550 |
Property and equipment – net | 172,182 | 168,613 | 150,487 |
Operating lease right-of-use assets | 345,881 | 333,851 | 312,760 |
Intangible Assets | 41,001 | 32,600 | 32,600 |
Goodwill | 15,223 | 12,023 | 12,023 |
Other noncurrent assets | 13,342 | 13,600 | 15,209 |
Total Assets | 1,092,582 | 1,042,025 | 976,629 |
Current Liabilities: | |||
Accounts payable | 71,234 | 58,274 | 55,853 |
Accrued and other liabilities | 21,938 | 16,620 | 21,314 |
Current portion of operating lease liabilities | 56,025 | 52,981 | 58,077 |
Total Current Liabilities | 149,197 | 127,875 | 135,244 |
Long-term portion of operating lease liabilities | 313,302 | 301,355 | 279,168 |
Deferred income taxes | 15,999 | 17,341 | 14,526 |
Deferred compensation | 12,157 | 11,639 | 9,809 |
Other | 4,123 | 426 | 202 |
Total Liabilities | 494,778 | 458,636 | 438,949 |
Shareholders’ Equity: | |||
Common stock, $0.01 par value, 50,000,000 shares authorized and 41,049,190 shares issued in each period, respectively | 410 | 410 | 410 |
Additional paid-in capital | 84,576 | 83,738 | 80,361 |
Retained earnings | 728,175 | 714,647 | 667,196 |
Treasury stock, at cost, 13,890,868 shares, 13,919,326 shares and 13,713,595 shares, respectively | (215,357) | (215,406) | (210,287) |
Total Shareholders’ Equity | 597,804 | 583,389 | 537,680 |
Total Liabilities and Shareholders’ Equity | $ 1,092,582 | $ 1,042,025 | $ 976,629 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Statement of Financial Position [Abstract] | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 41,049,190 | 41,049,190 | 41,049,190 |
Treasury stock, shares | 13,890,868 | 13,919,326 | 13,713,595 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 300,365 | $ 281,184 |
Cost of sales (including buying, distribution and occupancy costs) | 193,565 | 182,667 |
Gross profit | 106,800 | 98,517 |
Selling, general and administrative expenses | 84,293 | 77,578 |
Operating income | 22,507 | 20,939 |
Interest income | (803) | (478) |
Interest expense | 136 | 66 |
Income before income taxes | 23,174 | 21,351 |
Income tax expense | 5,888 | 4,825 |
Net income | $ 17,286 | $ 16,526 |
Net income per share: | ||
Basic | $ 0.64 | $ 0.61 |
Diluted | $ 0.63 | $ 0.60 |
Weighted average shares: | ||
Basic | 27,142 | 27,223 |
Diluted | 27,408 | 27,505 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings |
Balance at Jan. 28, 2023 | $ 525,568 | $ 410 | $ (211,715) | $ 83,423 | $ 653,450 |
Balance, shares at Jan. 28, 2023 | 41,049,000 | (13,884,000) | |||
Dividends declared | (2,780) | (2,780) | |||
Employee stock purchase plan purchases | 57 | $ 40 | 17 | ||
Employee stock purchase plan purchases, shares | 3,000 | ||||
Stock-based compensation awards | 0 | $ 4,315 | (4,315) | ||
Stock-based compensation awards, shares | 282,000 | ||||
Shares surrendered by employees to pay taxes on stock-based compensation awards | (2,927) | $ (2,927) | |||
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares | (115,000) | ||||
Stock-based compensation expense | 1,236 | 1,236 | |||
Net Income (Loss) | 16,526 | 16,526 | |||
Balance at Apr. 29, 2023 | 537,680 | $ 410 | $ (210,287) | 80,361 | 667,196 |
Balance, shares at Apr. 29, 2023 | 41,049,000 | (13,714,000) | |||
Balance at Feb. 03, 2024 | 583,389 | $ 410 | $ (215,406) | 83,738 | 714,647 |
Balance, shares at Feb. 03, 2024 | 41,049,000 | (13,919,000) | |||
Dividends declared | (3,758) | (3,758) | |||
Employee stock purchase plan purchases | 39 | $ 20 | 19 | ||
Employee stock purchase plan purchases, shares | 1,000 | ||||
Stock-based compensation awards | 0 | $ 717 | (717) | ||
Stock-based compensation awards, shares | 46,000 | ||||
Shares surrendered by employees to pay taxes on stock-based compensation awards | (688) | $ (688) | |||
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares | (19,000) | ||||
Stock-based compensation expense | 1,536 | 1,536 | |||
Net Income (Loss) | 17,286 | 17,286 | |||
Balance at May. 04, 2024 | $ 597,804 | $ 410 | $ (215,357) | $ 84,576 | $ 728,175 |
Balance, shares at May. 04, 2024 | 41,049,000 | (13,891,000) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share | $ 0.135 | $ 0.1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Cash Flows From Operating Activities | ||
Net Income (Loss) | $ 17,286 | $ 16,526 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,385 | 6,697 |
Stock-based compensation | 1,757 | 1,209 |
Loss on retirement and impairment of assets, net | 117 | 19 |
Deferred income taxes | 326 | 2,682 |
Non-cash operating lease expense | 14,926 | 15,163 |
Other | 277 | 180 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (904) | (32) |
Merchandise inventories | (23,387) | 882 |
Operating leases | (14,916) | (15,295) |
Accounts payable and accrued liabilities | 7,886 | (23,128) |
Other | 6,306 | (2,851) |
Net cash provided by operating activities | 17,059 | 2,052 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (10,192) | (15,005) |
Investments in marketable securities | (17) | (21) |
Acquisition, net of cash acquired | (44,577) | 0 |
Net cash used in investing activities | (54,786) | (15,026) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of stock | 39 | 57 |
Dividends paid | (3,705) | (2,941) |
Shares surrendered by employees to pay taxes on stock-based compensation awards | (688) | (2,927) |
Net cash used in financing activities | (4,354) | (5,811) |
Net decrease in cash and cash equivalents | (42,081) | (18,785) |
Cash and cash equivalents at beginning of period | 99,000 | 51,372 |
Cash and cash equivalents at end of period | 56,919 | 32,587 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 70 | 67 |
Cash (received)/paid during period for income taxes | (103) | 206 |
Capital expenditures incurred but not yet paid | 813 | 3,211 |
Dividends declared but not yet paid | 332 | 156 |
Contingent consideration related to business acquisition | $ 3,600 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 17,286 | $ 16,526 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During first quarter 2024, no members of our Board of Directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted , amended or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement, as defined in the SEC’s rules. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation Shoe Carnival, Inc. is one of the nation’s largest omnichannel family footwear retailers, selling footwear and related products through our retail stores located in 36 states within the continental United States and in Puerto Rico, as well as through our e-commerce sales channels. We offer customers a broad assortment of primarily branded dress and casual shoes, sandals, boots and athletic footwear and accessories for men, women and children with an emphasis on national name brands through our Shoe Carnival and Shoe Station store banners. We are an Indiana corporation that was initially formed in Delaware in 1993 and reincorporated in Indiana in 1996. References to “we,” “us,” “our” and the “Company” in this Quarterly Report on Form 10-Q refer to Shoe Carnival, Inc. and its subsidiaries. Our consolidated financial statements include the accounts of Shoe Carnival, Inc. and its wholly-owned subsidiaries Rogan Shoes, Incorporated, SCHC, Inc. and Shoe Carnival Ventures, LLC, and SCLC, Inc., a wholly-owned subsidiary of SCHC, Inc. All intercompany accounts and transactions have been eliminated. In our opinion, the accompanying unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and contain all normal recurring adjustments necessary to fairly present our financial position and the results of our operations and our cash flows for the periods presented. Certain information and disclosures normally included in the notes to Condensed Consolidated Financial Statements have been condensed or omitted as permitted by the rules and regulations of the SEC although we believe that the disclosures are adequate to make the information presented not misleading. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024 . |
Acquisition of Rogan Shoes
Acquisition of Rogan Shoes | 3 Months Ended |
May 04, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Rogan Shoes | Note 2 - Acquisition of Rogan Shoes On February 13, 2024, we acquired all of the stock of Rogan Shoes, Incorporated, a privately-held 53-year-old work and family footwear company incorporated in Wisconsin (“Rogan’s”) for a preliminary purchase price of $ 44.6 million, net of $ 2.2 million of cash acquired. The preliminary purchase price was funded entirely with cash on hand and is subject to customary adjustments, and additional consideration of up to $ 5.0 million may be paid by the Company subject to the achievement of three-year performance targets. At the time of the acquisition, Rogan’s operated 28 store locations in Wisconsin, Minnesota and Illinois. The Rogan’s acquisition advanced our strategy to be the nation’s leading family footwear retailer. It immediately positioned us as the market leader in Wisconsin, and it established a store base in Minnesota, creating additional expansion opportunities. Rogan’s results were included in our consolidated financial statements since the acquisition date. Net Sales from our newly acquired Rogan’s operations totaled $ 19.6 million from February 13, 2024 through May 4, 2024. For the thirteen weeks ended May 4, 2024, acquisition-related costs of $ 321,000 were expensed as incurred and were included in Selling, General and Administrative Expenses. The following table summarizes the preliminary purchase price and the allocation of the preliminary purchase price to the fair value of the assets acquired and liabilities assumed. We measured these fair values using Level 3 inputs. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill. The allocation of the purchase price shown in the table below is preliminary and subject to change based on the finalization of our detailed valuations and any subsequent change in the purchase price. The final determination of the fair values and related impacts will be completed as soon as practicable and within the measurement period of up to one year from the acquisition date. (In thousands) Preliminary purchase price: Cash consideration, net of cash acquired $ 44,577 Fair value of contingent consideration 3,600 Total preliminary purchase price $ 48,177 Fair value of identifiable assets and liabilities: Accounts receivable $ 2,371 Merchandise inventories 41,954 Other assets 2,892 Operating lease right-of-use assets 16,891 Identifiable intangible assets 8,400 Goodwill 3,200 Total assets $ 75,708 Accounts payable 6,308 Operating lease liabilities 19,843 Accrued and other liabilities 1,380 Total liabilities $ 27,531 Total fair value allocation of preliminary purchase price $ 48,177 Our fair value estimate of the Merchandise Inventories for Rogan’s was determined using the Comparative Sales and Replacement Cost methods. Our fair value estimate of the contingent consideration for the Rogan’s acquisition was determined using a Monte Carlo simulation and other methods that account for the probabilities of various outcomes and was recorded in Other long-term liabilities. Significant assumptions used for the valuation include the discount rate, projected cash flows and calculated volatility. Our fair value estimate related to the identified intangible asset of Rogan’s trade name was determined using the Relief from Royalty method, and the significant assumptions used for the valuation include the royalty rate, estimated projected revenues, long-term growth rate and the discount rate. Our fair value estimates related to Rogan’s customer relationships were determined using the Multi-Period Excess Earnings method, and the significant assumptions used for the valuation include projected cash flows, the discount rate and customer attrition rate. Identifiable intangible assets include Rogan’s trade name and customer relationships. We assigned an indefinite life to Rogan’s trade name; therefore, Goodwill and Rogan’s trade name will be charged to expense only if impaired. Impairment reviews will be conducted at least annually and involve a comparison of fair value to the carrying amount. If fair value is less than the carrying amount, an impairment loss would be recognized in Selling, General and Administrative Expenses. Customer relationships are subject to amortization and will be amortized over a period of 20 years. Goodwill and the acquisition-related Intangible Assets will not be deductible for tax purposes. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share, Basic [Abstract] | |
Net Income Per Share | Note 3 - 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 Condensed Consolidated Statements of Income: Thirteen Weeks Ended May 4, 2024 April 29, 2023 (In thousands, except per share data) Basic Net Income per Share: Net Shares Per Share Net Shares Per Share Net income available for basic common shares $ 17,286 27,142 $ 0.64 $ 16,526 27,223 $ 0.61 Diluted Net Income per Share: Net income $ 17,286 $ 16,526 Conversion of stock-based compensation 0 266 0 282 Net income available for diluted common $ 17,286 27,408 $ 0.63 $ 16,526 27,505 $ 0.60 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. No unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share for the thirteen weeks ended May 4, 2024. During the thirteen weeks ended April 29, 2023 , approximately 1,000 unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share because the impact would have been anti-dilutive. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
May 04, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Note 4 - Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in the ASU will be applied retrospectively to all prior periods presented in the financial statements, using the significant segment expense categories identified and disclosed in the period of adoption. We are continuing to evaluate the impact of this new guidance but believe the adoption will not have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in the ASU should be applied on a prospective basis, but retrospective application is permitted. We are continuing to evaluate the impact of this new guidance but believe the adoption will not have a material impact on our consolidated financial statements . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 - Fair Value Measurements Financial Instruments The following table presents financial instruments that are measured at fair value on a recurring basis at May 4, 2024, February 3, 2024 and April 29, 2023: Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of May 4, 2024 Cash equivalents - money market mutual funds $ 40,588 $ 0 $ 0 $ 40,588 Marketable securities - mutual funds that fund 12,555 0 0 12,555 Total $ 53,143 $ 0 $ 0 $ 53,143 As of February 3, 2024 Cash equivalents - money market mutual funds $ 91,733 $ 0 $ 0 $ 91,733 Marketable securities - mutual funds that fund 12,247 12,247 Total $ 103,980 $ 0 $ 0 $ 103,980 As of April 29, 2023 Cash equivalents - money market mutual funds $ 29,456 $ 0 $ 0 $ 29,456 Marketable securities - mutual funds that fund 11,535 11,535 Total $ 40,991 $ 0 $ 0 $ 40,991 We invest 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 May 4, 2024, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan. To the extent there is a variation in invested funds compared to the total non-qualified deferred compensation plan liability, such fund variance is managed through 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. Changes in these Marketable Securities and deferred compensation plan liabilities are charged to Selling, General and Administrative Expenses. Deferred Compensation Plan Liabilities and Related Marketable Securities The following tables present the balances and activity of the Company’s deferred compensation plan liabilities and related Marketable Securities: (In thousands) May 4, 2024 February 3, 2024 April 29, 2023 Deferred compensation plan current liabilities $ 183 $ 114 $ 1,921 Deferred compensation plan long-term liabilities 12,157 11,639 9,809 Total deferred compensation plan liabilities $ 12,340 $ 11,753 $ 11,730 Marketable securities - mutual funds that fund deferred compensation $ 12,555 $ 12,247 $ 11,535 (In thousands) Thirteen Thirteen Deferred compensation liabilities Employer contributions, net $ 81 $ 96 Investment earnings (losses) 323 ( 3 ) Marketable Securities Mark-to-market (gains) losses (1) ( 308 ) 66 Net deferred compensation expense $ 96 $ 159 (1) Included in the mark-to-market activity, we recognized unrealized gains of $ 292,000 and $ 299,000 related to equity securities still held at May 4, 2024 and April 29, 2023, respectively. The fair values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued and Other Liabilities approximate their carrying values because of their short-term nature. 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 Right-of-Use Assets, net of the current and long-term portions of Operating Lease Liabilities. 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 Right-of-Use Asset is impaired, we would amortize the remaining right-of-use asset on a straight-line basis over the remaining lease term. No impairment charges were recorded during the thirteen weeks ended May 4, 2024 or the thirteen weeks ended April 29, 2023. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Note 6 - Stock-Based Compensation On June 20, 2023, our shareholders approved the Shoe Carnival, Inc. Amended and Restated 2017 Equity Incentive Plan (the “Amended 2017 Plan”). Pursuant to the amendment and restatement, the number of shares of our common stock that are available for issuance under the Amended 2017 Plan was increased by 1.8 million additional shares, the term of the plan was extended by an additional ten years from the date of shareholder approval, and certain other design changes were made to the plan. As of May 4, 2024, there were 1,721,139 shares available for issuance under the Amended 2017 Plan, assuming that all outstanding performance stock units where the performance condition has not been satisfied vest at the maximum level of performance. Stock-based compensation includes share-settled awards issued pursuant to the Amended 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. For the thirteen weeks ended May 4, 2024 and April 29, 2023, stock-based compensation expense was comprised of the following: (In thousands) Thirteen Thirteen Share-settled equity awards $ 1,529 $ 1,226 Stock appreciation rights 221 ( 27 ) Employee stock purchase plan 7 10 Total stock-based compensation expense $ 1,757 $ 1,209 Income tax effect at statutory rates $ ( 427 ) $ ( 273 ) Additional income tax benefit on vesting of share-settled awards $ ( 109 ) $ ( 620 ) As of May 4, 2024 , approximately $ 13.5 million of unrecognized compensation expense remained related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 1.9 years. Share-Settled Equity Awards The following table summarizes transactions for our restricted stock units and performance stock units: Number of Weighted- Outstanding at February 3, 2024 579,307 $ 27.04 Granted 328,773 31.99 Vested ( 46,333 ) 30.17 Unearned ( 159,954 ) 24.87 Outstanding at May 4, 2024 701,793 $ 29.65 The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 4, 2024 and April 29, 2023 was $ 1.4 million and $ 4.8 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended April 29, 2023 was $ 24.98 . There were 159,954 shares that were not earned because the performance condition for performance stock units granted in Fiscal 2023 was not satisfied. |
Revenue
Revenue | 3 Months Ended |
May 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 7 – Revenue Disaggregation of Net Sales by Product Category Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen weeks ended May 4, 2024 and April 29, 2023 were as follows: (In thousands) Thirteen Weeks Thirteen Weeks Non-Athletics: Women’s $ 77,529 26 % $ 77,759 28 % Men’s 49,193 16 43,446 15 Children’s 21,395 7 21,527 8 Total 148,117 49 142,732 51 Athletics: Women’s 50,183 17 42,788 15 Men’s 52,149 17 48,036 17 Children’s 33,565 12 32,029 12 Total 135,897 46 122,853 44 Accessories 15,012 5 14,548 5 Other 1,339 0 1,051 0 Total $ 300,365 100 % $ 281,184 100 % 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 sales channels. 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 sales channels 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 May 4, 2024, February 3, 2024 or April 29, 2023. 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 Inventories is recorded as a reduction to Cost of Sales and an increase in Merchandise Inventories. Approximately $ 962,000 of refund liabilities and $ 618,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, as of May 4, 2024 and February 3, 2024. Approximately $ 866,000 of refund liabilities and $ 503,000 of rig ht of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, at April 29, 2023. 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 May 4, 2024, February 3, 2024 and April 29, 2023 , approximately $ 2.7 million, $ 2.4 million and $ 2.0 m illion 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. During the thirteen weeks ended May 4, 2024 and April 29, 2023 , approximately $ 761,000 and $ 1.3 million, respectively, of loyalty rewards were recognized in Net Sales. At May 4, 2024, February 3, 2024 and April 29, 2023 , approximately $ 501,000 , $ 481,000 and $ 884,000 , respectively, of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year. |
Leases
Leases | 3 Months Ended |
May 04, 2024 | |
Leases [Abstract] | |
Leases | Note 8 – Leases We lease all of our physical stores, our Evansville distribution center, which has a current lease term expiring in 2034 , and other warehousing and office space. We also enter into leases of equipment, copiers and billboards. Substantially all of our leases are operating leases; however, as a result of the acquisition of Rogan’s, we also acquired certain assets subject to finance leases. The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively. Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties as of May 4, 2024. Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 4, 2024 and April 29, 2023: (In thousands) Thirteen Thirteen Operating lease cost $ 17,175 $ 15,872 Variable lease cost Occupancy costs 5,760 5,352 Percentage rent and other variable lease costs ( 35 ) 243 Finance lease cost Amortization of leased assets 7 0 Interest on lease liabilities 3 0 Total $ 22,910 $ 21,467 |
Acquisition of Rogan Shoes (Tab
Acquisition of Rogan Shoes (Tables) | 3 Months Ended |
May 04, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Preliminary Purchase Price and Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary purchase price and the allocation of the preliminary purchase price to the fair value of the assets acquired and liabilities assumed. We measured these fair values using Level 3 inputs. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill. The allocation of the purchase price shown in the table below is preliminary and subject to change based on the finalization of our detailed valuations and any subsequent change in the purchase price. The final determination of the fair values and related impacts will be completed as soon as practicable and within the measurement period of up to one year from the acquisition date. (In thousands) Preliminary purchase price: Cash consideration, net of cash acquired $ 44,577 Fair value of contingent consideration 3,600 Total preliminary purchase price $ 48,177 Fair value of identifiable assets and liabilities: Accounts receivable $ 2,371 Merchandise inventories 41,954 Other assets 2,892 Operating lease right-of-use assets 16,891 Identifiable intangible assets 8,400 Goodwill 3,200 Total assets $ 75,708 Accounts payable 6,308 Operating lease liabilities 19,843 Accrued and other liabilities 1,380 Total liabilities $ 27,531 Total fair value allocation of preliminary purchase price $ 48,177 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [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 Condensed Consolidated Statements of Income: Thirteen Weeks Ended May 4, 2024 April 29, 2023 (In thousands, except per share data) Basic Net Income per Share: Net Shares Per Share Net Shares Per Share Net income available for basic common shares $ 17,286 27,142 $ 0.64 $ 16,526 27,223 $ 0.61 Diluted Net Income per Share: Net income $ 17,286 $ 16,526 Conversion of stock-based compensation 0 266 0 282 Net income available for diluted common $ 17,286 27,408 $ 0.63 $ 16,526 27,505 $ 0.60 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 2024 | |
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 May 4, 2024, February 3, 2024 and April 29, 2023: Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of May 4, 2024 Cash equivalents - money market mutual funds $ 40,588 $ 0 $ 0 $ 40,588 Marketable securities - mutual funds that fund 12,555 0 0 12,555 Total $ 53,143 $ 0 $ 0 $ 53,143 As of February 3, 2024 Cash equivalents - money market mutual funds $ 91,733 $ 0 $ 0 $ 91,733 Marketable securities - mutual funds that fund 12,247 12,247 Total $ 103,980 $ 0 $ 0 $ 103,980 As of April 29, 2023 Cash equivalents - money market mutual funds $ 29,456 $ 0 $ 0 $ 29,456 Marketable securities - mutual funds that fund 11,535 11,535 Total $ 40,991 $ 0 $ 0 $ 40,991 |
Schedule Of Deferred Compensation Plan Liabilities And Related Marketable Securities | The following tables present the balances and activity of the Company’s deferred compensation plan liabilities and related Marketable Securities: (In thousands) May 4, 2024 February 3, 2024 April 29, 2023 Deferred compensation plan current liabilities $ 183 $ 114 $ 1,921 Deferred compensation plan long-term liabilities 12,157 11,639 9,809 Total deferred compensation plan liabilities $ 12,340 $ 11,753 $ 11,730 Marketable securities - mutual funds that fund deferred compensation $ 12,555 $ 12,247 $ 11,535 (In thousands) Thirteen Thirteen Deferred compensation liabilities Employer contributions, net $ 81 $ 96 Investment earnings (losses) 323 ( 3 ) Marketable Securities Mark-to-market (gains) losses (1) ( 308 ) 66 Net deferred compensation expense $ 96 $ 159 (1) Included in the mark-to-market activity, we recognized unrealized gains of $ 292,000 and $ 299,000 related to equity securities still held at May 4, 2024 and April 29, 2023, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May 04, 2024 | |
Schedule of Stock-based Compensation Expense | For the thirteen weeks ended May 4, 2024 and April 29, 2023, stock-based compensation expense was comprised of the following: (In thousands) Thirteen Thirteen Share-settled equity awards $ 1,529 $ 1,226 Stock appreciation rights 221 ( 27 ) Employee stock purchase plan 7 10 Total stock-based compensation expense $ 1,757 $ 1,209 Income tax effect at statutory rates $ ( 427 ) $ ( 273 ) Additional income tax benefit on vesting of share-settled awards $ ( 109 ) $ ( 620 ) |
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 February 3, 2024 579,307 $ 27.04 Granted 328,773 31.99 Vested ( 46,333 ) 30.17 Unearned ( 159,954 ) 24.87 Outstanding at May 4, 2024 701,793 $ 29.65 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
May 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Sales and Percentage of Net Sales, Disaggregation by Product Category | Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen weeks ended May 4, 2024 and April 29, 2023 were as follows: (In thousands) Thirteen Weeks Thirteen Weeks Non-Athletics: Women’s $ 77,529 26 % $ 77,759 28 % Men’s 49,193 16 43,446 15 Children’s 21,395 7 21,527 8 Total 148,117 49 142,732 51 Athletics: Women’s 50,183 17 42,788 15 Men’s 52,149 17 48,036 17 Children’s 33,565 12 32,029 12 Total 135,897 46 122,853 44 Accessories 15,012 5 14,548 5 Other 1,339 0 1,051 0 Total $ 300,365 100 % $ 281,184 100 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2024 | |
Leases [Abstract] | |
Schedule of Lease Related Costs | Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 4, 2024 and April 29, 2023: (In thousands) Thirteen Thirteen Operating lease cost $ 17,175 $ 15,872 Variable lease cost Occupancy costs 5,760 5,352 Percentage rent and other variable lease costs ( 35 ) 243 Finance lease cost Amortization of leased assets 7 0 Interest on lease liabilities 3 0 Total $ 22,910 $ 21,467 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | May 04, 2024 State |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
'Number of states in which entity operates | State | 36 |
Acquisition of Rogan Shoes (Nar
Acquisition of Rogan Shoes (Narrative) (Details) | 3 Months Ended | |||
Feb. 13, 2024 USD ($) Store | May 04, 2024 USD ($) | May 04, 2024 USD ($) | Apr. 29, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||
Net sales | $ 300,365,000 | $ 281,184,000 | ||
Rogan Shoes, Incorporated | ||||
Business Acquisition [Line Items] | ||||
Business combination preliminary purchase price | $ 44,600,000 | |||
Cash consideration | $ 2,200,000 | |||
Achievement of performance targets | 3 years | |||
Number of store locations | Store | 28 | |||
Net sales | $ 19,600,000 | |||
Acquisition-related costs | $ 321,000 | |||
Business combination goodwill and indefinite-lived intangible assets amortization period | 20 years | |||
Rogan Shoes, Incorporated | Maximum | ||||
Business Acquisition [Line Items] | ||||
Additional consideration based on achievement of acquisition | $ 5,000,000 |
Acquisition of Rogan Shoes (Sch
Acquisition of Rogan Shoes (Schedule of Preliminary Purchase Price and Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 13, 2024 | May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | |
Preliminary purchase price: | ||||
Fair value of contingent consideration | $ 3,600 | $ 0 | ||
Fair value of identifiable assets and liabilities: | ||||
Goodwill | $ 15,223 | $ 12,023 | $ 12,023 | |
Rogan Shoes, Incorporated | ||||
Preliminary purchase price: | ||||
Cash consideration, net of cash acquired | $ 2,200 | |||
Total preliminary purchase price | 44,600 | |||
Rogan Shoes, Incorporated | Level 3 | ||||
Preliminary purchase price: | ||||
Cash consideration, net of cash acquired | 44,577 | |||
Fair value of contingent consideration | 3,600 | |||
Total preliminary purchase price | 48,177 | |||
Fair value of identifiable assets and liabilities: | ||||
Accounts receivable | 2,371 | |||
Merchandise inventories | 41,954 | |||
Other assets | 2,892 | |||
Operating lease right-of-use assets | 16,891 | |||
Identifiable intangible assets | 8,400 | |||
Goodwill | 3,200 | |||
Total assets | 75,708 | |||
Accounts payable | 6,308 | |||
Operating lease liabilities | 19,843 | |||
Accrued and other liabilities | 1,380 | |||
Total liabilities | 27,531 | |||
Total fair value allocation of preliminary purchase price | $ 48,177 |
Net Income Per Share (Schedule
Net Income Per Share (Schedule of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Basic Net Income per Share: | ||
Net income available for basic common shares and basic net income per share | $ 17,286 | $ 16,526 |
Basic, Shares | 27,142 | 27,223 |
Basic, Per Share Amount | $ 0.64 | $ 0.61 |
Diluted Net Income per Share: | ||
Net Income (Loss) | $ 17,286 | $ 16,526 |
Conversion of stock-based compensation arrangements | 0 | 0 |
Net income available for diluted common shares and diluted net income per share | $ 17,286 | $ 16,526 |
Conversion of stock-based compensation arrangements, Shares | 266 | 282 |
Diluted, Shares | 27,408 | 27,505 |
Diluted, Per Share Amount | $ 0.63 | $ 0.60 |
Net Income Per Share (Narrative
Net Income Per Share (Narrative) (Details) - shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Unvested Stock-based Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 0 | 1,000,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Instruments Measure at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | $ 40,588 | $ 91,733 | $ 29,456 |
Marketable securities - mutual funds that fund deferred compensation | 12,555 | 12,247 | 11,535 |
Total | 53,143 | 103,980 | 40,991 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | 40,588 | 91,733 | 29,456 |
Marketable securities - mutual funds that fund deferred compensation | 12,555 | 12,247 | 11,535 |
Total | 53,143 | 103,980 | 40,991 |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | 0 | 0 | 0 |
Marketable securities - mutual funds that fund deferred compensation | 0 | ||
Total | 0 | 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 | 0 |
Marketable securities - mutual funds that fund deferred compensation | 0 | ||
Total | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Deferred Compensation Plan Liabilities And Related Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | ||
Fair Value Disclosures [Abstract] | ||||
Deferred compensation plan current liabilities | $ 183 | $ 1,921 | $ 114 | |
Deferred compensation plan long-term liabilities | 12,157 | 9,809 | 11,639 | |
Total deferred compensation plan liabilities | 12,340 | 11,730 | 11,753 | |
Marketable securities - mutual funds that fund deferred compensation | 12,555 | 11,535 | $ 12,247 | |
Deferred compensation liabilities | ||||
Employer contributions, net | 81 | 96 | ||
Investment earnings (losses) | 323 | (3) | ||
Marketable Securities | ||||
Mark-to-market (gains) losses | [1] | (308) | 66 | |
Net deferred compensation expense | $ 96 | $ 159 | ||
[1] Included in the mark-to-market activity, we recognized unrealized gains of $ 292,000 and $ 299,000 related to equity securities still held at May 4, 2024 and April 29, 2023, respectively. |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule Of Deferred Compensation Plan Liabilities And Related Marketable Securities (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Fair Value Disclosures [Abstract] | ||
Unrealized gains (losses) | $ 292,000 | $ 299,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Fair Value Disclosures [Abstract] | ||
Long-lived assets, impairment charges | $ 0 | $ 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,757 | $ 1,209 |
Income tax effect at statutory rate | (427) | (273) |
Additional income tax benefit on vesting of share-settled awards | (109) | (620) |
Share-settled Equity Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,529 | 1,226 |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 221 | (27) |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 7 | $ 10 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jun. 20, 2023 | May 04, 2024 | Apr. 29, 2023 | |
Share-settled Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of stock awards vested during period | $ 1.4 | $ 4.8 | |
Weighted average grant date fair value of awards | $ 31.99 | $ 24.98 | |
Unrecognized share-based compensation expense | $ 13.5 | ||
Unrecognized compensation cost, recognition period | 1 year 10 months 24 days | ||
Number of shares not earned due to performance condition | 159,954 | ||
Amended 2017 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance | 1,721,139 | ||
Increased additional shares provided | 1,800,000 | ||
Extended additional shares, period | 10 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) - Share-settled Equity Awards - $ / shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Number of Shares | ||
Outstanding at February 3, 2024 | 579,307 | |
Granted | 328,773 | |
Vested | (46,333) | |
Unearned | (159,954) | |
Outstanding at May 4, 2024 | 701,793 | |
Weighted-Average Grant Date Fair Value | ||
Outstanding at February 3, 2024 | $ 27.04 | |
Granted | 31.99 | $ 24.98 |
Vested | 30.17 | |
Unearned | 24.87 | |
Outstanding at May 4, 2024 | $ 29.65 |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales and Percentage of Net Sales, Disaggregation by Product Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 300,365 | $ 281,184 |
Sales Revenue Net | Geographic Concentration Risk | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 100% | 100% |
Net sales | $ 300,365 | $ 281,184 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 49% | 51% |
Net sales | $ 148,117 | $ 142,732 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Women's | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 26% | 28% |
Net sales | $ 77,529 | $ 77,759 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Men's | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 16% | 15% |
Net sales | $ 49,193 | $ 43,446 |
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Children's | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 7% | 8% |
Net sales | $ 21,395 | $ 21,527 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 46% | 44% |
Net sales | $ 135,897 | $ 122,853 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | Women's | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 17% | 15% |
Net sales | $ 50,183 | $ 42,788 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | Men's | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 17% | 17% |
Net sales | $ 52,149 | $ 48,036 |
Sales Revenue Net | Geographic Concentration Risk | Athletics | Children's | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 12% | 12% |
Net sales | $ 33,565 | $ 32,029 |
Sales Revenue Net | Geographic Concentration Risk | Accessories | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 5% | 5% |
Net sales | $ 15,012 | $ 14,548 |
Sales Revenue Net | Geographic Concentration Risk | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 0% | 0% |
Net sales | $ 1,339 | $ 1,051 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | |
Revenue from Contract with Customer [Abstract] | |||
Refund liabilities | $ 962,000 | $ 866,000 | $ 962,000 |
Return assets | 618,000 | 503,000 | 618,000 |
Contract liabilities associated with unredeemed gift cards | 2,700,000 | 2,000,000 | 2,400,000 |
Breakage revenue | 0 | 0 | 0 |
Net sales associated with loyalty rewards | 761,000 | 1,300,000 | |
Contract liabilities associated with loyalty rewards | $ 501,000 | $ 884,000 | $ 481,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
May 04, 2024 | |
Lessee, Lease, Description [Line Items] | |
Current lease expiration year | 2034 |
Leases - Schedule of Lease Rela
Leases - Schedule of Lease Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 17,175 | $ 15,872 |
Variable lease cost | ||
Occupancy costs | 5,760 | 5,352 |
Percentage rent and other variable lease costs | (35) | 243 |
Amortization of leased assets | 7 | 0 |
Interest on lease liabilities | 3 | 0 |
Total | $ 22,910 | $ 21,467 |