Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 03, 2018 | Nov. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 3, 2018 | |
Entity Registrant Name | SHOE CARNIVAL INC | |
Entity Central Index Key | 895,447 | |
Current Fiscal Year End Date | --02-03 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 15,434,279 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
Current Assets: | |||
Cash and cash equivalents | $ 39,699 | $ 48,254 | $ 21,050 |
Accounts receivable | 2,322 | 6,270 | 7,365 |
Merchandise inventories | 300,510 | 260,500 | 302,935 |
Other | 11,762 | 5,562 | 6,883 |
Total Current Assets | 354,293 | 320,586 | 338,233 |
Property and equipment - net | 74,471 | 86,276 | 93,041 |
Deferred income taxes | 8,866 | 8,182 | 10,769 |
Other noncurrent assets | 389 | 536 | 663 |
Total Assets | 438,019 | 415,580 | 442,706 |
Current Liabilities: | |||
Accounts payable | 56,270 | 41,739 | 59,355 |
Accrued and other liabilities | 28,094 | 15,045 | 21,933 |
Total Current Liabilities | 84,364 | 56,784 | 81,288 |
Deferred lease incentives | 23,478 | 29,024 | 29,297 |
Accrued rent | 8,808 | 10,132 | 10,689 |
Deferred compensation | 11,811 | 11,372 | 10,974 |
Other | 806 | 966 | 884 |
Total Liabilities | 129,267 | 108,278 | 133,132 |
Shareholders' Equity: | |||
Common stock, $.01 par value, 50,000,000 shares authorized, 20,529,227 shares, 20,529,227 shares and 20,535,261 shares issued, respectively | 205 | 205 | 205 |
Additional paid-in capital | 73,103 | 65,458 | 62,609 |
Retained earnings | 360,335 | 326,738 | 331,898 |
Treasury stock, at cost, 4,958,854 shares, 3,582,068 shares and 3,583,491 shares, respectively | (124,891) | (85,099) | (85,138) |
Total Shareholders' Equity | 308,752 | 307,302 | 309,574 |
Total Liabilities and Shareholders' Equity | $ 438,019 | $ 415,580 | $ 442,706 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
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 | 20,529,227 | 20,529,227 | 20,535,261 |
Treasury shares, shares | 4,958,854 | 3,582,068 | 3,583,491 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 269,181 | $ 287,469 | $ 794,992 | $ 775,922 |
Cost of sales (including buying, distribution and occupancy costs) | 187,963 | 201,802 | 552,666 | 549,872 |
Gross profit | 81,218 | 85,667 | 242,326 | 226,050 |
Selling, general and administrative expenses | 65,202 | 67,787 | 194,063 | 188,519 |
Operating income | 16,016 | 17,880 | 48,263 | 37,531 |
Interest income | (273) | (1) | (392) | (3) |
Interest expense | 37 | 57 | 113 | 248 |
Income before income taxes | 16,252 | 17,824 | 48,542 | 37,286 |
Income tax expense | 4,206 | 7,127 | 11,766 | 14,462 |
Net income | $ 12,046 | $ 10,697 | $ 36,776 | $ 22,824 |
Net income per share: | ||||
Basic | $ 0.80 | $ 0.66 | $ 2.40 | $ 1.38 |
Diluted | $ 0.76 | $ 0.66 | $ 2.36 | $ 1.38 |
Weighted average shares: | ||||
Basic | 15,071 | 15,957 | 15,282 | 16,287 |
Diluted | 15,812 | 15,966 | 15,544 | 16,293 |
Cash dividends declared per share | $ 0.08 | $ 0.075 | $ 0.235 | $ 0.220 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - 9 months ended Nov. 03, 2018 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Feb. 03, 2018 | $ 205 | $ 65,458 | $ 326,738 | $ (85,099) | $ 307,302 |
Balance, shares at Feb. 03, 2018 | 20,529 | (3,582) | |||
Adoption of Accounting Standards Codification 606 (see Note 6) | 620 | 620 | |||
Dividends declared ($0.235 per share) | (3,799) | (3,799) | |||
Employee stock purchase plan purchases | 5 | $ 143 | 148 | ||
Employee stock purchase plan purchases, shares | 6 | ||||
Restricted stock awards | 577 | $ (577) | 0 | ||
Restricted stock awards, shares | (41) | ||||
Shares surrendered by employees to pay taxes on restricted stock | $ (312) | (312) | |||
Shares surrendered by employees to pay taxes on restricted stock, shares | (12) | ||||
Purchase of common stock for treasury | $ (39,046) | (39,046) | |||
Purchase of common stock for treasury, shares | (1,330) | ||||
Stock-based compensation expense | 7,063 | 7,063 | |||
Net income | 36,776 | 36,776 | |||
Balance at Nov. 03, 2018 | $ 205 | $ 73,103 | $ 360,335 | $ (124,891) | $ 308,752 |
Balance, shares at Nov. 03, 2018 | 20,529 | (4,959) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) | Nov. 03, 2018$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Dividends | $ 0.235 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Cash Flows From Operating Activities | ||
Net income | $ 36,776 | $ 22,824 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,551 | 17,944 |
Stock-based compensation | 7,604 | 2,073 |
(Gain) Loss on retirement and impairment of assets | (1,412) | 1,831 |
Deferred income taxes | (684) | (1,169) |
Lease incentives | 298 | 3,515 |
Other | (6,882) | (5,212) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,218 | (2,047) |
Merchandise inventories | (40,010) | (23,289) |
Accounts payable and accrued liabilities | 23,330 | (8,446) |
Other | (2,009) | 940 |
Net cash provided by operating activities | 37,780 | 8,964 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (5,021) | (16,708) |
Other | 1,489 | 0 |
Net cash used in investing activities | (3,532) | (16,708) |
Cash Flows From Financing Activities | ||
Borrowings under line of credit | 0 | 88,600 |
Payments on line of credit | 0 | (88,600) |
Proceeds from issuance of stock | 148 | 196 |
Dividends paid | (3,593) | (3,603) |
Purchase of common stock for treasury | (39,046) | (29,798) |
Shares surrendered by employees to pay taxes on restricted stock | (312) | (945) |
Net cash used in financing activities | (42,803) | (34,150) |
Net decrease in cash and cash equivalents | (8,555) | (41,894) |
Cash and cash equivalents at beginning of period | 48,254 | 62,944 |
Cash and cash equivalents at end of period | 39,699 | 21,050 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 113 | 250 |
Cash paid during period for income taxes | 9,224 | 12,791 |
Capital expenditures incurred but not yet paid | 397 | 953 |
Dividends declared but not yet paid | $ 206 | $ 152 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation 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 present fairly 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 according to 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 |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share, Basic [Abstract] | |
Net Income Per Share | Note 2 - Net Income Per Share The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended November 3, 2018 October 28, 2017 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 12,046 $ 10,697 Amount allocated to participating securities (44 ) (162 ) Net income available for basic common shares and basic earnings per share $ 12,002 15,071 $ 0.80 $ 10,535 15,957 $ 0.66 Diluted Earnings per Share: Net income $ 12,046 $ 10,697 Amount allocated to participating securities (44 ) (162 ) Adjustment for dilutive potential common shares 2 741 0 9 Net income available for diluted common shares and diluted earnings per share $ 12,004 15,812 $ 0.76 $ 10,535 15,966 $ 0.66 Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 36,776 $ 22,824 Amount allocated to participating securities (152 ) (328 ) Net income available for basic common shares and basic earnings per share $ 36,624 15,282 $ 2.40 $ 22,496 16,287 $ 1.38 Diluted Earnings per Share: Net income $ 36,776 $ 22,824 Amount allocated to participating securities (152 ) (328 ) Adjustment for dilutive potential common shares 2 262 0 6 Net income available for diluted common shares and diluted earnings per share $ 36,626 15,544 $ 2.36 $ 22,496 16,293 $ 1.38 Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. During periods of undistributed losses, however, no effect is given to our participating securities since they do not share in the losses. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. No options to purchase shares of common stock were excluded in the computation of diluted shares for the periods presented. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Nov. 03, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 - Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition of revenue for all contracts with customers designed to improve comparability and enhance financial statement disclosures. Subsequently, the FASB has also issued accounting standards updates which clarify this guidance. The underlying principle of this comprehensive model is that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the payment to which the company expects to be entitled in exchange for those goods or services. We adopted the new revenue guidance on February 4, 2018, using a modified retrospective transition approach. We recorded an increase in retained earnings of $620,000 as a cumulative effect of the adoption based on our evaluation of incomplete contracts as of the adoption date. This increase to retained earnings included pre-tax adjustments in connection with e-commerce revenue of $171,000 and recognition of breakage revenue for unredeemed gift cards of $649,000, partially offset by a $200,000 adjustment related to the tax impact of the cumulative effect adjustments. The cumulative effect e-commerce adjustment is related to recognizing revenue when products are shipped from our stores or distribution center under the new guidance rather than recognizing revenue when the shipments were delivered under the previous revenue guidance. The cumulative effect gift card breakage adjustment is related to the unredeemed portion of our gift cards, which are now estimated using historical breakage percentages and recognized based on expected gift card usage, rather than waiting until the likelihood of redemption becomes remote. In addition to these changes, we also now record a right of return asset in inventory for the estimated cost of the inventory expected to be returned. Under the previous revenue guidance, we recorded a net returns reserve in accrued and other liabilities. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. See Note 6 for additional discussion of this adoption as well as additional disclosures on revenue from contracts with customers. In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. This update requires an entity to recognize leased assets and the rights and obligations created by those leased assets on the balance sheet and to disclose key information about the entity's leasing arrangements. This guidance will be effective at the beginning of fiscal 2019, including interim periods within that fiscal year. This guidance was updated in July 2018. This update, among other things, added a transition option allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than the earliest period presented. We are evaluating the impact of this guidance on our condensed consolidated financial statements, but do plan to adopt on a modified retrospective basis. The adoption of this guidance will require us to recognize right-of-use assets and lease liabilities that will be material to our consolidated balance sheet. In May 2017, the FASB issued guidance which clarifies what constitutes a modification of a share-based payment award. We adopted the provisions of this guidance on February 4, 2018. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. In March 2018, the FASB issued guidance on the income tax accounting implications of the U.S. Tax Cuts and Jobs Act (“Tax Act”), addressing the application of guidance in situations when a company does not have the necessary information available, prepared, or analyzed to complete the accounting for certain income tax effects of the Tax Act. The guidance provides a one-year measurement period to assess the Tax Act, which began in the reporting period of the enactment date of the Tax Act. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we initially made reasonable estimates of the effects and recorded provisional amounts in our financial statements. We recorded $4.4 million of additional income tax expense in the fourth quarter of fiscal 2017 and an income tax benefit of $0.1 million during the thirty-nine weeks ended November 3, 2018 related to the remeasurement of certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future. As of the end of the third quarter of fiscal 2018, we have filed our fiscal 2017 federal income tax return and have completed our assessment of the final impact of the Tax Act. We do not anticipate making any additional adjustments that would materially affect our financial position, results of operations or effective tax rate. In August 2018, the FASB issued guidance that addressed the diversity in practice surrounding the accounting for costs incurred to implement a cloud computing hosting arrangement that is a service contract by establishing a model for capitalizing or expensing such costs, depending on their nature and the stage of the implementation project during which they are incurred. Any capitalized costs are to be amortized over the reasonably certain term of the hosting arrangement and presented in the same line as the service arrangement's fees within the statement of operations. This guidance also requires enhanced qualitative and quantitative disclosures surrounding hosting arrangements that are service contracts. We are presently in the process of implementing a cloud computing hosting arrangement that is a service contract in connection with our Customer Relationship Management (“CRM”) program. The costs incurred during the application-development stage of our CRM program will be capitalized in accordance with this new guidance and amortized over the term of the contract with our third-party service provider. We early adopted this guidance on a prospective basis as of November 4, 2018, and because our CRM program is a significant component of our strategic plan and will require material capital investment, we expect this guidance will have a material impact on our consolidated financial statements and related disclosures. In August 2018, the FASB issued guidance which modifies the disclosure requirements on fair value measurements, including the consideration of costs and benefits. This guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. We are in the process of evaluating the impact of this guidance on our condensed consolidated financial statements. In August 2018, the SEC adopted a final rule amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of shareholders’ equity for interim financial statements. As a result of the amendments, an analysis of changes in each caption of shareholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis must present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. These amendments became effective on November 5, 2018, but the SEC has released guidance stating that it will not object if an issuer’s first presentation of these changes in shareholders’ equity is included in its Form 10-Q for the quarter that begins after the November 5, 2018 effective date of the amendments. We intend to incorporate the amendments into our shareholders’ equity presentation commencing with our Form 10-Q for the first quarter of fiscal 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 - Fair Value Measurements The accounting standards related to fair value measurements define fair value and provide a consistent framework for measuring fair value under the authoritative literature. 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 standards require or permit the fair value measurement of assets and liabilities. The guidance does not expand the use of fair value measurements. 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 – Observable market-based inputs or unobservable inputs that are corroborated by market data; and · Level 3 – Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows, and are 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. The following table presents assets that are measured at fair value on a recurring basis at November 3, 2018. We had no assets measured at fair value on a recurring basis at February 3, 2018 or October 28, 2017. We have no material liabilities measured at fair value on a recurring or non-recurring basis. 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. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of November 3, 2018: Cash equivalents – money market mutual funds $ 45,061 $ 0 $ 0 $ 45,061 From time to time, we measure certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment whenever events or changes in circumstances indicate that recoverability of their carrying value is questionable. If the expected, undiscounted future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between estimated fair value and carrying value and recorded in selling, general and administrative expenses. We estimate the fair value of store assets using 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, gross margins, direct expenses, exercise of future lease renewal options and resulting cash flows and, by their nature, include judgments about how current initiatives will impact future performance. External factors, such as the local environment in which the store resides, including strip-mall 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 estimated future cash flows. An increase or decrease in projected cash flow can significantly decrease or increase the fair value of these assets, which would have an effect on the impairment recorded. There were no impairments of long-lived assets recorded during the thirteen or thirty-nine weeks ended November 3, 2018. During the thirteen weeks ended October 28, 2017, we recorded impairment charges of $105,000 on long-lived assets. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $153,000. During the thirty-nine weeks ended October 28, 2017, we recorded impairment charges of $1.7 million on long-lived assets. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $1.2 million. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Nov. 03, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Note 5 - Stock-Based Compensation At our 2017 annual meeting of shareholders held on June 13, 2017, our shareholders approved a new equity incentive plan, the Shoe Carnival, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), which replaced our 2000 Stock Option and Incentive Plan, as amended (the “2000 Plan”). According to the terms of the 2017 Plan, upon approval of the 2017 Plan by our shareholders, no further awards may be made under the 2000 Plan. A maximum of 1,000,000 shares of our common stock are available for issuance and sale under the 2017 Plan. In addition, any shares of our common stock subject to an award granted under the 2017 Plan, or to an award granted under the 2000 Plan that was outstanding on the date our shareholders approved the 2017 Plan, that expires, is cancelled or forfeited, or is settled for cash will, to the extent of such cancellation, forfeiture, expiration or cash settlement, automatically become available for future awards under the 2017 Plan. Stock-based compensation includes cash-settled stock appreciation rights (“SARs”), restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. For the thirteen and thirty-nine weeks ended November 3, 2018, stock-based compensation expense for the employee stock purchase plan was $7,000 before the income tax benefit of $2,000 and $26,000 before the income tax benefit of $6,000, respectively. For the thirteen and thirty-nine weeks ended October 28, 2017, stock-based compensation expense for the employee stock purchase plan was $10,000 before the income tax benefit of $4,000 and $30,000 before the income tax benefit of $12,000, respectively. The following table summarizes transactions for our RSAs pursuant to our stock-based compensation plans: Number of Weighted- RSAs at February 3, 2018 915,925 $ 23.62 Granted 10,998 32.74 Vested (38,994 ) 24.88 Forfeited or expired (51,650 ) 17.65 RSAs at November 3, 2018 836,279 $ 24.05 The weighted-average grant date fair value of RSAs granted during the thirty-nine week periods ended November 3, 2018 and October 28, 2017 was $32.74 and $24.09, respectively. The total fair value at grant date of RSAs that vested during the first nine months of fiscal 2018 was $970,000. The total fair value at grant date of RSAs that vested during the first nine months of fiscal 2017 was $2.9 million. The 51,650 shares of RSAs that expired in the first nine months of fiscal 2018 were awards in which the performance measures were not achieved. These awards represented the third tier of RSAs granted on March 19, 2012. As of November 3, 2018, approximately $2.6 million of unrecognized compensation expense remained related to both our performance-based and service-based RSAs. The cost is expected to be recognized over a weighted average period of approximately 0.5 years. This incorporates our current assumptions with respect to the estimated requisite service period required to achieve the designated performance conditions for performance-based RSAs. The following table summarizes transactions for our RSUs pursuant to our stock-based compensation plans: Number of Weighted- RSUs at February 3, 2018 4,000 $ 19.55 Granted 200,000 25.05 RSUs at November 3, 2018 204,000 $ 24.95 As of November 3, 2018, approximately $3.9 million of unrecognized compensation expense remained related to both our performance-based and service-based RSUs. The cost is expected to be recognized over a weighted average period of approximately 1.4 years. The following table summarizes information regarding stock-based compensation expense recognized for both RSAs and RSUs: (In thousands) Thirteen Thirteen Thirty-nine Thirty-nine Stock-based compensation before the recognized income tax effect $ 4,193 $ 996 $ 7,037 $ 2,140 Income tax effect $ 1,085 $ 398 $ 1,706 $ 830 The increase in compensation expense for the thirteen and thirty-nine weeks ended November 3, 2018 compared to the comparative periods in fiscal 2017 was due in part to a cumulative catch-up expense of $2.2 million, which was recorded in the third quarter of fiscal 2018. This cumulative catch-up expense was related to performance-based RSAs, which management had previously determined were not probable to vest prior to their expiration, but given our financial performance to date in fiscal 2018, in the third quarter of fiscal 2018, such awards were deemed by management as probable to vest. The following table summarizes SARs activity: Number of Weighted- Weighted- Outstanding at February 3, 2018 103,475 $ 24.26 Exercised (103,475 ) 24.26 Outstanding at November 3, 2018 0 $ 0.00 0.0 SARs were granted during the first quarter of fiscal 2015 to certain non-executive employees, such that one-third of the shares underlying the SARs vested and became fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a five-year term from the date of grant, after which any unexercised SARs would expire. Each SAR entitled the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our common 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 2015 were issued with a defined maximum gain of $10.00 over the exercise price of $24.26. During the second quarter of fiscal 2018, all remaining SARs granted during the first quarter of fiscal 2015 were exercised. The fair value of these liability awards were remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense were recognized over the vesting period, or immediately for vested awards. As of November 3, 2018, all outstanding SARs were exercised. The weighted-average fair value of outstanding, non-vested SAR awards as of October 28, 2017 was $3.22. The fair value was estimated using a trinomial lattice model with the following assumptions: October 28, 2017 Risk free interest rate yield curve 1.01% - 2.06% Expected dividend yield 1.4% Expected volatility 37.34% Maximum life 2.4 Years Exercise multiple 1.34 Maximum payout $10.00 Employee exit rate 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 historical 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 option data. The following table summarizes information regarding stock-based compensation recognized for SARs: (In thousands) Thirteen Thirteen Thirty-nine Thirty-nine 2017 Stock-based compensation before the recognized income tax effect $ 0 $ 140 $ 129 $ (97 ) Income tax effect $ 0 $ 56 $ 30 $ (38 ) As of November 3, 2018, no unrecognized compensation expense remained related to the SARs. |
Revenue
Revenue | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 6 – Revenue Revenue Recognition Adoption and Practical Expedients We adopted and applied the new revenue guidance in Accounting Standards Codification 606 (“ASC 606”) as of February 4, 2018 using the modified retrospective transition approach. Based on this approach, the condensed consolidated financial statements for prior periods were not restated and are reported under the prior revenue guidance in effect for the periods presented. We elected the practical expedient to treat shipping and handling activities associated with freight charges that occur after control of the product transfers to the customer as fulfillment activities. These costs are expensed as incurred and included in cost of sales in our condensed consolidated statements of income. We also elected the practical expedient for sales tax collected, which allows us to exclude from our transaction price any amounts collected from customers for sales tax and other similar taxes. There were no changes to our comparative reporting of shipping and handling costs included in cost of sales or accounting for sales tax as a result of the adoption of ASC 606. Accounting Policy and Performance Obligations We operate as a multi-channel, family footwear retailer and provide the convenience of shopping at our brick and mortar stores or shopping online through our e-commerce and mobile platform. As part of our multi-channel 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. We also offer “buy online, pick up in store” and “buy online, ship to store” services for our customers. “Buy online, pick up in store” and “buy online, ship to store” provide the convenience of local pickup for our customers. 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 and the risks and rewards of the product that we retain is minimal. For our brick and mortar 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” and “buy online, ship to store” scenarios described above and includes Shoes 2U if the customer chooses the option of picking up their goods in-store. For sales made through our e-commerce site or mobile app in which the customer chooses home delivery, we transfer control and recognize revenue when the product is shipped from our stores or distribution center. This also includes Shoes 2U if the customer chooses the option of having goods delivered to their home. The redemption of loyalty points under our Shoe Perks loyalty rewards program (“Shoe Perks”) and redemptions of gift cards may be part of any transaction. These situations represent separate performance obligations that are embedded in the contract and are more fully described below. 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 within a limited period of time. 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. Taxes imposed by governmental authorities such as sales taxes are excluded from net sales. Our brick and mortar stores accept various forms of payment from customers at point of sale. These include cash, checks, credit/debit cards and gift cards. Our e-commerce and mobile platforms accept credit/debit cards, PayPal and gift cards as forms of payment. 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., Returns and Refunds It is our policy to allow brick and mortar and online customers to exchange or return products for a refund within a limited period of time. We have established a returns allowance based upon historical experience in order to estimate these 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 November 3, 2018, approximately $706,000 of refund liabilities and $474,000 of right of return assets associated with estimated product returns were recorded in our condensed consolidated balance sheet. Contract Liabilities We sell gift cards in our brick and mortar stores and through our e-commerce and mobile platform. Gift card purchases are recorded as an increase to contract liabilities at the time of purchase and a decrease to contract liabilities when a customer redeems a gift card. Under the previous revenue guidance, when a customer did not use the entire value of their gift card, we recorded this unredeemed portion of the gift card as revenue when the likelihood of redemption became remote ( i.e., We offer our customers the opportunity to enroll in our Shoe Perks program, which accrues points and provides customers with the opportunity to earn rewards. Points under Shoe Perks are earned primarily by making purchases either in-store or through our online platform. Once a certain threshold of accumulated points is reached, the customer earns a reward certificate, which is redeemable at any of our stores or online. Under the previous guidance, after the certificates were batched, issued and awarded to customers at the end of the month, we recorded a liability for the estimated cost of the reward certificates expected to be redeemed. This liability was immaterial at the adoption date and all related certificates expired prior to May 5, 2018 in accordance with the terms of the awards. Under ASC 606, when a Shoe Perks customer makes a purchase, we allocate the transaction price between the goods and the loyalty reward points based on the relative standalone selling price. The portion allocated to the material right 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 exercise their rights to redeem the rewards, which incorporates an estimate of points expected to expire using historical rates. At November 3, 2018, approximately $286,000 of contract liabilities associated with loyalty rewards were recorded in our condensed consolidated balance sheet. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year. We are a multi-channel retailer that provides our customers with the convenience of home delivery. Our customers may choose this delivery method when purchasing products online, through our mobile app or via Shoes 2U. These products are picked up at our stores or distribution center and delivered by third party freight companies. Under the previous guidance, which was primarily based on a risks and rewards approach, when product was shipped to our customers, we recognized revenue based on an estimated customer receipt date. Since we collect payment upon shipment, this resulted in deferred revenue, which was recognized when the customer took receipt of the product. Under ASC 606, which is control-based, we transfer control and recognize revenue when the product is shipped from our stores or distribution center. This change had the effect of eliminating the deferred revenue accounting treatment under the previous guidance, and we no longer record an initial liability when sales are shipped to our customers. Impact of Adoption The impact of the new guidance on our condensed consolidated balance sheet as of November 3, 2018 is below. In the table, the adjustments for merchandise inventories relate to: (1) the classification of the right of return assets associated with product returns previously recorded net of the refund liability in accrued and other liabilities, and (2) the cost basis of inventory for product shipped to customers not yet received under the previous revenue guidance. The adjustment for deferred income taxes relates to the tax effect of the cumulative effect adjustments. The adjustments to accrued and other liabilities relate to: (1) the classification of the right of return assets from accrued and other liabilities to merchandise inventories, (2) recognition of deferred revenue for product shipped to customers not yet received, and (3) the adjustment to contract liabilities for unredeemed gift cards and award certificates. November 3, 2018 (In thousands) As Reported Adjustments As Adjusted Merchandise inventories $ 300,510 $ (387 ) $ 300,123 Deferred income taxes 8,866 100 8,966 Accrued and other liabilities (28,094 ) (176 ) (28,270 ) The impact of the new guidance on our condensed consolidated statement of income for the thirteen and thirty-nine weeks ended November 3, 2018 is below. In the table, the adjustments to net sales relate to deferred revenue for product shipped to customers not yet received, breakage revenue for unredeemed gift cards and adjustments associated with our rewards program. The adjustment to cost of sales relates to the cost associated with product shipped to customers not yet received under the previous revenue guidance The impact of the new guidance on income tax expense was immaterial for the thirteen and thirty-nine weeks ended November 3, 2018. Thirteen Weeks Ended November 3, 2018 (In thousands) As Reported Adjustments As Adjusted Net sales $ 269,181 $ 1,121 $ 270,302 Cost of sales (including buying, distribution and occupancy costs) 187,963 300 188,263 Thirty-nine Weeks Ended November 3, 2018 (In thousands) As Reported Adjustments As Adjusted Net sales $ 794,992 $ 170 $ 795,162 Cost of sales (including buying, distribution and occupancy costs) 552,666 8 552,674 Disaggregation of Revenue by Product Category Revenue is disaggregated by product category below. Net sales and percentage of net sales for the thirteen and thirty-nine weeks ended November 3, 2018 and October 28, 2017 were as follows: (In thousands) Thirteen Weeks Thirteen Weeks Non-Athletics: Women’s $ 59,510 22 % $ 57,601 20 % Men’s 33,946 13 33,828 12 Children’s 13,155 5 13,378 5 Total 106,611 40 104,807 37 Athletics: Women’s 47,409 18 52,077 18 Men’s 56,608 20 64,044 22 Children’s 45,264 17 52,511 18 Total 149,281 55 168,632 58 Accessories 12,081 5 12,853 5 Other 1,208 0 1,177 0 Total $ 269,181 100 % $ 287,469 100 % (In thousands) Thirty-nine Weeks Thirty-nine Weeks Non-Athletics: Women’s $ 185,525 23 % $ 176,722 23 % Men’s 107,633 14 104,267 14 Children’s 38,186 5 36,469 5 Total 331,344 42 317,458 42 Athletics: Women’s 143,583 18 140,725 18 Men’s 170,453 22 170,811 22 Children’s 113,069 14 111,587 14 Total 427,105 54 423,123 54 Accessories 34,019 4 32,781 4 Other 2,524 0 2,560 0 Total $ 794,992 100 % $ 775,922 100 % |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Net income per share: | |
Schedule of the Computation of Basic and Diluted Earnings Per Share | The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended November 3, 2018 October 28, 2017 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 12,046 $ 10,697 Amount allocated to participating securities (44 ) (162 ) Net income available for basic common shares and basic earnings per share $ 12,002 15,071 $ 0.80 $ 10,535 15,957 $ 0.66 Diluted Earnings per Share: Net income $ 12,046 $ 10,697 Amount allocated to participating securities (44 ) (162 ) Adjustment for dilutive potential common shares 2 741 0 9 Net income available for diluted common shares and diluted earnings per share $ 12,004 15,812 $ 0.76 $ 10,535 15,966 $ 0.66 Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 (In thousands, except per share data) Basic Earnings per Share: Net Shares Per Net Shares Per Net income $ 36,776 $ 22,824 Amount allocated to participating securities (152 ) (328 ) Net income available for basic common shares and basic earnings per share $ 36,624 15,282 $ 2.40 $ 22,496 16,287 $ 1.38 Diluted Earnings per Share: Net income $ 36,776 $ 22,824 Amount allocated to participating securities (152 ) (328 ) Adjustment for dilutive potential common shares 2 262 0 6 Net income available for diluted common shares and diluted earnings per share $ 36,626 15,544 $ 2.36 $ 22,496 16,293 $ 1.38 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table presents assets that are measured at fair value on a recurring basis at November 3, 2018. We had no assets measured at fair value on a recurring basis at February 3, 2018 or October 28, 2017. We have no material liabilities measured at fair value on a recurring or non-recurring basis. 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. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of November 3, 2018: Cash equivalents – money market mutual funds $ 45,061 $ 0 $ 0 $ 45,061 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our RSAs pursuant to our stock-based compensation plans: Number of Weighted- RSAs at February 3, 2018 915,925 $ 23.62 Granted 10,998 32.74 Vested (38,994 ) 24.88 Forfeited or expired (51,650 ) 17.65 RSAs at November 3, 2018 836,279 $ 24.05 |
Summary of SARs Activity | The following table summarizes SARs activity: Number of Weighted- Weighted- Outstanding at February 3, 2018 103,475 $ 24.26 Exercised (103,475 ) 24.26 Outstanding at November 3, 2018 0 $ 0.00 0.0 |
Schedule of SARs Assumptions | The fair value was estimated using a trinomial lattice model with the following assumptions: October 28, 2017 Risk free interest rate yield curve 1.01% - 2.06% Expected dividend yield 1.4% Expected volatility 37.34% Maximum life 2.4 Years Exercise multiple 1.34 Maximum payout $10.00 Employee exit rate 2.2% - 9.0% |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our RSUs pursuant to our stock-based compensation plans: Number of Weighted- RSUs at February 3, 2018 4,000 $ 19.55 Granted 200,000 25.05 RSUs at November 3, 2018 204,000 $ 24.95 |
RSAs And RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation expense recognized for both RSAs and RSUs: (In thousands) Thirteen Thirteen Thirty-nine Thirty-nine Stock-based compensation before the recognized income tax effect $ 4,193 $ 996 $ 7,037 $ 2,140 Income tax effect $ 1,085 $ 398 $ 1,706 $ 830 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation recognized for SARs: (In thousands) Thirteen Thirteen Thirty-nine Thirty-nine 2017 Stock-based compensation before the recognized income tax effect $ 0 $ 140 $ 129 $ (97 ) Income tax effect $ 0 $ 56 $ 30 $ (38 ) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Impact of Adoption New Guidance on Condensed Consolidated Balance Sheet | The impact of the new guidance on our condensed consolidated balance sheet as of November 3, 2018 is below. In the table, the adjustments for merchandise inventories relate to: (1) the classification of the right of return assets associated with product returns previously recorded net of the refund liability in accrued and other liabilities, and (2) the cost basis of inventory for product shipped to customers not yet received under the previous revenue guidance. The adjustment for deferred income taxes relates to the tax effect of the cumulative effect adjustments. The adjustments to accrued and other liabilities relate to: (1) the classification of the right of return assets from accrued and other liabilities to merchandise inventories, (2) recognition of deferred revenue for product shipped to customers not yet received, and (3) the adjustment to contract liabilities for unredeemed gift cards and award certificates. November 3, 2018 (In thousands) As Reported Adjustments As Adjusted Merchandise inventories $ 300,510 $ (387 ) $ 300,123 Deferred income taxes 8,866 100 8,966 Accrued and other liabilities (28,094 ) (176 ) (28,270 ) |
Schedule of Impact of Adoption New Guidance on Consolidated Statement of Income | The impact of the new guidance on our condensed consolidated statement of income for the thirteen and thirty-nine weeks ended November 3, 2018 is below. In the table, the adjustments to net sales relate to deferred revenue for product shipped to customers not yet received, breakage revenue for unredeemed gift cards and adjustments associated with our rewards program. The adjustment to cost of sales relates to the cost associated with product shipped to customers not yet received under the previous revenue guidance The impact of the new guidance on income tax expense was immaterial for the thirteen and thirty-nine weeks ended November 3, 2018. Thirteen Weeks Ended November 3, 2018 (In thousands) As Reported Adjustments As Adjusted Net sales $ 269,181 $ 1,121 $ 270,302 Cost of sales (including buying, distribution and occupancy costs) 187,963 300 188,263 Thirty-nine Weeks Ended November 3, 2018 (In thousands) As Reported Adjustments As Adjusted Net sales $ 794,992 $ 170 $ 795,162 Cost of sales (including buying, distribution and occupancy costs) 552,666 8 552,674 |
Schedule of Revenue Disaggregation by Product Category | Revenue is disaggregated by product category below. Net sales and percentage of net sales for the thirteen and thirty-nine weeks ended November 3, 2018 and October 28, 2017 were as follows: (In thousands) Thirteen Weeks Thirteen Weeks Non-Athletics: Women’s $ 59,510 22 % $ 57,601 20 % Men’s 33,946 13 33,828 12 Children’s 13,155 5 13,378 5 Total 106,611 40 104,807 37 Athletics: Women’s 47,409 18 52,077 18 Men’s 56,608 20 64,044 22 Children’s 45,264 17 52,511 18 Total 149,281 55 168,632 58 Accessories 12,081 5 12,853 5 Other 1,208 0 1,177 0 Total $ 269,181 100 % $ 287,469 100 % (In thousands) Thirty-nine Weeks Thirty-nine Weeks Non-Athletics: Women’s $ 185,525 23 % $ 176,722 23 % Men’s 107,633 14 104,267 14 Children’s 38,186 5 36,469 5 Total 331,344 42 317,458 42 Athletics: Women’s 143,583 18 140,725 18 Men’s 170,453 22 170,811 22 Children’s 113,069 14 111,587 14 Total 427,105 54 423,123 54 Accessories 34,019 4 32,781 4 Other 2,524 0 2,560 0 Total $ 794,992 100 % $ 775,922 100 % |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Basic Earnings per Share: | ||||
Net income | $ 12,046 | $ 10,697 | $ 36,776 | $ 22,824 |
Amount allocated to participating securities | (44) | (162) | (152) | (328) |
Net income available for basic common shares and basic earnings per share | $ 12,002 | $ 10,535 | $ 36,624 | $ 22,496 |
Net income available for basic common shares and basic earnings per share, Shares | 15,071 | 15,957 | 15,282 | 16,287 |
Net income available for basic common shares and basic earnings per share, Per Share Amount | $ 0.80 | $ 0.66 | $ 2.40 | $ 1.38 |
Diluted Earnings per Share: | ||||
Net income | $ 12,046 | $ 10,697 | $ 36,776 | $ 22,824 |
Amount allocated to participating securities | (44) | (162) | (152) | (328) |
Adjustment for dilutive potential common shares | $ 2 | $ 0 | $ 2 | $ 0 |
Adjustment for dilutive potential common shares, Shares | 741 | 9 | 262 | 6 |
Net income available for diluted common shares and diluted earnings per share | $ 12,004 | $ 10,535 | $ 36,626 | $ 22,496 |
Net income available for diluted common shares and diluted earnings per share, Shares | 15,812 | 15,966 | 15,544 | 16,293 |
Net income available for diluted common shares and diluted earnings per share, Per Share Amount | $ 0.76 | $ 0.66 | $ 2.36 | $ 1.38 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Cumulative effect on retained earnings from adoption of new Accounting Standards | $ 620,000 | ||||
Increase in retained earnings from pre-tax adjustments in connection with E-commerce revenues | 171,000 | ||||
Revenue recognized breakage for unredeemed gift cards | 649,000 | ||||
Tax impact of adjustments made to retained earnings | 200,000 | ||||
Income tax expense | $ 4,206,000 | $ 4,400,000 | $ 7,127,000 | $ 11,766,000 | $ 14,462,000 |
Impact on income tax benefit | $ 100,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Oct. 28, 2017 | Oct. 28, 2017 | |
Fair Value Disclosures [Abstract] | ||
Long-lived assets, impairment charges | $ 105,000 | $ 1,700,000 |
Remaining unamortized basis | $ 153,000 | $ 1,200,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measure at Fair Value on Recurring Basis) (Details) $ in Thousands | Nov. 03, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents - money market account | $ 45,061 |
Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents - money market account | 45,061 |
Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents - money market account | 0 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents - money market account | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Apr. 28, 2015 | Nov. 03, 2018 | Oct. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available to be issued and sold pursuant to the 2017 Plan | 1,000,000 | 1,000,000 | |||
Stock-based compensation expense for ESPP | $ 7,000 | $ 10,000 | $ 26,000 | $ 30,000 | |
Income tax benefit - ESPP | 2,000 | $ 4,000 | 6,000 | 12,000 | |
Fair value of stock awards vested during period | $ 970,000 | $ 2,900,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value of awards | $ 32.74 | $ 24.09 | |||
Number of shares restricted stock awards expired unvested | 51,650 | ||||
Change in share based compensation expense | $ 2,200,000 | ||||
Unrecognized share-based compensation expense | 2,600,000 | $ 2,600,000 | |||
Unrecognized compensation cost, recognition period | 6 months | ||||
Restricted Stock Unit [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value of awards | $ 25.05 | ||||
Unrecognized share-based compensation expense | $ 3,900,000 | $ 3,900,000 | |||
Unrecognized compensation cost, recognition period | 1 year 4 months 24 days | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value of awards | 3.22 | ||||
Defined maximum gain | $ 10 | $ 10 | |||
Exercise price | $ 24.26 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) - $ / shares | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Restricted Stock [Member] | ||
Number of Shares | ||
RSAs at February 3, 2018 | 915,925 | |
Granted | 10,998 | |
Vested | (38,994) | |
Forfeited or expired | (51,650) | |
RSAs at November 3, 2018 | 836,279 | |
Weighted-Average Grant Date Fair Value | ||
RSAs at February 3, 2018 | $ 23.62 | |
Granted | 32.74 | $ 24.09 |
Vested | 24.88 | |
Forfeited or expired | 17.65 | |
RSAs at November 3, 2018 | $ 24.05 | |
Restricted Stock Unit [Member] | ||
Number of Shares | ||
RSAs at February 3, 2018 | 4,000 | |
Granted | 200,000 | |
RSAs at November 3, 2018 | 204,000 | |
Weighted-Average Grant Date Fair Value | ||
RSAs at February 3, 2018 | $ 19.55 | |
Granted | 25.05 | |
RSAs at November 3, 2018 | $ 24.95 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Restricted Stock Awards and SARs Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation before the recognized income tax effect | $ 4,193 | $ 996 | $ 7,037 | $ 2,140 |
Income tax effect | 1,085 | 398 | 1,706 | 830 |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation before the recognized income tax effect | 0 | 140 | 129 | (97) |
Income tax effect | $ 0 | $ 56 | $ 30 | $ (38) |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary of SARs Activity) (Details) - Stock Appreciation Rights (SARs) [Member] | 9 Months Ended |
Nov. 03, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at February 03, 2018 | shares | 103,475 |
Exercised | shares | (103,475) |
Outstanding at November 03, 2018 | shares | 0 |
Outstanding at February 03, 2018 | $ / shares | $ 24.26 |
Exercised | $ / shares | 24.26 |
Outstanding at November 03, 2018 | $ / shares | $ 0 |
Outstanding at November 03, 2018 | 0 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of SARs Assumptions) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended |
Apr. 28, 2015 | Oct. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate yield curve, minimum | 1.00% | |
Risk free interest rate yield curve, maximum | 2.06% | |
Expected dividend yield | 1.40% | |
Expected volatility | 37.34% | |
Maximum life | 2 years 4 months 24 days | |
Exercise multiple | 1.34 | |
Maximum payout | $ 10 | $ 10 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 2.20% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 9.00% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | Nov. 03, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Refund liabilities | $ 706,000 |
Return assets | 474,000 |
Contract liabilities associated with unredeemed gift cards | 1,200,000 |
Contract liabilities associated with loyalty rewards | $ 286,000 |
Revenue (Schedule of Impact of
Revenue (Schedule of Impact of Adoption New Guidance on Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 | Oct. 28, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Merchandise inventories | $ 300,510 | $ 260,500 | $ 302,935 |
Deferred income taxes | 8,866 | 8,182 | 10,769 |
Accrued and other liabilities | (28,094) | $ (15,045) | $ (21,933) |
As Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Merchandise inventories | 300,510 | ||
Deferred income taxes | 8,866 | ||
Accrued and other liabilities | (28,094) | ||
Adjustments [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Merchandise inventories | (387) | ||
Deferred income taxes | 100 | ||
Accrued and other liabilities | (176) | ||
As Adjusted [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Merchandise inventories | 300,123 | ||
Deferred income taxes | 8,966 | ||
Accrued and other liabilities | $ (28,270) |
Revenue (Schedule of Impact o_2
Revenue (Schedule of Impact of Adoption New Guidance on Consolidated Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | $ 269,181 | $ 287,469 | $ 794,992 | $ 775,922 |
Cost of sales (including buying, distribution and occupancy costs) | 187,963 | $ 201,802 | 552,666 | $ 549,872 |
As Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 269,181 | 794,992 | ||
Cost of sales (including buying, distribution and occupancy costs) | 187,963 | 552,666 | ||
Adjustments [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 1,121 | 170 | ||
Cost of sales (including buying, distribution and occupancy costs) | 300 | 8 | ||
As Adjusted [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 270,302 | 795,162 | ||
Cost of sales (including buying, distribution and occupancy costs) | $ 188,263 | $ 552,674 |
Revenue (Schedule of Revenue Di
Revenue (Schedule of Revenue Disaggregation by Product Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 269,181 | $ 287,469 | $ 794,992 | $ 775,922 |
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Non-Athletics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 106,611 | $ 104,807 | $ 331,344 | $ 317,458 |
Percentage of net sales | 40.00% | 37.00% | 42.00% | 42.00% |
Non-Athletics [Member] | Women' s [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 59,510 | $ 57,601 | $ 185,525 | $ 176,722 |
Percentage of net sales | 22.00% | 20.00% | 23.00% | 23.00% |
Non-Athletics [Member] | Men' s [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 33,946 | $ 33,828 | $ 107,633 | $ 104,267 |
Percentage of net sales | 13.00% | 12.00% | 14.00% | 14.00% |
Non-Athletics [Member] | Children' s [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 13,155 | $ 13,378 | $ 38,186 | $ 36,469 |
Percentage of net sales | 5.00% | 5.00% | 5.00% | 5.00% |
Athletics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 149,281 | $ 168,632 | $ 427,105 | $ 423,123 |
Percentage of net sales | 55.00% | 58.00% | 54.00% | 54.00% |
Athletics [Member] | Women' s [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 47,409 | $ 52,077 | $ 143,583 | $ 140,725 |
Percentage of net sales | 18.00% | 18.00% | 18.00% | 18.00% |
Athletics [Member] | Men' s [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 56,608 | $ 64,044 | $ 170,453 | $ 170,811 |
Percentage of net sales | 20.00% | 22.00% | 22.00% | 22.00% |
Athletics [Member] | Children' s [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 45,264 | $ 52,511 | $ 113,069 | $ 111,587 |
Percentage of net sales | 17.00% | 18.00% | 14.00% | 14.00% |
Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 12,081 | $ 12,853 | $ 34,019 | $ 32,781 |
Percentage of net sales | 5.00% | 5.00% | 4.00% | 4.00% |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,208 | $ 1,177 | $ 2,524 | $ 2,560 |
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |