Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2019 | Jun. 05, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 4, 2019 | |
Entity Registrant Name | SHOE CARNIVAL INC | |
Entity Central Index Key | 0000895447 | |
Trading Symbol | SCVL | |
Current Fiscal Year End Date | --02-02 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 14,690,741 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Current Assets: | |||
Cash and cash equivalents | $ 21,616 | $ 67,021 | $ 35,347 |
Accounts receivable | 2,003 | 1,219 | 3,199 |
Merchandise inventories | 289,356 | 257,539 | 295,921 |
Other | 9,769 | 11,534 | 13,175 |
Total Current Assets | 322,744 | 337,313 | 347,642 |
Property and equipment – net | 72,313 | 70,605 | 81,644 |
Deferred income taxes | 8,159 | 9,622 | 8,221 |
Other noncurrent assets | 760 | 459 | 408 |
Operating lease right-of-use assets | 224,642 | 0 | 0 |
Total Assets | 628,618 | 417,999 | 437,915 |
Current Liabilities: | |||
Accounts payable | 56,488 | 48,715 | 62,593 |
Accrued and other liabilities | 17,611 | 22,069 | 24,235 |
Current portion of operating lease liabilities | 47,089 | 0 | 0 |
Total Current Liabilities | 121,188 | 70,784 | 86,828 |
Long-term portion of operating lease liabilities | 202,517 | 0 | 0 |
Deferred lease incentives | 0 | 22,171 | 27,289 |
Accrued rent | 0 | 8,436 | 9,754 |
Deferred compensation | 13,386 | 12,108 | 11,433 |
Other | 24 | 67 | 1,101 |
Total Liabilities | 337,115 | 113,566 | 136,405 |
Shareholders’ Equity: | |||
Common stock, $.01 par value, 50,000,000 shares authorized, 20,527,905 shares, 20,529,227 shares and 20,529,227 shares issued, respectively | 205 | 205 | 205 |
Additional paid-in capital | 76,282 | 75,631 | 67,410 |
Retained earnings | 370,453 | 360,443 | 339,073 |
Treasury stock, at cost, 5,837,164 shares, 5,154,243 shares and 4,452,661 shares, respectively | (155,437) | (131,846) | (105,178) |
Total Shareholders’ Equity | 291,503 | 304,433 | 301,510 |
Total Liabilities and Shareholders’ Equity | $ 628,618 | $ 417,999 | $ 437,915 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
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 | 20,527,905 | 20,529,227 | 20,529,227 |
Treasury shares, shares | 5,837,164 | 5,154,243 | 4,452,661 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 253,810 | $ 257,445 |
Cost of sales (including buying, distribution and occupancy costs) | 178,670 | 180,118 |
Gross profit | 75,140 | 77,327 |
Selling, general and administrative expenses | 59,532 | 60,011 |
Operating income | 15,608 | 17,316 |
Interest income | (331) | (2) |
Interest expense | 36 | 40 |
Income before income taxes | 15,903 | 17,278 |
Income tax expense | 2,030 | 4,323 |
Net income | $ 13,873 | $ 12,955 |
Net income per share: | ||
Basic | $ 0.95 | $ 0.83 |
Diluted | $ 0.91 | $ 0.83 |
Weighted average shares: | ||
Basic | 14,612 | 15,526 |
Diluted | 15,192 | 15,528 |
Cash dividends declared per share | $ 0.080 | $ 0.075 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
Balance at Feb. 03, 2018 | $ 307,302 | $ 205 | $ (85,099) | $ 65,458 | $ 326,738 |
Balance, shares at Feb. 03, 2018 | 20,529 | (3,582) | |||
Cumulative Effect on Retained Earnings, Net of Tax | Adoption of Accounting Standards Codification 606 | 620 | 620 | |||
Dividends declared ($0.075 per share) | (1,240) | (1,240) | |||
Employee stock purchase plan purchases | 65 | $ 76 | (11) | ||
Employee stock purchase plan purchases, shares | 3 | ||||
Restricted stock awards | 0 | $ (837) | 837 | ||
Restricted stock awards, shares | (52) | ||||
Shares surrendered by employees to pay taxes on restricted stock | (275) | $ (275) | |||
Shares surrendered by employees to pay taxes on restricted stock, shares | (11) | ||||
Purchase of common stock for treasury | (19,043) | $ (19,043) | |||
Purchase of common stock for treasury, shares | (811) | ||||
Stock-based compensation expense | 1,126 | 1,126 | |||
Net income | 12,955 | 12,955 | |||
Balance at May. 05, 2018 | 301,510 | $ 205 | $ (105,178) | 67,410 | 339,073 |
Balance, shares at May. 05, 2018 | 20,529 | (4,453) | |||
Balance at Feb. 02, 2019 | 304,433 | $ 205 | $ (131,846) | 75,631 | 360,443 |
Balance, shares at Feb. 02, 2019 | 20,529 | (5,154) | |||
Cumulative Effect on Retained Earnings, Net of Tax | Adoption of Accounting Standards Codification 842 | (2,649) | (2,649) | |||
Dividends declared ($0.075 per share) | (1,214) | (1,214) | |||
Employee stock purchase plan purchases | 63 | $ 57 | 6 | ||
Employee stock purchase plan purchases, shares | 2 | ||||
Restricted stock awards | 0 | $ 1,304 | (1,304) | ||
Restricted stock awards, shares | (1) | 47 | |||
Shares surrendered by employees to pay taxes on restricted stock | (10,940) | $ (10,940) | |||
Shares surrendered by employees to pay taxes on restricted stock, shares | (321) | ||||
Purchase of common stock for treasury | (14,012) | $ (14,012) | |||
Purchase of common stock for treasury, shares | (411) | ||||
Stock-based compensation expense | 1,949 | 1,949 | |||
Net income | 13,873 | 13,873 | |||
Balance at May. 04, 2019 | $ 291,503 | $ 205 | $ (155,437) | $ 76,282 | $ 370,453 |
Balance, shares at May. 04, 2019 | 20,528 | (5,837) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | May 04, 2019 | May 05, 2018 |
Statement Of Stockholders Equity [Abstract] | ||
Dividends | $ 0.08 | $ 0.075 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Cash Flows From Operating Activities | ||
Net income | $ 13,873 | $ 12,955 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 4,277 | 5,633 |
Stock-based compensation | 1,958 | 1,191 |
Loss on retirement and impairment of assets | 164 | 52 |
Deferred income taxes | 1,463 | (39) |
Non-cash operating lease expense | 10,993 | 0 |
Lease incentives | 0 | 10 |
Other | 1,278 | (2,097) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (783) | 3,071 |
Merchandise inventories | (31,817) | (35,421) |
Operating lease liabilities | (11,853) | 0 |
Accounts payable and accrued liabilities | 4,011 | 25,484 |
Other | (2,878) | (2,361) |
Net cash (used in) provided by operating activities | (9,314) | 8,478 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (9,199) | (963) |
Proceeds from sales of property and equipment | 3 | 0 |
Net cash used in investing activities | (9,196) | (963) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of stock | 63 | 65 |
Dividends paid | (2,006) | (1,169) |
Purchase of common stock for treasury | (14,012) | (19,043) |
Shares surrendered by employees to pay taxes on restricted stock | (10,940) | (275) |
Net cash used in financing activities | (26,895) | (20,422) |
Net decrease in cash and cash equivalents | (45,405) | (12,907) |
Cash and cash equivalents at beginning of period | 67,021 | 48,254 |
Cash and cash equivalents at end of period | 21,616 | 35,347 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 36 | 40 |
Cash paid during period for income taxes | 103 | 57 |
Capital expenditures incurred but not yet paid | $ 575 | $ 258 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 04, 2019 | |
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 Annual Report on Form 10-K for the fiscal year ended February 2, 2019. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
May 04, 2019 | |
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 May 4, 2019 May 5, 2018 (In thousands, except per share data) Basic Earnings per Share: Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net income $ 13,873 $ 12,955 Amount allocated to participating securities (44 ) (65 ) Net income available for basic common shares and basic earnings per share $ 13,829 14,612 $ 0.95 $ 12,890 15,526 $ 0.83 Diluted Earnings per Share: Net income $ 13,873 $ 12,955 Amount allocated to participating securities (44 ) (65 ) Adjustment for dilutive potential common shares 1 580 0 2 Net income available for diluted common shares and diluted earnings per share $ 13,830 15,192 $ 0.91 $ 12,890 15,528 $ 0.83 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 | 3 Months Ended |
May 04, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 - Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which replaced most existing lease accounting guidance. This guidance 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 became effective for us on February 3, 2019 and includes interim periods in fiscal 2019. We adopted the new guidance using the effective date as the date of initial application; therefore, the comparative period has not been adjusted and continues to be reported under the previous lease guidance. All of our retail store locations and our distribution center are subject to operating lease accounting under the new guidance. As a result, the adoption of this guidance had a material impact on our condensed consolidated balance sheets but did not have a material impact on our condensed consolidated statements of income or our condensed consolidated statements of cash flow. We also updated our lease administration software for the implementation of the guidance and developed and mapped new and existing controls in our control environment. The adoption of the guidance resulted in the initial recognition of operating lease liabilities of $251.7 million as of February 3, 2019. This amount was based on the present value of fixed lease payments using our incremental borrowing rate. We recorded corresponding operating lease right-of-use assets based on the operating lease liabilities, reduced by net accrued rent, unamortized deferred lease incentives and prepaid rent totaling $25.8 million upon adoption. Under the new guidance, companies may elect certain optional practical expedients. We elected the practical expedient that permits us not to recognize right-of-use assets and related liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). We did not elect the transition practical expedients that permit companies to use hindsight when determining lease term and impairment of right-of-use assets or that permit companies to account for lease and non-lease components as a single lease component. We also did not elect the transition package of practical expedients that is permitted by the guidance; therefore, we were required to reassess previous accounting conclusions regarding whether existing arrangements are or contain leases, the classification of existing leases and the treatment of initial direct costs. As of the adoption date, we recorded $2.6 million of lease-related capitalized costs to beginning retained earnings, net of tax, that did not meet the definition of initial direct costs in accordance with the guidance. See Note 7 for additional disclosures required as a result of the adoption of this guidance. In August 2018, the FASB issued guidance that adds, removes, and modifies the disclosure requirements related to fair value measurements. This accounting update is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact of this new guidance and believe the adoption will not have a material impact on our condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 - Fair Value Measurements The accounting guidance related to fair value measurements defines fair value and provides 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 guidance requires or permits 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 May 4, 2019, February 2, 2019 and May 5, 2018. We have no material liabilities measured at fair value on a recurring or non-recurring basis. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of May 4, 2019 Cash equivalents - money market mutual funds $ 28,779 $ 0 $ 0 $ 28,779 As of February 2, 2019 Cash equivalents - money market mutual funds $ 68,500 $ 0 $ 0 $ 68,500 As of May 5, 2018 Cash equivalents - money market mutual funds $ 0 $ 0 $ 0 $ 0 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. 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 include property and equipment and operating right-of-use 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 property and equipment 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 the estimated future cash flows. An increase or decrease in the projected cash flow can significantly decrease or increase the fair value of these assets, which would have an effect on the impairment recorded. We estimate the fair value of operating right-of-use assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term. If the operating right-of-use asset is impaired, we would amortize the remaining right-of-use asset in accordance with the subsequent-measurement guidance that applies to finance leases — typically, on a straight-line basis over the remaining lease term. Thus, the leased asset would no longer qualify for the straight-line treatment of lease expense. However, in periods after the impairment, we would continue to present the right-of-use asset reduction and interest accretion related to the operating lease liability in selling, general and administrative expenses on the income statement. See Note 7 for additional information on our accounting treatment for leases. During the thirteen weeks ended May 4, 2019, we recorded an impairment charge of $40,000 on property and equipment related to one store, which was included in selling, general and administrative expenses for the period. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $3,000. There were no impairments of operating right-of-use assets recorded during the thirteen weeks ended May 4, 2019. There were no impairments of long-lived assets recorded during the thirteen weeks ended May 5, 2018. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May 04, 2019 | |
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”). We may issue stock options, stock appreciation rights, restricted stock, stock units and other stock-based awards to eligible participants under the 2017 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 stock options, cash-settled stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Restricted Stock The following table summarizes transactions for our restricted stock awards pursuant to our stock-based compensation plans: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock at February 2, 2019 825,281 $ 23.94 Vested (708,367 ) 23.88 Forfeited or expired (40,859 ) 24.26 Restricted stock at May 4, 2019 76,055 $ 24.27 There were no restricted stock awards granted during the thirteen-week periods ended May 4, 2019 or May 5, 2018. The total fair value at grant date of restricted stock awards that vested during the first quarter of fiscal 2019 was $16.9 million. The total fair value at grant date of restricted stock awards that vested during the first quarter of fiscal 2018 was $887,000. As of May 4, 2019, approximately $460,000 of unrecognized compensation expense remained related to both our performance-based and service-based restricted stock awards. The cost is expected to be recognized over a weighted average period of approximately 0.9 years. The following table summarizes transactions for our restricted stock units and performance stock units pursuant to the 2017 Plan: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock units and performance stock units at February 2, 2019 202,667 $ 24.98 Granted 181,300 31.36 Vested (86,093 ) $ 23.27 Forfeited (2,376 ) 23.27 Restricted stock units and performance stock units at May 4, 2019 295,498 $ 29.41 As of May 4, 2019, approximately $7.2 million of unrecognized compensation expense remained related to both our restricted stock units and performance stock units. 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 restricted stock awards, restricted stock units and performance stock units: (In thousands) Thirteen Weeks Ended May 4, 2019 Thirteen Weeks Ended May 5, 2018 Stock-based compensation expense before the recognized income tax benefit $ 1,938 $ 1,115 Income tax benefit $ 247 $ 279 Cash-Settled Stock Appreciation Rights Our cash-settled stock appreciation rights (“SARs”) were granted during the first quarter of fiscal 2019 to certain non-executive employees and will vest and become fully exercisable on March 31, 2020. Any unexercised SARs will expire on March 31, 2022. Each SAR entitles the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2019 were issued with a defined maximum gain of $10.00 over the exercise price of $34.95. During the first quarter of fiscal 2015, SARs were granted 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 stock on the date of exercise less the exercise price, 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 following table summarizes the SARs activity: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at February 2, 2019 0 $ 0.00 Granted 43,900 34.95 Forfeited 0 0.00 Exercised 0 0.00 Outstanding at May 4, 2019 43,900 $ 34.95 0.9 The fair value of these liability awards will be remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense are recognized over the vesting period, or immediately for vested awards. The weighted-average fair value of outstanding, non-vested SAR awards as of May 4, 2019 was $5.55. The fair value was estimated using a trinomial lattice model with the following assumptions: May 4, 2019 May 5, 2018 Risk free interest rate yield curve 2.30% - 2.42% 1.67% - Expected dividend yield 0.9% 1.3% Expected volatility 47.95% 39.74% Maximum life 2.9 Years 1.9 Years Exercise multiple 1.29 1.34 Maximum payout $ 10.00 $ 10.00 Employee exit rate 2.2% - 9.0% 2.2% - 9.0% The risk free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our 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 expense recognized for SARs: (In thousands) Thirteen Weeks Ended May 4, 2019 Thirteen Weeks Ended May 5, 2018 Stock-based compensation expense before the recognized income tax benefit $ 8 $ 65 Income tax benefit $ 1 $ 16 |
Revenue
Revenue | 3 Months Ended |
May 04, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 6 – Revenue 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 platforms. 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” services for our customers. “Buy online, pick up in store” provides 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 are 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” scenario 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. 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 the 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., 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 condensed consolidated financial statements at May 4, 2019. 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 each of May 4, 2019 and February 2, 2019, approximately $600,000 of refund liabilities and $410,000 of right of return assets associated with estimated product returns were recorded in our condensed consolidated balance sheets. Contract Liabilities We sell gift cards in our brick-and-mortar stores and through our e-commerce and mobile platforms. 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. 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. 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. 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. 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. We transfer control and recognize revenue when the product is shipped from our stores or distribution center. Disaggregation of Revenue by Product Category Revenue is disaggregated by product category below. Net sales and percentage of net sales for the thirteen weeks ended May 4, 2019 and May 5, 2018 were as follows: (In thousands) Thirteen Weeks Ended May 4, 2019 Thirteen Weeks Ended May 5, 2018 Non-Athletics: Women’s $ 60,431 24 % $ 60,642 24 % Men’s 35,863 14 33,949 13 Children’s 12,368 5 11,803 5 Total 108,662 43 106,394 42 Athletics: Women’s 49,687 20 52,350 20 Men’s 53,304 21 55,621 22 Children’s 30,818 12 32,038 12 Total 133,809 53 140,009 54 Accessories 10,543 4 10,357 4 Other 796 0 685 0 Total $ 253,810 100 % $ 257,445 100 % |
Leases
Leases | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Leases | Note 7 – Leases Leases Operating lease liabilities are increased by interest and reduced by payments each period, and ROU assets are amortized over the lease term. Interest on operating lease liabilities and the amortization of ROU assets results in straight-line rent expense over the lease term. We record variable lease expense primarily associated with contingent rent and reduced rent due to co-tenancy violations when incurred. For new leases, renewals or amendments, we make certain estimates and assumptions regarding property values, market rents, property lives, discount rates and probable terms. These estimates and assumptions can impact: (1) lease classification and the related accounting treatment; (2) rent holidays, escalations or deferred lease incentives, which are taken into consideration when calculating straight-line expense; (3) the term over which leasehold improvements for each store are amortized; and (4) the values and lives of adjustments to initial ROU assets. The amount of depreciation and amortization, interest and rent expense would vary if different estimates and assumptions were used. We lease all of our retail stores and our single distribution center, which has a current lease term of 15 years, expiring in 2034. We also enter into leases of equipment, copiers and billboards. All of our leases are operating leases. 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, 2019. Our leases typically provide for fixed minimum rental payments and certain leases provide for contingent rental payments based upon various specified percentages of sales above minimum levels. In addition to rental payments, we are required to pay certain non-lease components, such as real estate taxes, insurance and common area maintenance, on most of our real estate leases. We account for lease components (e.g., fixed payments including rent) separately from non-lease components. Certain real estate leases also contain escalation clauses for increases in minimum rentals, operating costs and taxes. Our real estate leases typically include one or more options to renew, with renewal terms that typically extend the lease term for five years or more. The exercise of lease renewal options is at our sole discretion. When determining the lease term, we include option periods that are reasonably certain to be exercised. Many of our leases also contain “co-tenancy” provisions, including the required presence and continued operation of certain anchor tenants in the adjoining retail space. If a co-tenancy provision is triggered, we could have the right to terminate the lease early or to a reduction of rent. In addition to co-tenancy provisions, certain leases contain “go-dark” provisions that allow us to cease operations while continuing to pay rent through the end of the lease term. Quantitative Disclosures During the thirteen weeks ended May 4, 2019, our operating lease cost was $14.0 million, our variable lease cost was $234,000 and expense associated with non-lease components totaled $5.2 million. During the thirteen weeks ended May 4, 2019, cash paid for amounts included in the measurement of operating lease liabilities was $14.8 million and ROU assets obtained in exchange for new (or remeasured for existing) operating lease liabilities were $9.7 million (excluding ROU assets recorded for existing leases at the adoption date). As of May 4, 2019, the weighted-average remaining lease term for operating leases was 6.4 years and the weighted-average discount rate for operating leases was 5.4%. The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities on the consolidated balance sheet as of May 4, 2019: (In thousands) Operating Leases 2019 (excluding the first three fiscal months) $ 45,805 2020 52,872 2021 51,945 2022 44,138 2023 36,587 Thereafter to 2034 75,833 Total undiscounted lease payments 307,180 Less: Imputed interest 57,574 Total operating lease liabilities 249,606 Less: Current portion of operating lease liabilities 47,089 Long-term portion of operating lease liabilities $ 202,517 Our future minimum lease payments for operating leases as of February 2, 2019, in accordance with legacy lease accounting guidance, were as follows: (In thousands) Operating Leases 2019 $ 60,807 2020 51,937 2021 50,687 2022 41,536 2023 34,035 Thereafter to 2031 56,437 Total $ 295,439 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
May 04, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of the Computation of Basic and Diluted Earnings Per Share | Thirteen Weeks Ended May 4, 2019 May 5, 2018 (In thousands, except per share data) Basic Earnings per Share: Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net income $ 13,873 $ 12,955 Amount allocated to participating securities (44 ) (65 ) Net income available for basic common shares and basic earnings per share $ 13,829 14,612 $ 0.95 $ 12,890 15,526 $ 0.83 Diluted Earnings per Share: Net income $ 13,873 $ 12,955 Amount allocated to participating securities (44 ) (65 ) Adjustment for dilutive potential common shares 1 580 0 2 Net income available for diluted common shares and diluted earnings per share $ 13,830 15,192 $ 0.91 $ 12,890 15,528 $ 0.83 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 2019 | |
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 May 4, 2019, February 2, 2019 and May 5, 2018. We have no material liabilities measured at fair value on a recurring or non-recurring basis. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of May 4, 2019 Cash equivalents - money market mutual funds $ 28,779 $ 0 $ 0 $ 28,779 As of February 2, 2019 Cash equivalents - money market mutual funds $ 68,500 $ 0 $ 0 $ 68,500 As of May 5, 2018 Cash equivalents - money market mutual funds $ 0 $ 0 $ 0 $ 0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May 04, 2019 | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our restricted stock awards pursuant to our stock-based compensation plans: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock at February 2, 2019 825,281 $ 23.94 Vested (708,367 ) 23.88 Forfeited or expired (40,859 ) 24.26 Restricted stock at May 4, 2019 76,055 $ 24.27 |
Summary of SARs Activity | The following table summarizes the SARs activity: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at February 2, 2019 0 $ 0.00 Granted 43,900 34.95 Forfeited 0 0.00 Exercised 0 0.00 Outstanding at May 4, 2019 43,900 $ 34.95 0.9 |
Schedule of SARs Assumptions | The fair value was estimated using a trinomial lattice model with the following assumptions: May 4, 2019 May 5, 2018 Risk free interest rate yield curve 2.30% - 2.42% 1.67% - Expected dividend yield 0.9% 1.3% Expected volatility 47.95% 39.74% Maximum life 2.9 Years 1.9 Years Exercise multiple 1.29 1.34 Maximum payout $ 10.00 $ 10.00 Employee exit rate 2.2% - 9.0% 2.2% - 9.0% |
Restricted Stock Units and Performance Stock Units [Member] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards, restricted stock units and performance stock units: (In thousands) Thirteen Weeks Ended May 4, 2019 Thirteen Weeks Ended May 5, 2018 Stock-based compensation expense before the recognized income tax benefit $ 1,938 $ 1,115 Income tax benefit $ 247 $ 279 |
Stock Appreciation Rights (SARs) [Member] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation expense recognized for SARs: (In thousands) Thirteen Weeks Ended May 4, 2019 Thirteen Weeks Ended May 5, 2018 Stock-based compensation expense before the recognized income tax benefit $ 8 $ 65 Income tax benefit $ 1 $ 16 |
Restricted Stock Units and Performance Stock Units [Member] | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our restricted stock units and performance stock units pursuant to the 2017 Plan: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock units and performance stock units at February 2, 2019 202,667 $ 24.98 Granted 181,300 31.36 Vested (86,093 ) $ 23.27 Forfeited (2,376 ) 23.27 Restricted stock units and performance stock units at May 4, 2019 295,498 $ 29.41 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
May 04, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue Disaggregation by Product Category | Revenue is disaggregated by product category below. Net sales and percentage of net sales for the thirteen weeks ended May 4, 2019 and May 5, 2018 were as follows: (In thousands) Thirteen Weeks Ended May 4, 2019 Thirteen Weeks Ended May 5, 2018 Non-Athletics: Women’s $ 60,431 24 % $ 60,642 24 % Men’s 35,863 14 33,949 13 Children’s 12,368 5 11,803 5 Total 108,662 43 106,394 42 Athletics: Women’s 49,687 20 52,350 20 Men’s 53,304 21 55,621 22 Children’s 30,818 12 32,038 12 Total 133,809 53 140,009 54 Accessories 10,543 4 10,357 4 Other 796 0 685 0 Total $ 253,810 100 % $ 257,445 100 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Schedule of Rental Expense Under Operating Leases | The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities on the consolidated balance sheet as of May 4, 2019: (In thousands) Operating Leases 2019 (excluding the first three fiscal months) $ 45,805 2020 52,872 2021 51,945 2022 44,138 2023 36,587 Thereafter to 2034 75,833 Total undiscounted lease payments 307,180 Less: Imputed interest 57,574 Total operating lease liabilities 249,606 Less: Current portion of operating lease liabilities 47,089 Long-term portion of operating lease liabilities $ 202,517 |
Schedule of Future Minimum Payments Under Operating Leases | Our future minimum lease payments for operating leases as of February 2, 2019, in accordance with legacy lease accounting guidance, were as follows: (In thousands) Operating Leases 2019 $ 60,807 2020 51,937 2021 50,687 2022 41,536 2023 34,035 Thereafter to 2031 56,437 Total $ 295,439 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Basic Earnings per Share: | ||
Net income | $ 13,873 | $ 12,955 |
Amount allocated to participating securities | (44) | (65) |
Net income available for basic common shares and basic earnings per share | $ 13,829 | $ 12,890 |
Basic | 14,612 | 15,526 |
Basic | $ 0.95 | $ 0.83 |
Diluted Earnings per Share: | ||
Net income | $ 13,873 | $ 12,955 |
Amount allocated to participating securities | (44) | (65) |
Adjustment for dilutive potential common shares | 1 | 0 |
Net income available for diluted common shares and diluted earnings per share | $ 13,830 | $ 12,890 |
Adjustment for dilutive potential common shares | 580 | 2 |
Net income available for diluted common shares and diluted earnings per share, Shares | 15,192 | 15,528 |
Diluted | $ 0.91 | $ 0.83 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | May 05, 2018 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||||
Operating Lease, Liability | $ 249,606 | $ 251,700 | ||
Operating lease right-of-use assets | $ 224,642 | 25,800 | $ 0 | $ 0 |
Capital Lease Obligations | $ 2,600 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measure at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | $ 28,779 | $ 68,500 | $ 0 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | 28,779 | 68,500 | 0 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | 0 | 0 | 0 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Fair Value Disclosures [Abstract] | ||
Long-lived assets, impairment charges | $ 40,000 | $ 0 |
Operating Lease, Impairment Loss | 0 | |
Remaining unamortized basis | $ 3,000 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Apr. 28, 2015 | |
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 | ||
Stock-based compensation expense for ESPP | $ 11,000 | $ 11,000 | |
Income tax benefit - ESPP | 1,000 | 3,000 | |
Fair value of stock awards vested during period | 16,900,000 | $ 887,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense | $ 460,000 | ||
Unrecognized compensation cost, recognition period | 10 months 24 days | ||
Restricted Stock Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense | $ 7,200,000 | ||
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] | |||
Stock appreciation rights expiration date | Mar. 31, 2022 | ||
Defined maximum gain | $ 10 | $ 10 | $ 10 |
Exercise price | 34.95 | $ 24.26 | |
Weighted average grant date fair value of awards | $ 5.55 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) | 3 Months Ended |
May 04, 2019$ / sharesshares | |
Restricted Stock [Member] | |
Number of Shares | |
Outstanding at February 2, 2019 | shares | 825,281 |
Vested | shares | (708,367) |
Forfeited or expired | shares | (40,859) |
Outstanding at May 4, 2019 | shares | 76,055 |
Weighted-Average Grant Date Fair Value | |
Outstanding at February 2, 2019 | $ / shares | $ 23.94 |
Vested | $ / shares | 23.88 |
Forfeited or expired | $ / shares | 24.26 |
Outstanding at May 4, 2019 | $ / shares | $ 24.27 |
Restricted Stock Units and Performance Stock Units [Member] | |
Number of Shares | |
Outstanding at February 2, 2019 | shares | 202,667 |
Granted | shares | 181,300 |
Vested | shares | (86,093) |
Forfeited or expired | shares | (2,376) |
Outstanding at May 4, 2019 | shares | 295,498 |
Weighted-Average Grant Date Fair Value | |
Outstanding at February 2, 2019 | $ / shares | $ 24.98 |
Granted | $ / shares | 31.36 |
Vested | $ / shares | 23.27 |
Forfeited or expired | $ / shares | 23.27 |
Outstanding at May 4, 2019 | $ / shares | $ 29.41 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense for Stock Options, Restricted Stock, Performance Stock and SARs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Restricted Stock Units and Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense before the recognized income tax benefit | $ 1,938 | $ 1,115 |
Income tax benefit | 247 | 279 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense before the recognized income tax benefit | 8 | 65 |
Income tax benefit | $ 1 | $ 16 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of SARs Activity) (Details) - Stock Appreciation Rights (SARs) [Member] | 3 Months Ended |
May 04, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at February 2, 2019 | shares | 0 |
Granted | shares | 43,900 |
Forfeited | shares | 0 |
Exercised | shares | 0 |
Outstanding at May 4, 2019 | shares | 43,900 |
Outstanding at February 2, 2019 | $ / shares | $ 0 |
Granted | $ / shares | 34.95 |
Forfeited | $ / shares | 0 |
Exercised | $ / shares | 0 |
Outstanding at May 4, 2019 | $ / shares | $ 34.95 |
Outstanding at May 4, 2019 | 10 months 24 days |
Stock Based Compensation (Sched
Stock Based Compensation (Schedule of SARs Assumptions) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Apr. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate yield curve, minimum | 2.30% | 1.67% | |
Risk free interest rate yield curve, maximum | 2.42% | 2.78% | |
Expected dividend yield | 0.90% | 1.30% | |
Expected volatility | 47.95% | 39.74% | |
Maximum life | 2 years 10 months 24 days | 1 year 10 months 24 days | |
Exercise multiple | $ 1.29 | $ 1.34 | |
Maximum payout | $ 10 | $ 10 | $ 10 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee exit rate | 2.20% | 2.20% | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee exit rate | 9.00% | 9.00% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) | May 04, 2019 | Feb. 02, 2019 |
Revenue From Contract With Customer [Abstract] | ||
Refund liabilities | $ 600,000 | |
Return assets | $ 410,000 | |
Contract liabilities associated with unredeemed gift cards | 1,300,000 | 1,600,000 |
Contract liabilities associated with loyalty rewards | $ 293,000 | $ 245,000 |
Revenue (Schedule of Revenue Di
Revenue (Schedule of Revenue Disaggregation by Product Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 253,810 | $ 257,445 |
Non-Athletics [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 108,662 | 106,394 |
Non-Athletics [Member] | Women' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 60,431 | 60,642 |
Non-Athletics [Member] | Men' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 35,863 | 33,949 |
Non-Athletics [Member] | Children' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 12,368 | 11,803 |
Athletics [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 133,809 | 140,009 |
Athletics [Member] | Women' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 49,687 | 52,350 |
Athletics [Member] | Men' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 53,304 | 55,621 |
Athletics [Member] | Children' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 30,818 | 32,038 |
Accessories [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 10,543 | 10,357 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 796 | $ 685 |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 100.00% | 100.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 43.00% | 42.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Women' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 24.00% | 24.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Men' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 14.00% | 13.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Children' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 5.00% | 5.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 53.00% | 54.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Women' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 20.00% | 20.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Men' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 21.00% | 22.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Children' s [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 12.00% | 12.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Accessories [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 4.00% | 4.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of net sales | 0.00% | 0.00% |
Lease - Additional Information
Lease - Additional Information (Details) - USD ($) | 3 Months Ended | |||
May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | May 05, 2018 | |
Leases [Abstract] | ||||
Operating Lease, Liability | $ 249,606,000 | $ 251,700,000 | ||
Operating lease right-of-use assets | $ 224,642,000 | 25,800,000 | $ 0 | $ 0 |
Capital Lease Obligations | $ 2,600,000 | |||
Term of contract | 15 years | |||
Lease Expiration Year | 2034 | |||
Operating Lease, Cost | $ 14,000,000 | |||
Variable Lease, Cost | $ 234,000 | |||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 4 months 24 days | |||
Operating lease liabilities excluding ROU assets | $ 9,700,000 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.40% | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 14,800,000 | |||
Non lease components expense | $ 5,200,000 |
Undiscounted Cash Flows to Oper
Undiscounted Cash Flows to Operating Lease Liabilities on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | May 05, 2018 |
Leases [Abstract] | ||||
2019 (excluding the first three fiscal months) | $ 45,805 | |||
2020 | 52,872 | |||
2021 | 51,945 | |||
2022 | 44,138 | |||
2023 | 36,587 | |||
Thereafter to 2034 | 75,833 | |||
Total undiscounted lease payments | 307,180 | |||
Less: Imputed interest | 57,574 | |||
Total operating lease liabilities | 249,606 | $ 251,700 | ||
Current portion of operating lease liabilities | 47,089 | $ 0 | $ 0 | |
Long-term portion of operating lease liabilities | $ 202,517 | $ 0 | $ 0 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Commitments for Operating Leases (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 60,807 |
2020 | 51,937 |
2021 | 50,687 |
2022 | 41,536 |
2023 | 34,035 |
Thereafter to 2031 | 56,437 |
Total | $ 295,439 |