Shoe Carnival (SCVL) 10-Q 4 Jun 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 01, 2021	May 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 1, 2021
Entity Registrant Name	Shoe Carnival, Inc.
Entity Central Index Key	0000895447
Trading Symbol	SCVL
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		14,173,207
Entity File Number	0-21360
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1736614
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Address, Address Line One	7500 East Columbia Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47715
City Area Code	812
Local Phone Number	867-4034
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Current Assets:
Cash and cash equivalents	$ 174,643	$ 106,532	$ 13,084
Accounts receivable	7,477	7,096	6,316
Merchandise inventories	268,629	233,266	303,988
Other	11,896	8,411	14,186
Total Current Assets	462,645	355,305	337,574
Property and equipment – net	62,038	62,325	64,928
Deferred income taxes	4,965	5,635	7,249
Other noncurrent assets	12,870	13,843	9,454
Operating lease right-of-use assets	207,571	205,639	210,345
Total Assets	750,089	642,747	629,550
Current Liabilities:
Accounts payable	102,405	57,717	90,040
Accrued and other liabilities	55,011	24,390	12,517
Current portion of operating lease liabilities	42,895	48,794	49,078
Total Current Liabilities	200,311	130,901	151,635
Long-term portion of operating lease liabilities	185,205	182,622	184,896
Deferred compensation	11,614	16,008	12,646
Other	2,684	3,040	915
Total Liabilities	399,814	332,571	350,092
Shareholders’ Equity:
Common stock, $0.01 par value, 50,000,000 shares authorized and 20,524,601 shares issued in each period, respectively	205	205	205
Additional paid-in capital	77,182	78,878	76,910
Retained earnings	447,875	406,655	378,352
Treasury stock, at cost, 6,351,394 shares, 6,419,736 shares and 6,436,087 shares, respectively	(174,987)	(175,562)	(176,009)
Total Shareholders’ Equity	350,275	310,176	279,458
Total Liabilities and Shareholders’ Equity	$ 750,089	$ 642,747	$ 629,550

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	May 01, 2021	Jan. 30, 2021	May 02, 2020
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	20,524,601	20,524,601	20,524,601
Treasury shares, shares	6,351,394	6,419,736	6,436,087

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Net sales	$ 328,457	$ 147,495
Cost of sales (including buying, distribution and occupancy costs)	198,299	116,031
Gross profit	130,158	31,464
Selling, general and administrative expenses	72,555	54,725
Operating income/(loss)	57,603	(23,261)
Interest income	(4)	(89)
Interest expense	119	56
Income/(loss) before income taxes	57,488	(23,228)
Income tax expense/(benefit)	14,246	(7,038)
Net income/(loss)	$ 43,242	$ (16,190)
Net income/(loss) per share:
Basic	$ 3.06	$ (1.16)
Diluted	$ 3.02	$ (1.16)
Weighted average shares:
Basic	14,129	13,992
Diluted	14,324	13,992

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS 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. 01, 2020	$ 297,363	$ 205	$ (178,517)	$ 79,914	$ 395,761
Balance, shares at Feb. 01, 2020		20,525	(6,517)
Dividends declared	(1,219)				(1,219)
Employee stock purchase plan purchases	63		$ 97	(34)
Employee stock purchase plan purchases, shares			4
Restricted stock awards	0		$ 4,111	(4,111)
Restricted stock awards, shares			148
Shares surrendered by employees to pay taxes on restricted stock	(1,700)		$ (1,700)
Shares surrendered by employees to pay taxes on restricted stock, shares			(71)
Stock-based compensation expense	1,141			1,141
Net income/(loss)	(16,190)				(16,190)
Balance at May. 02, 2020	279,458	$ 205	$ (176,009)	76,910	378,352
Balance, shares at May. 02, 2020		20,525	(6,436)
Balance at Jan. 30, 2021	310,176	$ 205	$ (175,562)	78,878	406,655
Balance, shares at Jan. 30, 2021		20,525	(6,420)
Dividends declared	(2,022)				(2,022)
Employee stock purchase plan purchases	64		$ 33	31
Employee stock purchase plan purchases, shares			2
Restricted stock awards	0		$ 2,878	(2,878)
Restricted stock awards, shares			105
Shares surrendered by employees to pay taxes on restricted stock	(2,336)		$ (2,336)
Shares surrendered by employees to pay taxes on restricted stock, shares			(38)
Stock-based compensation expense	1,151			1,151
Net income/(loss)	43,242				43,242
Balance at May. 01, 2021	$ 350,275	$ 205	$ (174,987)	$ 77,182	$ 447,875
Balance, shares at May. 01, 2021		20,525	(6,351)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	May 01, 2021	May 02, 2020
Statement Of Stockholders Equity [Abstract]
Dividends	$ 0.140	$ 0.085

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Cash Flows From Operating Activities
Net income/(loss)	$ 43,242	$ (16,190)
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,315	3,831
Stock-based compensation	1,227	1,054
Loss on retirement and impairment of assets	757	2,089
Deferred income taxes	670	584
Non-cash operating lease expense	11,434	10,250
Other	1,187	(1,065)
Changes in operating assets and liabilities:
Accounts receivable	(381)	(3,592)
Merchandise inventories	(35,363)	(44,493)
Operating leases	(16,682)	(8,881)
Accounts payable and accrued liabilities	61,519	23,508
Other	4,595	(9,958)
Net cash provided by (used in) operating activities	76,520	(42,863)
Cash Flows From Investing Activities
Purchases of property and equipment	(4,083)	(3,189)
Other	0	194
Net cash used in investing activities	(4,083)	(2,995)
Cash Flows From Financing Activities
Borrowings under line of credit	0	8,691
Payments on line of credit	0	(8,691)
Proceeds from issuance of stock	64	63
Dividends paid	(2,054)	(1,320)
Shares surrendered by employees to pay taxes on restricted stock	(2,336)	(1,700)
Net cash used in financing activities	(4,326)	(2,957)
Net increase (decrease) in cash and cash equivalents	68,111	(48,815)
Cash and cash equivalents at beginning of period	106,532	61,899
Cash and cash equivalents at end of period	174,643	13,084
Supplemental disclosures of cash flow information:
Cash paid during period for interest	118	44
Cash paid during period for income taxes	68	(97)
Capital expenditures incurred but not yet paid	1,323	1,358
Dividends declared but not yet paid	$ 101	$ 64

Basis of Presentation

Basis of Presentation	3 Months Ended
	May 01, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, providing customers the convenience of shopping at any of our store locations or online. We offer customers a broad assortment of dress, casual and athletic footwear for men, women and children with an emphasis on national name brands. We differentiate our retail concept from our competitors by our distinctive, fun and promotional marketing efforts. We are an Indiana corporation that was initially formed in Delaware in 1993 and reincorporated in Indiana in 1996. References to “Shoe Carnival,” “we,” “us,” “our” and the “Company” in this Quarterly Report on Form 10-Q refer to Shoe Carnival, Inc. and its subsidiaries. In our opinion, the accompanying unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and contain all normal recurring adjustments necessary to fairly present our financial position and the results of our operations and our cash flows for the periods presented. Certain information and disclosures normally included in the notes to Condensed Consolidated Financial Statements have been condensed or omitted as permitted by the rules and regulations of the SEC although we believe that the disclosures are adequate to make the information presented not misleading. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021.

Net Income_(Loss) Per Share

Net Income/(Loss) Per Share	3 Months Ended
	May 01, 2021
Earnings Per Share Basic [Abstract]
Net Income/(Loss) Per Share	Note 2 - Net Income/(Loss) Per Share The following tables set forth the computation of basic and diluted net income/(loss) per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (In thousands, except per share data) Basic Net Income/(Loss) per Share: Net Income/(Loss) Shares Per Share Amount Net Income/(Loss) Shares Per Share Amount Net income/(loss) available for basic common shares and basic net income/(loss) per share $ 43,242 14,129 $ 3.06 $ (16,190 ) 13,992 $ (1.16 ) Diluted Net Income/(Loss) per Share: Net income/(loss) $ 43,242 $ (16,190 ) Conversion of share-based compensation arrangements 0 195 0 0 Net income/(loss) available for diluted common shares and diluted net income/(loss) per share $ 43,242 14,324 $ 3.02 $ (16,190 ) 13,992 $ (1.16 ) The computation of basic net income/(loss) per share of common stock is based on the weighted average number of common shares outstanding during the period. The computation of diluted net income/(loss) per share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of share-settled compensation arrangements involving restricted stock, restricted stock units and performance stock units. A small portion of these awards that were outstanding at the beginning of fiscal 2020 had a non-forfeitable right to dividends. The computation of diluted net income/(loss) per share excluded approximately 3,000 unvested share-settled awards for the first quarter of fiscal 2021 because the impact would be anti-dilutive. During the first quarter of fiscal 2020, approximately 198,000 unvested share-settled awards were excluded from the computation because the impact would have been anti-dilutive.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	May 01, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recently Issued Accounting Pronouncements	Note 3 – Recently Issued Accounting Pronouncements The Financial Accounting Standards Board issued guidance related to reference rate reform, which addresses contract modifications that may be necessary due to the expected discontinuance of LIBOR as a broadly used reference rate. The guidance was effective immediately but is only available for contract modifications made through December 31, 2022. Our credit facility currently allows for LIBOR-based borrowings and, as amended in 2020, contains provisions providing for a benchmark replacement in the event LIBOR is discontinued. We will adopt this guidance when LIBOR is discontinued and do not expect the adoption will have a material impact on our consolidated financial statements or related disclosures.

Risk and Uncertainties Associat

Risk and Uncertainties Associated with the COVID-19 Pandemic	3 Months Ended
	May 01, 2021
Extraordinary And Unusual Items [Abstract]
Risk and Uncertainties Associated with the COVID-19 Pandemic	Note 4 – Risk and Uncertainties Associated with the COVID-19 Pandemic Our operations have been significantly disrupted by the outbreak of a novel strain of coronavirus (“COVID-19”). On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The U.S. Government, as well as the vast majority of states and local municipalities, have taken unprecedented measures to control the spread of COVID-19 and to provide stimulus as a mitigating measure to deteriorating economic conditions and increasing unemployment. The COVID-19 pandemic began significantly impacting our operations, sales and costs beginning in the first quarter of fiscal 2020. Impacts included the temporary closure of our physical stores effective March 19, 2020, reduced foot traffic and sales, deteriorating economic conditions for our customer base, and some disruption to our global supply chain. We began reopening physical stores in accordance with applicable public health guidelines in late April 2020. By the beginning of the second quarter of fiscal 2020, approximately 50% of our stores were reopened, and by early June 2020, substantially all of our stores had reopened. Our e-commerce platform has been fully operational during the pandemic with e-commerce orders generally fulfilled by our store locations. Due to the pandemic, we did not have any stores closed as of May 1, 2021 or for extended periods during the first quarter of fiscal 2021. The COVID-19 pandemic will likely continue to impact our financial condition and results of operations for the foreseeable future.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5 - 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 – Quoted prices in active or inactive markets for similar assets or liabilities that are either directly or indirectly observable; and • Level 3 – Significant unobservable inputs that are 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. Fair Value of Financial Instruments The following table presents financial instruments that are measured at fair value on a recurring basis at May 1, 2021, January 30, 2021 and May 2, 2020. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of May 1, 2021 Cash equivalents - money market mutual funds $ 175,612 $ 0 $ 0 $ 175,612 As of January 30, 2021 Cash equivalents - money market mutual funds $ 97,519 $ 0 $ 0 $ 97,519 As of May 2, 2020 Cash equivalents - money market mutual funds $ 3,128 $ 0 $ 0 $ 3,128 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. Long-Lived Asset Impairment Testing We periodically evaluate our long-lived assets if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include property and equipment and operating lease right-of-use assets. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in selling, general and administrative expenses. If the operating lease right-of-use asset is impaired, we would amortize the remaining right-of-use asset on a straight-line basis over the remaining lease term . We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our estimates are derived from an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, exercise of future lease renewal options and the store’s contribution to cash flows and, by their nature, include judgments about how current initiatives will impact future performance. We estimate the fair value of operating lease right-of-use assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term. External factors, such as the local environment in which the store is located, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly impact the fair value of these assets, which may have an effect on the impairment recorded. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future. During the thirteen weeks ended May 1, 2021 and May 2, 2020, we recorded impairment charges of $724,000 and $2.3 million associated with two stores and seven stores, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	May 01, 2021
Share Based Compensation [Abstract]
Stock-Based Compensation	Note 6 - Stock-Based Compensation Stock-based compensation includes share-settled awards issued pursuant to our shareholder approved Shoe Carnival, Inc. 2017 Equity Incentive Plan in the form of restricted stock units, performance stock units, and restricted stock. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan and for cash-settled stock appreciation rights. Stock-based compensation expense for the employee stock purchase plan was $11,000 before the income tax benefit of $3,000 for each of the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. Share-Settled Equity Awards The following table summarizes transactions for our restricted stock units and performance stock units: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock units and performance stock units at January 30, 2021 256,508 $ 22.13 Granted 107,986 56.42 Vested (105,148 ) 29.70 Restricted stock units and performance stock units at May 1, 2021 259,346 $ 33.34 The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 1, 2021 and May 2, 2020 was $3.1 million and $4.4 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended May 1, 2021 and May 2, 2020 was $56.42 and $14.88, respectively. There were no restricted stock awards granted during the thirteen weeks ended May 1, 2021 or May 2, 2020. There were no restricted stock awards that vested during the thirteen weeks ended May 1, 2021 and the total fair value at grant date of restricted stock awards that vested during the thirteen weeks ended May 2, 2020 was $1.2 million. The following table summarizes information regarding stock-based compensation expense recognized for all share-settled equity awards (restricted stock units, performance stock units and restricted stock awards): (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Stock-based compensation expense before the recognized income tax effect $ 1,140 $ 1,130 Income tax effect at statutory rate $ (282 ) $ (342 ) Additional income tax (benefit)/expense on vesting of awards $ (880 ) $ 45 As of May 1, 2021 approximately $7.8 million of unrecognized compensation expense remained related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 1.6 years. Cash-Settled Stock Appreciation Rights Cash-settled stock appreciation rights (“SARs”) are granted to certain non-executive employees. Each SAR entitles holders, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2021 will vest and become fully exercisable on March 31, 2022 and any unexercised SARs will expire on March 31, 2024. SARs granted during the first quarter of fiscal 2020 vested and became fully exercisable on March 31, 2021 and any unexercised SARs will expire on March 31, 2023. SARs granted during the first quarter of fiscal 2019 vested and became fully exercisable on March 31, 2020. The remaining unexercised SARs from the first quarter fiscal 2019 grant were exercised in the first quarter of fiscal 2021. The SARs issued have a defined maximum gain of $10.00 over the exercise price of $61.88 for awards granted in fiscal 2021 and over the exercise price of $13.79 for awards granted in fiscal 2020. The following table summarizes the SARs activity: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at January 30, 2021 44,200 $ 15.23 Granted 46,900 61.88 Exercised (43,200 ) 15.26 Outstanding at May 1, 2021 47,900 $ 60.88 2.9 The fair value of these liability awards are remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense are recognized over the vesting period, or immediately for vested awards. The weighted-average fair value of outstanding SAR awards as of May 1, 2021 was $2.70. The fair value was estimated using a trinomial lattice model with the following assumptions: May 1, 2021 May 2, 2020 Risk free interest rate yield curve 0.01% - 0.86% 0.10% - 0.36% Expected dividend yield 0.9% 1.5% Expected volatility 63.19% 62.95% Maximum life 1.92 - 2.92 Years 1.91 - 2.91 Years Exercise multiple 0.94 - 1.29 1.29 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 calculated based on historical data. The following table summarizes information regarding stock-based compensation expense recognized for SARs: (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Stock-based compensation expense/(benefit) before the recognized income tax effect $ 76 $ (87 ) Income tax effect at statutory rate $ (19 ) $ 26 As of May 1, 2021, approximately $109,000 in unrecognized compensation expense remained related to non-vested SARs. This expense is expected to be recognized over a period of approximately 0.9 years.

Revenue

Revenue	3 Months Ended
	May 01, 2021
Revenue From Contract With Customer [Abstract]
Revenue	Note 7 – Revenue 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 1, 2021 and May 2, 2020 were as follows: (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Non-Athletics: Women’s $ 75,531 23 % $ 28,921 20 % Men’s 44,282 13 18,715 13 Children’s 23,293 7 7,009 5 Total 143,106 43 54,645 38 Athletics: Women’s 58,595 18 32,912 22 Men’s 65,724 20 31,460 21 Children’s 42,578 13 20,664 14 Total 166,897 51 85,036 57 Accessories and Other 18,454 6 7,814 5 Total $ 328,457 100 % $ 147,495 100 % Accounting Policy and Performance Obligations We operate as a multi-channel, family footwear retailer and provide the convenience of shopping at our physical stores or shopping online through our e-commerce platform. As part of our 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 at a particular store. We also offer “buy online, pick up in store” services for our customers. “Buy online, pick up in store” provides the convenience of local pickup for our customers. For our physical stores, we satisfy our performance obligation and control is transferred at the point of sale when the customer takes possession of the products. This also includes the “buy online, pick up in store” scenario described above and includes sales made via our Shoes 2U program when customers choose to pick up their goods at a physical store. For sales made through our e-commerce platform in which the customer chooses home delivery, we transfer control and recognize revenue when the product is shipped. This also includes sales made via our Shoes 2U program when the customer chooses home delivery. We offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in cost of sales. Gift card revenue is recognized at the time of redemption. When a customer makes a purchase as part of our rewards program, we allocate the transaction price between the goods purchased and the loyalty reward points and recognize the loyalty revenue based on estimated customer redemptions. Transaction Price and Payment Terms The transaction price is the amount of consideration we expect to receive from our customers and is reduced by any stated promotional discounts at the time of purchase. The transaction price may be variable due to terms that permit customers to exchange or return products for a refund. The implicit contract with the customer reflected in the transaction receipt states the final terms of the sale, including the description, quantity, and price of each product purchased. The customer agrees to a stated price in the contract that does not vary over the term of the contract and may include revenue to offset shipping costs. Taxes imposed by governmental authorities such as sales taxes are excluded from net sales. Our physical 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 platform accepts credit/debit cards, PayPal, Apple Pay, Klarna 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 our Shoes 2U program was not material to our Condensed Consolidated Financial Statements at May 1, 2021, January 30, 2021 and May 2, 2020. Returns and Refunds We have established an allowance based upon historical experience in order to estimate return and refund transactions. This allowance is recorded as a reduction in sales with a corresponding refund liability recorded in accrued and other liabilities. The estimated cost of merchandise inventory is recorded as a reduction to cost of sales and an increase in merchandise inventories. Contract Liabilities When a gift card is issued, the issuance is recorded as an increase to contract liabilities at the time of issuance 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. Our Shoe Perks rewards program allows customers to accrue points and provides customers with the opportunity to earn rewards. Points under Shoe Perks are earned primarily by making purchases through any of our multi-channel points of sale. Once a certain threshold of accumulated points is reached, the customer earns a reward certificate, which is redeemable through any of our sales channels. When a Shoe Perks customer makes a purchase, we allocate the transaction price between the goods purchased and the loyalty reward points earned based on the relative standalone selling price. The portion allocated to the points program is recorded as a contract liability for rewards that are expected to be redeemed. We then recognize revenue based on an estimate of when customers redeem rewards, which incorporates an estimate of points expected to expire using historical rates. During the thirteen weeks ended May 1, 2021 and May 2, 2020, approximately $1.3 million and $957,000, respectively, of loyalty rewards were recognized in net sales. At May 1, 2021, January 30, 2021 and May 2, 2020, approximately $1.1 million, $755,000 and $406,000 of contract liabilities associated with loyalty rewards were recorded in our Condensed Consolidated Balance Sheets, respectively. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year.

Leases

Leases	3 Months Ended
	May 01, 2021
Leases [Abstract]
Leases	Note 8 – Leases We lease all of our physical stores and our single distribution center, which has a current lease term 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 1, 2021. Lease costs, including related common area maintenance (“CAM”), property taxes, and insurance, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 1, 2021 and May 2, 2020: (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Operating lease cost $ 13,263 $ 13,226 Variable lease cost 648 187 CAM, property taxes and insurance 4,768 4,989 Total $ 18,679 $ 18,402

Net Income_(Loss) Per Share (Ta

Net Income/(Loss) Per Share (Tables)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Net Income/(Loss) Per Share	The following tables set forth the computation of basic and diluted net income/(loss) per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (In thousands, except per share data) Basic Net Income/(Loss) per Share: Net Income/(Loss) Shares Per Share Amount Net Income/(Loss) Shares Per Share Amount Net income/(loss) available for basic common shares and basic net income/(loss) per share $ 43,242 14,129 $ 3.06 $ (16,190 ) 13,992 $ (1.16 ) Diluted Net Income/(Loss) per Share: Net income/(loss) $ 43,242 $ (16,190 ) Conversion of share-based compensation arrangements 0 195 0 0 Net income/(loss) available for diluted common shares and diluted net income/(loss) per share $ 43,242 14,324 $ 3.02 $ (16,190 ) 13,992 $ (1.16 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents financial instruments that are measured at fair value on a recurring basis at May 1, 2021, January 30, 2021 and May 2, 2020. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of May 1, 2021 Cash equivalents - money market mutual funds $ 175,612 $ 0 $ 0 $ 175,612 As of January 30, 2021 Cash equivalents - money market mutual funds $ 97,519 $ 0 $ 0 $ 97,519 As of May 2, 2020 Cash equivalents - money market mutual funds $ 3,128 $ 0 $ 0 $ 3,128

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	May 01, 2021
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 January 30, 2021 44,200 $ 15.23 Granted 46,900 61.88 Exercised (43,200 ) 15.26 Outstanding at May 1, 2021 47,900 $ 60.88 2.9
Schedule of SARs Assumptions	The fair value was estimated using a trinomial lattice model with the following assumptions: May 1, 2021 May 2, 2020 Risk free interest rate yield curve 0.01% - 0.86% 0.10% - 0.36% Expected dividend yield 0.9% 1.5% Expected volatility 63.19% 62.95% Maximum life 1.92 - 2.92 Years 1.91 - 2.91 Years Exercise multiple 0.94 - 1.29 1.29 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 all share-settled equity awards (restricted stock units, performance stock units and restricted stock awards): (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Stock-based compensation expense before the recognized income tax effect $ 1,140 $ 1,130 Income tax effect at statutory rate $ (282 ) $ (342 ) Additional income tax (benefit)/expense on vesting of awards $ (880 ) $ 45
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 1, 2021 Thirteen Weeks Ended May 2, 2020 Stock-based compensation expense/(benefit) before the recognized income tax effect $ 76 $ (87 ) Income tax effect at statutory rate $ (19 ) $ 26
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: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock units and performance stock units at January 30, 2021 256,508 $ 22.13 Granted 107,986 56.42 Vested (105,148 ) 29.70 Restricted stock units and performance stock units at May 1, 2021 259,346 $ 33.34

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 01, 2021
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 1, 2021 and May 2, 2020 were as follows: (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Non-Athletics: Women’s $ 75,531 23 % $ 28,921 20 % Men’s 44,282 13 18,715 13 Children’s 23,293 7 7,009 5 Total 143,106 43 54,645 38 Athletics: Women’s 58,595 18 32,912 22 Men’s 65,724 20 31,460 21 Children’s 42,578 13 20,664 14 Total 166,897 51 85,036 57 Accessories and Other 18,454 6 7,814 5 Total $ 328,457 100 % $ 147,495 100 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 01, 2021
Leases [Abstract]
Schedule of Lease Related Costs	Lease costs, including related common area maintenance (“CAM”), property taxes, and insurance, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 1, 2021 and May 2, 2020: (In thousands) Thirteen Weeks Ended May 1, 2021 Thirteen Weeks Ended May 2, 2020 Operating lease cost $ 13,263 $ 13,226 Variable lease cost 648 187 CAM, property taxes and insurance 4,768 4,989 Total $ 18,679 $ 18,402

Net Income_(Loss) Per Share (Sc

Net Income/(Loss) Per Share (Schedule of Net Income/(Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Basic Net Income/(Loss) per Share:
Net income/(loss) available for basic common shares and basic net income/(loss) per share	$ 43,242	$ (16,190)
Net income/(loss) available for basic common shares and basic net income/(loss) per share	14,129	13,992
Net income/(loss) available for basic common shares and basic net income/(loss) per share	$ 3.06	$ (1.16)
Diluted Net Income/(Loss) per Share:
Net income/(loss)	$ 43,242	$ (16,190)
Conversion of share-based compensation arrangements	0	0
Net income/(loss) available for diluted common shares and diluted net income/(loss) per share	$ 43,242	$ (16,190)
Conversion of share-based compensation arrangements	195	0
Net income/(loss) available for diluted common shares and diluted net income/(loss) per share	14,324	13,992
Net income/(loss) available for diluted common shares and diluted net income/(loss) per share	$ 3.02	$ (1.16)

Net Income_(Loss) Per Share (Na

Net Income/(Loss) Per Share (Narrative) (Details) - shares	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Diluted net income per share excluded dilutive unvested share-based awards	3,000	198,000

Risk and Uncertainties Associ_2

Risk and Uncertainties Associated with the COVID-19 Pandemic (Narrative) (Details) - COVID-19 Impacts [Member]	May 03, 2020	May 01, 2021
Unusual Risk Or Uncertainty [Line Items]
Percentage of stores opened	50.00%
Percentage of stores opened, effective date		early June 2020

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Financial Instruments Measure at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents - money market mutual funds	$ 175,612	$ 97,519	$ 3,128
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents - money market mutual funds	175,612	97,519	3,128
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 01, 2021	May 02, 2020
Fair Value Disclosures [Abstract]
Long-lived assets, impairment charges	$ 724,000	$ 2,300,000
Operating lease, impairment loss	$ 0	$ 0

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense for ESPP	$ 11,000	$ 11,000
Income tax benefit - ESPP	3,000	3,000
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock awards vested during period	$ 3,100,000	$ 4,400,000
Weighted average grant date fair value of awards	$ 56.42	$ 14.88
Granted	107,986
Vested	(105,148)
Unrecognized share-based compensation expense	$ 7,800,000
Unrecognized compensation cost, recognition period	1 year 7 months 6 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock awards vested during period		$ 1,200,000
Granted	0	0
Vested	0
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of awards	$ 2.70
Unrecognized share-based compensation expense	$ 109,000
Unrecognized compensation cost, recognition period	10 months 24 days
Defined maximum gain	$ 10	$ 10	$ 10	$ 10
Exercise price			$ 61.88	$ 13.79

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) - Restricted Stock Units and Performance Stock Units [Member] - $ / shares	3 Months Ended
	May 01, 2021	May 02, 2020
Number of Shares
Outstanding at January 30, 2021	256,508
Granted	107,986
Vested	(105,148)
Outstanding at May 1, 2021	259,346
Weighted-Average Grant Date Fair Value
Outstanding at January 30, 2021	$ 22.13
Granted	56.42	$ 14.88
Vested	29.70
Outstanding at May 1, 2021	$ 33.34

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Stock-based Compensation (benefit)/ Expense for Stock Options, Restricted Stock, Performance Stock and SARs) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense/(benefit) before the recognized income tax effect	$ 1,140	$ 1,130
Income tax effect at statutory rate	(282)	(342)
Additional income tax (benefit)/expense on vesting of awards.	(880)	45
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense/(benefit) before the recognized income tax effect	76	(87)
Income tax effect at statutory rate	$ (19)	$ 26

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary of SARs Activity) (Details) - Stock Appreciation Rights (SARs) [Member]	3 Months Ended
	May 01, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at January 30, 2021 | shares	44,200
Granted | shares	46,900
Exercised | shares	(43,200)
Outstanding at May 1, 2021 | shares	47,900
Outstanding at January 30, 2021 | $ / shares	$ 15.23
Granted | $ / shares	61.88
Exercised | $ / shares	15.26
Outstanding at May 1, 2021 | $ / shares	$ 60.88
Outstanding at May 1, 2021	2 years 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		12 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate yield curve, minimum	0.01%	0.10%
Risk free interest rate yield curve, maximum	0.86%	0.36%
Expected dividend yield	0.90%	1.50%
Expected volatility	63.19%	62.95%
Exercise multiple		$ 1.29
Maximum payout	$ 10	$ 10	$ 10	$ 10
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum life	1 year 11 months 1 day	1 year 10 months 28 days
Exercise multiple	$ 0.94
Employee exit rate	2.20%	2.20%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum life	2 years 11 months 1 day	2 years 10 months 28 days
Exercise multiple	$ 1.29
Employee exit rate	9.00%	9.00%

Revenue (Schedule of Revenue Di

Revenue (Schedule of Revenue Disaggregation by Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation Of Revenue [Line Items]
Net sales	$ 328,457	$ 147,495
Non-Athletics [Member]
Disaggregation Of Revenue [Line Items]
Net sales	143,106	54,645
Non-Athletics [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	75,531	28,921
Non-Athletics [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	44,282	18,715
Non-Athletics [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	23,293	7,009
Athletics [Member]
Disaggregation Of Revenue [Line Items]
Net sales	166,897	85,036
Athletics [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	58,595	32,912
Athletics [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	65,724	31,460
Athletics [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Net sales	42,578	20,664
Accessories and Other [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 18,454	$ 7,814
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%	38.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	23.00%	20.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	13.00%	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	7.00%	5.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	51.00%	57.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Women's [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	18.00%	22.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Men's [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	20.00%	21.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Children's [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	13.00%	14.00%
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Accessories and Other [Member]
Disaggregation Of Revenue [Line Items]
Percentage of net sales	6.00%	5.00%

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($)	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Revenue From Contract With Customer [Abstract]
Refund liabilities	$ 740,000	$ 718,000	$ 740,000
Return assets	495,000	500,000	495,000
Contract liabilities associated with unredeemed gift cards	1,400,000	1,300,000	1,700,000
Breakage revenue	42,000	19,000
Net sales associated with loyalty rewards	1,300,000	957,000
Contract liabilities associated with loyalty rewards	$ 1,100,000	$ 406,000	$ 755,000

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	May 01, 2021
Leases [Abstract]
Current lease expiration year	2034

Schedule of Lease Related Costs

Schedule of Lease Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Leases [Abstract]
Operating lease cost	$ 13,263	$ 13,226
Variable lease cost	648	187
CAM, property taxes and insurance	4,768	4,989
Total	$ 18,679	$ 18,402