Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 02, 2015 | Aug. 02, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CHICOS FAS INC | ||
Entity Central Index Key | 897429 | ||
Current Fiscal Year End Date | -30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 154,159,961 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,360,000,000 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Revenue, Net [Abstract] | |||
Net sales | $2,675,211 | $2,586,037 | $2,581,057 |
Net sales, as a Percentage of Net Sales | 100.00% | 100.00% | 100.00% |
Cost of goods sold | 1,248,889 | 1,169,406 | 1,129,257 |
Cost of goods sold, as a Percentage of Net Sales | 46.70% | 45.20% | 43.80% |
Gross margin | 1,426,322 | 1,416,631 | 1,451,800 |
Gross margin, as a Percentage of Net Sales | 53.30% | 54.80% | 56.20% |
Selling, general and administrative expenses | 1,263,134 | 1,202,068 | 1,161,105 |
Selling, general and administrative expense, as a Percentage of Net Sales | 47.20% | 46.50% | 45.00% |
Goodwill and trade name impairment charges | 30,100 | 72,466 | 0 |
Goodwill and trade name impairment, as a Percentage of Net Sales | 1.20% | 2.80% | 0.00% |
Restructuring and other charges | 16,745 | 0 | 0 |
Restructuring and other charges, as a Percentage of Net Sales | 0.60% | 0.00% | 0.00% |
Acquisition and integration costs | 0 | 914 | 3,157 |
Acquisition and integration costs, as a Percentage of Net Sales | 0.00% | 0.00% | 0.10% |
Income from operations | 116,343 | 141,183 | 287,538 |
Income from operations, as a Percentage of Net Sales | 4.30% | 5.50% | 11.10% |
Interest income, net | 98 | 500 | 881 |
Interest income, net, as a Percentage of Net Sales | 0.00% | 0.00% | 0.00% |
Income before income taxes | 116,441 | 141,683 | 288,419 |
Income before income taxes, as a Percentage of Net Sales | 4.30% | 5.50% | 11.10% |
Income tax provision | 51,800 | 75,800 | 108,200 |
Income tax provision, as a Percentage of Net Sales | 1.90% | 3.00% | 4.20% |
Net income | $64,641 | $65,883 | $180,219 |
Net income, as a Percentage of Net Sales | 2.40% | 2.50% | 6.90% |
Per share data: | |||
Net income per common share-basic | $0.42 | $0.41 | $1.09 |
Net income per common and common equivalent share–diluted | $0.42 | $0.41 | $1.08 |
Weighted average common shares outstanding–basic | 148,622 | 155,048 | 162,989 |
Weighted average common and common equivalent shares outstanding–diluted | 149,126 | 155,995 | 164,119 |
Dividends declared per share | $0.30 | $0.24 | $0.21 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $64,641 | $65,883 | $180,219 |
Other comprehensive income (loss): | |||
Unrealized losses on marketable securities, net of taxes | -73 | -146 | -112 |
Foreign currency translation adjustment, net of taxes | 523 | 42 | 0 |
Comprehensive income | $65,091 | $65,779 | $180,107 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $133,351 | $36,444 |
Marketable securities, at fair value | 126,561 | 116,002 |
Inventories | 235,159 | 238,145 |
Prepaid expenses and other current assets | 51,088 | 50,698 |
Assets held for sale | 16,800 | 0 |
Total Current Assets | 562,959 | 441,289 |
Property and Equipment, net | 606,147 | 631,050 |
Other Assets: | ||
Goodwill | 145,627 | 171,427 |
Other intangible assets, net | 109,538 | 118,196 |
Other assets, net | 14,310 | 9,229 |
Total Other Assets | 269,475 | 298,852 |
Total Assets | 1,438,581 | 1,371,191 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 144,534 | 131,254 |
Other current and deferred liabilities | 158,396 | 142,073 |
Total Current Liabilities | 302,930 | 273,327 |
Noncurrent Liabilities: | ||
Deferred liabilities | 142,371 | 138,874 |
Deferred taxes | 49,659 | 49,887 |
Total Noncurrent Liabilities | 192,030 | 188,761 |
Stockholders’ Equity: | ||
Preferred stock, $.01 par value; 2,500 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 400,000 shares authorized with 152,916 and 152,195 shares issued and outstanding, respectively | 1,529 | 1,522 |
Additional paid-in capital | 407,275 | 382,088 |
Retained earnings | 534,255 | 525,381 |
Accumulated other comprehensive income | 562 | 112 |
Total Stockholders’ Equity | 943,621 | 909,103 |
Total Liabilities and Stockholders' Equity | $1,438,581 | $1,371,191 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,500 | 2,500 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 152,916,000 | 152,195,000 |
Common stock, shares outstanding | 152,916,000 | 152,195,000 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Per Share data, unless otherwise specified | |||||
Beginning Balance at Jan. 28, 2012 | $1,009,228 | $1,657 | $302,612 | $704,631 | $328 |
Beginning Balance, Shares at Jan. 28, 2012 | 165,736 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 180,219 | 180,219 | |||
Unrealized losses on marketable securities, net of taxes | -112 | -112 | |||
Issuance of common stock, Shares | 3,649 | ||||
Issuance of common stock | 16,531 | 37 | 16,494 | ||
Dividends paid on common stock ($0.30, $0.24 and $0.21 per share for the years ending 2014, 2013, and 2012) | -34,928 | -34,928 | |||
Repurchase of common stock, Shares | -6,611 | ||||
Repurchase of common stock | -111,521 | -66 | -4,113 | -107,342 | |
Stock-based compensation | 26,453 | 26,453 | |||
Excess tax benefit from stock-based compensation | 7,329 | 7,329 | |||
Dividends declared per share | $0.21 | ||||
Ending Balance at Feb. 02, 2013 | 1,093,199 | 1,628 | 348,775 | 742,580 | 216 |
Ending Balance, Shares at Feb. 02, 2013 | 162,774 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 65,883 | 65,883 | |||
Unrealized losses on marketable securities, net of taxes | -146 | -146 | |||
Issuance of common stock, Shares | 3,579 | ||||
Issuance of common stock | 12,395 | 36 | 12,359 | ||
Dividends paid on common stock ($0.30, $0.24 and $0.21 per share for the years ending 2014, 2013, and 2012) | -38,255 | -38,255 | |||
Repurchase of common stock, Shares | -14,158 | ||||
Repurchase of common stock | -251,646 | -142 | -6,677 | -244,827 | |
Stock-based compensation | 27,145 | 27,145 | |||
Excess tax benefit from stock-based compensation | 486 | 486 | |||
Foreign currency translation adjustment | 42 | 42 | |||
Dividends declared per share | $0.24 | ||||
Ending Balance at Feb. 01, 2014 | 909,103 | 1,522 | 382,088 | 525,381 | 112 |
Ending Balance, Shares at Feb. 01, 2014 | 152,195 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 64,641 | 64,641 | |||
Unrealized losses on marketable securities, net of taxes | -73 | -73 | |||
Issuance of common stock, Shares | 1,805 | ||||
Issuance of common stock | 6,268 | 18 | 6,250 | ||
Dividends paid on common stock ($0.30, $0.24 and $0.21 per share for the years ending 2014, 2013, and 2012) | -45,773 | -45,773 | |||
Repurchase of common stock, Shares | -1,084 | ||||
Repurchase of common stock | -18,124 | -11 | -8,119 | -9,994 | |
Stock-based compensation | 26,487 | 26,487 | |||
Excess tax benefit from stock-based compensation | 569 | 569 | |||
Foreign currency translation adjustment | 523 | 523 | |||
Dividends declared per share | $0.30 | ||||
Ending Balance at Jan. 31, 2015 | $943,621 | $1,529 | $407,275 | $534,255 | $562 |
Ending Balance, Shares at Jan. 31, 2015 | 152,916 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash Flows From Operating Activities | |||
Net income | $64,641 | $65,883 | $180,219 |
Adjustments to reconcile net income to net cash provided by operating activities — | |||
Goodwill and trade name impairment charges, pre-tax | 30,100 | 72,466 | 0 |
Depreciation and amortization | 122,269 | 118,303 | 108,471 |
Deferred tax (benefit) expense | -9,598 | 10,231 | -4,211 |
Stock-based compensation expense | 26,487 | 27,145 | 26,453 |
Excess tax benefit from stock-based compensation | -1,981 | -2,483 | -7,952 |
Deferred rent and lease credits | -20,017 | -18,863 | -16,812 |
Loss on disposal and impairment of property and equipment | 10,085 | 1,736 | 2,765 |
Changes in assets and liabilities: | |||
Inventories | 2,986 | -31,296 | -12,379 |
Prepaid expenses and other assets | 53 | -2,767 | -3,956 |
Accounts payable | 13,280 | 1,867 | 28,992 |
Accrued and other liabilities | 44,178 | -5,540 | 66,683 |
Net cash provided by operating activities | 282,483 | 236,682 | 368,273 |
Cash Flows From Investing Activities: | |||
Purchases of marketable securities | -128,696 | -96,374 | -298,460 |
Proceeds from sale of marketable securities | 118,062 | 252,768 | 214,783 |
Purchases of property and equipment | -119,817 | -138,510 | -164,690 |
Net cash (used in) provided by investing activities | -130,451 | 17,884 | -248,367 |
Cash Flows From Financing Activities: | |||
Proceeds from issuance of common stock | 6,268 | 12,395 | 16,531 |
Excess tax benefit from stock-based compensation | 1,981 | 2,483 | 7,952 |
Dividends paid | -45,773 | -38,255 | -34,928 |
Repurchase of common stock | -18,124 | -251,646 | -111,521 |
Net cash used in financing activities | -55,648 | -275,023 | -121,966 |
Effects of exchange rate changes on cash and cash equivalents | 523 | 42 | 0 |
Net increase (decrease) in cash and cash equivalents | 96,907 | -20,415 | -2,060 |
Cash and Cash Equivalents, Beginning of period | 36,444 | 56,859 | 58,919 |
Cash and Cash Equivalents, End of period | 133,351 | 36,444 | 56,859 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 321 | 346 | 379 |
Cash paid for income taxes, net | $55,093 | $66,459 | $95,545 |
Business_Organization_and_Summ
Business Organization and Summary of Significant Accounting Policies | 12 Months Ended | |
Jan. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Business Organization And Summary Of Significant Accounting Policies | BUSINESS ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
Description of Business | ||
The accompanying consolidated financial statements include the accounts of Chico’s FAS, Inc., a Florida corporation, and its wholly-owned subsidiaries (“the Company”, “we”, “us”, and “our”). We operate as an omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items. We currently sell our products through retail stores, catalog, and via the Internet at www.chicos.com, www.whbm.com, www.soma.com, and www.bostonproper.com. As of January 31, 2015, we had 1,547 stores located throughout the United States, the U.S. Virgin Islands, Puerto Rico and Canada, and sold merchandise through 19 franchise locations in and around Mexico City. | ||
Fiscal Year | ||
Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. The periods presented in these consolidated financial statements are the fiscal years ended January 31, 2015 (“fiscal 2014” or “current period”), February 1, 2014 (“fiscal 2013” or “prior period”) and February 2, 2013 (“fiscal 2012”). Fiscal 2012 contained 53 weeks while fiscal 2014 and 2013 each contained 52 weeks. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Segment Information | ||
Our brands, Chico’s, Soma Intimates, WH|BM, and Boston Proper, have been identified as separate operating segments and aggregated into one reportable segment due to the similarities of the economic and operating characteristics of the brands. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash on hand and in banks, short-term highly liquid investments with original maturities of three months or less and payments due from banks for third-party credit card and debit transactions for approximately 3 to 5 days of sales. | ||
Marketable Securities | ||
Marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost and fair value are determined on a specific identification basis. We consider all securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the consolidated balance sheets as they are available to support current operational liquidity needs. | ||
Fair Value of Financial Instruments | ||
Our consolidated financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan and accounts receivable and payable. The carrying values of these assets and liabilities approximate their fair value due to the short-term nature of the instruments. | ||
Inventories | ||
We use the weighted average cost method to determine the cost of merchandise inventories. We identify potentially excess and slow-moving inventories by evaluating inventory aging, turn rates and inventory levels in conjunction with our overall sales trend. Excess quantities of inventory are identified through evaluation of inventory aging, review of inventory turns and historical sales experience, as well as specific identification based on fashion trends. Further, inventory realization exposure is identified through analysis of gross margins and markdowns in combination with changes in current business trends. We provide lower of cost or market adjustments for such identified excess and slow-moving inventories. We estimate our expected shrinkage of inventories between physical inventory counts by using average store shrinkage experience rates, which are updated on a regular basis. Substantially all of our inventories consist of finished goods. | ||
Costs associated with sourcing are generally capitalized while merchandising, distribution, and product development costs are generally expensed as incurred, and are included in the accompanying consolidated statements of income as a component of cost of goods sold. Approximately 24% of total purchases in fiscal 2014 and 23% of total purchases in 2013 were made from one supplier. | ||
Property and Equipment | ||
Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation of property and equipment is provided on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of their estimated useful lives (generally 10 years or less) or the related lease term, plus one anticipated renewal when there is an economic cost associated with non-renewal. | ||
Our property and equipment is generally depreciated using the following estimated useful lives: | ||
Estimated Useful Lives | ||
Land improvements | 15 - 35 years | |
Building and building improvements | 20 - 35 years | |
Equipment, furniture and fixtures | 2 - 20 years | |
Leasehold improvements | 10 years or term | |
of lease, if shorter | ||
Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation or amortization are eliminated from the accounts, and any gain or loss is charged to income. | ||
Operating Leases | ||
We lease retail stores and a limited amount of office space, primarily in Boca Raton, Florida, under operating leases. The majority of our lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions. Tenant improvement allowances are recorded as a deferred lease credit within deferred liabilities and amortized as a reduction of rent expense over the term of the lease. Rent escalation clauses, “rent-free” periods, and other rental expenses are amortized on a straight-line basis over the term of the leases, including the construction period. This is generally 60 - 90 days prior to the store opening date, when we generally begin improvements in preparation for our intended use. | ||
Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. We record a contingent rent liability in accrued liabilities on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when it is determined that achieving the specified levels during the lease year is probable. | ||
Goodwill and Other Intangible Assets | ||
Goodwill and other indefinite-lived intangible assets are tested for impairment at least annually. We perform our annual impairment test during the fourth quarter, or more frequently should events or circumstances change that would indicate that impairment may have occurred. | ||
Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Impairment testing for goodwill is done at a reporting unit level. Reporting units are defined as an operating segment or one level below an operating segment, called a component. Using these criteria, we identified our reporting units and concluded that the goodwill related to the territorial franchise rights for the state of Minnesota should be allocated to the Chico’s reporting unit, the goodwill associated with the WH|BM acquisition should be assigned to the WH|BM reporting unit and the goodwill associated with the Boston Proper acquisition should be assigned to the Boston Proper reporting unit. | ||
We evaluate the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test will not be performed. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step impairment test is performed. We may elect to skip the qualitative assessment and perform the two-step impairment test. The first step of the impairment test compares the fair value of our reporting units with their carrying amounts, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of any impairment loss. Fair value is determined based on both an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales or EBITDA multiples of similar companies and transactions. For 2014, we elected to skip the qualitative assessment and performed the two-step impairment test for each of our reporting units. As a result, we recorded pre-tax, non-cash goodwill impairment charges of $25.8 million related to the Boston Proper reporting unit, as further discussed in Note 8. For our remaining reporting units, the estimated fair value exceeded the respective carrying value and, as such, we concluded that the goodwill was not impaired. In the third quarter of 2013 we performed an interim goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $67.3 million as further discussed in Note 8. | ||
We test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying amount. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of the intangible is less than its carrying amount, we calculate the value of the indefinite-lived intangible assets using a discounted cash flow method, based on the relief from royalty concept. We may elect to skip the qualitative assessment when appropriate based on current circumstances. For 2014, we performed our annual assessment of Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $4.3 million on the Boston Proper trade name as further discussed in Note 8. In the third quarter of 2013, we performed an interim quantitative assessment of certain Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $5.2 million on the Boston Proper trade name as further discussed in Note 8. | ||
Intangible assets subject to amortization consist of the value of Boston Proper customer relationships, which are being amortized on a straight-line basis over a period of 10 years. | ||
Accounting for the Impairment of Long-lived Assets and Assets Held for Sale | ||
Long-lived assets, including definite-lived intangibles, are reviewed periodically for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. If future undiscounted cash flows expected to be generated by the asset are less than its carrying amount, an asset is determined to be impaired. The fair value of an asset is estimated using estimated future cash flows of the asset discounted by a rate commensurate with the risk involved with such asset while incorporating marketplace assumptions. The impairment loss recorded is the amount by which the carrying value of the asset exceeds its fair value. In fiscal 2014, 2013 and 2012, we completed an evaluation of long-lived assets at certain underperforming stores for indicators of impairment and, as a result, recorded impairment charges of approximately $1.3 million, $1.3 million and $1.1 million, which are included in SG&A in the accompanying consolidated statements of income, respectively. Additionally in fiscal 2014, in connection with the restructuring program further discussed in Note 2, we identified approximately 120 under-performing stores to be closed starting in fiscal 2015 through 2017. As a result we recorded additional impairment charges of approximately $5.4 million, which are included in restructuring and other charges in the accompanying consolidated statements of income. | ||
. | ||
Assets held for sale are measured at the lower of their carrying value or fair value less costs of disposal. Upon retirement or disposition, the asset cost and related accumulated depreciation or amortization are removed from the accounts, and a gain or loss is recognized based on the difference between the fair value of proceeds received and the asset’s carrying value. In fiscal 2014, we determined that vacant land met the criteria to be classified as held for sale. As a result, we valued the land at the lower of the carrying value or fair value less costs of disposal, which resulted in an impairment charge of approximately $3.2 million, which is included in restructuring and other charges in the accompanying consolidated statements of income. | ||
Revenue Recognition | ||
Retail sales by our stores are recorded at the point of sale and are net of estimated customer returns, sales discounts under rewards programs and company issued coupons, promotional discounts and employee discounts. For sales from our websites and catalogs, revenue is recognized at the time we estimate the customer receives the product, which is typically within a few days of shipment. | ||
Our gift cards do not have expiration dates. We account for gift cards by recognizing a liability at the time the gift card is sold. The liability is relieved and revenue is recognized for gift cards upon redemption. In addition, we recognize revenue for the amount of gift cards expected to go unredeemed (commonly referred to as gift card breakage) under the redemption recognition method. This method records gift card breakage as revenue on a proportional basis over the redemption period based on our historical gift card breakage rate. We determine the gift card breakage rate based on our historical redemption patterns. We recognize revenue on the remaining unredeemed gift cards based on determining that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions. | ||
In fiscal 2014, Soma launched a new points based loyalty program in which customers earn points based on purchases. Attaining specified loyalty point levels results in the issuance of reward coupons to discount future purchases. As program members accumulate points, we accrue the estimated future liability, adjusted for expected redemption rates. The liability is relieved and revenue is recognized for loyalty point reward coupons upon redemption. In addition, we recognize revenue on unredeemed points when it can be determined that the likelihood of the point being redeemed is remote and there is no legal obligation to remit the point value. We determined the loyalty point breakage rate based on historical test data and redemption patterns. | ||
As part of the normal sales cycle, we receive customer merchandise returns related to store, website and catalog sales. To account for the financial impact of potential customer merchandise returns, we estimate future returns on previously sold merchandise. Reductions in sales and gross margin are recorded for estimated merchandise returns based on return history, current sales levels and projected future return levels. | ||
Our policy towards taxes assessed by a government authority directly imposed on revenue producing transactions between a seller and a customer is, and has been, to exclude all such taxes from revenue. | ||
Advertising Costs | ||
Costs associated with the production of advertising, such as writing, copying, printing, and other costs are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine, are expensed when the advertising event takes place. Catalog expenses consist of the cost to create, print, and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is typically less than six weeks. For fiscal 2014, 2013 and 2012, advertising expense was approximately $153.1 million, $151.9 million, and $145.6 million, respectively, and is included within selling, general and administrative expense (“SG&A”) in the accompanying consolidated statements of income. | ||
Stock-Based Compensation | ||
Stock-based compensation for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. The fair value of restricted stock awards and performance-based awards is determined by using the closing price of the Company’s common stock on the date of the grant. Compensation expense for performance-based awards is recorded based on the amount of the award ultimately expected to vest, depending on the level and likelihood of the performance condition to be met. | ||
Shipping and Handling Costs | ||
Shipping and handling costs to transport goods to customers, net of amounts paid to us by customers, amounted to $19.1 million, $18.4 million, and $8.3 million in fiscal 2014, 2013 and 2012, respectively, and are included within SG&A in the accompanying consolidated statements of income. Amounts paid by customers to cover shipping and handling costs are immaterial. | ||
Store Pre-opening Costs | ||
Operating costs (including store set-up, rent and training expenses) incurred prior to the opening of new stores are expensed as incurred and are included within SG&A in the accompanying consolidated statements of income. | ||
Income Taxes | ||
Income taxes are accounted for in accordance with authoritative guidance, which requires the use of the asset and liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, we follow a comprehensive model to recognize, measure, present, and disclose in our consolidated financial statements the estimated aggregate tax liability of uncertain tax positions that we have taken or expect to take on a tax return. This model states that a tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable, based upon its technical merits. | ||
The tax benefit of a qualifying position is the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon the ultimate settlement with a taxing authority having full knowledge of all relevant information. | ||
Foreign Currency | ||
The functional currency of our foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The resulting translation adjustments are recorded as a component of comprehensive income in the consolidated statements of comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the consolidated statements of income. | ||
Self-Insurance | ||
We are self-insured for certain losses relating to workers’ compensation, medical and general liability claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the aggregate liability for uninsured claims incurred based on historical experience. While we do not expect the amount we will ultimately pay to differ significantly from our estimates, self-insurance accruals could be affected if future claims experience differs significantly from the historical trends and assumptions. | ||
Supplier Allowances | ||
From time to time, we receive allowances and/or credits from certain of our suppliers. The aggregate amount of such allowances and credits is immaterial to our consolidated results of operations. | ||
Earnings Per Share | ||
In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the “two-class” method. For us, participating securities are composed entirely of unvested restricted stock awards and performance-based stock units that have met their relevant performance criteria. | ||
Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period including the participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options and performance-based stock units. | ||
Newly Issued Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. The standard allows for either a full retrospective or a modified retrospective transition method. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. | ||
In August 2014 the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We do not expect that such adoption will have an impact to our consolidated results of operations, financial position or cash flows. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES: | |||||||||||||||
During the fourth quarter of fiscal 2014, we initiated a restructuring program, including the acceleration of domestic store closures and an organizational realignment, to ensure that resources are aligned with long-term growth initiatives, including omni-channel. These actions resulted in the impairment of certain assets, as well as the elimination of approximately 12% of the headquarters and field management employee base. In connection with this effort, we recorded pre-tax restructuring and other charges of approximately $16.7 million related to severance, store closures and other impairment charges, which are included in restructuring and other charges in the accompanying consolidated statements of income. A summary of the charges is presented in the table below: | ||||||||||||||||
Fiscal 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Severance and other charges | $ | 8,191 | ||||||||||||||
Store impairment charges | 5,354 | |||||||||||||||
Assets held for sale impairment charges | 3,200 | |||||||||||||||
Total restructuring and other charges, pre-tax | $ | 16,745 | ||||||||||||||
In connection with the program we determined to increase the rate of domestic store closures, with 120 under-performing stores to be closed starting in fiscal 2015 through 2017. As a result, we expect to incur lease termination expenses of approximately $2.1 million over the next 3 fiscal years. The following table summarizes the severance and other charges incurred in fiscal 2014 as well as amounts remaining to be paid: | ||||||||||||||||
Fiscal 2014 | ||||||||||||||||
Beginning | Charges | Payments | Ending | |||||||||||||
Balance | Balance | |||||||||||||||
(in thousands) | ||||||||||||||||
Severance and other charges | $ | — | $ | 8,191 | $ | 128 | $ | 8,063 | ||||||||
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
Marketable Securities | MARKETABLE SECURITIES: | |||||||||||||||
Marketable securities are classified as available-for-sale and as of January 31, 2015 generally consist of corporate bonds, municipal bonds, and U.S. government and agency securities with $63.3 million of securities with maturity dates within one year or less and $63.3 million with maturity dates over one year and less than two years. As of February 1, 2014, marketable securities generally consisted of municipal bonds, corporate bonds, and U.S. government and agency securities. | ||||||||||||||||
The following tables summarize our investments in marketable securities at January 31, 2015 and February 1, 2014: | ||||||||||||||||
31-Jan-15 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
Total marketable securities | $ | 126,566 | $ | 38 | $ | 43 | $ | 126,561 | ||||||||
February 1, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
Total marketable securities | $ | 115,889 | $ | 118 | $ | 5 | $ | 116,002 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS: | |||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Entities are required to use a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: | ||||||||||||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, or; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or; Inputs other than quoted prices that are observable for the asset or liability | ||||||||||||||||
Level 3 – Unobservable inputs for the asset or liability. | ||||||||||||||||
We measure certain financial assets at fair value on a recurring basis, including our marketable securities, which are classified as available-for-sale securities, certain cash equivalents, specifically our money market accounts, and assets held in our non-qualified deferred compensation plan. The money market accounts are valued based on quoted market prices in active markets. Our marketable securities are generally valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third party pricing entities, except for U.S. government securities which are valued based on quoted market prices in active markets. The investments in our non-qualified deferred compensation plan are valued using quoted market prices and are included in other assets on our consolidated balance sheets. | ||||||||||||||||
From time to time, we measure certain assets at fair value on a non-recurring basis. This includes the evaluation of long-lived assets, goodwill and other intangible assets for impairment using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. We estimate the fair value of assets held for sale using market values for similar assets which would fall within Level 2 of the fair value hierarchy. | ||||||||||||||||
To assess the fair value of goodwill, we utilize both an income approach and a market approach. Inputs used to calculate the fair value based on the income approach primarily include estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant. Inputs used to calculate the fair value based on the market approach include identifying sales and EBITDA multiples based on guidelines for similar publicly traded companies and recent transactions. | ||||||||||||||||
To assess the fair value of the trade names, we utilize a relief from royalty approach. Inputs used to calculate the fair value of the trade names primarily include future sales projections, discounted at a rate that approximates the cost of capital of a market participant and an estimated royalty rate. | ||||||||||||||||
During fiscal 2014, we recorded a $30.1 million pre-tax impairment charge related to assets measured at fair value on a non-recurring basis, comprised of $25.8 million in Boston Proper goodwill impairment and $4.3 million pre-tax related to the Boston Proper trade name. | ||||||||||||||||
During fiscal 2013, we recorded a $72.5 million pre-tax impairment charge related to assets measured at fair value on a non-recurring basis, comprised of $67.3 million in Boston Proper goodwill impairment and $5.2 million pre-tax related to the Boston Proper trade name. | ||||||||||||||||
Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. | ||||||||||||||||
During fiscal 2014, we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore during fiscal 2014 and 2013, we did not have any Level 3 financial assets measured on a recurring basis. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. | ||||||||||||||||
In accordance with the provisions of the guidance, we categorized our financial assets which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Balance as of January 31, 2015 | Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market accounts | $ | 338 | $ | 338 | $ | — | $ | — | ||||||||
Marketable securities: | ||||||||||||||||
Municipal securities | 16,663 | — | 16,663 | — | ||||||||||||
U.S. government securities | 1,402 | 1,402 | — | — | ||||||||||||
U.S. government agencies | 26,299 | — | 26,299 | — | ||||||||||||
Corporate bonds | 79,202 | — | 79,202 | — | ||||||||||||
Commercial paper | 2,995 | — | 2,995 | — | ||||||||||||
Non Current Assets | ||||||||||||||||
Deferred compensation plan | 8,461 | 8,461 | — | — | ||||||||||||
Total | $ | 135,360 | $ | 10,201 | $ | 125,159 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Balance as of February 1, 2014 | Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market accounts | $ | 7,509 | $ | 7,509 | $ | — | $ | — | ||||||||
Marketable securities: | ||||||||||||||||
Municipal securities | 51,519 | — | 51,519 | — | ||||||||||||
U.S. government securities | 9,812 | 9,812 | — | — | ||||||||||||
U.S. government agencies | 9,020 | — | 9,020 | — | ||||||||||||
Corporate bonds | 45,651 | — | 45,651 | — | ||||||||||||
Non Current Assets | ||||||||||||||||
Deferred compensation plan | 6,299 | 6,299 | — | — | ||||||||||||
Total | $ | 129,810 | $ | 23,620 | $ | 106,190 | $ | — | ||||||||
Prepaid_And_Other_Current_Asse
Prepaid And Other Current Assets | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||
Prepaid And Other Current Assets | PREPAID AND OTHER CURRENT ASSETS: | |||||||
Prepaid and other current assets consisted of the following: | ||||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Prepaid expenses | $ | 39,038 | $ | 39,974 | ||||
Accounts receivable | 6,831 | 6,341 | ||||||
Income tax receivable | 596 | 3,990 | ||||||
Other current assets | 4,623 | 393 | ||||||
Total prepaid and other current assets | $ | 51,088 | $ | 50,698 | ||||
Assets_Held_For_Sale
Assets Held For Sale | 12 Months Ended |
Jan. 31, 2015 | |
Assets Held-for-sale, Not Part of Disposal Group, Current [Abstract] | |
Assets Held For Sale | ASSETS HELD FOR SALE |
In connection with the restructuring program, as discussed in Note 2, we determined that certain vacant land meets the criteria to be classified as held for sale. In the fourth quarter of fiscal 2014, the vacant land was written down to $16.8 million from $20.0 million, resulting in an asset impairment charge of $3.2 million, which is reflected in restructuring and other charges in the consolidated statements of income. |
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property And Equipment, Net | PROPERTY AND EQUIPMENT, NET: | |||||||
Property and equipment, net, consisted of the following: | ||||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Land and land improvements | $ | 30,147 | $ | 49,413 | ||||
Building and building improvements | 128,003 | 126,858 | ||||||
Equipment, furniture and fixtures | 634,145 | 611,439 | ||||||
Leasehold improvements | 573,877 | 545,526 | ||||||
Total property and equipment | 1,366,172 | 1,333,236 | ||||||
Less accumulated depreciation and amortization | (760,025 | ) | (702,186 | ) | ||||
Property and equipment, net | $ | 606,147 | $ | 631,050 | ||||
Total depreciation expense for fiscal 2014, 2013 and 2012 was $117.8 million, $113.8 million and $103.9 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: | |||||||||||
Goodwill and other intangible assets consisted of the following: | ||||||||||||
31-Jan-15 | 1-Feb-14 | |||||||||||
(in thousands) | ||||||||||||
Goodwill: | ||||||||||||
Total Goodwill | $ | 145,627 | $ | 171,427 | ||||||||
Indefinite-Lived Intangibles: | ||||||||||||
WH|BM trade name | $ | 34,000 | $ | 34,000 | ||||||||
Minnesota territorial franchise rights | 4,930 | 4,930 | ||||||||||
Boston Proper trade name | 41,700 | 46,000 | ||||||||||
Total indefinite-lived intangibles | $ | 80,630 | $ | 84,930 | ||||||||
Definite-Lived Intangibles: | ||||||||||||
Boston Proper customer relationships | $ | 43,580 | $ | 43,580 | ||||||||
Accumulated amortization expense recorded | (14,672 | ) | (10,314 | ) | ||||||||
Total definite-lived intangibles | 28,908 | 33,266 | ||||||||||
Total other intangible assets, net | $ | 109,538 | $ | 118,196 | ||||||||
In fiscal 2014, as a result of sales and margin declines in the Boston Proper brand due to issues with merchandising and marketing effectiveness, we recorded a pre-tax goodwill impairment charge of $25.8 million, reducing the carrying value of Boston Proper goodwill to $48.8 million and an impairment charge related to the Boston Proper trade name of $4.3 million pre-tax, reducing the carrying value of the Boston Proper trade name to $41.7 million. | ||||||||||||
In fiscal 2013, as a result of declines in the Boston Proper catalog business due to the increasingly competitive direct-to-consumer environment and the impact of integration efforts and new initiatives, we recorded a pre-tax goodwill impairment charge of $67.3 million, reducing the carrying value of Boston Proper goodwill to $74.6 million and an impairment charge related to the Boston Proper trade name of $5.2 million pre-tax, reducing the carrying value of the Boston Proper trade name to $46.0 million. | ||||||||||||
The following table provides the carrying amounts of Boston Proper goodwill and pre-tax cumulative goodwill impairment charges: | ||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||
(in thousands) | ||||||||||||
Gross carrying amount | $ | 141,919 | $ | 141,919 | $ | 141,919 | ||||||
Cumulative impairment, beginning of year | (67,266 | ) | — | — | ||||||||
Impairment charges | (25,800 | ) | (67,266 | ) | — | |||||||
Cumulative impairment, end of year | (93,066 | ) | (67,266 | ) | — | |||||||
Net carrying amount | $ | 48,853 | $ | 74,653 | $ | 141,919 | ||||||
Intangible assets subject to amortization consist of $28.9 million in Boston Proper customer relationships with amortization expense for fiscal 2014 of approximately $4.4 million. For fiscal years 2015 through 2019, we expect to record annual amortization expense of approximately $4.4 million in each fiscal year. |
Other_Current_and_Deferred_Lia
Other Current and Deferred Liabilities | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Other Current and Deferred Liabilities | OTHER CURRENT AND DEFERRED LIABILITIES: | |||||||
Other current and deferred liabilities consisted of the following: | ||||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Allowance for estimated customer returns, gift cards and store credits outstanding | $ | 58,123 | $ | 56,034 | ||||
Accrued payroll, benefits, bonuses and severance costs | 40,765 | 32,355 | ||||||
Current portion of deferred rent and lease credits | 29,289 | 27,166 | ||||||
Other | 30,219 | 26,518 | ||||||
Total other current and deferred liabilities | $ | 158,396 | $ | 142,073 | ||||
NonCurrent_Deferred_Liabilitie
Non-Current Deferred Liabilities | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Deferred Credits and Other Liabilities [Abstract] | ||||||||
Non-Current Deferred Liabilities | NON-CURRENT DEFERRED LIABILITIES: | |||||||
Deferred liabilities consisted of the following: | ||||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Deferred rent | $ | 48,391 | $ | 45,897 | ||||
Deferred lease credits | 112,033 | 106,808 | ||||||
Other deferred liabilities | 11,236 | 13,335 | ||||||
Total deferred liabilities | 171,660 | 166,040 | ||||||
Less current portion of deferred rent and lease credits | (29,289 | ) | (27,166 | ) | ||||
Total non-current deferred liabilities | $ | 142,371 | $ | 138,874 | ||||
Deferred rent represents the difference between operating lease obligations currently due and operating lease expense, which is recorded on a straight-line basis over the appropriate respective terms of the leases. | ||||||||
Deferred lease credits represent construction allowances received from landlords and are amortized as a reduction of rent expense over the appropriate respective terms of the related leases. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES: | |||
Leases | ||||
We lease retail stores, a limited amount of office space, primarily in Boca Raton, Florida, and various office equipment under operating leases expiring in various years through the fiscal year ending 2025. Certain operating leases provide for renewal options that generally approximate five years at a pre-determined rental value. In the normal course of business, operating leases are generally renewed or replaced by other leases. | ||||
Minimum future rental payments under non-cancelable operating leases (including leases with certain minimum sales cancellation clauses described below and exclusive of common area maintenance charges and/or contingent rental payments based on sales) as of January 31, 2015, are approximately as follows: | ||||
FISCAL YEAR ENDING: | ||||
(in thousands) | ||||
January 30, 2016 | $ | 194,365 | ||
January 28, 2017 | 178,746 | |||
3-Feb-18 | 147,212 | |||
February 2, 2019 | 119,017 | |||
1-Feb-20 | 103,223 | |||
Thereafter | 324,803 | |||
Total minimum lease payments | $ | 1,067,366 | ||
Certain of the leases provide that we may cancel the lease if our retail sales at that location fall below an established level. A majority of our store operating leases contain cancellation clauses that allow the leases to be terminated at our discretion, if certain minimum sales levels are not met within the first few years of the lease term. We have not historically exercised many or met these cancellation clauses and, therefore, have included commitments for the full lease terms of such leases in the above table. For fiscal 2014, 2013 and 2012, total rent expense under operating leases was approximately $253.2 million, $230.0 million, and $206.0 million, respectively, including common area maintenance charges of approximately $42.5 million, $37.2 million, and $31.6 million, respectively, other rental charges of approximately $37.6 million, $32.8 million, and $27.5 million, respectively, and contingent rental expense, based on sales, of approximately $7.0 million, $9.1 million, and $12.1 million, respectively. | ||||
Credit Facility | ||||
On July 27, 2011, we entered into a $70 million senior five-year unsecured revolving credit facility (the “Credit Facility”) with a syndicate led by JPMorgan Chase Bank, N.A., as administrative agent and HSBC Bank USA, National Association, as syndication agent. | ||||
The Credit Facility provides a $70 million revolving credit facility that matures on July 27, 2016. The Credit Facility provides for swing advances of up to $5 million and issuance of letters of credit up to $40 million. The Credit Facility also contains a feature that provides the Company the ability, subject to satisfaction of certain conditions, to expand the commitments available under the Credit Facility from $70 million up to $125 million. As of January 31, 2015, no borrowings are outstanding under the Credit Facility. | ||||
The Credit Facility contains customary financial covenants for unsecured credit facilities, consisting of a maximum total debt leverage ratio that cannot be greater than 3.25 to 1.00 and a minimum fixed charge coverage ratio that cannot be less than 1.20 to 1.00. | ||||
The Credit Facility contains customary events of default. If a default occurs and is not cured within any applicable cure period or is not waived, the Company’s obligations under the Credit Facility may be accelerated or the Credit Facility may be terminated. The Company was in compliance with the applicable ratio requirements and other covenants at January 31, 2015. | ||||
On February 25, 2015 we entered into an amendment of our Credit Facility, as further discussed in Note 17. | ||||
Other | ||||
At January 31, 2015 and February 1, 2014, we had approximately $424.5 million and $433.5 million, respectively, of open purchase orders for inventory, in the normal course of business, which are cancellable with no or limited recourse available to the vendor until the merchandise shipping date. | ||||
The Company was named as a defendant in a putative class action filed in February 2014 in the Superior Court of the State of California for the County of Sacramento: Toni Delfierro, et al, v. White House Black Market, Inc. The Complaint alleges numerous violations of California law related to wages, meal periods, rest periods, wage statements, and failure to reimburse business expenses, among other things. The Company denies the material allegations of the Complaint and believes that its policies and procedures for paying its employees comply with all applicable California laws. In mid-October, the Company and the plaintiffs agreed to settle this matter. The settlement has been preliminarily approved by the Court but is still subject to the review and final approval of the Court, which is not expected to occur until approximately mid-fiscal 2015. If finally approved by the Court, the settlement amount will not have a material adverse effect on the Company’s consolidated financial condition or results of operations. | ||||
Other than as noted above, we are not currently a party to any legal proceedings, other than various claims and lawsuits arising in the normal course of business, none of which we believe should have a material adverse effect on our consolidated financial condition or results of operations. |
Stock_Compensation_Plans_and_C
Stock Compensation Plans and Capital Stock Transactions | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock Compensation Plans and Capital Stock Transactions | STOCK COMPENSATION PLANS AND CAPITAL STOCK TRANSACTIONS: | ||||||||||||
General | |||||||||||||
In April 2012, the Board approved the Chico’s FAS, Inc. 2012 Omnibus Stock and Incentive Plan (the “Omnibus Plan”), which replaced the Chico’s FAS, Inc. 2002 Omnibus Stock and Incentive Plan and was approved by our shareholders, effective June 21, 2012. As of the effective date, the Omnibus Plan provided for 7.0 million shares of our common stock that may be delivered to participants and their beneficiaries in addition to approximately 3.5 million shares of our common stock available for future awards under prior plans. Awards under the Omnibus Plan may be in the form of restricted stock, restricted stock units, performance-based restricted stock, performance-based stock units, stock options, and stock appreciation rights, in accordance with the terms and conditions of the Omnibus Plan. The terms of each award will be determined by the Compensation and Benefits Committee of the Board of Directors. | |||||||||||||
We have historically issued restricted stock, including non-vested restricted stock and performance-based restricted stock, performance-based stock units, and stock options. Shares of non-vested restricted stock and performance-based restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon, and are considered to be currently issued and outstanding. Performance-based stock units are not entitled to voting rights or dividends. Generally, stock-based awards vest evenly over three years; stock options generally have a 10-year term. As of January 31, 2015, approximately 1.9 million nonqualified stock options are outstanding under the Omnibus Plan and approximately 8.1 million shares remain available for future grants of stock-based awards. | |||||||||||||
Stock-based compensation expense for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. Compensation expense for restricted stock awards and stock options with a service condition is recognized on a straight-line basis over the requisite service period. Compensation expense for performance-based awards with a service condition is recognized ratably for each vesting tranche based on our estimate of the level and likelihood of meeting certain Company-specific performance goals. We estimate the expected forfeiture rate for all stock-based awards, and only recognize expense for those shares expected to vest. In determining the portion of the stock-based payment award that is ultimately expected to be earned, we derive forfeiture rates based on historical data. In accordance with the authoritative guidance, we revise our forfeiture rates, when necessary, in subsequent periods if actual forfeitures differ from those originally estimated. Total compensation expense related to stock-based awards in fiscal 2014, 2013 and 2012 was $26.5 million, $27.1 million and $26.5 million, respectively. The total tax benefit associated with stock-based compensation for fiscal 2014, 2013 and 2012 was $10.1 million, $10.4 million and $10.1 million, respectively. | |||||||||||||
Restricted Stock Awards | |||||||||||||
Restricted stock activity for fiscal 2014 was as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 3,883,134 | $ | 15.13 | ||||||||||
Granted | 1,674,790 | 16.44 | |||||||||||
Vested | (1,302,449 | ) | 14.8 | ||||||||||
Forfeited | (337,286 | ) | 16.24 | ||||||||||
Unvested, end of period | 3,918,189 | 15.7 | |||||||||||
Performance-based restricted stock activity for fiscal 2014 was as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Unvested, beginning of period | 17,222 | $ | 13.69 | ||||||||||
Granted | — | — | |||||||||||
Vested | (17,222 | ) | 13.69 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested, end of period | — | — | |||||||||||
Total fair value of shares of restricted stock and performance-based restricted stock that vested during fiscal 2014, 2013 and 2012 was $21.8 million, $17.6 million and $13.3 million, respectively. The weighted average grant date fair value of restricted stock and performance-based restricted stock granted during the fiscal 2014, 2013 and 2012 was $16.44, $16.99, and $15.40, respectively. As of January 31, 2015, there was $31.7 million of unrecognized stock-based compensation expense related to non-vested restricted stock awards. That cost is expected to be recognized over a weighted average remaining period of 2.0 years. | |||||||||||||
Performance-based Stock Units | |||||||||||||
Performance-based stock unit activity for fiscal 2014 was as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 485,935 | $ | 15.01 | ||||||||||
Granted | 657,000 | 16.51 | |||||||||||
Vested | (243,369 | ) | 15.01 | ||||||||||
Forfeited | (686,113 | ) | 16.45 | ||||||||||
Unvested, end of period | 213,453 | 15.01 | |||||||||||
Total fair value of performance-based stock units that vested during fiscal 2014 and 2013 was $4.2 million and $4.5 million, respectively. The weighted average grant date fair value of performance-based stock units granted during the fiscal 2014, 2013 and 2012 was $16.51, $16.59 and $15.01, respectively. There was $0.1 million of unrecognized stock-based compensation expense related to performance-based stock units expected to vest. That cost is expected to be recognized over a weighted average period of approximately 0.1 years. | |||||||||||||
Stock Option Awards | |||||||||||||
We used the Black-Scholes option-pricing model to value our stock options. No stock options have been issued since 2011. Using this option-pricing model, the fair value of each stock option award was estimated on the date of grant. The fair value of the stock option awards, which are subject to pro-rata vesting generally over 3 years, was expensed on a straight-line basis over the vesting period of the stock options. As of January 31, 2015, all outstanding stock options were fully vested, and there was no unrecognized compensation expense. | |||||||||||||
Stock option activity for fiscal 2014 was as follows: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (in thousands) | |||||||||||
Term | |||||||||||||
Outstanding, beginning of period | 2,642,269 | $ | 15.63 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (322,695 | ) | 11.77 | ||||||||||
Forfeited or expired | (371,646 | ) | 21.44 | ||||||||||
Outstanding, end of period | 1,947,928 | $ | 15.16 | 4.53 | $ | 7,633 | |||||||
Vested and expected to vest at January 31, 2015 | 1,947,928 | $ | 15.16 | 4.53 | $ | 7,633 | |||||||
Exercisable at January 31, 2015 | 1,947,928 | $ | 15.16 | 4.53 | $ | 7,633 | |||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the excess, if any, of the closing stock price on the last trading day of fiscal 2014 and the exercise price, multiplied by the number of such in-the-money options) that would have been received by the option holders had all option holders exercised their options on January 31, 2015. This amount changes based on the fair market value of our common stock. Total intrinsic value of options exercised during fiscal 2014, 2013 and 2012 (based on the difference between our stock price on the respective exercise date and the respective exercise price, multiplied by the number of respective options exercised) was $1.5 million, $4.3 million and $20.8 million, respectively. | |||||||||||||
Cash received from option exercises for fiscal 2014 was $3.8 million. The actual tax benefit realized for the tax deduction from option exercises of stock option awards totaled $0.6 million for fiscal 2014. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
We sponsor an employee stock purchase plan (“ESPP”) under which substantially all full-time employees are given the right to purchase shares of our common stock during each of the two specified offering periods each fiscal year at a price equal to 85 percent of the value of the stock immediately prior to the beginning of each offering period. During fiscal 2014, 2013 and 2012, approximately 180,000, 187,000, and 132,000 shares, respectively, were purchased under the ESPP. Cash received from purchases under the ESPP for fiscal 2014 was $2.5 million. | |||||||||||||
Share Repurchase Program | |||||||||||||
During fiscal 2014, we repurchased 0.6 million shares, at a total cost of approximately $10.0 million through our $300 million share repurchase program announced in December 2013. However, we have no continuing obligation to repurchase shares under this authorization, and the timing, actual number and value of any additional shares to be purchased will depend on the performance of our stock price, market conditions and other considerations. | |||||||||||||
On March 6, 2015 we entered into accelerated share repurchase agreements, as further discussed in Note 17. |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Jan. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | RETIREMENT PLANS: |
We have a 401(k) defined contribution employee benefit plan (the “Plan”) covering substantially all employees upon completion of one year of service, working 1000 hours or more, and are at least age 21. Employees’ rights to Company contributions vest fully upon completing five years of service, with incremental vesting starting in service year two. Under the Plan, employees may contribute up to 100 percent of their annual compensation, subject to certain statutory limitations. We have elected to match employee contributions at 50 percent on the first 6 percent of the employees’ contributions and can elect to make additional contributions over and above the mandatory match. For fiscal 2014, 2013 and 2012, our costs under the Plan were approximately $3.7 million, $3.5 million, and $3.2 million, respectively. | |
In April 2002, we adopted the Chico’s FAS, Inc. Deferred Compensation Plan (the “Deferred Plan”) to provide supplemental retirement income benefits for a select group of management employees. Eligible participants may elect to defer up to 80 percent of their base salary and 100 percent of their bonus earned under an approved bonus plan pursuant to the terms and conditions of the Deferred Plan. The Deferred Plan generally provides for payments upon retirement, death or termination of employment. In addition, we may make employer contributions to participants under the Deferred Plan. To date, no Company contributions have been made under the Deferred Plan. The amount of the deferred compensation liability payable to the participants is included in deferred liabilities in the consolidated balance sheets. These obligations are funded through the establishment of rabbi trust accounts held by us on behalf of the management group participating in the plan. The trust accounts are reflected in other assets in the accompanying consolidated balance sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES: | |||||||||||
The income tax provision consisted of the following: | ||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 53,985 | $ | 58,000 | $ | 95,410 | ||||||
Foreign | 124 | 12 | — | |||||||||
State | 7,152 | 7,557 | 17,001 | |||||||||
Deferred: | ||||||||||||
Federal | (6,550 | ) | 8,479 | (2,585 | ) | |||||||
State | (2,911 | ) | 1,752 | (1,626 | ) | |||||||
Total income tax provision | $ | 51,800 | $ | 75,800 | $ | 108,200 | ||||||
The foreign component of pre-tax income (loss), arising principally from operating foreign stores and other management and cost sharing charges we are required to allocate under U.S. tax law, for fiscal 2014, 2013, and 2012 was $(2.8) million, $(0.6) million, and $0.0 million respectively. | ||||||||||||
A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: | ||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income tax, net of federal tax benefit | 1.9 | 3 | 3.5 | |||||||||
Goodwill impairment | 8.4 | 18 | — | |||||||||
Enhanced charitable contribution | (2.5 | ) | (1.8 | ) | (0.7 | ) | ||||||
Other items, net | 1.7 | (0.7 | ) | (0.3 | ) | |||||||
Total | 44.5 | % | 53.5 | % | 37.5 | % | ||||||
Deferred tax assets and liabilities are recorded due to different carrying amounts for financial and income tax reporting purposes arising from cumulative temporary differences. These differences consist of the following as of January 31, 2015 and February 1, 2014: | ||||||||||||
31-Jan-15 | 1-Feb-14 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Accrued liabilities and allowances | $ | 12,560 | $ | 10,694 | ||||||||
Accrued straight-line rent | 19,034 | 18,124 | ||||||||||
Stock-based compensation | 17,971 | 18,388 | ||||||||||
Property related | 4,390 | — | ||||||||||
Other | 6,915 | 4,324 | ||||||||||
Total deferred tax assets | 60,870 | 51,530 | ||||||||||
Valuation allowance | (913 | ) | (127 | ) | ||||||||
Net deferred tax assets | 59,957 | 51,403 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Other | (1,611 | ) | (1,148 | ) | ||||||||
Prepaid expenses | (4,649 | ) | (5,759 | ) | ||||||||
Property related | (48,802 | ) | (45,452 | ) | ||||||||
Other intangible assets | (48,981 | ) | (51,291 | ) | ||||||||
Total deferred tax liabilities | (104,043 | ) | (103,650 | ) | ||||||||
Net deferred | $ | (44,086 | ) | $ | (52,247 | ) | ||||||
We have not recognized any United States (“U.S.”) tax expense on undistributed foreign earnings as they are intended to be indefinitely reinvested outside of the United States. There were no significant undistributed earnings at January 31, 2015 and February 1, 2014. Accumulated other comprehensive income is shown net of deferred tax assets and deferred tax liabilities. These deferred taxes are not reflected in the table above. The amount is not significant at January 31, 2015 or February 1, 2014. | ||||||||||||
A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2014, fiscal 2013 and fiscal 2012 is as follows: | ||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at beginning of year | $ | 3,956 | $ | 4,715 | $ | 3,677 | ||||||
Additions for tax positions of prior years | 757 | 12 | 506 | |||||||||
Reductions for tax positions of prior years | (736 | ) | — | — | ||||||||
Additions for tax positions for the current year | 390 | 461 | 694 | |||||||||
Settlements with tax authorities | (1,501 | ) | (1,114 | ) | (63 | ) | ||||||
Reductions due to lapse of applicable statutes of limitation | (334 | ) | (118 | ) | (99 | ) | ||||||
Balance at end of year | $ | 2,532 | $ | 3,956 | $ | 4,715 | ||||||
Included in the January 31, 2015, February 1, 2014, and February 2, 2013 balances were $1.6 million, $2.6 million, and $3.1 million respectively, of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate in future periods. | ||||||||||||
Our continuing practice is to recognize potential accrued interest and penalties relating to unrecognized tax benefits in the income tax provision. For fiscal 2014, 2013 and 2012, we accrued $0.3 million, $0.4 million and $0.4 million, respectively for interest and penalties. We had approximately $0.5 million, $2.3 million and $2.4 million, respectively for the payment of interest and penalties accrued at January 31, 2015, February 1, 2014 and February 2, 2013, respectively. The amounts included in the reconciliation of uncertain tax positions do not include accruals for interest and penalties. | ||||||||||||
In fiscal 2006, we began participating in the IRS’s real time audit program, Compliance Assurance Process (“CAP”). Under the CAP program, material tax issues and initiatives are disclosed to the IRS throughout the year with the objective of reaching agreement as to the proper reporting treatment when the federal return is filed. Our fiscal 2012 year has been examined and a full acceptance letter issued. For fiscal 2013, all issues have been resolved during the post-file review process and we are awaiting a full acceptance letter. | ||||||||||||
With few exceptions, we are no longer subject to state and local examinations for years before fiscal 2010. Various state examinations are currently underway for fiscal periods spanning from 2009 through 2013; however, we do not expect any significant change to our uncertain tax positions within the next year. |
Net_Earnings_Per_Share
Net Earnings Per Share | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Earnings Per Share | NET EARNINGS PER SHARE: | |||||||||||
The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying consolidated statements of income (in thousands, except per share amounts): | ||||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||
Numerator | ||||||||||||
Net income | $ | 64,641 | $ | 65,883 | $ | 180,219 | ||||||
Net income and dividends declared allocated to participating securities | (1,697 | ) | (1,746 | ) | (3,309 | ) | ||||||
Net income available to common shareholders | $ | 62,944 | $ | 64,137 | $ | 176,910 | ||||||
Denominator | ||||||||||||
Weighted average common shares outstanding – basic | 148,622 | 155,048 | 162,989 | |||||||||
Dilutive effect of non-participating securities | 504 | 947 | 1,130 | |||||||||
Weighted average common and common equivalent shares outstanding – diluted | 149,126 | 155,995 | 164,119 | |||||||||
Net income per common share: | ||||||||||||
Basic | $ | 0.42 | $ | 0.41 | $ | 1.09 | ||||||
Diluted | $ | 0.42 | $ | 0.41 | $ | 1.08 | ||||||
In fiscal 2014, 2013 and 2012, 0.6 million, 0.9 million and 1.4 million potential shares of common stock, respectively, were excluded from the diluted per share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive. |
Quarterly_Results_Of_Operation
Quarterly Results Of Operations (Unaudited) | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Results Of Operations | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): | |||||||||||||||||||
Net Sales | Gross | Net Income | Net Income | Net Income | ||||||||||||||||
Margin | (Loss) | (Loss) Per | (Loss) Per | |||||||||||||||||
Common | Common and | |||||||||||||||||||
Share - Basic | Common | |||||||||||||||||||
Equivalent | ||||||||||||||||||||
Share - Diluted | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fiscal year ended January 31, 2015: | ||||||||||||||||||||
First quarter | $ | 681,605 | $ | 382,891 | $ | 39,882 | $ | 0.26 | $ | 0.26 | ||||||||||
Second quarter | 671,130 | 351,472 | 30,126 | 0.2 | 0.2 | |||||||||||||||
Third quarter | 665,569 | 363,793 | 26,463 | 0.17 | 0.17 | |||||||||||||||
Fourth quarter | 656,907 | 328,166 | (31,830 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Fiscal year ended February 1, 2014: | ||||||||||||||||||||
First quarter | $ | 670,722 | $ | 386,844 | $ | 51,122 | $ | 0.31 | $ | 0.31 | ||||||||||
Second quarter | 649,503 | 356,142 | 43,588 | 0.27 | 0.27 | |||||||||||||||
Third quarter | 655,579 | 364,010 | (28,479 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||
Fourth quarter | 610,233 | 309,635 | (348 | ) | 0 | 0 | ||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: |
On February 25, 2015, we entered into the third amendment (the Amendment) of our Company's revolving credit facility agreement dated as of July 27, 2011. The Amendment expands the commitment under the revolving credit facility from $70 million to $125 million and increases the maximum total debt leverage ratio to 3.50 to 1.00. | |
On February 26, 2015, we announced that our Board of Directors declared a quarterly dividend of $0.0775 per share on our common stock. The dividend will be payable on March 30, 2015 to shareholders of record at the close of business on March 16, 2015. Although it is our Company’s intention to continue to pay a quarterly cash dividend in the future, any decision to pay future cash dividends will be made by the Board of Directors and will depend on future earnings, financial condition and other factors. | |
On March 6, 2015, in a privately negotiated transaction, we entered into accelerated share repurchase agreements to buy $250 million of our common shares under our existing share repurchase authorization, using cash on hand and available borrowings. We advanced $250 million on March 9, 2015, and received approximately 10.7 million shares, which represented 75 percent of the total shares as calculated using the relevant closing price. The remaining shares and average price per share will be determined at the conclusion of the contract, which is expected to occur no later than October 2015. |
Business_Organization_and_Summ1
Business Organization and Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | |
Jan. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fiscal Year | Fiscal Year | |
Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. The periods presented in these consolidated financial statements are the fiscal years ended January 31, 2015 (“fiscal 2014” or “current period”), February 1, 2014 (“fiscal 2013” or “prior period”) and February 2, 2013 (“fiscal 2012”). Fiscal 2012 contained 53 weeks while fiscal 2014 and 2013 each contained 52 weeks. | ||
Principles of Consolidation | Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Segment Information | Segment Information | |
Our brands, Chico’s, Soma Intimates, WH|BM, and Boston Proper, have been identified as separate operating segments and aggregated into one reportable segment due to the similarities of the economic and operating characteristics of the brands. | ||
Use of Estimates | Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and in banks, short-term highly liquid investments with original maturities of three months or less and payments due from banks for third-party credit card and debit transactions for approximately 3 to 5 days of sales. | ||
Marketable Securities | Marketable Securities | |
Marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost and fair value are determined on a specific identification basis. We consider all securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the consolidated balance sheets as they are available to support current operational liquidity needs. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
Our consolidated financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan and accounts receivable and payable. The carrying values of these assets and liabilities approximate their fair value due to the short-term nature of the instruments. | ||
Inventories | Inventories | |
We use the weighted average cost method to determine the cost of merchandise inventories. We identify potentially excess and slow-moving inventories by evaluating inventory aging, turn rates and inventory levels in conjunction with our overall sales trend. Excess quantities of inventory are identified through evaluation of inventory aging, review of inventory turns and historical sales experience, as well as specific identification based on fashion trends. Further, inventory realization exposure is identified through analysis of gross margins and markdowns in combination with changes in current business trends. We provide lower of cost or market adjustments for such identified excess and slow-moving inventories. We estimate our expected shrinkage of inventories between physical inventory counts by using average store shrinkage experience rates, which are updated on a regular basis. Substantially all of our inventories consist of finished goods. | ||
Costs associated with sourcing are generally capitalized while merchandising, distribution, and product development costs are generally expensed as incurred, and are included in the accompanying consolidated statements of income as a component of cost of goods sold. Approximately 24% of total purchases in fiscal 2014 and 23% of total purchases in 2013 were made from one supplier. | ||
Property and Equipment | Property and Equipment | |
Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation of property and equipment is provided on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of their estimated useful lives (generally 10 years or less) or the related lease term, plus one anticipated renewal when there is an economic cost associated with non-renewal. | ||
Our property and equipment is generally depreciated using the following estimated useful lives: | ||
Estimated Useful Lives | ||
Land improvements | 15 - 35 years | |
Building and building improvements | 20 - 35 years | |
Equipment, furniture and fixtures | 2 - 20 years | |
Leasehold improvements | 10 years or term | |
of lease, if shorter | ||
Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation or amortization are eliminated from the accounts, and any gain or loss is charged to income. | ||
Operating Leases | Operating Leases | |
We lease retail stores and a limited amount of office space, primarily in Boca Raton, Florida, under operating leases. The majority of our lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions. Tenant improvement allowances are recorded as a deferred lease credit within deferred liabilities and amortized as a reduction of rent expense over the term of the lease. Rent escalation clauses, “rent-free” periods, and other rental expenses are amortized on a straight-line basis over the term of the leases, including the construction period. This is generally 60 - 90 days prior to the store opening date, when we generally begin improvements in preparation for our intended use. | ||
Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. We record a contingent rent liability in accrued liabilities on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when it is determined that achieving the specified levels during the lease year is probable. | ||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |
Goodwill and other indefinite-lived intangible assets are tested for impairment at least annually. We perform our annual impairment test during the fourth quarter, or more frequently should events or circumstances change that would indicate that impairment may have occurred. | ||
Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Impairment testing for goodwill is done at a reporting unit level. Reporting units are defined as an operating segment or one level below an operating segment, called a component. Using these criteria, we identified our reporting units and concluded that the goodwill related to the territorial franchise rights for the state of Minnesota should be allocated to the Chico’s reporting unit, the goodwill associated with the WH|BM acquisition should be assigned to the WH|BM reporting unit and the goodwill associated with the Boston Proper acquisition should be assigned to the Boston Proper reporting unit. | ||
We evaluate the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test will not be performed. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step impairment test is performed. We may elect to skip the qualitative assessment and perform the two-step impairment test. The first step of the impairment test compares the fair value of our reporting units with their carrying amounts, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of any impairment loss. Fair value is determined based on both an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales or EBITDA multiples of similar companies and transactions. For 2014, we elected to skip the qualitative assessment and performed the two-step impairment test for each of our reporting units. As a result, we recorded pre-tax, non-cash goodwill impairment charges of $25.8 million related to the Boston Proper reporting unit, as further discussed in Note 8. For our remaining reporting units, the estimated fair value exceeded the respective carrying value and, as such, we concluded that the goodwill was not impaired. In the third quarter of 2013 we performed an interim goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $67.3 million as further discussed in Note 8. | ||
We test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying amount. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of the intangible is less than its carrying amount, we calculate the value of the indefinite-lived intangible assets using a discounted cash flow method, based on the relief from royalty concept. We may elect to skip the qualitative assessment when appropriate based on current circumstances. For 2014, we performed our annual assessment of Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $4.3 million on the Boston Proper trade name as further discussed in Note 8. In the third quarter of 2013, we performed an interim quantitative assessment of certain Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $5.2 million on the Boston Proper trade name as further discussed in Note 8. | ||
Intangible assets subject to amortization consist of the value of Boston Proper customer relationships, which are being amortized on a straight-line basis over a period of 10 years. | ||
Accounting for the Impairment of Long-lived Assets and Assets Held for Sale | Accounting for the Impairment of Long-lived Assets and Assets Held for Sale | |
Long-lived assets, including definite-lived intangibles, are reviewed periodically for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. If future undiscounted cash flows expected to be generated by the asset are less than its carrying amount, an asset is determined to be impaired. The fair value of an asset is estimated using estimated future cash flows of the asset discounted by a rate commensurate with the risk involved with such asset while incorporating marketplace assumptions. The impairment loss recorded is the amount by which the carrying value of the asset exceeds its fair value. In fiscal 2014, 2013 and 2012, we completed an evaluation of long-lived assets at certain underperforming stores for indicators of impairment and, as a result, recorded impairment charges of approximately $1.3 million, $1.3 million and $1.1 million, which are included in SG&A in the accompanying consolidated statements of income, respectively. Additionally in fiscal 2014, in connection with the restructuring program further discussed in Note 2, we identified approximately 120 under-performing stores to be closed starting in fiscal 2015 through 2017. As a result we recorded additional impairment charges of approximately $5.4 million, which are included in restructuring and other charges in the accompanying consolidated statements of income. | ||
. | ||
Assets held for sale are measured at the lower of their carrying value or fair value less costs of disposal. Upon retirement or disposition, the asset cost and related accumulated depreciation or amortization are removed from the accounts, and a gain or loss is recognized based on the difference between the fair value of proceeds received and the asset’s carrying value. In fiscal 2014, we determined that vacant land met the criteria to be classified as held for sale. As a result, we valued the land at the lower of the carrying value or fair value less costs of disposal, which resulted in an impairment charge of approximately $3.2 million, which is included in restructuring and other charges in the accompanying consolidated statements of income. | ||
Revenue Recognition | Revenue Recognition | |
Retail sales by our stores are recorded at the point of sale and are net of estimated customer returns, sales discounts under rewards programs and company issued coupons, promotional discounts and employee discounts. For sales from our websites and catalogs, revenue is recognized at the time we estimate the customer receives the product, which is typically within a few days of shipment. | ||
Our gift cards do not have expiration dates. We account for gift cards by recognizing a liability at the time the gift card is sold. The liability is relieved and revenue is recognized for gift cards upon redemption. In addition, we recognize revenue for the amount of gift cards expected to go unredeemed (commonly referred to as gift card breakage) under the redemption recognition method. This method records gift card breakage as revenue on a proportional basis over the redemption period based on our historical gift card breakage rate. We determine the gift card breakage rate based on our historical redemption patterns. We recognize revenue on the remaining unredeemed gift cards based on determining that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions. | ||
In fiscal 2014, Soma launched a new points based loyalty program in which customers earn points based on purchases. Attaining specified loyalty point levels results in the issuance of reward coupons to discount future purchases. As program members accumulate points, we accrue the estimated future liability, adjusted for expected redemption rates. The liability is relieved and revenue is recognized for loyalty point reward coupons upon redemption. In addition, we recognize revenue on unredeemed points when it can be determined that the likelihood of the point being redeemed is remote and there is no legal obligation to remit the point value. We determined the loyalty point breakage rate based on historical test data and redemption patterns. | ||
As part of the normal sales cycle, we receive customer merchandise returns related to store, website and catalog sales. To account for the financial impact of potential customer merchandise returns, we estimate future returns on previously sold merchandise. Reductions in sales and gross margin are recorded for estimated merchandise returns based on return history, current sales levels and projected future return levels. | ||
Our policy towards taxes assessed by a government authority directly imposed on revenue producing transactions between a seller and a customer is, and has been, to exclude all such taxes from revenue. | ||
Advertising Costs | Advertising Costs | |
Costs associated with the production of advertising, such as writing, copying, printing, and other costs are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine, are expensed when the advertising event takes place. Catalog expenses consist of the cost to create, print, and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is typically less than six weeks. For fiscal 2014, 2013 and 2012, advertising expense was approximately $153.1 million, $151.9 million, and $145.6 million, respectively, and is included within selling, general and administrative expense (“SG&A”) in the accompanying consolidated statements of income. | ||
Share-Based Compensation | Stock-Based Compensation | |
Stock-based compensation for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. The fair value of restricted stock awards and performance-based awards is determined by using the closing price of the Company’s common stock on the date of the grant. Compensation expense for performance-based awards is recorded based on the amount of the award ultimately expected to vest, depending on the level and likelihood of the performance condition to be met. | ||
Shipping and Handling Costs | Shipping and Handling Costs | |
Shipping and handling costs to transport goods to customers, net of amounts paid to us by customers, amounted to $19.1 million, $18.4 million, and $8.3 million in fiscal 2014, 2013 and 2012, respectively, and are included within SG&A in the accompanying consolidated statements of income. Amounts paid by customers to cover shipping and handling costs are immaterial. | ||
Store Pre-opening Costs | Store Pre-opening Costs | |
Operating costs (including store set-up, rent and training expenses) incurred prior to the opening of new stores are expensed as incurred and are included within SG&A in the accompanying consolidated statements of income. | ||
Income Taxes | Income Taxes | |
Income taxes are accounted for in accordance with authoritative guidance, which requires the use of the asset and liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, we follow a comprehensive model to recognize, measure, present, and disclose in our consolidated financial statements the estimated aggregate tax liability of uncertain tax positions that we have taken or expect to take on a tax return. This model states that a tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable, based upon its technical merits. | ||
The tax benefit of a qualifying position is the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon the ultimate settlement with a taxing authority having full knowledge of all relevant information. | ||
Foreign Currency | Foreign Currency | |
The functional currency of our foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The resulting translation adjustments are recorded as a component of comprehensive income in the consolidated statements of comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the consolidated statements of income. | ||
Self-Insurance | Self-Insurance | |
We are self-insured for certain losses relating to workers’ compensation, medical and general liability claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the aggregate liability for uninsured claims incurred based on historical experience. While we do not expect the amount we will ultimately pay to differ significantly from our estimates, self-insurance accruals could be affected if future claims experience differs significantly from the historical trends and assumptions. | ||
Supplier Allowances | Supplier Allowances | |
From time to time, we receive allowances and/or credits from certain of our suppliers. The aggregate amount of such allowances and credits is immaterial to our consolidated results of operations. | ||
Earnings Per Share | Earnings Per Share | |
In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the “two-class” method. For us, participating securities are composed entirely of unvested restricted stock awards and performance-based stock units that have met their relevant performance criteria. | ||
Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period including the participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options and performance-based stock units. | ||
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. The standard allows for either a full retrospective or a modified retrospective transition method. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. | ||
In August 2014 the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We do not expect that such adoption will have an impact to our consolidated results of operations, financial position or cash flows. |
Business_Organization_and_Summ2
Business Organization and Summary Of Significant Accounting Policies Business Organization and Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |
Jan. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of Useful Life for Property and Equipment | Our property and equipment is generally depreciated using the following estimated useful lives: | |
Estimated Useful Lives | ||
Land improvements | 15 - 35 years | |
Building and building improvements | 20 - 35 years | |
Equipment, furniture and fixtures | 2 - 20 years | |
Leasehold improvements | 10 years or term | |
of lease, if shorter |
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Related Costs | A summary of the charges is presented in the table below: | |||||||||||||||
Fiscal 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Severance and other charges | $ | 8,191 | ||||||||||||||
Store impairment charges | 5,354 | |||||||||||||||
Assets held for sale impairment charges | 3,200 | |||||||||||||||
Total restructuring and other charges, pre-tax | $ | 16,745 | ||||||||||||||
Schedule of Severance and Other Charges | The following table summarizes the severance and other charges incurred in fiscal 2014 as well as amounts remaining to be paid: | |||||||||||||||
Fiscal 2014 | ||||||||||||||||
Beginning | Charges | Payments | Ending | |||||||||||||
Balance | Balance | |||||||||||||||
(in thousands) | ||||||||||||||||
Severance and other charges | $ | — | $ | 8,191 | $ | 128 | $ | 8,063 | ||||||||
Marketable_Securities_Tables
Marketable Securities - (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
Summary Of Investments In Marketable Securities | The following tables summarize our investments in marketable securities at January 31, 2015 and February 1, 2014: | |||||||||||||||
31-Jan-15 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
Total marketable securities | $ | 126,566 | $ | 38 | $ | 43 | $ | 126,561 | ||||||||
February 1, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||
Gains | Losses | |||||||||||||||
Total marketable securities | $ | 115,889 | $ | 118 | $ | 5 | $ | 116,002 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets Valued On A Recurring Basis, Based On The Priority Of The Inputs To The Valuation Technique | In accordance with the provisions of the guidance, we categorized our financial assets which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Balance as of January 31, 2015 | Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market accounts | $ | 338 | $ | 338 | $ | — | $ | — | ||||||||
Marketable securities: | ||||||||||||||||
Municipal securities | 16,663 | — | 16,663 | — | ||||||||||||
U.S. government securities | 1,402 | 1,402 | — | — | ||||||||||||
U.S. government agencies | 26,299 | — | 26,299 | — | ||||||||||||
Corporate bonds | 79,202 | — | 79,202 | — | ||||||||||||
Commercial paper | 2,995 | — | 2,995 | — | ||||||||||||
Non Current Assets | ||||||||||||||||
Deferred compensation plan | 8,461 | 8,461 | — | — | ||||||||||||
Total | $ | 135,360 | $ | 10,201 | $ | 125,159 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Balance as of February 1, 2014 | Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market accounts | $ | 7,509 | $ | 7,509 | $ | — | $ | — | ||||||||
Marketable securities: | ||||||||||||||||
Municipal securities | 51,519 | — | 51,519 | — | ||||||||||||
U.S. government securities | 9,812 | 9,812 | — | — | ||||||||||||
U.S. government agencies | 9,020 | — | 9,020 | — | ||||||||||||
Corporate bonds | 45,651 | — | 45,651 | — | ||||||||||||
Non Current Assets | ||||||||||||||||
Deferred compensation plan | 6,299 | 6,299 | — | — | ||||||||||||
Total | $ | 129,810 | $ | 23,620 | $ | 106,190 | $ | — | ||||||||
Prepaid_And_Other_Current_Asse1
Prepaid And Other Current Assets (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||
Schedule Of Prepaid And Other Current Assets | Prepaid and other current assets consisted of the following: | |||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Prepaid expenses | $ | 39,038 | $ | 39,974 | ||||
Accounts receivable | 6,831 | 6,341 | ||||||
Income tax receivable | 596 | 3,990 | ||||||
Other current assets | 4,623 | 393 | ||||||
Total prepaid and other current assets | $ | 51,088 | $ | 50,698 | ||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property and equipment, net, consisted of the following: | |||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Land and land improvements | $ | 30,147 | $ | 49,413 | ||||
Building and building improvements | 128,003 | 126,858 | ||||||
Equipment, furniture and fixtures | 634,145 | 611,439 | ||||||
Leasehold improvements | 573,877 | 545,526 | ||||||
Total property and equipment | 1,366,172 | 1,333,236 | ||||||
Less accumulated depreciation and amortization | (760,025 | ) | (702,186 | ) | ||||
Property and equipment, net | $ | 606,147 | $ | 631,050 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of Goodwill and Intangible Assets | Goodwill and other intangible assets consisted of the following: | |||||||||||
31-Jan-15 | 1-Feb-14 | |||||||||||
(in thousands) | ||||||||||||
Goodwill: | ||||||||||||
Total Goodwill | $ | 145,627 | $ | 171,427 | ||||||||
Indefinite-Lived Intangibles: | ||||||||||||
WH|BM trade name | $ | 34,000 | $ | 34,000 | ||||||||
Minnesota territorial franchise rights | 4,930 | 4,930 | ||||||||||
Boston Proper trade name | 41,700 | 46,000 | ||||||||||
Total indefinite-lived intangibles | $ | 80,630 | $ | 84,930 | ||||||||
Definite-Lived Intangibles: | ||||||||||||
Boston Proper customer relationships | $ | 43,580 | $ | 43,580 | ||||||||
Accumulated amortization expense recorded | (14,672 | ) | (10,314 | ) | ||||||||
Total definite-lived intangibles | 28,908 | 33,266 | ||||||||||
Total other intangible assets, net | $ | 109,538 | $ | 118,196 | ||||||||
Schedule of Impaired Intangible Assets | The following table provides the carrying amounts of Boston Proper goodwill and pre-tax cumulative goodwill impairment charges: | |||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||
(in thousands) | ||||||||||||
Gross carrying amount | $ | 141,919 | $ | 141,919 | $ | 141,919 | ||||||
Cumulative impairment, beginning of year | (67,266 | ) | — | — | ||||||||
Impairment charges | (25,800 | ) | (67,266 | ) | — | |||||||
Cumulative impairment, end of year | (93,066 | ) | (67,266 | ) | — | |||||||
Net carrying amount | $ | 48,853 | $ | 74,653 | $ | 141,919 | ||||||
Other_Current_and_Deferred_Lia1
Other Current and Deferred Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Other Liabilities, Current [Abstract] | ||||||||
Schedule Of Other Current Liabilities | Other current and deferred liabilities consisted of the following: | |||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Allowance for estimated customer returns, gift cards and store credits outstanding | $ | 58,123 | $ | 56,034 | ||||
Accrued payroll, benefits, bonuses and severance costs | 40,765 | 32,355 | ||||||
Current portion of deferred rent and lease credits | 29,289 | 27,166 | ||||||
Other | 30,219 | 26,518 | ||||||
Total other current and deferred liabilities | $ | 158,396 | $ | 142,073 | ||||
NonCurrent_Deferred_Liabilitie1
Non-Current Deferred Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Deferred Credits and Other Liabilities [Abstract] | ||||||||
Schedule Of Deferred Liabilities | Deferred liabilities consisted of the following: | |||||||
31-Jan-15 | 1-Feb-14 | |||||||
(in thousands) | ||||||||
Deferred rent | $ | 48,391 | $ | 45,897 | ||||
Deferred lease credits | 112,033 | 106,808 | ||||||
Other deferred liabilities | 11,236 | 13,335 | ||||||
Total deferred liabilities | 171,660 | 166,040 | ||||||
Less current portion of deferred rent and lease credits | (29,289 | ) | (27,166 | ) | ||||
Total non-current deferred liabilities | $ | 142,371 | $ | 138,874 | ||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule Of Minimum Future Rental Payments Under Non-Cancelable Operating Leases | Minimum future rental payments under non-cancelable operating leases (including leases with certain minimum sales cancellation clauses described below and exclusive of common area maintenance charges and/or contingent rental payments based on sales) as of January 31, 2015, are approximately as follows: | |||
FISCAL YEAR ENDING: | ||||
(in thousands) | ||||
January 30, 2016 | $ | 194,365 | ||
January 28, 2017 | 178,746 | |||
3-Feb-18 | 147,212 | |||
February 2, 2019 | 119,017 | |||
1-Feb-20 | 103,223 | |||
Thereafter | 324,803 | |||
Total minimum lease payments | $ | 1,067,366 | ||
Stock_Compensation_Plans_and_C1
Stock Compensation Plans and Capital Stock Transactions (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Restricted Stock Activity | Restricted stock activity for fiscal 2014 was as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 3,883,134 | $ | 15.13 | ||||||||||
Granted | 1,674,790 | 16.44 | |||||||||||
Vested | (1,302,449 | ) | 14.8 | ||||||||||
Forfeited | (337,286 | ) | 16.24 | ||||||||||
Unvested, end of period | 3,918,189 | 15.7 | |||||||||||
Schedule of Performance-Based Restricted Stock | Performance-based restricted stock activity for fiscal 2014 was as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Unvested, beginning of period | 17,222 | $ | 13.69 | ||||||||||
Granted | — | — | |||||||||||
Vested | (17,222 | ) | 13.69 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested, end of period | — | — | |||||||||||
Schedule of Performance-Based Stock Units | Performance-based stock unit activity for fiscal 2014 was as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 485,935 | $ | 15.01 | ||||||||||
Granted | 657,000 | 16.51 | |||||||||||
Vested | (243,369 | ) | 15.01 | ||||||||||
Forfeited | (686,113 | ) | 16.45 | ||||||||||
Unvested, end of period | 213,453 | 15.01 | |||||||||||
Summary of Stock Option Activity | Stock option activity for fiscal 2014 was as follows: | ||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | (in thousands) | |||||||||||
Term | |||||||||||||
Outstanding, beginning of period | 2,642,269 | $ | 15.63 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (322,695 | ) | 11.77 | ||||||||||
Forfeited or expired | (371,646 | ) | 21.44 | ||||||||||
Outstanding, end of period | 1,947,928 | $ | 15.16 | 4.53 | $ | 7,633 | |||||||
Vested and expected to vest at January 31, 2015 | 1,947,928 | $ | 15.16 | 4.53 | $ | 7,633 | |||||||
Exercisable at January 31, 2015 | 1,947,928 | $ | 15.16 | 4.53 | $ | 7,633 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule Of Income Tax Provision | The income tax provision consisted of the following: | |||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
(in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 53,985 | $ | 58,000 | $ | 95,410 | ||||||
Foreign | 124 | 12 | — | |||||||||
State | 7,152 | 7,557 | 17,001 | |||||||||
Deferred: | ||||||||||||
Federal | (6,550 | ) | 8,479 | (2,585 | ) | |||||||
State | (2,911 | ) | 1,752 | (1,626 | ) | |||||||
Total income tax provision | $ | 51,800 | $ | 75,800 | $ | 108,200 | ||||||
Schedule Of Effective Income Tax Rate Reconciliation | A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: | |||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income tax, net of federal tax benefit | 1.9 | 3 | 3.5 | |||||||||
Goodwill impairment | 8.4 | 18 | — | |||||||||
Enhanced charitable contribution | (2.5 | ) | (1.8 | ) | (0.7 | ) | ||||||
Other items, net | 1.7 | (0.7 | ) | (0.3 | ) | |||||||
Total | 44.5 | % | 53.5 | % | 37.5 | % | ||||||
Schedule Of Deferred Tax Assets And Liabilities | These differences consist of the following as of January 31, 2015 and February 1, 2014: | |||||||||||
31-Jan-15 | 1-Feb-14 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Accrued liabilities and allowances | $ | 12,560 | $ | 10,694 | ||||||||
Accrued straight-line rent | 19,034 | 18,124 | ||||||||||
Stock-based compensation | 17,971 | 18,388 | ||||||||||
Property related | 4,390 | — | ||||||||||
Other | 6,915 | 4,324 | ||||||||||
Total deferred tax assets | 60,870 | 51,530 | ||||||||||
Valuation allowance | (913 | ) | (127 | ) | ||||||||
Net deferred tax assets | 59,957 | 51,403 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Other | (1,611 | ) | (1,148 | ) | ||||||||
Prepaid expenses | (4,649 | ) | (5,759 | ) | ||||||||
Property related | (48,802 | ) | (45,452 | ) | ||||||||
Other intangible assets | (48,981 | ) | (51,291 | ) | ||||||||
Total deferred tax liabilities | (104,043 | ) | (103,650 | ) | ||||||||
Net deferred | $ | (44,086 | ) | $ | (52,247 | ) | ||||||
Schedule Of Uncertain Tax Positions Reconciliation | A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2014, fiscal 2013 and fiscal 2012 is as follows: | |||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at beginning of year | $ | 3,956 | $ | 4,715 | $ | 3,677 | ||||||
Additions for tax positions of prior years | 757 | 12 | 506 | |||||||||
Reductions for tax positions of prior years | (736 | ) | — | — | ||||||||
Additions for tax positions for the current year | 390 | 461 | 694 | |||||||||
Settlements with tax authorities | (1,501 | ) | (1,114 | ) | (63 | ) | ||||||
Reductions due to lapse of applicable statutes of limitation | (334 | ) | (118 | ) | (99 | ) | ||||||
Balance at end of year | $ | 2,532 | $ | 3,956 | $ | 4,715 | ||||||
Net_Earnings_Per_Share_Tables
Net Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule Of Earnings Per Share | The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying consolidated statements of income (in thousands, except per share amounts): | |||||||||||
31-Jan-15 | 1-Feb-14 | 2-Feb-13 | ||||||||||
Numerator | ||||||||||||
Net income | $ | 64,641 | $ | 65,883 | $ | 180,219 | ||||||
Net income and dividends declared allocated to participating securities | (1,697 | ) | (1,746 | ) | (3,309 | ) | ||||||
Net income available to common shareholders | $ | 62,944 | $ | 64,137 | $ | 176,910 | ||||||
Denominator | ||||||||||||
Weighted average common shares outstanding – basic | 148,622 | 155,048 | 162,989 | |||||||||
Dilutive effect of non-participating securities | 504 | 947 | 1,130 | |||||||||
Weighted average common and common equivalent shares outstanding – diluted | 149,126 | 155,995 | 164,119 | |||||||||
Net income per common share: | ||||||||||||
Basic | $ | 0.42 | $ | 0.41 | $ | 1.09 | ||||||
Diluted | $ | 0.42 | $ | 0.41 | $ | 1.08 | ||||||
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Unaudited) Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Effect of Fourth Quarter Events | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): | |||||||||||||||||||
Net Sales | Gross | Net Income | Net Income | Net Income | ||||||||||||||||
Margin | (Loss) | (Loss) Per | (Loss) Per | |||||||||||||||||
Common | Common and | |||||||||||||||||||
Share - Basic | Common | |||||||||||||||||||
Equivalent | ||||||||||||||||||||
Share - Diluted | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fiscal year ended January 31, 2015: | ||||||||||||||||||||
First quarter | $ | 681,605 | $ | 382,891 | $ | 39,882 | $ | 0.26 | $ | 0.26 | ||||||||||
Second quarter | 671,130 | 351,472 | 30,126 | 0.2 | 0.2 | |||||||||||||||
Third quarter | 665,569 | 363,793 | 26,463 | 0.17 | 0.17 | |||||||||||||||
Fourth quarter | 656,907 | 328,166 | (31,830 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Fiscal year ended February 1, 2014: | ||||||||||||||||||||
First quarter | $ | 670,722 | $ | 386,844 | $ | 51,122 | $ | 0.31 | $ | 0.31 | ||||||||||
Second quarter | 649,503 | 356,142 | 43,588 | 0.27 | 0.27 | |||||||||||||||
Third quarter | 655,579 | 364,010 | (28,479 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||
Fourth quarter | 610,233 | 309,635 | (348 | ) | 0 | 0 | ||||||||||||||
Business_Organization_and_Summ3
Business Organization and Summary Of Significant Accounting Policies - Description of Business (Narrative) (Details) | Jan. 31, 2015 |
fanchise | |
store | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores throughout the U.S., U.S. Virgin Islands, PR, and Canada | 1,547 |
Number of franchise locations in and around Mexico City | 19 |
Business_Organization_and_Summ4
Business Organization and Summary Of Significant Accounting Policies - Cash and Cash Equivalents (Narrative) (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Minimum [Member] | |
Cash and Cash Equivalents [Line Items] | |
Threshold period for third-party credit and debit transactions | 3 days |
Maximum [Member] | |
Cash and Cash Equivalents [Line Items] | |
Threshold period for third-party credit and debit transactions | 5 days |
Business_Organization_and_Summ5
Business Organization and Summary Of Significant Accounting Policies - Inventories (Narrative) (Details) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
supplier | supplier | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of cost of goods sold | 24.00% | 23.00% |
Number of suppliers with total purchases of 24% and 23%, in 2014 and 2013 respectfully | 1 | 1 |
Business_Organization_and_Summ6
Business Organization and Summary Of Significant Accounting Policies - Property and Equipment (Narrative) (Details) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
supplier | supplier | |
Number of suppliers with total purchases of 24% and 23%, in 2014 and 2013 respectfully | 1 | 1 |
Land improvements [Member] | Minimum [Member] | ||
Estimate useful life | 15 years | |
Land improvements [Member] | Maximum [Member] | ||
Estimate useful life | 35 years | |
Building and building improvements [Member] | Minimum [Member] | ||
Estimate useful life | 20 years | |
Building and building improvements [Member] | Maximum [Member] | ||
Estimate useful life | 35 years | |
Equipment, furniture and fixtures [Member] | Minimum [Member] | ||
Estimate useful life | 2 years | |
Equipment, furniture and fixtures [Member] | Maximum [Member] | ||
Estimate useful life | 20 years | |
Leasehold improvements [Member] | Maximum [Member] | ||
Estimate useful life | 10 years |
Business_Organization_and_Summ7
Business Organization and Summary Of Significant Accounting Policies - Operating Leases (Narrative) (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Amortization period | 60 days |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Amortization period | 90 days |
Business_Organization_and_Summ8
Business Organization and Summary Of Significant Accounting Policies - Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Pre-tax, non-cash goodwill impairment charge related to Boston Proper | $25.80 | $67.30 |
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | $4.30 | $5.20 |
Finite-lived intangible assets amortization period | 10 years |
Business_Organization_and_Summ9
Business Organization and Summary Of Significant Accounting Policies - Accounting for the Impairment of Long-lived Assets and Assets Held for Sale (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
store_closure | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Asset impairment charges | $1.30 | $1.30 | $1.10 | |
Number of under-performing stores to close starting next fiscal year | 120 | |||
Additional impairment charges | $3.20 | $5.40 |
Recovered_Sheet1
Business Organization and Summary Of Significant Accounting Policies - Advertising Costs (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising expense | $153.10 | $151.90 | $145.60 |
Recovered_Sheet2
Business Organization and Summary Of Significant Accounting Policies - Shipping and Handling Costs (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping and handling amounts received from customers | $19.10 | $18.40 | $8.30 |
Recovered_Sheet3
Business Organization and Summary Of Significant Accounting Policies - Income Taxes (Narrative) (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Tax benefit qualifying position threshold of likelihood of being realized | 50.00% |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
store_closure | ||||
Restructuring and Related Activities [Abstract] | ||||
Percent of headquarters and field management eliminated | 12.00% | |||
Restructuring and other charges, pre-tax | $16,745,000 | $0 | $0 | |
Number of under-performing stores to close from 2015-2017 | 120 | |||
Expected lease termination expense over the next three years | $2,100,000 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges (Summary of Charges) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges, pre-tax | $16,745 | $0 | $0 |
Severance and other charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges, pre-tax | 8,191 | ||
Store impairment charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges, pre-tax | 5,354 | ||
Assets Held for sale impairment charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges, pre-tax | $3,200 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges (Severance and Other Charges) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2015 |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | $0 |
Charges | 8,191 |
Payments | 128 |
Ending Balance | $8,063 |
Marketable_Securities_Narrativ
Marketable Securities (Narratives) (Details) (USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Marketable Securities [Abstract] | |
Marketable securities, current | $63.30 |
Marketable securities, noncurrent | $63.30 |
Marketable_Securities_Summary_
Marketable Securities - (Summary Of Investments In Marketable Securities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Abstract] | ||
Marketable securities, Amortized Cost | $126,566 | $115,889 |
Marketable securities, Gross Unrealized Gains | 38 | 118 |
Marketable securities, Gross Unrealized Losses | 43 | 5 |
Marketable securities, Estimated Fair Value | $126,561 | $116,002 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill and Intangible Asset Impairment [Line Items] | |||
Goodwill and trade name impairment charges | $30,100,000 | $72,466,000 | $0 |
Goodwill impairment loss | 25,800,000 | 67,300,000 | |
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | 4,300,000 | 5,200,000 | |
Boston Proper [Member] | |||
Goodwill and Intangible Asset Impairment [Line Items] | |||
Goodwill impairment loss | 25,800,000 | 67,266,000 | 0 |
Boston Proper trade name [Member] | |||
Goodwill and Intangible Asset Impairment [Line Items] | |||
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | $4,300,000 | $5,200,000 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets Valued On A Recurring Or Non-Recurring Basis, Based On The Priority Of The Inputs To The Valuation Technique) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $126,561 | $116,002 |
Deferred compensation plan | 8,461 | 6,299 |
Total | 135,360 | 129,810 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 8,461 | 6,299 |
Total | 10,201 | 23,620 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Total | 125,159 | 106,190 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Total | 0 | 0 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,663 | 51,519 |
Municipal Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Municipal Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 16,663 | 51,519 |
Municipal Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,402 | 9,812 |
U.S. Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,402 | 9,812 |
U.S. Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,299 | 9,020 |
U.S. Government Agencies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,299 | 9,020 |
U.S. Government Agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 79,202 | 45,651 |
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 79,202 | 45,651 |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,995 | |
Commercial Paper [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,995 | |
Commercial Paper [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Money Market Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 338 | 7,509 |
Money Market Accounts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 338 | 7,509 |
Money Market Accounts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money Market Accounts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $0 | $0 |
Prepaid_And_Other_Current_Asse2
Prepaid And Other Current Assets (Schedule Of Prepaid And Other Current Assets) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $39,038 | $39,974 |
Accounts receivable | 6,831 | 6,341 |
Income tax receivable | 596 | 3,990 |
Other current assets | 4,623 | 393 |
Total prepaid and other current assets | $51,088 | $50,698 |
Assets_Held_For_Sale_Details
Assets Held For Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Assets Held-for-sale, Not Part of Disposal Group, Current [Abstract] | |||
Carrying value for vacant land held for sale | $16.80 | $16.80 | $20 |
Additional impairment charges | $3.20 | $5.40 |
Property_And_Equipment_Net_Det
Property And Equipment, Net - (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Total property and equipment | $1,366,172,000 | $1,333,236,000 | |
Less accumulated depreciation and amortization | -760,025,000 | -702,186,000 | |
Property and equipment, net | 606,147,000 | 631,050,000 | |
Depreciation expense | 117,800,000 | 113,800,000 | 103,900,000 |
Land and Land Improvements [Member] | |||
Total property and equipment | 30,147,000 | 49,413,000 | |
Building and building improvements [Member] | |||
Total property and equipment | 128,003,000 | 126,858,000 | |
Equipment, furniture and fixtures [Member] | |||
Total property and equipment | 634,145,000 | 611,439,000 | |
Leasehold improvements [Member] | |||
Total property and equipment | $573,877,000 | $545,526,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill: | ||
Goodwill | $145,627 | $171,427 |
Indefinite-Lived Intangibles: | ||
Total indefinite-lived intangibles | 80,630 | 84,930 |
Definite-Lived Intangibles: | ||
Boston Proper customer relationships | 43,580 | 43,580 |
Accumulated amortization expense recorded | -14,672 | -10,314 |
Total definite-lived intangibles | 28,908 | 33,266 |
Intangible Assets, Net (Excluding Goodwill) | 109,538 | 118,196 |
Minnesota territorial franchise rights | ||
Indefinite-Lived Intangibles: | ||
Minnesota territorial franchise rights | 4,930 | 4,930 |
WHBM trade name [Member] | ||
Indefinite-Lived Intangibles: | ||
Trade names | 34,000 | 34,000 |
Boston Proper trade name [Member] | ||
Indefinite-Lived Intangibles: | ||
Trade names | 41,700 | 46,000 |
Total indefinite-lived intangibles | $41,700 | $46,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill [Line Items] | |||
Goodwill impairment loss | $25,800,000 | $67,300,000 | |
Goodwill | 145,627,000 | 171,427,000 | |
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | 4,300,000 | 5,200,000 | |
Indefinite lived Intangible Assets | 80,630,000 | 84,930,000 | |
Intangible assets subject to amortization | 28,908,000 | 33,266,000 | |
Amortization expense | 4,400,000 | ||
Expected amortization expense in 2015 | 4,400,000 | ||
Expected amortization expense in 2016 | 4,400,000 | ||
Expected amortization expense in 2017 | 4,400,000 | ||
Expected amortization expense in 2018 | 4,400,000 | ||
Expected amortization expense in 2019 | 4,400,000 | ||
Boston Proper [Member] | |||
Goodwill [Line Items] | |||
Goodwill impairment loss | 25,800,000 | 67,266,000 | 0 |
Goodwill | 48,853,000 | 74,653,000 | 141,919,000 |
Boston Proper trade name [Member] | |||
Goodwill [Line Items] | |||
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | 4,300,000 | 5,200,000 | |
Indefinite lived Intangible Assets | $41,700,000 | $46,000,000 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Boston Proper Goodwill Impairment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Goodwill [Roll Forward] | ||||
Impairment charges | ($25,800) | ($67,300) | ||
Net carrying amount | 145,627 | 171,427 | ||
Boston Proper [Member] | ||||
Goodwill [Roll Forward] | ||||
Gross carrying amount | 141,919 | 141,919 | 141,919 | |
Cumulative impairment, beginning of year | -67,266 | 0 | 0 | |
Impairment charges | -25,800 | -67,266 | 0 | |
Cumulative impairment, end of year | -93,066 | -67,266 | 0 | |
Net carrying amount | $48,853 | $74,653 | $141,919 |
Other_Current_and_Deferred_Lia2
Other Current and Deferred Liabilities (Schedule Of Other Current Liabilities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Allowance for estimated customer returns, gift cards and store credits outstanding | $58,123 | $56,034 |
Accrued payroll, benefits, bonuses and severance costs | 40,765 | 32,355 |
Current portion of deferred rent and lease credits | 29,289 | 27,166 |
Other | 30,219 | 26,518 |
Total other current and deferred liabilities | $158,396 | $142,073 |
NonCurrent_Deferred_Liabilitie2
Non-Current Deferred Liabilities (Schedule Of Deferred Liabilities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Credits and Other Liabilities [Abstract] | ||
Deferred rent | $48,391 | $45,897 |
Deferred lease credits | 112,033 | 106,808 |
Other deferred liabilities | 11,236 | 13,335 |
Total deferred liabilities | 171,660 | 166,040 |
Less current portion of deferred rent and lease credits | -29,289 | -27,166 |
Total non-current deferred liabilities | $142,371 | $138,874 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Jul. 27, 2011 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jul. 27, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Operating lease total rent expense | $253,200,000 | $230,000,000 | $206,000,000 | ||
Common area maintenance expenses on leases | 42,500,000 | 37,200,000 | 31,600,000 | ||
Other rental charges | 37,600,000 | 32,800,000 | 27,500,000 | ||
Contingent rental expense | 7,000,000 | 9,100,000 | 12,100,000 | ||
Line of credit facility amount available | 70,000,000 | ||||
Expiration period | 5 years | ||||
Credit facility swing advances, maximum | 5,000,000 | ||||
Letters of credit available under facility, maximum | 40,000,000 | ||||
Credit facility maximum borrowing capacity | 125,000,000 | ||||
Maximum total debt leverage ratio | 3.25 | ||||
Minimum fixed charge coverage ratio credit facility | 1.2 | ||||
Significant purchase commitment subject to cancellation, amount committed | $424,500,000 | $433,500,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Minimum Future Rental Payments Under Non-Cancelable Operating Leases) (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
30-Jan-16 | $194,365 |
28-Jan-17 | 178,746 |
3-Feb-18 | 147,212 |
2-Feb-19 | 119,017 |
1-Feb-20 | 103,223 |
Thereafter | 324,803 |
Total minimum lease payments | $1,067,366 |
Stock_Compensation_Plans_and_C2
Stock Compensation Plans and Capital Stock Transactions - General (Narrative) (Details) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Apr. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares for future issuance | 3,500,000 | |||
Vesting period | 3 years | |||
Expected term (years) | 10 years | |||
Compensation expense related to stock-based awards | $26,487,000 | $27,145,000 | $26,453,000 | |
Tax benefit associated with stock-based compensation | $10,100,000 | $10,400,000 | $10,100,000 | |
Omnibus Stock And Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares for future issuance | 8,100,000 | 7,000,000 | ||
Nonqualified stock options outstanding, number of shares | 1,900,000 |
Stock_Compensation_Plans_and_C3
Stock Compensation Plans and Capital Stock Transactions - Restricted Stock Activity (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning of period, Number of Shares | 3,883,134 |
Granted, Number of Shares | 1,674,790 |
Vested, Number of Shares | -1,302,449 |
Forfeited, Number of Shares | -337,286 |
Unvested, end of period, Number of Shares | 3,918,189 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, beginning of period, Weighted Average Grant Date Fair Value | $15.13 |
Granted, Weighted Average Grant Date Fair Value | $16.44 |
Vested, Weighted Average Grant Date Fair Value | $14.80 |
Forfeited, Weighted Average Grant Date Fair Value | $16.24 |
Unvested, end of period, Weighted Average Grant Date Fair Value | $15.70 |
Stock_Compensation_Plans_and_C4
Stock Compensation Plans and Capital Stock Transactions - Performance-based Restricted Stock Activity (Details) (Performance-Based Restricted Stock [Member], USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Performance-Based Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning of period, Number of Shares | 17,222 |
Granted, Number of Shares | 0 |
Vested, Number of Shares | -17,222 |
Forfeited, Number of Shares | 0 |
Unvested, end of period, Number of Shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, beginning of period, Weighted Average Grant Date Fair Value | $13.69 |
Granted, Weighted Average Grant Date Fair Value | $0 |
Vested, Weighted Average Grant Date Fair Value | $13.69 |
Forfeited, Weighted Average Grant Date Fair Value | $0 |
Unvested, end of period, Weighted Average Grant Date Fair Value | $0 |
Stock_Compensation_Plans_and_C5
Stock Compensation Plans and Capital Stock Transactions - Restricted Stock Awards (Narrative) (Details) (Restricted Stock and Performance-Based Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restricted Stock and Performance-Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares vested during the period | $21.80 | $17.60 | $13.30 |
Weighted average grant date fair value for grants in period | $16.44 | $16.99 | $15.40 |
Unrecognized compensation expense | $31.70 | ||
Period for recognition | 2 years |
Stock_Compensation_Plans_and_C6
Stock Compensation Plans and Capital Stock Transactions - Performance-Based Stock Unit Activity (Details) (Performance-Based Stock Units [Member], USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Performance-Based Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested, beginning of period, Number of Shares | 485,935 | ||
Granted, Number of Shares | 657,000 | ||
Vested, Number of Shares | -243,369 | ||
Forfeited, Number of Shares | -686,113 | ||
Unvested, end of period, Number of Shares | 213,453 | 485,935 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested, beginning of period, Weighted Average Grant Date Fair Value | $15.01 | ||
Granted, Weighted Average Grant Date Fair Value | $16.51 | $16.59 | $15.01 |
Vested, Weighted Average Grant Date Fair Value | $15.01 | ||
Forfeited, Weighted Average Grant Date Fair Value | $16.45 | ||
Unvested, end of period, Weighted Average Grant Date Fair Value | $15.01 | $15.01 |
Stock_Compensation_Plans_and_C7
Stock Compensation Plans and Capital Stock Transactions - Performance-based Stock Units (Narrative) (Details) (Performance-Based Stock Units [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Performance-Based Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares vested during the period | $4.20 | $4.50 | |
Weighted average grant date fair value for grants in period | $16.51 | $16.59 | $15.01 |
Unrecognized compensation expense | $0.10 | ||
Period for recognition | 1 month 6 days |
Stock_Compensation_Plans_and_C8
Stock Compensation Plans and Capital Stock Transactions - Stock Option Awards (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total intrinsic value of options exercised | $1.50 | $4.30 | $20.80 |
Cash received from option exercises and purchases under the Employee Stock Purchase Plan | 3.8 | ||
Tax benefit realized for the tax deduction from option exercises of stock option awards | $0.60 |
Stock_Compensation_Plans_and_C9
Stock Compensation Plans and Capital Stock Transactions - Stock Option Activity (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning of period, Number of Shares | 2,642,269 |
Granted, Number of Shares | 0 |
Exercised, Number of Shares | -322,695 |
Forfeited or expired, Number of Shares | -371,646 |
Outstanding, end of period, Number of Shares | 1,947,928 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning of period, Weighted Average Exercise Price | $15.63 |
Granted, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $11.77 |
Forfeited or expired, Weighted Average Exercise Price | $21.44 |
Outstanding, end of period, Weighted Average Exercise Price | $15.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Vested and expected to vest, Number of Shares | 1,947,928 |
Exercisable, Number of Shares | 1,947,928 |
Vested and expected to vest, Weighted Average Exercise Price | $15.16 |
Exercisable, Weighted Average Exercise Price | $15.16 |
Outstanding, end of period, Weighted Average Remaining Contractual Term, years | 4 years 6 months 11 days |
Vested and expected to vest, Weighted Average Remaining Contractual Term, years | 4 years 6 months 11 days |
Exercisable, Weighted Average Remaining Contractual Term, years | 4 years 6 months 11 days |
Outstanding, end of period, Aggregate Intrinsic Value | $7,633 |
Vested and expected to vest, Aggregate Intrinsic Value | 7,633 |
Exercisable, Aggregate Intrinsic Value | $7,633 |
Recovered_Sheet4
Stock Compensation Plans and Capital Stock Transactions - Employee Stock Purchase Plan (Narrative) (Details) (Employee Stock [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
offering_period | |||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of offering periods under the ESPP | 2 | ||
Percentage of the value of stock immediately prior to the beginning of each offering period | 85.00% | ||
Shares purchased under the ESPP | 180,000 | 187,000 | 132,000 |
Cash received from purchases under ESPP | $2.50 |
Recovered_Sheet5
Stock Compensation Plans and Capital Stock Transactions - Share Repurchase Program (Narrative) (Details) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of shares repurchased | 600,000 |
Total stock repurchased and held during period, value | $10,000,000 |
Share repurchase program, authorized amount | $300,000,000 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of hours required to qualify for 401(k) plan | 1000 hours | ||
Percentage of employee contributions | 100.00% | ||
Employer matching contribution, percent of employees' gross pay | 50.00% | ||
Maximum annual contribution percentage per employee | 6.00% | ||
Costs under the Plan | $3.70 | $3.50 | $3.20 |
Deferred Salary [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum annual contribution percentage per employee | 80.00% | ||
Deferred Bonus [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum annual contribution percentage per employee | 100.00% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
Foreign component of pre-tax income (loss) | ($2.80) | ($0.60) | $0 |
Unrecognized tax benefit | 1.6 | 2.6 | 3.1 |
Income tax penalties and interest expense | 0.3 | 0.4 | 0.4 |
Accrued interest and penalties | $0.50 | $2.30 | $2.40 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||
Federal | $53,985 | $58,000 | $95,410 |
Foreign | 124 | 12 | 0 |
State | 7,152 | 7,557 | 17,001 |
Deferred: | |||
Federal | -6,550 | 8,479 | -2,585 |
State | -2,911 | 1,752 | -1,626 |
Total income tax provision | $51,800 | $75,800 | $108,200 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax benefit | 1.90% | 3.00% | 3.50% |
Goodwill impairment | 8.40% | 18.00% | 0.00% |
Enhanced charitable contribution | -2.50% | -1.80% | -0.70% |
Other items, net | 1.70% | -0.70% | -0.30% |
Total | 44.50% | 53.50% | 37.50% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Accrued liabilities and allowances | $12,560 | $10,694 |
Accrued straight-line rent | 19,034 | 18,124 |
Stock-based compensation | 17,971 | 18,388 |
Property related | 4,390 | 0 |
Other | 6,915 | 4,324 |
Total deferred tax assets | 60,870 | 51,530 |
Valuation allowance | -913 | -127 |
Net deferred tax assets | 59,957 | 51,403 |
Other | -1,611 | -1,148 |
Prepaid expenses | -4,649 | -5,759 |
Property related | -48,802 | -45,452 |
Other intangible assets | -48,981 | -51,291 |
Total deferred tax liabilities | -104,043 | -103,650 |
Net deferred | ($44,086) | ($52,247) |
Income_Taxes_Schedule_Of_Uncer
Income Taxes (Schedule Of Uncertain Tax Positions Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $3,956 | $4,715 | $3,677 |
Additions for tax positions of prior years | 757 | 12 | 506 |
Reductions for tax positions of prior years | -736 | 0 | 0 |
Additions for tax positions for the current year | 390 | 461 | 694 |
Settlements with tax authorities | -1,501 | -1,114 | -63 |
Reductions due to lapse of applicable statutes of limitation | -334 | -118 | -99 |
Balance at end of year | $2,532 | $3,956 | $4,715 |
Net_Earnings_Per_Share_Schedul
Net Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | ($31,830) | $26,463 | $30,126 | $39,882 | ($348) | ($28,479) | $43,588 | $51,122 | $64,641 | $65,883 | $180,219 |
Net income and dividends declared allocated to participating securities | -1,697 | -1,746 | -3,309 | ||||||||
Net income available to common shareholders | $62,944 | $64,137 | $176,910 | ||||||||
Weighted average common shares outstanding – basic | 148,622 | 155,048 | 162,989 | ||||||||
Dilutive effect of non-participating securities (shares) | 504 | 947 | 1,130 | ||||||||
Weighted average common and common equivalent shares outstanding – diluted | 149,126 | 155,995 | 164,119 | ||||||||
Net income per common share: Basic (in usd per share) | $0.42 | $0.41 | $1.09 | ||||||||
Net income per common share: Diluted (in usd per share) | $0.42 | $0.41 | $1.08 |
Net_Earnings_Per_Share_Narrati
Net Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0.6 | 0.9 | 1.4 |
Quarterly_Results_Of_Operation2
Quarterly Results Of Operations (Unaudited) (Schedule Of Quarterly Results Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $656,907 | $665,569 | $671,130 | $681,605 | $610,233 | $655,579 | $649,503 | $670,722 | $2,675,211 | $2,586,037 | $2,581,057 |
Gross Margin | 328,166 | 363,793 | 351,472 | 382,891 | 309,635 | 364,010 | 356,142 | 386,844 | 1,426,322 | 1,416,631 | 1,451,800 |
Net Income (Loss) | ($31,830) | $26,463 | $30,126 | $39,882 | ($348) | ($28,479) | $43,588 | $51,122 | $64,641 | $65,883 | $180,219 |
Net Income (Loss) Per Common Share - Basic | ($0.21) | $0.17 | $0.20 | $0.26 | $0 | ($0.18) | $0.27 | $0.31 | |||
Net Income (Loss) Per Common and Common Equivalent Share - Diluted | ($0.21) | $0.17 | $0.20 | $0.26 | $0 | ($0.18) | $0.27 | $0.31 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Jul. 27, 2011 | Mar. 06, 2015 | Mar. 05, 2015 | Feb. 26, 2015 | Feb. 25, 2015 | Feb. 24, 2015 |
Share data in Millions, except Per Share data, unless otherwise specified | ||||||
Subsequent Event [Line Items] | ||||||
Credit facility maximum borrowing capacity | $125,000,000 | |||||
Maximum total debt leverage ratio | 3.25 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly dividend per share | $0.08 | |||||
Credit facility maximum borrowing capacity | 125,000,000 | 70,000,000 | ||||
Maximum total debt leverage ratio | 3.5 | |||||
Accelerated share repurchase agreement | $250,000,000 | |||||
Accelerated share repurchased agreement, number of shares | 10.7 | |||||
Accelerated share repurchase, percent of total shares | 75.00% |