Chico's Fas (CHS) 10-Q 28 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	2-May-15	21-May-15
Document And Entity Information [Abstract]
Entity Registrant Name	CHICOS FAS INC
Entity Central Index Key	897429
Current Fiscal Year End Date	-29
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	2-May-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		143,354,538

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	2-May-15	3-May-14
Income Statement [Abstract]
Net sales	$693,339	$681,605
Net sales, as a Percentage of Net Sales	100.00%	100.00%
Cost of goods sold	297,569	298,714
Cost of goods sold, as a Percentage of Net Sales	42.90%	43.80%
Gross margin	395,770	382,891
Gross margin, as a Percentage of Net Sales	57.10%	56.20%
Selling, general and administrative expenses	328,217	319,049
Selling, general and administrative expenses, as a Percentage of Net Sales	47.40%	46.80%
Restructuring and strategic charges	14,875	0
Restructuring and strategic charges, as a Percentage of Net Sales	2.10%	0.00%
Income from operations	52,678	63,842
Income from operations, as a Percentage of Net Sales	7.60%	9.40%
Interest (expense) income, net	-453	40
Interest (expense) income, net, as a Percentage of Net Sales	-0.10%	0.00%
Income before income taxes	52,225	63,882
Income before income taxes, as a Percentage of Net Sales	7.50%	9.40%
Income tax provision	19,700	24,000
Income tax provision, as a Percentage of Net Sales	2.80%	3.50%
Net income	$32,525	$39,882
Net income, as a Percentage of Net Sales	4.70%	5.90%
Per share data:
Net income per common share-basic	$0.22	$0.26
Net income per common and common equivalent share–diluted	$0.22	$0.26
Weighted average common shares outstanding–basic	143,378	148,475
Weighted average common and common equivalent shares outstanding–diluted	143,771	149,044
Dividends declared per share	$0.16	$0.15

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Statement of Comprehensive Income [Abstract]
Net income	$32,525	$39,882
Other comprehensive loss:
Unrealized losses on marketable securities, net of taxes	-12	-28
Foreign currency translation adjustment, net of taxes	-210	-9
Comprehensive income	$32,303	$39,845

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	2-May-15	Jan. 31, 2015	3-May-14
In Thousands, unless otherwise specified
Current Assets:
Cash and cash equivalents	$97,651	$133,351	$80,529
Marketable securities, at fair value	48,447	126,561	90,984
Inventories	270,313	235,159	268,917
Prepaid expenses and other current assets	53,484	51,088	51,801
Assets held for sale	24,042	16,800	0
Total Current Assets	493,937	562,959	492,231
Property and Equipment, net	584,616	606,147	636,614
Other Assets:
Goodwill	145,627	145,627	171,427
Other intangible assets, net	108,449	109,538	117,107
Other assets, net	13,728	14,310	10,210
Total Other Assets	267,804	269,475	298,744
Total Assets	1,346,357	1,438,581	1,427,589
Current Liabilities:
Accounts payable	147,323	144,534	148,858
Current debt	34,000	0	0
Other current and deferred liabilities	171,161	158,396	155,579
Total Current Liabilities	352,484	302,930	304,437
Noncurrent Liabilities:
Long-term debt	90,000	0	0
Deferred liabilities	142,185	142,371	143,789
Deferred taxes	49,273	49,659	49,694
Total Noncurrent Liabilities	281,458	192,030	193,483
Stockholders’ Equity:
Preferred stock	0	0	0
Common stock	1,434	1,529	1,532
Additional paid-in capital	353,523	407,275	385,730
Treasury stock	-187,393	0	0
Retained earnings	544,511	534,255	542,332
Accumulated other comprehensive income	340	562	75
Total Stockholders’ Equity	712,415	943,621	929,669
Total Liabilities and Stockholders' Equity	$1,346,357	$1,438,581	$1,427,589

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Cash Flows From Operating Activities:
Net income	$32,525	$39,882
Adjustments to reconcile net income to net cash provided by operating activities —
Depreciation and amortization	30,743	30,083
Loss on disposal and impairment of property and equipment	6,277	0
Deferred tax benefit	-425	-1,164
Stock-based compensation expense	7,631	6,474
Excess tax benefit from stock-based compensation	-2,012	-925
Deferred rent and lease credits	-4,283	-4,671
Changes in assets and liabilities:
Inventories	-35,154	-30,772
Prepaid expenses and other assets	-3,468	-2,084
Accounts payable	-8,979	6,111
Accrued and other liabilities	18,884	24,534
Net cash provided by operating activities	41,739	67,468
Cash Flows From Investing Activities:
Purchases of marketable securities	-18,252	-15,053
Proceeds from sale of marketable securities	96,351	40,063
Purchases of property and equipment, net	-19,839	-34,506
Net cash provided by (used in) investing activities	58,260	-9,496
Cash Flows From Financing Activities:
Proceeds from borrowings	124,000	0
Proceeds from issuance of common stock	8,025	2,945
Excess tax benefit from stock-based compensation	2,012	925
Dividends paid	-11,076	-11,439
Repurchase of common stock	-258,450	-6,309
Net cash used in financing activities	-135,489	-13,878
Effects of exchange rate changes on cash and cash equivalents	-210	-9
Net (decrease) increase in cash and cash equivalents	-35,700	44,085
Cash and Cash Equivalents, Beginning of period	133,351	36,444
Cash and Cash Equivalents, End of period	97,651	80,529
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	466	68
Cash paid for income taxes, net	$6,546	$272

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	2-May-15
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of Chico’s FAS, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. In the opinion of management, such interim financial statements reflect all normal, recurring adjustments considered necessary to present fairly the condensed consolidated financial position, the results of operations and cash flows for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the consolidated financial statements and notes thereto for the fiscal year ended January 31, 2015, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 9, 2015.
	As used in this report, all references to “we,” “us,” “our,” and “the Company,” refer to Chico’s FAS, Inc. and all of its wholly-owned subsidiaries.
	Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. Operating results for the thirteen weeks ended May 2, 2015 are not necessarily indicative of the results that may be expected for the entire year.

New_Accounting_Pronouncements

New Accounting Pronouncements	3 Months Ended
	2-May-15
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements
	In August 2014 the Financial Accounting Standards Board ("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.
	In May 2014, the 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.

Restructuring_and_Strategic_Ch

Restructuring and Strategic Charges	3 Months Ended
	2-May-15
Restructuring and Related Activities [Abstract]
Restructuring and Strategic Charges	Restructuring and Strategic 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, in the fourth quarter of fiscal 2014, we recorded pre-tax restructuring and other charges of approximately $16.7 million related to severance, store closures and other impairment charges. During the first quarter of fiscal 2015, we recorded additional pre-tax restructuring and strategic charges of approximately $14.9 million primarily related to property and equipment impairment charges, continuing employee-related costs, severance charges and other charges, which are included in restructuring and strategic charges in the accompanying condensed consolidated statements of income.
	A summary of the charges is presented in the table below:
		Thirteen Weeks Ended
		2-May-15			3-May-14
		(in thousands)
	Impairment charges	$	5,952		$	—
	Continuing employee-related costs	5,625			—
	Severance charges	1,634			—
	Other charges	1,664			—
	Total restructuring and strategic charges, pre-tax	$	14,875		$	—
	In connection with the restructuring program we determined to increase the rate of domestic store closures, with 135-140 under-performing stores to be closed starting in fiscal 2015 through 2017. As a result, we expect to incur lease termination expenses of approximately $2.5 million over the next 3 fiscal years. The following table summarizes the restructuring liability for each period indicated:
		Thirteen Weeks Ended
		2-May-15			3-May-14
		(in thousands)
	Beginning Balance	$	8,063		$	—
	Charges	3,298			—
	Payments	(5,366		)	—
	Ending Balance	$	5,995		$	—

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	2-May-15
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation
	For the thirteen weeks ended May 2, 2015 and May 3, 2014, stock-based compensation expense was $7.6 million and $6.5 million, respectively. As of May 2, 2015, approximately 6.6 million shares remain available for future grants of equity awards under our 2012 Omnibus Stock and Incentive Plan.
	Restricted Stock Awards
	Restricted stock award activity for the thirteen weeks ended May 2, 2015 was as follows:
		Number of		Weighted
		Shares		Average
				Grant Date
				Fair Value
	Unvested, beginning of period	3,918,189		$	15.7
	Granted	1,190,520		18.22
	Vested	(1,185,614	)	15.98
	Forfeited	(247,285	)	16.77
	Unvested, end of period	3,675,810		16.35
	Performance-based Restricted Stock Units
	For the thirteen weeks ended May 2, 2015, we granted performance-based restricted stock units (“PSUs”), contingent upon the achievement of a Company-specific performance goal during fiscal 2015. Any units earned as a result of the achievement of this goal will vest over 3 years from the date of grant and will be settled in shares of our common stock.
	Performance-based restricted stock unit activity for the thirteen weeks ended May 2, 2015 was as follows:
		Number of		Weighted
		Shares		Average
				Grant Date
				Fair Value
	Unvested, beginning of period	213,453		$	15.01
	Granted	526,810		18.23
	Vested	(213,443	)	15.01
	Forfeited	(1,130	)	18.23
	Unvested, end of period	525,690		18.23
	Stock Option Awards
	For the thirteen weeks ended May 2, 2015 and May 3, 2014, we did not grant any stock options. In the years that we granted options, we used the Black-Scholes option-pricing model to value our stock options.
	Stock option activity for the thirteen weeks ended May 2, 2015 was as follows:
		Number of		Weighted
		Shares		Average
				Exercise Price
	Outstanding, beginning of period	1,947,928		$	15.16
	Granted	—		—
	Exercised	(612,561	)	11.28
	Forfeited or expired	(20,000	)	28.47
	Outstanding, end of period	1,315,367		16.77
	Exercisable at May 2, 2015	1,315,367		$	16.77

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	2-May-15
Earnings Per Share [Abstract]
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 PSUs that have met their relevant performance criteria.
	Earnings per share (“EPS”) is determined using the two-class method, as it is more dilutive than the treasury stock method. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options and PSUs.
	The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying condensed consolidated statements of income (in thousands, except per share amounts):
		Thirteen Weeks Ended
		May 2, 2015			May 3, 2014
	Numerator
	Net income	$	32,525		$	39,882
	Net income and dividends declared allocated to participating securities	(786		)	(1,055		)
	Net income available to common shareholders	$	31,739		$	38,827
	Denominator
	Weighted average common shares outstanding – basic	143,378			148,475
	Dilutive effect of non-participating securities	393			569
	Weighted average common and common equivalent shares outstanding – diluted	143,771			149,044
	Net income per common share:
	Basic	$	0.22		$	0.26
	Diluted	$	0.22		$	0.26
	For the thirteen weeks ended May 2, 2015 and May 3, 2014, 0.7 million and 0.7 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.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	2-May-15
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements
	Our financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value due to the short-term nature of the instruments. Refer to Note 7 for the fair value of the Company's outstanding debt instruments.
	Marketable securities are classified as available-for-sale and as of May 2, 2015 generally consist of corporate bonds, U.S. government agencies, municipal securities and commercial paper with $27.5 million of securities with maturity dates within one year or less and $20.9 million with maturity dates over one year and less than two years.
	We consider all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the condensed consolidated balance sheets as they are available to support current operational liquidity needs. Marketable securities 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 is determined on a specific identification basis.
	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 condensed consolidated balance sheets.
	From time to time, we measure certain assets at fair value on a non-recurring basis, including 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.
	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 the quarter ended May 2, 2015, we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, as of May 2, 2015, January 31, 2015 and May 3, 2014, we did not have any Level 3 cash equivalents or marketable securities. 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 May 2, 2015			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
					(Level 1)		(Level 2)		(Level 3)
		(in thousands)
	Current Assets
	Cash equivalents:
	Money market accounts	$	1,840		$	1,840	$	—	$	—
	Marketable securities:
	Municipal securities	3,078			—		3,078		—
	U.S. government agencies	14,303			—		14,303		—
	Corporate bonds	29,068			—		29,068		—
	Commercial paper	1,998			—		1,998		—
	Non Current Assets
	Deferred compensation plan	9,125			9,125		—		—
	Total	$	59,412		$	10,965	$	48,447	$	—
		Balance as of January 31, 2015
	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	$	—
		Balance as of May 3, 2014
	Current Assets
	Cash equivalents:
	Money market accounts	$	5,661		$	5,661	$	—	$	—
	Marketable securities:
	Municipal securities	35,961			—		35,961		—
	U.S. government securities	2,260			2,260		—		—
	U.S. government agencies	6,009			—		6,009		—
	Corporate bonds	46,754			—		46,754		—
	Non Current Assets
	Deferred compensation plan	7,279			7,279		—		—
	Total	$	103,924		$	15,200	$	88,724	$	—

Debt

Debt	3 Months Ended
	2-May-15
Debt Disclosure [Abstract]
Debt	Debt
	In fiscal 2011, we entered into a $70.0 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. In February 2015, we entered into an amendment of the Credit Facility expanding the commitment from $70.0 million to $125.0 million.
	As of May 2, 2015, we had total borrowing capacity of $125.0 million under our Credit Facility. The Credit Facility was scheduled to mature on July 27, 2016 and contained customary financial covenants for unsecured credit facilities and customary events of default. The Company was in compliance with the applicable ratio requirements and other covenants at May 2, 2015.
	As of May 2, 2015, $124.0 million in borrowings were outstanding under the Credit Facility, used to partially fund the accelerated stock repurchase agreements ("ASR Agreements"), as further discussed in Note 8. The outstanding borrowings incurred interest based upon one-month LIBOR plus 1.75% and are reflected as $34.0 million in current debt and $90.0 million in long-term debt in the accompanying condensed consolidated balance sheets. The classification of debt outstanding under the Credit Facility is based upon the credit agreement entered into on May 4, 2015, as discussed below. As of May 2, 2015, an unamortized debt discount of $0.1 million was outstanding related to the Credit Facility and is included in other assets in the accompanying condensed consolidated balance sheet.
	On May 4, 2015, we entered into a credit agreement (the "Agreement") among the Company, JPMorgan Chase Bank, N.A. as Administrative Agent, Bank of America, N.A., as Syndication Agent and the Lenders party hereto. Our obligations under the Agreement are guaranteed by certain of our material U.S. subsidiaries. The Agreement provides for a term loan commitment in the amount of $100.0 million, of which $100.0 million was drawn at closing, and matures on May 4, 2020, payable in quarterly installments, as defined in the Agreement, with the remainder due at maturity. The Agreement also provides for a $100.0 million revolving credit facility, of which $24.0 million was drawn at closing and is expected to be repaid within one year. The revolving credit facility matures on May 4, 2020. The Agreement has borrowing options which accrue interest by reference, at our election, at either an adjusted eurodollar rate tied to LIBOR or an Alternate Base Rate plus an interest rate margin, as defined in the Agreement.
	On May 4, 2015, in connection with our entry into the Agreement, we repaid and terminated, with no prepayment penalties, the $124.0 million outstanding obligation under our Credit Facility. We used the proceeds from the initial draw of the term loan and revolving credit facility of the Agreement to repay such obligations.
	The following table provides details on our debt outstanding as of May 2, 2015, January 31, 2015 and May 3, 2014:
		2-May-15			31-Jan-15		3-May-14
		(in thousands)
	Credit Facility	$	124,000		$	—	$	—
	Less: current portion	(34,000		)	—		—
	Total long-term debt	$	90,000		$	—	$	—
	The following table provides scheduled principal payments due on long-term debt in the next five fiscal years and the remaining years thereafter:
	Fiscal Year	(in thousands)
	2015	$	5,000
	2016	10,000
	2017	16,250
	2018	15,000
	2019	15,000
	Thereafter	38,750
	Total long-term debt	100,000
	Less: current portion	(10,000		)
	Total long-term debt, due beyond one year	$	90,000

Share_Repurchases

Share Repurchases	3 Months Ended
	2-May-15
Equity [Abstract]
Share Repurchases	Share Repurchases
	In December 2013, we announced a $300.0 million share repurchase authorization, and immediately prior to the execution of the ASR Agreements described below, we had $290.0 million remaining under the existing authority.
	In March 2015, we entered into ASR Agreements with each of Merrill Lynch, Pierce, Fenner and Smith Incorporated ("Merill Lynch"), as agent for Merrill Lynch International, and J.P. Morgan Securities, LLC ("JP Morgan"), as agent for JPMorgan Chase Bank, N.A., to purchase $250.0 million in outstanding shares of our common stock. Under the ASR Agreements, we made a payment of approximately $125.0 million to each of Merrill Lynch and JP Morgan and received from each of them an initial delivery of approximately 5.35 million common shares, which represents approximately 75% of the number of shares expected to be repurchased based on the share price on the date of the agreement. The value of the initial shares received on the date of purchase was approximately $187.5 million, reflecting a $17.50 price per share.
	We accounted for the ASR Agreements as treasury stock repurchase transactions, reducing the shares outstanding by the 10.7 million common shares initially repurchased and resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. In accordance with authoritative guidance, we recorded the remaining $62.5 million as a forward contract indexed to our common stock within additional paid-in capital since it met the criteria for equity classification. The specific final number of shares to be repurchased will be based on the volume-weighted average share price of our common stock during the calculation period of the ASR Agreements. In the unlikely event we are required to deliver value to Merrill Lynch and/or JP Morgan at the end of the purchase period, we, at our option, may elect to settle in shares or cash. The ASR Agreements are scheduled to expire no later than October 2015.
	Following the consummation of the ASR Agreements, we had approximately $40.0 million remaining under our share repurchase program. The repurchase program has no specific termination date and will expire when we have repurchased all securities authorized for repurchase thereunder, unless terminated earlier by our Board of Directors.

Subsequent_Events

Subsequent Events	3 Months Ended
	2-May-15
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	The Company is not aware of any material subsequent events which would require recognition or disclosure in the financial statements other than the entry into a new credit agreement on May 4, 2015 as discussed in Note 7.

Restructuring_and_Strategic_Ch1

Restructuring and Strategic Charges (Tables)	3 Months Ended
	2-May-15
Restructuring and Related Activities [Abstract]
Summary of Restructuring and Strategic Charges	A summary of the charges is presented in the table below:
		Thirteen Weeks Ended
		2-May-15			3-May-14
		(in thousands)
	Impairment charges	$	5,952		$	—
	Continuing employee-related costs	5,625			—
	Severance charges	1,634			—
	Other charges	1,664			—
	Total restructuring and strategic charges, pre-tax	$	14,875		$	—
Summary of Restructuring Liabilities	The following table summarizes the restructuring liability for each period indicated:
		Thirteen Weeks Ended
		2-May-15			3-May-14
		(in thousands)
	Beginning Balance	$	8,063		$	—
	Charges	3,298			—
	Payments	(5,366		)	—
	Ending Balance	$	5,995		$	—

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	2-May-15
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Activity	Restricted stock award activity for the thirteen weeks ended May 2, 2015 was as follows:
		Number of		Weighted
		Shares		Average
				Grant Date
				Fair Value
	Unvested, beginning of period	3,918,189		$	15.7
	Granted	1,190,520		18.22
	Vested	(1,185,614	)	15.98
	Forfeited	(247,285	)	16.77
	Unvested, end of period	3,675,810		16.35
Schedule of Performance-Based Restricted Stock Unit Activity	Performance-based restricted stock unit activity for the thirteen weeks ended May 2, 2015 was as follows:
		Number of		Weighted
		Shares		Average
				Grant Date
				Fair Value
	Unvested, beginning of period	213,453		$	15.01
	Granted	526,810		18.23
	Vested	(213,443	)	15.01
	Forfeited	(1,130	)	18.23
	Unvested, end of period	525,690		18.23
Summary of Stock Option Activity	Stock option activity for the thirteen weeks ended May 2, 2015 was as follows:
		Number of		Weighted
		Shares		Average
				Exercise Price
	Outstanding, beginning of period	1,947,928		$	15.16
	Granted	—		—
	Exercised	(612,561	)	11.28
	Forfeited or expired	(20,000	)	28.47
	Outstanding, end of period	1,315,367		16.77
	Exercisable at May 2, 2015	1,315,367		$	16.77

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	2-May-15
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 condensed consolidated statements of income (in thousands, except per share amounts):
		Thirteen Weeks Ended
		May 2, 2015			May 3, 2014
	Numerator
	Net income	$	32,525		$	39,882
	Net income and dividends declared allocated to participating securities	(786		)	(1,055		)
	Net income available to common shareholders	$	31,739		$	38,827
	Denominator
	Weighted average common shares outstanding – basic	143,378			148,475
	Dilutive effect of non-participating securities	393			569
	Weighted average common and common equivalent shares outstanding – diluted	143,771			149,044
	Net income per common share:
	Basic	$	0.22		$	0.26
	Diluted	$	0.22		$	0.26

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	2-May-15
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 May 2, 2015		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
		(in thousands)
	Current Assets
	Cash equivalents:
	Money market accounts	$	1,840	$	1,840	$	—	$	—
	Marketable securities:
	Municipal securities	3,078		—		3,078		—
	U.S. government agencies	14,303		—		14,303		—
	Corporate bonds	29,068		—		29,068		—
	Commercial paper	1,998		—		1,998		—
	Non Current Assets
	Deferred compensation plan	9,125		9,125		—		—
	Total	$	59,412	$	10,965	$	48,447	$	—
		Balance as of January 31, 2015
	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	$	—
		Balance as of May 3, 2014
	Current Assets
	Cash equivalents:
	Money market accounts	$	5,661	$	5,661	$	—	$	—
	Marketable securities:
	Municipal securities	35,961		—		35,961		—
	U.S. government securities	2,260		2,260		—		—
	U.S. government agencies	6,009		—		6,009		—
	Corporate bonds	46,754		—		46,754		—
	Non Current Assets
	Deferred compensation plan	7,279		7,279		—		—
	Total	$	103,924	$	15,200	$	88,724	$	—

Debt_Tables

Debt (Tables)	3 Months Ended
	2-May-15
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides details on our debt outstanding as of May 2, 2015, January 31, 2015 and May 3, 2014:
		2-May-15			31-Jan-15		3-May-14
		(in thousands)
	Credit Facility	$	124,000		$	—	$	—
	Less: current portion	(34,000		)	—		—
	Total long-term debt	$	90,000		$	—	$	—
Schedule of Principal Payments Due on Long-term Debt	The following table provides scheduled principal payments due on long-term debt in the next five fiscal years and the remaining years thereafter:
	Fiscal Year	(in thousands)
	2015	$	5,000
	2016	10,000
	2017	16,250
	2018	15,000
	2019	15,000
	Thereafter	38,750
	Total long-term debt	100,000
	Less: current portion	(10,000		)
	Total long-term debt, due beyond one year	$	90,000

Restructuring_and_Strategic_Ch2

Restructuring and Strategic Charges (Narrative) (Details) (USD $)	3 Months Ended
	2-May-15	Jan. 31, 2015	3-May-14
Restructuring Cost and Reserve [Line Items]
Percent of headquarters and field management eliminated		12.00%
Restructuring and strategic charges	$14,875,000	$16,700,000	$0
Lease termination expenses expected over the next 3 fiscal years	$2,500,000
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Number of under-performing stores to close from 2015-2017	135
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Number of under-performing stores to close from 2015-2017	140

Restructuring_and_Strategic_Ch3

Restructuring and Strategic Charges (Summary of Charges) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	Jan. 31, 2015	3-May-14
Restructuring Cost and Reserve [Line Items]
Restructuring and strategic charges	$14,875	$16,700	$0
Impairment charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and strategic charges	5,952		0
Continuing employee-related costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and strategic charges	5,625		0
Severance charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and strategic charges	1,634		0
Other charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and strategic charges	$1,664		$0

Restructuring_and_Strategic_Ch4

Restructuring and Strategic Charges (Severance and Other Charges) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Restructuring Reserve [Roll Forward]
Beginning Balance	$8,063	$0
Charges	3,298	0
Payments	-5,366	0
Ending Balance	$5,995	$0

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, except Share data in Millions, unless otherwise specified	2-May-15	3-May-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock-based awards	$7,631	$6,474
Number of shares available for future grants	6.6
Performance-Based Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

StockBased_Compensation_Summar

Stock-Based Compensation (Summary of Restricted Stock And PSU Activity) (Details) (USD $)	3 Months Ended
	2-May-15
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested, beginning of period, Number of Shares	3,918,189
Granted, Number of Shares	1,190,520
Vested, Number of Shares	-1,185,614
Forfeited, Number of Shares	-247,285
Unvested, end of period, Number of Shares	3,675,810
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	$15.70
Granted, Weighted Average Grant Date Fair Value	$18.22
Vested, Weighted Average Grant Date Fair Value	$15.98
Forfeited, Weighted Average Grant Date Fair Value	$16.77
Unvested, end of period, Weighted Average Grant Date Fair Value	$16.35
Performance-Based Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested, beginning of period, Number of Shares	213,453
Granted, Number of Shares	526,810
Vested, Number of Shares	-213,443
Forfeited, Number of Shares	-1,130
Unvested, end of period, Number of Shares	525,690
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	$18.23
Vested, Weighted Average Grant Date Fair Value	$15.01
Forfeited, Weighted Average Grant Date Fair Value	$18.23
Unvested, end of period, Weighted Average Grant Date Fair Value	$18.23

StockBased_Compensation_Summar1

Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $)	3 Months Ended
	2-May-15
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of period, Number of Shares	1,947,928
Granted, Number of Shares	0
Exercised, Number of Shares	-612,561
Forfeited or expired, Number of Shares	-20,000
Outstanding, end of period, Number of Shares	1,315,367
Exercisable at May 2, 2015, Number of Shares	1,315,367
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning of period, Weighted Average Exercise Price	$15.16
Granted, Weighted Average Exercise Price	$0
Exercised, Weighted Average Exercise Price	$11.28
Forfeited or expired, Weighted Average Exercise Price	$28.47
Outstanding, end of period, Weighted Average Exercise Price	$16.77
Exercisable at May 2, 2015, Weighted Average Exercise Price	$16.77

Earnings_Per_Share_Narrative_D

Earnings Per Share (Narrative) (Details)	3 Months Ended
In Millions, unless otherwise specified	2-May-15	3-May-14
Earnings Per Share [Abstract]
Number of antidilutive securities	0.7	0.7

Earnings_Per_Share_Schedule_Of

Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	2-May-15	3-May-14
Earnings Per Share [Abstract]
Net income	$32,525	$39,882
Net income and dividends declared allocated to participating securities	-786	-1,055
Net income available to common shareholders	$31,739	$38,827
Weighted average common shares outstanding–basic	143,378	148,475
Dilutive effect of non-participating securities	393	569
Weighted average common and common equivalent shares outstanding – diluted	143,771	149,044
Net income per common share: Basic (in dollars per share)	$0.22	$0.26
Net income per common share: Diluted (in dollars per share)	$0.22	$0.26

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narrative) (Details) (USD $)	2-May-15
In Millions, unless otherwise specified
Fair Value Disclosures [Abstract]
Securities with maturity dates less than one year	$27.50
Securities with maturity dates over one year and less than two years	$20.90

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 $)	2-May-15	Jan. 31, 2015	3-May-14
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan	$9,125	$8,461	$7,279
Total	59,412	135,360	103,924
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	9,125	8,461	7,279
Total	10,965	10,201	15,200
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	0
Total	48,447	125,159	88,724
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan	0	0	0
Total	0	0	0
Municipal Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,078	16,663	35,961
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	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	3,078	16,663	35,961
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	0
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		1,402	2,260
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	2,260
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	14,303	26,299	6,009
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	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	14,303	26,299	6,009
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	0
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	29,068	79,202	46,754
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	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	29,068	79,202	46,754
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	0
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,998	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	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	1,998	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	0
Money Market Accounts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,840	338	5,661
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	1,840	338	5,661
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	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	$0

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	12 Months Ended	0 Months Ended	3 Months Ended
	Jan. 28, 2012	4-May-15	2-May-15	Jan. 31, 2015	3-May-14	Feb. 28, 2015
Debt Instrument [Line Items]
Borrowings outstanding			124,000,000	$0	$0
Current debt			34,000,000	0	0
Long-term debt			90,000,000	0	0
Amount drawn at closing			100,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity	70,000,000		125,000,000			125,000,000
Term of senior unsecured revolving credit facility	5 years
Borrowings outstanding			124,000,000
Current debt			34,000,000
Long-term debt			90,000,000
Unamortized debt discount			100,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowing capacity		100,000,000
Current debt		24,000,000
Outstanding obligation repaid with no prepayment penalties		124,000,000
Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable interest rate			1.75%
Term Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Face amount		100,000,000
Amount drawn at closing		$100,000,000

Debt_Schedule_of_Debt_Details

Debt (Schedule of Debt) (Details) (USD $)	2-May-15	Jan. 31, 2015	3-May-14
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
Credit Facility	$124,000	$0	$0
Less: current portion	-34,000	0	0
Total long-term debt	$90,000	$0	$0

Debt_Scheduled_Principal_Payme

Debt (Scheduled Principal Payments) (Details) (USD $)	2-May-15
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
2015	$5,000
2016	10,000
2017	16,250
2018	15,000
2019	15,000
Thereafter	38,750
Total long-term debt	100,000
Less: current portion	-10,000
Total long-term debt, due beyond one year	$90,000

Share_Repurchases_Details

Share Repurchases (Details) (USD $)	1 Months Ended
Share data in Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	2-May-15	Jan. 31, 2015	Dec. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorization				$300,000,000
Amount remaining under stock repurchase program		40,000,000	290,000,000
Initial delivery, percentage of total shares	75.00%
Value of initial shares	187,500,000
Price per share (in dollars per share)	$17.50
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value	62,500,000
Accelerated Stock Repurchase Agreement [Member]
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorization	250,000,000
Number of shares of treasury stock	10.7
Merrill Lynch [Member]
Equity, Class of Treasury Stock [Line Items]
Payment for accelerated stock repurchase agreements	125,000,000
Merrill Lynch [Member] | Accelerated Stock Repurchase Agreement [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares of treasury stock	5.35
JP Morgan [Member]
Equity, Class of Treasury Stock [Line Items]
Payment for accelerated stock repurchase agreements	$125,000,000
JP Morgan [Member] | Accelerated Stock Repurchase Agreement [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares of treasury stock	5.35