Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Feb. 29, 2016 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CHICOS FAS INC | ||
Entity Central Index Key | 897,429 | ||
Current Fiscal Year End Date | --01-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 133,693,448 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,063 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Revenue, Net [Abstract] | |||
Net sales | $ 2,642,309 | $ 2,675,211 | $ 2,586,037 |
Net sales, as a Percentage of Net Sales | 100.00% | 100.00% | 100.00% |
Cost of goods sold | $ 1,211,552 | $ 1,248,889 | $ 1,169,406 |
Cost of goods sold, as a Percentage of Net Sales | 45.90% | 46.70% | 45.20% |
Gross margin | $ 1,430,757 | $ 1,426,322 | $ 1,416,631 |
Gross margin, as a Percentage of Net Sales | 54.10% | 53.30% | 54.80% |
Selling, general and administrative expenses | $ 1,282,585 | $ 1,263,134 | $ 1,202,068 |
Selling, general and administrative expense, as a Percentage of Net Sales | 48.50% | 47.20% | 46.50% |
Goodwill and intangible impairment charges | $ 112,455 | $ 30,100 | $ 72,466 |
Goodwill and trade name impairment, as a Percentage of Net Sales | 4.30% | 1.20% | 2.80% |
Restructuring and strategic charges | $ 48,801 | $ 16,745 | $ 0 |
Restructuring and other charges, as a Percentage of Net Sales | 1.80% | 0.60% | 0.00% |
Acquisition and integration costs | $ 0 | $ 0 | $ 914 |
Acquisition and integration costs, as a Percentage of Net Sales | 0.00% | 0.00% | 0.00% |
Income from operations | $ (13,084) | $ 116,343 | $ 141,183 |
Income from operations, as a Percentage of Net Sales | (0.50%) | 4.30% | 5.50% |
Interest (expense) income, net | $ (1,870) | $ 98 | $ 500 |
Interest income, net, as a Percentage of Net Sales | 0.00% | 0.00% | 0.00% |
Income before income taxes | $ (14,954) | $ 116,441 | $ 141,683 |
Income before income taxes, as a Percentage of Net Sales | (0.50%) | 4.30% | 5.50% |
Income tax (benefit) provision | $ (16,900) | $ 51,800 | $ 75,800 |
Income tax provision, as a Percentage of Net Sales | (0.60%) | 1.90% | 3.00% |
Net income | $ 1,946 | $ 64,641 | $ 65,883 |
Net income, as a Percentage of Net Sales | 0.10% | 2.40% | 2.50% |
Per share data: | |||
Net income per common share-basic (in usd per share) | $ 0.01 | $ 0.42 | $ 0.41 |
Net income per common and common equivalent share–diluted (in usd per share) | $ 0.01 | $ 0.42 | $ 0.41 |
Weighted average common shares outstanding–basic (in shares) | 138,366 | 148,622 | 155,048 |
Weighted average common and common equivalent shares outstanding–diluted (in shares) | 138,741 | 149,126 | 155,995 |
Dividends declared per share (in usd per share) | $ 0.31 | $ 0.30 | $ 0.24 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,946 | $ 64,641 | $ 65,883 |
Other comprehensive income (loss): | |||
Unrealized losses on marketable securities, net of taxes | (21) | (73) | (146) |
Foreign currency translation adjustment, net of taxes | (501) | 523 | 42 |
Comprehensive income | $ 1,424 | $ 65,091 | $ 65,779 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 89,951 | $ 133,351 |
Marketable securities, at fair value | 50,194 | 126,561 |
Inventories | 233,834 | 235,159 |
Prepaid expenses and accounts receivable | 45,660 | 45,870 |
Income tax receivable | 29,157 | 596 |
Assets held for sale | 16,525 | 16,800 |
Total Current Assets | 465,321 | 558,337 |
Property and Equipment, net | 550,953 | 606,147 |
Other Assets: | ||
Goodwill | 96,774 | 145,627 |
Other intangible assets, net | 38,930 | 109,538 |
Other assets, net | 14,074 | 18,932 |
Total Other Assets | 149,778 | 274,097 |
Total Assets | 1,166,052 | 1,438,581 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 129,343 | 144,534 |
Current debt | 10,000 | 0 |
Other current and deferred liabilities | 158,788 | 158,396 |
Total Current Liabilities | 298,131 | 302,930 |
Total long-term debt | 82,219 | 0 |
Noncurrent Liabilities: | ||
Deferred liabilities | 130,743 | 142,371 |
Deferred taxes | 15,171 | 49,659 |
Total Noncurrent Liabilities | 228,133 | 192,030 |
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; 153,838 and 152,916 shares issued; and 135,531 and 152,916 shares outstanding | 1,355 | 1,529 |
Additional paid-in capital | 435,881 | 407,275 |
Treasury stock, 18,307 shares at January 30, 2016 | (289,813) | 0 |
Retained earnings | 492,325 | 534,255 |
Accumulated other comprehensive income | 40 | 562 |
Total Stockholders’ Equity | 639,788 | 943,621 |
Total Liabilities and Stockholders' Equity | $ 1,166,052 | $ 1,438,581 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2016 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 153,838,000 | 152,916,000 |
Common stock, shares outstanding (in shares) | 135,531,000 | 152,916,000 |
Treasury stock (in shares) | 18,307,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning Balance (in shares) at Feb. 02, 2013 | 162,774 | |||||
Beginning Balance at Feb. 02, 2013 | $ 1,093,199 | $ 1,628 | $ 348,775 | $ 742,580 | $ 216 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 65,883 | 65,883 | ||||
Unrealized losses on marketable securities, net of taxes | (146) | (146) | ||||
Foreign currency translation adjustment | 42 | 42 | ||||
Issuance of common stock (in shares) | 3,579 | |||||
Issuance of common stock | 12,395 | $ 36 | 12,359 | |||
Dividends paid on common stock | (38,255) | (38,255) | ||||
Repurchase of common stock (in 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 | ||||
Ending Balance (in shares) at Feb. 01, 2014 | 152,195 | |||||
Ending Balance at Feb. 01, 2014 | 909,103 | $ 1,522 | 382,088 | 525,381 | 112 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 64,641 | 64,641 | ||||
Unrealized losses on marketable securities, net of taxes | (73) | (73) | ||||
Foreign currency translation adjustment | 523 | 523 | ||||
Issuance of common stock (in shares) | 1,805 | |||||
Issuance of common stock | 6,268 | $ 18 | 6,250 | |||
Dividends paid on common stock | (45,773) | (45,773) | ||||
Repurchase of common stock (in 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 | ||||
Ending Balance (in shares) at Jan. 31, 2015 | 152,916 | |||||
Ending Balance at Jan. 31, 2015 | 943,621 | $ 1,529 | 407,275 | 534,255 | 562 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,946 | 1,946 | ||||
Unrealized losses on marketable securities, net of taxes | (21) | (21) | ||||
Foreign currency translation adjustment | (501) | (501) | ||||
Issuance of common stock (in shares) | 1,716 | |||||
Issuance of common stock | 10,613 | $ 17 | 10,596 | |||
Dividends paid on common stock | (43,876) | (43,876) | ||||
Stock repurchased during period (in shares) | 19,101 | 18,307 | ||||
Stock repurchased during period, value | 302,849 | $ 191 | 12,845 | $ 289,813 | ||
Stock-based compensation | 30,062 | 30,062 | ||||
Excess tax benefit from stock-based compensation | 793 | 793 | ||||
Ending Balance (in shares) at Jan. 30, 2016 | 135,531 | 18,307 | ||||
Ending Balance at Jan. 30, 2016 | $ 639,788 | $ 1,355 | $ 435,881 | $ 289,813 | $ 492,325 | $ 40 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid on common stock per share | $ 0.31 | $ 0.30 | $ 0.24 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash Flows From Operating Activities | |||
Net income | $ 1,946 | $ 64,641 | $ 65,883 |
Adjustments to reconcile net income to net cash provided by operating activities — | |||
Goodwill and intangible impairment charges, pre-tax | 112,455 | 30,100 | 72,466 |
Depreciation and amortization | 118,800 | 122,269 | 118,303 |
Loss on disposal and impairment of property and equipment | 23,744 | 10,085 | 1,736 |
Deferred tax (benefit) expense | (34,415) | (9,598) | 10,231 |
Stock-based compensation expense | 30,062 | 26,487 | 27,145 |
Excess tax benefit from stock-based compensation | (3,084) | (1,981) | (2,483) |
Deferred rent and lease credits | (21,741) | (20,017) | (18,863) |
Changes in assets and liabilities: | |||
Inventories | (6,719) | 2,986 | (31,296) |
Prepaid expenses and other assets | 358 | (3,341) | (496) |
Income tax receivable | (28,562) | 3,394 | (2,271) |
Accounts payable | (12,101) | 13,280 | 1,867 |
Accrued and other liabilities | 16,248 | 44,178 | (5,540) |
Net cash provided by operating activities | 196,991 | 282,483 | 236,682 |
Cash Flows From Investing Activities: | |||
Purchases of marketable securities | (52,668) | (128,696) | (96,374) |
Proceeds from sale of marketable securities | 129,000 | 118,062 | 252,768 |
Proceeds from sale of Boston Proper net assets | 9,000 | 0 | 0 |
Purchases of property and equipment, net | (84,841) | (119,817) | (138,510) |
Net cash provided by (used in) investing activities | 491 | (130,451) | 17,884 |
Cash Flows From Financing Activities: | |||
Proceeds from borrowings | 124,000 | 0 | 0 |
Payments on borrowings | (31,500) | 0 | 0 |
Proceeds from issuance of common stock | 10,613 | 6,268 | 12,395 |
Excess tax benefit from stock-based compensation | 3,084 | 1,981 | 2,483 |
Dividends paid | (43,729) | (45,773) | (38,255) |
Repurchase of common stock | (302,849) | (18,124) | (251,646) |
Net cash used in financing activities | (240,381) | (55,648) | (275,023) |
Effects of exchange rate changes on cash and cash equivalents | (501) | 523 | 42 |
Net (decrease) increase in cash and cash equivalents | (43,400) | 96,907 | (20,415) |
Cash and Cash Equivalents, Beginning of period | 133,351 | 36,444 | 56,859 |
Cash and Cash Equivalents, End of period | 89,951 | 133,351 | 36,444 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 2,375 | 321 | 346 |
Cash paid for income taxes, net | $ 47,342 | $ 55,093 | $ 66,459 |
Business Organization and Summa
Business Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
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 our websites at www.chicos.com , www.whbm.com , and www.soma.com . As of January 30, 2016 , we had 1,518 stores located throughout the United States, the U.S. Virgin Islands, Puerto Rico and Canada, and sold merchandise through 37 franchise locations in and around Mexico. 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 30, 2016 (“fiscal 2015 ” or “current period”), January 31, 2015 (“fiscal 2014 ” or “prior period”) and February 1, 2014 (“fiscal 2013 ”). Fiscal 2015 , 2014 and 2013 all 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, and White House Black Market ("WHBM") 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. Reclassifications Reclassifications of certain prior year balances were made in order to conform to the current year presentation. 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, 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. 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 record excess and slow-moving inventories at net realizable value. 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 23% of total purchases in fiscal 2015 and 24% of total purchases in 2014 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 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 and the goodwill associated with the WHBM acquisition should be assigned to the WHBM 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 or other available indications of value. For 2015 , we performed a qualitative assessment of the goodwill associated with the Chico's and WHBM reporting units and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment date. In fiscal 2015 , 2014 and 2013 , we performed a goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $48.9 million , $25.8 million and $67.3 million , respectively, 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, and compare the fair value to the carrying value to determine if the asset is impaired. We may elect to skip the qualitative assessment when appropriate based on current circumstances. For 2015 , we performed a qualitative assessment of the WHBM trade name and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment date. In fiscal 2015 , 2014 and 2013 we performed an impairment assessment of Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $39.4 million , $4.3 million and $5.2 million on the Boston Proper trade name as further discussed in Note 8. Intangible assets subject to amortization consisted of the value of Boston Proper customer relationships. In fiscal 2015, we performed an impairment assessment of the Boston Proper customer relationships and recorded pre-tax, non-cash impairment charges of $24.2 million as further discussed in Note 8. All remaining Boston Proper intangible assets, including the Boston Proper trade name and customer relationships were included in the sale of the Boston Proper direct-to-consumer business in fiscal 2015. 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 2015 , 2014 and 2013 , 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 $1.4 million , $1.3 million and $1.3 million , which are included in selling, general and administrative expense ("SG&A") in the accompanying consolidated statements of income, respectively. Additionally, in connection with the restructuring program initiated in fiscal 2014 further discussed in Note 2, we have identified approximately 175 stores, including the Boston Proper stores, to be closed from fiscal 2015 through 2017. As a result, in fiscal 2015 and 2014 , we recorded additional impairment charges of approximately $12.5 million and $5.4 million , respectively, which are included in restructuring and strategic 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. 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. Soma offers a 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 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 non-catalog 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 2015 , 2014 and 2013 , advertising expense was approximately $159.9 million , $153.1 million , and $151.9 million , respectively, and is included within 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 $19.0 million , $19.1 million , and $18.4 million in fiscal 2015 , 2014 and 2013 , 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, which is included in cost of goods sold, 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 February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases, which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases the lessee would recognize straight-line total lease expense. We are currently assessing the new standard and its impact to our consolidated results of operations, financial positions and cash flows. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, under which entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify as available for sale in other comprehensive income but instead recognize the change in fair value in net income. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. We are currently assessing the new standard, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial positions and cash flows. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which modifies the presentation of noncurrent and current deferred taxes. ASU 2015-17 requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We early adopted this standard in the fourth quarter of 2015, with retrospective presentation, as shown in our consolidated balance sheets. Our retrospective presentation resulted in a $4.6 million reclassification from current assets to other assets, net for the period ending January 31, 2015 . In July 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which modifies the presentation of debt issuance costs in financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as an asset. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We elected to early adopt this guidance in the second quarter ended August 1, 2015, and have presented the debt issuance costs related to our term loan as a direct deduction of the term loan and have presented the debt issuance costs related to our revolving credit facility as a deferred asset within Other Assets, as is permitted by ASU No. 2015-15, Imputation of Interest, which was issued in August 2015. Such adoption did not have a material impact to our consolidated financial position. The adoption of the guidance is made on a retrospective basis, however there was no material impact to prior periods that required reclassification. 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. In August 2015, the FASB approved a one year deferral of the effective date, to make it effective for annual and interim reporting periods beginning after December 15, 2017. The standard allows for either a full retrospective or a modified retrospective transition method. We are currently assessing the new standard and its potential impact to our consolidated results of operations, financial position and cash flows. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's operations and financial results would qualify as discontinued operations. The update also requires expanded disclosures for discontinued operations and requires entities to disclose information about disposals of individually significant components that don't qualify for discontinued operations reporting. ASU 2014-08 was effective prospectively for interim and annual reporting periods beginning after December 15, 2014. We adopted this standard beginning with the first quarter ended May 2, 2015 and have applied this standard to the Boston Proper disposal, as further discussed in Note 2. |
Restructuring and Strategic Cha
Restructuring and Strategic Charges | 12 Months Ended |
Jan. 30, 2016 | |
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 align with long-term growth initiatives, including omni-channel. In connection with this effort, in the fourth quarter of fiscal 2014, we recorded pre-tax restructuring and strategic charges of approximately $16.7 million primarily related to severance and termination benefits, store closures and other impairment charges. In connection with the program, in fiscal 2015 we continued our evaluation of our domestic store portfolio and increased the number of under-performing stores identified for closure to approximately 175 , including the Boston Proper stores, with 69 stores across our brands closed in fiscal 2015 . We expect to incur additional cash charges related to lease termination expenses of approximately $1.7 million over the next two fiscal years related to these future closures. During the second quarter of fiscal 2015, in connection with the restructuring program, we completed an evaluation of the Boston Proper brand and initiated a plan (the "Plan") to sell the direct-to-consumer ("DTC") business and close its stores, allowing us to focus our efforts on our core brands. In fiscal 2015, we completed the sale of the Boston Proper DTC business and closed its stores. We assessed the disposal group and determined that the sale of the Boston Proper DTC business will not have a major effect on our consolidated results of operations, financial position or cash flows. Accordingly, the disposal group is not presented in the consolidated financial statements as a discontinued operation. Pretax losses for the Boston Proper DTC business for fiscal 2015, 2014, and 2013 were $11.8 million , $7.9 million , and $4.9 million , respectively. The loss recorded in the fourth quarter of fiscal 2015 upon disposition of the Boston Proper assets held for sale was not material. A summary of the restructuring and strategic charges is presented in the table below: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Impairment charges $ 22,001 $ 8,554 $ — Continuing employee-related costs 8,330 — — Severance charges and termination benefits 6,863 7,577 — Lease Terminations 9,578 — — Other charges 2,029 614 — Total restructuring and strategic charges, pre-tax $ 48,801 $ 16,745 $ — As of January 30, 2016 , a reserve of $5.3 million related to restructuring and strategic activities was included in other current and deferred liabilities in the accompanying consolidated balance sheets. A roll-forward of the reserve is presented as follows: Continuing employee-related costs Severance Charges and Termination Benefits Lease Termination Charges Other Total (in thousands) Beginning Balance, January 31, 2015 $ — $ 7,577 $ — $ 486 $ 8,063 Charges 8,330 6,863 9,578 2,029 26,800 Payments (5,781 ) (12,762 ) (8,477 ) (2,506 ) (29,526 ) Ending Balance, January 30, 2016 $ 2,549 $ 1,678 $ 1,101 $ 9 $ 5,337 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 30, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES: Marketable securities are classified as available-for-sale and as of January 30, 2016 generally consist of corporate bonds, and U.S. government agencies with $24.9 million of securities with maturity dates within one year or less and $25.3 million with maturity dates over one year and less than two years. As of January 31, 2015 , marketable securities generally consisted of corporate bonds, municipal securities, and U.S. government and agency securities. The following tables summarize our investments in marketable securities at January 30, 2016 and January 31, 2015 : January 30, 2016 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 50,232 $ 10 $ (48 ) $ 50,194 January 31, 2015 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 126,566 $ 38 $ (43 ) $ 126,561 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 30, 2016 | |
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. To assess the fair value of long-term debt, we utilize a discounted future cash flow model using current borrowing rates for similar types of debt of comparable maturities. During fiscal 2015 , we recorded a $112.5 million pre-tax impairment charge related to assets measured at fair value on a non-recurring basis, comprised of $48.9 million in Boston Proper goodwill impairment, $39.4 million pre-tax related to the Boston Proper trade name, and $24.2 million pre-tax related to the Boston Proper intangible customer list. 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. 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 2015 , we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore during fiscal 2015 and 2014 , 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 and liabilities 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 30, 2016 Quoted Prices Significant Other Significant (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 275 $ 275 $ — $ — Marketable securities: Municipal securities — — — — U.S. government securities — — — — U.S. government agencies 21,800 — 21,800 — Corporate bonds 26,149 — 26,149 — Commercial paper 2,245 — 2,245 — Non Current Assets Deferred compensation plan 7,023 7,023 — — Total $ 57,492 $ 7,298 $ 50,194 $ — Financial Liabilities: Long-term debt 1 $ 92,219 $ — $ 92,647 $ — Fair Value Measurements at Reporting Date Using Balance as of January 31, 2015 Quoted Prices Significant Other Significant (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 $ — 1 The carrying value of long-term debt includes the remaining unamortized discount of $0.3 million on the issuance of debt. |
Prepaid Expenses and Accounts R
Prepaid Expenses and Accounts Receivable | 12 Months Ended |
Jan. 30, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Accounts Receivable | PREPAID EXPENSES AND ACCOUNTS RECEIVABLE: Prepaid expenses and accounts receivable consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Prepaid expenses $ 38,179 $ 39,038 Accounts receivable 7,481 6,832 Total prepaid expenses and accounts receivable $ 45,660 $ 45,870 |
Assets Held For Sale
Assets Held For Sale | 12 Months Ended |
Jan. 30, 2016 | |
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, we determined that certain vacant land met the criteria to be classified as held for sale as of January 31, 2015 . In fiscal 2015, we reevaluated the fair value of the land held for sale and recorded approximately $0.3 million in impairment charges which is included in restructuring and strategic charges in the accompanying consolidated statements of income. This vacant land was the sole item in the $16.5 million balance of assets held for sale as of January 30, 2016 and is currently under contract. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET: Property and equipment, net, consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Land and land improvements $ 30,157 $ 30,147 Building and building improvements 128,093 128,003 Equipment, furniture and fixtures 626,952 634,145 Leasehold improvements 553,125 573,877 Total property and equipment 1,338,327 1,366,172 Less accumulated depreciation and amortization (787,374 ) (760,025 ) Property and equipment, net $ 550,953 $ 606,147 Total depreciation expense for fiscal 2015 , 2014 and 2013 was $116.6 million , $117.8 million and $113.8 million , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill and other intangible assets consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Goodwill: Total Goodwill $ 96,774 $ 145,627 Indefinite-Lived Intangibles: WHBM trade name $ 34,000 $ 34,000 Minnesota territorial franchise rights 4,930 4,930 Boston Proper trade name — 41,700 Total indefinite-lived intangibles $ 38,930 $ 80,630 Definite-Lived Intangibles: Boston Proper customer relationships $ 43,580 $ 43,580 Accumulated amortization expense recorded (16,851 ) (14,672 ) Impairment expense recorded (24,166 ) — Sale of Boston Proper customer relationships (2,563 ) — Total definite-lived intangibles — 28,908 Total other intangible assets, net $ 38,930 $ 109,538 In fiscal 2015 , based on market indications of value and a decline in sales, we recorded a pre-tax goodwill impairment charge of $48.9 million related to Boston Proper goodwill, reducing the carrying value of goodwill to zero , pre-tax impairment charges related to the Boston Proper trade name of $39.4 million , reducing the carrying value of the trade name to $2.3 million , and a pre-tax impairment charge related to Boston Proper customer relationships of $24.2 million , reducing the carrying value of the customer relationships to $2.6 million . All impairment charges were recorded within Goodwill and intangible impairment charges in the accompanying consolidated statements of income. There were no changes or cumulative impairment charges for other outstanding goodwill and intangible balances during fiscal 2015. On January 15, 2016, in connection with the Plan, the Company completed the sale the Boston Proper DTC business, which included the carrying values of the Boston Proper trade name of $2.3 million and Boston Proper customer relationships of $2.6 million . The net proceeds on the sale of the Boston Proper DTC business are included in restructuring and strategic charges in the accompanying consolidated statements of income. Amortization expense for fiscal 2015 was approximately $2.2 million related to Boston Proper customer relationships. 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 $48.9 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 . All impairment charges were recorded within 'Goodwill and intangible impairment charges' in the accompanying consolidated statements of income. The following table provides the carrying amounts of Boston Proper goodwill and pre-tax cumulative goodwill impairment charges: January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Gross carrying amount $ 141,919 $ 141,919 $ 141,919 Cumulative impairment, beginning of year (93,066 ) (67,266 ) — Impairment charges (48,853 ) (25,800 ) (67,266 ) Cumulative impairment, end of year (141,919 ) (93,066 ) (67,266 ) Net carrying amount $ — $ 48,853 $ 74,653 Other than the impairment of the Boston Proper goodwill as discussed above, there were no changes in goodwill during fiscal 2015 and there are no cumulative impairment charges as of January 30, 2016 . |
Other Current and Deferred Liab
Other Current and Deferred Liabilities | 12 Months Ended |
Jan. 30, 2016 | |
Other Liabilities, Current [Abstract] | |
Other Current and Deferred Liabilities | OTHER CURRENT AND DEFERRED LIABILITIES: Other current and deferred liabilities consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Allowance for estimated customer returns, gift cards and store credits outstanding $ 58,060 $ 58,123 Accrued payroll, benefits, bonuses and severance costs and termination benefits 40,993 40,765 Current portion of deferred rent and lease credits 26,596 29,289 Other 33,139 30,219 Total other current and deferred liabilities $ 158,788 $ 158,396 |
Debt
Debt | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT: In fiscal 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 other lenders. 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 was repaid in the second quarter of fiscal 2015. There were no amounts outstanding on the revolving credit facility as of January 30, 2016 . The revolving credit facility matures on May 4, 2020. The Agreement contains various covenants and restrictions, including maximum leverage ratio, as defined, of no more than 3.50 to 1.00 until July 31, 2018, and 3.25 to 1.00 after July 31, 2018, and minimum fixed charge coverage ratio, as defined, of not less than 1.20 to 1.00 . If the Company failed to comply with these financial covenants, a default would trigger and all principal and outstanding interest would be due and payable. At January 30, 2016 , the Company was in compliance with all financial covenant requirements of the Agreement. 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 ("ABR") plus an interest rate margin, as defined in the Agreement. The interest rate on borrowings and our commitment fee rate vary based on the maximum leverage ratio as follows: Maximum Leverage Ratio: Eurodollar Spread ABR Spread Commitment Fee Rate Category 1: < 2.25 to 1.00 1.25% 0.25% 0.20% Category 2: ≥ 2.25 to 1.00 but 1.50% 0.50% 0.25% Category 3: ≥ 3.00 to 1.00 1.75% 0.75% 0.30% 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 2011 revolving 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. As of January 30, 2016 , $92.2 million in borrowings were outstanding under the Agreement, and are reflected as $10.0 million in current debt and $82.2 million in long-term debt in the accompanying consolidated balance sheets. The following table provides details on our debt outstanding as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Credit Agreement, net $ 92,219 $ — Less: current portion (10,000 ) — Total long-term debt $ 82,219 $ — Aggregate future maturities of long-term debt are as follows: FISCAL YEAR ENDING: (in thousands) January 28, 2017 $ 7,500 February 3, 2018 16,250 February 2, 2019 15,000 February 1, 2020 15,000 January 30, 2021 38,750 |
Non-Current Deferred Liabilitie
Non-Current Deferred Liabilities | 12 Months Ended |
Jan. 30, 2016 | |
Deferred Credits and Other Liabilities [Abstract] | |
Non-Current Deferred Liabilities | NON-CURRENT DEFERRED LIABILITIES: Deferred liabilities consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Deferred rent $ 50,469 $ 48,391 Deferred lease credits 96,747 112,033 Other deferred liabilities 10,123 11,236 Total deferred liabilities 157,339 171,660 Less current portion of deferred rent and lease credits (26,596 ) (29,289 ) Total non-current deferred liabilities $ 130,743 $ 142,371 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. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES: Leases We lease retail stores, a limited amount of office space 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 30, 2016 , are approximately as follows: FISCAL YEAR ENDING: (in thousands) January 28, 2017 $ 200,079 February 3, 2018 173,201 February 2, 2019 145,989 February 1, 2020 129,053 January 30, 2021 118,235 Thereafter 293,298 Total minimum lease payments $ 1,059,855 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 met or exercised a significant number of these cancellation clauses and, therefore, have included commitments for the full lease terms of such leases in the above table. For fiscal 2015 , 2014 and 2013 , total rent expense under operating leases was approximately $266.2 million , $253.2 million , and $230.0 million , respectively, including common area maintenance charges of approximately $46.7 million , $42.5 million , and $37.2 million , respectively, other rental charges of approximately $40.1 million , $37.6 million , and $32.8 million , respectively, and contingent rental expense, based on sales, of approximately $5.8 million , $7.0 million , and $9.1 million , respectively. Credit Facility As of January 30, 2016 , $92.2 million in net borrowings were outstanding as further disclosed in Footnote 10. The following table provides details on our debt outstanding as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Credit Agreement, net $ 92,219 $ — Less: current portion (10,000 ) — Total long-term debt $ 82,219 $ — Other At January 30, 2016 and January 31, 2015 , we had approximately $398.6 million and $424.5 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. In June 2015, the Company was named as a defendant in a putative representative Private Attorney General action filed in the Superior Court of California, County of Los Angeles, Ackerman v. Chico’s FAS, Inc . The complaint attempts to allege 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 filed its answer on July 27, 2015. The Company believes that the case is without merit, and intends to vigorously defend. As a result, the Company does not believe that it is probable that the case will have a material adverse effect on the Company’s consolidated financial condition or results of operations. In July 2015, the Company was named as a defendant in a putative class action filed in the United States District Court for the Northern District of Georgia, Altman v. White House Black Market, Inc . The complaint alleges that the Company, in violation of federal law, published more than the last five digits of a credit or debit card number or an expiration date on customers’ receipts. The Company denies the material allegations of the complaint and filed a motion to dismiss on September 9, 2015, which is pending. The Company believes that the case is without merit and intends to vigorously defend. As a result, the Company does not believe that it is probable that the case will 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 Ca
Stock Compensation Plans and Capital Stock Transactions | 12 Months Ended |
Jan. 30, 2016 | |
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 entitled to dividends based on certain Company-specific performance goals and are entitled to voting rights upon meeting these Company-specific performance goals. Generally, stock-based awards vest evenly over three years; stock options generally have a 10 -year term. As of January 30, 2016 , approximately 1.1 million nonqualified stock options are outstanding under the Omnibus Plan and approximately 6.9 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 2015 , 2014 and 2013 was $30.1 million , $26.5 million and $27.1 million , respectively. The total tax benefit associated with stock-based compensation for fiscal 2015 , 2014 and 2013 was $11.5 million , $10.1 million and $10.4 million , respectively. Restricted Stock Awards Restricted stock activity for fiscal 2015 was as follows: Number of Weighted Unvested, beginning of period 3,918,189 $ 15.70 Granted 1,611,625 16.97 Vested (2,144,872 ) 15.29 Forfeited (799,550 ) 16.46 Unvested, end of period 2,585,392 16.60 Total fair value of shares of restricted stock that vested during fiscal 2015 , 2014 and 2013 was $34.8 million , $21.8 million and $17.6 million , respectively. The weighted average grant date fair value of restricted stock granted during the fiscal 2015 , 2014 and 2013 was $16.97 , $16.44 , and $16.99 , respectively. As of January 30, 2016 , there was $23.1 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 1.9 years. Performance-based Stock Units Performance-based stock unit activity for fiscal 2015 was as follows: Number of Weighted Unvested, beginning of period 213,453 $ 15.01 Granted 526,810 18.23 Vested (213,453 ) 15.01 Forfeited (56,912 ) 18.23 Unvested, end of period 469,898 18.23 Total fair value of performance-based stock units that vested during fiscal 2015 and 2014 was $3.9 million and $4.2 million , respectively. There was $1.9 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 1.52 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 three years, was expensed on a straight-line basis over the vesting period of the stock options. As of January 30, 2016 , all outstanding stock options were fully vested, and there was no unrecognized compensation expense. Stock option activity for fiscal 2015 was as follows: Number of Weighted Weighted Aggregate Outstanding, beginning of period 1,947,928 $ 15.16 Granted — — Exercised (718,628 ) 11.42 Forfeited or expired (168,526 ) 31.06 Outstanding, end of period 1,060,774 $ 15.17 3.58 $ 808 Vested and expected to vest at January 30, 2016 1,060,774 $ 15.17 3.58 $ 808 Exercisable at January 30, 2016 1,060,774 $ 15.17 3.58 $ 808 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 2015 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 30, 2016 . This amount changes based on the fair market value of our common stock. Total intrinsic value of options exercised during fiscal 2015 , 2014 and 2013 (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 $4.6 million , $1.5 million and $4.3 million , respectively. Cash received from option exercises for fiscal 2015 was $8.2 million . The actual tax benefit realized for the tax deduction from option exercises of stock option awards totaled $1.8 million for fiscal 2015 . 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 2015 , 2014 and 2013 , approximately 174,000 , 180,000 , and 187,000 shares, respectively, were purchased under the ESPP. Cash received from purchases under the ESPP for fiscal 2015 was $2.4 million . Share Repurchase Program During fiscal 2015 , we repurchased 18.3 million shares, at a total cost of approximately $290.0 million . The Company repurchased 14.6 million shares for $250.0 million through our $300 million share repurchase program announced in December 2013, and 3.7 million shares for $40.0 million under its $300 million share repurchase program announced in November 2015, with $260.0 million remaining under the share repurchase program. 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. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jan. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | RETIREMENT PLANS: We have a 401(k) defined contribution employee retirement benefit plan (the “Plan”) covering all employees upon the 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 2015 , 2014 and 2013 , our costs under the Plan were approximately $3.8 million , $3.7 million , and $3.5 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 highly compensated 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, disability 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 purchase of corporated owned life insurance (COLI), cash and other securities held within a rabbi trust established on behalf of the employee group participating in the plan. The trust assets are reflected in other assets in the accompanying consolidated balance sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The income tax provision consisted of the following: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Current: Federal $ 15,622 $ 53,985 $ 58,000 Foreign 210 124 12 State 1,683 7,152 7,557 Deferred: Federal (25,004 ) (6,550 ) 8,479 State (9,411 ) (2,911 ) 1,752 Total income tax (benefit) provision $ (16,900 ) $ 51,800 $ 75,800 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 2015 , 2014 , and 2013 was $(0.8) million , $(2.8) million , and $(0.6) million respectively. A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 Federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax benefit 4.3 1.9 3.0 Goodwill impairment (124.2 ) 8.4 18.0 Outside basis difference - Boston Proper sale 165.2 — — Other state benefits associated with sale and liquidation of Boston Proper 20.1 — — Enhanced charitable contribution 19.3 (2.5 ) (1.8 ) Executive compensation limitation (7.3 ) 1.3 0.7 Foreign losses with full valuation allowance (2.9 ) 1.0 — Federal tax credits 3.4 (0.7 ) (0.7 ) Other items, net 0.4 0.1 (0.7 ) Total 113.3 % 44.5 % 53.5 % 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 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Deferred tax assets: Accrued liabilities and allowances $ 13,416 $ 12,560 Accrued straight-line rent 19,716 19,034 Stock-based compensation 12,945 17,971 Property related 6,270 4,390 Charitable contribution limitation carryfowards 5,720 — State tax credits and net operating loss carryforwards 5,384 1,575 Other 4,675 5,340 Total deferred tax assets 68,126 60,870 Valuation allowance (911 ) (913 ) Net deferred tax assets 67,215 59,957 Deferred tax liabilities: Other (1,249 ) (1,611 ) Prepaid expenses (4,099 ) (4,649 ) Property related (50,601 ) (48,802 ) Other intangible assets (23,200 ) (48,981 ) Total deferred tax liabilities (79,149 ) (104,043 ) Net deferred $ (11,934 ) $ (44,086 ) As of January 30, 2016, the Company had available for state income tax purposes net operating loss and tax credit carryovers which expire, if unused, in the years 2020 - 2035 and 2021 - 2025, respectively. 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 U.S. There were no significant undistributed earnings at January 30, 2016 and January 31, 2015 . 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 30, 2016 or January 31, 2015 . A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2015 , fiscal 2014 and fiscal 2013 is as follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Balance at beginning of year $ 2,532 $ 3,956 $ 4,715 Additions for tax positions of prior years 2,618 757 12 Reductions for tax positions of prior years (56 ) (736 ) — Additions for tax positions for the current year 259 390 461 Settlements with tax authorities — (1,501 ) (1,114 ) Reductions due to lapse of applicable statutes of limitation (513 ) (334 ) (118 ) Balance at end of year $ 4,840 $ 2,532 $ 3,956 At January 30, 2016 , January 31, 2015 , and February 1, 2014 , balances included $4.0 million , $1.6 million , and $2.6 million respectively, of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate in future periods. Included in the January 30, 2016 uncertain tax positions balance of $4.8 million is $1.6 million of unrecognized tax benefits that have been offset directly against the associated tax attributes. Our continuing practice is to recognize potential accrued interest and penalties relating to unrecognized tax benefits in the income tax provision. For fiscal 2015 , 2014 and 2013 , we accrued $0.2 million , $0.3 million and $0.4 million , respectively for interest and penalties. We had approximately $0.4 million , $0.5 million and $2.3 million , respectively for the payment of interest and penalties accrued at January 30, 2016 , January 31, 2015 and February 1, 2014 , 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 2013 year has been examined and a full acceptance letter issued. For fiscal 2014, we have received a partial acceptance letter, and are currently in the post-file review process. Through the end of fiscal 2015, the majority of fiscal 2014 issues have been resolved with the exception of transfer pricing and the domestic production activities deduction. With few exceptions, we are no longer subject to state and local examinations for years before fiscal 2011. Various state examinations are currently underway for fiscal periods spanning from 2010 through 2014; 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. 30, 2016 | |
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): January 30, 2016 January 31, 2015 February 1, 2014 Numerator Net income $ 1,946 $ 64,641 $ 65,883 Net income and dividends declared allocated to participating securities — (1,697 ) (1,746 ) Net income available to common shareholders $ 1,946 $ 62,944 $ 64,137 Denominator Weighted average common shares outstanding – basic 138,366 148,622 155,048 Dilutive effect of non-participating securities 375 504 947 Weighted average common and common equivalent shares outstanding – diluted 138,741 149,126 155,995 Net income per common share: Basic $ 0.01 $ 0.42 $ 0.41 Diluted $ 0.01 $ 0.42 $ 0.41 In fiscal 2015 , 2014 and 2013 , 0.3 million , 0.6 million and 0.9 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 Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Net Sales Gross Net Income Net Income Net Income (dollars in thousands) Fiscal year ended January 30, 2016: First quarter $ 693,339 $ 395,770 $ 32,525 $ 0.22 $ 0.22 Second quarter 680,351 365,968 2,122 0.02 0.02 Third quarter 641,219 350,482 (11,610 ) (0.09 ) (0.09 ) Fourth quarter 627,400 318,537 (21,091 ) (0.16 ) (0.16 ) 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 0.20 0.20 Third quarter 665,569 363,793 26,463 0.17 0.17 Fourth quarter 656,907 328,166 (31,830 ) (0.21 ) (0.21 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: On February 25, 2016, we announced that our Board of Directors declared a quarterly dividend of $0.08 per share on our common stock. The dividend will be payable on March 28, 2016 to shareholders of record at the close of business on March 14, 2016. 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. |
Business Organization and Sum27
Business Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
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 30, 2016 (“fiscal 2015 ” or “current period”), January 31, 2015 (“fiscal 2014 ” or “prior period”) and February 1, 2014 (“fiscal 2013 ”). Fiscal 2015 , 2014 and 2013 all 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, and White House Black Market ("WHBM") 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. |
Reclassifications | Reclassifications Reclassifications of certain prior year balances were made in order to conform to the current year presentation. |
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, 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. |
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 record excess and slow-moving inventories at net realizable value. 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 23% of total purchases in fiscal 2015 and 24% of total purchases in 2014 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 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 and the goodwill associated with the WHBM acquisition should be assigned to the WHBM 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 or other available indications of value. For 2015 , we performed a qualitative assessment of the goodwill associated with the Chico's and WHBM reporting units and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment date. In fiscal 2015 , 2014 and 2013 , we performed a goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $48.9 million , $25.8 million and $67.3 million , respectively, 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, and compare the fair value to the carrying value to determine if the asset is impaired. We may elect to skip the qualitative assessment when appropriate based on current circumstances. For 2015 , we performed a qualitative assessment of the WHBM trade name and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment date. In fiscal 2015 , 2014 and 2013 we performed an impairment assessment of Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $39.4 million , $4.3 million and $5.2 million on the Boston Proper trade name as further discussed in Note 8. Intangible assets subject to amortization consisted of the value of Boston Proper customer relationships. In fiscal 2015, we performed an impairment assessment of the Boston Proper customer relationships and recorded pre-tax, non-cash impairment charges of $24.2 million as further discussed in Note 8. All remaining Boston Proper intangible assets, including the Boston Proper trade name and customer relationships were included in the sale of the Boston Proper direct-to-consumer business in fiscal 2015. |
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 2015 , 2014 and 2013 , 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 $1.4 million , $1.3 million and $1.3 million , which are included in selling, general and administrative expense ("SG&A") in the accompanying consolidated statements of income, respectively. Additionally, in connection with the restructuring program initiated in fiscal 2014 further discussed in Note 2, we have identified approximately 175 stores, including the Boston Proper stores, to be closed from fiscal 2015 through 2017. As a result, in fiscal 2015 and 2014 , we recorded additional impairment charges of approximately $12.5 million and $5.4 million , respectively, which are included in restructuring and strategic 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. |
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. Soma offers a 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 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 non-catalog 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 2015 , 2014 and 2013 , advertising expense was approximately $159.9 million , $153.1 million , and $151.9 million , respectively, and is included within 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 $19.0 million , $19.1 million , and $18.4 million in fiscal 2015 , 2014 and 2013 , 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, which is included in cost of goods sold, 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 February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases, which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases the lessee would recognize straight-line total lease expense. We are currently assessing the new standard and its impact to our consolidated results of operations, financial positions and cash flows. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, under which entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify as available for sale in other comprehensive income but instead recognize the change in fair value in net income. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. We are currently assessing the new standard, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial positions and cash flows. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which modifies the presentation of noncurrent and current deferred taxes. ASU 2015-17 requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We early adopted this standard in the fourth quarter of 2015, with retrospective presentation, as shown in our consolidated balance sheets. Our retrospective presentation resulted in a $4.6 million reclassification from current assets to other assets, net for the period ending January 31, 2015 . In July 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which modifies the presentation of debt issuance costs in financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as an asset. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We elected to early adopt this guidance in the second quarter ended August 1, 2015, and have presented the debt issuance costs related to our term loan as a direct deduction of the term loan and have presented the debt issuance costs related to our revolving credit facility as a deferred asset within Other Assets, as is permitted by ASU No. 2015-15, Imputation of Interest, which was issued in August 2015. Such adoption did not have a material impact to our consolidated financial position. The adoption of the guidance is made on a retrospective basis, however there was no material impact to prior periods that required reclassification. 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. In August 2015, the FASB approved a one year deferral of the effective date, to make it effective for annual and interim reporting periods beginning after December 15, 2017. The standard allows for either a full retrospective or a modified retrospective transition method. We are currently assessing the new standard and its potential impact to our consolidated results of operations, financial position and cash flows. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's operations and financial results would qualify as discontinued operations. The update also requires expanded disclosures for discontinued operations and requires entities to disclose information about disposals of individually significant components that don't qualify for discontinued operations reporting. ASU 2014-08 was effective prospectively for interim and annual reporting periods beginning after December 15, 2014. We adopted this standard beginning with the first quarter ended May 2, 2015 and have applied this standard to the Boston Proper disposal, as further discussed in Note 2. |
Business Organization and Sum28
Business Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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 Property and equipment, net, consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Land and land improvements $ 30,157 $ 30,147 Building and building improvements 128,093 128,003 Equipment, furniture and fixtures 626,952 634,145 Leasehold improvements 553,125 573,877 Total property and equipment 1,338,327 1,366,172 Less accumulated depreciation and amortization (787,374 ) (760,025 ) Property and equipment, net $ 550,953 $ 606,147 |
Restructuring and Strategic C29
Restructuring and Strategic Charges (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Strategic Charges | A summary of the restructuring and strategic charges is presented in the table below: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Impairment charges $ 22,001 $ 8,554 $ — Continuing employee-related costs 8,330 — — Severance charges and termination benefits 6,863 7,577 — Lease Terminations 9,578 — — Other charges 2,029 614 — Total restructuring and strategic charges, pre-tax $ 48,801 $ 16,745 $ — |
Schedule of Restructuring Reserve Rollforward | A roll-forward of the reserve is presented as follows: Continuing employee-related costs Severance Charges and Termination Benefits Lease Termination Charges Other Total (in thousands) Beginning Balance, January 31, 2015 $ — $ 7,577 $ — $ 486 $ 8,063 Charges 8,330 6,863 9,578 2,029 26,800 Payments (5,781 ) (12,762 ) (8,477 ) (2,506 ) (29,526 ) Ending Balance, January 30, 2016 $ 2,549 $ 1,678 $ 1,101 $ 9 $ 5,337 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Marketable Securities [Abstract] | |
Summary of Investments in Marketable Securities | The following tables summarize our investments in marketable securities at January 30, 2016 and January 31, 2015 : January 30, 2016 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 50,232 $ 10 $ (48 ) $ 50,194 January 31, 2015 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 126,566 $ 38 $ (43 ) $ 126,561 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Valued on a Recurring Basis | In accordance with the provisions of the guidance, we categorized our financial assets and liabilities 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 30, 2016 Quoted Prices Significant Other Significant (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 275 $ 275 $ — $ — Marketable securities: Municipal securities — — — — U.S. government securities — — — — U.S. government agencies 21,800 — 21,800 — Corporate bonds 26,149 — 26,149 — Commercial paper 2,245 — 2,245 — Non Current Assets Deferred compensation plan 7,023 7,023 — — Total $ 57,492 $ 7,298 $ 50,194 $ — Financial Liabilities: Long-term debt 1 $ 92,219 $ — $ 92,647 $ — Fair Value Measurements at Reporting Date Using Balance as of January 31, 2015 Quoted Prices Significant Other Significant (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 $ — 1 The carrying value of long-term debt includes the remaining unamortized discount of $0.3 million on the issuance of debt. |
Prepaid Expenses and Accounts32
Prepaid Expenses and Accounts Receivable (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Accounts Receivable | Prepaid expenses and accounts receivable consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Prepaid expenses $ 38,179 $ 39,038 Accounts receivable 7,481 6,832 Total prepaid expenses and accounts receivable $ 45,660 $ 45,870 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of 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 Property and equipment, net, consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Land and land improvements $ 30,157 $ 30,147 Building and building improvements 128,093 128,003 Equipment, furniture and fixtures 626,952 634,145 Leasehold improvements 553,125 573,877 Total property and equipment 1,338,327 1,366,172 Less accumulated depreciation and amortization (787,374 ) (760,025 ) Property and equipment, net $ 550,953 $ 606,147 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and other intangible assets consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Goodwill: Total Goodwill $ 96,774 $ 145,627 Indefinite-Lived Intangibles: WHBM trade name $ 34,000 $ 34,000 Minnesota territorial franchise rights 4,930 4,930 Boston Proper trade name — 41,700 Total indefinite-lived intangibles $ 38,930 $ 80,630 Definite-Lived Intangibles: Boston Proper customer relationships $ 43,580 $ 43,580 Accumulated amortization expense recorded (16,851 ) (14,672 ) Impairment expense recorded (24,166 ) — Sale of Boston Proper customer relationships (2,563 ) — Total definite-lived intangibles — 28,908 Total other intangible assets, net $ 38,930 $ 109,538 |
Schedule of Boston Proper Goodwill Impairment | The following table provides the carrying amounts of Boston Proper goodwill and pre-tax cumulative goodwill impairment charges: January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Gross carrying amount $ 141,919 $ 141,919 $ 141,919 Cumulative impairment, beginning of year (93,066 ) (67,266 ) — Impairment charges (48,853 ) (25,800 ) (67,266 ) Cumulative impairment, end of year (141,919 ) (93,066 ) (67,266 ) Net carrying amount $ — $ 48,853 $ 74,653 |
Other Current and Deferred Li35
Other Current and Deferred Liabilities (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Other Liabilities, Current [Abstract] | |
Schedule of Other Current and Deferred Liabilities | Other current and deferred liabilities consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Allowance for estimated customer returns, gift cards and store credits outstanding $ 58,060 $ 58,123 Accrued payroll, benefits, bonuses and severance costs and termination benefits 40,993 40,765 Current portion of deferred rent and lease credits 26,596 29,289 Other 33,139 30,219 Total other current and deferred liabilities $ 158,788 $ 158,396 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of interest rate on borrowings | The interest rate on borrowings and our commitment fee rate vary based on the maximum leverage ratio as follows: Maximum Leverage Ratio: Eurodollar Spread ABR Spread Commitment Fee Rate Category 1: < 2.25 to 1.00 1.25% 0.25% 0.20% Category 2: ≥ 2.25 to 1.00 but 1.50% 0.50% 0.25% Category 3: ≥ 3.00 to 1.00 1.75% 0.75% 0.30% |
Schedule of Outstanding Debt | The following table provides details on our debt outstanding as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Credit Agreement, net $ 92,219 $ — Less: current portion (10,000 ) — Total long-term debt $ 82,219 $ — The following table provides details on our debt outstanding as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Credit Agreement, net $ 92,219 $ — Less: current portion (10,000 ) — Total long-term debt $ 82,219 $ — |
Schedule of Future Maturities | Aggregate future maturities of long-term debt are as follows: FISCAL YEAR ENDING: (in thousands) January 28, 2017 $ 7,500 February 3, 2018 16,250 February 2, 2019 15,000 February 1, 2020 15,000 January 30, 2021 38,750 |
Non-Current Deferred Liabilit37
Non-Current Deferred Liabilities (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Deferred Credits and Other Liabilities [Abstract] | |
Schedule of Deferred Liabilities | Deferred liabilities consisted of the following: January 30, 2016 January 31, 2015 (in thousands) Deferred rent $ 50,469 $ 48,391 Deferred lease credits 96,747 112,033 Other deferred liabilities 10,123 11,236 Total deferred liabilities 157,339 171,660 Less current portion of deferred rent and lease credits (26,596 ) (29,289 ) Total non-current deferred liabilities $ 130,743 $ 142,371 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Minimum Future Rental Payments | 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 30, 2016 , are approximately as follows: FISCAL YEAR ENDING: (in thousands) January 28, 2017 $ 200,079 February 3, 2018 173,201 February 2, 2019 145,989 February 1, 2020 129,053 January 30, 2021 118,235 Thereafter 293,298 Total minimum lease payments $ 1,059,855 |
Schedule of Outstanding Debt | The following table provides details on our debt outstanding as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Credit Agreement, net $ 92,219 $ — Less: current portion (10,000 ) — Total long-term debt $ 82,219 $ — The following table provides details on our debt outstanding as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Credit Agreement, net $ 92,219 $ — Less: current portion (10,000 ) — Total long-term debt $ 82,219 $ — |
Stock Compensation Plans and 39
Stock Compensation Plans and Capital Stock Transactions (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | Restricted stock activity for fiscal 2015 was as follows: Number of Weighted Unvested, beginning of period 3,918,189 $ 15.70 Granted 1,611,625 16.97 Vested (2,144,872 ) 15.29 Forfeited (799,550 ) 16.46 Unvested, end of period 2,585,392 16.60 |
Schedule of Performance-Based Stock Units | Performance-based stock unit activity for fiscal 2015 was as follows: Number of Weighted Unvested, beginning of period 213,453 $ 15.01 Granted 526,810 18.23 Vested (213,453 ) 15.01 Forfeited (56,912 ) 18.23 Unvested, end of period 469,898 18.23 |
Summary of Stock Option Activity | Stock option activity for fiscal 2015 was as follows: Number of Weighted Weighted Aggregate Outstanding, beginning of period 1,947,928 $ 15.16 Granted — — Exercised (718,628 ) 11.42 Forfeited or expired (168,526 ) 31.06 Outstanding, end of period 1,060,774 $ 15.17 3.58 $ 808 Vested and expected to vest at January 30, 2016 1,060,774 $ 15.17 3.58 $ 808 Exercisable at January 30, 2016 1,060,774 $ 15.17 3.58 $ 808 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision consisted of the following: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Current: Federal $ 15,622 $ 53,985 $ 58,000 Foreign 210 124 12 State 1,683 7,152 7,557 Deferred: Federal (25,004 ) (6,550 ) 8,479 State (9,411 ) (2,911 ) 1,752 Total income tax (benefit) provision $ (16,900 ) $ 51,800 $ 75,800 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 Federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax benefit 4.3 1.9 3.0 Goodwill impairment (124.2 ) 8.4 18.0 Outside basis difference - Boston Proper sale 165.2 — — Other state benefits associated with sale and liquidation of Boston Proper 20.1 — — Enhanced charitable contribution 19.3 (2.5 ) (1.8 ) Executive compensation limitation (7.3 ) 1.3 0.7 Foreign losses with full valuation allowance (2.9 ) 1.0 — Federal tax credits 3.4 (0.7 ) (0.7 ) Other items, net 0.4 0.1 (0.7 ) Total 113.3 % 44.5 % 53.5 % |
Schedule of Deferred Tax Assets and Liabilities | These differences consist of the following as of January 30, 2016 and January 31, 2015 : January 30, 2016 January 31, 2015 (in thousands) Deferred tax assets: Accrued liabilities and allowances $ 13,416 $ 12,560 Accrued straight-line rent 19,716 19,034 Stock-based compensation 12,945 17,971 Property related 6,270 4,390 Charitable contribution limitation carryfowards 5,720 — State tax credits and net operating loss carryforwards 5,384 1,575 Other 4,675 5,340 Total deferred tax assets 68,126 60,870 Valuation allowance (911 ) (913 ) Net deferred tax assets 67,215 59,957 Deferred tax liabilities: Other (1,249 ) (1,611 ) Prepaid expenses (4,099 ) (4,649 ) Property related (50,601 ) (48,802 ) Other intangible assets (23,200 ) (48,981 ) Total deferred tax liabilities (79,149 ) (104,043 ) Net deferred $ (11,934 ) $ (44,086 ) |
Schedule of Uncertain Tax Positions Reconciliation | A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2015 , fiscal 2014 and fiscal 2013 is as follows: Fiscal 2015 Fiscal 2014 Fiscal 2013 (in thousands) Balance at beginning of year $ 2,532 $ 3,956 $ 4,715 Additions for tax positions of prior years 2,618 757 12 Reductions for tax positions of prior years (56 ) (736 ) — Additions for tax positions for the current year 259 390 461 Settlements with tax authorities — (1,501 ) (1,114 ) Reductions due to lapse of applicable statutes of limitation (513 ) (334 ) (118 ) Balance at end of year $ 4,840 $ 2,532 $ 3,956 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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): January 30, 2016 January 31, 2015 February 1, 2014 Numerator Net income $ 1,946 $ 64,641 $ 65,883 Net income and dividends declared allocated to participating securities — (1,697 ) (1,746 ) Net income available to common shareholders $ 1,946 $ 62,944 $ 64,137 Denominator Weighted average common shares outstanding – basic 138,366 148,622 155,048 Dilutive effect of non-participating securities 375 504 947 Weighted average common and common equivalent shares outstanding – diluted 138,741 149,126 155,995 Net income per common share: Basic $ 0.01 $ 0.42 $ 0.41 Diluted $ 0.01 $ 0.42 $ 0.41 |
Quarterly Results of Operatio42
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Net Sales Gross Net Income Net Income Net Income (dollars in thousands) Fiscal year ended January 30, 2016: First quarter $ 693,339 $ 395,770 $ 32,525 $ 0.22 $ 0.22 Second quarter 680,351 365,968 2,122 0.02 0.02 Third quarter 641,219 350,482 (11,610 ) (0.09 ) (0.09 ) Fourth quarter 627,400 318,537 (21,091 ) (0.16 ) (0.16 ) 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 0.20 0.20 Third quarter 665,569 363,793 26,463 0.17 0.17 Fourth quarter 656,907 328,166 (31,830 ) (0.21 ) (0.21 ) |
Business Organization and Sum43
Business Organization and Summary of Significant Accounting Policies - Description of Business (Details) | Jan. 30, 2016storefanchise |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores throughout the U.S., U.S. Virgin Islands, Puerto Rico, and Canada | store | 1,518 |
Number of franchise locations in and around Mexico | fanchise | 37 |
Business Organization and Sum44
Business Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Minimum | |
Cash and Cash Equivalents [Line Items] | |
Threshold period for third-party credit and debit transactions | 3 days |
Maximum | |
Cash and Cash Equivalents [Line Items] | |
Threshold period for third-party credit and debit transactions | 5 days |
Business Organization and Sum45
Business Organization and Summary of Significant Accounting Policies - Inventories (Details) - supplier | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of purchases made from supplier | 23.00% | 24.00% |
Number of suppliers total purchases made from | 1 | 1 |
Business Organization and Sum46
Business Organization and Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Land improvements | Minimum | |
Estimate useful life | 15 years |
Land improvements | Maximum | |
Estimate useful life | 35 years |
Building and building improvements | Minimum | |
Estimate useful life | 20 years |
Building and building improvements | Maximum | |
Estimate useful life | 35 years |
Equipment, furniture and fixtures | Minimum | |
Estimate useful life | 2 years |
Equipment, furniture and fixtures | Maximum | |
Estimate useful life | 20 years |
Leasehold improvements | Maximum | |
Estimate useful life | 10 years |
Business Organization and Sum47
Business Organization and Summary of Significant Accounting Policies - Operating Leases (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Amortization period | 60 days |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Amortization period | 90 days |
Business Organization and Sum48
Business Organization and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Boston Proper | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax, non-cash goodwill impairment charge | $ 48,853 | $ 25,800 | $ 67,266 |
Customer Relationships | Boston Proper | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment expense recorded | 24,166 | 0 | |
Trade Name | Boston Proper | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | 39,400 | 4,300 | $ 5,200 |
Boston Proper | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax, non-cash goodwill impairment charge | $ 48,900 | $ 25,800 |
Business Organization and Sum49
Business Organization and Summary of Significant Accounting Policies - Accounting for the Impairment of Long-lived Assets and Assets Held for Sale (Details) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016USD ($)store_closure | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Asset impairment charges | $ 1.4 | $ 1.3 | $ 1.3 |
Number of under-performing stores to close | store_closure | 175 | ||
Additional impairment charges | $ 12.5 | $ 5.4 |
Business Organization and Sum50
Business Organization and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising expense | $ 159.9 | $ 153.1 | $ 151.9 |
Business Organization and Sum51
Business Organization and Summary of Significant Accounting Policies - Shipping and Handling Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping and handling amounts received from customers | $ 19 | $ 19.1 | $ 18.4 |
Business Organization and Sum52
Business Organization and Summary of Significant Accounting Policies - Newly Issued Accounting Pronouncements (Details) - New Accounting Pronouncement, Early Adoption $ in Millions | Jan. 31, 2015USD ($) |
New Accounting Pronouncement, Early Adoption [Line Items] | |
Current deferred tax asset reclassified to non-current assets | $ 4.6 |
Non-current deferred tax asset reclassified from current assets | $ 4.6 |
Restructuring and Strategic C53
Restructuring and Strategic Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2015USD ($) | Jan. 30, 2016USD ($)store_closure | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | $ 16,700 | $ 48,801 | $ 16,745 | $ 0 |
Number of under-performing stores to close | store_closure | 175 | |||
Number of store closures | store_closure | 69 | |||
Restructuring Reserve | 8,063 | $ 5,337 | 8,063 | |
Lease Termination Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 9,578 | 0 | 0 | |
Expected lease termination expense over the next two years | 1,700 | |||
Restructuring Reserve | 0 | 1,101 | 0 | |
Continuing Employee Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 8,330 | 0 | 0 | |
Restructuring Reserve | 0 | 2,549 | 0 | |
Severance and other charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 6,863 | 7,577 | 0 | |
Restructuring Reserve | $ 7,577 | 1,678 | 7,577 | |
Disposed of by Sale | Boston Proper | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Pretax losses | $ 11,800 | $ 7,900 | $ 4,900 |
Restructuring and Strategic C54
Restructuring and Strategic Charges - Summary of Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | $ 16,700 | $ 48,801 | $ 16,745 | $ 0 |
Impairment charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 22,001 | 8,554 | 0 | |
Continuing Employee Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 8,330 | 0 | 0 | |
Severance and other charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 6,863 | 7,577 | 0 | |
Lease Termination Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | 9,578 | 0 | 0 | |
Other charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and strategic charges | $ 2,029 | $ 614 | $ 0 |
Restructuring and Strategic C55
Restructuring and Strategic Charges - Severance and Other Charges (Details) $ in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | $ 8,063 |
Charges | 26,800 |
Payments | (29,526) |
Ending Balance | 5,337 |
Continuing employee-related costs | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 0 |
Charges | 8,330 |
Payments | (5,781) |
Ending Balance | 2,549 |
Severance and other charges | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 7,577 |
Charges | 6,863 |
Payments | (12,762) |
Ending Balance | 1,678 |
Lease Termination Charges | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 0 |
Charges | 9,578 |
Payments | (8,477) |
Ending Balance | 1,101 |
Other charges | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 486 |
Charges | 2,029 |
Payments | (2,506) |
Ending Balance | $ 9 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Millions | Jan. 30, 2016USD ($) |
Marketable Securities [Abstract] | |
Marketable securities, current | $ 24.9 |
Marketable securities, noncurrent | $ 25.3 |
Marketable Securities - Summary
Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Marketable Securities [Abstract] | ||
Marketable securities, Amortized Cost | $ 50,232 | $ 126,566 |
Marketable securities, Gross Unrealized Gains | 10 | 38 |
Marketable securities, Gross Unrealized Losses | (48) | (43) |
Marketable securities, Estimated Fair Value | $ 50,194 | $ 126,561 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Goodwill and Intangible Asset Impairment [Line Items] | |||
Goodwill and intangible impairment charges | $ 112,455 | $ 30,100 | $ 72,466 |
Boston Proper | |||
Goodwill and Intangible Asset Impairment [Line Items] | |||
Goodwill impairment loss | 48,900 | 25,800 | |
Boston Proper trade name | |||
Goodwill and Intangible Asset Impairment [Line Items] | |||
Pre-tax, non-cash impairment charge | 39,400 | 4,300 | |
Boston Proper | |||
Goodwill and Intangible Asset Impairment [Line Items] | |||
Goodwill impairment loss | 48,853 | 25,800 | $ 67,266 |
Boston Proper | Customer Relationships | |||
Goodwill and Intangible Asset Impairment [Line Items] | |||
Impairment expense recorded | $ 24,166 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Valued on a Recurring or Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 50,194 | $ 126,561 |
Deferred compensation plan | 7,023 | 8,461 |
Total | 57,492 | 135,360 |
Unamortized discount on issuance of debt | 300 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 7,023 | 8,461 |
Total | 7,298 | 10,201 |
Long-term debt | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Total | 50,194 | 125,159 |
Long-term debt | 92,647 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Total | 0 | 0 |
Long-term debt | 0 | |
Municipal Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 16,663 |
Municipal Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Municipal Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 16,663 |
Municipal Securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 1,402 |
U.S. Government Securities | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 1,402 |
U.S. Government Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,800 | 26,299 |
U.S. Government Agencies | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government Agencies | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,800 | 26,299 |
U.S. Government Agencies | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,149 | 79,202 |
Corporate Bonds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Bonds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 26,149 | 79,202 |
Corporate Bonds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,245 | 2,995 |
Commercial Paper | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Commercial Paper | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,245 | 2,995 |
Commercial Paper | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Money Market Accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 275 | 338 |
Money Market Accounts | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 275 | 338 |
Money Market Accounts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money Market Accounts | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Prepaid Expenses and Accounts60
Prepaid Expenses and Accounts Receivable (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 38,179 | $ 39,038 |
Accounts receivable | 7,481 | 6,832 |
Total prepaid expenses and accounts receivable | $ 45,660 | $ 45,870 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Assets Held-for-sale, Not Part of Disposal Group, Current [Abstract] | ||
Additional impairment charges | $ 300 | |
Assets held for sale | $ 16,525 | $ 16,800 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Total property and equipment | $ 1,338,327 | $ 1,366,172 | |
Less accumulated depreciation and amortization | (787,374) | (760,025) | |
Property and equipment, net | 550,953 | 606,147 | |
Depreciation expense | 116,600 | 117,800 | $ 113,800 |
Land and land improvements | |||
Total property and equipment | 30,157 | 30,147 | |
Building and building improvements | |||
Total property and equipment | 128,093 | 128,003 | |
Equipment, furniture and fixtures | |||
Total property and equipment | 626,952 | 634,145 | |
Leasehold improvements | |||
Total property and equipment | $ 553,125 | $ 573,877 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 15, 2016 | Feb. 01, 2014 | |
Goodwill: | ||||
Goodwill | $ 96,774 | $ 145,627 | ||
Indefinite-Lived Intangibles: | ||||
Total indefinite-lived intangibles | 38,930 | 80,630 | ||
Definite-Lived Intangibles: | ||||
Total definite-lived intangibles | 0 | 28,908 | ||
Total other intangible assets, net | 38,930 | 109,538 | ||
Boston Proper | ||||
Goodwill: | ||||
Goodwill | 0 | 48,853 | $ 74,653 | |
Boston Proper | Customer Relationships | ||||
Definite-Lived Intangibles: | ||||
Boston Proper customer relationships | 43,580 | 43,580 | ||
Accumulated amortization expense recorded | (16,851) | (14,672) | ||
Impairment expense recorded | (24,166) | 0 | ||
Sale of Boston Proper customer relationships | (2,563) | 0 | $ (2,600) | |
Trade Name | WHBM | ||||
Indefinite-Lived Intangibles: | ||||
Total indefinite-lived intangibles | 34,000 | 34,000 | ||
Trade Name | Boston Proper | ||||
Indefinite-Lived Intangibles: | ||||
Total indefinite-lived intangibles | 0 | 41,700 | ||
Definite-Lived Intangibles: | ||||
Sale of Boston Proper customer relationships | $ (2,300) | |||
Minnesota territorial franchise rights | ||||
Indefinite-Lived Intangibles: | ||||
Total indefinite-lived intangibles | $ 4,930 | $ 4,930 |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 15, 2016 | |
Goodwill [Line Items] | ||||
Goodwill | $ 96,774 | $ 145,627 | ||
Indefinite lived Intangible Assets | 38,930 | 80,630 | ||
Boston Proper | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 48,853 | 25,800 | $ 67,266 | |
Goodwill | 0 | 48,853 | $ 74,653 | |
Boston Proper | Trade Name | ||||
Goodwill [Line Items] | ||||
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | 39,400 | 4,300 | ||
Sale of Boston Proper intangible assets | $ 2,300 | |||
Indefinite lived Intangible Assets | 0 | 41,700 | ||
Boston Proper | Customer Relationships | ||||
Goodwill [Line Items] | ||||
Sale of Boston Proper intangible assets | 2,563 | 0 | $ 2,600 | |
Impairment expense recorded | 24,166 | 0 | ||
Amortization expense | 2,200 | |||
Boston Proper | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | $ 48,900 | 25,800 | ||
Goodwill | $ 48,900 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets - Summary of Boston Proper Goodwill Impairment (Details) - USD ($) | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill [Roll Forward] | ||||
Net carrying amount | $ 96,774,000 | $ 145,627,000 | ||
Changes in goodwill | 0 | |||
Boston Proper | ||||
Goodwill [Line Items] | ||||
Gross carrying amount | 141,919,000 | $ 141,919,000 | $ 141,919,000 | |
Goodwill [Roll Forward] | ||||
Cumulative impairment, beginning of year | (93,066,000) | (67,266,000) | 0 | |
Impairment charges | (48,853,000) | (25,800,000) | (67,266,000) | |
Cumulative impairment, end of year | (141,919,000) | (93,066,000) | (67,266,000) | |
Net carrying amount | $ 0 | $ 48,853,000 | $ 74,653,000 |
Other Current and Deferred Li66
Other Current and Deferred Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Other Liabilities, Current [Abstract] | ||
Allowance for estimated customer returns, gift cards and store credits outstanding | $ 58,060 | $ 58,123 |
Accrued payroll, benefits, bonuses and severance costs and termination benefits | 40,993 | 40,765 |
Current portion of deferred rent and lease credits | 26,596 | 29,289 |
Other | 33,139 | 30,219 |
Total other current and deferred liabilities | $ 158,788 | $ 158,396 |
Debt - Additional Information (
Debt - Additional Information (Details) | May. 04, 2015USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | Jul. 31, 2018 | Aug. 01, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Revolving credit facility repaid and terminated | $ 31,500,000 | $ 0 | $ 0 | |||
Current debt | 10,000,000 | 0 | ||||
Unamortized discount on issuance of debt | 300,000 | |||||
Total long-term debt | 82,219,000 | 0 | ||||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan commitment | 100,000,000 | |||||
Term loan amount drawn at closing | $ 100,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum total debt leverage ratio | 3.50 | |||||
Minimum fixed charge coverage ratio credit facility | 1.20 | |||||
Revolving Credit Facility | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Maximum total debt leverage ratio | 3.25 | |||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Term loan amount drawn at closing | $ 92,219,000 | 0 | ||||
Revolving credit facility amount | 100,000,000 | |||||
Revolving credit facility amount drawn at closing | 0 | $ 24,000,000 | ||||
Revolving credit facility repaid and terminated | $ 124,000,000 | |||||
Current debt | 10,000,000 | 0 | ||||
Total long-term debt | $ 82,219,000 | $ 0 |
Debt - Schedule of Interest Rat
Debt - Schedule of Interest Rate on Borrowings (Details) | 12 Months Ended |
Jan. 30, 2016 | |
Category 1 | Maximum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 2.25 |
Category 2 | Minimum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 2.25 |
Category 2 | Maximum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 3 |
Category 3 | Minimum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 3 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 3.50 |
Revolving Credit Facility | Category 1 | |
Debt Instrument [Line Items] | |
Commitment Fee Rate | 0.20% |
Revolving Credit Facility | Category 1 | Eurodollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.25% |
Revolving Credit Facility | Category 1 | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.25% |
Revolving Credit Facility | Category 2 | |
Debt Instrument [Line Items] | |
Commitment Fee Rate | 0.25% |
Revolving Credit Facility | Category 2 | Eurodollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.50% |
Revolving Credit Facility | Category 2 | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Revolving Credit Facility | Category 3 | |
Debt Instrument [Line Items] | |
Commitment Fee Rate | 0.30% |
Revolving Credit Facility | Category 3 | Eurodollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.75% |
Revolving Credit Facility | Category 3 | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.75% |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) | Jan. 30, 2016 | Jan. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Current debt | $ (10,000,000) | $ 0 |
Total long-term debt | 82,219,000 | 0 |
Line of Credit | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | 92,219,000 | 0 |
Current debt | (10,000,000) | 0 |
Total long-term debt | $ 82,219,000 | $ 0 |
Debt - Schedule of Future Matur
Debt - Schedule of Future Maturities (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
Aggregate future maturities of debt due January 28, 2017 | $ 7,500 |
Aggregate future maturities of debt due February 3, 2018 | 16,250 |
Aggregate future maturities of debt due February 2, 2019 | 15,000 |
Aggregate future maturities of debt due February 1, 2020 | 15,000 |
Aggregate future maturities of debt due January 30, 2021 | $ 38,750 |
Non-Current Deferred Liabilit71
Non-Current Deferred Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Deferred Credits and Other Liabilities [Abstract] | ||
Deferred rent | $ 50,469 | $ 48,391 |
Deferred lease credits | 96,747 | 112,033 |
Other deferred liabilities | 10,123 | 11,236 |
Total deferred liabilities | 157,339 | 171,660 |
Less current portion of deferred rent and lease credits | (26,596) | (29,289) |
Total non-current deferred liabilities | $ 130,743 | $ 142,371 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Minimum Future Rental Payments (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
January 28, 2017 | $ 200,079 |
February 3, 2018 | 173,201 |
February 2, 2019 | 145,989 |
February 1, 2020 | 129,053 |
January 30, 2021 | 118,235 |
Thereafter | 293,298 |
Total minimum lease payments | $ 1,059,855 |
Commitments and Contingencies73
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease total rent expense | $ 266.2 | $ 253.2 | $ 230 |
Common area maintenance expenses on leases | 46.7 | 42.5 | 37.2 |
Other rental charges | 40.1 | 37.6 | 32.8 |
Contingent rental expense | 5.8 | 7 | $ 9.1 |
Open cancellable purchase orders for inventory | $ 398.6 | $ 424.5 |
Commitments and Contingencies74
Commitments and Contingencies - Schedule of Outstanding Debt (Details) - USD ($) | Jan. 30, 2016 | Jan. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Current debt | $ (10,000,000) | $ 0 |
Revolving Credit Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Current debt | (10,000,000) | 0 |
Long-term debt | $ 92,219,000 | $ 0 |
Stock Compensation Plans and 75
Stock Compensation Plans and Capital Stock Transactions - General (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Apr. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares for future issuance (in shares) | 3.5 | |||
Vesting period | 3 years | |||
Expected term (years) | 10 years | |||
Compensation expense related to stock-based awards | $ 30,062 | $ 26,487 | $ 27,145 | |
Tax benefit associated with stock-based compensation | $ 11,500 | $ 10,100 | $ 10,400 | |
Omnibus Stock And Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares for future issuance (in shares) | 6.9 | 7 | ||
Nonqualified stock options outstanding (in shares) | 1.1 |
Stock Compensation Plans and 76
Stock Compensation Plans and Capital Stock Transactions - Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Jan. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning of period (in shares) | shares | 3,918,189 |
Granted (in shares) | shares | 1,611,625 |
Vested (in shares) | shares | (2,144,872) |
Forfeited (in shares) | shares | (799,550) |
Unvested, end of period (in shares) | shares | 2,585,392 |
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 (in usd per share) | $ / shares | $ 15.70 |
Granted, weighted average grant date fair value (in usd per share) | $ / shares | 16.97 |
Vested, weighted average grant date fair value (in usd per share) | $ / shares | 15.29 |
Forfeited, weighted average grant date fair value (in usd per share) | $ / shares | 16.46 |
Unvested, end of period, weighted average grant date fair value (in usd per share) | $ / shares | $ 16.60 |
Stock Compensation Plans and 77
Stock Compensation Plans and Capital Stock Transactions - Restricted Stock Awards (Narrative) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares vested during the period | $ 34.8 | $ 21.8 | $ 17.6 |
Weighted average grant date fair value for grants in period (in usd per share) | $ 16.97 | $ 16.44 | $ 16.99 |
Unrecognized compensation expense | $ 23.1 | ||
Period for recognition | 1 year 10 months 24 days |
Stock Compensation Plans and 78
Stock Compensation Plans and Capital Stock Transactions - Performance-Based Stock Unit Activity (Details) - Performance-Based Stock Units | 12 Months Ended |
Jan. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning of period (in shares) | shares | 213,453 |
Granted (in shares) | shares | 526,810 |
Vested (in shares) | shares | (213,453) |
Forfeited (in shares) | shares | (56,912) |
Unvested, end of period (in shares) | shares | 469,898 |
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 (in usd per share) | $ / shares | $ 15.01 |
Weighted average grant date fair value for grants in period (in usd per share) | $ / shares | 18.23 |
Vested, weighted average grant date fair value (in usd per share) | $ / shares | 15.01 |
Forfeited, weighted average grant date fair value (in usd per share) | $ / shares | 18.23 |
Unvested, end of period, weighted average grant date fair value (in usd per share) | $ / shares | $ 18.23 |
Stock Compensation Plans and 79
Stock Compensation Plans and Capital Stock Transactions - Performance-based Stock Units (Narrative) (Details) - Performance-Based Stock Units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total fair value of shares vested during the period | $ 3.9 | $ 4.2 |
Weighted average grant date fair value for grants in period (in usd per share) | $ 18.23 | |
Unrecognized compensation expense | $ 1.9 | |
Period for recognition | 1 year 6 months 7 days 4 hours 48 minutes |
Stock Compensation Plans and 80
Stock Compensation Plans and Capital Stock Transactions - Stock Option Awards (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total intrinsic value of options exercised | $ 4.6 | $ 1.5 | $ 4.3 |
Cash received from option exercises | 8.2 | ||
Tax benefit realized for the tax deduction from option exercises of stock option awards | $ 1.8 |
Stock Compensation Plans and 81
Stock Compensation Plans and Capital Stock Transactions - Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | shares | 1,947,928 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (718,628) |
Forfeited or expired (in shares) | shares | (168,526) |
Outstanding, end of period (in shares) | shares | 1,060,774 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning of period, weighted average exercise price (in usd per share) | $ / shares | $ 15.16 |
Granted, weighted average exercise price (in usd per share) | $ / shares | 0 |
Exercised, weighted average exercise price (in usd per share) | $ / shares | 11.42 |
Forfeited or expired, weighted average exercise price (in usd per share) | $ / shares | 31.06 |
Outstanding, end of period, weighted average exercise price (in usd per share) | $ / shares | $ 15.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Vested and expected to vest, Number of Shares | shares | 1,060,774 |
Exercisable, Number of Shares | shares | 1,060,774 |
Vested and expected to vest, weighted average exercise price (in usd per share) | $ / shares | $ 15.17 |
Exercisable, weighted average exercise price (in usd per share) | $ / shares | $ 15.17 |
Outstanding, weighted average remaining contractual term, years | 3 years 6 months 28 days 19 hours 12 minutes |
Vested and expected to vest, weighted average remaining contractual term, years | 3 years 6 months 28 days 19 hours 12 minutes |
Exercisable, weighted average remaining contractual term, years | 3 years 6 months 28 days 19 hours 12 minutes |
Outstanding, aggregate intrinsic value | $ | $ 808 |
Vested and expected to vest, aggregate intrinsic value | $ | 808 |
Exercisable, aggregate intrinsic value | $ | $ 808 |
Stock Compensation Plans and 82
Stock Compensation Plans and Capital Stock Transactions - Employee Stock Purchase Plan (Narrative) (Details) - Employee Stock shares in Thousands, $ in Millions | 12 Months Ended | ||
Jan. 30, 2016USD ($)offering_periodshares | Jan. 31, 2015shares | Feb. 01, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of offering periods under the ESPP | offering_period | 2 | ||
Percentage of the value of stock employees can purchase at | 85.00% | ||
Shares purchased under the ESPP (in shares) | shares | 174 | 180 | 187 |
Cash received from purchases under ESPP | $ | $ 2.4 |
Stock Compensation Plans and 83
Stock Compensation Plans and Capital Stock Transactions - Share Repurchase Program (Narrative) (Details) shares in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($)shares | |
Equity, Class of Treasury Stock [Line Items] | |
Total stock repurchased and held during period, value | $ 302,849,000 |
Remaining authorized repurchase amount | $ 260,000,000 |
Treasury Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchased during period (in shares) | shares | 18,307 |
Cash Paid for Stock Repurchased During Period | $ 290,000,000 |
Total stock repurchased and held during period, value | 289,813,000 |
2013 Share Repurchase Program | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchase program, authorized amount | $ 300,000,000 |
2013 Share Repurchase Program | Treasury Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchased during period (in shares) | shares | 14,600 |
Total stock repurchased and held during period, value | $ 250,000,000 |
2015 Share Repurchase Program | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchase program, authorized amount | $ 300,000,000 |
2015 Share Repurchase Program | Treasury Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Stock repurchased during period (in shares) | shares | 3,700 |
Total stock repurchased and held during period, value | $ 40,000,000 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
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 | $ 3.8 | $ 3.7 | $ 3.5 |
Deferred Salary | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum annual contribution percentage per employee | 80.00% | ||
Deferred Bonus | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum annual contribution percentage per employee | 100.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Foreign component of pre-tax income (loss) | $ (0.8) | $ (2.8) | $ (0.6) |
Unrecognized tax benefits, that would impact the effective tax rate | 4 | 1.6 | 2.6 |
Unrecognized tax benefit offset against tax attributes | 1.6 | ||
Income tax penalties and interest expense | 0.2 | 0.3 | 0.4 |
Accrued interest and penalties | $ 0.4 | $ 0.5 | $ 2.3 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Current: | |||
Federal | $ 15,622 | $ 53,985 | $ 58,000 |
Foreign | 210 | 124 | 12 |
State | 1,683 | 7,152 | 7,557 |
Deferred: | |||
Federal | (25,004) | (6,550) | 8,479 |
State | (9,411) | (2,911) | 1,752 |
Total income tax (benefit) provision | $ (16,900) | $ 51,800 | $ 75,800 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax benefit | 4.30% | 1.90% | 3.00% |
Goodwill impairment | (124.20%) | 8.40% | 18.00% |
Outside basis difference - Boston Proper sale | 165.20% | 0.00% | 0.00% |
Other state benefits associated with sale and liquidation of Boston Proper | 20.10% | 0.00% | 0.00% |
Enhanced charitable contribution | 19.30% | (2.50%) | (1.80%) |
Executive compensation limitation | (7.30%) | 1.30% | 0.70% |
Foreign losses with full valuation allowance | (2.90%) | 1.00% | 0.00% |
Federal tax credits | 3.40% | (0.70%) | (0.70%) |
Other items, net | 0.40% | 0.10% | (0.70%) |
Total | 113.30% | 44.50% | 53.50% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities and allowances | $ 13,416 | $ 12,560 |
Accrued straight-line rent | 19,716 | 19,034 |
Stock-based compensation | 12,945 | 17,971 |
Property related | 6,270 | 4,390 |
Charitable contribution limitation carryfowards | 5,720 | 0 |
State tax credits and net operating loss carryforwards | 5,384 | 1,575 |
Other | 4,675 | 5,340 |
Total deferred tax assets | 68,126 | 60,870 |
Valuation allowance | (911) | (913) |
Net deferred tax assets | 67,215 | 59,957 |
Other | (1,249) | (1,611) |
Prepaid expenses | (4,099) | (4,649) |
Property related | (50,601) | (48,802) |
Other intangible assets | (23,200) | (48,981) |
Total deferred tax liabilities | (79,149) | (104,043) |
Net deferred | $ (11,934) | $ (44,086) |
Income Taxes - Schedule of Unce
Income Taxes - Schedule of Uncertain Tax Positions Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 2,532 | $ 3,956 | $ 4,715 |
Additions for tax positions of prior years | 2,618 | 757 | 12 |
Reductions for tax positions of prior years | (56) | (736) | 0 |
Additions for tax positions for the current year | 259 | 390 | 461 |
Settlements with tax authorities | 0 | (1,501) | (1,114) |
Reductions due to lapse of applicable statutes of limitation | (513) | (334) | (118) |
Balance at end of year | $ 4,840 | $ 2,532 | $ 3,956 |
Net Earnings Per Share (Details
Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ (21,091) | $ (11,610) | $ 2,122 | $ 32,525 | $ (31,830) | $ 26,463 | $ 30,126 | $ 39,882 | $ 1,946 | $ 64,641 | $ 65,883 |
Net income and dividends declared allocated to participating securities | 0 | (1,697) | (1,746) | ||||||||
Net income available to common shareholders | $ 1,946 | $ 62,944 | $ 64,137 | ||||||||
Weighted average common shares outstanding–basic (in shares) | 138,366 | 148,622 | 155,048 | ||||||||
Dilutive effect of non-participating securities (in shares) | 375 | 504 | 947 | ||||||||
Weighted average common and common equivalent shares outstanding–diluted (in shares) | 138,741 | 149,126 | 155,995 | ||||||||
Net income per common share-basic (in usd per share) | $ 0.01 | $ 0.42 | $ 0.41 | ||||||||
Net income per common and common equivalent share–diluted (in usd per share) | $ 0.01 | $ 0.42 | $ 0.41 | ||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 300 | 600 | 900 |
Quarterly Results of Operatio91
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 627,400 | $ 641,219 | $ 680,351 | $ 693,339 | $ 656,907 | $ 665,569 | $ 671,130 | $ 681,605 | $ 2,642,309 | $ 2,675,211 | $ 2,586,037 |
Gross Margin | 318,537 | 350,482 | 365,968 | 395,770 | 328,166 | 363,793 | 351,472 | 382,891 | 1,430,757 | 1,426,322 | 1,416,631 |
Net Income (Loss) | $ (21,091) | $ (11,610) | $ 2,122 | $ 32,525 | $ (31,830) | $ 26,463 | $ 30,126 | $ 39,882 | $ 1,946 | $ 64,641 | $ 65,883 |
Net Income (Loss) Per Common Share - Basic (in usd per share) | $ (0.16) | $ (0.09) | $ 0.02 | $ 0.22 | $ (0.21) | $ 0.17 | $ 0.20 | $ 0.26 | |||
Net Income (Loss) Per Common and Common Equivalent Share - Diluted (in usd per share) | $ (0.16) | $ (0.09) | $ 0.02 | $ 0.22 | $ (0.21) | $ 0.17 | $ 0.20 | $ 0.26 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 25, 2016$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Quarterly dividend (in usd per share) | $ 0.08 |