Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 07, 2014 | Aug. 03, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'CHICOS FAS INC | ' | ' |
Entity Central Index Key | '0000897429 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 153,099,840 | ' |
Entity Public Float | ' | ' | $2,743,000,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net Sales: | ' | ' | ' |
Net sales | $2,586,037 | $2,581,057 | $2,196,360 |
Income tax provision | 75,800 | 108,200 | 83,100 |
Net income | 65,883 | 180,219 | 140,874 |
Item as percentage net sales | 100.00% | 100.00% | 100.00% |
Per share data: | ' | ' | ' |
Net income per common share-basic | $0.41 | $1.09 | $0.82 |
Net income per common share: Diluted | $0.41 | $1.08 | $0.82 |
Weighted average common shares outstanding-basic | 155,048 | 162,989 | 169,153 |
Weighted average common and common equivalent shares outstanding-diluted | 155,995 | 164,119 | 170,250 |
Dividends declared per share | $0.24 | $0.21 | $0.20 |
Chico's/Soma Intimates [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Net sales | 1,630,147 | 1,647,476 | 1,460,518 |
Item as percentage net sales | 63.00% | 63.80% | 66.50% |
White House | Black Market [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Net sales | 858,972 | 809,775 | 696,358 |
Item as percentage net sales | 33.20% | 31.40% | 31.70% |
Boston Proper [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Net sales | 96,918 | 123,806 | 39,484 |
Goodwill, Impairment Loss | 67,300 | ' | ' |
Item as percentage net sales | 3.80% | 4.80% | 1.80% |
Cost Of Goods Sold [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Cost of goods sold | 1,169,406 | 1,129,257 | 969,989 |
Item as percentage net sales | 45.20% | 43.80% | 44.20% |
Gross Margin [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Gross margin | 1,416,631 | 1,451,800 | 1,226,371 |
Item as percentage net sales | 54.80% | 56.20% | 55.80% |
Selling, General And Administrative Expenses [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Selling, general and administrative expenses | 1,202,068 | 1,161,105 | 998,861 |
Item as percentage net sales | 46.50% | 45.00% | 45.50% |
Goodwill And Trade Name Impairment [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Goodwill, Impairment Loss | 72,466 | ' | ' |
Item as percentage net sales | 2.80% | 0.00% | 0.00% |
Acquisition And Integration Costs [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Acquisition and integration costs | 914 | 3,157 | 5,133 |
Item as percentage net sales | 0.00% | 0.10% | 0.20% |
Income (Loss) From Operations [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Income from operations | 141,183 | 287,538 | 222,377 |
Item as percentage net sales | 5.50% | 11.10% | 10.10% |
Interest Income, Net [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Interest income, net | 500 | 881 | 1,597 |
Item as percentage net sales | 0.00% | 0.00% | 0.10% |
Income (Loss) Before Income Taxes [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Income before income taxes | 141,683 | 288,419 | 223,974 |
Item as percentage net sales | 5.50% | 11.10% | 10.20% |
Income Tax Provision [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Income tax provision | 75,800 | 108,200 | 83,100 |
Item as percentage net sales | 3.00% | 4.20% | 3.80% |
Income Net [Member] | ' | ' | ' |
Net Sales: | ' | ' | ' |
Net income | $65,883 | $180,219 | $140,874 |
Item as percentage net sales | 2.50% | 6.90% | 6.40% |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $65,883 | $180,219 | $140,874 |
Other comprehensive loss/income: | ' | ' | ' |
Unrealized losses on marketable securities, net of taxes | -146 | -112 | -60 |
Foreign currency translation adjustment | 42 | ' | ' |
Comprehensive Income (loss) | $65,779 | $180,107 | $140,814 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $36,444 | $56,859 |
Marketable securities, at fair value | 116,002 | 272,499 |
Inventories | 238,145 | 206,849 |
Prepaid expenses and other current assets | 50,698 | 61,786 |
Total Current Assets | 441,289 | 597,993 |
Property and Equipment, net | 631,050 | 608,120 |
Other Assets: | ' | ' |
Goodwill | 171,427 | 238,693 |
Other intangible assets, net | 118,196 | 127,754 |
Other assets, net | 9,229 | 8,068 |
Total Other Assets | 298,852 | 374,515 |
Total Assets | 1,371,191 | 1,580,628 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 131,254 | 129,387 |
Other current liabilities | 142,073 | 173,024 |
Total Current Liabilities | 273,327 | 302,411 |
Noncurrent Liabilities: | ' | ' |
Deferred liabilities | 138,874 | 132,374 |
Deferred taxes | 49,887 | 52,644 |
Total Noncurrent Liabilities | 188,761 | 185,018 |
Stockholders' Equity: | ' | ' |
Common stock | 1,522 | 1,628 |
Additional paid-in capital | 382,088 | 348,775 |
Retained earnings | 525,381 | 742,580 |
Accumulated other comprehensive income | 112 | 216 |
Total Stockholders' Equity | 909,103 | 1,093,199 |
Total liabilities and stockholders' equity | $1,371,191 | $1,580,628 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | ' | $0.01 |
Preferred stock, shares authorized | 2,500 | ' |
Preferred stock, shares issued | ' | 0 |
Common stock, par value | ' | $0.01 |
Common stock, shares authorized | 400,000 | ' |
Common stock, shares issued | ' | 152,195,000 |
Common stock, shares outstanding | ' | 162,774,000 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity And Comprehensive Income (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||
BALANCE at Jan. 29, 2011 | $1,779 | $282,528 | $780,212 | $388 | $1,064,907 |
BALANCE, Shares at Jan. 29, 2011 | 177,899 | ' | ' | ' | ' |
Net income | ' | ' | 140,874 | ' | 140,874 |
Unrealized losses on marketable securities, net of taxes | ' | ' | ' | -60 | -60 |
Issuance of common stock | 20 | 4,529 | ' | ' | 4,549 |
Issuance of common stock, Shares | 2,024 | ' | ' | ' | ' |
Dividends paid on common stock | ' | ' | -34,152 | ' | -34,152 |
Repurchase of common stock | -142 | -845 | -182,303 | ' | -183,290 |
Repurchase of common stock, Shares | -14,187 | ' | ' | ' | ' |
Stock-based compensation | ' | 15,198 | ' | ' | 15,198 |
Excess tax benefit from stock-based compensation | ' | 1,202 | ' | ' | 1,202 |
BALANCE at Jan. 28, 2012 | 1,657 | 302,612 | 704,631 | 328 | 1,009,228 |
BALANCE, Shares at Jan. 28, 2012 | 165,736 | ' | ' | ' | ' |
Net income | ' | ' | 180,219 | ' | 180,219 |
Unrealized losses on marketable securities, net of taxes | ' | ' | ' | -112 | -112 |
Issuance of common stock | 37 | 16,494 | ' | ' | 16,531 |
Issuance of common stock, Shares | 3,649 | ' | ' | ' | ' |
Dividends paid on common stock | ' | ' | -34,928 | ' | -34,928 |
Repurchase of common stock | -66 | -4,113 | -107,342 | ' | -111,521 |
Repurchase of common stock, Shares | -6,611 | ' | ' | ' | ' |
Stock-based compensation | ' | 26,453 | ' | ' | 26,453 |
Excess tax benefit from stock-based compensation | ' | 7,329 | ' | ' | 7,329 |
BALANCE at Feb. 02, 2013 | 1,628 | 348,775 | 742,580 | 216 | 1,093,199 |
BALANCE, Shares at Feb. 02, 2013 | 162,774 | ' | ' | ' | ' |
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 | 36 | 12,359 | ' | ' | 12,395 |
Issuance of common stock, Shares | 3,579 | ' | ' | ' | ' |
Dividends paid on common stock | ' | ' | -38,255 | ' | -38,255 |
Repurchase of common stock | -142 | -6,677 | -244,827 | ' | -251,646 |
Repurchase of common stock, Shares | -14,158 | ' | ' | ' | ' |
Stock-based compensation | ' | 27,145 | ' | ' | 27,145 |
Excess tax benefit from stock-based compensation | ' | 486 | ' | ' | 486 |
BALANCE at Feb. 01, 2014 | $1,522 | $382,088 | $525,381 | $112 | $909,103 |
BALANCE, Shares at Feb. 01, 2014 | 152,195 | ' | ' | ' | ' |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity And Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Consolidated Statements Of Stockholders' Equity And Comprehensive Income [Abstract] | ' | ' | ' |
Dividends paid on common stock per share | $0.24 | $0.21 | $0.20 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cash Flows From Operating Activities | ' | ' | ' |
Net income (loss) | $65,883 | $180,219 | $140,874 |
Adjustments to reconcile net income to net cash provided by operating activities - | ' | ' | ' |
Goodwill and trade name impairment charges | 72,466 | ' | ' |
Depreciation and amortization | 118,303 | 108,471 | 99,430 |
Deferred tax expense (benefit) | 10,231 | -4,211 | 19,489 |
Stock-based compensation expense | 27,145 | 26,453 | 15,198 |
Excess tax benefit from stock-based compensation | -2,483 | -7,952 | -2,643 |
Deferred rent and lease credits | -18,863 | -16,812 | -19,073 |
Loss on disposal and impairment of property and equipment | 1,736 | 2,765 | 2,949 |
Changes in assets and liabilities, net of effects of acquisition: | ' | ' | ' |
Inventories | -31,296 | -12,379 | -20,812 |
Prepaid expenses and other assets | -2,767 | -3,956 | -3,491 |
Accounts payable | 1,867 | 28,992 | -14,571 |
Accrued and other liabilities | -5,540 | 66,683 | 37,831 |
Net cash provided by operating activities | 236,682 | 368,273 | 255,181 |
Cash Flows From Investing Activities: | ' | ' | ' |
Purchases of marketable securities | -96,374 | -298,460 | -592,962 |
Proceeds from sale of marketable securities | 252,768 | 214,783 | 937,987 |
Acquisition of Boston Proper, Inc., net of cash | ' | ' | -213,561 |
Purchases of property and equipment, net | -138,510 | -164,690 | -131,757 |
Net cash used in investing activities | 17,884 | -248,367 | -293 |
Cash Flows From Financing Activities: | ' | ' | ' |
Proceeds from issuance of common stock | 12,395 | 16,531 | 4,549 |
Excess tax benefit from stock-based compensation | 2,483 | 7,952 | 2,643 |
Dividends paid | -38,255 | -34,928 | -34,152 |
Repurchase of common stock | -251,646 | -111,521 | -183,290 |
Cash paid for deferred financing costs | ' | ' | -414 |
Net cash used in financing activities | -275,023 | -121,966 | -210,664 |
Effects of exchange rate changes on cash and cash equivalents | 42 | ' | ' |
Net increase in cash and cash equivalents | -20,415 | -2,060 | 44,224 |
Cash and Cash Equivalents, Beginning of period | 56,859 | 58,919 | 14,695 |
Cash and Cash Equivalents, End of period | 36,444 | 56,859 | 58,919 |
Supplemental Disclosures of Cash Flow Information: | ' | ' | ' |
Cash paid for interest | 346 | 379 | 387 |
Cash paid for income taxes, net | $66,459 | $95,545 | $55,708 |
Basis_Of_Presentation
Basis Of Presentation | 12 Months Ended | |
Feb. 01, 2014 | ||
Basis Of Presentation [Abstract] | ' | |
Business Organization And Summary Of Significant Accounting Policies | ' | |
1. BUSINESS ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ||
Description of Business | ||
The accompanying consolidated financial statements include the accounts of Chico’s FAS, Inc., a Florida corporation, and its wholly‑owned subsidiaries (“the Company”, “we”, “us”, and “our”). We operate as an omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items. We currently sell our products through retail stores, catalog, and via the Internet at www.chicos.com, www.whbm.com, www.soma.com, and www.bostonproper.com. As of February 1, 2014, we had 1,472 stores located throughout the United States, the U.S. Virgin Islands, Puerto Rico and Canada. | ||
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 February 1, 2014 (“fiscal 2013” or “current period”), February 2, 2013 (“fiscal 2012” or “prior period”) and January 28, 2012 (“fiscal 2011”). Fiscal 2012 contained 53 weeks while fiscal 2013 and 2011 each contained 52 weeks. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Segment Information | ||
Our brands, Chico’s, Soma Intimates, WH|BM, and Boston Proper, have been identified as separate operating segments and aggregated into one reportable segment due to the similarities of the economic and operating characteristics of the brands. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash on hand and in banks, short-term highly liquid investments with original maturities of three months or less and payments due from banks for third-party credit card and debit transactions for approximately 3 to 5 days of sales. | ||
Marketable Securities | ||
Marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost is 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 and cash equivalents, marketable securities, and accounts receivable and payable. The carrying values of these assets and liabilities approximate their fair value due to the short-term nature of the instruments. | ||
Inventories | ||
We use the weighted average cost method to determine the cost of merchandise inventories. We identify potentially excess and slow-moving inventories by evaluating inventory aging, turn rates and inventory levels in conjunction with our overall sales trend. Excess quantities of inventory are identified through evaluation of inventory aging, review of inventory turns and historical sales experience, as well as specific identification based on fashion trends. Further, inventory realization exposure is identified through analysis of gross margins and markdowns in combination with changes in current business trends. We provide lower of cost or market adjustments for such identified excess and slow-moving inventories. We estimate our expected shrinkage of inventories between physical inventory counts by using average store shrinkage experience rates, which are updated on a regular basis. Substantially all of our inventories consist of finished goods. | ||
Costs associated with sourcing are generally capitalized while merchandising, distribution, and product development costs are generally expensed as incurred, and are included in the accompanying consolidated statements of income as a component of cost of goods sold. Approximately 23% of total purchases in fiscal 2013 and 21% of total purchases in 2012 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 depreciated using the following estimated useful lives: | ||
Estimated Useful Lives | ||
Land improvements | 15 - 35 years | |
Building and building improvements | 20 - 35 years | |
Equipment, furniture and fixtures | 2 – 20 years | |
Leasehold improvements | 10 years or term of lease, if shorter | |
Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation or amortization are eliminated from the accounts, and any gain or loss is charged to income. | ||
Operating Leases | ||
We lease retail stores and a limited amount of office space, primarily in Boca Raton, Florida, under operating leases. The majority of our lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions. Tenant improvement allowances are recorded as a deferred lease credit within deferred liabilities and amortized as a reduction of rent expense over the term of the lease. Rent escalation clauses, “rent-free” periods, and other rental expenses are amortized on a straight-line basis over the term of the leases, including the construction period. This is generally 60 - 90 days prior to the store opening date, when we generally begin improvements in preparation for our intended use. | ||
Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. We record a contingent rent liability in accrued liabilities on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. | ||
Goodwill and Other Intangible Assets | ||
Goodwill and other indefinite-lived intangible assets are tested for impairment at least annually. We perform our annual impairment test during the fourth quarter, or more frequently should events or circumstances change that would indicate that impairment may have occurred. | ||
Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Impairment testing for goodwill is done at a reporting unit level. Reporting units are defined as an operating segment or one level below an operating segment, called a component. Using these criteria, we identified our reporting units and concluded that the goodwill related to the territorial franchise rights for the state of Minnesota should be allocated to the Chico’s reporting unit, the goodwill associated with the WH|BM acquisition should be assigned to the WH|BM reporting unit and the goodwill associated with the Boston Proper acquisition should be assigned to the Boston Proper reporting unit. | ||
We evaluate the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test will not be performed. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step impairment test is performed. We may elect to skip the qualitative assessment and perform the two-step impairment test. The first step of the impairment test compares the fair value of our reporting units with their carrying amounts, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of any impairment loss. Fair value is determined based on both an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales and EBITDA multiples of similar companies and transactions. In the third quarter of 2013 we performed an interim goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $67.3 million as further discussed in Note 6. For 2013, we performed our annual goodwill impairment assessment for our reporting units and concluded that the fair values of those reporting units were not less than their carrying amounts as of the annual assessment date. | ||
In 2012, we early adopted guidance that provides companies the option to test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying amount. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of the intangible is less than its carrying amount, we calculate the value of the indefinite-lived intangible assets using a discounted cash flow method, based on the relief from royalty concept. We may elect to skip the qualitative assessment when appropriate based on current circumstances. In the third quarter of 2013, we performed an interim quantitative assessment of certain Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $5.2 million on the Boston Proper trade name as further discussed in Note 6. For 2013, we performed our annual qualitative assessment of our indefinite-lived intangible assets and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment date. | ||
Intangible assets subject to amortization consist of the value of Boston Proper customer relationships, which are being amortized on a straight-line basis over a period of 10 years. | ||
Accounting for the Impairment of Long-lived Assets | ||
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 2013, 2012 and 2011, we completed an evaluation of long-lived assets at certain underperforming stores for indicators of impairment and, as a result, recorded impairment charges of approximately $1.3 million, $1.1 million and $2.1 million, respectively. | ||
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 associate 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. | ||
Under our current program, gift cards do not have expiration dates. We account for gift cards by recognizing a liability at the time a gift card is sold. The liability is relieved and revenue is recognized for gift cards upon redemption. In addition, we recognize revenue on unredeemed gift cards when it can be determined that the likelihood of the gift card being redeemed is remote and there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions (commonly referred to as gift card breakage). We recognize 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 the historical gift card breakage rate. We determine the gift card breakage rate based on our historical redemption patterns. | ||
As part of the normal sales cycle, we receive customer merchandise returns related to store, website and catalog sales. To account for the financial impact of potential customer merchandise returns, we estimate future returns on previously sold merchandise. Reductions in sales and gross margin are recorded for estimated merchandise returns based on return history, current sales levels and projected future return levels. | ||
Our policy towards taxes assessed by a government authority directly imposed on revenue producing transactions between a seller and a customer is, and has been, to exclude all such taxes from revenue. | ||
Advertising Costs | ||
Costs associated with the production of advertising, such as writing, copying, printing, and other costs are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine, are expensed when the advertising event takes place. Catalog expenses consist of the cost to create, print, and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is typically less than nine weeks. For fiscal 2013, 2012 and 2011, advertising expense was approximately $151.9 million, $145.6 million, and $110.6 million, respectively, and is included within selling, general and administrative expense (“SG&A”) in the accompanying consolidated statements of income. | ||
Stock-Based Compensation | ||
Stock-based compensation for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. The fair value of restricted stock awards and performance-based awards is determined by using the closing price of the Company’s common stock on the date of the grant. Compensation expense for performance-based awards is recorded based on the amount of the award ultimately expected to vest and, depending on the level and likelihood of the performance condition to be met. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. | ||
Shipping and Handling Costs | ||
Shipping and handling costs to transport goods to customers, net of amounts paid to us by customers, amounted to $18.4 million, $8.3 million, and $10.5 million in fiscal 2013, 2012 and 2011, 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 and the consolidated statements of stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the consolidated statements of income. | ||
Self-Insurance | ||
We are self-insured for certain losses relating to workers’ compensation, medical and general liability claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the aggregate liability for uninsured claims incurred based on historical experience. While we do not expect the amount we will ultimately pay to differ significantly from our estimates, self-insurance accruals could be affected if future claims experience differs significantly from the historical trends and assumptions. | ||
Supplier Allowances | ||
From time to time, we receive allowances and/or credits from certain of our suppliers. The aggregate amount of such allowances and credits is immaterial to our consolidated results of operations. | ||
Earnings Per Share | ||
In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the “two-class” method. For us, participating securities are comprised of unvested restricted stock awards. | ||
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 securities such as stock options and performance-based stock units. | ||
Newly Issued Accounting Pronouncements | ||
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||
Marketable Securities | ' | |||||||||||||
2. MARKETABLE SECURITIES: | ||||||||||||||
Marketable securities are classified as available-for-sale and as of February 1, 2014 generally consist of municipal bonds, corporate bonds, and U.S. government and agency securities with $65.9 million of securities with maturity dates within one year or less and $50.1 million with maturity dates over one year and less than two years. As of February 2, 2013, marketable securities generally consisted of corporate bonds, municipal bonds, and U.S. government and agency securities. | ||||||||||||||
The following tables summarize our investments in marketable securities at February 1, 2014 and February 2, 2013: | ||||||||||||||
1-Feb-14 | ||||||||||||||
(in thousands) | ||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Total marketable securities | $ | 115,889 | $ | 118 | $ | 5 | $ | 116,002 | ||||||
2-Feb-13 | ||||||||||||||
(in thousands) | ||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Total marketable securities | $ | 272,283 | $ | 242 | $ | 26 | $ | 272,499 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
3. 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, including evaluation of long-lived assets, goodwill and other intangible assets for impairment using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. | |||||||||||||
To assess the fair value of goodwill, we utilize both an income approach and a market approach. Inputs used to calculate the fair value based on the income approach primarily include estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant. Inputs used to calculate the fair value based on the market approach include identifying sales and EBITDA multiples based on guidelines for similar publicly traded companies and recent transactions. | |||||||||||||
To assess the fair value of the trade names, we utilize a relief from royalty approach. Inputs used to calculate the fair value of the trade names primarily include future sales projections, discounted at a rate that approximates the cost of capital of a market participant and an estimated royalty rate. | |||||||||||||
During fiscal 2013, we recorded a $72.5 million pre-tax impairment charge related to assets measured at fair value on a non-recurring basis, comprised of $67.3 million in Boston Proper goodwill impairment and $5.2 million pre-tax related to the Boston Proper trade name. | |||||||||||||
Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. | |||||||||||||
During fiscal 2013, we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore during fiscal 2013 and 2012, we did not have any Level 3 cash equivalents or marketable securities. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. | |||||||||||||
In accordance with the provisions of the guidance, we categorized our financial assets, which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Balance as of February 1, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Current Assets | (in thousands) | ||||||||||||
Cash equivalents: | |||||||||||||
Money market accounts | $ | 7,509 | $ | 7,509 | $ | - | $ | - | |||||
Marketable securities: | |||||||||||||
Municipal securities | 51,519 | - | 51,519 | - | |||||||||
U.S. government securities | 9,812 | 9,812 | - | - | |||||||||
U.S. government agencies | 9,020 | - | 9,020 | - | |||||||||
Corporate bonds | 45,651 | - | 45,651 | - | |||||||||
Non Current Assets | |||||||||||||
Deferred compensation plan | 6,299 | 6,299 | - | - | |||||||||
Total | $ | 129,810 | $ | 23,620 | $ | 106,190 | $ | - | |||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Balance as of February 2, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Current Assets | (in thousands) | ||||||||||||
Cash equivalents: | |||||||||||||
Money market accounts | $ | 25,366 | $ | 25,366 | $ | - | $ | - | |||||
Marketable securities: | |||||||||||||
Municipal securities | 92,448 | - | 92,448 | - | |||||||||
U.S. government securities | 44,714 | 44,714 | - | - | |||||||||
U.S. government agencies | 28,064 | - | 28,064 | - | |||||||||
Corporate bonds | 100,255 | - | 100,255 | - | |||||||||
Commercial paper | 4,996 | - | 4,996 | - | |||||||||
Certificates of deposit | 2,022 | - | 2,022 | - | |||||||||
Non Current Assets | |||||||||||||
Deferred compensation plan | 4,629 | 4,629 | - | - | |||||||||
Total | $ | 302,494 | $ | 74,709 | $ | 227,785 | $ | - | |||||
Prepaid_And_Other_Current_Asse
Prepaid And Other Current Assets | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Prepaid And Other Current Assets [Abstract] | ' | ||||||
Prepaid And Other Current Assets | ' | ||||||
4.PREPAID AND OTHER CURRENT ASSETS: | |||||||
Prepaid and other current assets consisted of the following: | |||||||
1-Feb-14 | 2-Feb-13 | ||||||
(in thousands) | |||||||
Prepaid expenses | $ | 39,974 | $ | 38,960 | |||
Accounts receivable | 6,341 | 8,438 | |||||
Income tax receivable | 3,990 | 1,719 | |||||
Other current assets | 393 | 12,669 | |||||
Total prepaid and other current assets | $ | 50,698 | $ | 61,786 | |||
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | |||||
Feb. 01, 2014 | ||||||
Property And Equipment, Net [Abstract] | ' | |||||
Property And Equipment, Net | ' | |||||
5.PROPERTY AND EQUIPMENT, NET: | ||||||
Property and equipment, net, consisted of the following: | ||||||
1-Feb-14 | 2-Feb-13 | |||||
(in thousands) | ||||||
Land and land improvements | $ | 49,413 | $ | 45,214 | ||
Building and building improvements | 126,858 | 125,606 | ||||
Equipment, furniture and fixtures | 611,439 | 561,402 | ||||
Leasehold improvements | 545,526 | 495,018 | ||||
Total property and equipment | 1,333,236 | 1,227,240 | ||||
Less accumulated depreciation and amortization | -702,186 | -619,120 | ||||
Property and equipment, net | $ | 631,050 | $ | 608,120 | ||
Total depreciation expense for fiscal 2013, 2012 and 2011 was $113.8 million, $103.9 million and $97.8 million, respectively. | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||
Feb. 01, 2014 | ||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||
Goodwill and Intangible Assets | ' | |||||
6.GOODWILL AND OTHER INTANGIBLE ASSETS: | ||||||
Goodwill and other intangible assets consisted of the following: | ||||||
1-Feb-14 | 2-Feb-13 | |||||
(in thousands) | ||||||
Goodwill: | ||||||
Total Goodwill | $ | 171,427 | $ | 238,693 | ||
Indefinite-Lived Intangibles: | ||||||
WH|BM trade name | $ | 34,000 | $ | 34,000 | ||
Minnesota territorial franchise rights | 4,930 | 4,930 | ||||
Boston Proper trade name | 46,000 | 51,200 | ||||
Total indefinite-lived intangibles | $ | 84,930 | $ | 90,130 | ||
Definite-Lived Intangibles: | ||||||
Boston Proper customer relationships | $ | 43,580 | $ | 43,580 | ||
Accumulated amortization expense recorded | -10,314 | -5,956 | ||||
Total definite-lived intangibles | 33,266 | 37,624 | ||||
Total other intangible assets, net | $ | 118,196 | $ | 127,754 | ||
On September 19, 2011, we acquired all of the outstanding equity of Boston Proper, Inc. (“Boston Proper”), a privately held online and catalog retailer of distinctive women’s apparel and accessories. Total cash consideration was approximately $214 million. We allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. | ||||||
In fiscal 2013, as a result of declines in the Boston Proper catalog business due to the increasingly competitive direct-to-consumer environment and the impact of integration efforts and new initiatives, we recorded a pre-tax goodwill impairment charge of $67.3 million, reducing the carrying value of Boston Proper goodwill to $74.6 million and an impairment charge related to the Boston Proper trade name of $5.2 million pre-tax, reducing the carrying value of the Boston Proper trade name to $46.0 million. | ||||||
Intangible assets subject to amortization consist of $33.3 million in Boston Proper customer relationships with amortization expense for fiscal 2013 of approximately $4.4 million. For fiscal years 2014 through 2018, we expect to record annual amortization expense of approximately $4.4 million in each fiscal year. | ||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Current Liabilities [Abstract] | ' | ||||||
Other Current Liabilities | ' | ||||||
7. OTHER CURRENT AND DEFERRED LIABILITIES: | |||||||
Other current and deferred liabilities consisted of the following: | |||||||
1-Feb-14 | 2-Feb-13 | ||||||
(in thousands) | |||||||
Allowance for estimated customer returns, gift cards and store | $ | 56,034 | $ | 54,355 | |||
credits outstanding | |||||||
Accrued payroll, benefits, bonuses and severance costs | 32,355 | 60,646 | |||||
Current portion of deferred rent and lease credits | 27,166 | 23,951 | |||||
Other | 26,518 | 34,072 | |||||
Total other current and deferred liabilities | $ | 142,073 | $ | 173,024 | |||
Deferred_Liabilities
Deferred Liabilities | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Deferred Liabilities [Abstract] | ' | ||||||
Deferred Liabilities | ' | ||||||
8.NON-CURRENT DEFERRED LIABILITIES: | |||||||
Deferred liabilities consisted of the following: | |||||||
1-Feb-14 | 2-Feb-13 | ||||||
(in thousands) | |||||||
Deferred rent | $ | 45,897 | $ | 44,222 | |||
Deferred lease credits | 106,808 | 98,589 | |||||
Other deferred liabilities | 13,335 | 13,514 | |||||
Total deferred liabilities | 166,040 | 156,325 | |||||
Less current portion of deferred rent and lease credits | -27,166 | -23,951 | |||||
Total non-current deferred liabilities | $ | 138,874 | $ | 132,374 | |||
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 terms of our 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 | ||
Feb. 01, 2014 | |||
Commitments And Contingencies [Abstract] | ' | ||
Commitments And Contingencies | ' | ||
9.COMMITMENTS AND CONTINGENCIES: | |||
Leases | |||
We lease retail stores, a limited amount of office space, primarily in Boca Raton, Florida, and various office equipment under operating leases expiring in various years through the fiscal year ending 2024. 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 February 1, 2014, are approximately as follows: | |||
FISCAL YEAR ENDING: | |||
(in thousands) | |||
31-Jan-15 | $ | 180,173 | |
30-Jan-16 | 172,683 | ||
28-Jan-17 | 154,181 | ||
27-Jan-18 | 121,382 | ||
2-Feb-19 | 92,782 | ||
Thereafter | 295,252 | ||
Total minimum lease payments | $ | 1,016,453 | |
Certain of the leases provide that we may cancel the lease if our retail sales at that location fall below an established level. A majority of our store operating leases contain cancellation clauses that allow the leases to be terminated at our discretion, if certain minimum sales levels are not met within the first few years of the lease term. We have not historically exercised many or met these cancellation clauses and, therefore, have included commitments for the full lease terms of such leases in the above table. For fiscal 2013, 2012 and 2011, total rent expense under operating leases was approximately $230.0 million, $206.0 million, and $184.5 million, respectively, including common area maintenance charges of approximately $37.2 million, $31.6 million, and $27.5 million, respectively, other rental charges of approximately $32.8 million, $27.5 million, and $25.8 million, respectively, and contingent rental expense, based on sales, of approximately $9.1 million, $12.1 million, and $10.6 million, respectively. | |||
Credit Facility | |||
On July 27, 2011, we entered into a $70 million senior five-year unsecured revolving credit facility (the “Credit Facility”) with a syndicate led by JPMorgan Chase Bank, N.A., as administrative agent and HSBC Bank USA, National Association, as syndication agent. | |||
The Credit Facility provides a $70 million revolving credit facility that matures on July 27, 2016. The Credit Facility provides for swing advances of up to $5 million and issuance of letters of credit up to $40 million. The Credit Facility also contains a feature that provides the Company the ability, subject to satisfaction of certain conditions, to expand the commitments available under the Credit Facility from $70 million up to $125 million. As of February 1, 2014, no borrowings are outstanding under the Credit Facility. | |||
The Credit Facility contains customary financial covenants for unsecured credit facilities, consisting of a maximum total debt leverage ratio that cannot be greater than 3.25 to 1.00 and a minimum fixed charge coverage ratio that cannot be less than 1.20 to 1.00. | |||
The Credit Facility contains customary events of default. If a default occurs and is not cured within any applicable cure period or is not waived, the Company’s obligations under the Credit Facility may be accelerated or the Credit Facility may be terminated. The Company was in compliance with the applicable ratio requirements and other covenants at February 1, 2014. | |||
Other | |||
At February 1, 2014 and February 2, 2013, we had approximately $433.5 million and $392.3 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. | |||
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. | |||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||
Stock-Based Compensation | ' | ||||||||||
10.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 awards, stock options, and stock appreciation rights, in accordance with the terms and conditions of the Omnibus Plan. The terms of each award will be determined by the Compensation and Benefits Committee of the Board of Directors. | |||||||||||
We have historically issued restricted stock, including non-vested restricted stock and performance-based restricted stock, performance-based stock units, and stock options. Shares of non-vested restricted stock and performance-based restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon, and are considered to be currently issued and outstanding. Performance-based stock units are not entitled to voting rights or dividends. Generally, stock-based awards vest evenly over three years; stock options generally have a 10-year term. As of February 1, 2014, approximately 2.6 million nonqualified stock options are outstanding under the Omnibus Plan and approximately 9.0 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 2013, 2012 and 2011 was $27.1 million, $26.5 million and $15.2 million, respectively. The total tax benefit associated with stock-based compensation for fiscal 2013, 2012 and 2011 was $10.4 million, $10.1 million and $5.8 million, respectively. | |||||||||||
Restricted Stock Awards | |||||||||||
Restricted stock activity for fiscal 2013 was as follows: | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested, beginning of period | 3,066,264 | $ | 13.27 | ||||||||
Granted | 2,228,050 | 16.99 | |||||||||
Vested | -1,045,674 | 13.70 | |||||||||
Canceled | -365,506 | 15.00 | |||||||||
Unvested, end of period | 3,883,134 | 15.13 | |||||||||
Performance-based restricted stock activity for fiscal 2013 was as follows: | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested, beginning of period | 34,444 | $ | 13.69 | ||||||||
Granted | - | - | |||||||||
Vested | -17,222 | 13.69 | |||||||||
Canceled | - | - | |||||||||
Unvested, end of period | 17,222 | 13.69 | |||||||||
Total fair value of shares of restricted stock and performance-based restricted stock that vested during fiscal 2013, 2012 and 2011 was $17.6 million, $13.3 million and $5.3 million, respectively. The weighted average grant date fair value of restricted stock and performance-based restricted stock granted during the fiscal 2013, 2012 and 2011 was $16.99, $15.40, and $12.65, respectively. As of February 1, 2014, there was $33.2 million of unrecognized stock-based compensation expense related to non-vested restricted stock and performance-based restricted stock awards. That cost is expected to be recognized over a weighted average period of 2.4 years and 0.1 years for restricted stock and performance-based restricted stock, respectively. For performance-based restricted stock outstanding all relevant performance conditions have been met. | |||||||||||
Performance-based Stock Units | |||||||||||
Performance-based stock unit activity for fiscal 2013 was as follows: | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested, beginning of period | 657,316 | $ | 15.01 | ||||||||
Granted | 756,050 | 16.59 | |||||||||
Vested | -267,829 | 15.01 | |||||||||
Canceled | -659,602 | 16.82 | |||||||||
Unvested, end of period | 485,935 | 15.01 | |||||||||
Total fair value of performance-based stock units that vested during fiscal 2013 was $4.5 million. The weighted average grant date fair value of performance-based stock units granted during the fiscal 2013 and 2012 was $16.59 and $15.01, respectively. No performance-based stock units were granted in fiscal 2011. There was $1.3 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 1.0 years. | |||||||||||
Stock Option Awards | |||||||||||
We used the Black-Scholes option-pricing model to value our stock options. No stock options have been issued since 2011. Using this option-pricing model, the fair value of each stock option award was estimated on the date of grant. The fair value of the stock option awards, which are subject to pro-rata vesting generally over 3 years, is expensed on a straight-line basis over the vesting period of the stock options. The expected volatility assumptions were based on the historical volatility of the stock over a term equal to the expected term of the option granted. The expected terms of stock option awards granted were derived from historical exercise experience under the stock option plans and represents the period of time that stock option awards granted are expected to be outstanding. The expected term assumption incorporates the contractual term of an option grant, which is ten years, as well as the vesting period of an award, which is generally pro-rata vesting over three years. The risk-free interest rates were based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the expected term of the option granted. The expected dividend yields were based on the expected annual dividend divided by the market price of our common stock at the time of declaration. | |||||||||||
The weighted average assumptions relating to the valuation of our stock options for fiscal 2011 were as follows: | |||||||||||
Weighted average fair value of grants | $ | 6.49 | |||||||||
Expected volatility | 66% | ||||||||||
Expected term (years) | 4.5 years | ||||||||||
Risk-free interest rate | 1.8% | ||||||||||
Expected dividend yield | 1.5% | ||||||||||
Stock option activity for fiscal 2013 was as follows: | |||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
(in thousands) | |||||||||||
Outstanding, beginning of period | 3,851,830 | $ | 15.91 | ||||||||
Granted | - | - | |||||||||
Exercised | -780,656 | 12.56 | |||||||||
Canceled or expired | -428,905 | 23.70 | |||||||||
Outstanding, end of period | 2,642,269 | $ | 15.63 | 5.01 | $ | 9,174 | |||||
Vested and expected to vest at | 2,627,964 | $ | 15.65 | 5.00 | $ | 9,111 | |||||
February 1, 2014 | |||||||||||
Exercisable at February 1, 2014 | 2,243,041 | $ | 16.04 | 4.63 | $ | 7,861 | |||||
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 2013 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 February 1, 2014. This amount changes based on the fair market value of our common stock. Total intrinsic value of options exercised during fiscal 2013, 2012 and 2011 (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 $4.3 million, $20.8 million and $5.2 million, respectively. | |||||||||||
As of February 1, 2014, there was $0.4 million of total unrecognized compensation expense related to unvested stock options. That expense is expected to be recognized over a weighted average period of 0.4 years. | |||||||||||
Cash received from option exercises for fiscal 2013 was $9.8 million. The actual tax benefit realized for the tax deduction from option exercises of stock option awards totaled $1.7 million for fiscal 2013. | |||||||||||
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 2013, 2012 and 2011, approximately 187,000, 132,000, and 72,000 shares, respectively, were purchased under the ESPP. Cash received from purchases under the ESPP for fiscal 2013 was $2.6 million. | |||||||||||
Share Repurchase Program | |||||||||||
During fiscal 2013, we repurchased 13.8 million shares, at a total cost of approximately $245.0 million. On December 19, 2013, we announced that our Board approved a new $300 million share repurchase program of our outstanding common stock, and cancelled in its entirety the prior $300 million share repurchase program, which had $55.0 million remaining. 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 |
Feb. 01, 2014 | |
Retirement Plans [Abstract] | ' |
Retirement Plans | ' |
11.RETIREMENT PLANS: | |
We have a 401(k) defined contribution employee benefit plan (the “Plan”) covering substantially all employees upon completion of one year of service, working 1,000 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 2013, 2012 and 2011, our costs under the Plan were approximately $3.5 million, $3.2 million, and $2.8 million, respectively. | |
In April 2002, we adopted the Chico’s FAS, Inc. Deferred Compensation Plan (the “Deferred Plan”) to provide supplemental retirement income benefits for a select group of management employees. Eligible participants may elect to defer up to 80 percent of their salary and 100 percent of their bonuses pursuant to the terms and conditions of the Deferred Plan. The Deferred Plan generally provides for payments upon retirement, death or termination of employment. In addition, we may make employer contributions to participants under the Deferred Plan. To date, no Company contributions have been made under the Deferred Plan. The amount of the deferred compensation liability payable to the participants is included in deferred liabilities in the consolidated balance sheets. These obligations are funded through the establishment of rabbi trust accounts held by us on behalf of the management group participating in the plan. The trust accounts are reflected in other assets in the accompanying consolidated balance sheets. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
12.INCOME TAXES: | ||||||||||
The income tax provision consisted of the following: | ||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||
(in thousands) | ||||||||||
Current: | ||||||||||
Federal | $ | 58,000 | $ | 95,410 | $ | 52,245 | ||||
Foreign | 12 | - | - | |||||||
State | 7,557 | 17,001 | 11,366 | |||||||
Deferred: | ||||||||||
Federal | 8,479 | -2,585 | 17,991 | |||||||
State | 1,752 | -1,626 | 1,498 | |||||||
Total income tax provision | $ | 75,800 | $ | 108,200 | $ | 83,100 | ||||
The foreign component of pre-tax income (loss), arising principally from operating foreign stores, for fiscal 2013, 2012, and 2011 was ($0.6) million, $0.0 million, and $0.0 million respectively. | ||||||||||
A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: | ||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||
Federal income tax rate | 35.0% | 35.0% | 35.0% | |||||||
State income tax, net of federal tax benefit | 3.0 | 3.5 | 3.8 | |||||||
Goodwill Impairment | 18.0 | - | - | |||||||
Enhanced Charitable Contribution | -1.8 | -0.7 | -1.1 | |||||||
Other items, net | -0.7 | -0.3 | -0.6 | |||||||
Total | 53.5% | 37.5% | 37.1% | |||||||
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 February 1, 2014 and February 2, 2013: | ||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||
(in thousands) | ||||||||||
Deferred tax assets: | ||||||||||
Accrued liabilities and allowances | $ | 10,694 | $ | 20,103 | ||||||
Accrued straight-line rent | 18,124 | 17,533 | ||||||||
Stock-based compensation | 18,388 | 17,822 | ||||||||
Other | 4,197 | 4,540 | ||||||||
Total deferred tax assets | 51,403 | 59,998 | ||||||||
Deferred tax liabilities: | ||||||||||
Other | -1,148 | - | ||||||||
Prepaid expenses | -5,759 | -5,360 | ||||||||
Property related | -45,452 | -40,719 | ||||||||
Other intangible assets | -51,291 | -53,894 | ||||||||
Total deferred tax liabilities | -103,650 | -99,973 | ||||||||
Net deferred tax liability | $ | -52,247 | $ | -39,975 | ||||||
A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2013, fiscal 2012 and fiscal 2011 is as follows: | ||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||
(in thousands) | ||||||||||
Balance at beginning of year | $ | 4,715 | $ | 3,677 | $ | 3,628 | ||||
Additions for tax positions of prior years | 12 | 506 | 167 | |||||||
Reductions for tax positions of prior years | - | - | -81 | |||||||
Additions for tax positions for the current year | 461 | 694 | 442 | |||||||
Settlements with tax authorities | -1,114 | -63 | -306 | |||||||
Reductions due to lapse of applicable statutes of | -118 | -99 | -173 | |||||||
limitation | ||||||||||
Balance at end of year | $ | 3,956 | $ | 4,715 | $ | 3,677 | ||||
Included in the February 1, 2014, February 2, 2013, and January 28, 2012 balances were $2.6 million, $3.1 million, and $2.4 million respectively, of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate in future periods. | ||||||||||
Our continuing practice is to recognize potential accrued interest and penalties relating to unrecognized tax benefits in the income tax provision. For fiscal 2013, 2012 and 2011, we accrued $0.4 million per year for interest and penalties. We had approximately $2.3 million, $2.4 million and $2.1 million, respectively for the payment of interest and penalties accrued at February 1, 2014, February 2, 2013 and January 28, 2012, 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 2011 year has been examined and a full acceptance letter issued. For fiscal 2012, all issues have been resolved during the post-file review process and we are awaiting a full acceptance letter. | ||||||||||
With few exceptions, we are no longer subject to state and local examinations for years before fiscal 2009. Various state examinations are currently underway for fiscal periods spanning from 2004 through 2012; however, we do not expect any significant change to our uncertain tax positions within the next year. | ||||||||||
In September 2013, the Internal Revenue Service enacted final guidance regarding the deduction and capitalization of expenditures related to tangible property (“tangible property regulations”). The tangible property regulations clarify and expand sections 162(a) and 263(a) of the Internal Revenue Code, which relate to amounts paid to acquire, produce, or improve tangible property. Additionally, the tangible property regulations provide final guidance under section 167 regarding accounting for and retirement of depreciable property and regulations under section 168 relating to the accounting for property under the Modified Accelerated Cost Recovery System. The tangible property regulations affect all taxpayers that acquire, produce, or improve tangible property, and generally apply to taxable years beginning on or after January 1, 2014, which will impact the fiscal year ending January 31, 2015. We evaluated the tangible property regulations and believe the regulations will not have a significant impact on our financial condition or results of operations. | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
13.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: | ||||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||
(dollars in thousands) | ||||||||||
Numerator | ||||||||||
Net income | $ | 65,883 | $ | 180,219 | $ | 140,874 | ||||
Net income and dividends declared allocated | -1,746 | -3,309 | -1,834 | |||||||
to unvested restricted stock | ||||||||||
Net income available to common shareholders | $ | 64,137 | $ | 176,910 | $ | 139,040 | ||||
Denominator | ||||||||||
Weighted average common shares | 155,047,529 | 162,988,767 | 169,152,870 | |||||||
outstanding – basic | ||||||||||
Dilutive effect of stock options and PSUs | 947,332 | 1,130,313 | 1,097,574 | |||||||
outstanding | ||||||||||
Weighted average common and common | 155,994,861 | 164,119,080 | 170,250,444 | |||||||
equivalent shares outstanding – diluted | ||||||||||
Net income per common share: | ||||||||||
Basic | $ | 0.41 | $ | 1.09 | $ | 0.82 | ||||
Diluted | $ | 0.41 | $ | 1.08 | $ | 0.82 | ||||
In fiscal 2013, 2012 and 2011, 922,532, 1,391,228 and 3,823,166 potential shares of common stock, respectively, were excluded from the diluted per share calculation relating to stock option awards and performance-based stock units, because the effect of including these potential shares was antidilutive. | ||||||||||
Quarterly_Results_Of_Operation
Quarterly Results Of Operations | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Results Of Operations [Abstract] | ' | ||||||||||||||||
Quarterly Results Of Operations | ' | ||||||||||||||||
14.QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): | |||||||||||||||||
Net Sales | Gross Margin | Net Income (Loss) | Net Income (Loss) Per Common Share - Basic | Net Income (Loss) Per Common and Common Equivalent Share - Diluted | |||||||||||||
(dollars in thousands) | |||||||||||||||||
Fiscal year ended | |||||||||||||||||
February 1, 2014: | |||||||||||||||||
First quarter | $ | 670,722 | $ | 386,844 | $ | 51,122 | $ | 0.31 | $ | 0.31 | |||||||
Second quarter | 649,503 | 356,142 | 43,588 | 0.27 | 0.27 | ||||||||||||
Third quarter | 655,579 | 364,010 | -28,479 | -0.18 | -0.18 | ||||||||||||
Fourth quarter | 610,233 | 309,635 | -348 | 0.00 | 0.00 | ||||||||||||
Fiscal year ended | |||||||||||||||||
February 2, 2013: | |||||||||||||||||
First quarter | $ | 650,817 | $ | 378,596 | $ | 53,645 | $ | 0.32 | $ | 0.32 | |||||||
Second quarter | 641,722 | 362,180 | 53,395 | 0.32 | 0.32 | ||||||||||||
Third quarter | 636,665 | 364,296 | 41,657 | 0.25 | 0.25 | ||||||||||||
Fourth quarter | 651,853 | 346,728 | 31,522 | 0.20 | 0.19 | ||||||||||||
Each quarter in fiscal 2013 and 2012 contained 13 weeks, except for the fourth quarter of fiscal 2012, which contained 14 weeks. | |||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
15.SUBSEQUENT EVENTS: | |
On February 27, 2014, we announced that our Board of Directors declared a quarterly dividend of $0.075 per share on our common stock. The dividend will be payable on March 31, 2014 to shareholders of record at the close of business on March 17, 2014. 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_Policy
Business Organization (Policy) | 12 Months Ended | |
Feb. 01, 2014 | ||
Basis Of Presentation [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 February 1, 2014 (“fiscal 2013” or “current period”), February 2, 2013 (“fiscal 2012” or “prior period”) and January 28, 2012 (“fiscal 2011”). Fiscal 2012 contained 53 weeks while fiscal 2013 and 2011 each contained 52 weeks. | ||
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Segment Information | ' | |
Segment Information | ||
Our brands, Chico’s, Soma Intimates, WH|BM, and Boston Proper, have been identified as separate operating segments and aggregated into one reportable segment due to the similarities of the economic and operating characteristics of the brands. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents include cash on hand and in banks, short-term highly liquid investments with original maturities of three months or less and payments due from banks for third-party credit card and debit transactions for approximately 3 to 5 days of sales. | ||
Marketable Securities | ' | |
Marketable Securities | ||
Marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost is 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 and cash equivalents, marketable securities, and accounts receivable and payable. The carrying values of these assets and liabilities approximate their fair value due to the short-term nature of the instruments. | ||
Inventories | ' | |
Inventories | ||
We use the weighted average cost method to determine the cost of merchandise inventories. We identify potentially excess and slow-moving inventories by evaluating inventory aging, turn rates and inventory levels in conjunction with our overall sales trend. Excess quantities of inventory are identified through evaluation of inventory aging, review of inventory turns and historical sales experience, as well as specific identification based on fashion trends. Further, inventory realization exposure is identified through analysis of gross margins and markdowns in combination with changes in current business trends. We provide lower of cost or market adjustments for such identified excess and slow-moving inventories. We estimate our expected shrinkage of inventories between physical inventory counts by using average store shrinkage experience rates, which are updated on a regular basis. Substantially all of our inventories consist of finished goods. | ||
Costs associated with sourcing are generally capitalized while merchandising, distribution, and product development costs are generally expensed as incurred, and are included in the accompanying consolidated statements of income as a component of cost of goods sold. Approximately 23% of total purchases in fiscal 2013 and 21% of total purchases in 2012 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 depreciated using the following estimated useful lives: | ||
Estimated Useful Lives | ||
Land improvements | 15 - 35 years | |
Building and building improvements | 20 - 35 years | |
Equipment, furniture and fixtures | 2 – 20 years | |
Leasehold improvements | 10 years or term of lease, if shorter | |
Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation or amortization are eliminated from the accounts, and any gain or loss is charged to income. | ||
Operating Leases | ' | |
Operating Leases | ||
We lease retail stores and a limited amount of office space, primarily in Boca Raton, Florida, under operating leases. The majority of our lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions. Tenant improvement allowances are recorded as a deferred lease credit within deferred liabilities and amortized as a reduction of rent expense over the term of the lease. Rent escalation clauses, “rent-free” periods, and other rental expenses are amortized on a straight-line basis over the term of the leases, including the construction period. This is generally 60 - 90 days prior to the store opening date, when we generally begin improvements in preparation for our intended use. | ||
Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. We record a contingent rent liability in accrued liabilities on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. | ||
Goodwill and Other Intangible Assets | ' | |
Goodwill and Other Intangible Assets | ||
Goodwill and other indefinite-lived intangible assets are tested for impairment at least annually. We perform our annual impairment test during the fourth quarter, or more frequently should events or circumstances change that would indicate that impairment may have occurred. | ||
Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Impairment testing for goodwill is done at a reporting unit level. Reporting units are defined as an operating segment or one level below an operating segment, called a component. Using these criteria, we identified our reporting units and concluded that the goodwill related to the territorial franchise rights for the state of Minnesota should be allocated to the Chico’s reporting unit, the goodwill associated with the WH|BM acquisition should be assigned to the WH|BM reporting unit and the goodwill associated with the Boston Proper acquisition should be assigned to the Boston Proper reporting unit. | ||
We evaluate the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test will not be performed. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step impairment test is performed. We may elect to skip the qualitative assessment and perform the two-step impairment test. The first step of the impairment test compares the fair value of our reporting units with their carrying amounts, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of any impairment loss. Fair value is determined based on both an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales and EBITDA multiples of similar companies and transactions. In the third quarter of 2013 we performed an interim goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $67.3 million as further discussed in Note 6. For 2013, we performed our annual goodwill impairment assessment for our reporting units and concluded that the fair values of those reporting units were not less than their carrying amounts as of the annual assessment date. | ||
In 2012, we early adopted guidance that provides companies the option to test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying amount. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of the intangible is less than its carrying amount, we calculate the value of the indefinite-lived intangible assets using a discounted cash flow method, based on the relief from royalty concept. We may elect to skip the qualitative assessment when appropriate based on current circumstances. In the third quarter of 2013, we performed an interim quantitative assessment of certain Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $5.2 million on the Boston Proper trade name as further discussed in Note 6. For 2013, we performed our annual qualitative assessment of our indefinite-lived intangible assets and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment date. | ||
Intangible assets subject to amortization consist of the value of Boston Proper customer relationships, which are being amortized on a straight-line basis over a period of 10 years. | ||
Accounting for the Impairment of Long-lived Assets | ' | |
Accounting for the Impairment of Long-lived Assets | ||
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 2013, 2012 and 2011, we completed an evaluation of long-lived assets at certain underperforming stores for indicators of impairment and, as a result, recorded impairment charges of approximately $1.3 million, $1.1 million and $2.1 million, respectively. | ||
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. | ||
Fair Value of Financial Instruments | ' | |
Fair Value of Financial Instruments | ||
Our consolidated financial instruments consist of cash and cash equivalents, marketable securities, and accounts receivable and payable. The carrying values of these assets and liabilities approximate their fair value due to the short-term nature of the instruments. | ||
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 and the consolidated statements of stockholders’ equity. 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 | ||
Supplier Allowances | ' | |
Supplier Allowances | ||
From time to time, we receive allowances and/or credits from certain of our suppliers. The aggregate amount of such allowances and credits is immaterial to our consolidated results of operations. | ||
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 $18.4 million, $8.3 million, and $10.5 million in fiscal 2013, 2012 and 2011, 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. | ||
Advertising Costs | ' | |
Advertising Costs | ||
Costs associated with the production of advertising, such as writing, copying, printing, and other costs are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine, are expensed when the advertising event takes place. Catalog expenses consist of the cost to create, print, and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is typically less than nine weeks. For fiscal 2013, 2012 and 2011, advertising expense was approximately $151.9 million, $145.6 million, and $110.6 million, respectively, and is included within selling, general and administrative expense (“SG&A”) in the accompanying consolidated statements of income. | ||
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 comprised of unvested restricted stock awards. | ||
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 securities such as stock options and performance-based stock units. | ||
Newly Issued Accounting Pronouncements | ' | |
Newly Issued Accounting Pronouncements | ||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued new disclosure guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). This guidance requires an entity to disclose significant items reclassified out of AOCI to net income and the effect of these reclassifications on the respective line items in net income. This guidance is effective for reporting periods beginning after December 15, 2012. We adopted this guidance effective February 3, 2013 and its adoption did not have an impact on our consolidated results of operations, financial position or cash flows. | ||
Marketable_Securities_Tables
Marketable Securities - (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||
Summary Of Investments In Marketable Securities | ' | |||||||||||||
1-Feb-14 | ||||||||||||||
(in thousands) | ||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Total marketable securities | $ | 115,889 | $ | 118 | $ | 5 | $ | 116,002 | ||||||
2-Feb-13 | ||||||||||||||
(in thousands) | ||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Total marketable securities | $ | 272,283 | $ | 242 | $ | 26 | $ | 272,499 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Financial Assets Valued On A Recurring Basis, Based On The Priority Of The Inputs To The Valuation Technique | ' | ||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Balance as of February 1, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Current Assets | (in thousands) | ||||||||||||
Cash equivalents: | |||||||||||||
Money market accounts | $ | 7,509 | $ | 7,509 | $ | - | $ | - | |||||
Marketable securities: | |||||||||||||
Municipal securities | 51,519 | - | 51,519 | - | |||||||||
U.S. government securities | 9,812 | 9,812 | - | - | |||||||||
U.S. government agencies | 9,020 | - | 9,020 | - | |||||||||
Corporate bonds | 45,651 | - | 45,651 | - | |||||||||
Non Current Assets | |||||||||||||
Deferred compensation plan | 6,299 | 6,299 | - | - | |||||||||
Total | $ | 129,810 | $ | 23,620 | $ | 106,190 | $ | - | |||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
Balance as of February 2, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Current Assets | (in thousands) | ||||||||||||
Cash equivalents: | |||||||||||||
Money market accounts | $ | 25,366 | $ | 25,366 | $ | - | $ | - | |||||
Marketable securities: | |||||||||||||
Municipal securities | 92,448 | - | 92,448 | - | |||||||||
U.S. government securities | 44,714 | 44,714 | - | - | |||||||||
U.S. government agencies | 28,064 | - | 28,064 | - | |||||||||
Corporate bonds | 100,255 | - | 100,255 | - | |||||||||
Commercial paper | 4,996 | - | 4,996 | - | |||||||||
Certificates of deposit | 2,022 | - | 2,022 | - | |||||||||
Non Current Assets | |||||||||||||
Deferred compensation plan | 4,629 | 4,629 | - | - | |||||||||
Total | $ | 302,494 | $ | 74,709 | $ | 227,785 | $ | - | |||||
Prepaid_And_Other_Current_Asse1
Prepaid And Other Current Assets (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Prepaid And Other Current Assets [Abstract] | ' | ||||||
Schedule Of Prepaid And Other Current Assets | ' | ||||||
1-Feb-14 | 2-Feb-13 | ||||||
(in thousands) | |||||||
Prepaid expenses | $ | 39,974 | $ | 38,960 | |||
Accounts receivable | 6,341 | 8,438 | |||||
Income tax receivable | 3,990 | 1,719 | |||||
Other current assets | 393 | 12,669 | |||||
Total prepaid and other current assets | $ | 50,698 | $ | 61,786 | |||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets - (Tables) | 12 Months Ended | |||||
Feb. 01, 2014 | ||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||
Schedule Of Goodwill and Intangible Assets | ' | |||||
1-Feb-14 | 2-Feb-13 | |||||
(in thousands) | ||||||
Goodwill: | ||||||
Total Goodwill | $ | 171,427 | $ | 238,693 | ||
Indefinite-Lived Intangibles: | ||||||
WH|BM trade name | $ | 34,000 | $ | 34,000 | ||
Minnesota territorial franchise rights | 4,930 | 4,930 | ||||
Boston Proper trade name | 46,000 | 51,200 | ||||
Total indefinite-lived intangibles | $ | 84,930 | $ | 90,130 | ||
Definite-Lived Intangibles: | ||||||
Boston Proper customer relationships | $ | 43,580 | $ | 43,580 | ||
Accumulated amortization expense recorded | -10,314 | -5,956 | ||||
Total definite-lived intangibles | 33,266 | 37,624 | ||||
Total other intangible assets, net | $ | 118,196 | $ | 127,754 | ||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Current Liabilities [Abstract] | ' | ||||||
Schedule Of Other Current Liabilities | ' | ||||||
1-Feb-14 | 2-Feb-13 | ||||||
(in thousands) | |||||||
Allowance for estimated customer returns, gift cards and store | $ | 56,034 | $ | 54,355 | |||
credits outstanding | |||||||
Accrued payroll, benefits, bonuses and severance costs | 32,355 | 60,646 | |||||
Current portion of deferred rent and lease credits | 27,166 | 23,951 | |||||
Other | 26,518 | 34,072 | |||||
Total other current and deferred liabilities | $ | 142,073 | $ | 173,024 | |||
Deferred_Liabilities_Tables
Deferred Liabilities (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Deferred Liabilities [Abstract] | ' | ||||||
Schedule Of Deferred Liabilities | ' | ||||||
1-Feb-14 | 2-Feb-13 | ||||||
(in thousands) | |||||||
Deferred rent | $ | 45,897 | $ | 44,222 | |||
Deferred lease credits | 106,808 | 98,589 | |||||
Other deferred liabilities | 13,335 | 13,514 | |||||
Total deferred liabilities | 166,040 | 156,325 | |||||
Less current portion of deferred rent and lease credits | -27,166 | -23,951 | |||||
Total non-current deferred liabilities | $ | 138,874 | $ | 132,374 | |||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||
Feb. 01, 2014 | |||
Commitments And Contingencies [Abstract] | ' | ||
Schedule Of Minimum Future Rental Payments Under Non-Cancelable Operating Leases | ' | ||
FISCAL YEAR ENDING: | |||
(in thousands) | |||
31-Jan-15 | $ | 180,173 | |
30-Jan-16 | 172,683 | ||
28-Jan-17 | 154,181 | ||
27-Jan-18 | 121,382 | ||
2-Feb-19 | 92,782 | ||
Thereafter | 295,252 | ||
Total minimum lease payments | $ | 1,016,453 | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Schedule Of Performance-Based Stock Units | ' | ||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested, beginning of period | 657,316 | $ | 15.01 | ||||||||
Granted | 756,050 | 16.59 | |||||||||
Vested | -267,829 | 15.01 | |||||||||
Canceled | -659,602 | 16.82 | |||||||||
Unvested, end of period | 485,935 | 15.01 | |||||||||
Summary Of Stock Option Activity | ' | ||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||
(in thousands) | |||||||||||
Outstanding, beginning of period | 3,851,830 | $ | 15.91 | ||||||||
Granted | - | - | |||||||||
Exercised | -780,656 | 12.56 | |||||||||
Canceled or expired | -428,905 | 23.70 | |||||||||
Outstanding, end of period | 2,642,269 | $ | 15.63 | 5.01 | $ | 9,174 | |||||
Vested and expected to vest at | 2,627,964 | $ | 15.65 | 5.00 | $ | 9,111 | |||||
February 1, 2014 | |||||||||||
Exercisable at February 1, 2014 | 2,243,041 | $ | 16.04 | 4.63 | $ | 7,861 | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||
Weighted average fair value of grants | $ | 6.49 | |||||||||
Expected volatility | 66% | ||||||||||
Expected term (years) | 4.5 years | ||||||||||
Risk-free interest rate | 1.8% | ||||||||||
Expected dividend yield | 1.5% | ||||||||||
Restricted Stock [Member] | ' | ||||||||||
Summary Of Restricted Stock Activity | ' | ||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested, beginning of period | 3,066,264 | $ | 13.27 | ||||||||
Granted | 2,228,050 | 16.99 | |||||||||
Vested | -1,045,674 | 13.70 | |||||||||
Canceled | -365,506 | 15.00 | |||||||||
Unvested, end of period | 3,883,134 | 15.13 | |||||||||
Performance-Based Awards [Member] | ' | ||||||||||
Summary Of Restricted Stock Activity | ' | ||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested, beginning of period | 34,444 | $ | 13.69 | ||||||||
Granted | - | - | |||||||||
Vested | -17,222 | 13.69 | |||||||||
Canceled | - | - | |||||||||
Unvested, end of period | 17,222 | 13.69 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Income Tax Provision | ' | |||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||
(in thousands) | ||||||||||
Current: | ||||||||||
Federal | $ | 58,000 | $ | 95,410 | $ | 52,245 | ||||
Foreign | 12 | - | - | |||||||
State | 7,557 | 17,001 | 11,366 | |||||||
Deferred: | ||||||||||
Federal | 8,479 | -2,585 | 17,991 | |||||||
State | 1,752 | -1,626 | 1,498 | |||||||
Total income tax provision | $ | 75,800 | $ | 108,200 | $ | 83,100 | ||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||
Federal income tax rate | 35.0% | 35.0% | 35.0% | |||||||
State income tax, net of federal tax benefit | 3.0 | 3.5 | 3.8 | |||||||
Goodwill Impairment | 18.0 | - | - | |||||||
Enhanced Charitable Contribution | -1.8 | -0.7 | -1.1 | |||||||
Other items, net | -0.7 | -0.3 | -0.6 | |||||||
Total | 53.5% | 37.5% | 37.1% | |||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||
1-Feb-14 | 2-Feb-13 | |||||||||
(in thousands) | ||||||||||
Deferred tax assets: | ||||||||||
Accrued liabilities and allowances | $ | 10,694 | $ | 20,103 | ||||||
Accrued straight-line rent | 18,124 | 17,533 | ||||||||
Stock-based compensation | 18,388 | 17,822 | ||||||||
Other | 4,197 | 4,540 | ||||||||
Total deferred tax assets | 51,403 | 59,998 | ||||||||
Deferred tax liabilities: | ||||||||||
Other | -1,148 | - | ||||||||
Prepaid expenses | -5,759 | -5,360 | ||||||||
Property related | -45,452 | -40,719 | ||||||||
Other intangible assets | -51,291 | -53,894 | ||||||||
Total deferred tax liabilities | -103,650 | -99,973 | ||||||||
Net deferred tax liability | $ | -52,247 | $ | -39,975 | ||||||
Schedule Of Uncertain Tax Positions Reconciliation | ' | |||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||
(in thousands) | ||||||||||
Balance at beginning of year | $ | 4,715 | $ | 3,677 | $ | 3,628 | ||||
Additions for tax positions of prior years | 12 | 506 | 167 | |||||||
Reductions for tax positions of prior years | - | - | -81 | |||||||
Additions for tax positions for the current year | 461 | 694 | 442 | |||||||
Settlements with tax authorities | -1,114 | -63 | -306 | |||||||
Reductions due to lapse of applicable statutes of | -118 | -99 | -173 | |||||||
limitation | ||||||||||
Balance at end of year | $ | 3,956 | $ | 4,715 | $ | 3,677 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule Of Earnings Per Share | ' | |||||||||
1-Feb-14 | 2-Feb-13 | 28-Jan-12 | ||||||||
(dollars in thousands) | ||||||||||
Numerator | ||||||||||
Net income | $ | 65,883 | $ | 180,219 | $ | 140,874 | ||||
Net income and dividends declared allocated | -1,746 | -3,309 | -1,834 | |||||||
to unvested restricted stock | ||||||||||
Net income available to common shareholders | $ | 64,137 | $ | 176,910 | $ | 139,040 | ||||
Denominator | ||||||||||
Weighted average common shares | 155,047,529 | 162,988,767 | 169,152,870 | |||||||
outstanding – basic | ||||||||||
Dilutive effect of stock options and PSUs | 947,332 | 1,130,313 | 1,097,574 | |||||||
outstanding | ||||||||||
Weighted average common and common | 155,994,861 | 164,119,080 | 170,250,444 | |||||||
equivalent shares outstanding – diluted | ||||||||||
Net income per common share: | ||||||||||
Basic | $ | 0.41 | $ | 1.09 | $ | 0.82 | ||||
Diluted | $ | 0.41 | $ | 1.08 | $ | 0.82 | ||||
Business_Organization_And_Summ
Business Organization And Summary Of Significant Accounting Policies - (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Amortization expense | $4.40 | ' | ' |
Asset Impairment Charges | 1.3 | 1 | 2.1 |
Expected amortization expense 2013 | 4.4 | ' | ' |
Expected amortization expense 2014 | 4.4 | ' | ' |
Expected amortization expense 2015 | 4.4 | ' | ' |
Expected amortization expense 2016 | 4.4 | ' | ' |
Shipping and handling amounts received from customers | 18.4 | 8.3 | 10.5 |
Tax benefit qualifying position threshold of likelihood of being realized | 50.00% | ' | ' |
Advertising expense | $151.90 | $145.60 | $110.60 |
Percentage of cost of goods sold | 23.00% | 21.00% | ' |
Finite-lived intangible assets amortization period, years | '10 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Estimate useful life,years | '10 years | ' | ' |
Land Improvements [Member] | Minimum [Member] | ' | ' | ' |
Estimate useful life,years | '15 years | ' | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Estimate useful life,years | '10 years | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Estimate useful life,years | '20 years | ' | ' |
Equipment, furniture and fixtures [Member] | Maximum [Member] | ' | ' | ' |
Estimate useful life,years | '20 years | ' | ' |
Equipment, furniture and fixtures [Member] | Minimum [Member] | ' | ' | ' |
Estimate useful life,years | '2 years | ' | ' |
Business_Organization_And_Summ1
Business Organization And Summary Of Significant Accounting Policies (Schedule Of Estimate Useful lives Of Property And Equiment) - (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Land Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Building and Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Marketable_Securities_Narrativ
Marketable Securities - (Narratives) (Details) (USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Marketable Securities [Abstract] | ' |
Marketable Securities, Current | $65.90 |
Marketable Securities, Noncurrent | $50.10 |
Marketable_Securities_Summary_
Marketable Securities - (Summary Of Investments In Marketable Securities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Marketable Securities [Abstract] | ' | ' |
Marketable securities, Amortized Cost | $115,889 | $272,283 |
Marketable securities, Gross Unrealized Gains | 118 | 242 |
Marketable securities, Gross Unrealized Losses | 5 | 26 |
Available-for-sale Securities, Fair Value Disclosure | 116,002 | 272,499 |
Available-for-sale Securities, Fair Value Disclosure | 116,002 | 272,499 |
Total marketable securities, Estimated Fair Value | $116,002 | $272,499 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Securities with maturity dates less than one year | $65,900,000 |
Securities with maturity dates over one year and less than two years | 50,100,000 |
Goodwill and Intangible Asset Impairment | 72,466,000 |
Boston Proper [Member] | ' |
Goodwill, Impairment Loss | 67,300,000 |
Boston Proper trade name [Member] | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $5,200,000 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets Valued On A Recurring Or Non-Recurring Basis, Based On The Priority Of The Inputs To The Valuation Technique) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $116,002 | $272,499 |
Deferred compensation plan | 6,299 | 4,629 |
Total | 129,810 | 302,494 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan | 6,299 | 4,629 |
Total | 23,620 | 74,709 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 106,190 | 227,785 |
Money Market Accounts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 7,509 | 25,366 |
Money Market Accounts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 7,509 | 25,366 |
Municipal Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 51,519 | 92,448 |
Municipal Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 51,519 | 92,448 |
U.S. Government Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,812 | 44,714 |
U.S. Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,812 | 44,714 |
U.S. Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,020 | 28,064 |
U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,020 | 28,064 |
Commercial Paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | 4,996 |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | 4,996 |
Certificates Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | 2,022 |
Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | 2,022 |
Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 45,651 | 100,255 |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $45,651 | $100,255 |
Prepaid_And_Other_Current_Asse2
Prepaid And Other Current Assets (Schedule Of Prepaid And Other Current Assets) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid And Other Current Assets [Abstract] | ' | ' |
Prepaid Expense, Current | $39,974 | $38,960 |
Accounts Receivable, Net, Current | 6,341 | 8,438 |
Income Taxes Receivable | 3,990 | 1,719 |
Other Assets, Current | 393 | 12,669 |
Total prepaid and other current assets | $50,698 | $61,786 |
Property_And_Equipment_Net_Det
Property And Equipment, Net - (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Total property and equipment | $1,333,236,000 | $1,227,240,000 | ' |
Less accumulated depreciation and amortization | -702,186,000 | -619,120,000 | ' |
Property and equipment, net | 631,050,000 | 608,120,000 | ' |
Depreciation expense | 113,800,000 | 103,900,000 | 97,800,000 |
Leasehold Improvements [Member] | ' | ' | ' |
Total property and equipment | 545,526,000 | 495,018,000 | ' |
Land and Land Improvements [Member] | ' | ' | ' |
Total property and equipment | 49,413,000 | 45,214,000 | ' |
Building and Building Improvements [Member] | ' | ' | ' |
Total property and equipment | 126,858,000 | 125,606,000 | ' |
Equipment, furniture and fixtures [Member] | ' | ' | ' |
Total property and equipment | $611,439,000 | $561,402,000 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Sep. 19, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
Boston Proper [Member] | Boston Proper [Member] | Boston Proper trade name [Member] | Scenario, Forecast [Member] | |||
Cash consideration paid | ' | ' | $214,000,000 | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | 67,300,000 | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | 5,200,000 | ' |
Indefinite-lived Intangible Assets | 84,930,000 | 90,130,000 | ' | ' | 46,000,000 | ' |
Finite-Lived Intangible Assets, Net | 33,266,000 | 37,624,000 | ' | ' | ' | ' |
Amortization expense | 4,400,000 | ' | ' | ' | ' | 4,400,000 |
Goodwill | 171,427,000 | 238,693,000 | ' | 74,600,000 | ' | ' |
Intangible assets subject to amortization | $33,266,000 | $37,624,000 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets [Abstract] | ' | ' |
Goodwill | $171,427 | $238,693 |
WH|BM trademark | 34,000 | 34,000 |
Minnesota territorial franchise rights | 4,930 | 4,930 |
Boston Proper tradename | 46,000 | 51,200 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total | 84,930 | 90,130 |
Boston Proper customer relationships | 43,580 | 43,580 |
Accumulated amortization expense recorded | -10,314 | -5,956 |
Finite-Lived Intangible Assets, Net, Total | 33,266 | 37,624 |
Total Other intangible assets, net | $118,196 | $127,754 |
Other_Current_Liabilities_Sche
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Allowance for estimated customer returns, gift cards and store credits outstanding | $56,034 | $54,355 |
Accrued payroll, benefits, bonuses and severance costs | 32,355 | 60,646 |
Deferred rent and lease credits | 27,166 | 23,951 |
Other | 26,518 | 34,072 |
Total other current liabilities | $142,073 | $173,024 |
Deferred_Liabilities_Schedule_
Deferred Liabilities (Schedule Of Deferred Liabilities) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Liabilities [Abstract] | ' | ' |
Deferred rent | $45,897 | $44,222 |
Deferred lease credits | 106,808 | 98,589 |
Other deferred liabilities | 13,335 | 13,514 |
Total deferred liabilities | 166,040 | 156,325 |
Less current portion | -27,166 | -23,951 |
Total deferred liabilities | $138,874 | $132,374 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jul. 27, 2011 |
item | ||||
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Operating lease total rent expense | $230 | $206 | $184.50 | ' |
Common area maintenance expenses on leases | 37.2 | 31.6 | 27.5 | ' |
Other rental charges | 32.8 | 27.5 | 25.8 | ' |
Contingent rental expense | 9.1 | 12.1 | 10.6 | ' |
Line of credit facility amount available | ' | ' | ' | 70 |
Credit facility swing advances, maximum | 5 | ' | ' | ' |
Letters of credit available under facility, maximum | 40 | ' | ' | ' |
Credit facility maximum commitments | 125 | ' | ' | ' |
Minimum fixed charge coverage ratio credit facility | 3.25 | ' | ' | ' |
Minimum fixed charge coverage ratio undercredit facility | 1.2 | ' | ' | ' |
Significant purchase commitment subject to cancellation, amount committed | $433.50 | $392.30 | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Minimum Future Rental Payments Under Non-Cancelable Operating Leases) (Details) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
31-Jan-15 | $180,173 |
30-Jan-16 | 172,683 |
28-Jan-17 | 154,181 |
27-Jan-18 | 121,382 |
2-Feb-19 | 92,782 |
Thereafter | 295,252 |
Total minimum lease payments | $1,016,453 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 30, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | |
Omnibus Stock And Incentive Plan [Member] | Omnibus Stock And Incentive Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance-Based Awards [Member] | Performance-Based Awards [Member] | Performance-Based Awards [Member] | Employee Stock Purchase Plan member [Member] | Performance-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to stock-based awards | $27,145,000 | $26,453,000 | $15,198,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit associated with stock-based compensation | 10,400,000 | 10,100,000 | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based awards, vesting period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term (years) | '10 years | ' | '4 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonqualified stock options outstanding, number of shares | 2,642,269 | 3,851,830 | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of performance-based stock units that vested during the period | ' | ' | ' | ' | ' | 17,600,000 | 13,300,000 | 5,300,000 | 4,500,000 | ' | ' | ' | ' |
Performance-based restricted stock, shares earned | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares for future issuance | ' | ' | ' | 3,500,000 | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 4,300,000 | 20,800,000 | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation expense related to performance-based stock units | 400,000 | ' | ' | ' | ' | 33,200,000 | ' | ' | 1,300,000 | ' | ' | ' | ' |
Cash received from option exercises and purchases under the Employee Stock Purchase Plan | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' |
Tax benefit realized for the tax deduction from option exercises of stock option awards | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
weighted average period, years | '4 months 24 days | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | '1 year | ' | ' | ' | '1 month 6 days |
Total fair value of shares of restricted stock and performance-based restricted stock | ' | ' | ' | ' | ' | 17,600,000 | 13,300,000 | 5,300,000 | 4,500,000 | ' | ' | ' | ' |
Weighted average grant date dair value | ' | ' | $6.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
weighted average grant date fair value of restricted stock and performance-based restricted stock granted | $16.59 | ' | ' | ' | ' | $16.99 | ' | ' | $16.99 | $15.40 | $12.65 | ' | ' |
Percentage of the value of stock immediately prior to the beginning of each offering period | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased under the ESPP | 187,000 | 132,000 | 72,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program authorized amount | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased And Held During Period, shares | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | 251,646,000 | 111,521,000 | 183,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock repurchased and held during period, value | 245,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining balance of share repurchase program | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled share repurchase program | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Restricted Stock And PSU Activity) (Details) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested, beginning of period, Number of Shares | 657,316 |
Granted, Number of Shares | 756,050 |
Vested, Number of Shares | -267,829 |
Canceled, Number of Shares | -659,602 |
Unvested, end of period, Number of Shares | 485,935 |
Unvested, beginning of period, Weighted Average Grant Date Fair Value | $15.01 |
Granted, Weighted Average Grant Date Fair Value | $16.59 |
Vested, Weighted Average Grant Date Fair Value | $15.01 |
Canceled, Weighted Average Grant Date Fair Value | $16.82 |
Unvested, end of period, Weighted Average Grant Date Fair Value | $15.01 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested, beginning of period, Number of Shares | 3,066,264 |
Granted, Number of Shares | 2,228,050 |
Vested, Number of Shares | -1,045,674 |
Canceled, Number of Shares | -365,506 |
Unvested, end of period, Number of Shares | 3,883,134 |
Unvested, beginning of period, Weighted Average Grant Date Fair Value | $13.27 |
Granted, Weighted Average Grant Date Fair Value | $16.99 |
Vested, Weighted Average Grant Date Fair Value | $13.70 |
Canceled, Weighted Average Grant Date Fair Value | $15 |
Unvested, end of period, Weighted Average Grant Date Fair Value | $15.13 |
Performance Based Award Activity [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested, beginning of period, Number of Shares | 34,444 |
Vested, Number of Shares | -17,222 |
Unvested, end of period, Number of Shares | 17,222 |
Unvested, beginning of period, Weighted Average Grant Date Fair Value | $13.69 |
Vested, Weighted Average Grant Date Fair Value | $13.69 |
Unvested, end of period, Weighted Average Grant Date Fair Value | $13.69 |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted Average Assumptions Relating To The Valuation Of Stock Options) (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Jan. 28, 2012 | |
Stock-Based Compensation [Abstract] | ' | ' |
Weighted average fair value of grants | ' | $6.49 |
Expected volatility | ' | 66.00% |
Expected term (years) | '10 years | '4 years 6 months |
Risk-free interest rate | ' | 1.80% |
Expected dividend yield | ' | 1.50% |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 |
Stock-Based Compensation [Abstract] | ' |
Outstanding, beginning of period, Number of Shares | 3,851,830 |
Exercised, Number of Shares | -780,656 |
Canceled or expired, Number of Shares | -428,905 |
Outstanding, end of period, Number of Shares | 2,642,269 |
Exercisable at February 1, 2014, Number of Shares | 2,243,041 |
Outstanding, beginning of period, Weighted Average Exercise Price | $15.91 |
Exercised, Weighted Average Exercise Price | $12.56 |
Canceled or expired, Weighted Average Exercise Price | $23.70 |
Outstanding, end of period, Weighted Average Exercise Price | $15.63 |
Exercisable at February 1, 2014, Weighted Average Exercise Price | $16.04 |
Outstanding, end of period, Weighted Average Remaining Contractual Term, years | '5 years 4 days |
Vested and expected to vest at February 1, 2014, Weighted Average Remaining Contractual Term, years | '5 years |
Exercisable at February 1, 2014, Weighted Average Remaining Contractual Term, years | '4 years 7 months 17 days |
Outstanding, end of period, Aggregate Intrinsic Value | $9,174 |
Vested and expected to vest at February 1, 2014, Aggregate Intrinsic Value | 9,111 |
Exercisable at February 1, 2014, Aggregate Intrinsic Value | $7,861 |
Vested and expected to vest at February 1, 2014, Number of Shares | 2,627,964 |
Vested and expected to vest at February 1, 2014, Weighted Average Exercise Price | $15.65 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ' | ' |
Percentage of employee contributions | 100.00% | ' | ' |
Costs under the Plan | $3.50 | $3.20 | $2.80 |
Deferred Salary [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 80.00% | ' | ' |
Deferred Bonus [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ' | ' |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $2.60 | $3.10 | $2.40 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.4 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 2.3 | 2.4 | 2.1 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | ($0.60) | $0 | $0 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Current, Federal | $58,000 | $95,410 | $52,245 |
Current, Foreign | 12 | ' | ' |
Current, State | 7,557 | 17,001 | 11,366 |
Deferred, Federal | 8,479 | -2,585 | 17,991 |
Deferred, State | 1,752 | -1,626 | 1,498 |
Income tax provision | $75,800 | $108,200 | $83,100 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Income Taxes [Abstract] | ' | ' | ' |
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax benefit | 3.00% | 3.50% | 3.80% |
Goodwill Impairment | 18.00% | ' | ' |
Enhanced Charitable Contribution | -1.80% | -0.70% | -1.10% |
Other items, net | -0.70% | -0.30% | -0.60% |
Total | 53.50% | 37.50% | 37.10% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Accrued liabilities and allowances | $10,694 | $20,103 |
Accrued straight-line rent | 18,124 | 17,533 |
Stock-based compensation | 18,388 | 17,822 |
Other, net | 4,197 | 4,540 |
Deferred tax assets, Total | 51,403 | 59,998 |
Other, net | -1,148 | ' |
Prepaid expenses | -5,759 | -5,360 |
Property related, net | -45,452 | -40,719 |
Other intangible assets | -51,291 | -53,894 |
Total deferred tax liabilities | -103,650 | -99,973 |
Net deferred tax liability | ($52,247) | ($39,975) |
Income_Taxes_Schedule_Of_Uncer
Income Taxes (Schedule Of Uncertain Tax Positions Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at beginning of year | $4,715 | $3,677 | $3,628 |
Additions for tax positions of prior years | 12 | 506 | 167 |
Additions for tax positions for the current year | 461 | 694 | 442 |
Settlements with tax authorities | -1,114 | -63 | -306 |
Reductions due to lapse of applicable statutes of limitation | -118 | -99 | -173 |
Balance at end of year | $3,956 | $4,715 | $3,677 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 922,532 | 1,391,228 | 3,823,166 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($348) | ($28,479) | $43,588 | $51,122 | $31,522 | $41,657 | $53,395 | $53,645 | $65,883 | $180,219 | $140,874 |
Net income (loss) and dividends declared allocated to unvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | -1,746 | -3,309 | -1,834 |
Net income (loss) available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $64,137 | $176,910 | $139,040 |
Weighted average common shares outstanding-basic | ' | ' | ' | ' | ' | ' | ' | ' | 155,048 | 162,989 | 169,153 |
Weighted average common and common equivalent shares outstanding-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 155,995 | 164,119 | 170,250 |
Net income (loss) per common share: Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.41 | $1.09 | $0.82 |
Net income per common share: Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.41 | $1.08 | $0.82 |
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Schedule Of Quarterly Results Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Quarterly Results Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $610,233 | $655,579 | $649,503 | $670,722 | $651,853 | $636,665 | $641,722 | $650,817 | $2,586,037 | $2,581,057 | $2,196,360 |
Gross Margin | 309,635 | 364,010 | 356,142 | 386,844 | 346,728 | 364,296 | 362,180 | 378,596 | ' | ' | ' |
Net Income | ($348) | ($28,479) | $43,588 | $51,122 | $31,522 | $41,657 | $53,395 | $53,645 | $65,883 | $180,219 | $140,874 |
Net Income Per Common Share - Basic | $0 | ($0.18) | $0.27 | $0.31 | $0.20 | $0.25 | $0.32 | $0.32 | ' | ' | ' |
Net Income Per Common and Common Equivalent Share - Diluted | $0 | ($0.18) | $0.27 | $0.31 | $0.19 | $0.25 | $0.32 | $0.32 | ' | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Feb. 27, 2014 |
Subsequent Events [Abstract] | ' |
Quarterly dividend per share | $0.08 |