Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Dec. 03, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PERY | ' |
Entity Registrant Name | 'PERRY ELLIS INTERNATIONAL INC | ' |
Entity Central Index Key | '0000900349 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 15,679,629 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $49,493 | $54,957 |
Accounts receivable, net | 148,982 | 174,484 |
Inventories | 166,491 | 183,127 |
Deferred income taxes | 10,519 | 11,608 |
Prepaid income taxes | 9,276 | 7,261 |
Prepaid expenses and other current assets | 8,912 | 11,667 |
Total current assets | 393,673 | 443,104 |
Property and equipment, net | 61,206 | 50,749 |
Other intangible assets, net | 245,978 | 246,681 |
Goodwill | 13,794 | 13,794 |
Other assets | 8,429 | 8,801 |
TOTAL | 723,080 | 763,129 |
Current Liabilities: | ' | ' |
Accounts payable | 76,425 | 132,028 |
Accrued expenses and other liabilities | 25,871 | 28,595 |
Accrued interest payable | 1,104 | 4,061 |
Unearned revenues | 4,630 | 4,647 |
Total current liabilities | 108,030 | 169,331 |
Senior subordinated notes payable, net | 150,000 | 150,000 |
Senior credit facility | 18,826 | ' |
Real estate mortgages | 23,539 | 24,202 |
Deferred pension obligation | 12,457 | 14,686 |
Unearned revenues and other long-term liabilities | 14,929 | 14,828 |
Deferred income taxes | 19,298 | 18,842 |
Total long-term liabilities | 239,049 | 222,558 |
Total liabilities | 347,079 | 391,889 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Preferred stock $.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | ' | ' |
Common stock $.01 par value; 100,000,000 shares authorized; 15,946,152 shares issued and outstanding as of November 2, 2013 and 15,326,658 shares issued and outstanding as of February 2, 2013 | 159 | 153 |
Additional paid-in-capital | 154,572 | 150,091 |
Retained earnings | 234,524 | 229,056 |
Accumulated other comprehensive loss | -8,255 | -8,060 |
Total | 381,000 | 371,240 |
Treasury stock at cost; 267,274 shares as of November 2, 2013 and no shares as of February 2, 2013 | -4,999 | ' |
Total equity | 376,001 | 371,240 |
TOTAL | $723,080 | $763,129 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 15,946,152 | 15,326,658 |
Common stock, shares outstanding | 15,946,152 | 15,326,658 |
Treasury stock, shares | 267,274 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Revenues: | ' | ' | ' | ' |
Net sales | $214,700 | $229,330 | $674,676 | $691,436 |
Royalty income | 7,421 | 6,918 | 21,469 | 19,772 |
Total revenues | 222,121 | 236,248 | 696,145 | 711,208 |
Cost of sales | 150,757 | 160,453 | 467,554 | 478,348 |
Gross profit | 71,364 | 75,795 | 228,591 | 232,860 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 68,434 | 64,394 | 205,624 | 196,844 |
Depreciation and amortization | 3,573 | 3,424 | 9,375 | 10,314 |
Total operating expenses | 72,007 | 67,818 | 214,999 | 207,158 |
(Loss) gain on sale of long-lived assets | -108 | 410 | 6,162 | 410 |
Operating (loss) income | -751 | 8,387 | 19,754 | 26,112 |
Interest expense | 3,782 | 3,689 | 11,307 | 11,011 |
Net (loss) income before income taxes | -4,533 | 4,698 | 8,447 | 15,101 |
Income tax (benefit) provision | -1,511 | 1,518 | 2,979 | 4,687 |
Net (loss) income | ($3,022) | $3,180 | $5,468 | $10,414 |
Net (loss) income per share: | ' | ' | ' | ' |
Basic | ($0.20) | $0.22 | $0.36 | $0.71 |
Diluted | ($0.20) | $0.21 | $0.36 | $0.68 |
Weighted average number of shares outstanding | ' | ' | ' | ' |
Basic | 14,991 | 14,662 | 15,042 | 14,669 |
Diluted | 14,991 | 15,295 | 15,363 | 15,275 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net (loss) income | ($3,022) | $3,180 | $5,468 | $10,414 |
Other Comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net | 623 | 568 | -438 | 472 |
Unrealized gain on pension liability, net of tax | 81 | ' | 243 | ' |
Total other comprehensive income (loss) | 704 | 568 | -195 | 472 |
Comprehensive (loss) income | ($2,318) | $3,748 | $5,273 | $10,886 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $5,468 | $10,414 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 9,814 | 10,237 |
Provision for bad debts | -154 | 111 |
Tax benefit from exercise of stock options | 78 | -384 |
Amortization of debt issue cost | 528 | 533 |
Amortization of premiums and discounts | 48 | 38 |
Deferred income taxes | 1,389 | 2,105 |
(Loss) gain on sale of long-lived assets | -6,162 | -410 |
Share-based compensation | 4,431 | 2,968 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 25,544 | -9,271 |
Inventories | 16,416 | 41,125 |
Prepaid income taxes | -2,105 | 1,885 |
Prepaid expenses and other current assets | -464 | -748 |
Other assets | -155 | 161 |
Deferred pension obligation | -1,830 | -1,708 |
Accounts payable and accrued expenses | -56,509 | 6,689 |
Accrued interest payable | -2,957 | -3,168 |
Unearned revenues and other liabilities | 255 | -370 |
Net cash (used in) provided by operating activities | -6,365 | 60,207 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -18,585 | -6,415 |
Proceeds on sale of intangible assets | 4,875 | 410 |
Proceeds on sale of long-lived assets, net | 1,892 | ' |
Payment on purchase of intangible assets | ' | -7,000 |
Proceeds in connection with purchase price adjustment | ' | 4,547 |
Net cash used in investing activities | -11,818 | -8,458 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings from senior credit facility | 321,364 | 237,047 |
Payments on senior credit facility | -302,538 | -258,726 |
Purchase of treasury stock | -4,999 | -2,582 |
Payments on real estate mortgages | -606 | -534 |
Payments on capital leases | -237 | -258 |
Tax benefit from exercise of stock options | -78 | 384 |
Deferred financing fees | -66 | -100 |
Proceeds from exercise of stock options | 134 | 601 |
Net cash provided by (used in) financing activities | 12,974 | -24,168 |
Effect of exchange rate changes on cash and cash equivalents | -255 | -38 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -5,464 | 27,543 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 54,957 | 24,116 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 49,493 | 51,659 |
Cash paid during the period for: | ' | ' |
Interest | 13,688 | 13,966 |
Income taxes | 1,561 | 5,622 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' |
Accrued purchases of property and equipment | 971 | 1 |
Capital lease financing | ' | 888 |
Investment in joint venture | ' | $396 |
General
General | 9 Months Ended |
Nov. 02, 2013 | |
General | ' |
1. GENERAL | |
The accompanying unaudited condensed consolidated financial statements of Perry Ellis International, Inc. and subsidiaries (“Perry Ellis” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the requirements of the Securities and Exchange Commission on Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and changes in cash flows required by GAAP for annual financial statements. These condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013, filed with the Securities and Exchange Commission on April 16, 2013. | |
The information presented reflects all adjustments, which are in the opinion of management of a normal and recurring nature, necessary for a fair presentation of the interim periods. Results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the entire fiscal year. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 02, 2013 | |
Recent Accounting Pronouncements | ' |
2. RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company’s results of operations or the Company’s financial position. | |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters.” ASU No. 2013-05 indicates that a cumulative translation adjustment (“CTA”) is attached to the parent’s investment in a foreign entity and should be released in a manner consistent with the derecognition guidance on investments in entities. Thus, the entire amount of the CTA associated with the foreign entity would be released when there has been a sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated), or step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). ASU No. 2013-05 does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. ASU No. 2013-05 is effective for fiscal years, and interim periods within those years, after December 15, 2013. The Company is currently evaluating the impact, if any, that the adoption of this ASU will have on the Company’s results of operations or the Company’s financial position. | |
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.” Under the amendments of this update an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The provisions of this update will be effective prospectively for the Company in fiscal years beginning after December 15, 2013, and for the interim periods within fiscal years with early adoption and retrospective application permitted. The Company is currently evaluating the impact, if any, that the adoption of this ASU will have on the Company’s results of operations or the Company’s financial position. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
3. ACCOUNTS RECEIVABLE | |||||||||
Accounts receivable consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Trade accounts | $ | 164,461 | $ | 192,268 | |||||
Royalties | 4,665 | 3,912 | |||||||
Other receivables | 1,218 | 4,147 | |||||||
Total | 170,344 | 200,327 | |||||||
Less: allowances | (21,362 | ) | (25,843 | ) | |||||
Total | $ | 148,982 | $ | 174,484 | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Inventories | ' | ||||||||
4. INVENTORIES | |||||||||
Inventories are stated at the lower of cost (weighted moving average cost) or market. Cost principally consists of the purchase price, customs, duties, freight, and commissions to buying agents. | |||||||||
Inventories consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 165,399 | $ | 181,668 | |||||
Raw materials and in process | 1,092 | 1,459 | |||||||
Total | $ | 166,491 | $ | 183,127 | |||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Property and Equipment | ' | ||||||||
5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 87,280 | $ | 90,365 | |||||
Buildings and building improvements | 19,597 | 19,550 | |||||||
Vehicles | 796 | 923 | |||||||
Leasehold improvements | 40,172 | 30,621 | |||||||
Land | 9,448 | 9,426 | |||||||
Total | 157,293 | 150,885 | |||||||
Less: accumulated depreciation and amortization | (96,087 | ) | (100,136 | ) | |||||
Total | $ | 61,206 | $ | 50,749 | |||||
The above table of property and equipment includes assets held under capital leases as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 938 | $ | 938 | |||||
Less: accumulated depreciation and amortization | (465 | ) | (230 | ) | |||||
Total | $ | 473 | $ | 708 | |||||
For the three months ended November 2, 2013 and October 27, 2012, depreciation and amortization expense relating to property and equipment amounted to $3.5 million and $3.3 million, respectively. For the nine months ended November 2, 2013 and October 27, 2012, depreciation and amortization expense relating to property and equipment amounted to $9.1 million and $9.5 million, respectively. These amounts include amortization expense for leased property under capital leases. | |||||||||
The Company previously closed its Winnsboro distribution facility (“Winnsboro”) and listed the property for sale. Accordingly, Winnsboro was classified as a held-for-sale asset in the amount of $2.0 million. During the third quarter of fiscal 2014, the Company sold Winnsboro for a total sales price of $2.0 million, less selling commissions and closing costs. As a result of this transaction, the Company recorded a loss of $0.1 million. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Intangible Assets | ' | ||||||||
6. INTANGIBLE ASSETS | |||||||||
Trademarks | |||||||||
Trademarks included in other intangible assets, net, are considered indefinite-lived assets and totaled $240.2 million at November 2, 2013 and February 2, 2013. | |||||||||
During the fourth quarter of fiscal 2013, the Company entered into a sales agreement, in the amount of $7.5 million, for certain Asian trademark rights with respect to John Henry. This transaction closed in the first quarter of fiscal 2014. The Company collected proceeds of $4.9 million and $2.6 million during the first quarter of fiscal 2014 and the fourth quarter of fiscal 2013, respectively. As a result of this transaction, the Company recorded a gain of $6.3 million in the licensing segment. The Company plans to continue executing on the domestic strategy of the John Henry brand as a modern lifestyle resource to select retailers and through its licensing relationships in Latin America. | |||||||||
Other | |||||||||
Other intangible assets represent: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Customer lists | $ | 8,450 | $ | 8,450 | |||||
Less: accumulated amortization | (2,631 | ) | (1,927 | ) | |||||
Total | $ | 5,819 | $ | 6,523 | |||||
For the three months ended November 2, 2013 and October 27, 2012, amortization expense relating to customer lists amounted to $0.2 million, respectively, for each period. For the nine months ended November 2, 2013 and October 27, 2012, amortization expense relating to customer lists amounted to $0.7 million, respectively, for each period. Other intangible assets are amortized over their estimated useful lives of 10 years. Assuming no impairment, the estimated amortization expense for future periods based on recorded amounts as of November 2, 2013, will be approximately $0.9 million a year through fiscal 2019. |
Letter_of_Credit_Facilities
Letter of Credit Facilities | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Letter of Credit Facilities | ' | ||||||||
7. LETTER OF CREDIT FACILITIES | |||||||||
Borrowings and availability under letter of credit facilities consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Total letter of credit facilities | $ | 55,320 | $ | 55,316 | |||||
Outstanding letters of credit | (11,879 | ) | (11,768 | ) | |||||
Total letters of credit available | $ | 43,441 | $ | 43,548 | |||||
Real_Estate_Mortage
Real Estate Mortage | 9 Months Ended |
Nov. 02, 2013 | |
Real Estate Mortage | ' |
8. REAL ESTATE MORTGAGE | |
In July 2010, the Company paid off its then existing real estate mortgage loan and refinanced its main administrative office, warehouse and distribution facility in Miami with a $13.0 million mortgage loan. The loan is due on August 1, 2020. The interest rate has been modified since the refinancing date. The interest rate most recently was 4.25% per annum and monthly payments of principal and interest were $71,000, based on a 25-year amortization with the outstanding principal due at maturity. In July 2013, the Company amended the mortgage loan agreement to modify the interest rate. The interest rate was reduced to 3.90% per annum and the terms were restated to reflect new monthly payments of principal and interest of $69,000 based on a 25-year amortization with the outstanding principal due at maturity. At November 2, 2013, the balance of the real estate mortgage loan totaled $11.8 million, net of discount, of which $357,000 is due within one year. | |
The real estate mortgage loan contains certain covenants. The Company is not aware of any non-compliance with any of the covenants. If the Company violates any of these covenants, the lender under the real estate mortgage loan could declare all amounts outstanding thereunder to be immediately due and payable, which the Company may not be able to satisfy. A covenant violation could also constitute a cross-default under the Company’s senior credit facility, the letter of credit facilities and the indenture relating to its senior subordinated notes resulting in all of its debt obligations becoming immediately due and payable, which the Company may not be able to satisfy. |
Advertising_and_Related_Costs
Advertising and Related Costs | 9 Months Ended |
Nov. 02, 2013 | |
Advertising and Related Costs | ' |
9. ADVERTISING AND RELATED COSTS | |
The Company’s accounting policy relating to advertising and related costs is to expense these costs in the period incurred. Advertising and related costs were approximately $4.7 million and $3.8 million for the three months ended November 2, 2013 and October 27, 2012, respectively, and $13.4 million and $11.4 million for the nine months ended November 2, 2013 and October 27, 2012, respectively, and are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. |
Net_Loss_Income_per_Share
Net (Loss) Income per Share | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Net (Loss) Income per Share | ' | ||||||||||||||||
10. NET (LOSS) INCOME PER SHARE | |||||||||||||||||
Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average shares of outstanding common stock. The calculation of diluted net (loss) income per share is similar to basic earnings per share except that the denominator includes potentially dilutive common stock. The potentially dilutive common stock included in the Company’s computation of diluted net income per share includes the effects of stock options, stock appreciation rights (“SARS”), warrants and unvested restricted shares as determined using the treasury stock method. | |||||||||||||||||
The following table sets forth the computation of basic and diluted income per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income | $ | (3,022 | ) | $ | 3,180 | $ | 5,468 | $ | 10,414 | ||||||||
Denominator: | |||||||||||||||||
Basic-weighted average shares | 14,991 | 14,662 | 15,042 | 14,669 | |||||||||||||
Dilutive effect: equity awards | — | 526 | 321 | 499 | |||||||||||||
Dilutive effect: warrant | — | 107 | — | 107 | |||||||||||||
Diluted-weighted average shares | 14,991 | 15,295 | 15,363 | 15,275 | |||||||||||||
Basic (loss) income per share | $ | (0.20 | ) | $ | 0.22 | $ | 0.36 | $ | 0.71 | ||||||||
Diluted (loss) income per share | $ | (0.20 | ) | $ | 0.21 | $ | 0.36 | $ | 0.68 | ||||||||
Antidilutive effect:(1) | 2,038 | 771 | 908 | 1,142 | |||||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and restricted stock that were not included in computing diluted (loss) income per share because their effects were antidilutive for the respective periods. |
Equity
Equity | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Equity | ' | ||||
11. EQUITY | |||||
The following table reflects the changes in equity: | |||||
Changes in Equity | |||||
(in thousands) | |||||
Equity at February 2, 2013 | $ | 371,240 | |||
Comprehensive income | 5,273 | ||||
Share transactions under employee equity compensation plans | 4,487 | ||||
Purchase of treasury stock | (4,999 | ) | |||
Equity at November 2, 2013 | $ | 376,001 | |||
Equity at January 28, 2012 | $ | 366,495 | |||
Comprehensive income | 10,886 | ||||
Share transactions under employee equity compensation plans | 3,953 | ||||
Purchase of treasury stock | (2,582 | ) | |||
Equity at October 27, 2012 | $ | 378,752 | |||
During the three months ended November 2, 2013, the Board of Directors extended the stock repurchase program to authorize the Company to purchase, from time to time and as market and business conditions warranted, up to $60 million of the Company’s common stock for cash in the open market or in privately negotiated transactions through October 31, 2014. Although the Board of Directors allocated a maximum of $60 million to carry out the program, the Company is not obligated to purchase any specific number of outstanding shares and will reevaluate the program on an ongoing basis. Total purchases under the plan to date amount to $40.9 million. | |||||
During January 2013, the Company retired 1,290,022 shares of treasury stock recorded at a cost of approximately $18.5 million. Accordingly, during fiscal 2013, the Company reduced common stock and additional paid-in-capital by $13,000 and $18.5 million, respectively. Additionally, the Company repurchased shares of its common stock during fiscal 2014 at a cost of $5.0 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
12. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax: | |||||||||||||
Unrealized (Loss) Gain on | Foreign | Total | |||||||||||
Pension Liability | Currency Translation | ||||||||||||
Adjustments, Net | |||||||||||||
(in thousands) | |||||||||||||
Balance, February 2, 2013 | $ | (7,176 | ) | $ | (884 | ) | $ | (8,060 | ) | ||||
Other comprehensive loss before reclassifications | — | (438 | ) | (438 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 243 | — | 243 | ||||||||||
Balance, November 2, 2013 | $ | (6,933 | ) | $ | (1,322 | ) | $ | (8,255 | ) | ||||
A summary of the impact on the condensed consolidated statements of income line items is as follows: | |||||||||||||
Details about Accumulated Other Comprehensive | Three Months Ended | ||||||||||||
Income Components | November 2, 2013 | October 27, 2012 | |||||||||||
(in thousands) | |||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Actuarial losses | $ | 133 | $ | — | Selling, general and administrative expenses | ||||||||
Tax benefit | (52 | ) | — | Income tax (benefit) provision | |||||||||
Total, net of tax | $ | 81 | $ | — | |||||||||
Nine Months Ended | |||||||||||||
November 2, 2013 | October 27, 2012 | ||||||||||||
(in thousands) | |||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Actuarial losses | $ | 399 | $ | — | Selling, general and administrative expenses | ||||||||
Tax benefit | (156 | ) | — | Income tax (benefit) provision | |||||||||
Total, net of tax | $ | 243 | $ | — | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
Income Taxes | ' |
13. INCOME TAXES | |
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The Company’s U.S. federal income tax returns for 2011 through 2013 are open tax years. The Company’s state tax filings are subject to varying statutes of limitations. The Company’s unrecognized state tax benefits are related to open tax years from 2005 through 2014, depending on each state’s particular statute of limitation. As of November 2, 2013, the 2011 U.S. federal income tax return is under examination as well as various state, local, and foreign income tax returns by various taxing authorities. | |
The Company has a $0.6 million liability recorded for unrecognized tax benefits as of February 2, 2013, which includes interest and penalties of $0.1 million. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. All of the unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. During the three month and nine months ended November 2, 2013, the total amount of unrecognized tax benefits decreased by approximately $73,000 and $9,000, respectively. The change to the total amount of the unrecognized tax benefit for the three and nine months ended November 2, 2013 included a decrease in interest and penalties of approximately $13,000 and an increase of approximately $6,000, respectively. | |
The Company does not currently anticipate a resolution within the next twelve months for any of the remaining unrecognized tax benefits as of November 2, 2013. However, the statute of limitations related to the Company’s 2011 U.S. federal tax year will expire within the next twelve months. The lapse in the statute of limitations would be expected to decrease tax expense within the next twelve months. The expiration of the statute of limitations related to the Company’s 2011 U.S. federal tax year could result in a tax benefit of up to approximately $0.1 million. |
Stock_Options_Stock_Appreciati
Stock Options, Stock Appreciation Rights and Restricted Shares | 9 Months Ended |
Nov. 02, 2013 | |
Stock Options, Stock Appreciation Rights and Restricted Shares | ' |
14. STOCK OPTIONS, STOCK APPRECIATION RIGHTS AND RESTRICTED SHARES | |
During the first quarter of fiscal 2014, the Company granted performance-based restricted stock to certain key employees pursuant to the Company’s 2005 Long-Term Incentive Compensation Plan, as amended and restated, and subject to certain conditions in the grant agreement. Such stock generally vests 100% in May 2016, provided that each employee is still an employee of the Company on such date, and the Company has met certain performance criteria. A total of 109,644 shares of performance-based restricted stock were issued at an estimated value of $1.9 million, which is being recorded as compensation expense on a straight-line basis over the vesting period. | |
Also, during the first, second and third quarters of fiscal 2014, the Company granted an aggregate of 225,938, 133,460 and 120,400 shares of restricted stock to certain key employees, which vest over a three to five year period, at an estimated value of $4.0 million, $2.7 million and $2.2 million, respectively. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. | |
During the second quarter of fiscal 2014, the Company awarded, to five directors, an aggregate of 13,740 shares of restricted stock, which vest over a three-year period at an estimated fair value of $0.3 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. | |
During the first and third quarters of fiscal 2014, the Company granted an aggregate of 14,000 SARs, to be settled in shares of common stock, to certain key employees. The SARs have exercise prices ranging from $16.79 to $18.57, generally vest over a three to four year period and have seven to ten year terms. The total fair value of the SARs, based on the Black-Scholes Option Pricing Model, amounted to approximately $141,000, which is being recorded as compensation expense on a straight-line basis over the vesting period of each SAR. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
15. SEGMENT INFORMATION | |||||||||||||||||
The Company has four reportable segments: Men’s Sportswear and Swim, Women’s Sportswear, Direct-to-Consumer and Licensing. The Men’s Sportswear and Swim and Women’s Sportswear segments derive revenues from the design, import and distribution of apparel to department stores and other retail outlets, principally throughout the United States. The Direct-to-Consumer segment derives its revenues from the sale of the Company’s branded and licensed products through its retail stores and e-commerce platform. The Licensing segment derives its revenues from royalties associated with the use of the Company’s brand names, principally Perry Ellis, Jantzen, John Henry, Original Penguin, Gotcha, Farah, Savane, Pro Player, Laundry, Manhattan and Munsingwear. | |||||||||||||||||
The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by each segment. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 158,585 | $ | 165,517 | $ | 509,856 | $ | 514,981 | |||||||||
Women’s Sportswear | 37,912 | 45,105 | 110,032 | 118,033 | |||||||||||||
Direct-to-Consumer | 18,203 | 18,708 | 54,788 | 58,422 | |||||||||||||
Licensing | 7,421 | 6,918 | 21,469 | 19,772 | |||||||||||||
Total revenues | $ | 222,121 | $ | 236,248 | $ | 696,145 | $ | 711,208 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 1,893 | $ | 2,108 | $ | 5,364 | $ | 6,377 | |||||||||
Women’s Sportswear | 583 | 531 | 1,408 | 1,466 | |||||||||||||
Direct-to-Consumer | 1,062 | 712 | 2,500 | 2,169 | |||||||||||||
Licensing | 35 | 73 | 103 | 302 | |||||||||||||
Total depreciation and amortization | $ | 3,573 | $ | 3,424 | $ | 9,375 | $ | 10,314 | |||||||||
Operating (loss) income: | |||||||||||||||||
Men’s Sportswear and Swim | $ | (1,188 | ) | $ | 3,910 | $ | 6,640 | $ | 14,607 | ||||||||
Women’s Sportswear | (735 | ) | 327 | (36 | ) | (139 | ) | ||||||||||
Direct-to-Consumer | (4,330 | ) | (2,267 | ) | (9,595 | ) | (4,886 | ) | |||||||||
Licensing (1) | 5,502 | 6,417 | 22,745 | 16,530 | |||||||||||||
Total operating (loss) income | $ | (751 | ) | $ | 8,387 | $ | 19,754 | $ | 26,112 | ||||||||
Total interest expense | 3,782 | 3,689 | 11,307 | 11,011 | |||||||||||||
Total net (loss) income before income taxes | $ | (4,533 | ) | $ | 4,698 | $ | 8,447 | $ | 15,101 | ||||||||
-1 | Operating income for the licensing segment for the nine months ended November 2, 2013 includes a gain on sale of long-lived assets in the amount of $6.3 million. See footnote 6 to the condensed consolidated financial statements for further information. |
Benefit_Plan
Benefit Plan | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Benefit Plan | ' | ||||||||||||||||
16. BENEFIT PLAN | |||||||||||||||||
The Company sponsors a qualified pension plan. The following table provides the components of net benefit cost for the plan during the three and nine months ended fiscal 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 63 | $ | 63 | $ | 189 | $ | 189 | |||||||||
Interest cost | 406 | 433 | 1,218 | 1,299 | |||||||||||||
Expected return on plan assets | (555 | ) | (483 | ) | (1,665 | ) | (1,449 | ) | |||||||||
Amortization of net loss | 133 | 131 | 399 | 393 | |||||||||||||
Net periodic benefit cost | $ | 47 | $ | 144 | $ | 141 | $ | 432 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 02, 2013 | |
Fair Value Measurements | ' |
17. FAIR VALUE MEASUREMENTS | |
Accounts receivable, accounts payable, accrued interest payable and accrued expenses. The carrying amounts reported in the balance sheets approximate fair value due to the short-term nature of these instruments. | |
Real estate mortgages. (classified within Level 2 of the valuation hierarchy) - The carrying amounts of the real estate mortgages were approximately $24.4 million and $25.0 million at November 2, 2013 and February 2, 2013, respectively. The carrying values of the real estate mortgages at November 2, 2013 and February 2, 2013 approximate fair value since they were recently entered into and thus the interest rates approximate market. | |
Senior credit facility. The carrying amount of the senior credit facility approximates fair value due to the frequent resets of its floating interest rate. | |
Senior subordinated notes payable. (classified within Level 1 of the valuation hierarchy) - The carrying amounts of the 7 7⁄8% senior subordinated notes payable were approximately $150.0 million at November 2, 2013 and February 2, 2013, respectively. As of November 2, 2013 and February 2, 2013, the fair value of the 7 7⁄8% senior subordinated notes payable was approximately $162.3 million and $160.5 million, respectively, based on quoted market prices. | |
These estimated fair value amounts have been determined using available market information and appropriate valuation methods. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments and Contingencies | ' |
18. COMMITMENTS AND CONTINGENCIES | |
On May 7, 2013, the Company entered into employment agreements with George Feldenkreis, the Company’s Chairman of the Board of Directors and Chief Executive Officer, and Oscar Feldenkreis, the Company’s Vice Chairman of the Board of Directors, President and Chief Operating Officer. The term of each employment agreement ends on January 30, 2016. Pursuant to the employment agreements, base salaries will not be less than $1.0 million per year during the term of employment. Additionally, the executives are entitled to participate in the Company’s incentive compensation plans. | |
On September 9, 2013, the Company entered into an employment agreement with Stanley Silverstein, the President of International Development and Global Licensing. The term of the agreement ends on September 9, 2018. Pursuant to the employment agreement, Mr. Silverstein will receive an annual salary of $500,000, subject to annual reviews for increases at the sole discretion of the Company’s Chief Executive Officer. Additionally, Mr. Silverstein is eligible to participate in the Company’s incentive compensation plans. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||
19. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||||||
The Company and several of its subsidiaries (the “Guarantors”) have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). The following are condensed consolidating financial statements, which present, in separate columns: Perry Ellis International, Inc. (Parent Only), the Guarantors on a combined, or where appropriate, consolidated basis, and the Non-Guarantors on a consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of November 2, 2013 and February 2, 2013 and for the three and nine months ended November 2, 2013 and October 27, 2012. The combined Guarantors are 100% owned subsidiaries of Perry Ellis International, Inc., and have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. | |||||||||||||||||||||
Effective June 2013, the Company changed its reporting entity structure through the merger of companies under common control. C&C California, LLC (“C&C California”) and Laundry, LLC (“Laundry”) were merged with Supreme International, LLC. C&C California and Laundry were previously classified as non-guarantor subsidiaries in the condensed consolidating financial statements and are currently classified as guarantor subsidiaries as a result of the merger. The change in reporting entity was retrospectively applied to the condensed consolidating financial statements for all periods presented. | |||||||||||||||||||||
The effect on the condensed consolidating statement of comprehensive income, as a result of the change in reporting entity, is a decrease of approximately ($0.1) million and an increase of approximately $0.2 million in net (loss) income and comprehensive (loss) income to the guarantor subsidiaries for the three and nine months ended October 27, 2012, respectively with a corresponding change to the non-guarantor for the respective periods from the previously reported amounts. | |||||||||||||||||||||
The effect on the condensed consolidating balance sheet as of February 2, 2013, as a result of the change in reporting entity, is a decrease in net assets of $20.7 million to the guarantor subsidiaries and a corresponding increase in net assets to the non-guarantor. | |||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||
AS OF NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,242 | $ | 48,251 | $ | — | $ | 49,493 | |||||||||||
Accounts receivable, net | — | 128,797 | 20,185 | — | 148,982 | ||||||||||||||||
Intercompany receivable, net | 166,084 | — | — | (166,084 | ) | — | |||||||||||||||
Inventories | — | 148,033 | 18,458 | — | 166,491 | ||||||||||||||||
Deferred income taxes | — | 10,044 | 475 | — | 10,519 | ||||||||||||||||
Prepaid income taxes | 6,789 | — | 954 | 1,533 | 9,276 | ||||||||||||||||
Prepaid expenses and other current assets | — | 8,056 | 856 | — | 8,912 | ||||||||||||||||
Total current assets | 172,873 | 296,172 | 89,179 | (164,551 | ) | 393,673 | |||||||||||||||
Property and equipment, net | — | 56,244 | 4,962 | — | 61,206 | ||||||||||||||||
Other intangible assets, net | — | 207,547 | 38,431 | — | 245,978 | ||||||||||||||||
Goodwill | — | 13,794 | — | — | 13,794 | ||||||||||||||||
Investment in subsidiaries | 348,173 | — | — | (348,173 | ) | — | |||||||||||||||
Other assets | 6,059 | 1,836 | 534 | — | 8,429 | ||||||||||||||||
TOTAL | $ | 527,105 | $ | 575,593 | $ | 133,106 | $ | (512,724 | ) | $ | 723,080 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 70,506 | $ | 5,919 | $ | — | $ | 76,425 | |||||||||||
Accrued expenses and other liabilities | — | 21,879 | 4,443 | (451 | ) | 25,871 | |||||||||||||||
Accrued interest payable | 1,104 | — | — | — | 1,104 | ||||||||||||||||
Unearned revenues | — | 2,888 | 1,742 | — | 4,630 | ||||||||||||||||
Intercompany payable, net | — | 140,528 | 27,490 | (168,018 | ) | — | |||||||||||||||
Total current liabilities | 1,104 | 235,801 | 39,594 | (168,469 | ) | 108,030 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Real estate mortgages | — | 23,539 | — | — | 23,539 | ||||||||||||||||
Deferred pension obligation | — | 12,364 | 93 | — | 12,457 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 29,922 | 3,833 | — | 33,755 | ||||||||||||||||
Deferred income taxes | — | 17,314 | — | 1,984 | 19,298 | ||||||||||||||||
Total long-term liabilities | 150,000 | 83,139 | 3,926 | 1,984 | 239,049 | ||||||||||||||||
Total liabilities | 151,104 | 318,940 | 43,520 | (166,485 | ) | 347,079 | |||||||||||||||
Total equity | 376,001 | 256,653 | 89,586 | (346,239 | ) | 376,001 | |||||||||||||||
TOTAL | $ | 527,105 | $ | 575,593 | $ | 133,106 | $ | (512,724 | ) | $ | 723,080 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||
AS OF FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 14,825 | $ | 40,132 | $ | — | $ | 54,957 | |||||||||||
Accounts receivable, net | — | 156,645 | 17,839 | — | 174,484 | ||||||||||||||||
Intercompany receivable, net | 180,030 | — | — | (180,030 | ) | — | |||||||||||||||
Inventories | — | 164,106 | 19,021 | — | 183,127 | ||||||||||||||||
Deferred income taxes | — | 11,474 | 134 | — | 11,608 | ||||||||||||||||
Prepaid income taxes | — | 12,804 | — | (5,543 | ) | 7,261 | |||||||||||||||
Prepaid expenses and other current assets | — | 9,883 | 1,784 | — | 11,667 | ||||||||||||||||
Total current assets | 180,030 | 369,737 | 78,910 | (185,573 | ) | 443,104 | |||||||||||||||
Property and equipment, net | — | 46,278 | 4,471 | — | 50,749 | ||||||||||||||||
Other intangible assets, net | — | 208,251 | 38,430 | — | 246,681 | ||||||||||||||||
Goodwill | — | 13,794 | — | — | 13,794 | ||||||||||||||||
Investment in subsidiaries | 342,705 | — | — | (342,705 | ) | — | |||||||||||||||
Other assets | 6,096 | 2,097 | 608 | — | 8,801 | ||||||||||||||||
TOTAL | $ | 528,831 | $ | 640,157 | $ | 122,419 | $ | (528,278 | ) | $ | 763,129 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 123,177 | $ | 8,851 | $ | — | $ | 132,028 | |||||||||||
Accrued expenses and other liabilities | 3,530 | 21,542 | 11,050 | (7,527 | ) | 28,595 | |||||||||||||||
Accrued interest payable | 4,061 | — | — | — | 4,061 | ||||||||||||||||
Unearned revenues | — | 2,627 | 2,020 | — | 4,647 | ||||||||||||||||
Intercompany payable, net | — | 163,644 | 17,882 | (181,526 | ) | — | |||||||||||||||
Total current liabilities | 7,591 | 310,990 | 39,803 | (189,053 | ) | 169,331 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Real estate mortgages | — | 24,202 | — | — | 24,202 | ||||||||||||||||
Deferred pension obligation | — | 14,580 | 106 | — | 14,686 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 10,216 | 4,612 | — | 14,828 | ||||||||||||||||
Deferred income taxes | — | 16,858 | — | 1,984 | 18,842 | ||||||||||||||||
Total long-term liabilities | 150,000 | 65,856 | 4,718 | 1,984 | 222,558 | ||||||||||||||||
Total liabilities | 157,591 | 376,846 | 44,521 | (187,069 | ) | 391,889 | |||||||||||||||
Total equity | 371,240 | 263,311 | 77,898 | (341,209 | ) | 371,240 | |||||||||||||||
TOTAL | $ | 528,831 | $ | 640,157 | $ | 122,419 | $ | (528,278 | ) | $ | 763,129 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 195,535 | $ | 19,165 | $ | — | $ | 214,700 | |||||||||||
Royalty income | — | 4,290 | 3,131 | — | 7,421 | ||||||||||||||||
Total revenues | — | 199,825 | 22,296 | — | 222,121 | ||||||||||||||||
Cost of sales | — | 138,957 | 11,800 | — | 150,757 | ||||||||||||||||
Gross profit | — | 60,868 | 10,496 | — | 71,364 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 61,468 | 6,966 | — | 68,434 | ||||||||||||||||
Depreciation and amortization | — | 3,381 | 192 | — | 3,573 | ||||||||||||||||
Total operating expenses | — | 64,849 | 7,158 | — | 72,007 | ||||||||||||||||
Loss on sale of long-lived assets | — | (108 | ) | — | — | (108 | ) | ||||||||||||||
Operating (loss) income | — | (4,089 | ) | 3,338 | — | (751 | ) | ||||||||||||||
Interest expense | — | 3,755 | 27 | — | 3,782 | ||||||||||||||||
Net (loss) income before income taxes | — | (7,844 | ) | 3,311 | — | (4,533 | ) | ||||||||||||||
Income tax (benefit) provision | — | (1,945 | ) | 434 | — | (1,511 | ) | ||||||||||||||
Equity in earnings of subsidiaries, net | (3,022 | ) | — | — | 3,022 | — | |||||||||||||||
Net (loss) income | (3,022 | ) | (5,899 | ) | 2,877 | 3,022 | (3,022 | ) | |||||||||||||
Other comprehensive (loss) income | 704 | 81 | 623 | (704 | ) | 704 | |||||||||||||||
Comprehensive (loss) income | $ | (2,318 | ) | $ | (5,818 | ) | $ | 3,500 | $ | 2,318 | $ | (2,318 | ) | ||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 213,681 | $ | 15,649 | $ | — | $ | 229,330 | |||||||||||
Royalty income | — | 4,099 | 2,819 | — | 6,918 | ||||||||||||||||
Total revenues | — | 217,780 | 18,468 | — | 236,248 | ||||||||||||||||
Cost of sales | — | 151,049 | 9,404 | — | 160,453 | ||||||||||||||||
Gross profit | — | 66,731 | 9,064 | — | 75,795 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 58,325 | 6,069 | — | 64,394 | ||||||||||||||||
Depreciation and amortization | — | 3,243 | 181 | — | 3,424 | ||||||||||||||||
Total operating expenses | — | 61,568 | 6,250 | — | 67,818 | ||||||||||||||||
Gain on sale of long-lived assets | — | 410 | — | — | 410 | ||||||||||||||||
Operating income | — | 5,573 | 2,814 | — | 8,387 | ||||||||||||||||
Interest expense | — | 3,668 | 21 | — | 3,689 | ||||||||||||||||
Net income before income taxes | — | 1,905 | 2,793 | — | 4,698 | ||||||||||||||||
Income tax provision | — | 1,410 | 108 | — | 1,518 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 3,180 | — | — | (3,180 | ) | — | |||||||||||||||
Net income | 3,180 | 495 | 2,685 | (3,180 | ) | 3,180 | |||||||||||||||
Other comprehensive income | 568 | — | 568 | (568 | ) | 568 | |||||||||||||||
Comprehensive income | $ | 3,748 | $ | 495 | $ | 3,253 | $ | (3,748 | ) | $ | 3,748 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 619,446 | $ | 55,230 | $ | — | $ | 674,676 | |||||||||||
Royalty income | — | 12,612 | 8,857 | — | 21,469 | ||||||||||||||||
Total revenues | — | 632,058 | 64,087 | — | 696,145 | ||||||||||||||||
Cost of sales | — | 433,855 | 33,699 | — | 467,554 | ||||||||||||||||
Gross profit | — | 198,203 | 30,388 | — | 228,591 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 183,313 | 22,311 | — | 205,624 | ||||||||||||||||
Depreciation and amortization | — | 8,804 | 571 | — | 9,375 | ||||||||||||||||
Total operating expenses | — | 192,117 | 22,882 | — | 214,999 | ||||||||||||||||
(Loss) gain on sale of long-lived assets | — | (799 | ) | 6,961 | — | 6,162 | |||||||||||||||
Operating income | — | 5,287 | 14,467 | — | 19,754 | ||||||||||||||||
Interest expense | — | 11,226 | 81 | — | 11,307 | ||||||||||||||||
Net (loss) income before income taxes | — | (5,939 | ) | 14,386 | — | 8,447 | |||||||||||||||
Income tax provision | — | 719 | 2,260 | — | 2,979 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 5,468 | — | — | (5,468 | ) | — | |||||||||||||||
Net income (loss) | 5,468 | (6,658 | ) | 12,126 | (5,468 | ) | 5,468 | ||||||||||||||
Other comprehensive (loss) income | (195 | ) | 243 | (438 | ) | 195 | (195 | ) | |||||||||||||
Comprehensive income (loss) | $ | 5,273 | $ | (6,415 | ) | $ | 11,688 | $ | (5,273 | ) | $ | 5,273 | |||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 641,461 | $ | 49,975 | $ | — | $ | 691,436 | |||||||||||
Royalty income | — | 10,890 | 8,882 | — | 19,772 | ||||||||||||||||
Total revenues | — | 652,351 | 58,857 | — | 711,208 | ||||||||||||||||
Cost of sales | — | 447,718 | 30,630 | — | 478,348 | ||||||||||||||||
Gross profit | — | 204,633 | 28,227 | — | 232,860 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 176,305 | 20,539 | — | 196,844 | ||||||||||||||||
Depreciation and amortization | — | 9,809 | 505 | — | 10,314 | ||||||||||||||||
Total operating expenses | — | 186,114 | 21,044 | — | 207,158 | ||||||||||||||||
Gain on sale of long-lived assets | — | 410 | — | — | 410 | ||||||||||||||||
Operating income | — | 18,929 | 7,183 | — | 26,112 | ||||||||||||||||
Interest expense | — | 10,937 | 74 | — | 11,011 | ||||||||||||||||
Net income before income taxes | — | 7,992 | 7,109 | — | 15,101 | ||||||||||||||||
Income tax provision | — | 3,928 | 759 | — | 4,687 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 10,414 | — | — | (10,414 | ) | — | |||||||||||||||
Net income | 10,414 | 4,064 | 6,350 | (10,414 | ) | 10,414 | |||||||||||||||
Other comprehensive income | 472 | — | 472 | (472 | ) | 472 | |||||||||||||||
Comprehensive income | $ | 10,886 | $ | 4,064 | $ | 6,822 | $ | (10,886 | ) | $ | 10,886 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (13,239 | ) | $ | 11,329 | $ | (4,455 | ) | $ | — | $ | (6,365 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (17,337 | ) | (1,248 | ) | — | (18,585 | ) | |||||||||||||
Proceeds on sale of intangible assets | — | — | 4,875 | — | 4,875 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 1,892 | — | — | 1,892 | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (15,445 | ) | 3,627 | — | (11,818 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 321,364 | — | — | 321,364 | ||||||||||||||||
Payments on senior credit facility | — | (302,538 | ) | — | — | (302,538 | ) | ||||||||||||||
Purchase of treasury stock | (4,999 | ) | — | — | — | (4,999 | ) | ||||||||||||||
Payments on real estate mortgages | — | (606 | ) | — | — | (606 | ) | ||||||||||||||
Payments on capital leases | — | (237 | ) | — | — | (237 | ) | ||||||||||||||
Tax benefit from exercise of stock options | (78 | ) | — | — | — | (78 | ) | ||||||||||||||
Deferred financing fees | — | (66 | ) | — | — | (66 | ) | ||||||||||||||
Proceeds from exercise of stock options | 134 | — | — | — | 134 | ||||||||||||||||
Intercompany transactions | 18,437 | (27,384 | ) | 9,202 | (255 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 13,494 | (9,467 | ) | 9,202 | (255 | ) | 12,974 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (255 | ) | — | (255 | ) | 255 | (255 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (13,583 | ) | 8,119 | — | (5,464 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 14,825 | 40,132 | — | 54,957 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 1,242 | $ | 48,251 | $ | — | $ | 49,493 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (1,678 | ) | $ | 47,468 | $ | 14,417 | $ | — | $ | 60,207 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (5,426 | ) | (989 | ) | — | (6,415 | ) | |||||||||||||
Payment on purchase of intangible assets | — | (7,000 | ) | — | — | (7,000 | ) | ||||||||||||||
Proceeds in connection with purchase price adjustment | — | 4,547 | — | — | 4,547 | ||||||||||||||||
Proceeds on sale of intangible assets | — | 410 | — | — | 410 | ||||||||||||||||
Net cash used in investing activities | — | (7,469 | ) | (989 | ) | — | (8,458 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings on senior credit facility | — | 237,047 | — | — | 237,047 | ||||||||||||||||
Payments on senior credit facility | — | (258,726 | ) | — | — | (258,726 | ) | ||||||||||||||
Payments on real estate mortgages | — | (534 | ) | — | — | (534 | ) | ||||||||||||||
Deferred financing fees | — | (100 | ) | — | — | (100 | ) | ||||||||||||||
Payments on capital leases | — | (258 | ) | — | — | (258 | ) | ||||||||||||||
Proceeds from exercise of stock options | 601 | — | — | — | 601 | ||||||||||||||||
Tax benefit from exercise of stock options | 384 | — | — | — | 384 | ||||||||||||||||
Purchase of treasury stock | (2,582 | ) | — | — | — | (2,582 | ) | ||||||||||||||
Intercompany transactions | 3,313 | 2,591 | (5,866 | ) | (38 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 1,716 | (19,980 | ) | (5,866 | ) | (38 | ) | (24,168 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (38 | ) | — | (38 | ) | 38 | (38 | ) | |||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | 20,019 | 7,524 | — | 27,543 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 293 | 23,823 | — | 24,116 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 20,312 | $ | 31,347 | $ | — | $ | 51,659 | |||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Components of Accounts Receivable | ' | ||||||||
Accounts receivable consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Trade accounts | $ | 164,461 | $ | 192,268 | |||||
Royalties | 4,665 | 3,912 | |||||||
Other receivables | 1,218 | 4,147 | |||||||
Total | 170,344 | 200,327 | |||||||
Less: allowances | (21,362 | ) | (25,843 | ) | |||||
Total | $ | 148,982 | $ | 174,484 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Summary of Inventories | ' | ||||||||
Inventories consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 165,399 | $ | 181,668 | |||||
Raw materials and in process | 1,092 | 1,459 | |||||||
Total | $ | 166,491 | $ | 183,127 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 87,280 | $ | 90,365 | |||||
Buildings and building improvements | 19,597 | 19,550 | |||||||
Vehicles | 796 | 923 | |||||||
Leasehold improvements | 40,172 | 30,621 | |||||||
Land | 9,448 | 9,426 | |||||||
Total | 157,293 | 150,885 | |||||||
Less: accumulated depreciation and amortization | (96,087 | ) | (100,136 | ) | |||||
Total | $ | 61,206 | $ | 50,749 | |||||
Summary of Property and Equipment Includes Assets Held under Capital Leases | ' | ||||||||
The above table of property and equipment includes assets held under capital leases as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 938 | $ | 938 | |||||
Less: accumulated depreciation and amortization | (465 | ) | (230 | ) | |||||
Total | $ | 473 | $ | 708 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Summary of Other Intangible Assets Represent Customer Lists | ' | ||||||||
Other intangible assets represent: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Customer lists | $ | 8,450 | $ | 8,450 | |||||
Less: accumulated amortization | (2,631 | ) | (1,927 | ) | |||||
Total | $ | 5,819 | $ | 6,523 | |||||
Letter_of_Credit_Facilities_Ta
Letter of Credit Facilities (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Borrowings and Availability under Letter of Credit Facilities | ' | ||||||||
Borrowings and availability under letter of credit facilities consisted of the following as of: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Total letter of credit facilities | $ | 55,320 | $ | 55,316 | |||||
Outstanding letters of credit | (11,879 | ) | (11,768 | ) | |||||
Total letters of credit available | $ | 43,441 | $ | 43,548 | |||||
Net_Loss_Income_per_Share_Tabl
Net (Loss) Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted income per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income | $ | (3,022 | ) | $ | 3,180 | $ | 5,468 | $ | 10,414 | ||||||||
Denominator: | |||||||||||||||||
Basic-weighted average shares | 14,991 | 14,662 | 15,042 | 14,669 | |||||||||||||
Dilutive effect: equity awards | — | 526 | 321 | 499 | |||||||||||||
Dilutive effect: warrant | — | 107 | — | 107 | |||||||||||||
Diluted-weighted average shares | 14,991 | 15,295 | 15,363 | 15,275 | |||||||||||||
Basic (loss) income per share | $ | (0.20 | ) | $ | 0.22 | $ | 0.36 | $ | 0.71 | ||||||||
Diluted (loss) income per share | $ | (0.20 | ) | $ | 0.21 | $ | 0.36 | $ | 0.68 | ||||||||
Antidilutive effect:(1) | 2,038 | 771 | 908 | 1,142 | |||||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and restricted stock that were not included in computing diluted (loss) income per share because their effects were antidilutive for the respective periods. |
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Changes in Equity | ' | ||||
The following table reflects the changes in equity: | |||||
Changes in Equity | |||||
(in thousands) | |||||
Equity at February 2, 2013 | $ | 371,240 | |||
Comprehensive income | 5,273 | ||||
Share transactions under employee equity compensation plans | 4,487 | ||||
Purchase of treasury stock | (4,999 | ) | |||
Equity at November 2, 2013 | $ | 376,001 | |||
Equity at January 28, 2012 | $ | 366,495 | |||
Comprehensive income | 10,886 | ||||
Share transactions under employee equity compensation plans | 3,953 | ||||
Purchase of treasury stock | (2,582 | ) | |||
Equity at October 27, 2012 | $ | 378,752 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | ' | ||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax: | |||||||||||||
Unrealized (Loss) Gain on | Foreign | Total | |||||||||||
Pension Liability | Currency Translation | ||||||||||||
Adjustments, Net | |||||||||||||
(in thousands) | |||||||||||||
Balance, February 2, 2013 | $ | (7,176 | ) | $ | (884 | ) | $ | (8,060 | ) | ||||
Other comprehensive loss before reclassifications | — | (438 | ) | (438 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 243 | — | 243 | ||||||||||
Balance, November 2, 2013 | $ | (6,933 | ) | $ | (1,322 | ) | $ | (8,255 | ) | ||||
Summary of Impact on Condensed Consolidated Statements of Operations Line Items | ' | ||||||||||||
A summary of the impact on the condensed consolidated statements of income line items is as follows: | |||||||||||||
Details about Accumulated Other Comprehensive | Three Months Ended | ||||||||||||
Income Components | November 2, 2013 | October 27, 2012 | |||||||||||
(in thousands) | |||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Actuarial losses | $ | 133 | $ | — | Selling, general and administrative expenses | ||||||||
Tax benefit | (52 | ) | — | Income tax (benefit) provision | |||||||||
Total, net of tax | $ | 81 | $ | — | |||||||||
Nine Months Ended | |||||||||||||
November 2, 2013 | October 27, 2012 | ||||||||||||
(in thousands) | |||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Actuarial losses | $ | 399 | $ | — | Selling, general and administrative expenses | ||||||||
Tax benefit | (156 | ) | — | Income tax (benefit) provision | |||||||||
Total, net of tax | $ | 243 | $ | — | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by each segment. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 158,585 | $ | 165,517 | $ | 509,856 | $ | 514,981 | |||||||||
Women’s Sportswear | 37,912 | 45,105 | 110,032 | 118,033 | |||||||||||||
Direct-to-Consumer | 18,203 | 18,708 | 54,788 | 58,422 | |||||||||||||
Licensing | 7,421 | 6,918 | 21,469 | 19,772 | |||||||||||||
Total revenues | $ | 222,121 | $ | 236,248 | $ | 696,145 | $ | 711,208 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Men’s Sportswear and Swim | $ | 1,893 | $ | 2,108 | $ | 5,364 | $ | 6,377 | |||||||||
Women’s Sportswear | 583 | 531 | 1,408 | 1,466 | |||||||||||||
Direct-to-Consumer | 1,062 | 712 | 2,500 | 2,169 | |||||||||||||
Licensing | 35 | 73 | 103 | 302 | |||||||||||||
Total depreciation and amortization | $ | 3,573 | $ | 3,424 | $ | 9,375 | $ | 10,314 | |||||||||
Operating (loss) income: | |||||||||||||||||
Men’s Sportswear and Swim | $ | (1,188 | ) | $ | 3,910 | $ | 6,640 | $ | 14,607 | ||||||||
Women’s Sportswear | (735 | ) | 327 | (36 | ) | (139 | ) | ||||||||||
Direct-to-Consumer | (4,330 | ) | (2,267 | ) | (9,595 | ) | (4,886 | ) | |||||||||
Licensing (1) | 5,502 | 6,417 | 22,745 | 16,530 | |||||||||||||
Total operating (loss) income | $ | (751 | ) | $ | 8,387 | $ | 19,754 | $ | 26,112 | ||||||||
Total interest expense | 3,782 | 3,689 | 11,307 | 11,011 | |||||||||||||
Total net (loss) income before income taxes | $ | (4,533 | ) | $ | 4,698 | $ | 8,447 | $ | 15,101 | ||||||||
-1 | Operating income for the licensing segment for the nine months ended November 2, 2013 includes a gain on sale of long-lived assets in the amount of $6.3 million. See footnote 6 to the condensed consolidated financial statements for further information. |
Benefit_Plan_Tables
Benefit Plan (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Components of Net Benefit Cost | ' | ||||||||||||||||
The following table provides the components of net benefit cost for the plan during the three and nine months ended fiscal 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 63 | $ | 63 | $ | 189 | $ | 189 | |||||||||
Interest cost | 406 | 433 | 1,218 | 1,299 | |||||||||||||
Expected return on plan assets | (555 | ) | (483 | ) | (1,665 | ) | (1,449 | ) | |||||||||
Amortization of net loss | 133 | 131 | 399 | 393 | |||||||||||||
Net periodic benefit cost | $ | 47 | $ | 144 | $ | 141 | $ | 432 | |||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||
AS OF NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,242 | $ | 48,251 | $ | — | $ | 49,493 | |||||||||||
Accounts receivable, net | — | 128,797 | 20,185 | — | 148,982 | ||||||||||||||||
Intercompany receivable, net | 166,084 | — | — | (166,084 | ) | — | |||||||||||||||
Inventories | — | 148,033 | 18,458 | — | 166,491 | ||||||||||||||||
Deferred income taxes | — | 10,044 | 475 | — | 10,519 | ||||||||||||||||
Prepaid income taxes | 6,789 | — | 954 | 1,533 | 9,276 | ||||||||||||||||
Prepaid expenses and other current assets | — | 8,056 | 856 | — | 8,912 | ||||||||||||||||
Total current assets | 172,873 | 296,172 | 89,179 | (164,551 | ) | 393,673 | |||||||||||||||
Property and equipment, net | — | 56,244 | 4,962 | — | 61,206 | ||||||||||||||||
Other intangible assets, net | — | 207,547 | 38,431 | — | 245,978 | ||||||||||||||||
Goodwill | — | 13,794 | — | — | 13,794 | ||||||||||||||||
Investment in subsidiaries | 348,173 | — | — | (348,173 | ) | — | |||||||||||||||
Other assets | 6,059 | 1,836 | 534 | — | 8,429 | ||||||||||||||||
TOTAL | $ | 527,105 | $ | 575,593 | $ | 133,106 | $ | (512,724 | ) | $ | 723,080 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 70,506 | $ | 5,919 | $ | — | $ | 76,425 | |||||||||||
Accrued expenses and other liabilities | — | 21,879 | 4,443 | (451 | ) | 25,871 | |||||||||||||||
Accrued interest payable | 1,104 | — | — | — | 1,104 | ||||||||||||||||
Unearned revenues | — | 2,888 | 1,742 | — | 4,630 | ||||||||||||||||
Intercompany payable, net | — | 140,528 | 27,490 | (168,018 | ) | — | |||||||||||||||
Total current liabilities | 1,104 | 235,801 | 39,594 | (168,469 | ) | 108,030 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Real estate mortgages | — | 23,539 | — | — | 23,539 | ||||||||||||||||
Deferred pension obligation | — | 12,364 | 93 | — | 12,457 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 29,922 | 3,833 | — | 33,755 | ||||||||||||||||
Deferred income taxes | — | 17,314 | — | 1,984 | 19,298 | ||||||||||||||||
Total long-term liabilities | 150,000 | 83,139 | 3,926 | 1,984 | 239,049 | ||||||||||||||||
Total liabilities | 151,104 | 318,940 | 43,520 | (166,485 | ) | 347,079 | |||||||||||||||
Total equity | 376,001 | 256,653 | 89,586 | (346,239 | ) | 376,001 | |||||||||||||||
TOTAL | $ | 527,105 | $ | 575,593 | $ | 133,106 | $ | (512,724 | ) | $ | 723,080 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||
AS OF FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 14,825 | $ | 40,132 | $ | — | $ | 54,957 | |||||||||||
Accounts receivable, net | — | 156,645 | 17,839 | — | 174,484 | ||||||||||||||||
Intercompany receivable, net | 180,030 | — | — | (180,030 | ) | — | |||||||||||||||
Inventories | — | 164,106 | 19,021 | — | 183,127 | ||||||||||||||||
Deferred income taxes | — | 11,474 | 134 | — | 11,608 | ||||||||||||||||
Prepaid income taxes | — | 12,804 | — | (5,543 | ) | 7,261 | |||||||||||||||
Prepaid expenses and other current assets | — | 9,883 | 1,784 | — | 11,667 | ||||||||||||||||
Total current assets | 180,030 | 369,737 | 78,910 | (185,573 | ) | 443,104 | |||||||||||||||
Property and equipment, net | — | 46,278 | 4,471 | — | 50,749 | ||||||||||||||||
Other intangible assets, net | — | 208,251 | 38,430 | — | 246,681 | ||||||||||||||||
Goodwill | — | 13,794 | — | — | 13,794 | ||||||||||||||||
Investment in subsidiaries | 342,705 | — | — | (342,705 | ) | — | |||||||||||||||
Other assets | 6,096 | 2,097 | 608 | — | 8,801 | ||||||||||||||||
TOTAL | $ | 528,831 | $ | 640,157 | $ | 122,419 | $ | (528,278 | ) | $ | 763,129 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 123,177 | $ | 8,851 | $ | — | $ | 132,028 | |||||||||||
Accrued expenses and other liabilities | 3,530 | 21,542 | 11,050 | (7,527 | ) | 28,595 | |||||||||||||||
Accrued interest payable | 4,061 | — | — | — | 4,061 | ||||||||||||||||
Unearned revenues | — | 2,627 | 2,020 | — | 4,647 | ||||||||||||||||
Intercompany payable, net | — | 163,644 | 17,882 | (181,526 | ) | — | |||||||||||||||
Total current liabilities | 7,591 | 310,990 | 39,803 | (189,053 | ) | 169,331 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Real estate mortgages | — | 24,202 | — | — | 24,202 | ||||||||||||||||
Deferred pension obligation | — | 14,580 | 106 | — | 14,686 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 10,216 | 4,612 | — | 14,828 | ||||||||||||||||
Deferred income taxes | — | 16,858 | — | 1,984 | 18,842 | ||||||||||||||||
Total long-term liabilities | 150,000 | 65,856 | 4,718 | 1,984 | 222,558 | ||||||||||||||||
Total liabilities | 157,591 | 376,846 | 44,521 | (187,069 | ) | 391,889 | |||||||||||||||
Total equity | 371,240 | 263,311 | 77,898 | (341,209 | ) | 371,240 | |||||||||||||||
TOTAL | $ | 528,831 | $ | 640,157 | $ | 122,419 | $ | (528,278 | ) | $ | 763,129 | ||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 195,535 | $ | 19,165 | $ | — | $ | 214,700 | |||||||||||
Royalty income | — | 4,290 | 3,131 | — | 7,421 | ||||||||||||||||
Total revenues | — | 199,825 | 22,296 | — | 222,121 | ||||||||||||||||
Cost of sales | — | 138,957 | 11,800 | — | 150,757 | ||||||||||||||||
Gross profit | — | 60,868 | 10,496 | — | 71,364 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 61,468 | 6,966 | — | 68,434 | ||||||||||||||||
Depreciation and amortization | — | 3,381 | 192 | — | 3,573 | ||||||||||||||||
Total operating expenses | — | 64,849 | 7,158 | — | 72,007 | ||||||||||||||||
Loss on sale of long-lived assets | — | (108 | ) | — | — | (108 | ) | ||||||||||||||
Operating (loss) income | — | (4,089 | ) | 3,338 | — | (751 | ) | ||||||||||||||
Interest expense | — | 3,755 | 27 | — | 3,782 | ||||||||||||||||
Net (loss) income before income taxes | — | (7,844 | ) | 3,311 | — | (4,533 | ) | ||||||||||||||
Income tax (benefit) provision | — | (1,945 | ) | 434 | — | (1,511 | ) | ||||||||||||||
Equity in earnings of subsidiaries, net | (3,022 | ) | — | — | 3,022 | — | |||||||||||||||
Net (loss) income | (3,022 | ) | (5,899 | ) | 2,877 | 3,022 | (3,022 | ) | |||||||||||||
Other comprehensive (loss) income | 704 | 81 | 623 | (704 | ) | 704 | |||||||||||||||
Comprehensive (loss) income | $ | (2,318 | ) | $ | (5,818 | ) | $ | 3,500 | $ | 2,318 | $ | (2,318 | ) | ||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE THREE MONTHS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 213,681 | $ | 15,649 | $ | — | $ | 229,330 | |||||||||||
Royalty income | — | 4,099 | 2,819 | — | 6,918 | ||||||||||||||||
Total revenues | — | 217,780 | 18,468 | — | 236,248 | ||||||||||||||||
Cost of sales | — | 151,049 | 9,404 | — | 160,453 | ||||||||||||||||
Gross profit | — | 66,731 | 9,064 | — | 75,795 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 58,325 | 6,069 | — | 64,394 | ||||||||||||||||
Depreciation and amortization | — | 3,243 | 181 | — | 3,424 | ||||||||||||||||
Total operating expenses | — | 61,568 | 6,250 | — | 67,818 | ||||||||||||||||
Gain on sale of long-lived assets | — | 410 | — | — | 410 | ||||||||||||||||
Operating income | — | 5,573 | 2,814 | — | 8,387 | ||||||||||||||||
Interest expense | — | 3,668 | 21 | — | 3,689 | ||||||||||||||||
Net income before income taxes | — | 1,905 | 2,793 | — | 4,698 | ||||||||||||||||
Income tax provision | — | 1,410 | 108 | — | 1,518 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 3,180 | — | — | (3,180 | ) | — | |||||||||||||||
Net income | 3,180 | 495 | 2,685 | (3,180 | ) | 3,180 | |||||||||||||||
Other comprehensive income | 568 | — | 568 | (568 | ) | 568 | |||||||||||||||
Comprehensive income | $ | 3,748 | $ | 495 | $ | 3,253 | $ | (3,748 | ) | $ | 3,748 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 619,446 | $ | 55,230 | $ | — | $ | 674,676 | |||||||||||
Royalty income | — | 12,612 | 8,857 | — | 21,469 | ||||||||||||||||
Total revenues | — | 632,058 | 64,087 | — | 696,145 | ||||||||||||||||
Cost of sales | — | 433,855 | 33,699 | — | 467,554 | ||||||||||||||||
Gross profit | — | 198,203 | 30,388 | — | 228,591 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 183,313 | 22,311 | — | 205,624 | ||||||||||||||||
Depreciation and amortization | — | 8,804 | 571 | — | 9,375 | ||||||||||||||||
Total operating expenses | — | 192,117 | 22,882 | — | 214,999 | ||||||||||||||||
(Loss) gain on sale of long-lived assets | — | (799 | ) | 6,961 | — | 6,162 | |||||||||||||||
Operating income | — | 5,287 | 14,467 | — | 19,754 | ||||||||||||||||
Interest expense | — | 11,226 | 81 | — | 11,307 | ||||||||||||||||
Net (loss) income before income taxes | — | (5,939 | ) | 14,386 | — | 8,447 | |||||||||||||||
Income tax provision | — | 719 | 2,260 | — | 2,979 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 5,468 | — | — | (5,468 | ) | — | |||||||||||||||
Net income (loss) | 5,468 | (6,658 | ) | 12,126 | (5,468 | ) | 5,468 | ||||||||||||||
Other comprehensive (loss) income | (195 | ) | 243 | (438 | ) | 195 | (195 | ) | |||||||||||||
Comprehensive income (loss) | $ | 5,273 | $ | (6,415 | ) | $ | 11,688 | $ | (5,273 | ) | $ | 5,273 | |||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 641,461 | $ | 49,975 | $ | — | $ | 691,436 | |||||||||||
Royalty income | — | 10,890 | 8,882 | — | 19,772 | ||||||||||||||||
Total revenues | — | 652,351 | 58,857 | — | 711,208 | ||||||||||||||||
Cost of sales | — | 447,718 | 30,630 | — | 478,348 | ||||||||||||||||
Gross profit | — | 204,633 | 28,227 | — | 232,860 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 176,305 | 20,539 | — | 196,844 | ||||||||||||||||
Depreciation and amortization | — | 9,809 | 505 | — | 10,314 | ||||||||||||||||
Total operating expenses | — | 186,114 | 21,044 | — | 207,158 | ||||||||||||||||
Gain on sale of long-lived assets | — | 410 | — | — | 410 | ||||||||||||||||
Operating income | — | 18,929 | 7,183 | — | 26,112 | ||||||||||||||||
Interest expense | — | 10,937 | 74 | — | 11,011 | ||||||||||||||||
Net income before income taxes | — | 7,992 | 7,109 | — | 15,101 | ||||||||||||||||
Income tax provision | — | 3,928 | 759 | — | 4,687 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 10,414 | — | — | (10,414 | ) | — | |||||||||||||||
Net income | 10,414 | 4,064 | 6,350 | (10,414 | ) | 10,414 | |||||||||||||||
Other comprehensive income | 472 | — | 472 | (472 | ) | 472 | |||||||||||||||
Comprehensive income | $ | 10,886 | $ | 4,064 | $ | 6,822 | $ | (10,886 | ) | $ | 10,886 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED NOVEMBER 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (13,239 | ) | $ | 11,329 | $ | (4,455 | ) | $ | — | $ | (6,365 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (17,337 | ) | (1,248 | ) | — | (18,585 | ) | |||||||||||||
Proceeds on sale of intangible assets | — | — | 4,875 | — | 4,875 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 1,892 | — | — | 1,892 | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (15,445 | ) | 3,627 | — | (11,818 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 321,364 | — | — | 321,364 | ||||||||||||||||
Payments on senior credit facility | — | (302,538 | ) | — | — | (302,538 | ) | ||||||||||||||
Purchase of treasury stock | (4,999 | ) | — | — | — | (4,999 | ) | ||||||||||||||
Payments on real estate mortgages | — | (606 | ) | — | — | (606 | ) | ||||||||||||||
Payments on capital leases | — | (237 | ) | — | — | (237 | ) | ||||||||||||||
Tax benefit from exercise of stock options | (78 | ) | — | — | — | (78 | ) | ||||||||||||||
Deferred financing fees | — | (66 | ) | — | — | (66 | ) | ||||||||||||||
Proceeds from exercise of stock options | 134 | — | — | — | 134 | ||||||||||||||||
Intercompany transactions | 18,437 | (27,384 | ) | 9,202 | (255 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 13,494 | (9,467 | ) | 9,202 | (255 | ) | 12,974 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (255 | ) | — | (255 | ) | 255 | (255 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (13,583 | ) | 8,119 | — | (5,464 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 14,825 | 40,132 | — | 54,957 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 1,242 | $ | 48,251 | $ | — | $ | 49,493 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||
FOR THE NINE MONTHS ENDED OCTOBER 27, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||
Guarantors | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (1,678 | ) | $ | 47,468 | $ | 14,417 | $ | — | $ | 60,207 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (5,426 | ) | (989 | ) | — | (6,415 | ) | |||||||||||||
Payment on purchase of intangible assets | — | (7,000 | ) | — | — | (7,000 | ) | ||||||||||||||
Proceeds in connection with purchase price adjustment | — | 4,547 | — | — | 4,547 | ||||||||||||||||
Proceeds on sale of intangible assets | — | 410 | — | — | 410 | ||||||||||||||||
Net cash used in investing activities | — | (7,469 | ) | (989 | ) | — | (8,458 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings on senior credit facility | — | 237,047 | — | — | 237,047 | ||||||||||||||||
Payments on senior credit facility | — | (258,726 | ) | — | — | (258,726 | ) | ||||||||||||||
Payments on real estate mortgages | — | (534 | ) | — | — | (534 | ) | ||||||||||||||
Deferred financing fees | — | (100 | ) | — | — | (100 | ) | ||||||||||||||
Payments on capital leases | — | (258 | ) | — | — | (258 | ) | ||||||||||||||
Proceeds from exercise of stock options | 601 | — | — | — | 601 | ||||||||||||||||
Tax benefit from exercise of stock options | 384 | — | — | — | 384 | ||||||||||||||||
Purchase of treasury stock | (2,582 | ) | — | — | — | (2,582 | ) | ||||||||||||||
Intercompany transactions | 3,313 | 2,591 | (5,866 | ) | (38 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 1,716 | (19,980 | ) | (5,866 | ) | (38 | ) | (24,168 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (38 | ) | — | (38 | ) | 38 | (38 | ) | |||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | 20,019 | 7,524 | — | 27,543 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 293 | 23,823 | — | 24,116 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 20,312 | $ | 31,347 | $ | — | $ | 51,659 | |||||||||||
Components_of_Accounts_Receiva
Components of Accounts Receivable (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Line Items] | ' | ' |
Trade accounts | $164,461 | $192,268 |
Royalties | 4,665 | 3,912 |
Other receivables | 1,218 | 4,147 |
Total | 170,344 | 200,327 |
Less: allowances | -21,362 | -25,843 |
Total | $148,982 | $174,484 |
Inventories_Detail
Inventories (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $165,399 | $181,668 |
Raw materials and in process | 1,092 | 1,459 |
Total | $166,491 | $183,127 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $157,293 | $150,885 |
Less: accumulated depreciation and amortization | -96,087 | -100,136 |
Total | 61,206 | 50,749 |
Furniture, fixture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 87,280 | 90,365 |
Buildings and building improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 19,597 | 19,550 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 796 | 923 |
Leasehold Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 40,172 | 30,621 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $9,448 | $9,426 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment Includes Assets Held under Capital Leases (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Less: accumulated depreciation and amortization | ($465) | ($230) |
Total | 473 | 708 |
Furniture, fixture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture, fixtures and equipment | $938 | $938 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense related to property and equipment | $3,500,000 | $3,300,000 | $9,100,000 | $9,500,000 |
Assets held for sale | 2,000,000 | ' | 2,000,000 | ' |
Proceeds from Sale of asset | 1,892,000 | ' | 1,892,000 | ' |
Loss on sale of asset | ($108,000) | ' | ' | ' |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Trademarks | Trademarks | Asset Sale Agreement | Asset Sale Agreement | Customer Lists | Customer Lists | Customer Lists | Customer Lists | |||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trademarks included in other intangible assets, net | ' | ' | ' | ' | $240,200,000 | $240,200,000 | ' | ' | ' | ' | ' | ' |
Sales agreement amount | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
(Loss) gain on sale of long-lived assets | -108,000 | 410,000 | 6,162,000 | 410,000 | ' | ' | 6,300,000 | ' | ' | ' | ' | ' |
Proceeds on sale of intangible assets | ' | ' | 4,875,000 | 410,000 | ' | ' | 4,900,000 | 2,600,000 | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | 700,000 | 700,000 |
Intangible assets amortized estimated useful lives | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2014 | 900,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2015 | 900,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2016 | 900,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2017 | 900,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2018 | 900,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2019 | $900,000 | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Detail
Intangible Assets (Detail) (Customer Lists, USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Customer Lists | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Customer lists | $8,450 | $8,450 |
Less: accumulated amortization | -2,631 | -1,927 |
Total | $5,819 | $6,523 |
Letter_of_Credit_Facilities_De
Letter of Credit Facilities (Detail) (Letter of Credit, USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Letter of Credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total letter of credit facilities | $55,320 | $55,316 |
Outstanding letters of credit | -11,879 | -11,768 |
Total letters of credit available | $43,441 | $43,548 |
Real_Estate_Mortgage_Additiona
Real Estate Mortgage - Additional Information (Detail) (Mortgage Loans on Real Estate, USD $) | 1 Months Ended | ||
Sep. 30, 2012 | Jul. 31, 2010 | Nov. 02, 2013 | |
Amended Mortgage Loan Agreement | |||
Debt Instrument [Line Items] | ' | ' | ' |
Mortgage Loan | ' | $13,000,000 | ' |
Due date of Loan | ' | 1-Aug-20 | ' |
Principal and Interest due | 71,000 | ' | ' |
Revised interest rate | 4.25% | ' | ' |
Installment cycle | ' | 'Monthly | ' |
Fixed interest rate | ' | ' | 3.90% |
Revised Principal and Interest | ' | ' | 69,000 |
Real Estate Mortgage Loan, Ending Balance | ' | ' | 11,800,000 |
Due within a year | ' | ' | $357,000 |
Advertising_and_Related_Costs_
Advertising and Related Costs - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Advertising Costs [Line Items] | ' | ' | ' | ' |
Advertising and related costs | $4.70 | $3.80 | $13.40 | $11.40 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||||
Numerator: | ' | ' | ' | ' | ||||
Net (loss) income | ($3,022) | $3,180 | $5,468 | $10,414 | ||||
Denominator: | ' | ' | ' | ' | ||||
Basic-weighted average shares | 14,991 | 14,662 | 15,042 | 14,669 | ||||
Dilutive effect: equity awards | ' | 526 | 321 | 499 | ||||
Dilutive effect: warrant | ' | 107 | ' | 107 | ||||
Diluted-weighted average shares | 14,991 | 15,295 | 15,363 | 15,275 | ||||
Basic (loss) income per share | ($0.20) | $0.22 | $0.36 | $0.71 | ||||
Diluted (loss) income per share | ($0.20) | $0.21 | $0.36 | $0.68 | ||||
Antidilutive effect | 2,038 | [1] | 771 | [1] | 908 | [1] | 1,142 | [1] |
[1] | Represents weighted average of stock options to purchase shares of common stock, SARS and restricted stock that were not included in computing diluted (loss) income per share because their effects were antidilutive for the respective periods. |
Equity_Detail
Equity (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Equity [Line Items] | ' | ' |
Beginning Balance | $371,240 | $366,495 |
Comprehensive income | 5,273 | 10,886 |
Share transactions under employee equity compensation plans | 4,487 | 3,953 |
Purchase of treasury stock | -4,999 | -2,582 |
Ending Balance | $376,001 | $378,752 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |
Nov. 02, 2013 | Nov. 02, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
Common Stock | Additional Paid-in Capital | |||
Shareholders Equity [Line Items] | ' | ' | ' | ' |
Common stock repurchase program, amount authorized | $60,000,000 | ' | ' | ' |
Common stock repurchase program expiration date | 31-Oct-14 | 31-Oct-14 | ' | ' |
Total purchases under common stock repurchase program | 40,900,000 | 40,900,000 | ' | ' |
Retirement of treasury stock, shares | ' | ' | 1,290,022 | ' |
Retirement of treasury stock | ' | ' | 13,000 | 18,500,000 |
Purchase of treasury stock | ' | $5,000,000 | ' | ' |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance, February 2, 2013 | ($8,060) |
Other comprehensive loss before reclassifications | -438 |
Amounts reclassified from accumulated other comprehensive loss | 243 |
Balance, November 2, 2013 | -8,255 |
Unrealized (Loss) Gain on Pension Liability | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance, February 2, 2013 | -7,176 |
Amounts reclassified from accumulated other comprehensive loss | 243 |
Balance, November 2, 2013 | -6,933 |
Foreign Currency Translation Adjustments, Net | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance, February 2, 2013 | -884 |
Other comprehensive loss before reclassifications | -438 |
Balance, November 2, 2013 | ($1,322) |
Summary_of_Impact_on_Condensed
Summary of Impact on Condensed Consolidated Statements of Operations Line Items (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | $68,434 | $64,394 | $205,624 | $196,844 |
Income tax (benefit) provision | -1,511 | 1,518 | 2,979 | 4,687 |
Total, net of tax | ' | ' | -243 | ' |
Unrealized (Loss) Gain on Pension Liability | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total, net of tax | ' | ' | -243 | ' |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized (Loss) Gain on Pension Liability | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | 133 | ' | 399 | ' |
Income tax (benefit) provision | -52 | ' | -156 | ' |
Total, net of tax | $81 | ' | $243 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Unrecognized tax benefits | ' | ' | $600,000 |
Unrecognized tax benefits, interest and penalties | ' | ' | 100,000 |
Unrecognized tax benefits, decrease | -73,000 | -9,000 | ' |
Increase (decrease) in interest and penalties | -13,000 | 6,000 | ' |
Lapse Of Statutes Of Limitations | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Reasonably possible unrecognized tax benefits, maximum | $100,000 | $100,000 | ' |
Stock_Options_Stock_Appreciati1
Stock Options, Stock Appreciation Rights and Restricted Shares - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||||
4-May-13 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Aug. 03, 2013 | 4-May-13 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | |
Performance Based Restricted Stock Awards | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Appreciation Rights Sars Settleable In Shares | Stock Appreciation Rights Sars Settleable In Shares | Stock Appreciation Rights Sars Settleable In Shares | |
Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Key employees | Key employees | Key employees | Key employees | Key employees | Key employees | Key employees | Key employees | Key employees | Director | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Minimum | Maximum | ||
Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards expected vesting percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting date | '2016-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded | ' | 120,400 | 133,460 | 225,938 | ' | ' | ' | ' | ' | ' | 13,740 | 109,644 | 14,000 | ' | ' |
Fair value of stock granted | ' | $2,200,000 | $2,700,000 | $4,000,000 | ' | ' | ' | ' | ' | ' | $300,000 | $1,900,000 | $141,000 | ' | ' |
Vesting Period | ' | ' | ' | ' | '3 years | '3 years | '3 years | '5 years | '5 years | '5 years | '3 years | ' | '4 years | ' | ' |
Number of directors awarded restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' |
Exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.79 | $18.57 |
Award Expiration term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Nov. 02, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 4 |
Revenues_Generated_by_Segments
Revenues Generated by Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Total revenues | $222,121 | $236,248 | $696,145 | $711,208 | |
Total depreciation and amortization | 3,573 | 3,424 | 9,375 | 10,314 | |
Total operating (loss) income | -751 | 8,387 | 19,754 | 26,112 | |
Total interest expense | 3,782 | 3,689 | 11,307 | 11,011 | |
Total net (loss) income before income taxes | -4,533 | 4,698 | 8,447 | 15,101 | |
Men's Sportswear and Swim | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Total revenues | 158,585 | 165,517 | 509,856 | 514,981 | |
Total depreciation and amortization | 1,893 | 2,108 | 5,364 | 6,377 | |
Total operating (loss) income | -1,188 | 3,910 | 6,640 | 14,607 | |
Women's Sportswear | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Total revenues | 37,912 | 45,105 | 110,032 | 118,033 | |
Total depreciation and amortization | 583 | 531 | 1,408 | 1,466 | |
Total operating (loss) income | -735 | 327 | -36 | -139 | |
Direct-to-Consumer | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Total revenues | 18,203 | 18,708 | 54,788 | 58,422 | |
Total depreciation and amortization | 1,062 | 712 | 2,500 | 2,169 | |
Total operating (loss) income | -4,330 | -2,267 | -9,595 | -4,886 | |
Licensing | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Total revenues | 7,421 | 6,918 | 21,469 | 19,772 | |
Total depreciation and amortization | 35 | 73 | 103 | 302 | |
Total operating (loss) income | $5,502 | $6,417 | $22,745 | [1] | $16,530 |
[1] | Operating income for the licensing segment for the nine months ended November 2, 2013 includes a gain on sale of long-lived assets in the amount of $6.3 million. See footnote 6 to the condensed consolidated financial statements for further information. |
Revenues_Generated_by_Segments1
Revenues Generated by Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
(Loss) gain on sale of long-lived assets | ($108) | $410 | $6,162 | $410 |
Licensing | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
(Loss) gain on sale of long-lived assets | ' | ' | $6,300 | ' |
Components_of_Net_Benefit_Cost
Components of Net Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $63 | $63 | $189 | $189 |
Interest cost | 406 | 433 | 1,218 | 1,299 |
Expected return on plan assets | -555 | -483 | -1,665 | -1,449 |
Amortization of net loss | 133 | 131 | 399 | 393 |
Net periodic benefit cost | $47 | $144 | $141 | $432 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the senior secured notes | $150,000,000 | $150,000,000 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the real estate mortgages | 24,400,000 | 25,000,000 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the senior secured notes | 150,000,000 | 150,000,000 |
Fair Value, Inputs, Level 1 | Senior Subordinated Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of the 77/8% senior subordinated notes payable | $162,300,000 | $160,500,000 |
Interest rate, senior subordinated notes | 7.88% | 7.88% |
Commitments_And_Contingencies_
Commitments And Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | ||||
7-May-13 | 7-May-13 | 7-May-13 | 7-May-13 | Sep. 09, 2013 | |
Chairman of the Board of Directors and Chief Executive Officer | Chairman of the Board of Directors and Chief Executive Officer | President and Chief Operating Officer | President and Chief Operating Officer | President of International Development and Global Licensing | |
Minimum | Minimum | ||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' |
Employment agreement expiration date | 30-Jan-16 | ' | 30-Jan-16 | ' | 9-Sep-18 |
Employment agreements base salaries | ' | $1,000,000 | ' | $1,000,000 | $500,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Oct. 27, 2012 | Feb. 02, 2013 | |
Change in Reporting Entity | Change in Reporting Entity | Change in Reporting Entity | |||||
Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase in net (loss) income to the guarantor subsidiaries | ($3,022,000) | $3,180,000 | $5,468,000 | $10,414,000 | ($100,000) | $200,000 | ' |
Increase in comprehensive (loss) income to the guarantor subsidiaries | ' | ' | 5,273,000 | 10,886,000 | -100,000 | 200,000 | ' |
Decrease in net assets to the guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ($20,700,000) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $49,493 | $54,957 | $51,659 | $24,116 |
Accounts receivable, net | 148,982 | 174,484 | ' | ' |
Inventories | 166,491 | 183,127 | ' | ' |
Deferred income taxes | 10,519 | 11,608 | ' | ' |
Prepaid income taxes | 9,276 | 7,261 | ' | ' |
Prepaid expenses and other current assets | 8,912 | 11,667 | ' | ' |
Total current assets | 393,673 | 443,104 | ' | ' |
Property and equipment, net | 61,206 | 50,749 | ' | ' |
Other intangible assets, net | 245,978 | 246,681 | ' | ' |
Goodwill | 13,794 | 13,794 | ' | ' |
Other assets | 8,429 | 8,801 | ' | ' |
TOTAL | 723,080 | 763,129 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 76,425 | 132,028 | ' | ' |
Accrued expenses and other liabilities | 25,871 | 28,595 | ' | ' |
Accrued interest payable | 1,104 | 4,061 | ' | ' |
Unearned revenues | 4,630 | 4,647 | ' | ' |
Total current liabilities | 108,030 | 169,331 | ' | ' |
Senior subordinated notes payable, net | 150,000 | 150,000 | ' | ' |
Real estate mortgages | 23,539 | 24,202 | ' | ' |
Deferred pension obligation | 12,457 | 14,686 | ' | ' |
Unearned revenues and other long-term liabilities | 33,755 | 14,828 | ' | ' |
Deferred income taxes | 19,298 | 18,842 | ' | ' |
Total long-term liabilities | 239,049 | 222,558 | ' | ' |
Total liabilities | 347,079 | 391,889 | ' | ' |
Total equity | 376,001 | 371,240 | 378,752 | 366,495 |
TOTAL | 723,080 | 763,129 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Intercompany receivable, net | 166,084 | 180,030 | ' | ' |
Prepaid income taxes | 6,789 | ' | ' | ' |
Total current assets | 172,873 | 180,030 | ' | ' |
Investment in subsidiaries | 348,173 | 342,705 | ' | ' |
Other assets | 6,059 | 6,096 | ' | ' |
TOTAL | 527,105 | 528,831 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accrued expenses and other liabilities | ' | 3,530 | ' | ' |
Accrued interest payable | 1,104 | 4,061 | ' | ' |
Total current liabilities | 1,104 | 7,591 | ' | ' |
Senior subordinated notes payable, net | 150,000 | 150,000 | ' | ' |
Total long-term liabilities | 150,000 | 150,000 | ' | ' |
Total liabilities | 151,104 | 157,591 | ' | ' |
Total equity | 376,001 | 371,240 | ' | ' |
TOTAL | 527,105 | 528,831 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,242 | 14,825 | 20,312 | 293 |
Accounts receivable, net | 128,797 | 156,645 | ' | ' |
Inventories | 148,033 | 164,106 | ' | ' |
Deferred income taxes | 10,044 | 11,474 | ' | ' |
Prepaid income taxes | ' | 12,804 | ' | ' |
Prepaid expenses and other current assets | 8,056 | 9,883 | ' | ' |
Total current assets | 296,172 | 369,737 | ' | ' |
Property and equipment, net | 56,244 | 46,278 | ' | ' |
Other intangible assets, net | 207,547 | 208,251 | ' | ' |
Goodwill | 13,794 | 13,794 | ' | ' |
Other assets | 1,836 | 2,097 | ' | ' |
TOTAL | 575,593 | 640,157 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 70,506 | 123,177 | ' | ' |
Accrued expenses and other liabilities | 21,879 | 21,542 | ' | ' |
Unearned revenues | 2,888 | 2,627 | ' | ' |
Intercompany payable, net | 140,528 | 163,644 | ' | ' |
Total current liabilities | 235,801 | 310,990 | ' | ' |
Real estate mortgages | 23,539 | 24,202 | ' | ' |
Deferred pension obligation | 12,364 | 14,580 | ' | ' |
Unearned revenues and other long-term liabilities | 29,922 | 10,216 | ' | ' |
Deferred income taxes | 17,314 | 16,858 | ' | ' |
Total long-term liabilities | 83,139 | 65,856 | ' | ' |
Total liabilities | 318,940 | 376,846 | ' | ' |
Total equity | 256,653 | 263,311 | ' | ' |
TOTAL | 575,593 | 640,157 | ' | ' |
Non Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 48,251 | 40,132 | 31,347 | 23,823 |
Accounts receivable, net | 20,185 | 17,839 | ' | ' |
Inventories | 18,458 | 19,021 | ' | ' |
Deferred income taxes | 475 | 134 | ' | ' |
Prepaid income taxes | 954 | ' | ' | ' |
Prepaid expenses and other current assets | 856 | 1,784 | ' | ' |
Total current assets | 89,179 | 78,910 | ' | ' |
Property and equipment, net | 4,962 | 4,471 | ' | ' |
Other intangible assets, net | 38,431 | 38,430 | ' | ' |
Other assets | 534 | 608 | ' | ' |
TOTAL | 133,106 | 122,419 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 5,919 | 8,851 | ' | ' |
Accrued expenses and other liabilities | 4,443 | 11,050 | ' | ' |
Unearned revenues | 1,742 | 2,020 | ' | ' |
Intercompany payable, net | 27,490 | 17,882 | ' | ' |
Total current liabilities | 39,594 | 39,803 | ' | ' |
Deferred pension obligation | 93 | 106 | ' | ' |
Unearned revenues and other long-term liabilities | 3,833 | 4,612 | ' | ' |
Total long-term liabilities | 3,926 | 4,718 | ' | ' |
Total liabilities | 43,520 | 44,521 | ' | ' |
Total equity | 89,586 | 77,898 | ' | ' |
TOTAL | 133,106 | 122,419 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Intercompany receivable, net | -166,084 | -180,030 | ' | ' |
Prepaid income taxes | 1,533 | -5,543 | ' | ' |
Total current assets | -164,551 | -185,573 | ' | ' |
Investment in subsidiaries | -348,173 | -342,705 | ' | ' |
TOTAL | -512,724 | -528,278 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accrued expenses and other liabilities | -451 | -7,527 | ' | ' |
Intercompany payable, net | -168,018 | -181,526 | ' | ' |
Total current liabilities | -168,469 | -189,053 | ' | ' |
Deferred income taxes | 1,984 | 1,984 | ' | ' |
Total long-term liabilities | 1,984 | 1,984 | ' | ' |
Total liabilities | -166,485 | -187,069 | ' | ' |
Total equity | -346,239 | -341,209 | ' | ' |
TOTAL | ($512,724) | ($528,278) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Revenues: | ' | ' | ' | ' |
Net sales | $214,700 | $229,330 | $674,676 | $691,436 |
Royalty income | 7,421 | 6,918 | 21,469 | 19,772 |
Total revenues | 222,121 | 236,248 | 696,145 | 711,208 |
Cost of sales | 150,757 | 160,453 | 467,554 | 478,348 |
Gross profit | 71,364 | 75,795 | 228,591 | 232,860 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 68,434 | 64,394 | 205,624 | 196,844 |
Depreciation and amortization | 3,573 | 3,424 | 9,375 | 10,314 |
Total operating expenses | 72,007 | 67,818 | 214,999 | 207,158 |
(Loss) gain on sale of long-lived assets | -108 | 410 | 6,162 | 410 |
Operating (loss) income | -751 | 8,387 | 19,754 | 26,112 |
Interest expense | 3,782 | 3,689 | 11,307 | 11,011 |
Net (loss) income before income taxes | -4,533 | 4,698 | 8,447 | 15,101 |
Income tax (benefit) provision | -1,511 | 1,518 | 2,979 | 4,687 |
Net (loss) income | -3,022 | 3,180 | 5,468 | 10,414 |
Other comprehensive (loss) income | 704 | 568 | -195 | 472 |
Comprehensive (loss) income | -2,318 | 3,748 | 5,273 | 10,886 |
Parent | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' |
Equity in earnings of subsidiaries, net | -3,022 | 3,180 | 5,468 | 10,414 |
Net (loss) income | -3,022 | 3,180 | 5,468 | 10,414 |
Other comprehensive (loss) income | 704 | 568 | -195 | 472 |
Comprehensive (loss) income | -2,318 | 3,748 | 5,273 | 10,886 |
Guarantors | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Net sales | 195,535 | 213,681 | 619,446 | 641,461 |
Royalty income | 4,290 | 4,099 | 12,612 | 10,890 |
Total revenues | 199,825 | 217,780 | 632,058 | 652,351 |
Cost of sales | 138,957 | 151,049 | 433,855 | 447,718 |
Gross profit | 60,868 | 66,731 | 198,203 | 204,633 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 61,468 | 58,325 | 183,313 | 176,305 |
Depreciation and amortization | 3,381 | 3,243 | 8,804 | 9,809 |
Total operating expenses | 64,849 | 61,568 | 192,117 | 186,114 |
(Loss) gain on sale of long-lived assets | -108 | 410 | -799 | 410 |
Operating (loss) income | -4,089 | 5,573 | 5,287 | 18,929 |
Interest expense | 3,755 | 3,668 | 11,226 | 10,937 |
Net (loss) income before income taxes | -7,844 | 1,905 | -5,939 | 7,992 |
Income tax (benefit) provision | -1,945 | 1,410 | 719 | 3,928 |
Net (loss) income | -5,899 | 495 | -6,658 | 4,064 |
Other comprehensive (loss) income | 81 | ' | 243 | ' |
Comprehensive (loss) income | -5,818 | 495 | -6,415 | 4,064 |
Non Guarantors | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Net sales | 19,165 | 15,649 | 55,230 | 49,975 |
Royalty income | 3,131 | 2,819 | 8,857 | 8,882 |
Total revenues | 22,296 | 18,468 | 64,087 | 58,857 |
Cost of sales | 11,800 | 9,404 | 33,699 | 30,630 |
Gross profit | 10,496 | 9,064 | 30,388 | 28,227 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 6,966 | 6,069 | 22,311 | 20,539 |
Depreciation and amortization | 192 | 181 | 571 | 505 |
Total operating expenses | 7,158 | 6,250 | 22,882 | 21,044 |
(Loss) gain on sale of long-lived assets | ' | ' | 6,961 | ' |
Operating (loss) income | 3,338 | 2,814 | 14,467 | 7,183 |
Interest expense | 27 | 21 | 81 | 74 |
Net (loss) income before income taxes | 3,311 | 2,793 | 14,386 | 7,109 |
Income tax (benefit) provision | 434 | 108 | 2,260 | 759 |
Net (loss) income | 2,877 | 2,685 | 12,126 | 6,350 |
Other comprehensive (loss) income | 623 | 568 | -438 | 472 |
Comprehensive (loss) income | 3,500 | 3,253 | 11,688 | 6,822 |
Eliminations | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' |
Equity in earnings of subsidiaries, net | 3,022 | -3,180 | -5,468 | -10,414 |
Net (loss) income | 3,022 | -3,180 | -5,468 | -10,414 |
Other comprehensive (loss) income | -704 | -568 | 195 | -472 |
Comprehensive (loss) income | $2,318 | ($3,748) | ($5,273) | ($10,886) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flow (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | ($6,365) | $60,207 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -18,585 | -6,415 |
Payment on purchase of intangible assets | ' | -7,000 |
Proceeds in connection with purchase price adjustment | ' | 4,547 |
Proceeds on sale of intangible assets | 4,875 | 410 |
Proceeds on sale of long-lived assets, net | 1,892 | ' |
Net cash (used in) provided by investing activities | -11,818 | -8,458 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings from senior credit facility | 321,364 | 237,047 |
Payments on senior credit facility | -302,538 | -258,726 |
Payments on real estate mortgages | -606 | -534 |
Deferred financing fees | -66 | -100 |
Payments on capital leases | -237 | -258 |
Proceeds from exercise of stock options | 134 | 601 |
Tax benefit from exercise of stock options | -78 | 384 |
Purchase of treasury stock | -4,999 | -2,582 |
Net cash provided by (used in) financing activities | 12,974 | -24,168 |
Effect of exchange rate changes on cash and cash equivalents | -255 | -38 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -5,464 | 27,543 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 54,957 | 24,116 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 49,493 | 51,659 |
Parent | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | -13,239 | -1,678 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 134 | 601 |
Tax benefit from exercise of stock options | -78 | 384 |
Purchase of treasury stock | -4,999 | -2,582 |
Intercompany transactions | 18,437 | 3,313 |
Net cash provided by (used in) financing activities | 13,494 | 1,716 |
Effect of exchange rate changes on cash and cash equivalents | -255 | -38 |
Guarantors | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | 11,329 | 47,468 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -17,337 | -5,426 |
Payment on purchase of intangible assets | ' | -7,000 |
Proceeds in connection with purchase price adjustment | ' | 4,547 |
Proceeds on sale of intangible assets | ' | 410 |
Proceeds on sale of long-lived assets, net | 1,892 | ' |
Net cash (used in) provided by investing activities | -15,445 | -7,469 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Borrowings from senior credit facility | 321,364 | 237,047 |
Payments on senior credit facility | -302,538 | -258,726 |
Payments on real estate mortgages | -606 | -534 |
Deferred financing fees | -66 | -100 |
Payments on capital leases | -237 | -258 |
Intercompany transactions | -27,384 | 2,591 |
Net cash provided by (used in) financing activities | -9,467 | -19,980 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -13,583 | 20,019 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 14,825 | 293 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,242 | 20,312 |
Non Guarantors | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | -4,455 | 14,417 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -1,248 | -989 |
Proceeds on sale of intangible assets | 4,875 | ' |
Net cash (used in) provided by investing activities | 3,627 | -989 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transactions | 9,202 | -5,866 |
Net cash provided by (used in) financing activities | 9,202 | -5,866 |
Effect of exchange rate changes on cash and cash equivalents | -255 | -38 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 8,119 | 7,524 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 40,132 | 23,823 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 48,251 | 31,347 |
Eliminations | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Intercompany transactions | -255 | -38 |
Net cash provided by (used in) financing activities | -255 | -38 |
Effect of exchange rate changes on cash and cash equivalents | $255 | $38 |