Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Apr. 09, 2014 | Aug. 03, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PERY | ' | ' |
Entity Registrant Name | 'PERRY ELLIS INTERNATIONAL INC | ' | ' |
Entity Central Index Key | '0000900349 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,507,053 | ' |
Entity Public Float | ' | ' | $255,430,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $26,989 | $54,957 |
Accounts receivable, net | 146,392 | 174,484 |
Inventories | 206,602 | 183,127 |
Investments, at fair value | 15,398 | ' |
Deferred income taxes | 14,060 | 11,608 |
Prepaid income taxes | 7,579 | 7,261 |
Prepaid expenses and other current assets | 7,369 | 11,667 |
Total current assets | 424,389 | 443,104 |
Property and equipment, net | 59,912 | 50,749 |
Other intangible assets, net | 211,485 | 246,681 |
Goodwill | 6,022 | 13,794 |
Other assets | 4,927 | 8,801 |
TOTAL | 706,735 | 763,129 |
Current Liabilities: | ' | ' |
Accounts payable | 112,442 | 132,028 |
Accrued expenses and other liabilities | 24,642 | 28,595 |
Accrued interest payable | 4,095 | 4,061 |
Unearned revenues | 5,013 | 4,647 |
Total current liabilities | 146,192 | 169,331 |
Senior subordinated notes payable, net | 150,000 | 150,000 |
Senior credit facility | 8,162 | ' |
Real estate mortgages | 22,844 | 24,202 |
Deferred pension obligation | 9,862 | 14,686 |
Unearned revenues and other long-term liabilities | 14,732 | 14,828 |
Deferred income taxes | 7,410 | 18,842 |
Total long-term liabilities | 213,010 | 222,558 |
Total liabilities | 359,202 | 391,889 |
Commitment 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; 15,901,956 shares issued and outstanding as of February 1, 2014 and 15,326,658 shares issued and outstanding as of February 2, 2013 | 159 | 153 |
Additional paid-in-capital | 155,522 | 150,091 |
Retained earnings | 206,277 | 229,056 |
Accumulated other comprehensive loss | -7,468 | -8,060 |
Total | 354,490 | 371,240 |
Treasury stock at cost; 400,516 shares as of February 1, 2014 and no shares as of February 2, 2013 | -6,957 | ' |
Total equity | 347,533 | 371,240 |
TOTAL | $706,735 | $763,129 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | 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 | 15,901,956 | 15,326,658 |
Common stock, shares outstanding | 15,901,956 | 15,326,658 |
Treasury stock, shares | 400,516 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $207,897 | $214,700 | $204,492 | $255,484 | $251,015 | $229,330 | $203,090 | $259,016 | $222,062 | $242,116 | $208,596 | $282,775 | $882,573 | $942,451 | $955,549 |
Royalty income | 8,182 | 7,421 | 7,213 | 6,835 | 7,330 | 6,918 | 6,347 | 6,507 | 7,386 | 6,304 | 5,839 | 5,514 | 29,651 | 27,102 | 25,043 |
Total revenues | 216,079 | 222,121 | 211,705 | 262,319 | 258,345 | 236,248 | 209,437 | 265,523 | 229,448 | 248,420 | 214,435 | 288,289 | 912,224 | 969,553 | 980,592 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 609,436 | 652,352 | 656,850 |
Gross profit | 74,197 | 71,364 | 68,546 | 88,681 | 84,341 | 75,795 | 69,325 | 87,740 | 72,054 | 82,450 | 72,268 | 96,970 | 302,788 | 317,201 | 323,742 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,716 | 263,854 | 248,618 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,626 | 13,896 | 13,673 |
Impairment on assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,977 | 3,516 | 6,066 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 328,319 | 281,266 | 268,357 |
Gain on sale of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,162 | 410 | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,369 | 36,345 | 55,385 |
Costs on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,306 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,025 | 14,836 | 16,103 |
Net (loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,394 | 21,509 | 37,976 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,615 | 6,708 | 12,459 |
Net (loss) income | ($28,247) | ($3,022) | ($2,830) | $11,320 | $4,387 | $3,180 | ($2,442) | $9,676 | $1,783 | $6,509 | $1,847 | $15,378 | ($22,779) | $14,801 | $25,517 |
Net (loss) income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($1.91) | ($0.20) | ($0.19) | $0.75 | $0.30 | $0.22 | ($0.17) | $0.66 | $0.12 | $0.42 | $0.12 | $1.07 | ($1.52) | $1.01 | $1.71 |
Diluted | ($1.91) | ($0.20) | ($0.19) | $0.74 | $0.28 | $0.21 | ($0.17) | $0.64 | $0.12 | $0.40 | $0.11 | $0.99 | ($1.52) | $0.97 | $1.60 |
Weighted average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,988 | 14,715 | 14,927 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,988 | 15,315 | 15,950 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net (loss) income | ($22,779) | $14,801 | $25,517 |
Other comprehensive income: | ' | ' | ' |
Foreign currency translation adjustments, net | -679 | 171 | -264 |
Unrealized gain (loss) on pension liability (net of tax provision (tax benefit) of $831 in 2014, ($34) in 2013 and ($2,911) in 2012) | 1,310 | -53 | -4,593 |
Unrealized loss on investments, (net of tax benefit) | -39 | ' | ' |
Total other comprehensive income (loss) | 592 | 118 | -4,857 |
Comprehensive (loss) income | ($22,187) | $14,919 | $20,660 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Unrealized gain (loss) on pension liability (net of tax provision | $831 | ($34) | ($2,911) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | TREASURY STOCK | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS ) | RETAINED EARNINGS |
Beginning Balance at Jan. 29, 2011 | $302,940,000 | $166,000 | $119,560,000 | ($17,415,000) | ($3,321,000) | $203,950,000 |
Beginning Balance (in shares) at Jan. 29, 2011 | ' | 16,609,966 | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | 530,109 | ' | ' | ' | ' |
Exercise of stock options | 4,768,000 | 5,000 | 4,763,000 | ' | ' | ' |
Tax benefit of restricted shares and non-qualified stock options | 1,267,000 | ' | 1,267,000 | ' | ' | ' |
Restricted shares and options issued as compensation (in shares) | ' | 109,282 | ' | ' | ' | ' |
Restricted shares and options issued as compensation | -108,000 | 1,000 | -109,000 | ' | ' | ' |
Net income (loss) | 25,517,000 | ' | ' | ' | ' | 25,517,000 |
Issuance of common stock (in shares) | ' | 2,000,000 | ' | ' | ' | ' |
Issuance of common stock | 52,926,000 | 20,000 | 52,906,000 | ' | ' | ' |
Purchase of treasury stock | -15,958,000 | ' | ' | -15,958,000 | ' | ' |
Other comprehensive income | -4,857,000 | ' | ' | ' | -4,857,000 | ' |
Retirement of treasury stock, shares | ' | -2,462,196 | ' | ' | ' | ' |
Retirement of treasury stock | ' | -25,000 | -17,390,000 | 17,415,000 | ' | ' |
Ending Balance at Jan. 28, 2012 | 366,495,000 | 167,000 | 160,997,000 | -15,958,000 | -8,178,000 | 229,467,000 |
Ending Balance (in shares) at Jan. 28, 2012 | ' | 16,787,161 | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | 355,056 | ' | ' | ' | ' |
Exercise of stock options | 1,804,000 | 4,000 | 1,800,000 | ' | ' | ' |
Exercise of warrants (in shares) | ' | 106,508 | ' | ' | ' | ' |
Exercise of warrants | ' | 1,000 | -1,000 | ' | ' | ' |
Tax benefit of restricted shares and non-qualified stock options | 1,554,000 | ' | 1,554,000 | ' | ' | ' |
Restricted shares and options issued as compensation (in shares) | ' | -632,045 | ' | ' | ' | ' |
Restricted shares and options issued as compensation | 4,262,000 | -6,000 | 4,268,000 | ' | ' | ' |
Net income (loss) | 14,801,000 | ' | ' | ' | ' | 14,801,000 |
Purchase of treasury stock | -2,582,000 | ' | ' | -2,582,000 | ' | ' |
Other comprehensive income | 118,000 | ' | ' | ' | 118,000 | ' |
Dividends | -15,212,000 | ' | ' | ' | ' | -15,212,000 |
Retirement of treasury stock, shares | ' | -1,290,022 | ' | ' | ' | ' |
Retirement of treasury stock | ' | -13,000 | -18,527,000 | 18,540,000 | ' | ' |
Ending Balance at Feb. 02, 2013 | 371,240,000 | 153,000 | 150,091,000 | ' | -8,060,000 | 229,056,000 |
Ending Balance (in shares) at Feb. 02, 2013 | ' | 15,326,658 | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | 33,230 | ' | ' | ' | ' |
Exercise of stock options | 154,000 | ' | 154,000 | ' | ' | ' |
Tax benefit of restricted shares and non-qualified stock options | -1,000 | ' | -1,000 | ' | ' | ' |
Restricted shares and options issued as compensation (in shares) | ' | 542,068 | ' | ' | ' | ' |
Restricted shares and options issued as compensation | 5,284,000 | 6,000 | 5,278,000 | ' | ' | ' |
Net income (loss) | -22,779,000 | ' | ' | ' | ' | -22,779,000 |
Purchase of treasury stock | -6,957,000 | ' | ' | -6,957,000 | ' | ' |
Other comprehensive income | 592,000 | ' | ' | ' | 592,000 | ' |
Ending Balance at Feb. 01, 2014 | $347,533,000 | $159,000 | $155,522,000 | ($6,957,000) | ($7,468,000) | $206,277,000 |
Ending Balance (in shares) at Feb. 01, 2014 | ' | 15,901,956 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net (loss) income | ($22,779) | $14,801 | $25,517 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,211 | 13,943 | 13,441 |
Provision for bad debts | -98 | 331 | 93 |
Tax benefit from exercise of stock options | -83 | -1,554 | -1,267 |
Impairment on assets | 42,977 | 3,516 | 6,066 |
Amortization of debt issue costs | 705 | 712 | 582 |
Amortization of premiums and discounts | 113 | 53 | -16 |
Amortization of unrealized (gain) loss on pension liability | 534 | 524 | 15 |
Deferred income taxes | -14,875 | 2,651 | 6,354 |
Share-based compensation | 5,284 | 4,262 | -108 |
Gain on sale of long-lived assets, net | -6,162 | -389 | ' |
Change in fair value and settlement of derivatives | ' | ' | -1,832 |
Costs on early extinguishment of debt | ' | ' | 1,306 |
Changes in operating assets and liabilities, net of acquisitions | ' | ' | ' |
Accounts receivable, net | 28,049 | -29,130 | -16,295 |
Inventories | -23,925 | 15,343 | -22,828 |
Prepaid income taxes | -187 | 2,644 | -3,152 |
Prepaid expenses and other current assets | 1,099 | -1,368 | -388 |
Other assets | -244 | 477 | -1,497 |
Accounts payable and accrued expenses | -20,780 | 54,129 | -1,936 |
Accrued interest payable | 34 | -125 | 442 |
Unearned revenues and other liabilities | 564 | -588 | -758 |
Deferred pension obligation | -3,217 | -3,251 | -3,027 |
Net cash provided by operating activities | 220 | 76,981 | 712 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -22,243 | -9,840 | -13,132 |
Purchase of investments | -15,437 | ' | ' |
Deposit on sale of intangible asset | ' | 2,625 | ' |
Proceeds on sale of intangible asset | 4,875 | ' | ' |
Proceeds on termination of insurance | 3,559 | ' | ' |
Proceeds on sale of long-lived assets, net | 1,892 | 760 | 2,875 |
Payment on purchase of intangible assets | ' | -7,000 | -535 |
Proceeds in connection with purchase price adjustment | ' | 4,547 | ' |
Redemption of restricted funds as collateral | ' | ' | 9,369 |
Payment on purchase of operating leases | ' | ' | -904 |
Net cash (used in) provided by investing activities | -27,354 | -8,908 | -2,327 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings from senior credit facility | 415,885 | 288,312 | 398,208 |
Payments on senior credit facility | -407,723 | -309,991 | -473,871 |
Dividends paid to stockholders | ' | -14,992 | ' |
Purchase of treasury stock | -6,957 | -2,582 | -15,958 |
Payments on real estate mortgages | -1,385 | -727 | -549 |
Payments on capital leases | -318 | -363 | -381 |
Deferred financing fees | -327 | -100 | -103 |
Proceeds from exercise of stock options | 154 | 1,804 | 4,768 |
Tax benefit from exercise of stock options | 83 | 1,554 | 1,267 |
Proceeds from issuance of senior subordinated notes payable | ' | ' | 150,000 |
Payments on senior subordinated notes payable | ' | ' | -105,792 |
Debt issuance costs | ' | ' | -3,504 |
Proceeds from issuance of common stock | ' | ' | 56,000 |
Stock issuance costs | ' | ' | -3,074 |
Net cash (used in) provided by financing activities | -588 | -37,085 | 7,011 |
Effect of exchange rate changes on cash and cash equivalents | -246 | -147 | 196 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -27,968 | 30,841 | 5,592 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 54,957 | 24,116 | 18,524 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 26,989 | 54,957 | 24,116 |
Cash paid during the period for: | ' | ' | ' |
Interest | 14,173 | 14,553 | 15,944 |
Income taxes | 1,608 | 6,310 | 6,616 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' | ' |
Capital lease financing | ' | 888 | 66 |
Accrued purchases of property and equipment | 3 | 12 | 613 |
Unrealized gain (loss) on pension liability included in comprehensive income | 1,310 | -53 | -4,593 |
Investment in joint venture | ' | $396 | ' |
General
General | 12 Months Ended | |
Feb. 01, 2014 | ||
General | ' | |
1 | General | |
Perry Ellis International, Inc. and Subsidiaries (the “Company”) is one of the leading apparel companies in the United States and manages a portfolio of major brands, some of which were established over 100 years ago. The Company designs, sources, markets and licenses products nationally and internationally at multiple price points and across all major levels of retail distribution. The Company’s portfolio of highly recognized brands includes: Axist®, Ben Hogan®, C&C California®, Cubavera®, Farah®, Grand Slam®, Jantzen®, John Henry®, Laundry by Shelli Segal®, Original Penguin® by Munsingwear® (“Original Penguin”), Perry Ellis®, Rafaella® and Savane®. We also (i) license the Callaway Golf® brand, Jack Nicklaus® brand and PGA Tour® brand for golf apparel, (ii) license the Jag® brand for men’s and women’s swimwear and cover-ups and (iii) license the Nike® brand for swimwear and swimwear accessories. | ||
The periods presented in these financial statements are the fiscal years ended February 1, 2014 (“fiscal 2014”), February 2, 2013 (“fiscal 2013”) and January 28, 2012 (“fiscal 2012”). Fiscal 2014 and 2012 each contained 52 weeks while fiscal 2013 contained 53 weeks. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||||
The following is a summary of the Company’s significant accounting policies: | |||||||||||||
PRINCIPLES OF CONSOLIDATION—The consolidated financial statements include the accounts of Perry Ellis International, Inc. and its wholly-owned and controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company consolidates any entity in which the Company would be deemed a primary beneficiary. | |||||||||||||
USE OF ESTIMATES—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts in the consolidated financial statements and the accompanying footnotes. Actual results could differ from those estimates. | |||||||||||||
CASH AND CASH EQUIVALENTS—Cash and cash equivalents include cash, deposits and liquid short-term investments that have a maturity of three months or less when purchased. | |||||||||||||
INVESTMENTS—The Company’s investments include marketable securities and certificates of deposit for the fiscal year ended February 1, 2014. All investments are classified as available-for-sale. Investments are stated at fair value. The estimated fair value of the marketable securities is based on quoted prices in an active market. Gains and losses on investment transactions are determined using the specific identification method and are recognized in income based on trade dates. Unrealized gains and losses on securities available-for-sale are included in accumulated other comprehensive income until realized. Management evaluates securities held with unrealized losses for other-than-temporary impairment at least on a quarterly basis. Consideration is given to (a) the length of time and the extent to which the fair value has been less than cost; (b) the financial condition and near-term prospects of the issuer; and (c) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||
INVENTORIES—Inventories are stated at the lower of cost (weighted moving average cost) or market. Cost principally consists of the purchase price (adjusted for lower of cost or market), customs, duties, freight, and commissions to buying agents. | |||||||||||||
PROPERTY AND EQUIPMENT—Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the lease term or estimated useful lives of the assets or improvements. The useful lives are as follows: | |||||||||||||
Asset Class | Average Useful Lives in Years | ||||||||||||
Furniture, fixtures and equipment | 10-Mar | ||||||||||||
Vehicles | 7-May | ||||||||||||
Leasehold improvements | 15-Apr | ||||||||||||
Buildings and building improvements | Oct-39 | ||||||||||||
INTANGIBLE ASSETS AND GOODWILL—As of February 1, 2014, intangible assets were comprised of trademarks, goodwill and customer lists. The trademarks and goodwill were identified as intangible assets with indefinite useful lives, and accordingly, are not being amortized. The Company assesses the carrying value of intangible assets and goodwill at least annually. Customer lists were identified as intangible assets with finite useful lives and are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. | |||||||||||||
FAIR VALUE MEASUREMENTS—A description of the Company’s policies regarding fair value measurement is summarized below. | |||||||||||||
The Company has chosen not to elect the fair value measurement option for any instruments not required to be measured at fair value on a recurring basis. | |||||||||||||
Fair Value Hierarchy—The fair value hierarchy requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: | |||||||||||||
• | Level 1—Quoted prices for identical instruments in active markets. | ||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | ||||||||||||
• | Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||
Determination of Fair Value—The Company generally uses quoted market prices (unadjusted) in active markets for identical assets or liabilities for which the Company has the ability to determine fair value, and classifies such items in Level 1. Fair values determined by Level 2 inputs utilize inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted market prices in active markets for similar assets or liabilities, and inputs other than quoted market prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||
If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, currency rates, etc. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||||||||||
The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. | |||||||||||||
Interest rate cap—This derivative did not qualify as a fair value hedge. Fair value was based on a model-driven valuation using the LIBOR rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the cap. Therefore, the Company’s interest rate cap was classified within Level 2 of the fair value hierarchy. | |||||||||||||
DERIVATIVES—Derivative financial instruments such as interest rate swap contracts and foreign exchange contracts are recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. Changes in the fair value of derivative financial instruments are either recognized in income or stockholders’ equity (as a component of comprehensive income), depending on whether the derivative is not designated as a hedge or is designated as a hedge of changes in fair value or cash flows. When designated as a hedge of changes in fair value, the effective portion of the hedge is recognized as an offset in income with a corresponding adjustment to the hedged item. When designated as a hedge of changes in cash flows, the effective portion of the hedge is recognized as an offset in comprehensive income with a corresponding adjustment to the hedged item and recognized in income in the same period as the hedged item is settled. | |||||||||||||
LEASES—Leases are evaluated and classified as either operating or capital leases for financial reporting purposes. Capital leases, which transfer substantially all of the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income as a component of interest expense. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Operating lease payments, other than contingent rentals, are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. Percentage rent expense is generally based on sales levels and is accrued when determined that it is probable that such sales levels will be achieved. | |||||||||||||
DEFERRED DEBT ISSUE COSTS—Costs incurred in connection with financing transactions have been capitalized and are being amortized on a straight-line basis, which approximates the interest method, over the term of the related debt instrument. Unamortized debt issue costs are included in other assets in the consolidated balance sheet. | |||||||||||||
LONG-LIVED ASSETS—Property and equipment, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable. In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value. Fair value is estimated based on the future expected discounted cash flows for the assets. Judgments regarding the existence of impairment indicators are based on market and operational performance. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning future conditions. | |||||||||||||
The Company recorded a $0.9 million, $3.5 million and $1.4 million impairment charge, in fiscal 2014, 2013 and 2012, respectively, to reduce the net carrying value of certain long-lived assets (primarily real property and leaseholds) to their estimated fair value, considered a level 3 fair value measure. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations. | |||||||||||||
RETIREMENT-RELATED BENEFITS—The Company accounts for its defined benefit pension plan using actuarial models. These models use an attribution approach that generally spreads the individual events over the service lives of the employees in the plan. The principle underlying the required attribution approach is that employees render service over their service lives on a relatively consistent basis and therefore, the income statement effects of pensions or non-pension postretirement benefit plans are earned in, and should follow, the same pattern. | |||||||||||||
The principal components of the net periodic pension calculations are the expected long-term rate of return on plan assets, discount rate and the rate of compensation increases. The Company uses long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns by reference to external sources to develop its expected return on plan assets. The discount rate assumptions used for pension and non-pension postretirement benefit plan accounting reflects the rates available on high-quality fixed income debt instruments at the Company’s fiscal year end. | |||||||||||||
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 $16.4 million, $14.9 million and $14.3 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively, and are included in selling, general and administrative expenses. | |||||||||||||
COST OF SALES—Cost of sales includes costs to acquire and source inventory, produce inventory for sale, and provisions for inventory shrinkage and obsolescence. These costs include costs of purchased products, inbound freight, custom duties, buying commissions, cargo insurance, customs inspection and licensed product royalty expenses. | |||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES—Selling expenses include costs incurred in the selling of merchandise. General and administrative expenses include costs incurred in the administration or general operations of the business. Selling, general and administrative expenses include employee and related costs, advertising, professional fees, distribution, warehouse costs, and other related selling costs. | |||||||||||||
TREASURY STOCK—Treasury stock is recorded at acquisition cost. Gains and losses on disposition are recorded as increases or decreases to additional paid-in capital with losses in excess of previously recorded gains charged directly to retained earnings. The carrying amount in excess of par is allocated to additional paid-in capital and retained earnings on a pro rata basis when treasury shares are retired. | |||||||||||||
REVENUE RECOGNITION—Sales are recognized at the time title transfers to the customer, generally upon shipment. Trade allowances and a provision for estimated returns and other allowances are recorded at the time sales are made, considering historical and anticipated trends. The Company records revenues net of corresponding sales taxes. Retail store revenue is recognized net of estimated returns and corresponding sales tax at the time of sale to consumers. The Company operates predominantly in North America, with 93% of its sales in that market. Two customers accounted for approximately 11% and 10%, respectively, of net sales for fiscal 2014. Two customers accounted for approximately 14% and 10%, respectively, of net sales for fiscal 2013. Three customers accounted for approximately 16%, 10% and 10%, respectively, of net sales for fiscal 2012. Sales to these customers are included in the Men’s Sportswear and Swim, as well as, the Women’s Sportswear segments. A significant decrease in business from or loss of any of the major customers could harm the financial condition of the Company by causing a significant decline in revenues attributable to such customers. The Company does not believe that concentrations of credit risk represent a material risk of loss with respect to its financial position as of February 1, 2014. | |||||||||||||
Royalty income is recognized when earned on the basis of the terms specified in the underlying contractual agreements. A liability for unearned royalty income is recognized when licensees pay contractual obligations before being earned or when up-front fees are collected. This liability is recognized as royalty income over the applicable term of the respective license agreement. | |||||||||||||
ADVERTISING REIMBURSEMENTS—The majority of the Company’s license agreements require licensees to reimburse the Company for advertising placed on behalf of the licensees based on a percentage of the licensees’ net sales. The Company records earned advertising reimbursements received from its licensees as a reduction of the related advertising costs in selling, general and administrative expenses. For the fiscal years 2014, 2013 and 2012, the Company has reduced selling, general and administrative expenses by $5.9 million, $5.8 million and $5.6 million of licensee reimbursements, respectively. Unearned advertising reimbursements result when a licensee pays required reimbursements prior to the Company incurring the advertising expense. A liability is recorded for these unearned advertising reimbursements. | |||||||||||||
FOREIGN CURRENCY TRANSLATION—For the Company’s international operations, local currencies are generally considered their functional currencies. The Company translates assets and liabilities to their U.S. dollar equivalents at rates in effect at the balance sheet date and revenue and expenses are translated at average monthly exchange rates. Translation adjustments resulting from this process are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Transactions in foreign currencies during the year are re-measured at rates of exchange at the date of the transaction. Gains and losses related to re-measurement of items arising through operating activities are included in the accompanying consolidated statements of operations. | |||||||||||||
INCOME TAXES—Deferred income taxes result primarily from timing differences in the recognition of expenses for tax and financial reporting purposes, which requires the liability method of computing deferred income taxes. Under the liability method, deferred taxes are adjusted for tax rate changes as they occur. | |||||||||||||
The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In the event that a net deferred tax asset is not realizable, a valuation allowance would be recorded. In making such determination, it considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes in the period of such determination. | |||||||||||||
In regards to the accounting for uncertainty in income taxes recognized in the financial statements, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on its technical merits. | |||||||||||||
NET (LOSS) INCOME PER SHARE—Basic net (loss) income per share is computed by dividing net income by the weighted average shares of outstanding common stock. The calculation of diluted net 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 (loss) income per share includes the effects of stock options, warrants, stock appreciation rights (“SARS”) and unvested restricted shares as determined using the treasury stock method. | |||||||||||||
The following table sets forth the computation of basic and diluted (loss) income per share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (22,779 | ) | $ | 14,801 | $ | 25,517 | ||||||
Denominator: | |||||||||||||
Basic—weighted average shares | 14,988 | 14,715 | 14,927 | ||||||||||
Dilutive effect: equity awards | — | 600 | 916 | ||||||||||
Dilutive effect: warrant | — | — | 107 | ||||||||||
Diluted—weighted average shares | 14,988 | 15,315 | 15,950 | ||||||||||
Basic (loss) income per share | $ | (1.52 | ) | $ | 1.01 | $ | 1.71 | ||||||
Diluted (loss) income per share | $ | (1.52 | ) | $ | 0.97 | $ | 1.6 | ||||||
Antidilutive effect:(1) | 1,945 | 1,048 | 605 | ||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. | ||||||||||||
ACCOUNTING FOR STOCK-BASED COMPENSATION—Accounting for stock-based compensation requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. The Company uses fair value as the measurement objective in accounting for share-based payment arrangements and applies a fair-value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. | |||||||||||||
For fiscal 2014, 2013 and 2012, approximately $5.3 million, $4.3 million and ($0.1) million in compensation expense has been recognized in selling, general and administrative expenses in the consolidated statements of operations related to stock options, SARS and restricted stock, respectively. During fiscal 2014, 2013 and 2012, the Company reversed $0.3 million, $0.4 million and $4.4 million, respectively, of previously recognized compensation expense into earnings, since it was no longer probable that the previously established performance targets would be met and those equity awards were no longer expected to vest. Compensation expense for these awards is based on the fair value at the original grant date. During fiscal 2014, 2013, and 2012, the Company received cash of $0.2 million, $1.8 million, and $4.8 million, respectively, from the exercise of stock options and realized a tax benefit of approximately $0.1 million, $1.6 million, and $1.3 million, respectively, from such exercises. | |||||||||||||
The fair value of restricted stock awards is based on the quoted market price on the date of grant. The fair value of the options is estimated at the date of grant using the Black-Scholes Option Pricing Model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including: expected volatility based on the expected price of the Company’s common stock over the expected life of the option; the risk free rate of return based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option; the expected life based on the period of time the options are expected to be outstanding using historical data to estimate option exercises and employee terminations; and dividend yield based on the Company’s history and expectation of dividend payments. Using the Black-Scholes Option Pricing Model, the estimated weighted-average fair value per option granted in fiscal years 2014, 2013 and 2012 was $10.06, $10.32 and $15.04, respectively. | |||||||||||||
The following weighted-average assumptions for 2014, 2013 and 2012 were derived from the Black-Scholes model and used to determine the fair value of stock options: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest | 2.4% - 2.7% | 2.40% | 2.3% - 2.5% | ||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Volatility factors | 63.7% - 64.8% | 65.4% - 66.1% | 65.3% - 65.9% | ||||||||||
Weighted-average life (years) | 5 | 5 | 5 | ||||||||||
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, beginning after December 15, 2013. The adoption of ASU No. 2013-05 is not expected to have a material impact 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 adoption of ASU No. 2013-11 is not expected to have a material impact on the Company’s results of operations or the Company’s financial position. |
Acquisitions
Acquisitions | 12 Months Ended | |
Feb. 01, 2014 | ||
Acquisitions | ' | |
3 | Acquisitions | |
Acquisition of Ben Hogan | ||
On February 16, 2012, the Company acquired the world-wide intellectual property rights of the Ben Hogan family of brands from Callaway Golf Company for a purchase price of $7.0 million. The acquisition was financed through existing cash and borrowings under the Company’s existing senior credit facility. Ben Hogan brands are ideally positioned to strengthen the Company’s golf business within the Men’s Sportswear and Swim segment. | ||
The assets acquired were composed of tradenames, which have been identified as indefinite useful life assets and are not subject to amortization. | ||
Pro forma information for the acquisition of Ben Hogan has not been provided as it is immaterial to the Company’s consolidated operations. | ||
Acquisition of Rafaella | ||
On January 28, 2011, the Company completed the acquisition of substantially all of the assets of Rafaella Apparel Group, Inc. (“Rafaella”), Rafaella Apparel Far East Limited (“Rafaella Far East”) and Verrazano, Inc. (“Verrazano”) pursuant to the Asset Purchase Agreement dated as of January 7, 2011 (the “Agreement”) by and among Rafaella, Rafaella Far East and Verrazano (collectively, the “Sellers”) and the Company. | ||
At January 28, 2011, the initial consideration paid by the Company totaled $80.0 million in cash and a warrant to purchase 106,565 shares of the Company’s common stock valued at approximately $2.6 million. During the fourth quarter of fiscal 2012, the cash portion of the purchase price was adjusted as set forth in the Agreement based on a post-closing true-up of net working capital, which resulted in total adjusted cash paid by the Company totaling $75.4 million. The original cash paid was reduced by $4.5 million, and such amount was collected during the first quarter of fiscal 2013. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Accounts Receivable | ' | ||||||||
4 | Accounts Receivable | ||||||||
Accounts receivable consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Trade accounts | $ | 160,332 | $ | 192,268 | |||||
Royalties | 5,998 | 3,912 | |||||||
Other receivables | 1,483 | 4,147 | |||||||
Total | 167,813 | 200,327 | |||||||
Less: Allowances | (21,421 | ) | (25,843 | ) | |||||
Total | $ | 146,392 | $ | 174,484 | |||||
The Company reports accounts receivable at amounts it expects to be collected, less allowances for trade discounts, co-op advertising, allowances it provides to its retail customers to effectively flow goods through the retail channels, an allowance for potential non-collection due to the financial position of its customers and credit card accounts, and an allowance for estimated sales returns. Management reviews these allowances and considers the aging of account balances, historical experience, changes in customer creditworthiness, current economic and product trends, customer payment activity and other relevant factors. A small portion of our accounts receivable are insured for collections. Should any of these factors change, the estimates made by management may also change, which could affect the level of future provisions. |
Inventories
Inventories | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Inventories | ' | ||||||||
5 | Inventories | ||||||||
Inventories consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 205,971 | $ | 181,668 | |||||
Raw materials and in process | 631 | 1,459 | |||||||
Total | $ | 206,602 | $ | 183,127 | |||||
The Company’s inventories are valued at the lower of cost (weighted moving average cost) or market. The Company evaluates all of its inventory stock keeping units (SKUs) to determine excess or slow moving SKUs based on orders on hand and projections of future demand and market conditions. For those units in inventory that are identified as excess or slow moving, the Company estimates their market value based on current sales trends. If the projected net sales value is less than cost, on an individual SKU basis, the Company writes down inventory to reflect the lower value. This methodology recognizes projected inventory losses at the time such losses are evident rather than at the time goods are actually sold. |
Prepaid_expenses_and_other_cur
Prepaid expenses and other current assets | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Prepaid expenses and other current assets | ' | ||||||||
6 | Prepaid expenses and other current assets | ||||||||
Prepaid expenses and other current assets consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Prepaid expenses | 7,134 | 8,161 | |||||||
Other current assets | 235 | 3,506 | |||||||
Total | $ | 7,369 | $ | 11,667 | |||||
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. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
7 | Investments | ||||||||||||||||
The Company’s investments include marketable securities and certificates of deposit for the fiscal year ended February 1, 2014. Marketable securities are classified as available-for-sale and consist of corporate bonds with maturity dates over one year and less than two years. Certificates of deposit are classified as available-for-sale with $3.4 million with maturity dates within one year or less and $1.4 million with maturity dates over one year and less than two years. | |||||||||||||||||
Investments consisted of the following as of February 1, 2014: | |||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities | $ | 10,636 | $ | 1 | $ | (39 | ) | $ | 10,598 | ||||||||
Certificates of deposit | 4,801 | 2 | (3 | ) | 4,800 | ||||||||||||
Total investments | $ | 15,437 | $ | 3 | $ | (42 | ) | $ | 15,398 | ||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Property and Equipment | ' | ||||||||
8 | Property and Equipment | ||||||||
Property and equipment consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 74,188 | $ | 90,365 | |||||
Buildings and building improvements | 19,614 | 19,550 | |||||||
Vehicles | 771 | 923 | |||||||
Leasehold improvements | 40,335 | 30,621 | |||||||
Land | 9,488 | 9,426 | |||||||
Total | 144,396 | 150,885 | |||||||
Less: accumulated depreciation and amortization | (84,484 | ) | (100,136 | ) | |||||
Total | $ | 59,912 | $ | 50,749 | |||||
The above table of property and equipment includes assets held under capital leases as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 938 | $ | 938 | |||||
Less: accumulated depreciation and amortization | (543 | ) | (230 | ) | |||||
Total | $ | 395 | $ | 708 | |||||
Depreciation and amortization expense relating to property and equipment amounted to $12.3 million, $13.0 million and $12.5 million for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. These amounts include amortization expense for leased property under capital leases. |
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Intangible Assets | ' | ||||||||
9 | Other Intangible Assets | ||||||||
Trademarks | |||||||||
Trademarks, included in other intangible assets, net, are considered indefinite-lived assets and totaled $205.9 million at February 1, 2014 and $240.2 million at 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 its domestic strategy for the John Henry brand as a modern lifestyle resource to select retailers and through its licensing relationships in Latin America. | |||||||||
These trademarks are not subject to amortization but are reviewed at least annually for potential impairment. The fair value of each trademark asset is compared to the carrying value of the trademark. The Company recognizes an impairment loss when the estimated fair value of the trademark asset is less than the carrying value. The Company’s impairment test is performed annually during the fourth quarter. | |||||||||
The Company estimates the fair value of the trademarks based on an income approach using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of trademark assets. The cash flow models the Company uses to estimate the fair values of its trademarks involve several assumptions. The fair values are considered to be Level 3 fair value measures due to the use of significant unobservable inputs. Changes in these assumptions could materially impact its fair value estimates. Assumptions critical to the fair value estimates are: (i) discount rates used to derive the present value factors used in determining the fair value of the trademarks; (ii) royalty rates used in the trademark valuations; (iii) projected revenue growth rates; and (iv) projected long-term growth rates used in the derivation of terminal year values. These and other assumptions are impacted by economic conditions and expectations of management and could change in the future based on period-specific facts and circumstances. The Company bases its fair value estimates on assumptions it believes to be reasonable, but which are unpredictable and inherently uncertain. | |||||||||
As a result of the annual trademark impairment analysis performed during the fiscal years ended February 1, 2014 and January 28, 2012, the Company determined that the carrying value of certain trademarks exceeded their estimated fair value. Accordingly, the Company recorded non-cash, pre-tax charges of $34.3 million and $4.6 million, respectively, to reduce the value of these trademarks, which are assigned to the Licensing segment, to their estimated fair values. The impairments resulted from a decline in the future anticipated cash flows from these trademarks, which was due, in part, to the economic challenges and market conditions in the apparel industry at such time. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations. Based on the annual trademark impairment analysis performed during the fiscal year ended February 2, 2013 the Company determined that the estimated fair value of the trademarks exceeded their carrying value. | |||||||||
Goodwill | |||||||||
Goodwill represents the excess of the purchase price over the value assigned to tangible and identifiable intangible assets of businesses acquired and accounted for under the acquisition method. The Company reviews goodwill at least annually for possible impairment during the fourth quarter of each year using a discounted cash flow analysis that requires that certain assumptions and estimates be made regarding industry economic factors and future profitability and cash flows. The goodwill impairment test is a two-step process that requires the Company to make decisions in determining appropriate assumptions to use in the calculation. The fair values are considered to be Level 3 fair value measures due to the use of significant unobservable inputs. Assumptions critical to the fair value estimates are: (i) discount rates used to derive the present value factors used in determining the fair value of each reporting unit; (ii) projected revenue and expense growth rates; and (iii) projected long-term growth rates used in the derivation of terminal year values. The first step consists of estimating the fair value of each reporting unit and comparing those estimated fair values with the actual carrying values, which include the allocated goodwill. If the estimated fair value is less than the actual carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s implied fair value of goodwill requires the Company to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. | |||||||||
Based on the annual goodwill impairment analysis performed, the Company determined that the carrying value exceeded the estimated fair value of goodwill. Accordingly, the Company recorded non-cash, pre-tax charges of $7.8 million to reduce the value of goodwill, which is assigned to the Women’s Sportswear segment, and are included in impairment on assets in the accompanying consolidated statements of operations. The carrying value of goodwill existing in the Company’s Women’s Sportswear segment was approximately $6.0 million and $13.8 million as of February 1, 2014 and February 2, 2013, respectively. | |||||||||
Other | |||||||||
Other intangible assets represent customer lists as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Customer lists | $ | 8,450 | $ | 8,450 | |||||
Less: accumulated amortization | (2,863 | ) | (1,927 | ) | |||||
Total | $ | 5,587 | $ | 6,523 | |||||
For the years ended February 1, 2014 and February 2, 2013, amortization expense relating to customer lists amounted to approximately $0.9 million and $1.0 million, respectively. 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 February 1, 2014, will be approximately $0.9 million a year from fiscal 2015 through fiscal 2017 and approximately $0.8 million a year from fiscal 2018 through fiscal 2019. |
Investment_in_Joint_Venture
Investment in Joint Venture | 12 Months Ended | |
Feb. 01, 2014 | ||
Investment in Joint Venture | ' | |
10 | Investment in Joint Venture | |
On April 20, 2012, the Company formed a joint venture, Manhattan China Limited, with China Outfitters Holdings Limited (“COHL”). Under the joint venture agreement, Manhattan China Limited has 10,000,000 initial authorized shares of capital (“joint venture shares”). COHL holds 7,500,000 joint venture shares, a 75% ownership interest in the joint venture, and the Company holds 2,500,000 joint venture shares, a 25% ownership interest in Manhattan China Limited, which is accounted for under the equity method. The Company has a put option to sell its 2,500,000 joint venture shares to COHL in exchange for cash or COHL shares at any time before April 20, 2020. As of February 1, 2014 and February 2, 2013, the Company’s investment in unconsolidated joint venture, which is classified as an other long-term asset in the accompanying consolidated balance sheets, was approximately $0.4 million. There have been no significant operations to date. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Accrued Expenses and Other Liabilities | ' | ||||||||
11 | Accrued Expenses and Other Liabilities | ||||||||
Accrued expenses and other liabilities consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Salaries and commissions | $ | 3,680 | $ | 6,055 | |||||
Royalties | 4,035 | 3,546 | |||||||
Deposit on sale of intangible asset | — | 2,625 | |||||||
Unearned advertising reimbursement | 1,942 | 2,113 | |||||||
Insurance and rent | 2,221 | 2,412 | |||||||
State sales and other taxes | 2,812 | 2,016 | |||||||
Professional fees | 728 | 873 | |||||||
Current portion—real estate mortgages | 792 | 802 | |||||||
Other | 8,432 | 8,153 | |||||||
Total | $ | 24,642 | $ | 28,595 | |||||
See footnote 9 to the consolidated financial statements for further information regarding the deposit on sale of intangible asset. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
12 | Derivative Financial Instruments | ||||||||||||||||
The Company has an interest rate risk management policy with the objective of managing its interest costs. To meet this objective, the Company may employ hedging and derivatives strategies to limit the effects of changes in interest rates on its operating income and cash flows, and to lower its overall fixed rate interest cost on its senior subordinated notes. | |||||||||||||||||
The Company believes its interest rate risk management policy is generally effective. Nonetheless, the Company’s profitability may be adversely affected during particular periods as a result of changing interest rates. In addition, hedging transactions using derivative instruments involve risks such as counter-party credit risk. The counter-parties to the Company’s arrangements are major financial institutions. | |||||||||||||||||
When entered into, derivative financial instruments such as interest rate swap contracts and foreign exchange contracts are recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. Changes in the fair value of derivative financial instruments are either recognized in income or stockholders’ equity (as a component of comprehensive income), depending on whether the derivative is not designated as a hedge or is designated as a hedge of changes in fair value or cash flows. When designated as a hedge of changes in fair value, the effective portion of the hedge is recognized as an offset in income with a corresponding adjustment to the hedged item. When designated as a hedge of changes in cash flows, the effective portion of the hedge is recognized as an offset in comprehensive income with a corresponding adjustment to the hedged item and recognized in income in the same period as the hedged item is settled. | |||||||||||||||||
Derivatives on senior subordinated notes payable | |||||||||||||||||
In August 2009, the Company entered into an interest rate cap agreement (the “$75 million Cap Agreement”) for an aggregate notional amount of $75 million associated with the 87/8% senior subordinated notes payable. The $75 million Cap Agreement became effective on December 15, 2010 and was scheduled to terminate on September 15, 2013. The $75 million Cap Agreement was being used to manage cash flow risk associated with the Company’s floating interest rate exposure pursuant to a former swap agreement. The $75 million Cap Agreement did not qualify for hedge accounting treatment. In connection with the redemption of the 87/8% Senior Subordinated Notes due 2013, the Company elected to terminate the $75 million Cap Agreement. The Company made a $1.6 million termination payment during March 2011. | |||||||||||||||||
The location and amount of (losses) on derivative instruments not designated as hedging instruments reported in the consolidated statements of operations are as follows: | |||||||||||||||||
Derivatives Not Designed As Hedging Instruments | Location of (Loss) | February 1, | February 2, | January 28, | |||||||||||||
Recognized in Income | 2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivative: $75 Million Cap Agreement | Interest expense | $ | — | $ | — | $ | (103 | ) | |||||||||
Total | $ | — | $ | — | $ | (103 | ) | ||||||||||
See footnote 21 to the consolidated financial statements for disclosure of the fair value and line item caption of derivative instruments recorded on the consolidated balance sheets. |
Senior_Subordinated_Notes_Paya
Senior Subordinated Notes Payable | 12 Months Ended | |
Feb. 01, 2014 | ||
Senior Subordinated Notes Payable | ' | |
13 | Senior Subordinated Notes Payable | |
In March 2011, the Company issued $150 million 77/8% senior subordinated notes, due April 1, 2019. Pursuant to the Underwriting Agreement relating to the senior subordinated notes offering, the Company agreed to sell, and the underwriters agreed to purchase, $150 million in aggregate principal amount of the Company’s 77/8% Senior Subordinated Notes due 2019 at a price to the public of 100.00% of par, an underwriting discount of 2.0% and other transaction costs, resulting in aggregate net proceeds to the Company of $146.5 million. The Company used the net proceeds of the senior subordinated notes offering first to redeem its outstanding 87/8% Senior Subordinated Notes due 2013 at a redemption price of 101.4792% of the outstanding principal amount, plus accrued and unpaid interest, and the remaining net proceeds to repay a portion of the amounts outstanding under its senior credit facility. | ||
Certain Covenants. The indenture governing the senior subordinated notes contains certain covenants which restrict the Company’s ability and the ability of its subsidiaries to, among other things, incur additional indebtedness in certain circumstances, pay dividends or make other distributions on, redeem or repurchase capital stock, make investments or other restricted payments, create liens on assets to secure debt, engage in transactions with affiliates, and effect a consolidation or merger. The Company is not aware of any non-compliance with any of its covenants in this indenture. The Company could be materially harmed if it violated any covenants because the indenture’s trustee could declare the outstanding notes, together with accrued interest, to be immediately due and payable, which the Company may not be able to satisfy. In addition, a violation could also constitute a cross-default under the senior credit facility, the letter of credit facilities and the real estate mortgages resulting in all of the Company’s debt obligations becoming immediately due and payable, which it may not be able to satisfy. | ||
On March 8, 2011, the senior subordinated notes due September 15, 2013 were called and subsequently retired by the issuance of the new notes more fully described herein. In connection with the call, the Company incurred an early call premium of $1.5 million. The Company also wrote-off the remaining unamortized discount, premium associated with the terminated swap and bond fees associated with the senior subordinated notes payable in the net amount of $180,000. |
Senior_Credit_Facility
Senior Credit Facility | 12 Months Ended | |
Feb. 01, 2014 | ||
Senior Credit Facility | ' | |
14 | Senior Credit Facility | |
On January 9, 2014, the Company amended and restated its existing senior credit facility (the “Credit Facility”), with Wells Fargo Bank, National Association, as agent for the lenders, and Bank of America, N.A., as syndication agent. The Credit Facility provides a revolving credit facility of up to an aggregate amount of $125 million, subject to increases from time to time in increments of $25 million up to a maximum of $200 million. The Credit Facility was extended through December 1, 2018. At February 1, 2014, the Company had outstanding borrowings of $8.2 million under the Credit Facility. At February 2, 2013, the Company had no outstanding borrowings. | ||
Certain Covenants. The Credit Facility contains certain financial and other covenants, which, among other things, require the Company to maintain a minimum fixed charge coverage ratio if availability falls below certain thresholds. The Company is not aware of any non-compliance with any of its covenants in this Credit Facility. These covenants may restrict the Company’s ability and the ability of its subsidiaries to, among other things, incur additional indebtedness and liens in certain circumstances, redeem or repurchase capital stock, make certain investments or sell assets. The Company may pay cash dividends subject to certain restrictions set forth in the covenants including, but not limited to, meeting a minimum excess availability threshold and no occurrence of default. The Company could be materially harmed if it violates any covenants, as the lenders under the Credit Facility could declare all amounts outstanding, together with accrued interest, to be immediately due and payable. If the Company is unable to repay those amounts, the lenders could proceed against the assets of the Company and its subsidiaries that are borrowers or guarantors. In addition, a covenant violation that is not cured or waived by the lenders could also constitute a cross-default under certain of the Company’s other outstanding indebtedness, such as the indenture relating to the Company’s 7 7/8% senior subordinated notes due April 1, 2019, the Company’s letter of credit facilities, or the Company’s real estate mortgage loans. Such a cross-default could result in all of the Company’s debt obligations becoming immediately due and payable, which the Company may not be able to satisfy. | ||
Borrowing Base. Borrowings under the Credit Facility are limited to a borrowing base calculation, which generally restricts the outstanding balance to the sum of (a) 87.5% of eligible receivables plus (b) 87.5% of eligible foreign accounts up to $1.5 million plus (c) the lesser of (i) the inventory loan limit, which equals 80% of the maximum credit under the Credit Facility at the time, (ii) a maximum of 70.0% of eligible finished goods inventory, or 90.0% of the net recovery percentage (as defined in the Credit Facility) of eligible inventory. | ||
Interest. Interest on the outstanding principal balance drawn under the Credit Facility accrues, at the prime rate and at the rate quoted by the agent for Eurodollar loans. The margin adjusts quarterly, in a range of 0.50% to 1.00% for prime rate loans and 1.50% to 2.00% for Eurodollar loans, based on the Company’s previous quarterly average of excess availability plus excess cash on the last day of the previous quarter. | ||
Security. As security for the indebtedness under the Credit Facility, the Company and the subsidiaries that are borrowers or guarantors have granted to the lenders a first priority security interest (subject to liens permitted under the Credit Facility to be senior thereto) in substantially all of its existing and future assets, including, without limitation, accounts receivable, inventory, deposit accounts, general intangibles, equipment and capital stock or membership interests, as the case may be, of certain subsidiaries, and real estate but excluding the Company’s non-U.S. subsidiaries and all of the Company’s trademark portfolio. |
Letter_of_Credit_Facilities
Letter of Credit Facilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Letter of Credit Facilities | ' | ||||||||
15 | Letter of Credit Facilities | ||||||||
As of February 1, 2014, the Company maintained two U.S. dollar letter of credit facilities totaling $45.0 million and one letter of credit facility totaling $0.3 million utilized by its United Kingdom subsidiary. Each documentary letter of credit is secured primarily by the consignment of merchandise in transit under that letter of credit and certain subordinated liens on the Company’s assets. | |||||||||
During the third quarter of fiscal 2012, the Company increased one of its two U.S. dollar letters of credit from $10.0 million to $15.0 million, under existing terms and reduced the letter of credit facility utilized by its United Kingdom subsidiary from $1.0 million to $0.3 million. On January 9, 2014 the Company decreased the letter of credit sublimit in its Senior Credit Facility to $30.0 million. As of February 1, 2014 and February 2, 2013, there was $33.5 million and $43.5 million, respectively, available under the existing letter of credit facilities. | |||||||||
Amounts under letter of credit facilities consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Total letter of credit facilities | $ | 45,329 | $ | 55,316 | |||||
Outstanding letters of credit | (11,858 | ) | (11,768 | ) | |||||
Total credit available | $ | 33,471 | $ | 43,548 | |||||
Additionally, the Company assumed certain letters of credit in the amount of $9.4 million in connection with the acquisition of certain net assets from Rafaella Apparel Group, Inc. These letters of credit were fully collateralized by restricted cash in the amount of $9.4 million and were fully utilized during fiscal 2012. |
Real_Estate_Mortgages
Real Estate Mortgages | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Real Estate Mortgages | ' | ||||
16 | Real Estate Mortgages | ||||
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 was 4.25% per annum and monthly payments of principal and interest of $71,000 were due, 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 3.9% 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 February 1, 2014 the balance of the real estate mortgage loan totaled $11.7 million, net of discount, of which $361,000 is due within one year. | |||||
In June 2006, the Company entered into a mortgage loan for $15 million secured by the Company’s Tampa facility. The loan is due on January 23, 2019. The mortgage loan has been refinanced and the interest rate has been modified since such date. The interest rate was 4.00% per annum and quarterly payments of principal and interest of approximately $248,000 were due, based on a 20-year amortization with the outstanding principal due at maturity. In January 2014, the Company again amended the mortgage loan to modify the interest rate. The interest rate was reduced to 3.25% per annum and the terms were restated to reflect new monthly payments of principal and interest of approximately $68,000, based on a 20-year amortization with the outstanding principal due at maturity. At February 1, 2014, the balance of the real estate mortgage loan totaled $12.0 million, net of discount, of which approximately $431,000 is due within one year. | |||||
The real estate mortgage loans contain certain covenants. The Company is not aware of any non-compliance with any of the covenants. If the Company violates any 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 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. | |||||
The contractual maturities of the real estate mortgages are as follows: | |||||
Fiscal year ending: | |||||
Amount | |||||
(in thousands) | |||||
2015 | $ | 792 | |||
2016 | 823 | ||||
2017 | 850 | ||||
2018 | 883 | ||||
2019 | 10,611 | ||||
Thereafter | 10,030 | ||||
23,989 | |||||
Less discount | (353 | ) | |||
Total | $ | 23,636 | |||
Retirement_Plan
Retirement Plan | 12 Months Ended | |
Feb. 01, 2014 | ||
Retirement Plan | ' | |
17 | Retirement Plan | |
The Company has a 401(k) Plan (the “Plan”) which includes a discretionary Company match that has ranged from 0% to 50% of the first 6% contributed to the Plan by eligible employees. Eligible employees may participate in the Plan upon the attainment of age 21, and completion of three continuous months of service. Participants may elect to contribute up to 60% of their compensation, subject to maximum statutory limits. The Company’s discretionary contributions to the Plan were approximately $943,000, $759,000 and $766,000 for the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Benefit Plans | ' | ||||||||||||
18 | Benefit Plans | ||||||||||||
The Company sponsors two qualified pension plans as a result of the Perry Ellis Menswear acquisition that occurred in June 2003. | |||||||||||||
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the plan years beginning January 29, 2012 and ended February 1, 2014, and a statement of the funded status as of February 1, 2014. The plans were frozen and merged as of December 31, 2003. | |||||||||||||
For the fiscal year ended: | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation at beginning of plan year | $ | 44,893 | $ | 44,860 | |||||||||
Service cost | 250 | 250 | |||||||||||
Interest cost | 1,625 | 1,733 | |||||||||||
Actuarial loss | (1,401 | ) | 1,014 | ||||||||||
Lump sums plus annuities paid | (2,941 | ) | (2,964 | ) | |||||||||
Benefit obligation at end of plan year | $ | 42,426 | $ | 44,893 | |||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of plan year | $ | 30,207 | $ | 27,534 | |||||||||
Actual return on plan assets | 2,425 | 2,436 | |||||||||||
Company contributions | 2,873 | 3,201 | |||||||||||
Lump sums plus annuities paid | (2,941 | ) | (2,964 | ) | |||||||||
Fair value of plan assets at end of plan year | $ | 32,564 | $ | 30,207 | |||||||||
Unfunded status at end of plan year | $ | 9,862 | $ | 14,686 | |||||||||
The net unfunded amount is classified as a long-term liability in the caption deferred pension obligation on the consolidated balance sheet. At February 1, 2014, the deferred loss included in accumulated other comprehensive loss was $9.6 million before tax and $5.9 million on an after-tax basis. At February 2, 2013, the deferred loss included in accumulated other comprehensive loss was $11.8 million before tax and $7.2 million on an after-tax basis. At January 28, 2012, the deferred loss included in accumulated other comprehensive loss was $11.7 million before tax and $7.1 million on an after-tax basis. | |||||||||||||
The following table provides the components of net benefit cost for the plans for the fiscal years ended: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Service cost | $ | 250 | $ | 250 | $ | 250 | |||||||
Interest cost | 1,625 | 1,733 | 2,036 | ||||||||||
Expected return on plan assets | (2,219 | ) | (2,033 | ) | (2,285 | ) | |||||||
Amortization of unrecognized net loss | 533 | 524 | 15 | ||||||||||
Net periodic benefit cost | $ | 189 | $ | 474 | $ | 16 | |||||||
The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. | |||||||||||||
The assumptions used in the measurement of the Company’s benefit obligation are shown in the following table for the plan years ended: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4 | % | 3.75 | % | |||||||||
Rate of compensation increase | N/A | N/A | |||||||||||
The assumptions used in the measurement of the net periodic benefit cost are as follows: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 3.75 | % | 4 | % | |||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | |||||||||
Rate of compensation increase | N/A | N/A | |||||||||||
The pension plan weighted-average asset allocations by asset category are as follows: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Asset category: | |||||||||||||
Equity securities | 57.6 | % | 56.8 | % | |||||||||
Debt securities | 29 | % | 22.7 | % | |||||||||
Cash | 13.4 | % | 20.5 | % | |||||||||
Total | 100 | % | 100 | % | |||||||||
The Company’s Investment Committee establishes investment guidelines and strategies, and regularly monitors the performance of the investments. The Company’s investment strategy with respect to pension assets is to invest the assets in accordance with applicable laws and regulations. The long-term primary objectives for the Company’s pension assets are to (1) provide for a reasonable amount of long-term growth of capital, without undue exposure to risk; and protect the assets from erosion of purchasing power, and (2) provide investment results that meet or exceed the plans’ actuarially assumed long-term rate of return. | |||||||||||||
The fair value of plan assets by asset category is as follows: | |||||||||||||
Fair Value Measurements At | |||||||||||||
February 1, 2014 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(in thousands) | |||||||||||||
Asset category: | |||||||||||||
Equity securities | $ | 18,757 | $ | — | $ | — | |||||||
Debt securities | $ | 9,444 | — | — | |||||||||
Cash | $ | 4,363 | — | — | |||||||||
Total | $ | 32,564 | $ | — | $ | — | |||||||
At February 2, 2013 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(in thousands) | |||||||||||||
Asset category: | |||||||||||||
Equity securities | $ | 17,158 | $ | — | $ | — | |||||||
Debt securities | 6,857 | — | — | ||||||||||
Cash | 6,192 | — | — | ||||||||||
Total | $ | 30,207 | $ | — | $ | — | |||||||
The expected future benefit payments are as follows for fiscal years ending: | |||||||||||||
Expected Future Benefits Payments | (in thousands) | ||||||||||||
2015 | $ | 3,145 | |||||||||||
2016 | 3,082 | ||||||||||||
2017 | 3,023 | ||||||||||||
2018 | 2,998 | ||||||||||||
2019 | 2,970 | ||||||||||||
Next 5 years | 14,273 | ||||||||||||
The Company’s contributions for fiscal 2015 are expected to be approximately $3.0 million. The Company will review the funding status during fiscal 2015 and the incremental funding provisions may change in future periods. |
Unearned_Revenues_and_Other_Lo
Unearned Revenues and Other Long-Term Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Unearned Revenues and Other Long-Term Liabilities | ' | ||||||||
19 | Unearned Revenues and Other Long-Term Liabilities | ||||||||
Unearned revenues and other long-term liabilities consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Deferred rent long-term | $ | 9,567 | $ | 6,763 | |||||
Deferred gain long-term | 1,835 | 2,792 | |||||||
Unearned revenue | 1,438 | 2,188 | |||||||
Deferred advertising | 1,438 | 2,188 | |||||||
Other | 454 | 897 | |||||||
Total | $ | 14,732 | $ | 14,828 | |||||
In connection with an agreement entered into on January 25, 2007, with Falic Fashion Group, LLC, (“Falic”) the Company recorded an accounting gain from the sale of certain assets in the amount of approximately $9.6 million. The gain is being deferred over the term of the license agreement with Falic that was entered into simultaneously with the sale of the assets, as an adjustment to the effective royalty rate. As such, approximately $1.0 million and $1.0 million are recorded in unearned revenues and approximately $1.8 million and $2.8 million are recorded in unearned revenues and other long-term liabilities in the accompanying consolidated balance sheet as of February 1, 2014 and February 2, 2013, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
20 | Income Taxes | ||||||||||||
For financial reporting purposes, (loss) income before income tax (benefit) provision includes the following components: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Domestic | $ | (46,948 | ) | $ | 11,084 | $ | 25,128 | ||||||
Foreign | 12,554 | 10,425 | 12,848 | ||||||||||
Total | $ | (34,394 | ) | $ | 21,509 | $ | 37,976 | ||||||
The income tax provision (benefit) consisted of the following components for each of the years ended: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current income taxes: | |||||||||||||
Federal | $ | 350 | $ | 2,244 | $ | 3,214 | |||||||
State | 40 | (270 | ) | 729 | |||||||||
Foreign | 2,870 | 2,083 | 2,162 | ||||||||||
Total current income taxes | 3,260 | 4,057 | 6,105 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal | (12,728 | ) | 2,344 | 5,741 | |||||||||
State | (2,018 | ) | 307 | 613 | |||||||||
Foreign | (129 | ) | — | — | |||||||||
Total deferred income taxes | (14,875 | ) | 2,651 | 6,354 | |||||||||
Total | $ | (11,615 | ) | $ | 6,708 | $ | 12,459 | ||||||
The Company’s effective income tax rate was as follows for each of the years ended: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | (35.0 | %) | 35 | % | 35 | % | |||||||
(Increase) decrease resulting from State income taxes, net of federal income tax benefit | (6.4 | %) | 1.5 | % | 3.4 | % | |||||||
Foreign tax rate differential | (6.7 | %) | (12.0 | %) | (7.0 | %) | |||||||
Change in reserves | 0.6 | % | (2.1 | %) | 0.7 | % | |||||||
Change in valuation allowance | 3.6 | % | 3.6 | % | 0 | % | |||||||
Non-deductible items | 8.3 | % | 2.4 | % | 1.5 | % | |||||||
Other | 1.8 | % | 2.8 | % | (0.8 | %) | |||||||
Total | (33.8 | %) | 31.2 | % | 32.8 | % | |||||||
Deferred income taxes are provided for the temporary differences between financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of temporary differences were as follows, as of the years ended: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Inventory | $ | 6,473 | $ | 6,408 | |||||||||
Accounts receivable | 1,542 | 2,262 | |||||||||||
Accrued expenses | 4,768 | 3,718 | |||||||||||
Advance payments | 1,330 | 1,536 | |||||||||||
Net operating losses | 17,309 | 14,122 | |||||||||||
Deferred pension obligation | 4,065 | 5,898 | |||||||||||
Stock compensation | 3,964 | 3,574 | |||||||||||
Other | 8,855 | 7,232 | |||||||||||
48,306 | 44,750 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | (34,330 | ) | (44,989 | ) | |||||||||
Prepaid expenses | (1,326 | ) | (1,678 | ) | |||||||||
Other | (2 | ) | — | ||||||||||
(35,658 | ) | (46,667 | ) | ||||||||||
Valuation allowance | (5,998 | ) | (5,317 | ) | |||||||||
Net deferred tax asset (liability) | $ | 6,650 | $ | (7,234 | ) | ||||||||
At the end of fiscal 2013, the Company had a gross deferred tax asset relating to foreign tax credit carryforwards in the amount of $0.3 million. These credits originated in fiscal 2004. During fiscal 2014 the deferred tax asset associated with these foreign tax credits expired without utilization. As such, the Company released the valuation allowance in the amount of $0.3 million which was maintained against the foreign tax credit as of February 1, 2014. | |||||||||||||
During fiscal 2009, the Company initially recorded a $1.0 million deferred tax asset with realized and unrealized losses associated with marketable securities. Management believes it is more likely than not that the related deferred tax asset associated with these losses will not be realized due to tax limitations imposed on the utilization of capital losses. During fiscal 2014, the deferred tax asset associated with these losses was reduced by $0.1 million relating to the expiration of capital loss carryforwards and the reassessment of the deferred tax rate. As such, the Company has reduced the valuation allowance established against the asset not expected to be realized from the amount of $1.0 million for fiscal year 2013 to $0.9 million for fiscal year 2014. | |||||||||||||
During fiscal years 2014 and 2013, the Company realized tax-effected losses of $0.4 million and $0.6 million, respectively, associated with the operations of its U.K. subsidiary. For U.K. tax purposes, the operating loss has an indefinite carryforward period. Based upon operating results from the three most recent fiscal years, including fiscal 2014, management of the Company has determined that its U.K. subsidiary represents a cumulative loss company. Therefore, management has determined that a valuation allowance for deferred income tax assets is necessary. The balance of the valuation allowance associated with the U.K. operating loss carryforward for fiscal 2014 and 2013 was $2.2 million and $2.3 million, respectively. During fiscal 2014, the net decrease in valuation allowance was $0.1 million, which included an increase in the valuation allowance of $0.4 million related to the current year U.K. loss, a decrease in the valuation allowance of $0.5 million related to an adjustment to true-up the operating loss to the most recently filed U.K. tax return and a decrease in the future enacted tax rate. There is no tax expense related to the decrease of $0.5 million as the asset and valuation allowance changes offset each other. | |||||||||||||
In connection with the 2003 Perry Ellis Menswear acquisition, the Company originally acquired a net deferred tax asset of approximately $53.5 million, net of a $20.3 million valuation allowance. Additionally, the acquisition of Perry Ellis Menswear caused an “ownership change” for federal income tax purposes. As a result, the use of any net operating losses existing at the date of the ownership change to offset future taxable income of the Company is limited by Section 382 of the Internal Revenue Code of 1986, as amended (“Section 382”). As of the acquisition date, Perry Ellis Menswear had available federal net operating losses of which approximately $56.0 million expired unutilized as a result of the annual usage limitations under Section 382. | |||||||||||||
The following table reflects the expiration of the remaining federal net operating losses: | |||||||||||||
Fiscal Year | (in thousands) | ||||||||||||
2015 | $ | — | |||||||||||
2016 - 2021 | 22,288 | ||||||||||||
2022 - 2025 | 8,827 | ||||||||||||
Thereafter | 3,455 | ||||||||||||
$ | 34,570 | ||||||||||||
In addition to the Company’s U.S. federal net operating loss, the Company has reflected in its income tax provision deferred tax assets associated with net operating losses generated in various U.S. state jurisdictions. However, with respect to jurisdictions where the Company either has limited operations or statutory limitations on the use of acquired net operating losses, the ability to utilize such losses is restricted. Therefore, management has determined that a valuation allowance for deferred income tax assets is necessary, as a portion of the assets are not expected to be fully realized. The balance of the valuation allowance associated with U.S. state net operating losses for fiscal 2014 and 2013 was $2.3 million and $1.6 million, respectively. During fiscal 2014 and 2013, the valuation allowance increased by $0.6 million and $0.2 million, respectively. | |||||||||||||
At the end of fiscal 2014, the Company had a $1.7 million deferred tax asset relating to charitable contribution carryovers. These charitable contributions originated in fiscal years 2010 through 2014. Management believes it is more likely than not that the deferred tax asset associated with the charitable contributions that originated in fiscal 2010 and 2011 will not be realized during the carryforward periods, which expire in fiscal 2015 and 2016, respectively. As such, the Company established a valuation allowance in the amount of $0.6 million against the charitable contribution amounts it does not expect to realize. | |||||||||||||
Deferred taxes have not been recognized on approximately $75.0 million of unremitted earnings of certain foreign subsidiaries of the Company based on the “indefinite reversal” criteria. No provision is made for income tax that would be payable upon the distribution of earnings, and it is not practicable to determine the amount of the related unrecognized deferred income tax liability because of the complexity of the hypothetical calculation. | |||||||||||||
The federal and state income tax provisions do not reflect the tax savings resulting from deductions associated with the Company’s stock option plans. These savings were $0.1 million, $1.5 million, and $1.3 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
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 fiscal 2011 through 2014 are open tax years. The statute of limitations related to the Company’s 2011 U.S. federal tax year was extended by agreement with the Internal Revenue Service until June 10, 2015. The Company’s state and foreign tax filings are subject to varying statutes of limitations. The Company’s unrecognized state tax benefits are related to state tax returns open from 2005 through 2014, depending on each state’s particular statute of limitation. During the fiscal year ended February 1, 2014, the U.S. federal income tax return for fiscal year 2011 was selected for examination by the Internal Revenue Service. Additionally, during the fiscal year ended February 1, 2014, the Company’s tax returns were selected for examination for the 2010 through 2012 fiscal years by the State of New Jersey and the State of New York. Furthermore, various other state and local income tax returns are also under examination by taxing authorities. | |||||||||||||
As of February 2, 2013, the Company had a $0.6 million liability recorded for unrecognized tax benefits, which included interest and penalties of $0.1 million. As of February 1, 2014, the Company had a $0.8 million liability recorded for unrecognized tax benefits, which included interest and penalties of $0.3 million. All of the unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. | |||||||||||||
A reconciliation of the beginning balance of the Company’s unrecognized tax benefits and the ending amount of the unrecognized tax benefits is as follows as of: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance at beginning of period | $ | 648 | $ | 1,445 | $ | 1,182 | |||||||
Additions based on tax positions related to the current year | 113 | 159 | 133 | ||||||||||
Deductions based on tax positions related to the current year | — | (60 | ) | — | |||||||||
Additions for tax positions of prior years | 192 | 23 | 378 | ||||||||||
Reductions for tax positions of prior years | (61 | ) | (504 | ) | (5 | ) | |||||||
Reductions due to lapses of statutes of limitations | (51 | ) | (71 | ) | (243 | ) | |||||||
Settlements | — | (344 | ) | — | |||||||||
Balance at end of period | $ | 841 | $ | 648 | $ | 1,445 | |||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. During the fiscal years 2014, 2013 and 2012, the Company recognized approximately $0.2 million, ($0.3) million and $0.1 million in interest and penalties, respectively. The Company had approximately $0.3 million and $0.1 million for the payment of interest and penalties accrued at February 1, 2014 and February 2, 2013, respectively. | |||||||||||||
In the next twelve months the Company expects to settle payments for a portion of the tax liability related to interest and penalties for its 2011 tax year in the amount of $0.1 million. These payments will decrease the outstanding liability but will have no effect on tax expense. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |
Feb. 01, 2014 | ||
Fair Value Measurements | ' | |
21 | Fair Value Measurements | |
Accounts receivable, accounts payable, accrued interest payable and accrued expenses. The carrying amounts reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. | ||
Investments. (classified within Level 1 of the valuation hierarchy)—The carrying amounts of the available-for-sale investments are measured at fair value on a recurring basis in the consolidated balance sheets. | ||
Real estate mortgages. (classified within Level 2 of the valuation hierarchy)—The carrying amounts of the real estate mortgages were approximately $24.0 million and $25.0 million at February 1, 2014 and February 2, 2013, respectively. The carrying values of the real estate mortgages at February 1, 2014 and February 2, 2013, approximate their fair values 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 77/8% senior subordinated notes payable were approximately $150.0 million at February 1, 2014 and February 2, 2013. The fair value of the 77/8% senior subordinated notes payable was approximately $160.0 million and $160.5 million as of February 1, 2014 and February 2, 2013, respectively, based on quoted market prices. | ||
These estimated fair value amounts have been determined using available market information and appropriate valuation methods. | ||
Interest rate cap. The interest rate cap agreement was terminated during March 2011, therefore no fair value measurements are reported as of February 1, 2014 and February 2, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
22 | Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax, are as follows: | |||||||||||||||||
Unrealized | Foreign Currency | Unrealized | Total | ||||||||||||||
Gain on | Translation | Loss on | |||||||||||||||
Pension Liability | Adjustments, Net | Investments | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, February 2, 2013 | $ | (7,176 | ) | $ | (884 | ) | $ | — | $ | (8,060 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 984 | (679 | ) | (39 | ) | 266 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 326 | — | — | 326 | |||||||||||||
Balance, February 1, 2014 | $ | (5,866 | ) | $ | (1,563 | ) | $ | (39 | ) | $ | (7,468 | ) | |||||
Unrealized | Foreign | Unrealized | Total | ||||||||||||||
Loss on | Currency Translation | Loss on | |||||||||||||||
Pension Liability | Adjustments, Net | Investments | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, January 28, 2012 | $ | (7,123 | ) | $ | (1,055 | ) | $ | — | $ | (8,178 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (374 | ) | 171 | — | (203 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 321 | — | — | 321 | |||||||||||||
Balance, February 2, 2013 | $ | (7,176 | ) | $ | (884 | ) | $ | — | $ | (8,060 | ) | ||||||
A summary of the impact on the consolidated statements of operations line items is as follows: | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial losses | $ | 533 | $ | 524 | $ | 15 | Selling, general and administrative expenses | ||||||||||
Tax benefit | (207 | ) | (203 | ) | (6 | ) | Income tax (benefit) provision | ||||||||||
Total, net of tax | $ | 326 | $ | 321 | $ | 9 | |||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Feb. 01, 2014 | ||
Related Party Transactions | ' | |
23 | Related Party Transactions | |
The Company leases under certain lease arrangements approximately 66,000 square feet comprised of approximately 16,000 square feet for administrative offices and approximately 50,000 square feet for warehouse distribution. These facilities are in close proximity to the corporate office of the Company, and are owned by the Chairman of the Board of Directors and Chief Executive Officer (“Chairman”). Rent expense, including insurance and taxes, for these leases amounted to approximately $602,000, or $9.13 per square foot, $587,000, or $8.90 per square foot, and $609,000, or $9.23 per square foot, for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. At inception of the leases, the Company’s Audit Committee reviewed the terms of the two ten year leases to ensure that they were reasonable and at, or below, market. This review included information from third party sources. | ||
During the years ended February 1, 2014, February 2, 2013 and January 28, 2012, the Company was a party to aircraft charter agreements with third parties, who chartered the aircraft from an entity controlled by the Chairman and the President and Chief Operating Officer (the “President”). There is no minimum usage requirement, and the charter agreement can be terminated with 60 days notice. The Company paid, under these agreements, to these third parties $1.5 million, $1.5 million and $2.1 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. On an annual basis, the Company’s Governance or Audit Committee reviews the terms of the current arrangement to ensure that it is at, or below, market. This review includes information from third party sources. | ||
The Company is a party to licensing agreements with Isaco International, Inc. (“Isaco”), pursuant to which Isaco has been granted the exclusive license to use various Perry Ellis trademarks in the United States and Puerto Rico to market a line of men’s underwear, hosiery and loungewear. The principal shareholder of Isaco is the father-in-law of the Company’s President. Royalty income earned from the Isaco license agreements amounted to approximately $2.2 million, $2.0 million and $2.1 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. The Company’s Governance or Audit Committee reviews renewals or extension of the licensing agreements, to ensure that they are consistent with the terms and conditions of other license agreements of the Company. | ||
The Company is party to an agreement with Sprezzatura Insurance Group LLC. Joseph Hanono, the son of the Company’s Secretary-Treasurer, is a member of Sprezzatura Insurance Group. The Company paid under this agreement, to this third party $1,043,000, $998,000 and $888,000 in premiums for property and casualty insurance for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. On an annual basis, the Company’s Governance or Audit Committee reviews the terms of the current arrangement to ensure that it is at or below market value. | ||
The Company has appointed Alexandra Wilson, co-founder and Head of Strategic Alliances for Gilt Groupe, Inc., to the Board of Directors effective February 20, 2014. Gilt is the innovative online shopping destination founded in 2007, offering highly-coveted luxury lifestyle products and experiences to over eight million members. The Company’s net sales to Gilt were $0.4 million, $0.6 million and $1.0 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. |
Equity
Equity | 12 Months Ended | |
Feb. 01, 2014 | ||
Equity | ' | |
24 | Equity | |
During December 2012, the Board of Directors authorized the payment of one-time cash dividends of $1.00 per common share, or $15.2 million, to be paid to its shareholders of record at the close of business on December 21, 2012. During the fourth quarter of fiscal 2013, the Company paid cash dividends in the amount of $15.0 million and recorded payables for non-vested restricted shares in the amounts of $107,000 and $113,000, which are included in accrued expenses and other liabilities and unearned revenues and other long-term liabilities, respectively, in the consolidated balance sheets. Payment of cash dividends is subject to certain covenants under the Company’s senior credit facility and the indenture governing the Company’s senior subordinated notes payable. See footnotes 13 and 14 to the consolidated financial statements for further information regarding the Company’s covenants. Any future decision regarding payment of cash dividends will depend on the Company’s earnings and financial position and such other factors as the Company’s Board of Directors deem relevant. As of February 1, 2014, the remaining unpaid dividend for the non-vested restricted shares was $116,000, which was included in accrued expenses and other liabilities in the consolidated balance sheet. | ||
On March 2, 2011, the Company entered into underwriting agreements with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc., as representatives of the underwriters that are parties thereto (the “Underwriting Agreements”) in connection with common stock and senior subordinated note offerings. | ||
Pursuant to the Underwriting Agreement relating to the common stock offering, the Company agreed to sell, and the underwriters agreed to purchase, 2.0 million shares of the Company’s common stock at a price to the public of $28.00 per share resulting in net proceeds to the Company of $52.9 million, net of $3.1 million in underwriter discounts and stock issuance costs. The Company used the net proceeds from the common stock offering to repay a portion of the amounts outstanding under its senior credit facility. | ||
The Company’s Board of Directors has authorized the Company to repurchase up to $60 million of the Company’s common stock for cash 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 approximately $43.0 million. Purchases of treasury shares are subject to certain covenants under the senior credit facility and the indenture governing the senior subordinated notes, see footnotes 13 and 14 to the consolidated financial statements, for further information. | ||
During fiscal 2014, 2013, and 2012, the Company repurchased shares of its common stock at a cost of $7.0 million, $2.6 million and $16.0 million, respectively. As of February 1, 2014, there were 400,516 shares of treasury stock outstanding at a cost of approximately $7.0 million and there were no shares of treasury stock outstanding as of February 2, 2013. | ||
During January 2013, the Company retired 1,290,022 shares of treasury stock, recorded at a cost of approximately $18.5 million, on the Company’s consolidated balance sheets. Accordingly, during fiscal 2013, the Company reduced common stock and additional paid-in-capital by $13,000 and $18.5 million, respectively. |
Stock_Options_SARS_And_Restric
Stock Options, SARS And Restricted Shares | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||
Stock Options, SARS And Restricted Shares | ' | ||||||||||||||||||||||||||||
25 | Stock Options, SARS And Restricted Shares | ||||||||||||||||||||||||||||
Stock Options – In 1993, the Company adopted the 1993 Stock Option Plan (the “1993 Plan”), which was amended in 1998 and 1999 to increase the number of shares reserved for issuance thereunder. As amended, the 1993 Plan authorized the Company to grant stock options (“Option” or “Options”) to purchase up to an aggregate of 1,500,000 shares of the Company’s common stock. In 2002, prior to the termination of the 1993 Plan in 2003, the Company adopted the 2002 Stock Option Plan (the “2002 Plan”). The 2002 Plan was amended in 2003 to increase the number of shares reserved for issuance thereunder, among other changes. As amended, the 2002 Plan allowed the Company to grant Options to purchase up to an aggregate of 1,500,000 shares of the Company’s common stock. In 2005, the Company adopted the 2005 Long-Term Incentive Compensation Plan (the “2005 Plan”, and collectively with the 1993 Plan and the 2002 Plan, the “Stock Option Plans”). The 2005 Plan allowed the Company to grant Options and other awards to purchase or receive up to an aggregate of 2,250,000 shares of the Company’s common stock, reduced by any awards outstanding under the 2002 Plan. On March 13, 2008, the Board of Directors unanimously adopted an amendment and restatement of the 2005 Plan that increased the number of shares available for grants by an additional 2,250,000 shares to an aggregate of 4,750,000 shares of common stock. The amendment was approved by the shareholders at the Company’s 2008 annual meeting. On March 17, 2011, the Board of Directors unanimously adopted, subject to shareholder approval at the annual meeting, the second amendment and restatement of the 2005 Plan which increased the number of shares available for grants by an additional 500,000 shares to an aggregate of 5,250,000 shares of common stock. All Stock Option Plans are designed to serve as an incentive for attracting and retaining qualified and competent employees, officers, directors, consultants, and independent contractors of the Company. | |||||||||||||||||||||||||||||
The 2005 Plan provides for the granting of Incentive Stock Options and Nonstatutory Stock Options. An Incentive Stock Option is an option to purchase common stock, which meets the requirements as set forth under Section 422 of the Internal Revenue Code of 1986, as amended (“Section 422”). A Nonstatutory Stock Option is an option to purchase common stock, which meets the requirements of the 2005 Plan, but does not meet the definition of an “incentive stock option” under Section 422. | |||||||||||||||||||||||||||||
The 2005 Plan is administered by the Compensation Committee of the Board of Directors (the “Committee”), which is comprised of two or more non-employee directors. The Committee determines the participants, the allotment of shares, and the term of the options. The Committee also determines the exercise price of the options; provided, however that the per share exercise price of options granted under the 2005 Plan may not be less than the fair market value of the common stock on the date of grant, and in the case of an incentive stock option granted to a 10% shareholder, the per share exercise price will not be less than 110% of such fair market value. | |||||||||||||||||||||||||||||
The following table lists information regarding shares under the 2002 Plan and 2005 Plan as of February 1, 2014: | |||||||||||||||||||||||||||||
Shares Underlying | Unvested | Shares Available | |||||||||||||||||||||||||||
Outstanding Grants | Restricted Shares | for Grant | |||||||||||||||||||||||||||
2002 Stock Option Plan | 156,504 | — | — | ||||||||||||||||||||||||||
2005 Stock Option Plan | 1,060,068 | 728,322 | 691,864 | ||||||||||||||||||||||||||
1,216,572 | 728,322 | 691,864 | |||||||||||||||||||||||||||
During fiscal 2014, the Company granted SARS to purchase shares of common stock to certain key employees. The Company awarded an aggregate of 14,000 SARS with exercise prices ranging from $16.79 to $18.57, which generally vest over a three-year period and have a seven-year term. The total fair value of the SARS, based on the Black-Scholes Option Pricing Model, amounted to approximately $0.1 million, which is being recorded as compensation expense on a straight-line basis over the vesting period of each SAR. | |||||||||||||||||||||||||||||
During fiscal 2013, the Company granted SARS to purchase shares of common stock to certain key employees. The Company awarded an aggregate of 330,199 SARS with exercise prices ranging from $18.19 to $22.46, which generally vest over a three-year period and have a seven-year term. The total fair value of the SARS, based on the Black-Scholes Option Pricing Model, amounted to approximately $3.4 million, which is being recorded as compensation expense on a straight-line basis over the vesting period of each SAR. | |||||||||||||||||||||||||||||
During fiscal 2012, the Company granted SARS to purchase shares of common stock to certain key employees. The Company awarded an aggregate of 251,637 SARS with exercise prices ranging from $13.29 to $30.81, which generally vest over a three-year period and have a seven-year term. The total fair value of the SARS, based on the Black-Scholes Option Pricing Model, amounted to approximately $3.8 million, which was recorded as compensation expense on a straight-line basis over the vesting period of each SAR. | |||||||||||||||||||||||||||||
A summary of the stock option and SARS activity for grants issued under the 1993 Plan, 2002 Plan and 2005 Plan is as follows: | |||||||||||||||||||||||||||||
Option and SARS Price Per Share | |||||||||||||||||||||||||||||
Number | Low | High | Weighted | Weighted Average | Weighted Average | Aggregate | |||||||||||||||||||||||
of Shares | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||||||||||||||
Contractual Life (years) | (in thousands) | ||||||||||||||||||||||||||||
Outstanding January 29, 2011 | 1,717,326 | $ | 10.81 | 5.62 | $ | 30,208 | |||||||||||||||||||||||
Vested or expected to vest | 1,717,326 | $ | 10.81 | 5.62 | $ | 30,208 | |||||||||||||||||||||||
Options and SARS Exercisable | 711,616 | $ | 11.79 | 2.68 | $ | 11,816 | |||||||||||||||||||||||
Granted | 251,637 | $ | 13.29 | $ | 30.81 | $ | 26.67 | ||||||||||||||||||||||
Exercised | (530,109 | ) | $ | 4.53 | $ | 15.71 | $ | 9 | |||||||||||||||||||||
Cancelled | (46,769 | ) | $ | 4.53 | $ | 30.07 | $ | 24.44 | |||||||||||||||||||||
Outstanding January 28, 2012 | 1,392,085 | $ | 13.91 | 5.98 | $ | 7,650 | |||||||||||||||||||||||
Vested or expected to vest | 1,392,085 | $ | 13.91 | 5.98 | $ | 7,650 | |||||||||||||||||||||||
Options and SARS Exercisable | 634,202 | $ | 11.59 | 5.35 | $ | 3,723 | |||||||||||||||||||||||
Granted | 330,199 | $ | 18.19 | $ | 22.46 | $ | 18.22 | ||||||||||||||||||||||
Exercised | (355,056 | ) | $ | 4.63 | $ | 17.27 | $ | 5.08 | |||||||||||||||||||||
Cancelled | (83,103 | ) | $ | 13.29 | $ | 30.81 | $ | 23.24 | |||||||||||||||||||||
Outstanding February 2, 2013 | 1,284,125 | $ | 16.86 | 4.46 | $ | 6,281 | |||||||||||||||||||||||
Vested or expected to vest | 1,284,125 | $ | 16.86 | 4.46 | $ | 6,281 | |||||||||||||||||||||||
Options and SARS Exercisable | 779,986 | $ | 13.99 | 4.58 | $ | 5,817 | |||||||||||||||||||||||
Granted | 14,000 | $ | 16.79 | $ | 18.57 | $ | 18.1 | ||||||||||||||||||||||
Exercised | (33,230 | ) | $ | 4.63 | $ | 4.89 | $ | 4.68 | |||||||||||||||||||||
Cancelled | (48,323 | ) | $ | 13.29 | $ | 28.38 | $ | 19.63 | |||||||||||||||||||||
Outstanding February 1, 2014 | 1,216,572 | $ | 17.12 | 3.56 | $ | 3,657 | |||||||||||||||||||||||
Vested or expected to vest | 1,216,572 | $ | 17.12 | 3.56 | $ | 3,657 | |||||||||||||||||||||||
Options and SARS Exercisable | 959,971 | $ | 16.24 | 3.51 | $ | 3,653 | |||||||||||||||||||||||
The aggregate intrinsic value for stock options and SARS in the preceding table represents the total pre-tax intrinsic value based on the Company’s closing stock price of $15.67, $19.36 and $15.44 at February 1, 2014, February 2, 2013 and January 28, 2012, respectively. This amount represents the total pre-tax intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date. The total intrinsic value of stock options and SARS exercised in fiscal 2014, 2013 and 2012 was approximately $0.5 million, $5.6 million and $3.8 million, respectively. The total fair value of stock options and SARS vested in fiscal 2014, 2013 and 2012 was approximately $2.9 million, $3.3 million and $2.3 million, respectively. | |||||||||||||||||||||||||||||
Additional information regarding options and SARS outstanding and exercisable as of February 1, 2014, is as follows: | |||||||||||||||||||||||||||||
Options and SARS Outstanding | Options and SARS Exercisable | ||||||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||||||||||
Contractual Life | |||||||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||||||
$ 4.00 - $ 6.00 | 327,104 | 5.13 | $ | 4.65 | 327,104 | $ | 4.65 | ||||||||||||||||||||||
$ 13.00 - $ 19.00 | 459,831 | 2.33 | $ | 17.42 | 264,493 | $ | 16.89 | ||||||||||||||||||||||
$ 19.01 - $ 31.00 | 429,637 | 3.67 | $ | 26.29 | 368,374 | $ | 26.06 | ||||||||||||||||||||||
1,216,572 | 959,971 | ||||||||||||||||||||||||||||
Restricted Stock—Under the 2005 Plan, restricted stock awards are granted subject to restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, or as otherwise provided in the 2005 Plan, covering a period of time specified by the Committee. The terms of any restricted stock awards granted under the 2005 Plan are set forth in a written Award Agreement, which contains provisions determined by the Committee and not inconsistent with the 2005 Plan. The restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the 2005 Plan and any Award Agreement relating to a restricted stock award, a participant granted restricted stock shall have all of the rights of a shareholder, including the right to vote the restricted stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee). During the Restriction Period (as defined in the 2005 Plan), the restricted stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the participant. | |||||||||||||||||||||||||||||
During fiscal 2014, the Company granted performance based restricted stock to certain key employees pursuant to the Company’s Second Amended and Restated 2005 Long-Term Incentive Compensation Plan, as amended and subject to certain conditions in the grant agreement. Such stock generally vests 100% in April 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. Additionally, the Company granted an aggregate of 480,598 shares of restricted stock to certain key employees, with an estimated value of $8.9 million, which vest over a three to five year period. | |||||||||||||||||||||||||||||
During 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 value of $0.3 million. | |||||||||||||||||||||||||||||
During fiscal 2013, the Company granted performance based restricted stock to certain key employees pursuant to the Company’s Second Amended and Restated 2005 Long-Term Incentive Compensation Plan, and subject to certain conditions in the grant agreement. Such stock generally vests 100% in May 2015, 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 83,817 shares of performance based restricted stock were issued at an estimated value of $1.5 million. Additionally, the Company granted an aggregate of 153,193 shares of restricted stock to certain key employees, with an estimated value of $2.7 million, which vests over a period of three years. | |||||||||||||||||||||||||||||
Also, during fiscal 2013, the Company awarded to five directors an aggregate of 16,305 shares of restricted stock, which vest over a three-year period at an estimated value of $0.3 million. | |||||||||||||||||||||||||||||
During fiscal 2012, the Company granted performance based restricted stock to certain key employees pursuant to the Company’s Second Amended and Restated 2005 Long-Term Incentive Compensation Plan, and subject to certain conditions in the grant agreement. Such stock generally vests 100% in April 2014, 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 131,686 shares of performance based restricted stock were issued at an estimated value of $4.0 million. Additionally, the Company granted an aggregate of 53,750 shares of restricted stock to certain key employees, with an estimated value of $1.2 million, which vests over a period of three to four years. | |||||||||||||||||||||||||||||
Also, during fiscal 2012, the Company awarded to five directors an aggregate of 11,775 shares of restricted stock, which vest over a three-year period at an estimated value of $0.3 million. | |||||||||||||||||||||||||||||
The target criteria established for the performance-based restricted shares granted in fiscal 2011 was exceeded, and as such, the Company granted an additional 16,535 restricted shares valued at $0.3 million in accordance with the agreement. The value of these shares was expensed during fiscal 2013. | |||||||||||||||||||||||||||||
During fiscal 2014, the Company reversed approximately $0.3 million of previously recognized compensation expense into earnings since it was no longer probable that the previously established performance targets would be met with respect to certain performance based restricted shares granted during fiscal 2014 and those equity awards were no longer expected to vest. Additionally, in connection with these long-term incentive plans, the cash portion, which was also subject to performance-based targets, was reversed in the amount of approximately $0.5 million of previously recognized compensation. | |||||||||||||||||||||||||||||
During fiscal 2013, the Company reversed approximately $0.4 million of previously recognized compensation expense into earnings, since it was no longer probable that the previously established performance targets would be met on certain performance based restricted shares granted during fiscal 2012 and fiscal 2013 and those equity awards were no longer expected to vest. Additionally, in connection with these long-term incentive plans, the cash portion, which was also subject to performance-based targets, was reversed in the amount of approximately $0.5 million of previously recognized compensation. | |||||||||||||||||||||||||||||
During fiscal 2012, the Company reversed approximately $4.4 million of previously recognized compensation expense into earnings, since it was no longer probable that the previously established performance targets would be met with respect to certain performance based restricted shares granted during fiscal 2009 and those equity awards were no longer expected to vest. | |||||||||||||||||||||||||||||
The values of the restricted stock expected to vest are being recorded as compensation expense on a straight-line basis over the vesting period of the restricted shares. The fair value of restricted stock grants is estimated on the date of grant and is generally equal to the closing stock price of the Company’s common stock on the date of grant. | |||||||||||||||||||||||||||||
The following table summarizes the restricted stock-based award activity: | |||||||||||||||||||||||||||||
Restricted | Weighted | Weighted | |||||||||||||||||||||||||||
Shares | Average | Average | |||||||||||||||||||||||||||
Grant Price | Remaining | ||||||||||||||||||||||||||||
Vesting Period | |||||||||||||||||||||||||||||
Unvested as of January 29, 2011 | 926,009 | $ | 18.22 | 5.92 | |||||||||||||||||||||||||
Granted | 197,211 | ||||||||||||||||||||||||||||
Vested | (37,186 | ) | |||||||||||||||||||||||||||
Forfeited | (87,929 | ) | |||||||||||||||||||||||||||
Unvested as of January 28, 2012 | 998,105 | $ | 19.19 | 4.61 | |||||||||||||||||||||||||
Granted | 269,850 | ||||||||||||||||||||||||||||
Vested | (37,754 | ) | |||||||||||||||||||||||||||
Forfeited | (901,894 | ) | |||||||||||||||||||||||||||
Unvested as of February 2, 2013 | 328,307 | $ | 18.26 | 3.54 | |||||||||||||||||||||||||
Granted | 603,982 | ||||||||||||||||||||||||||||
Vested | (142,052 | ) | |||||||||||||||||||||||||||
Forfeited | (61,915 | ) | |||||||||||||||||||||||||||
Unvested as of February 1, 2014 | 728,322 | $ | 18.8 | 2.34 | |||||||||||||||||||||||||
As of February 1, 2014, the total unrecognized compensation cost related to unvested stock options and SARS outstanding under the Stock Option Plans is approximately $1.4 million. That cost is expected to be recognized over a weighted-average period of 2 years. As of February 1, 2014, the total unrecognized compensation cost related to unvested restricted stock was approximately $9.3 million, which is expected to be recognized over a weighted-average period of 2.34 years. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Segment Information | ' | ||||||||||||
26 | 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 the Company’s retail stores and e-commerce platform. The Licensing segment derives its revenues from royalties associated from 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. Segment results of prior periods were recast to conform to the current presentation. See footnote 2 to the consolidated financial statements for disclosure of major customers. | |||||||||||||
The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by the segments. | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Revenues: | |||||||||||||
Men’s Sportswear and Swim | $ | 664,824 | $ | 708,202 | $ | 718,721 | |||||||
Women’s Sportswear | 135,994 | 149,084 | 164,298 | ||||||||||
Direct-to-Consumer | 81,755 | 85,165 | 72,530 | ||||||||||
Licensing | 29,651 | 27,102 | 25,043 | ||||||||||
Total revenues | $ | 912,224 | $ | 969,553 | $ | 980,592 | |||||||
Depreciation and amortization | |||||||||||||
Men’s Sportswear and Swim | $ | 7,043 | $ | 8,573 | $ | 9,028 | |||||||
Women’s Sportswear | 1,899 | 1,902 | 1,412 | ||||||||||
Direct-to-Consumer | 3,549 | 3,054 | 2,719 | ||||||||||
Licensing | 135 | 367 | 514 | ||||||||||
Total depreciation and amortization | $ | 12,626 | $ | 13,896 | $ | 13,673 | |||||||
Operating (loss) income: | |||||||||||||
Men’s Sportswear and Swim | $ | 8,975 | $ | 24,366 | $ | 38,276 | |||||||
Women’s Sportswear | (10,883 | ) | (4,028 | ) | 5,848 | ||||||||
Direct-to-Consumer | (12,306 | ) | (6,640 | ) | (5,273 | ) | |||||||
Licensing | (5,155 | ) | 22,647 | 16,534 | |||||||||
Total operating (loss) income | $ | (19,369 | ) | $ | 36,345 | $ | 55,385 | ||||||
Total costs on early extinguishment of debt | — | — | 1,306 | ||||||||||
Total interest expense | 15,025 | 14,836 | 16,103 | ||||||||||
Total net (loss) income before income taxes | $ | (34,394 | ) | $ | 21,509 | $ | 37,976 | ||||||
Identifiable assets | |||||||||||||
Men’s Sportswear and Swim | $ | 342,410 | $ | 354,189 | |||||||||
Women’s Sportswear | 53,354 | 67,937 | |||||||||||
Direct-to-Consumer | 25,875 | 40,297 | |||||||||||
Licensing | 255,599 | 234,224 | |||||||||||
Corporate | 29,497 | 66,482 | |||||||||||
Total identifiable assets | $ | 706,735 | $ | 763,129 | |||||||||
Revenues from external customers and long-lived assets excluding deferred taxes related to continuing operations in the United States and foreign countries are as follows: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Revenues | |||||||||||||
United States | $ | 821,986 | $ | 887,420 | $ | 905,757 | |||||||
International | 90,238 | 82,133 | 74,835 | ||||||||||
Total revenues | $ | 912,224 | $ | 969,553 | $ | 980,592 | |||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Long-lived assets at years ended, | |||||||||||||
United States | $ | 238,551 | $ | 268,322 | |||||||||
International | 38,868 | 42,902 | |||||||||||
Total long-lived assets | $ | 277,419 | $ | 311,224 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Commitments and Contingencies | ' | ||||
27 | Commitments and Contingencies | ||||
The Company has licensing agreements, as licensee, for the use of certain branded and designer labels. The license agreements expire on varying dates through December 2018. Total royalty payments under these license agreements amounted to approximately $12.8 million, $10.6 million and $8.9 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively, and were classified as cost of sales. Under certain licensing agreements, the Company has to pay certain guaranteed minimum payments. Future minimum payments under these contracts amount to $32.5 million. | |||||
The Company leases two warehouse facilities, one of which includes office space, in Miami, Florida totaling approximately 66,000 square feet from its Chairman, to handle specialty operations. The leases expire in July 2014. The aggregate annual base payment for these leases is approximately $524,000. | |||||
The Company leases several locations for offices, showrooms and retail stores primarily throughout the United States. Lease terms generally range from approximately 3 to 15 years, including anticipated renewal options. The leases generally provide for minimum annual rental payments and are subject to escalations based upon increases in the consumer price index, contractual base rent increases, real estate taxes and other costs. In addition, certain leases contain contingent rental provisions based upon the sales of the underlying retail stores. Certain leases also provide for rent deferral during the initial term of such lease, landlord contributions, and/or scheduled minimum rent increases during the terms of the leases. These leases are classified as either capital leases or operating leases as appropriate. For financial reporting purposes, rent expense associated with operating leases is recorded on a straight-line basis over the life of the lease. These leases expire through 2028. Minimum aggregate annual commitments for the Company’s non-cancelable, unrelated operating lease commitments are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2015 | $ | 19,560 | |||
2016 | 19,753 | ||||
2017 | 18,779 | ||||
2018 | 17,098 | ||||
2019 | 15,252 | ||||
Thereafter | 93,497 | ||||
Total | $ | 183,939 | |||
Rent expense for these operating leases, including the related party rent payments discussed in footnote 23 to the consolidated financial statements, amounted to $26.5 million, $19.7 million, and $17.8 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||
Capital lease obligations primarily relate to equipment as indicated in footnote 8 to the consolidated financial statements. The current portion of the capital lease obligation in the amount of $301,000 is included in accrued expenses and other liabilities, while the long-term portion of $77,000 is included in unearned revenues and other long-term liabilities. Minimum aggregate annual commitments for the Company’s capital lease obligations are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2015 | $ | 301 | |||
2016 | 77 | ||||
Total | $ | 378 | |||
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. | |||||
The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. The Company is not presently a party to any litigation that it believes might have a material effect on its business operations. |
Summarized_Quarterly_Financial
Summarized Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
28 | Summarized Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||
FISCAL YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||
Net Sales | $ | 255,484 | $ | 204,492 | $ | 214,700 | $ | 207,897 | $ | 882,573 | |||||||||||
Royalty Income | 6,835 | 7,213 | 7,421 | 8,182 | 29,651 | ||||||||||||||||
Total Revenues | 262,319 | 211,705 | 222,121 | 216,079 | 912,224 | ||||||||||||||||
Gross Profit | 88,681 | 68,546 | 71,364 | 74,197 | 302,788 | ||||||||||||||||
Net income (loss) | 11,320 | (2,830 | ) | (3,022 | ) | (28,247 | ) | (22,779 | ) | ||||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.75 | ($ | 0.19 | ) | ($ | 0.2 | ) | ($ | 1.91 | ) | ($ | 1.52 | ) | |||||||
Diluted | $ | 0.74 | ($ | 0.19 | ) | ($ | 0.2 | ) | ($ | 1.91 | ) | ($ | 1.52 | ) | |||||||
FISCAL YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||
Net Sales | $ | 259,016 | $ | 203,090 | $ | 229,330 | $ | 251,015 | $ | 942,451 | |||||||||||
Royalty Income | 6,507 | 6,347 | 6,918 | 7,330 | 27,102 | ||||||||||||||||
Total Revenues | 265,523 | 209,437 | 236,248 | 258,345 | 969,553 | ||||||||||||||||
Gross Profit | 87,740 | 69,325 | 75,795 | 84,341 | 317,201 | ||||||||||||||||
Net income (loss) | 9,676 | (2,442 | ) | 3,180 | 4,387 | 14,801 | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.66 | ($ | 0.17 | ) | $ | 0.22 | $ | 0.3 | $ | 1.01 | ||||||||||
Diluted | $ | 0.64 | ($ | 0.17 | ) | $ | 0.21 | $ | 0.28 | $ | 0.97 | ||||||||||
FISCAL YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||
Net Sales | $ | 282,775 | $ | 208,596 | $ | 242,116 | $ | 222,062 | $ | 955,549 | |||||||||||
Royalty Income | 5,514 | 5,839 | 6,304 | 7,386 | 25,043 | ||||||||||||||||
Total Revenues | 288,289 | 214,435 | 248,420 | 229,448 | 980,592 | ||||||||||||||||
Gross Profit | 96,970 | 72,268 | 82,450 | 72,054 | 323,742 | ||||||||||||||||
Net income | 15,378 | 1,847 | 6,509 | 1,783 | 25,517 | ||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 1.07 | $ | 0.12 | $ | 0.42 | $ | 0.12 | $ | 1.71 | |||||||||||
Diluted | $ | 0.99 | $ | 0.11 | $ | 0.4 | $ | 0.12 | $ | 1.6 | |||||||||||
See footnotes 2, 9 and 25 to the consolidated financial statements for further information regarding the impairments on long-lived assets and trademarks that occurred during the fourth quarter ended February 1, 2014, February 2, 2013 and January 28, 2012, as well as the reversal of previously recognized stock compensation expense that occurred during the fourth quarter ended January 28, 2012. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||
29 | 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 combined, or where appropriate, consolidated basis. Additional columns present eliminating adjustments and consolidated totals as of February 1, 2014 and February 2, 2013 and for each of the years ended February 1, 2014, February 2, 2013 and January 28, 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, a guarantor subsidiary. Prior to their merger and subsequent dissolution, C&C California and Laundry were previously non-guarantor subsidiaries. This change in reporting entity was retrospectively applied to the condensed consolidating financial statements and, consequently, amounts related to C&C California and Laundry are presented in the guarantor subsidiary column for all periods presented. | |||||||||||||||||||||
Additionally, subsequent to the issuance of the February 2, 2013 financial statements, the Company determined that the condensed consolidating guarantor financial statements required an adjustment relating to the cash flow classification of certain intercompany transactions between the parent and its affiliates. As a result, the condensed consolidating financial statements have been adjusted to correct prior year amounts in the Condensed Consolidated Statements of Cash Flows to reflect certain intercompany activities between the parent and its subsidiaries as cash flows from investing activities that had previously been reflected within cash flows from financing activities. | |||||||||||||||||||||
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 a decrease of approximately ($2.2) million in net income and comprehensive income to the guarantor subsidiaries for the years ended February 2, 2013 and January 28, 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 an increase in net assets of $20.7 million to the guarantor subsidiaries and a corresponding decrease in net assets to the non-guarantor. | |||||||||||||||||||||
The effect on the condensed consolidating statement of cash flows, as a result of the change in reporting entity, is a decrease of approximately $0.1 million in net cash provided by operating activities, an increase of approximately $0.3 million in net cash used in investing activities and a decrease of approximately $0.4 million in net cash used in financing activities to the guarantor subsidiaries for the year ended February 2, 2013 with a corresponding change to the non-guarantor for the respective period from the previously reported amounts. | |||||||||||||||||||||
The effect on the condensed consolidating statement of cash flows, as a result of the change in reporting entity, is an increase of approximately $12.7 million in net cash used in operating activities, an increase of approximately $0.3 million in net cash used in investing activities and an increase of approximately $13.0 million in net cash provided by financing activities to the guarantor subsidiaries for the year ended January 28, 2012 with a corresponding change to the non-guarantor for the respective period from the previously reported amounts. | |||||||||||||||||||||
The effect on the condensed consolidating statement of cash flows as a result of the adjustment in intercompany activities is a decrease of approximately ($16.1) million and an increase of approximately $107.4 million in net cash from financing activities in the parent only column for the years ended February 2, 2013 and January 28, 2012, respectively, with corresponding changes to net cash from investing activities in the parent only column for the respective periods. | |||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 29,988 | $ | (2,999 | ) | $ | 26,989 | ||||||||||
Accounts receivable, net | — | 123,539 | 22,853 | — | 146,392 | ||||||||||||||||
Intercompany receivable, net | 174,075 | — | — | (174,075 | ) | — | |||||||||||||||
Inventories | — | 183,216 | 23,386 | — | 206,602 | ||||||||||||||||
Investments, at fair value | — | — | 15,398 | — | 15,398 | ||||||||||||||||
Deferred income taxes | — | 13,806 | 254 | — | 14,060 | ||||||||||||||||
Prepaid income taxes | 5,141 | — | 1,193 | 1,245 | 7,579 | ||||||||||||||||
Prepaid expenses and other current assets | — | 6,578 | 791 | — | 7,369 | ||||||||||||||||
Total current assets | 179,216 | 327,139 | 93,863 | (175,829 | ) | 424,389 | |||||||||||||||
Property and equipment, net | — | 55,046 | 4,866 | — | 59,912 | ||||||||||||||||
Other intangible assets, net | — | 177,482 | 34,003 | — | 211,485 | ||||||||||||||||
Goodwill | — | 6,022 | — | — | 6,022 | ||||||||||||||||
Investment in subsidiaries | 319,926 | — | — | (319,926 | ) | — | |||||||||||||||
Other assets | 2,486 | 1,822 | 619 | — | 4,927 | ||||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 104,480 | $ | 10,961 | $ | (2,999 | ) | $ | 112,442 | ||||||||||
Accrued expenses and other liabilities | — | 19,294 | 5,799 | (451 | ) | 24,642 | |||||||||||||||
Accrued interest payable | 4,095 | — | — | — | 4,095 | ||||||||||||||||
Unearned revenues | — | 3,192 | 1,821 | — | 5,013 | ||||||||||||||||
Intercompany payable, net | — | 151,253 | 24,997 | (176,250 | ) | — | |||||||||||||||
Total current liabilities | 4,095 | 278,219 | 43,578 | (179,700 | ) | 146,192 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Senior credit facility | — | 8,162 | — | — | 8,162 | ||||||||||||||||
Real estate mortgages | — | 22,844 | — | — | 22,844 | ||||||||||||||||
Deferred pension obligation | — | 9,792 | 70 | — | 9,862 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 12,064 | 2,668 | — | 14,732 | ||||||||||||||||
Deferred income taxes | — | 5,712 | 2 | 1,696 | 7,410 | ||||||||||||||||
Total long-term liabilities | 150,000 | 58,574 | 2,740 | 1,696 | 213,010 | ||||||||||||||||
Total liabilities | 154,095 | 336,793 | 46,318 | (178,004 | ) | 359,202 | |||||||||||||||
Total equity | 347,533 | 230,718 | 87,033 | (317,751 | ) | 347,533 | |||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
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 INCOME (LOSS) | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 804,374 | $ | 78,199 | $ | — | $ | 882,573 | |||||||||||
Royalty income | — | 17,612 | 12,039 | — | 29,651 | ||||||||||||||||
Total revenues | — | 821,986 | 90,238 | — | 912,224 | ||||||||||||||||
Cost of sales | — | 561,895 | 47,541 | — | 609,436 | ||||||||||||||||
Gross profit | — | 260,091 | 42,697 | — | 302,788 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 240,871 | 31,845 | — | 272,716 | ||||||||||||||||
Depreciation and amortization | — | 11,860 | 766 | — | 12,626 | ||||||||||||||||
Impairment on assets | — | 38,549 | 4,428 | — | 42,977 | ||||||||||||||||
Total operating expenses | — | 291,280 | 37,039 | — | 328,319 | ||||||||||||||||
(Loss) gain on sale of long-lived assets | — | (799 | ) | 6,961 | — | 6,162 | |||||||||||||||
Operating (loss) income | — | (31,988 | ) | 12,619 | — | (19,369 | ) | ||||||||||||||
Interest expense | — | 14,961 | 64 | — | 15,025 | ||||||||||||||||
Net (loss) income before income taxes | — | (46,949 | ) | 12,555 | — | (34,394 | ) | ||||||||||||||
Income tax (benefit) provision | — | (14,356 | ) | 2,741 | — | (11,615 | ) | ||||||||||||||
Equity in (loss) earnings of subsidiaries, net | (22,779 | ) | — | — | 22,779 | — | |||||||||||||||
Net (loss) income | (22,779 | ) | (32,593 | ) | 9,814 | 22,779 | (22,779 | ) | |||||||||||||
Other comprehensive income (loss) | 592 | 1,310 | (718 | ) | (592 | ) | 592 | ||||||||||||||
Comprehensive (loss) income | $ | (22,187 | ) | $ | (31,283 | ) | $ | 9,096 | $ | 22,187 | $ | (22,187 | ) | ||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 872,372 | $ | 70,079 | $ | — | $ | 942,451 | |||||||||||
Royalty income | — | 15,048 | 12,054 | — | 27,102 | ||||||||||||||||
Total revenues | — | 887,420 | 82,133 | — | 969,553 | ||||||||||||||||
Cost of sales | — | 610,558 | 41,794 | — | 652,352 | ||||||||||||||||
Gross profit | — | 276,862 | 40,339 | — | 317,201 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 235,578 | 28,276 | — | 263,854 | ||||||||||||||||
Depreciation and amortization | — | 13,125 | 771 | — | 13,896 | ||||||||||||||||
Impairment on assets | — | 2,744 | 772 | — | 3,516 | ||||||||||||||||
Total operating expenses | — | 251,447 | 29,819 | — | 281,266 | ||||||||||||||||
Gain on sale of long-lived assets | — | 410 | — | — | 410 | ||||||||||||||||
Operating income | — | 25,825 | 10,520 | — | 36,345 | ||||||||||||||||
Interest expense | — | 14,742 | 94 | — | 14,836 | ||||||||||||||||
Net income before income taxes | — | 11,083 | 10,426 | — | 21,509 | ||||||||||||||||
Income tax provision | — | 4,625 | 2,083 | — | 6,708 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 14,801 | — | — | (14,801 | ) | — | |||||||||||||||
Net income | 14,801 | 6,458 | 8,343 | (14,801 | ) | 14,801 | |||||||||||||||
Other comprehensive income (loss) | 118 | (53 | ) | 171 | (118 | ) | 118 | ||||||||||||||
Comprehensive income | $ | 14,919 | $ | 6,405 | $ | 8,514 | $ | (14,919 | ) | $ | 14,919 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 891,668 | $ | 63,881 | $ | — | $ | 955,549 | |||||||||||
Royalty income | — | 14,089 | 10,954 | — | 25,043 | ||||||||||||||||
Total revenues | — | 905,757 | 74,835 | — | 980,592 | ||||||||||||||||
Cost of sales | — | 621,670 | 35,180 | — | 656,850 | ||||||||||||||||
Gross profit | — | 284,087 | 39,655 | — | 323,742 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 223,539 | 25,079 | — | 248,618 | ||||||||||||||||
Depreciation and amortization | — | 13,034 | 639 | — | 13,673 | ||||||||||||||||
Impairment on assets | — | 5,066 | 1,000 | — | 6,066 | ||||||||||||||||
Total operating expenses | — | 241,639 | 26,718 | — | 268,357 | ||||||||||||||||
Operating income | — | 42,448 | 12,937 | — | 55,385 | ||||||||||||||||
Costs on early extinguishment of debt | — | 1,306 | — | — | 1,306 | ||||||||||||||||
Interest expense | — | 16,015 | 88 | — | 16,103 | ||||||||||||||||
Net income before income taxes | — | 25,127 | 12,849 | — | 37,976 | ||||||||||||||||
Income tax provision | — | 10,299 | 2,160 | — | 12,459 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 25,517 | — | — | (25,517 | ) | — | |||||||||||||||
Net income | 25,517 | 14,828 | 10,689 | (25,517 | ) | 25,517 | |||||||||||||||
Other comprehensive loss | (4,857 | ) | (4,593 | ) | (264 | ) | 4,857 | (4,857 | ) | ||||||||||||
Comprehensive income | $ | 20,660 | $ | 10,235 | $ | 10,425 | $ | (20,660 | ) | $ | 20,660 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (8,510 | ) | 16,328 | $ | (4,599 | ) | $ | (2,999 | ) | $ | 220 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (20,874 | ) | (1,369 | ) | — | (22,243 | ) | |||||||||||||
Purchase of investments | — | — | (15,437 | ) | — | (15,437 | ) | ||||||||||||||
Proceeds on sale of intangible assets | — | — | 4,875 | — | 4,875 | ||||||||||||||||
Proceeds on termination of insurance | 3,559 | — | — | — | 3,559 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 1,892 | — | — | 1,892 | ||||||||||||||||
Intercompany transactions | 11,917 | — | — | (11,917 | ) | — | |||||||||||||||
Net cash (used in) provided by investing activities | 15,476 | (18,982 | ) | (11,931 | ) | (11,917 | ) | (27,354 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 415,885 | — | — | 415,885 | ||||||||||||||||
Payments on senior credit facility | — | (407,723 | ) | — | — | (407,723 | ) | ||||||||||||||
Purchase of treasury stock | (6,957 | ) | — | — | — | (6,957 | ) | ||||||||||||||
Payments on real estate mortgages | — | (1,385 | ) | — | — | (1,385 | ) | ||||||||||||||
Payments on capital leases | — | (318 | ) | — | — | (318 | ) | ||||||||||||||
Tax benefit from exercise of stock options | 83 | — | — | — | 83 | ||||||||||||||||
Deferred financing fees | — | (327 | ) | — | — | (327 | ) | ||||||||||||||
Proceeds from exercise of stock options | 154 | — | — | — | 154 | ||||||||||||||||
Intercompany transactions | — | (18,303 | ) | 6,632 | 11,671 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (6,720 | ) | (12,171 | ) | 6,632 | 11,671 | (588 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (246 | ) | — | (246 | ) | 246 | (246 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (14,825 | ) | (10,144 | ) | (2,999 | ) | (27,968 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 14,825 | 40,132 | — | 54,957 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | — | $ | 29,988 | $ | (2,999 | ) | $ | 26,989 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (1,748 | ) | $ | 61,983 | $ | 16,746 | $ | — | $ | 76,981 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (8,277 | ) | (1,563 | ) | — | (9,840 | ) | |||||||||||||
Payment on purchase of intangible assets | — | (7,000 | ) | — | — | (7,000 | ) | ||||||||||||||
Proceeds in connection with purchase price adjustment | — | 4,547 | — | — | 4,547 | ||||||||||||||||
Deposit on sale of intangible asset | — | — | 2,625 | — | 2,625 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 410 | 350 | — | 760 | ||||||||||||||||
Intercompany transactions | 16,111 | — | — | (16,111 | ) | — | |||||||||||||||
Net cash (used in) provided by investing activities | 16,111 | (10,320 | ) | 1,412 | (16,111 | ) | (8,908 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 288,312 | — | — | 288,312 | ||||||||||||||||
Payments on senior credit facility | — | (309,991 | ) | — | — | (309,991 | ) | ||||||||||||||
Payments on real estate mortgages | — | (727 | ) | — | — | (727 | ) | ||||||||||||||
Deferred financing fees | — | (100 | ) | — | — | (100 | ) | ||||||||||||||
Payments on capital leases | — | (363 | ) | — | — | (363 | ) | ||||||||||||||
Dividends paid to stockholders | (14,992 | ) | — | — | — | (14,992 | ) | ||||||||||||||
Tax benefit from exercise of stock options | 1,554 | — | — | — | 1,554 | ||||||||||||||||
Proceeds from exercise of stock options | 1,804 | — | — | — | 1,804 | ||||||||||||||||
Purchase of treasury stock | (2,582 | ) | — | — | — | (2,582 | ) | ||||||||||||||
Intercompany transactions | — | (14,262 | ) | (1,702 | ) | 15,964 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (14,216 | ) | (37,131 | ) | (1,702 | ) | 15,964 | (37,085 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (147 | ) | — | (147 | ) | 147 | (147 | ) | |||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | 14,532 | 16,309 | — | 30,841 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | 293 | 23,823 | — | 24,116 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | 14,825 | $ | 40,132 | $ | — | $ | 54,957 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 23,447 | $ | (68,762 | ) | $ | 45,377 | $ | 650 | $ | 712 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (11,419 | ) | (1,713 | ) | — | (13,132 | ) | |||||||||||||
Payment on purchase of operating leases | — | (904 | ) | — | — | (904 | ) | ||||||||||||||
Payment on purchase of intangible assets | — | (535 | ) | — | — | (535 | ) | ||||||||||||||
Redemption of restricted funds as collateral | — | 9,369 | — | — | 9,369 | ||||||||||||||||
Proceeds on sale of intangible assets | — | — | 2,875 | — | 2,875 | ||||||||||||||||
Intercompany transactions | (107,350 | ) | — | — | 107,350 | — | |||||||||||||||
Net cash (used in) provided by investing activities | (107,350 | ) | (3,489 | ) | 1,162 | 107,350 | (2,327 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 398,208 | — | — | 398,208 | ||||||||||||||||
Payments on senior credit facility | — | (473,871 | ) | — | — | (473,871 | ) | ||||||||||||||
Payments on senior subordinated notes payable | (105,792 | ) | — | — | — | (105,792 | ) | ||||||||||||||
Payments on real estate mortgages | — | (549 | ) | — | — | (549 | ) | ||||||||||||||
Deferred financing fees | — | (103 | ) | — | — | (103 | ) | ||||||||||||||
Proceeds from issuance of senior subordinated notes payable | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Debt issuance costs | (3,504 | ) | — | — | — | (3,504 | ) | ||||||||||||||
Payments on capital leases | — | (381 | ) | — | — | (381 | ) | ||||||||||||||
Proceeds from issuance of common stock | 56,000 | — | — | — | 56,000 | ||||||||||||||||
Stock issuance costs | (3,074 | ) | — | — | — | (3,074 | ) | ||||||||||||||
Tax benefit from exercise of stock options | 1,267 | — | — | — | 1,267 | ||||||||||||||||
Proceeds from exercise of stock options | 4,768 | — | — | — | 4,768 | ||||||||||||||||
Purchase of treasury stock | (15,958 | ) | — | — | — | (15,958 | ) | ||||||||||||||
Intercompany transactions | — | 149,240 | (41,611 | ) | (107,629 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | 83,707 | 72,544 | (41,611 | ) | (107,629 | ) | 7,011 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 196 | — | (279 | ) | 279 | 196 | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | 293 | 4,649 | 650 | 5,592 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 19,174 | (650 | ) | 18,524 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | 293 | $ | 23,823 | $ | — | $ | 24,116 | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Feb. 01, 2014 | ||
Subsequent Events | ' | |
30 | Subsequent Events | |
Pursuant to FASB ASC TOPIC 855—“Subsequent Events,” the Company evaluated subsequent events through the date the financial statements were issued for potential recognition or disclosure in the consolidated financial statements. |
Schedule_II
Schedule II | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Schedule II | ' | ||||||||||||||||||||
Schedule II | |||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE YEARS ENDED | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Balance at | Charged to | Adjustments to | Deductions | Balance at | |||||||||||||||||
beginning of | expense | valuation | end of | ||||||||||||||||||
period | accounts | period | |||||||||||||||||||
Year Ended February 1, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,287 | (98 | ) | — | (115 | ) | $ | 1,074 | ||||||||||||
Allowance for deferred tax asset | $ | 5,317 | 1,684 | (1,003 | ) | — | $ | 5,998 | |||||||||||||
Allowance for operational chargebacks, returns, and customer markdowns | $ | 24,556 | 83,164 | — | (87,372 | ) | $ | 20,348 | |||||||||||||
Year Ended February 2, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,213 | 331 | — | (257 | ) | $ | 1,287 | |||||||||||||
Allowance for deferred tax asset | $ | 4,591 | 775 | (49 | ) | — | $ | 5,317 | |||||||||||||
Allowance for operational chargebacks, returns, and customer markdowns | $ | 26,539 | 90,980 | — | (92,963 | ) | $ | 24,556 | |||||||||||||
Year Ended January 28, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,795 | 93 | — | (675 | ) | $ | 1,213 | |||||||||||||
Allowance for deferred tax asset | $ | 5,098 | 43 | (550 | ) | — | $ | 4,591 | |||||||||||||
Allowance for operational chargebacks, returns, and customer markdowns | $ | 24,414 | 87,382 | — | (85,257 | ) | $ | 26,539 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
PRINCIPLES OF CONSOLIDATION—The consolidated financial statements include the accounts of Perry Ellis International, Inc. and its wholly-owned and controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company consolidates any entity in which the Company would be deemed a primary beneficiary. | |||||||||||||
Use of Estimates | ' | ||||||||||||
USE OF ESTIMATES—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts in the consolidated financial statements and the accompanying footnotes. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
CASH AND CASH EQUIVALENTS—Cash and cash equivalents include cash, deposits and liquid short-term investments that have a maturity of three months or less when purchased. | |||||||||||||
Investments | ' | ||||||||||||
INVESTMENTS—The Company’s investments include marketable securities and certificates of deposit for the fiscal year ended February 1, 2014. All investments are classified as available-for-sale. Investments are stated at fair value. The estimated fair value of the marketable securities is based on quoted prices in an active market. Gains and losses on investment transactions are determined using the specific identification method and are recognized in income based on trade dates. Unrealized gains and losses on securities available-for-sale are included in accumulated other comprehensive income until realized. Management evaluates securities held with unrealized losses for other-than-temporary impairment at least on a quarterly basis. Consideration is given to (a) the length of time and the extent to which the fair value has been less than cost; (b) the financial condition and near-term prospects of the issuer; and (c) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||
Inventories | ' | ||||||||||||
INVENTORIES—Inventories are stated at the lower of cost (weighted moving average cost) or market. Cost principally consists of the purchase price (adjusted for lower of cost or market), customs, duties, freight, and commissions to buying agents. | |||||||||||||
Property and Equipment | ' | ||||||||||||
PROPERTY AND EQUIPMENT—Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the lease term or estimated useful lives of the assets or improvements. The useful lives are as follows: | |||||||||||||
Asset Class | Average Useful Lives in Years | ||||||||||||
Furniture, fixtures and equipment | 10-Mar | ||||||||||||
Vehicles | 7-May | ||||||||||||
Leasehold improvements | 15-Apr | ||||||||||||
Buildings and building improvements | Oct-39 | ||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||
INTANGIBLE ASSETS AND GOODWILL—As of February 1, 2014, intangible assets were comprised of trademarks, goodwill and customer lists. The trademarks and goodwill were identified as intangible assets with indefinite useful lives, and accordingly, are not being amortized. The Company assesses the carrying value of intangible assets and goodwill at least annually. Customer lists were identified as intangible assets with finite useful lives and are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. | |||||||||||||
Fair Value Measurements | ' | ||||||||||||
FAIR VALUE MEASUREMENTS—A description of the Company’s policies regarding fair value measurement is summarized below. | |||||||||||||
The Company has chosen not to elect the fair value measurement option for any instruments not required to be measured at fair value on a recurring basis. | |||||||||||||
Fair Value Hierarchy—The fair value hierarchy requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair-value hierarchy: | |||||||||||||
• | Level 1—Quoted prices for identical instruments in active markets. | ||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | ||||||||||||
• | Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||
Determination of Fair Value—The Company generally uses quoted market prices (unadjusted) in active markets for identical assets or liabilities for which the Company has the ability to determine fair value, and classifies such items in Level 1. Fair values determined by Level 2 inputs utilize inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted market prices in active markets for similar assets or liabilities, and inputs other than quoted market prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||
If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, currency rates, etc. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||||||||||
The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. | |||||||||||||
Interest rate cap—This derivative did not qualify as a fair value hedge. Fair value was based on a model-driven valuation using the LIBOR rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the cap. Therefore, the Company’s interest rate cap was classified within Level 2 of the fair value hierarchy. | |||||||||||||
Derivatives | ' | ||||||||||||
DERIVATIVES—Derivative financial instruments such as interest rate swap contracts and foreign exchange contracts are recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. Changes in the fair value of derivative financial instruments are either recognized in income or stockholders’ equity (as a component of comprehensive income), depending on whether the derivative is not designated as a hedge or is designated as a hedge of changes in fair value or cash flows. When designated as a hedge of changes in fair value, the effective portion of the hedge is recognized as an offset in income with a corresponding adjustment to the hedged item. When designated as a hedge of changes in cash flows, the effective portion of the hedge is recognized as an offset in comprehensive income with a corresponding adjustment to the hedged item and recognized in income in the same period as the hedged item is settled. | |||||||||||||
Leases | ' | ||||||||||||
LEASES—Leases are evaluated and classified as either operating or capital leases for financial reporting purposes. Capital leases, which transfer substantially all of the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income as a component of interest expense. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Operating lease payments, other than contingent rentals, are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. Percentage rent expense is generally based on sales levels and is accrued when determined that it is probable that such sales levels will be achieved. | |||||||||||||
Deferred Debt Issue Costs | ' | ||||||||||||
DEFERRED DEBT ISSUE COSTS—Costs incurred in connection with financing transactions have been capitalized and are being amortized on a straight-line basis, which approximates the interest method, over the term of the related debt instrument. Unamortized debt issue costs are included in other assets in the consolidated balance sheet. | |||||||||||||
Long-Lived Assets | ' | ||||||||||||
LONG-LIVED ASSETS—Property and equipment, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable. In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value. Fair value is estimated based on the future expected discounted cash flows for the assets. Judgments regarding the existence of impairment indicators are based on market and operational performance. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning future conditions. | |||||||||||||
The Company recorded a $0.9 million, $3.5 million and $1.4 million impairment charge, in fiscal 2014, 2013 and 2012, respectively, to reduce the net carrying value of certain long-lived assets (primarily real property and leaseholds) to their estimated fair value, considered a level 3 fair value measure. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations. | |||||||||||||
Retirement-Related Benefits | ' | ||||||||||||
RETIREMENT-RELATED BENEFITS—The Company accounts for its defined benefit pension plan using actuarial models. These models use an attribution approach that generally spreads the individual events over the service lives of the employees in the plan. The principle underlying the required attribution approach is that employees render service over their service lives on a relatively consistent basis and therefore, the income statement effects of pensions or non-pension postretirement benefit plans are earned in, and should follow, the same pattern. | |||||||||||||
The principal components of the net periodic pension calculations are the expected long-term rate of return on plan assets, discount rate and the rate of compensation increases. The Company uses long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns by reference to external sources to develop its expected return on plan assets. The discount rate assumptions used for pension and non-pension postretirement benefit plan accounting reflects the rates available on high-quality fixed income debt instruments at the Company’s fiscal year end. | |||||||||||||
Advertising and Related Costs | ' | ||||||||||||
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 $16.4 million, $14.9 million and $14.3 million for the years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively, and are included in selling, general and administrative expenses. | |||||||||||||
Cost of Sales | ' | ||||||||||||
COST OF SALES—Cost of sales includes costs to acquire and source inventory, produce inventory for sale, and provisions for inventory shrinkage and obsolescence. These costs include costs of purchased products, inbound freight, custom duties, buying commissions, cargo insurance, customs inspection and licensed product royalty expenses. | |||||||||||||
Selling, General and Administrative Expenses | ' | ||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES—Selling expenses include costs incurred in the selling of merchandise. General and administrative expenses include costs incurred in the administration or general operations of the business. Selling, general and administrative expenses include employee and related costs, advertising, professional fees, distribution, warehouse costs, and other related selling costs. | |||||||||||||
Treasury Stock | ' | ||||||||||||
TREASURY STOCK—Treasury stock is recorded at acquisition cost. Gains and losses on disposition are recorded as increases or decreases to additional paid-in capital with losses in excess of previously recorded gains charged directly to retained earnings. The carrying amount in excess of par is allocated to additional paid-in capital and retained earnings on a pro rata basis when treasury shares are retired. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
REVENUE RECOGNITION—Sales are recognized at the time title transfers to the customer, generally upon shipment. Trade allowances and a provision for estimated returns and other allowances are recorded at the time sales are made, considering historical and anticipated trends. The Company records revenues net of corresponding sales taxes. Retail store revenue is recognized net of estimated returns and corresponding sales tax at the time of sale to consumers. The Company operates predominantly in North America, with 93% of its sales in that market. Two customers accounted for approximately 11% and 10%, respectively, of net sales for fiscal 2014. Two customers accounted for approximately 14% and 10%, respectively, of net sales for fiscal 2013. Three customers accounted for approximately 16%, 10% and 10%, respectively, of net sales for fiscal 2012. Sales to these customers are included in the Men’s Sportswear and Swim, as well as, the Women’s Sportswear segments. A significant decrease in business from or loss of any of the major customers could harm the financial condition of the Company by causing a significant decline in revenues attributable to such customers. The Company does not believe that concentrations of credit risk represent a material risk of loss with respect to its financial position as of February 1, 2014. | |||||||||||||
Royalty income is recognized when earned on the basis of the terms specified in the underlying contractual agreements. A liability for unearned royalty income is recognized when licensees pay contractual obligations before being earned or when up-front fees are collected. This liability is recognized as royalty income over the applicable term of the respective license agreement. | |||||||||||||
Advertising Reimbursements | ' | ||||||||||||
ADVERTISING REIMBURSEMENTS—The majority of the Company’s license agreements require licensees to reimburse the Company for advertising placed on behalf of the licensees based on a percentage of the licensees’ net sales. The Company records earned advertising reimbursements received from its licensees as a reduction of the related advertising costs in selling, general and administrative expenses. For the fiscal years 2014, 2013 and 2012, the Company has reduced selling, general and administrative expenses by $5.9 million, $5.8 million and $5.6 million of licensee reimbursements, respectively. Unearned advertising reimbursements result when a licensee pays required reimbursements prior to the Company incurring the advertising expense. A liability is recorded for these unearned advertising reimbursements. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
FOREIGN CURRENCY TRANSLATION—For the Company’s international operations, local currencies are generally considered their functional currencies. The Company translates assets and liabilities to their U.S. dollar equivalents at rates in effect at the balance sheet date and revenue and expenses are translated at average monthly exchange rates. Translation adjustments resulting from this process are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Transactions in foreign currencies during the year are re-measured at rates of exchange at the date of the transaction. Gains and losses related to re-measurement of items arising through operating activities are included in the accompanying consolidated statements of operations. | |||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES—Deferred income taxes result primarily from timing differences in the recognition of expenses for tax and financial reporting purposes, which requires the liability method of computing deferred income taxes. Under the liability method, deferred taxes are adjusted for tax rate changes as they occur. | |||||||||||||
The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In the event that a net deferred tax asset is not realizable, a valuation allowance would be recorded. In making such determination, it considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes in the period of such determination. | |||||||||||||
In regards to the accounting for uncertainty in income taxes recognized in the financial statements, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on its technical merits. | |||||||||||||
Net (Loss) Income Per Share | ' | ||||||||||||
NET (LOSS) INCOME PER SHARE—Basic net (loss) income per share is computed by dividing net income by the weighted average shares of outstanding common stock. The calculation of diluted net 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 (loss) income per share includes the effects of stock options, warrants, stock appreciation rights (“SARS”) and unvested restricted shares as determined using the treasury stock method. | |||||||||||||
The following table sets forth the computation of basic and diluted (loss) income per share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (22,779 | ) | $ | 14,801 | $ | 25,517 | ||||||
Denominator: | |||||||||||||
Basic—weighted average shares | 14,988 | 14,715 | 14,927 | ||||||||||
Dilutive effect: equity awards | — | 600 | 916 | ||||||||||
Dilutive effect: warrant | — | — | 107 | ||||||||||
Diluted—weighted average shares | 14,988 | 15,315 | 15,950 | ||||||||||
Basic (loss) income per share | $ | (1.52 | ) | $ | 1.01 | $ | 1.71 | ||||||
Diluted (loss) income per share | $ | (1.52 | ) | $ | 0.97 | $ | 1.6 | ||||||
Antidilutive effect:(1) | 1,945 | 1,048 | 605 | ||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. | ||||||||||||
Accounting for Stock-Based Compensation | ' | ||||||||||||
ACCOUNTING FOR STOCK-BASED COMPENSATION—Accounting for stock-based compensation requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. The Company uses fair value as the measurement objective in accounting for share-based payment arrangements and applies a fair-value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. | |||||||||||||
For fiscal 2014, 2013 and 2012, approximately $5.3 million, $4.3 million and ($0.1) million in compensation expense has been recognized in selling, general and administrative expenses in the consolidated statements of operations related to stock options, SARS and restricted stock, respectively. During fiscal 2014, 2013 and 2012, the Company reversed $0.3 million, $0.4 million and $4.4 million, respectively, of previously recognized compensation expense into earnings, since it was no longer probable that the previously established performance targets would be met and those equity awards were no longer expected to vest. Compensation expense for these awards is based on the fair value at the original grant date. During fiscal 2014, 2013, and 2012, the Company received cash of $0.2 million, $1.8 million, and $4.8 million, respectively, from the exercise of stock options and realized a tax benefit of approximately $0.1 million, $1.6 million, and $1.3 million, respectively, from such exercises. | |||||||||||||
The fair value of restricted stock awards is based on the quoted market price on the date of grant. The fair value of the options is estimated at the date of grant using the Black-Scholes Option Pricing Model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including: expected volatility based on the expected price of the Company’s common stock over the expected life of the option; the risk free rate of return based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option; the expected life based on the period of time the options are expected to be outstanding using historical data to estimate option exercises and employee terminations; and dividend yield based on the Company’s history and expectation of dividend payments. Using the Black-Scholes Option Pricing Model, the estimated weighted-average fair value per option granted in fiscal years 2014, 2013 and 2012 was $10.06, $10.32 and $15.04, respectively. | |||||||||||||
The following weighted-average assumptions for 2014, 2013 and 2012 were derived from the Black-Scholes model and used to determine the fair value of stock options: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest | 2.4% - 2.7% | 2.40% | 2.3% - 2.5% | ||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Volatility factors | 63.7% - 64.8% | 65.4% - 66.1% | 65.3% - 65.9% | ||||||||||
Weighted-average life (years) | 5 | 5 | 5 | ||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
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, beginning after December 15, 2013. The adoption of ASU No. 2013-05 is not expected to have a material impact 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 adoption of ASU No. 2013-11 is not expected to have a material impact on the Company’s results of operations or the Company’s financial position. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Property and Equipment Average Useful Lives | ' | ||||||||||||
The useful lives are as follows: | |||||||||||||
Asset Class | Average Useful Lives in Years | ||||||||||||
Furniture, fixtures and equipment | 10-Mar | ||||||||||||
Vehicles | 7-May | ||||||||||||
Leasehold improvements | 15-Apr | ||||||||||||
Buildings and building improvements | Oct-39 | ||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted (loss) income per share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (22,779 | ) | $ | 14,801 | $ | 25,517 | ||||||
Denominator: | |||||||||||||
Basic—weighted average shares | 14,988 | 14,715 | 14,927 | ||||||||||
Dilutive effect: equity awards | — | 600 | 916 | ||||||||||
Dilutive effect: warrant | — | — | 107 | ||||||||||
Diluted—weighted average shares | 14,988 | 15,315 | 15,950 | ||||||||||
Basic (loss) income per share | $ | (1.52 | ) | $ | 1.01 | $ | 1.71 | ||||||
Diluted (loss) income per share | $ | (1.52 | ) | $ | 0.97 | $ | 1.6 | ||||||
Antidilutive effect:(1) | 1,945 | 1,048 | 605 | ||||||||||
-1 | Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. | ||||||||||||
Weighted-Average Assumptions Derived from Black-Scholes Model Used to Determine Fair Value of Stock Options | ' | ||||||||||||
The following weighted-average assumptions for 2014, 2013 and 2012 were derived from the Black-Scholes model and used to determine the fair value of stock options: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest | 2.4% - 2.7% | 2.40% | 2.3% - 2.5% | ||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Volatility factors | 63.7% - 64.8% | 65.4% - 66.1% | 65.3% - 65.9% | ||||||||||
Weighted-average life (years) | 5 | 5 | 5 |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Components of Accounts Receivable | ' | ||||||||
Accounts receivable consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Trade accounts | $ | 160,332 | $ | 192,268 | |||||
Royalties | 5,998 | 3,912 | |||||||
Other receivables | 1,483 | 4,147 | |||||||
Total | 167,813 | 200,327 | |||||||
Less: Allowances | (21,421 | ) | (25,843 | ) | |||||
Total | $ | 146,392 | $ | 174,484 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Summary of Inventories | ' | ||||||||
Inventories consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 205,971 | $ | 181,668 | |||||
Raw materials and in process | 631 | 1,459 | |||||||
Total | $ | 206,602 | $ | 183,127 | |||||
Prepaid_expenses_and_other_cur1
Prepaid expenses and other current assets (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Prepaid expenses | 7,134 | 8,161 | |||||||
Other current assets | 235 | 3,506 | |||||||
Total | $ | 7,369 | $ | 11,667 | |||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
Investments consisted of the following as of February 1, 2014: | |||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities | $ | 10,636 | $ | 1 | $ | (39 | ) | $ | 10,598 | ||||||||
Certificates of deposit | 4,801 | 2 | (3 | ) | 4,800 | ||||||||||||
Total investments | $ | 15,437 | $ | 3 | $ | (42 | ) | $ | 15,398 | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 74,188 | $ | 90,365 | |||||
Buildings and building improvements | 19,614 | 19,550 | |||||||
Vehicles | 771 | 923 | |||||||
Leasehold improvements | 40,335 | 30,621 | |||||||
Land | 9,488 | 9,426 | |||||||
Total | 144,396 | 150,885 | |||||||
Less: accumulated depreciation and amortization | (84,484 | ) | (100,136 | ) | |||||
Total | $ | 59,912 | $ | 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: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Furniture, fixtures and equipment | $ | 938 | $ | 938 | |||||
Less: accumulated depreciation and amortization | (543 | ) | (230 | ) | |||||
Total | $ | 395 | $ | 708 | |||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Summary of Other Intangible Assets Represent Customer Lists | ' | ||||||||
Other intangible assets represent customer lists as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Customer lists | $ | 8,450 | $ | 8,450 | |||||
Less: accumulated amortization | (2,863 | ) | (1,927 | ) | |||||
Total | $ | 5,587 | $ | 6,523 | |||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Components of Accrued Expenses and Other Liabilities | ' | ||||||||
Accrued expenses and other liabilities consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Salaries and commissions | $ | 3,680 | $ | 6,055 | |||||
Royalties | 4,035 | 3,546 | |||||||
Deposit on sale of intangible asset | — | 2,625 | |||||||
Unearned advertising reimbursement | 1,942 | 2,113 | |||||||
Insurance and rent | 2,221 | 2,412 | |||||||
State sales and other taxes | 2,812 | 2,016 | |||||||
Professional fees | 728 | 873 | |||||||
Current portion—real estate mortgages | 792 | 802 | |||||||
Other | 8,432 | 8,153 | |||||||
Total | $ | 24,642 | $ | 28,595 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Location and Amount of (Losses) on Derivative Instruments Not Designated as Hedging Instruments Reported | ' | ||||||||||||||||
The location and amount of (losses) on derivative instruments not designated as hedging instruments reported in the consolidated statements of operations are as follows: | |||||||||||||||||
Derivatives Not Designed As Hedging Instruments | Location of (Loss) | February 1, | February 2, | January 28, | |||||||||||||
Recognized in Income | 2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Derivative: $75 Million Cap Agreement | Interest expense | $ | — | $ | — | $ | (103 | ) | |||||||||
Total | $ | — | $ | — | $ | (103 | ) | ||||||||||
Letter_of_Credit_Facilities_Ta
Letter of Credit Facilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Amounts under Letter of Credit Facilities | ' | ||||||||
Amounts under letter of credit facilities consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Total letter of credit facilities | $ | 45,329 | $ | 55,316 | |||||
Outstanding letters of credit | (11,858 | ) | (11,768 | ) | |||||
Total credit available | $ | 33,471 | $ | 43,548 | |||||
Real_Estate_Mortgages_Tables
Real Estate Mortgages (Tables) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Contractual Maturities of Real Estate Mortgages | ' | ||||
The contractual maturities of the real estate mortgages are as follows: | |||||
Fiscal year ending: | |||||
Amount | |||||
(in thousands) | |||||
2015 | $ | 792 | |||
2016 | 823 | ||||
2017 | 850 | ||||
2018 | 883 | ||||
2019 | 10,611 | ||||
Thereafter | 10,030 | ||||
23,989 | |||||
Less discount | (353 | ) | |||
Total | $ | 23,636 | |||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status | ' | ||||||||||||
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the plan years beginning January 29, 2012 and ended February 1, 2014, and a statement of the funded status as of February 1, 2014. The plans were frozen and merged as of December 31, 2003. | |||||||||||||
For the fiscal year ended: | February 1, | February 2, | |||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation at beginning of plan year | $ | 44,893 | $ | 44,860 | |||||||||
Service cost | 250 | 250 | |||||||||||
Interest cost | 1,625 | 1,733 | |||||||||||
Actuarial loss | (1,401 | ) | 1,014 | ||||||||||
Lump sums plus annuities paid | (2,941 | ) | (2,964 | ) | |||||||||
Benefit obligation at end of plan year | $ | 42,426 | $ | 44,893 | |||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of plan year | $ | 30,207 | $ | 27,534 | |||||||||
Actual return on plan assets | 2,425 | 2,436 | |||||||||||
Company contributions | 2,873 | 3,201 | |||||||||||
Lump sums plus annuities paid | (2,941 | ) | (2,964 | ) | |||||||||
Fair value of plan assets at end of plan year | $ | 32,564 | $ | 30,207 | |||||||||
Unfunded status at end of plan year | $ | 9,862 | $ | 14,686 | |||||||||
Components of Net Benefit Cost | ' | ||||||||||||
The following table provides the components of net benefit cost for the plans for the fiscal years ended: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Service cost | $ | 250 | $ | 250 | $ | 250 | |||||||
Interest cost | 1,625 | 1,733 | 2,036 | ||||||||||
Expected return on plan assets | (2,219 | ) | (2,033 | ) | (2,285 | ) | |||||||
Amortization of unrecognized net loss | 533 | 524 | 15 | ||||||||||
Net periodic benefit cost | $ | 189 | $ | 474 | $ | 16 | |||||||
Pension Plan Weighted Average Asset Allocations | ' | ||||||||||||
The pension plan weighted-average asset allocations by asset category are as follows: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Asset category: | |||||||||||||
Equity securities | 57.6 | % | 56.8 | % | |||||||||
Debt securities | 29 | % | 22.7 | % | |||||||||
Cash | 13.4 | % | 20.5 | % | |||||||||
Total | 100 | % | 100 | % | |||||||||
Fair Value of Plan Assets by Asset Category | ' | ||||||||||||
The fair value of plan assets by asset category is as follows: | |||||||||||||
Fair Value Measurements At | |||||||||||||
February 1, 2014 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(in thousands) | |||||||||||||
Asset category: | |||||||||||||
Equity securities | $ | 18,757 | $ | — | $ | — | |||||||
Debt securities | $ | 9,444 | — | — | |||||||||
Cash | $ | 4,363 | — | — | |||||||||
Total | $ | 32,564 | $ | — | $ | — | |||||||
At February 2, 2013 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(in thousands) | |||||||||||||
Asset category: | |||||||||||||
Equity securities | $ | 17,158 | $ | — | $ | — | |||||||
Debt securities | 6,857 | — | — | ||||||||||
Cash | 6,192 | — | — | ||||||||||
Total | $ | 30,207 | $ | — | $ | — | |||||||
Expected Future Benefit Payments | ' | ||||||||||||
The expected future benefit payments are as follows for fiscal years ending: | |||||||||||||
Expected Future Benefits Payments | (in thousands) | ||||||||||||
2015 | $ | 3,145 | |||||||||||
2016 | 3,082 | ||||||||||||
2017 | 3,023 | ||||||||||||
2018 | 2,998 | ||||||||||||
2019 | 2,970 | ||||||||||||
Next 5 years | 14,273 | ||||||||||||
Benefit Obligation | ' | ||||||||||||
Assumptions Used in Measurement of Benefit Obligation | ' | ||||||||||||
The assumptions used in the measurement of the Company’s benefit obligation are shown in the following table for the plan years ended: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 4 | % | 3.75 | % | |||||||||
Rate of compensation increase | N/A | N/A | |||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||
Assumptions Used in Measurement of Benefit Obligation | ' | ||||||||||||
The assumptions used in the measurement of the net periodic benefit cost are as follows: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
Discount rate | 3.75 | % | 4 | % | |||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | |||||||||
Rate of compensation increase | N/A | N/A |
Unearned_Revenues_and_Other_Lo1
Unearned Revenues and Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Long-Term Liabilities | ' | ||||||||
Unearned revenues and other long-term liabilities consisted of the following as of: | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Deferred rent long-term | $ | 9,567 | $ | 6,763 | |||||
Deferred gain long-term | 1,835 | 2,792 | |||||||
Unearned revenue | 1,438 | 2,188 | |||||||
Deferred advertising | 1,438 | 2,188 | |||||||
Other | 454 | 897 | |||||||
Total | $ | 14,732 | $ | 14,828 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Components of (Loss) Income before Noncontrolling Interest and Income Tax (Benefit) Provision | ' | ||||||||||||
For financial reporting purposes, (loss) income before income tax (benefit) provision includes the following components: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Domestic | $ | (46,948 | ) | $ | 11,084 | $ | 25,128 | ||||||
Foreign | 12,554 | 10,425 | 12,848 | ||||||||||
Total | $ | (34,394 | ) | $ | 21,509 | $ | 37,976 | ||||||
Income Tax Provision (Benefit) | ' | ||||||||||||
The income tax provision (benefit) consisted of the following components for each of the years ended: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current income taxes: | |||||||||||||
Federal | $ | 350 | $ | 2,244 | $ | 3,214 | |||||||
State | 40 | (270 | ) | 729 | |||||||||
Foreign | 2,870 | 2,083 | 2,162 | ||||||||||
Total current income taxes | 3,260 | 4,057 | 6,105 | ||||||||||
Deferred income taxes: | |||||||||||||
Federal | (12,728 | ) | 2,344 | 5,741 | |||||||||
State | (2,018 | ) | 307 | 613 | |||||||||
Foreign | (129 | ) | — | — | |||||||||
Total deferred income taxes | (14,875 | ) | 2,651 | 6,354 | |||||||||
Total | $ | (11,615 | ) | $ | 6,708 | $ | 12,459 | ||||||
Effective Income Tax Rate | ' | ||||||||||||
The Company’s effective income tax rate was as follows for each of the years ended: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | (35.0 | %) | 35 | % | 35 | % | |||||||
(Increase) decrease resulting from State income taxes, net of federal income tax benefit | (6.4 | %) | 1.5 | % | 3.4 | % | |||||||
Foreign tax rate differential | (6.7 | %) | (12.0 | %) | (7.0 | %) | |||||||
Change in reserves | 0.6 | % | (2.1 | %) | 0.7 | % | |||||||
Change in valuation allowance | 3.6 | % | 3.6 | % | 0 | % | |||||||
Non-deductible items | 8.3 | % | 2.4 | % | 1.5 | % | |||||||
Other | 1.8 | % | 2.8 | % | (0.8 | %) | |||||||
Total | (33.8 | %) | 31.2 | % | 32.8 | % | |||||||
Tax Effects of Temporary Differences | ' | ||||||||||||
Deferred income taxes are provided for the temporary differences between financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of temporary differences were as follows, as of the years ended: | |||||||||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Inventory | $ | 6,473 | $ | 6,408 | |||||||||
Accounts receivable | 1,542 | 2,262 | |||||||||||
Accrued expenses | 4,768 | 3,718 | |||||||||||
Advance payments | 1,330 | 1,536 | |||||||||||
Net operating losses | 17,309 | 14,122 | |||||||||||
Deferred pension obligation | 4,065 | 5,898 | |||||||||||
Stock compensation | 3,964 | 3,574 | |||||||||||
Other | 8,855 | 7,232 | |||||||||||
48,306 | 44,750 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | (34,330 | ) | (44,989 | ) | |||||||||
Prepaid expenses | (1,326 | ) | (1,678 | ) | |||||||||
Other | (2 | ) | — | ||||||||||
(35,658 | ) | (46,667 | ) | ||||||||||
Valuation allowance | (5,998 | ) | (5,317 | ) | |||||||||
Net deferred tax asset (liability) | $ | 6,650 | $ | (7,234 | ) | ||||||||
Expiration of Remaining Federal Net Operating Losses | ' | ||||||||||||
The following table reflects the expiration of the remaining federal net operating losses: | |||||||||||||
Fiscal Year | (in thousands) | ||||||||||||
2015 | $ | — | |||||||||||
2016 - 2021 | 22,288 | ||||||||||||
2022 - 2025 | 8,827 | ||||||||||||
Thereafter | 3,455 | ||||||||||||
$ | 34,570 | ||||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning balance of the Company’s unrecognized tax benefits and the ending amount of the unrecognized tax benefits is as follows as of: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance at beginning of period | $ | 648 | $ | 1,445 | $ | 1,182 | |||||||
Additions based on tax positions related to the current year | 113 | 159 | 133 | ||||||||||
Deductions based on tax positions related to the current year | — | (60 | ) | — | |||||||||
Additions for tax positions of prior years | 192 | 23 | 378 | ||||||||||
Reductions for tax positions of prior years | (61 | ) | (504 | ) | (5 | ) | |||||||
Reductions due to lapses of statutes of limitations | (51 | ) | (71 | ) | (243 | ) | |||||||
Settlements | — | (344 | ) | — | |||||||||
Balance at end of period | $ | 841 | $ | 648 | $ | 1,445 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax, are as follows: | |||||||||||||||||
Unrealized | Foreign Currency | Unrealized | Total | ||||||||||||||
Gain on | Translation | Loss on | |||||||||||||||
Pension Liability | Adjustments, Net | Investments | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, February 2, 2013 | $ | (7,176 | ) | $ | (884 | ) | $ | — | $ | (8,060 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 984 | (679 | ) | (39 | ) | 266 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 326 | — | — | 326 | |||||||||||||
Balance, February 1, 2014 | $ | (5,866 | ) | $ | (1,563 | ) | $ | (39 | ) | $ | (7,468 | ) | |||||
Unrealized | Foreign | Unrealized | Total | ||||||||||||||
Loss on | Currency Translation | Loss on | |||||||||||||||
Pension Liability | Adjustments, Net | Investments | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, January 28, 2012 | $ | (7,123 | ) | $ | (1,055 | ) | $ | — | $ | (8,178 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (374 | ) | 171 | — | (203 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 321 | — | — | 321 | |||||||||||||
Balance, February 2, 2013 | $ | (7,176 | ) | $ | (884 | ) | $ | — | $ | (8,060 | ) | ||||||
Summary of Impact on Condensed Consolidated Statements of Operations Line Items | ' | ||||||||||||||||
A summary of the impact on the consolidated statements of operations line items is as follows: | |||||||||||||||||
February 1, | February 2, | January 28, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial losses | $ | 533 | $ | 524 | $ | 15 | Selling, general and administrative expenses | ||||||||||
Tax benefit | (207 | ) | (203 | ) | (6 | ) | Income tax (benefit) provision | ||||||||||
Total, net of tax | $ | 326 | $ | 321 | $ | 9 | |||||||||||
Stock_Options_SARS_And_Restric1
Stock Options, SARS And Restricted Shares (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||
Information Regarding Shares Under Stock Option Plans | ' | ||||||||||||||||||||||||||||
The following table lists information regarding shares under the 2002 Plan and 2005 Plan as of February 1, 2014: | |||||||||||||||||||||||||||||
Shares Underlying | Unvested | Shares Available | |||||||||||||||||||||||||||
Outstanding Grants | Restricted Shares | for Grant | |||||||||||||||||||||||||||
2002 Stock Option Plan | 156,504 | — | — | ||||||||||||||||||||||||||
2005 Stock Option Plan | 1,060,068 | 728,322 | 691,864 | ||||||||||||||||||||||||||
1,216,572 | 728,322 | 691,864 | |||||||||||||||||||||||||||
Summary of Stock Option and Stock Appreciation Rights Activity | ' | ||||||||||||||||||||||||||||
A summary of the stock option and SARS activity for grants issued under the 1993 Plan, 2002 Plan and 2005 Plan is as follows: | |||||||||||||||||||||||||||||
Option and SARS Price Per Share | |||||||||||||||||||||||||||||
Number | Low | High | Weighted | Weighted Average | Weighted Average | Aggregate | |||||||||||||||||||||||
of Shares | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||||||||||||||
Contractual Life (years) | (in thousands) | ||||||||||||||||||||||||||||
Outstanding January 29, 2011 | 1,717,326 | $ | 10.81 | 5.62 | $ | 30,208 | |||||||||||||||||||||||
Vested or expected to vest | 1,717,326 | $ | 10.81 | 5.62 | $ | 30,208 | |||||||||||||||||||||||
Options and SARS Exercisable | 711,616 | $ | 11.79 | 2.68 | $ | 11,816 | |||||||||||||||||||||||
Granted | 251,637 | $ | 13.29 | $ | 30.81 | $ | 26.67 | ||||||||||||||||||||||
Exercised | (530,109 | ) | $ | 4.53 | $ | 15.71 | $ | 9 | |||||||||||||||||||||
Cancelled | (46,769 | ) | $ | 4.53 | $ | 30.07 | $ | 24.44 | |||||||||||||||||||||
Outstanding January 28, 2012 | 1,392,085 | $ | 13.91 | 5.98 | $ | 7,650 | |||||||||||||||||||||||
Vested or expected to vest | 1,392,085 | $ | 13.91 | 5.98 | $ | 7,650 | |||||||||||||||||||||||
Options and SARS Exercisable | 634,202 | $ | 11.59 | 5.35 | $ | 3,723 | |||||||||||||||||||||||
Granted | 330,199 | $ | 18.19 | $ | 22.46 | $ | 18.22 | ||||||||||||||||||||||
Exercised | (355,056 | ) | $ | 4.63 | $ | 17.27 | $ | 5.08 | |||||||||||||||||||||
Cancelled | (83,103 | ) | $ | 13.29 | $ | 30.81 | $ | 23.24 | |||||||||||||||||||||
Outstanding February 2, 2013 | 1,284,125 | $ | 16.86 | 4.46 | $ | 6,281 | |||||||||||||||||||||||
Vested or expected to vest | 1,284,125 | $ | 16.86 | 4.46 | $ | 6,281 | |||||||||||||||||||||||
Options and SARS Exercisable | 779,986 | $ | 13.99 | 4.58 | $ | 5,817 | |||||||||||||||||||||||
Granted | 14,000 | $ | 16.79 | $ | 18.57 | $ | 18.1 | ||||||||||||||||||||||
Exercised | (33,230 | ) | $ | 4.63 | $ | 4.89 | $ | 4.68 | |||||||||||||||||||||
Cancelled | (48,323 | ) | $ | 13.29 | $ | 28.38 | $ | 19.63 | |||||||||||||||||||||
Outstanding February 1, 2014 | 1,216,572 | $ | 17.12 | 3.56 | $ | 3,657 | |||||||||||||||||||||||
Vested or expected to vest | 1,216,572 | $ | 17.12 | 3.56 | $ | 3,657 | |||||||||||||||||||||||
Options and SARS Exercisable | 959,971 | $ | 16.24 | 3.51 | $ | 3,653 | |||||||||||||||||||||||
Information Regarding Option and Stock Appreciation Rights Outstanding and Exercisable | ' | ||||||||||||||||||||||||||||
Additional information regarding options and SARS outstanding and exercisable as of February 1, 2014, is as follows: | |||||||||||||||||||||||||||||
Options and SARS Outstanding | Options and SARS Exercisable | ||||||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||||||||||
Contractual Life | |||||||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||||||
$ 4.00 - $ 6.00 | 327,104 | 5.13 | $ | 4.65 | 327,104 | $ | 4.65 | ||||||||||||||||||||||
$ 13.00 - $ 19.00 | 459,831 | 2.33 | $ | 17.42 | 264,493 | $ | 16.89 | ||||||||||||||||||||||
$ 19.01 - $ 31.00 | 429,637 | 3.67 | $ | 26.29 | 368,374 | $ | 26.06 | ||||||||||||||||||||||
1,216,572 | 959,971 | ||||||||||||||||||||||||||||
Summary of Restricted Stock Based Awards | ' | ||||||||||||||||||||||||||||
The following table summarizes the restricted stock-based award activity: | |||||||||||||||||||||||||||||
Restricted | Weighted | Weighted | |||||||||||||||||||||||||||
Shares | Average | Average | |||||||||||||||||||||||||||
Grant Price | Remaining | ||||||||||||||||||||||||||||
Vesting Period | |||||||||||||||||||||||||||||
Unvested as of January 29, 2011 | 926,009 | $ | 18.22 | 5.92 | |||||||||||||||||||||||||
Granted | 197,211 | ||||||||||||||||||||||||||||
Vested | (37,186 | ) | |||||||||||||||||||||||||||
Forfeited | (87,929 | ) | |||||||||||||||||||||||||||
Unvested as of January 28, 2012 | 998,105 | $ | 19.19 | 4.61 | |||||||||||||||||||||||||
Granted | 269,850 | ||||||||||||||||||||||||||||
Vested | (37,754 | ) | |||||||||||||||||||||||||||
Forfeited | (901,894 | ) | |||||||||||||||||||||||||||
Unvested as of February 2, 2013 | 328,307 | $ | 18.26 | 3.54 | |||||||||||||||||||||||||
Granted | 603,982 | ||||||||||||||||||||||||||||
Vested | (142,052 | ) | |||||||||||||||||||||||||||
Forfeited | (61,915 | ) | |||||||||||||||||||||||||||
Unvested as of February 1, 2014 | 728,322 | $ | 18.8 | 2.34 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Segment Information | ' | ||||||||||||
The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by the segments. | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Revenues: | |||||||||||||
Men’s Sportswear and Swim | $ | 664,824 | $ | 708,202 | $ | 718,721 | |||||||
Women’s Sportswear | 135,994 | 149,084 | 164,298 | ||||||||||
Direct-to-Consumer | 81,755 | 85,165 | 72,530 | ||||||||||
Licensing | 29,651 | 27,102 | 25,043 | ||||||||||
Total revenues | $ | 912,224 | $ | 969,553 | $ | 980,592 | |||||||
Depreciation and amortization | |||||||||||||
Men’s Sportswear and Swim | $ | 7,043 | $ | 8,573 | $ | 9,028 | |||||||
Women’s Sportswear | 1,899 | 1,902 | 1,412 | ||||||||||
Direct-to-Consumer | 3,549 | 3,054 | 2,719 | ||||||||||
Licensing | 135 | 367 | 514 | ||||||||||
Total depreciation and amortization | $ | 12,626 | $ | 13,896 | $ | 13,673 | |||||||
Operating (loss) income: | |||||||||||||
Men’s Sportswear and Swim | $ | 8,975 | $ | 24,366 | $ | 38,276 | |||||||
Women’s Sportswear | (10,883 | ) | (4,028 | ) | 5,848 | ||||||||
Direct-to-Consumer | (12,306 | ) | (6,640 | ) | (5,273 | ) | |||||||
Licensing | (5,155 | ) | 22,647 | 16,534 | |||||||||
Total operating (loss) income | $ | (19,369 | ) | $ | 36,345 | $ | 55,385 | ||||||
Total costs on early extinguishment of debt | — | — | 1,306 | ||||||||||
Total interest expense | 15,025 | 14,836 | 16,103 | ||||||||||
Total net (loss) income before income taxes | $ | (34,394 | ) | $ | 21,509 | $ | 37,976 | ||||||
Identifiable assets | |||||||||||||
Men’s Sportswear and Swim | $ | 342,410 | $ | 354,189 | |||||||||
Women’s Sportswear | 53,354 | 67,937 | |||||||||||
Direct-to-Consumer | 25,875 | 40,297 | |||||||||||
Licensing | 255,599 | 234,224 | |||||||||||
Corporate | 29,497 | 66,482 | |||||||||||
Total identifiable assets | $ | 706,735 | $ | 763,129 | |||||||||
Revenues From External Customers and Long Lived Assets Excluding Deferred Taxes Related To Continuing Operations In United States and Foreign Countries | ' | ||||||||||||
Revenues from external customers and long-lived assets excluding deferred taxes related to continuing operations in the United States and foreign countries are as follows: | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Revenues | |||||||||||||
United States | $ | 821,986 | $ | 887,420 | $ | 905,757 | |||||||
International | 90,238 | 82,133 | 74,835 | ||||||||||
Total revenues | $ | 912,224 | $ | 969,553 | $ | 980,592 | |||||||
February 1, | February 2, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Long-lived assets at years ended, | |||||||||||||
United States | $ | 238,551 | $ | 268,322 | |||||||||
International | 38,868 | 42,902 | |||||||||||
Total long-lived assets | $ | 277,419 | $ | 311,224 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Minimum Aggregate Annual Commitments for Company's Non - Cancelable, Unrelated Operating Lease Commitments | ' | ||||
Minimum aggregate annual commitments for the Company’s non-cancelable, unrelated operating lease commitments are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2015 | $ | 19,560 | |||
2016 | 19,753 | ||||
2017 | 18,779 | ||||
2018 | 17,098 | ||||
2019 | 15,252 | ||||
Thereafter | 93,497 | ||||
Total | $ | 183,939 | |||
Minimum Aggregate Annual Commitments for Company's Capital Lease Obligations | ' | ||||
Minimum aggregate annual commitments for the Company’s capital lease obligations are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2015 | $ | 301 | |||
2016 | 77 | ||||
Total | $ | 378 | |||
Summarized_Quarterly_Financial1
Summarized Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Summarized Quarterly Financial Data | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||
FISCAL YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||
Net Sales | $ | 255,484 | $ | 204,492 | $ | 214,700 | $ | 207,897 | $ | 882,573 | |||||||||||
Royalty Income | 6,835 | 7,213 | 7,421 | 8,182 | 29,651 | ||||||||||||||||
Total Revenues | 262,319 | 211,705 | 222,121 | 216,079 | 912,224 | ||||||||||||||||
Gross Profit | 88,681 | 68,546 | 71,364 | 74,197 | 302,788 | ||||||||||||||||
Net income (loss) | 11,320 | (2,830 | ) | (3,022 | ) | (28,247 | ) | (22,779 | ) | ||||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.75 | ($ | 0.19 | ) | ($ | 0.2 | ) | ($ | 1.91 | ) | ($ | 1.52 | ) | |||||||
Diluted | $ | 0.74 | ($ | 0.19 | ) | ($ | 0.2 | ) | ($ | 1.91 | ) | ($ | 1.52 | ) | |||||||
FISCAL YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||
Net Sales | $ | 259,016 | $ | 203,090 | $ | 229,330 | $ | 251,015 | $ | 942,451 | |||||||||||
Royalty Income | 6,507 | 6,347 | 6,918 | 7,330 | 27,102 | ||||||||||||||||
Total Revenues | 265,523 | 209,437 | 236,248 | 258,345 | 969,553 | ||||||||||||||||
Gross Profit | 87,740 | 69,325 | 75,795 | 84,341 | 317,201 | ||||||||||||||||
Net income (loss) | 9,676 | (2,442 | ) | 3,180 | 4,387 | 14,801 | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.66 | ($ | 0.17 | ) | $ | 0.22 | $ | 0.3 | $ | 1.01 | ||||||||||
Diluted | $ | 0.64 | ($ | 0.17 | ) | $ | 0.21 | $ | 0.28 | $ | 0.97 | ||||||||||
FISCAL YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||
Net Sales | $ | 282,775 | $ | 208,596 | $ | 242,116 | $ | 222,062 | $ | 955,549 | |||||||||||
Royalty Income | 5,514 | 5,839 | 6,304 | 7,386 | 25,043 | ||||||||||||||||
Total Revenues | 288,289 | 214,435 | 248,420 | 229,448 | 980,592 | ||||||||||||||||
Gross Profit | 96,970 | 72,268 | 82,450 | 72,054 | 323,742 | ||||||||||||||||
Net income | 15,378 | 1,847 | 6,509 | 1,783 | 25,517 | ||||||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 1.07 | $ | 0.12 | $ | 0.42 | $ | 0.12 | $ | 1.71 | |||||||||||
Diluted | $ | 0.99 | $ | 0.11 | $ | 0.4 | $ | 0.12 | $ | 1.6 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 29,988 | $ | (2,999 | ) | $ | 26,989 | ||||||||||
Accounts receivable, net | — | 123,539 | 22,853 | — | 146,392 | ||||||||||||||||
Intercompany receivable, net | 174,075 | — | — | (174,075 | ) | — | |||||||||||||||
Inventories | — | 183,216 | 23,386 | — | 206,602 | ||||||||||||||||
Investments, at fair value | — | — | 15,398 | — | 15,398 | ||||||||||||||||
Deferred income taxes | — | 13,806 | 254 | — | 14,060 | ||||||||||||||||
Prepaid income taxes | 5,141 | — | 1,193 | 1,245 | 7,579 | ||||||||||||||||
Prepaid expenses and other current assets | — | 6,578 | 791 | — | 7,369 | ||||||||||||||||
Total current assets | 179,216 | 327,139 | 93,863 | (175,829 | ) | 424,389 | |||||||||||||||
Property and equipment, net | — | 55,046 | 4,866 | — | 59,912 | ||||||||||||||||
Other intangible assets, net | — | 177,482 | 34,003 | — | 211,485 | ||||||||||||||||
Goodwill | — | 6,022 | — | — | 6,022 | ||||||||||||||||
Investment in subsidiaries | 319,926 | — | — | (319,926 | ) | — | |||||||||||||||
Other assets | 2,486 | 1,822 | 619 | — | 4,927 | ||||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable | $ | — | $ | 104,480 | $ | 10,961 | $ | (2,999 | ) | $ | 112,442 | ||||||||||
Accrued expenses and other liabilities | — | 19,294 | 5,799 | (451 | ) | 24,642 | |||||||||||||||
Accrued interest payable | 4,095 | — | — | — | 4,095 | ||||||||||||||||
Unearned revenues | — | 3,192 | 1,821 | — | 5,013 | ||||||||||||||||
Intercompany payable, net | — | 151,253 | 24,997 | (176,250 | ) | — | |||||||||||||||
Total current liabilities | 4,095 | 278,219 | 43,578 | (179,700 | ) | 146,192 | |||||||||||||||
Senior subordinated notes payable, net | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Senior credit facility | — | 8,162 | — | — | 8,162 | ||||||||||||||||
Real estate mortgages | — | 22,844 | — | — | 22,844 | ||||||||||||||||
Deferred pension obligation | — | 9,792 | 70 | — | 9,862 | ||||||||||||||||
Unearned revenues and other long-term liabilities | — | 12,064 | 2,668 | — | 14,732 | ||||||||||||||||
Deferred income taxes | — | 5,712 | 2 | 1,696 | 7,410 | ||||||||||||||||
Total long-term liabilities | 150,000 | 58,574 | 2,740 | 1,696 | 213,010 | ||||||||||||||||
Total liabilities | 154,095 | 336,793 | 46,318 | (178,004 | ) | 359,202 | |||||||||||||||
Total equity | 347,533 | 230,718 | 87,033 | (317,751 | ) | 347,533 | |||||||||||||||
TOTAL | $ | 501,628 | $ | 567,511 | $ | 133,351 | $ | (495,755 | ) | $ | 706,735 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
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 Income | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 804,374 | $ | 78,199 | $ | — | $ | 882,573 | |||||||||||
Royalty income | — | 17,612 | 12,039 | — | 29,651 | ||||||||||||||||
Total revenues | — | 821,986 | 90,238 | — | 912,224 | ||||||||||||||||
Cost of sales | — | 561,895 | 47,541 | — | 609,436 | ||||||||||||||||
Gross profit | — | 260,091 | 42,697 | — | 302,788 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 240,871 | 31,845 | — | 272,716 | ||||||||||||||||
Depreciation and amortization | — | 11,860 | 766 | — | 12,626 | ||||||||||||||||
Impairment on assets | — | 38,549 | 4,428 | — | 42,977 | ||||||||||||||||
Total operating expenses | — | 291,280 | 37,039 | — | 328,319 | ||||||||||||||||
(Loss) gain on sale of long-lived assets | — | (799 | ) | 6,961 | — | 6,162 | |||||||||||||||
Operating (loss) income | — | (31,988 | ) | 12,619 | — | (19,369 | ) | ||||||||||||||
Interest expense | — | 14,961 | 64 | — | 15,025 | ||||||||||||||||
Net (loss) income before income taxes | — | (46,949 | ) | 12,555 | — | (34,394 | ) | ||||||||||||||
Income tax (benefit) provision | — | (14,356 | ) | 2,741 | — | (11,615 | ) | ||||||||||||||
Equity in (loss) earnings of subsidiaries, net | (22,779 | ) | — | — | 22,779 | — | |||||||||||||||
Net (loss) income | (22,779 | ) | (32,593 | ) | 9,814 | 22,779 | (22,779 | ) | |||||||||||||
Other comprehensive income (loss) | 592 | 1,310 | (718 | ) | (592 | ) | 592 | ||||||||||||||
Comprehensive (loss) income | $ | (22,187 | ) | $ | (31,283 | ) | $ | 9,096 | $ | 22,187 | $ | (22,187 | ) | ||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 872,372 | $ | 70,079 | $ | — | $ | 942,451 | |||||||||||
Royalty income | — | 15,048 | 12,054 | — | 27,102 | ||||||||||||||||
Total revenues | — | 887,420 | 82,133 | — | 969,553 | ||||||||||||||||
Cost of sales | — | 610,558 | 41,794 | — | 652,352 | ||||||||||||||||
Gross profit | — | 276,862 | 40,339 | — | 317,201 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 235,578 | 28,276 | — | 263,854 | ||||||||||||||||
Depreciation and amortization | — | 13,125 | 771 | — | 13,896 | ||||||||||||||||
Impairment on assets | — | 2,744 | 772 | — | 3,516 | ||||||||||||||||
Total operating expenses | — | 251,447 | 29,819 | — | 281,266 | ||||||||||||||||
Gain on sale of long-lived assets | — | 410 | — | — | 410 | ||||||||||||||||
Operating income | — | 25,825 | 10,520 | — | 36,345 | ||||||||||||||||
Interest expense | — | 14,742 | 94 | — | 14,836 | ||||||||||||||||
Net income before income taxes | — | 11,083 | 10,426 | — | 21,509 | ||||||||||||||||
Income tax provision | — | 4,625 | 2,083 | — | 6,708 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 14,801 | — | — | (14,801 | ) | — | |||||||||||||||
Net income | 14,801 | 6,458 | 8,343 | (14,801 | ) | 14,801 | |||||||||||||||
Other comprehensive income (loss) | 118 | (53 | ) | 171 | (118 | ) | 118 | ||||||||||||||
Comprehensive income | $ | 14,919 | $ | 6,405 | $ | 8,514 | $ | (14,919 | ) | $ | 14,919 | ||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Net sales | $ | — | $ | 891,668 | $ | 63,881 | $ | — | $ | 955,549 | |||||||||||
Royalty income | — | 14,089 | 10,954 | — | 25,043 | ||||||||||||||||
Total revenues | — | 905,757 | 74,835 | — | 980,592 | ||||||||||||||||
Cost of sales | — | 621,670 | 35,180 | — | 656,850 | ||||||||||||||||
Gross profit | — | 284,087 | 39,655 | — | 323,742 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Selling, general and administrative expenses | — | 223,539 | 25,079 | — | 248,618 | ||||||||||||||||
Depreciation and amortization | — | 13,034 | 639 | — | 13,673 | ||||||||||||||||
Impairment on assets | — | 5,066 | 1,000 | — | 6,066 | ||||||||||||||||
Total operating expenses | — | 241,639 | 26,718 | — | 268,357 | ||||||||||||||||
Operating income | — | 42,448 | 12,937 | — | 55,385 | ||||||||||||||||
Costs on early extinguishment of debt | — | 1,306 | — | — | 1,306 | ||||||||||||||||
Interest expense | — | 16,015 | 88 | — | 16,103 | ||||||||||||||||
Net income before income taxes | — | 25,127 | 12,849 | — | 37,976 | ||||||||||||||||
Income tax provision | — | 10,299 | 2,160 | — | 12,459 | ||||||||||||||||
Equity in earnings of subsidiaries, net | 25,517 | — | — | (25,517 | ) | — | |||||||||||||||
Net income | 25,517 | 14,828 | 10,689 | (25,517 | ) | 25,517 | |||||||||||||||
Other comprehensive loss | (4,857 | ) | (4,593 | ) | (264 | ) | 4,857 | (4,857 | ) | ||||||||||||
Comprehensive income | $ | 20,660 | $ | 10,235 | $ | 10,425 | $ | (20,660 | ) | $ | 20,660 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 1, 2014 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (8,510 | ) | 16,328 | $ | (4,599 | ) | $ | (2,999 | ) | $ | 220 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (20,874 | ) | (1,369 | ) | — | (22,243 | ) | |||||||||||||
Purchase of investments | — | — | (15,437 | ) | — | (15,437 | ) | ||||||||||||||
Proceeds on sale of intangible assets | — | — | 4,875 | — | 4,875 | ||||||||||||||||
Proceeds on termination of insurance | 3,559 | — | — | — | 3,559 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 1,892 | — | — | 1,892 | ||||||||||||||||
Intercompany transactions | 11,917 | — | — | (11,917 | ) | — | |||||||||||||||
Net cash (used in) provided by investing activities | 15,476 | (18,982 | ) | (11,931 | ) | (11,917 | ) | (27,354 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 415,885 | — | — | 415,885 | ||||||||||||||||
Payments on senior credit facility | — | (407,723 | ) | — | — | (407,723 | ) | ||||||||||||||
Purchase of treasury stock | (6,957 | ) | — | — | — | (6,957 | ) | ||||||||||||||
Payments on real estate mortgages | — | (1,385 | ) | — | — | (1,385 | ) | ||||||||||||||
Payments on capital leases | — | (318 | ) | — | — | (318 | ) | ||||||||||||||
Tax benefit from exercise of stock options | 83 | — | — | — | 83 | ||||||||||||||||
Deferred financing fees | — | (327 | ) | — | — | (327 | ) | ||||||||||||||
Proceeds from exercise of stock options | 154 | — | — | — | 154 | ||||||||||||||||
Intercompany transactions | — | (18,303 | ) | 6,632 | 11,671 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (6,720 | ) | (12,171 | ) | 6,632 | 11,671 | (588 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (246 | ) | — | (246 | ) | 246 | (246 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (14,825 | ) | (10,144 | ) | (2,999 | ) | (27,968 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | — | 14,825 | 40,132 | — | 54,957 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | — | $ | 29,988 | $ | (2,999 | ) | $ | 26,989 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
FOR THE YEAR ENDED FEBRUARY 2, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $ | (1,748 | ) | $ | 61,983 | $ | 16,746 | $ | — | $ | 76,981 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (8,277 | ) | (1,563 | ) | — | (9,840 | ) | |||||||||||||
Payment on purchase of intangible assets | — | (7,000 | ) | — | — | (7,000 | ) | ||||||||||||||
Proceeds in connection with purchase price adjustment | — | 4,547 | — | — | 4,547 | ||||||||||||||||
Deposit on sale of intangible asset | — | — | 2,625 | — | 2,625 | ||||||||||||||||
Proceeds on sale of long-lived assets, net | — | 410 | 350 | — | 760 | ||||||||||||||||
Intercompany transactions | 16,111 | — | — | (16,111 | ) | — | |||||||||||||||
Net cash (used in) provided by investing activities | 16,111 | (10,320 | ) | 1,412 | (16,111 | ) | (8,908 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 288,312 | — | — | 288,312 | ||||||||||||||||
Payments on senior credit facility | — | (309,991 | ) | — | — | (309,991 | ) | ||||||||||||||
Payments on real estate mortgages | — | (727 | ) | — | — | (727 | ) | ||||||||||||||
Deferred financing fees | — | (100 | ) | — | — | (100 | ) | ||||||||||||||
Payments on capital leases | — | (363 | ) | — | — | (363 | ) | ||||||||||||||
Dividends paid to stockholders | (14,992 | ) | — | — | — | (14,992 | ) | ||||||||||||||
Tax benefit from exercise of stock options | 1,554 | — | — | — | 1,554 | ||||||||||||||||
Proceeds from exercise of stock options | 1,804 | — | — | — | 1,804 | ||||||||||||||||
Purchase of treasury stock | (2,582 | ) | — | — | — | (2,582 | ) | ||||||||||||||
Intercompany transactions | — | (14,262 | ) | (1,702 | ) | 15,964 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (14,216 | ) | (37,131 | ) | (1,702 | ) | 15,964 | (37,085 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (147 | ) | — | (147 | ) | 147 | (147 | ) | |||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | 14,532 | 16,309 | — | 30,841 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | 293 | 23,823 | — | 24,116 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | 14,825 | $ | 40,132 | $ | — | $ | 54,957 | |||||||||||
PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 28, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Parent Only | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 23,447 | $ | (68,762 | ) | $ | 45,377 | $ | 650 | $ | 712 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchase of property and equipment | — | (11,419 | ) | (1,713 | ) | — | (13,132 | ) | |||||||||||||
Payment on purchase of operating leases | — | (904 | ) | — | — | (904 | ) | ||||||||||||||
Payment on purchase of intangible assets | — | (535 | ) | — | — | (535 | ) | ||||||||||||||
Redemption of restricted funds as collateral | — | 9,369 | — | — | 9,369 | ||||||||||||||||
Proceeds on sale of intangible assets | — | — | 2,875 | — | 2,875 | ||||||||||||||||
Intercompany transactions | (107,350 | ) | — | — | 107,350 | — | |||||||||||||||
Net cash (used in) provided by investing activities | (107,350 | ) | (3,489 | ) | 1,162 | 107,350 | (2,327 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Borrowings from senior credit facility | — | 398,208 | — | — | 398,208 | ||||||||||||||||
Payments on senior credit facility | — | (473,871 | ) | — | — | (473,871 | ) | ||||||||||||||
Payments on senior subordinated notes payable | (105,792 | ) | — | — | — | (105,792 | ) | ||||||||||||||
Payments on real estate mortgages | — | (549 | ) | — | — | (549 | ) | ||||||||||||||
Deferred financing fees | — | (103 | ) | — | — | (103 | ) | ||||||||||||||
Proceeds from issuance of senior subordinated notes payable | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Debt issuance costs | (3,504 | ) | — | — | — | (3,504 | ) | ||||||||||||||
Payments on capital leases | — | (381 | ) | — | — | (381 | ) | ||||||||||||||
Proceeds from issuance of common stock | 56,000 | — | — | — | 56,000 | ||||||||||||||||
Stock issuance costs | (3,074 | ) | — | — | — | (3,074 | ) | ||||||||||||||
Tax benefit from exercise of stock options | 1,267 | — | — | — | 1,267 | ||||||||||||||||
Proceeds from exercise of stock options | 4,768 | — | — | — | 4,768 | ||||||||||||||||
Purchase of treasury stock | (15,958 | ) | — | — | — | (15,958 | ) | ||||||||||||||
Intercompany transactions | — | 149,240 | (41,611 | ) | (107,629 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | 83,707 | 72,544 | (41,611 | ) | (107,629 | ) | 7,011 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 196 | — | (279 | ) | 279 | 196 | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | — | 293 | 4,649 | 650 | 5,592 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 19,174 | (650 | ) | 18,524 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | — | $ | 293 | $ | 23,823 | $ | — | $ | 24,116 | |||||||||||
Property_and_Equipment_Average
Property and Equipment Average Useful Lives (Detail) | 12 Months Ended |
Feb. 01, 2014 | |
Furniture, Fixtures and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '3 years |
Furniture, Fixtures and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '10 years |
Vehicles | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '5 years |
Vehicles | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '7 years |
Leasehold improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '4 years |
Leasehold improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '15 years |
Buildings and building improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '10 years |
Buildings and building improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, and Equipment, Average Useful Lives | '39 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Impairment on long-lived assets | $900,000 | $3,500,000 | $1,400,000 |
Advertising and related costs | 16,400,000 | 14,900,000 | 14,300,000 |
Percentage of sales | 93.00% | ' | ' |
Licensee reimbursements | 5,900,000 | 5,800,000 | 5,600,000 |
Compensation expense | 5,300,000 | 4,300,000 | -100,000 |
Reversal of previously recognized compensation expense | 300,000 | 400,000 | 4,400,000 |
Cash received from exercise of stock options | 154,000 | 1,804,000 | 4,768,000 |
Tax benefit from exercise of stock options | $100,000 | $1,554,000 | $1,267,000 |
Estimated weighted-average fair value per option granted | $10.06 | $10.32 | $15.04 |
Customer 1 | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of sales | 11.00% | 14.00% | 16.00% |
Customer 2 | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of sales | 10.00% | 10.00% | 10.00% |
Customer 3 | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of sales | ' | ' | 10.00% |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net (loss) income | ($28,247) | ($3,022) | ($2,830) | $11,320 | $4,387 | $3,180 | ($2,442) | $9,676 | $1,783 | $6,509 | $1,847 | $15,378 | ($22,779) | $14,801 | $25,517 | |||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic-weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,988,000 | 14,715,000 | 14,927,000 | |||
Dilutive effect: equity awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 916,000 | |||
Dilutive effect: warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,000 | |||
Diluted-weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,988,000 | 15,315,000 | 15,950,000 | |||
Basic (loss) income per share | ($1.91) | ($0.20) | ($0.19) | $0.75 | $0.30 | $0.22 | ($0.17) | $0.66 | $0.12 | $0.42 | $0.12 | $1.07 | ($1.52) | $1.01 | $1.71 | |||
Diluted (loss) income per share | ($1.91) | ($0.20) | ($0.19) | $0.74 | $0.28 | $0.21 | ($0.17) | $0.64 | $0.12 | $0.40 | $0.11 | $0.99 | ($1.52) | $0.97 | $1.60 | |||
Antidilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,945 | [1] | 1,048 | [1] | 605 | [1] |
[1] | Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. |
WeightedAverage_Assumptions_De
Weighted-Average Assumptions Derived from Black-Scholes Model Used to Determine Fair Value of Stock Options (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk free interest | ' | 2.40% | ' |
Risk free interest, minimum | 2.40% | ' | 2.30% |
Risk free interest, maximum | 2.70% | ' | 2.50% |
Dividend Yield | 0.00% | 0.00% | 0.00% |
Volatility factors, minimum | 63.70% | 65.40% | 65.30% |
Volatility factors, maximum | 64.80% | 66.10% | 65.90% |
Weighted-average life (years) | '5 years | '5 years | '5 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 16, 2012 | Feb. 02, 2013 | Jan. 28, 2012 | Apr. 28, 2012 | Jan. 29, 2011 | Jan. 28, 2012 | |
Rafaella | Rafaella | Rafaella | ||||
Acquisitions [Line Items] | ' | ' | ' | ' | ' | ' |
Purchase price of Intellectual Property Rights | $7,000,000 | $7,000,000 | $535,000 | ' | ' | ' |
Cash consideration paid by the entity | ' | ' | ' | ' | 80,000,000 | ' |
Number of warrants to be purchase | ' | ' | ' | ' | 106,565 | ' |
Common stock valued | ' | ' | ' | ' | 2,600,000 | ' |
Adjusted cash paid, total | ' | ' | ' | ' | ' | 75,400,000 |
Cash collected after reduction in acquisitions | ' | ($4,547,000) | ' | $4,500,000 | ' | ' |
Components_of_Accounts_Receiva
Components of Accounts Receivable (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Line Items] | ' | ' |
Trade accounts | $160,332 | $192,268 |
Royalties | 5,998 | 3,912 |
Other receivables | 1,483 | 4,147 |
Total | 167,813 | 200,327 |
Less: allowances | -21,421 | -25,843 |
Total | $146,392 | $174,484 |
Inventories_Detail
Inventories (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $205,971 | $181,668 |
Raw materials and in process | 631 | 1,459 |
Total | $206,602 | $183,127 |
Recovered_Sheet1
Prepaid Expenses and Other Current Assets (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses And Other Current Assets [Line Items] | ' | ' |
Prepaid expenses | $7,134 | $8,161 |
Other current assets | 235 | 3,506 |
Total | $7,369 | $11,667 |
Recovered_Sheet2
Prepaid Expenses and Other Current Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Nov. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Prepaid Expenses And Other Current Assets [Line Items] | ' | ' | ' | ' |
Assets held for sale | ' | $2,000,000 | ' | ' |
Proceeds from Sale of asset | 2,000,000 | 1,892,000 | 760,000 | 2,875,000 |
Loss on sale of asset | ($100,000) | ' | ' | ' |
Investments_Additional_Informa
Investments - Additional Information (Detail) (Certificates of Deposit, USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Certificates of Deposit | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for sale securities maturing within one year or less | $3.40 |
Available for sale securities maturing over one year and less than two years | $1.40 |
Investments_Detail
Investments (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Investments [Line Items] | ' |
Cost | $15,437 |
Gross Unrealized Gains | 3 |
Gross Unrealized Losses | -42 |
Estimated Fair Value | 15,398 |
Marketable securities | ' |
Schedule of Investments [Line Items] | ' |
Cost | 10,636 |
Gross Unrealized Gains | 1 |
Gross Unrealized Losses | -39 |
Estimated Fair Value | 10,598 |
Certificates of Deposit | ' |
Schedule of Investments [Line Items] | ' |
Cost | 4,801 |
Gross Unrealized Gains | 2 |
Gross Unrealized Losses | -3 |
Estimated Fair Value | $4,800 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $144,396 | $150,885 |
Less: accumulated depreciation and amortization | -84,484 | -100,136 |
Total | 59,912 | 50,749 |
Furniture, fixture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 74,188 | 90,365 |
Buildings and building improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 19,614 | 19,550 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 771 | 923 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 40,335 | 30,621 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $9,488 | $9,426 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment Includes Assets Held under Capital Leases (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Less: accumulated depreciation and amortization | ($543) | ($230) |
Total | 395 | 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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization expense related to property and equipment | $12.30 | $13 | $12.50 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | 4-May-13 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Jan. 28, 2012 | |
Customer Lists | Customer Lists | Asset Sale Agreement | Asset Sale Agreement | Trademarks | Trademarks | Trade Names | Trade Names | |||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trademarks included in other intangible assets, net | ' | ' | ' | ' | ' | ' | $205,900,000 | $240,200,000 | ' | ' |
Sales agreement amount | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
(Loss) gain on sale of long-lived assets | 6,162,000 | 389,000 | ' | ' | 6,300,000 | ' | ' | ' | ' | ' |
Proceeds on sale of intangible assets | 4,875,000 | ' | ' | ' | 4,900,000 | 2,600,000 | ' | ' | ' | ' |
Intangible asset impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 34,300,000 | 4,600,000 |
Goodwill | 6,022,000 | 13,794,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Good will impairment charge | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | 900,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Intangible assets amortized estimated useful lives | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2015 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2016 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2017 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2018 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense 2019 | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Detail
Intangible Assets (Detail) (Customer Lists, USD $) | Feb. 01, 2014 | 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 | -2,863 | -1,927 |
Total | $5,587 | $6,523 |
Investment_in_Joint_Venture_Ad
Investment in Joint Venture - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Apr. 20, 2012 | Apr. 20, 2012 | Apr. 20, 2012 |
In Millions, except Share data, unless otherwise specified | Manhattan China Limited | COHL ownership interest in joint venture | Perry Ellis International, Inc | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Initial authorized shares of capital of Manhattan China Limited | ' | ' | 10,000,000 | ' | ' |
Company holds joint venture shares | ' | ' | ' | 7,500,000 | 2,500,000 |
Ownership interest in the joint venture | ' | ' | ' | 75.00% | 25.00% |
Other long-term asset | $0.40 | $0.40 | ' | ' | ' |
Components_of_Accrued_Expenses
Components of Accrued Expenses and Other Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses And Other Liabilities [Line Items] | ' | ' |
Salaries and commissions | $3,680 | $6,055 |
Royalties | 4,035 | 3,546 |
Deposit on sale of intangible asset | ' | 2,625 |
Unearned advertising reimbursement | 1,942 | 2,113 |
Insurance and rent | 2,221 | 2,412 |
State sales and other taxes | 2,812 | 2,016 |
Professional fees | 728 | 873 |
Current portion-real estate mortgages | 792 | 802 |
Other | 8,432 | 8,153 |
Total | $24,642 | $28,595 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Interest Rate Cap, USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2011 | Aug. 31, 2009 | Feb. 01, 2014 |
Interest Rate Cap | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Aggregate notional amount | ' | $75 | ' |
Senior subordinated notes | ' | 8.88% | ' |
The $75 million Cap Agreement became effective | ' | ' | 15-Dec-10 |
Derivative agreement, scheduled termination date | ' | 15-Sep-13 | ' |
Termination payment | $1.60 | ' | ' |
Location_and_Amount_of_Losses_
Location and Amount of (Losses) on Derivative Instruments Not Designated As Hedging Instruments in Consolidated Statements of Income (Detail) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 28, 2012 |
Derivative [Line Items] | ' |
Amount of (losses) on derivative instruments not designated as hedging instruments reported | ($103) |
Interest Expense | ' |
Derivative [Line Items] | ' |
Amount of (losses) on derivative instruments not designated as hedging instruments reported | ($103) |
Senior_Subordinated_Notes_Paya1
Senior Subordinated Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended |
Jan. 28, 2012 | Aug. 31, 2009 | Mar. 08, 2011 | Aug. 31, 2009 | |
7 7/8% Percent Senior Notes Due 2019 | 8 7/8% Senior Subordinated Notes | 8 7/8% Senior Subordinated Notes | ||
Senior Secured Notes [Line Items] | ' | ' | ' | ' |
Debt instrument face amount | ' | $150,000,000 | ' | ' |
Debt instrument stated interest rate | ' | 7.88% | ' | ' |
Debt instrument maturity date | ' | 1-Apr-19 | ' | ' |
Debt instrument offering price as a percentage of par | ' | 100.00% | ' | ' |
Debt instrument offering underwriting discount | ' | 2.00% | ' | ' |
Proceeds from issuance of senior subordinated notes | 150,000,000 | 146,500,000 | ' | ' |
Debt instrument redemption price, percentage of outstanding principal amount | ' | ' | ' | 101.48% |
Early call premium | ' | ' | 1,500,000 | ' |
Debt instrument retired, unamortized discount written off | ' | ' | $180,000 | ' |
Senior_Credit_Facility_Additio
Senior Credit Facility - Additional Information (Detail) (Senior Credit Facility, USD $) | 0 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 09, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
Maximum | Prime Rate Loans | Prime Rate Loans | Euro Dollar Rate | Euro Dollar Rate | ||||
Maximum | Minimum | Maximum | Minimum | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | $125 | ' | ' | ' | ' | ' | ' | ' |
Credit facility incremental borrowing amount | 25 | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum incremental borrowing amount | 200 | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiry date | 1-Dec-18 | ' | ' | ' | ' | ' | ' | ' |
Credit facility outstanding borrowings | ' | 8.2 | 0 | ' | ' | ' | ' | ' |
Credit Facility borrowing base calculation, percentage of eligible receivables | ' | 87.50% | ' | ' | ' | ' | ' | ' |
Credit Facility borrowing base calculation, percentage of eligible accounts | ' | 87.50% | ' | ' | ' | ' | ' | ' |
Credit Facility borrowing base calculation, amount of eligible accounts | ' | $1.50 | ' | ' | ' | ' | ' | ' |
Credit Facility borrowing base calculation, percentage of eligible inventory loan limit | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Credit Facility borrowing base calculation, percentage of eligible finished goods inventory | ' | 90.00% | ' | ' | ' | ' | ' | ' |
Credit Facility borrowing base calculation, percentage of eligible accounts | ' | ' | ' | 70.00% | ' | ' | ' | ' |
spread above selected rate | ' | ' | ' | ' | 1.00% | 0.50% | 2.00% | 1.50% |
Letter_of_Credit_Facilities_Ad
Letter of Credit Facilities - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Jan. 09, 2014 | Feb. 02, 2013 | Oct. 29, 2011 | Jul. 30, 2011 | Dec. 31, 2012 | Feb. 01, 2014 | Oct. 29, 2011 | Jul. 30, 2011 |
CreditFacility | Rafaella | United Kingdom Subsidiary | United Kingdom Subsidiary | United Kingdom Subsidiary | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of letter of credit facilities | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit facilities | $45,329,000 | ' | $55,316,000 | $15,000,000 | $10,000,000 | ' | $300,000 | $300,000 | $1,000,000 |
Letter of credit facilities available | 33,471,000 | 30,000,000 | 43,548,000 | ' | ' | ' | ' | ' | ' |
Letter of credit facilities assumed | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' |
Restricted cash | ' | ' | ' | ' | ' | $9,400,000 | ' | ' | ' |
Letter_of_Credit_Facilities_De
Letter of Credit Facilities (Detail) (USD $) | Feb. 01, 2014 | Jan. 09, 2014 | Feb. 02, 2013 | Oct. 29, 2011 | Jul. 30, 2011 |
In Thousands, unless otherwise specified | |||||
Letters Of Credit [Line Items] | ' | ' | ' | ' | ' |
Total letter of credit facilities | $45,329 | ' | $55,316 | $15,000 | $10,000 |
Outstanding letters of credit | -11,858 | ' | -11,768 | ' | ' |
Total credit available | $33,471 | $30,000 | $43,548 | ' | ' |
Real_Estate_Mortgage_Additiona
Real Estate Mortgage - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Jan. 31, 2014 | Jun. 30, 2006 | Feb. 01, 2014 | Sep. 30, 2012 | Jul. 31, 2010 | Feb. 01, 2014 |
Tampa Facility | Tampa Facility | Tampa Facility | Mortgage Loans on Real Estate | Mortgage Loans on Real Estate | Mortgage Loans on Real Estate | ||
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 | ' | 4.00% | ' | 3.25% | 4.25% | ' | ' |
Installment cycle | ' | ' | ' | ' | ' | 'Monthly | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | 3.90% |
Revised Principal and Interest | ' | 248,000 | ' | 68,000 | ' | ' | 69,000 |
Real Estate Mortgage Loan, Ending Balance | 23,989,000 | ' | ' | ' | ' | ' | 11,700,000 |
Due within a year | ' | ' | ' | ' | ' | ' | 361,000 |
Mortgage Loan | ' | ' | 15,000,000 | ' | ' | ' | ' |
Due date of Loan | ' | ' | 23-Jan-19 | ' | ' | ' | ' |
Installment cycle | ' | ' | ' | 'Monthly | ' | ' | ' |
Maturity Period, based on Amortization | ' | '20 years | ' | '20 years | ' | ' | ' |
Real Estate Mortgage Loan, Ending Balance | ' | ' | ' | 12,000,000 | ' | ' | ' |
Due within a year | ' | ' | ' | $431,000 | ' | ' | ' |
Maturity period | ' | ' | ' | '1 year | ' | ' | ' |
Contractual_Maturities_of_Real
Contractual Maturities of Real Estate Mortgages (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2015 | $792 |
2016 | 823 |
2017 | 850 |
2018 | 883 |
2019 | 10,611 |
Thereafter | 10,030 |
Long-term Debt, Gross, Total | 23,989 |
Less discount | -353 |
Total | $23,636 |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Age | |||
Defined Contribution Plan [Line Items] | ' | ' | ' |
401(k) Plan, Percentage of matching contribution | 6.00% | ' | ' |
401(k) Plan, eligible age for participation | 21 | ' | ' |
401(k) Plan, eligible service period for participation | '3 months | ' | ' |
401(k) Plan, maximum percentage of employee contribution | 60.00% | ' | ' |
401(k) Plan, amount of discretionary company match | $943,000 | $759,000 | $766,000 |
Minimum | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
401(k) Plan, percentage of discretionary company match | 0.00% | ' | ' |
Maximum | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
401(k) Plan, percentage of discretionary company match | 50.00% | ' | ' |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
CompensationPlan | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number of qualified pension plans | 2 | ' | ' |
Benefit plans, deferred loss included in accumulated other comprehensive loss before tax | $9.60 | $11.80 | $11.70 |
Benefit plans, deferred loss included in accumulated other comprehensive loss after tax | 5.9 | 7.2 | 7.1 |
Expected future benefit contributions for fiscal 2015 | $3 | ' | ' |
Reconciliation_of_Changes_in_P
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of plan year | $44,893 | $44,860 | ' |
Service cost | 250 | 250 | 250 |
Interest cost | 1,625 | 1,733 | 2,036 |
Actuarial loss | -1,401 | 1,014 | ' |
Lump sums plus annuities paid | -2,941 | -2,964 | ' |
Benefit obligation at end of plan year | 42,426 | 44,893 | 44,860 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of plan year | 30,207 | 27,534 | ' |
Actual return on plan assets | 2,425 | 2,436 | ' |
Company contributions | 2,873 | 3,201 | ' |
Lump sums plus annuities paid | -2,941 | -2,964 | ' |
Fair value of plan assets at end of plan year | 32,564 | 30,207 | 27,534 |
Unfunded status at end of plan year | $9,862 | $14,686 | ' |
Components_of_Net_Benefit_Cost
Components of Net Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $250 | $250 | $250 |
Interest cost | 1,625 | 1,733 | 2,036 |
Expected return on plan assets | -2,219 | -2,033 | -2,285 |
Amortization of unrecognized net loss | 533 | 524 | 15 |
Net periodic benefit cost | $189 | $474 | $16 |
Assumptions_Used_in_Measuremen
Assumptions Used in Measurement of Benefit Obligation (Detail) | Feb. 01, 2014 | Feb. 02, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.00% | 3.75% |
Rate of compensation increase | ' | ' |
Assumptions_Used_in_Measuremen1
Assumptions Used in Measurement of Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 3.75% | 4.00% |
Expected return on plan assets | 7.50% | 7.50% |
Rate of compensation increase | ' | ' |
Pension_Plan_Weighted_Average_
Pension Plan Weighted Average Asset Allocations (Detail) | Feb. 01, 2014 | Feb. 02, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan weighted average asset allocations | 100.00% | 100.00% |
Equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan weighted average asset allocations | 57.60% | 56.80% |
Debt securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan weighted average asset allocations | 29.00% | 22.70% |
Cash | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan weighted average asset allocations | 13.40% | 20.50% |
Fair_Value_of_Plan_Assets_by_A
Fair Value of Plan Assets by Asset Category (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $32,564 | $30,207 | $27,534 |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 32,564 | 30,207 | ' |
Equity securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 18,757 | 17,158 | ' |
Debt securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 9,444 | 6,857 | ' |
Cash | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $4,363 | $6,192 | ' |
Expected_Future_Benefit_Paymen
Expected Future Benefit Payments (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | $3,145 |
2016 | 3,082 |
2017 | 3,023 |
2018 | 2,998 |
2019 | 2,970 |
Next 5 years | $14,273 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Other Long Term Liabilities [Line Items] | ' | ' |
Deferred rent long-term | $9,567 | $6,763 |
Deferred gain long-term | 1,835 | 2,792 |
Unearned revenue | 1,438 | 2,188 |
Deferred advertising | 1,438 | 2,188 |
Other | 454 | 897 |
Total | $14,732 | $14,828 |
Unearned_Revenues_and_Other_Lo2
Unearned Revenues and Other Long-Term Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | ||
Jan. 25, 2007 | Feb. 01, 2014 | Feb. 02, 2013 | |
Other Long Term Liabilities [Line Items] | ' | ' | ' |
Gain from sale of assets | $9,600,000 | ' | ' |
Unearned revenues | ' | 1,000,000 | 1,000,000 |
Gain from sale of assets recorded in other long term liabilities | ' | $1,835,000 | $2,792,000 |
Components_of_Loss_Income_befo
Components of (Loss) Income before Noncontrolling Interest and Income Tax (Benefit) Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Schedule of Income Before Income Tax [Line Items] | ' | ' | ' |
Domestic | ($46,948) | $11,084 | $25,128 |
Foreign | 12,554 | 10,425 | 12,848 |
Net (loss) income before income taxes | ($34,394) | $21,509 | $37,976 |
Income_Tax_Provision_Benefit_D
Income Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Current income taxes: | ' | ' | ' |
Federal | $350 | $2,244 | $3,214 |
State | 40 | -270 | 729 |
Foreign | 2,870 | 2,083 | 2,162 |
Total current income taxes | 3,260 | 4,057 | 6,105 |
Deferred income taxes: | ' | ' | ' |
Federal | -12,728 | 2,344 | 5,741 |
State | -2,018 | 307 | 613 |
Foreign | -129 | ' | ' |
Total deferred income taxes | -14,875 | 2,651 | 6,354 |
Total | ($11,615) | $6,708 | $12,459 |
Effective_Income_Tax_Rate_Deta
Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Reconciliation of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Statutory federal income tax rate | -35.00% | 35.00% | 35.00% |
(Increase) decrease resulting from State income taxes, net of federal income tax benefit | -6.40% | 1.50% | 3.40% |
Foreign tax rate differential | -6.70% | -12.00% | -7.00% |
Change in reserves | 0.60% | -2.10% | 0.70% |
Change in valuation allowance | 3.60% | 3.60% | 0.00% |
Non-deductible items | 8.30% | 2.40% | 1.50% |
Other | 1.80% | 2.80% | -0.80% |
Total | -33.80% | 31.20% | 32.80% |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2004 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Inventory | $6,473 | $6,408 | ' |
Accounts receivable | 1,542 | 2,262 | ' |
Accrued expenses | 4,768 | 3,718 | ' |
Advance payments | 1,330 | 1,536 | ' |
Net operating losses | 17,309 | 14,122 | 53,500 |
Deferred pension obligation | 4,065 | 5,898 | ' |
Stock compensation | 3,964 | 3,574 | ' |
Other | 8,855 | 7,232 | ' |
Deferred tax asset | 48,306 | 44,750 | ' |
Deferred tax liabilities: | ' | ' | ' |
Intangible assets | -34,330 | -44,989 | ' |
Prepaid expenses | -1,326 | -1,678 | ' |
Other | -2 | ' | ' |
Deferred Tax Liabilities, Gross | -35,658 | -46,667 | ' |
Valuation allowance | -5,998 | -5,317 | -20,300 |
Net deferred tax asset (liability) | $6,650 | ($7,234) | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Jan. 30, 2010 | Jan. 31, 2004 | |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Deferred tax asset relating to foreign tax credit carryforwards | ' | $300,000 | ' | ' | ' | ' |
Deferred tax asset with realized and unrealized losses associated with marketable securities | ' | ' | ' | ' | 1,000,000 | ' |
Valuation allowance | 5,998,000 | 5,317,000 | ' | ' | ' | 20,300,000 |
Decrease in valuation allowance | 100,000 | ' | ' | ' | ' | ' |
Net deferred tax assets | 17,309,000 | 14,122,000 | ' | ' | ' | 53,500,000 |
Deferred tax asset | 48,306,000 | 44,750,000 | ' | ' | ' | ' |
Unremitted earnings of foreign subsidiaries | 75,000,000 | ' | ' | ' | ' | ' |
Tax savings resulting from deductions associated with the stock option plans | 100,000 | 1,554,000 | 1,267,000 | ' | ' | ' |
Unrecognized tax benefits | 841,000 | 648,000 | 1,445,000 | 1,182,000 | ' | ' |
Unrecognized tax benefits, interest and penalties | 300,000 | 100,000 | ' | ' | ' | ' |
Unrecognized tax benefits, interest and penalties recognized in income tax expense | 200,000 | -300,000 | 100,000 | ' | ' | ' |
Settlement with Taxing Authority | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Expected settlement payments for a portion of tax liability related to interest and penalties | 100,000 | ' | ' | ' | ' | ' |
United Kingdom Subsidiary | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Net Operating Losses | 400,000 | 600,000 | ' | ' | ' | ' |
Valuation allowance on operating loss carryforwards | 2,200,000 | 2,300,000 | ' | ' | ' | ' |
Decrease in valuation allowance | 500,000 | ' | ' | ' | ' | ' |
Increase in valuation allowance | 400,000 | ' | ' | ' | ' | ' |
Marketable securities | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Valuation allowance | 900,000 | 1,000,000 | ' | ' | ' | ' |
Deferred tax asset losses, expiration of capital loss carryforwards | -100,000 | ' | ' | ' | ' | ' |
Charitable contribution carryovers | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Valuation allowance | 600,000 | ' | ' | ' | ' | ' |
Deferred tax asset | 1,700,000 | ' | ' | ' | ' | ' |
Internal Revenue Service (IRS) | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Net Operating Losses | ' | ' | ' | ' | ' | 56,000,000 |
Year selected for income tax examination year | '2011 | ' | ' | ' | ' | ' |
Internal Revenue Service (IRS) | Minimum | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Open tax years | '2011 | ' | ' | ' | ' | ' |
Internal Revenue Service (IRS) | Maximum | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Open tax years | '2014 | ' | ' | ' | ' | ' |
Foreign Tax Authority | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Valuation allowance on foreign tax credit carryforwards | 300,000 | ' | ' | ' | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Valuation allowance on operating loss carryforwards | 2,300,000 | 1,600,000 | ' | ' | ' | ' |
Increase (Decrease) in valuation allowance on operating loss carryforwards | $600,000 | $200,000 | ' | ' | ' | ' |
New Jersey | Minimum | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Year selected for income tax examination year | '2010 | ' | ' | ' | ' | ' |
New Jersey | Maximum | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Year selected for income tax examination year | '2012 | ' | ' | ' | ' | ' |
New York | Minimum | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Year selected for income tax examination year | '2010 | ' | ' | ' | ' | ' |
New York | Maximum | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Year selected for income tax examination year | '2012 | ' | ' | ' | ' | ' |
Expiration_of_Remaining_Federa
Expiration of Remaining Federal Net Operating Losses (Detail) (Internal Revenue Service (IRS), USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Losses | $34,570 |
2016 - 2021 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Losses | 22,288 |
2022 - 2025 | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Losses | 8,827 |
Thereafter | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Losses | $3,455 |
Reconciliation_of_Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Balance at beginning of period | $648 | $1,445 | $1,182 |
Additions based on tax positions related to the current year | 113 | 159 | 133 |
Deductions based on tax positions related to the current year | ' | -60 | ' |
Additions for tax positions of prior years | 192 | 23 | 378 |
Reductions for tax positions of prior years | -61 | -504 | -5 |
Reductions due to lapses of statutes of limitations | -51 | -71 | -243 |
Settlements | ' | -344 | ' |
Balance at end of period | $841 | $648 | $1,445 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the real estate mortgages | $23,636,000 | ' |
Carrying amounts of the senior secured notes | 150,000,000 | 150,000,000 |
Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying amounts of the real estate mortgages | 24,000,000 | 25,000,000 |
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 |
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 | $160,000,000 | $160,500,000 |
Interest rate, senior subordinated notes | 7.88% | 7.88% |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | ($8,060) | ($8,178) |
Other comprehensive income (loss) before reclassifications | 266 | -203 |
Amounts reclassified from accumulated other comprehensive loss | 326 | 321 |
Ending Balance | -7,468 | -8,060 |
Unrealized (Loss) Gain on Pension Liability | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -7,176 | -7,123 |
Other comprehensive income (loss) before reclassifications | 984 | -374 |
Amounts reclassified from accumulated other comprehensive loss | 326 | 321 |
Ending Balance | -5,866 | -7,176 |
Foreign Currency Translation Adjustments, Net | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -884 | -1,055 |
Other comprehensive income (loss) before reclassifications | -679 | 171 |
Ending Balance | -1,563 | -884 |
Unrealized Loss on Investments | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other comprehensive income (loss) before reclassifications | -39 | ' |
Ending Balance | ($39) | ' |
Summary_of_Impact_on_Condensed
Summary of Impact on Condensed Consolidated Statements of Operations Line Items (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | $272,716 | $263,854 | $248,618 |
Income tax (benefit) provision | -11,615 | 6,708 | 12,459 |
Total, net of tax | -326 | -321 | ' |
Unrealized (Loss) Gain on Pension Liability | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Total, net of tax | -326 | -321 | ' |
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 | 533 | 524 | 15 |
Income tax (benefit) provision | -207 | -203 | -6 |
Total, net of tax | $326 | $321 | $9 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
sqft | |||
Related Party Transaction [Line Items] | ' | ' | ' |
Lease arrangements | ' | 66,000 | ' |
Number of lease terms | 2 | ' | ' |
Lease Term | '10 years | ' | ' |
Board of Directors Chairman | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Lease arrangements | 66,000 | ' | ' |
Rent expense including insurance and taxes | $602,000 | $587,000 | $609,000 |
Rent expense per square foot | 9.13 | 8.9 | 9.23 |
Board of Directors Chairman | Administrative Office | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Lease arrangements | 16,000 | ' | ' |
Board of Directors Chairman | Warehouse Delivery | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Lease arrangements | 50,000 | ' | ' |
President | Aircraft Charter | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Charter agreement termination period | '60 days | ' | ' |
Amount paid to third party under agreements | 1,500,000 | 1,500,000 | 2,100,000 |
Immediate Family Member of Management or Principal Owner | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Royalty income earned from Isaco license agreements | 2,200,000 | 2,000,000 | 2,100,000 |
Insurance premiums paid for property and casualty | 1,043,000 | 998,000 | 888,000 |
Gilt | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Net sales related to Gilt | $400,000 | $600,000 | $1,000,000 |
Number of members | 8,000,000 | ' | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Mar. 02, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | Jan. 31, 2013 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 31, 2013 | Feb. 02, 2013 | Jan. 28, 2012 | |
Underwriting Agreement | Accrued expenses and other liabilities | Accrued expenses and other liabilities | Unearned revenues and other long-term liabilities | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | ||||||
Non-Vested Restricted Shares | Non-Vested Restricted Shares | ||||||||||||||
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid per share | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | $15,200,000 | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, Current | ' | ' | ' | ' | ' | ' | 116,000,000 | 107,000 | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' |
Common stock issued, shares | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Common stock issued, price per share | ' | $19.36 | $15.67 | $19.36 | $15.44 | $28 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceed from common stock issued | ' | ' | ' | ' | 56,000,000 | 52,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriter discounts and stock issuance costs | ' | ' | ' | ' | 3,074,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchase program, amount authorized | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchase program expiration date | ' | ' | 31-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchases under common stock repurchase program | ' | ' | 43,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | 6,957,000 | 2,582,000 | 15,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares | ' | 0 | 400,516 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock at cost | ' | ' | 6,957,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement of treasury stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,290,022 | 1,290,022 | 2,462,196 | ' | ' | ' |
Retirement of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000 | $13,000 | $25,000 | $18,500,000 | $18,527,000 | $17,390,000 |
Recovered_Sheet3
Stock Options, SARS and Restricted Shares - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 17, 2011 | Mar. 13, 2008 | Dec. 31, 2006 | Feb. 01, 2014 | Jan. 31, 1994 | Jan. 31, 2003 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 01, 2014 | Jan. 28, 2012 |
Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Performance Based Restricted Stock Awards | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | 2005 Stock Option Plan | 2005 Stock Option Plan | 2005 Stock Option Plan | 2005 Stock Option Plan | 1993 Stock Option Plan | 2002 Stock Option Plan | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | ||||
Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Director | Director | Director | Minimum | Performance Based Restricted Stock Awards | Performance Based Restricted Stock Awards | Performance Based Restricted Stock Awards | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | |||||||||||||||
Director | Minimum | Minimum | Maximum | Maximum | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,250,000 | 4,750,000 | 2,250,000 | ' | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in number of shares authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 2,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-employee directors in compensation committee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of exercise price of incentive stock option granted to a 10% shareholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded | ' | ' | ' | 14,000 | 330,199 | 251,637 | ' | ' | ' | ' | ' | ' | 16,535 | ' | 13,740 | 16,305 | 11,775 | ' | ' | ' | ' | ' | ' | ' | 109,644 | 83,817 | 131,686 | 480,598 | 153,193 | 53,750 | ' | ' | ' | ' |
Exercise price per share of shares awarded | ' | ' | ' | ' | ' | ' | $16.79 | $18.19 | $13.29 | $18.57 | $22.46 | $30.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of awards | ' | ' | ' | '3 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | '3 years | '5 years | '4 years |
Award Expiration term | ' | ' | ' | '7 years | '7 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of award granted | ' | ' | ' | $0.10 | $3.40 | $3.80 | ' | ' | ' | ' | ' | ' | $0.30 | ' | $0.30 | $0.30 | $0.30 | ' | ' | ' | ' | ' | ' | ' | $1.90 | $1.50 | $4 | $8.90 | $2.70 | $1.20 | ' | ' | ' | ' |
Closing price of stock | $15.67 | $19.36 | $15.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Intrinsic value of stock options and SARS exercised | 0.5 | 5.6 | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of stock options and SARS vested | 2.9 | 3.3 | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards expected vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Award vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-04 | '2015-05 | '2014-04 | ' | ' | ' | ' | ' | ' | ' |
Number of directors awarded restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of previously recognized compensation expense | 0.3 | 0.4 | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of cash portion of previously recognized compensation expense | 0.5 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested stock options | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period over which unrecognized compensation cost are recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 4 months 2 days | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested restricted stock | $9.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Information_Regarding_Shares_U
Information Regarding Shares Under Stock Option Plans (Detail) | Feb. 01, 2014 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Shares Underlying Outstanding Grants | 1,216,572 |
Unvested Restricted Shares | 728,322 |
Shares Available for Grant | 691,864 |
2002 Stock Option Plan | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Shares Underlying Outstanding Grants | 156,504 |
2005 Stock Option Plan | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Shares Underlying Outstanding Grants | 1,060,068 |
Unvested Restricted Shares | 728,322 |
Shares Available for Grant | 691,864 |
Summary_of_Stock_Option_and_St
Summary of Stock Option and Stock Appreciation Rights Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
Option and SARS, Number of Shares | ' | ' | ' | ' |
Beginning Balance | 1,284,125 | 1,392,085 | 1,717,326 | ' |
Granted | 14,000 | 330,199 | 251,637 | ' |
Exercised | -33,230 | -355,056 | -530,109 | ' |
Cancelled | -48,323 | -83,103 | -46,769 | ' |
Ending Balance | 1,216,572 | 1,284,125 | 1,392,085 | ' |
Vested or expected to vest | 1,216,572 | 1,284,125 | 1,392,085 | 1,717,326 |
Options and SARS Exercisable | 959,971 | 779,986 | 634,202 | 711,616 |
Option and SARS, Weighted Average Exercise Price | ' | ' | ' | ' |
Beginning Balance | $16.86 | $13.91 | $10.81 | ' |
Ending Balance | $17.12 | $16.86 | $13.91 | ' |
Vested or expected to vest | $17.12 | $16.86 | $13.91 | $10.81 |
Options and SARS Exercisable | $16.24 | $13.99 | $11.59 | $11.79 |
Option and SARS, Weighted Average Remaining Contractual Life | ' | ' | ' | ' |
Outstanding | '3 years 6 months 22 days | '4 years 5 months 16 days | '5 years 11 months 23 days | '5 years 7 months 13 days |
Vested or expected to vest | '3 years 6 months 22 days | '4 years 5 months 16 days | '5 years 11 months 23 days | '5 years 7 months 13 days |
Options and SARS Exercisable | '3 years 6 months 4 days | '4 years 6 months 29 days | '5 years 4 months 6 days | '2 years 8 months 5 days |
Option and SARS, Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding | $3,657 | $6,281 | $7,650 | $30,208 |
Vested or expected to vest | 3,657 | 6,281 | 7,650 | 30,208 |
Options and SARS Exercisable | $3,653 | $5,817 | $3,723 | $11,816 |
Minimum | ' | ' | ' | ' |
Option and SARS, Price Per Share | ' | ' | ' | ' |
Granted | $16.79 | $18.19 | $13.29 | ' |
Exercised | $4.63 | $4.63 | $4.53 | ' |
Cancelled | $13.29 | $13.29 | $4.53 | ' |
Maximum | ' | ' | ' | ' |
Option and SARS, Price Per Share | ' | ' | ' | ' |
Granted | $18.57 | $22.46 | $30.81 | ' |
Exercised | $4.89 | $17.27 | $15.71 | ' |
Cancelled | $28.38 | $30.81 | $30.07 | ' |
Weighted Average | ' | ' | ' | ' |
Option and SARS, Price Per Share | ' | ' | ' | ' |
Granted | $18.10 | $18.22 | $26.67 | ' |
Exercised | $4.68 | $5.08 | $9 | ' |
Cancelled | $19.63 | $23.24 | $24.44 | ' |
Information_Regarding_Option_a
Information Regarding Option and Stock Appreciation Rights Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 1,216,572 |
Number Exercisable | 959,971 |
Exercise Prices Range One | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices , lower range | $4 |
Range of Exercise Prices, upper range | $6 |
Number Outstanding | 327,104 |
Weighted Average Remaining Contractual Life (in years) | '5 years 1 month 17 days |
Weighted Average Exercise Price | $4.65 |
Number Exercisable | 327,104 |
Weighted Average Exercise Price | $4.65 |
Exercise Prices Range Two | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices , lower range | $13 |
Range of Exercise Prices, upper range | $19 |
Number Outstanding | 459,831 |
Weighted Average Remaining Contractual Life (in years) | '2 years 3 months 29 days |
Weighted Average Exercise Price | $17.42 |
Number Exercisable | 264,493 |
Weighted Average Exercise Price | $16.89 |
Exercise Prices Range Three | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices , lower range | $19.01 |
Range of Exercise Prices, upper range | $31 |
Number Outstanding | 429,637 |
Weighted Average Remaining Contractual Life (in years) | '3 years 8 months 1 day |
Weighted Average Exercise Price | $26.29 |
Number Exercisable | 368,374 |
Weighted Average Exercise Price | $26.06 |
Summary_of_Restricted_Stock_Ba
Summary of Restricted Stock Based Awards (Detail) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |
Restricted Shares | ' | ' | ' | ' |
Ending Balance | 728,322 | ' | ' | ' |
Restricted Stock | ' | ' | ' | ' |
Restricted Shares | ' | ' | ' | ' |
Beginning Balance | 328,307 | 998,105 | 926,009 | ' |
Granted | 603,982 | 269,850 | 197,211 | ' |
Vested | -142,052 | -37,754 | -37,186 | ' |
Forfeited | -61,915 | -901,894 | -87,929 | ' |
Ending Balance | 728,322 | 328,307 | 998,105 | 926,009 |
Weighted Average Grant Price | ' | ' | ' | ' |
Beginning Balance | $18.26 | $19.19 | $18.22 | ' |
Ending Balance | $18.80 | $18.26 | $19.19 | $18.22 |
Weighted Average Remaining Vesting Period | ' | ' | ' | ' |
Beginning Balance | '2 years 4 months 2 days | '3 years 6 months 15 days | '4 years 7 months 10 days | '5 years 11 months 1 day |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Feb. 01, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 4 |
Revenues_Generated_by_Segments
Revenues Generated by Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $216,079 | $222,121 | $211,705 | $262,319 | $258,345 | $236,248 | $209,437 | $265,523 | $229,448 | $248,420 | $214,435 | $288,289 | $912,224 | $969,553 | $980,592 |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,626 | 13,896 | 13,673 |
Total operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,369 | 36,345 | 55,385 |
Total costs on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,306 |
Total identifiable assets | 706,735 | ' | ' | ' | 763,129 | ' | ' | ' | ' | ' | ' | ' | 706,735 | 763,129 | ' |
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,025 | 14,836 | 16,103 |
Total net (loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,394 | 21,509 | 37,976 |
Men's Sportswear and Swim | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 664,824 | 708,202 | 718,721 |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,043 | 8,573 | 9,028 |
Total operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,975 | 24,366 | 38,276 |
Total identifiable assets | 342,410 | ' | ' | ' | 354,189 | ' | ' | ' | ' | ' | ' | ' | 342,410 | 354,189 | ' |
Women's Sportswear | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,994 | 149,084 | 164,298 |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,899 | 1,902 | 1,412 |
Total operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,883 | -4,028 | 5,848 |
Total identifiable assets | 53,354 | ' | ' | ' | 67,937 | ' | ' | ' | ' | ' | ' | ' | 53,354 | 67,937 | ' |
Direct-to-Consumer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,755 | 85,165 | 72,530 |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,549 | 3,054 | 2,719 |
Total operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,306 | -6,640 | -5,273 |
Total identifiable assets | 25,875 | ' | ' | ' | 40,297 | ' | ' | ' | ' | ' | ' | ' | 25,875 | 40,297 | ' |
Licensing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,651 | 27,102 | 25,043 |
Total depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135 | 367 | 514 |
Total operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,155 | 22,647 | 16,534 |
Total identifiable assets | 255,599 | ' | ' | ' | 234,224 | ' | ' | ' | ' | ' | ' | ' | 255,599 | 234,224 | ' |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total identifiable assets | $29,497 | ' | ' | ' | $66,482 | ' | ' | ' | ' | ' | ' | ' | $29,497 | $66,482 | ' |
Revenues_From_External_Custome
Revenues From External Customers and Long Lived Assets Excluding Deferred Taxes Related To Continuing Operations In United States and Foreign Countries (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $216,079 | $222,121 | $211,705 | $262,319 | $258,345 | $236,248 | $209,437 | $265,523 | $229,448 | $248,420 | $214,435 | $288,289 | $912,224 | $969,553 | $980,592 |
Total long-lived assets | 277,419 | ' | ' | ' | 311,224 | ' | ' | ' | ' | ' | ' | ' | 277,419 | 311,224 | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 821,986 | 887,420 | 905,757 |
Total long-lived assets | 238,551 | ' | ' | ' | 268,322 | ' | ' | ' | ' | ' | ' | ' | 238,551 | 268,322 | ' |
International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,238 | 82,133 | 74,835 |
Total long-lived assets | $38,868 | ' | ' | ' | $42,902 | ' | ' | ' | ' | ' | ' | ' | $38,868 | $42,902 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 7-May-13 | 7-May-13 | Sep. 09, 2013 | Feb. 01, 2014 | 7-May-13 | 7-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | |
sqft | Chairman of the Board of Directors and Chief Executive Officer | President and Chief Operating Officer | President of International Development and Global Licensing | Minimum | Minimum | Minimum | Maximum | License Agreement | |||
Facility | Chairman of the Board of Directors and Chief Executive Officer | President and Chief Operating Officer | |||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
License agreements expiry period | ' | 31-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total royalty payment under license agreement | $12,800,000 | $10,600,000 | $8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,500,000 |
Lease arrangements | ' | 66,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of leased facilities | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases expiry date | ' | '2014-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual lease base payment | ' | 524,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '15 years | ' |
Rent expense for operating leases, including related party rent | 26,500,000 | 19,700,000 | 17,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligation | 301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligation, non current | 77,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment agreement expiration date | ' | ' | ' | 30-Jan-16 | 30-Jan-16 | 9-Sep-18 | ' | ' | ' | ' | ' |
Employment agreements base salaries | ' | ' | ' | ' | ' | $500,000 | ' | $1,000,000 | $1,000,000 | ' | ' |
Minimum_Aggregate_Annual_Commi
Minimum Aggregate Annual Commitments For Non-Cancelable, Unrelated Operating Lease Commitments (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2015 | $19,560 |
2016 | 19,753 |
2017 | 18,779 |
2018 | 17,098 |
2019 | 15,252 |
Thereafter | 93,497 |
Total | $183,939 |
Minimum_Aggregate_Annual_Commi1
Minimum Aggregate Annual Commitments For Capital Lease Obligations (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Capital Leased Assets [Line Items] | ' |
2015 | $301 |
2016 | 77 |
Total | $378 |
Summarized_Quarterly_Financial2
Summarized Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $207,897 | $214,700 | $204,492 | $255,484 | $251,015 | $229,330 | $203,090 | $259,016 | $222,062 | $242,116 | $208,596 | $282,775 | $882,573 | $942,451 | $955,549 |
Royalty income | 8,182 | 7,421 | 7,213 | 6,835 | 7,330 | 6,918 | 6,347 | 6,507 | 7,386 | 6,304 | 5,839 | 5,514 | 29,651 | 27,102 | 25,043 |
Total revenues | 216,079 | 222,121 | 211,705 | 262,319 | 258,345 | 236,248 | 209,437 | 265,523 | 229,448 | 248,420 | 214,435 | 288,289 | 912,224 | 969,553 | 980,592 |
Gross profit | 74,197 | 71,364 | 68,546 | 88,681 | 84,341 | 75,795 | 69,325 | 87,740 | 72,054 | 82,450 | 72,268 | 96,970 | 302,788 | 317,201 | 323,742 |
Net income | ($28,247) | ($3,022) | ($2,830) | $11,320 | $4,387 | $3,180 | ($2,442) | $9,676 | $1,783 | $6,509 | $1,847 | $15,378 | ($22,779) | $14,801 | $25,517 |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($1.91) | ($0.20) | ($0.19) | $0.75 | $0.30 | $0.22 | ($0.17) | $0.66 | $0.12 | $0.42 | $0.12 | $1.07 | ($1.52) | $1.01 | $1.71 |
Diluted | ($1.91) | ($0.20) | ($0.19) | $0.74 | $0.28 | $0.21 | ($0.17) | $0.64 | $0.12 | $0.40 | $0.11 | $0.99 | ($1.52) | $0.97 | $1.60 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in net (loss) income to the guarantor subsidiaries | ($28,247,000) | ($3,022,000) | ($2,830,000) | $11,320,000 | $4,387,000 | $3,180,000 | ($2,442,000) | $9,676,000 | $1,783,000 | $6,509,000 | $1,847,000 | $15,378,000 | ($22,779,000) | $14,801,000 | $25,517,000 |
Increase (decrease) in cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | 12,700,000 |
Increase (decrease) in cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 |
Increase (decrease) in cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | 13,000,000 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in net (loss) income to the guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,779,000 | 14,801,000 | 25,517,000 |
Increase (decrease) in cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,100,000 | 107,400,000 |
Change in Reporting Entity | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in net (loss) income to the guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | -2,200,000 |
Increase in comprehensive (loss) income to the guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | -2,200,000 |
Increase in net assets to the guarantor subsidiaries | ' | ' | ' | ' | $20,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | $20,700,000 | ' |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $26,989 | $54,957 | $24,116 | $18,524 |
Accounts receivable, net | 146,392 | 174,484 | ' | ' |
Inventories | 206,602 | 183,127 | ' | ' |
Investments, at fair value | 15,398 | ' | ' | ' |
Deferred income taxes | 14,060 | 11,608 | ' | ' |
Prepaid income taxes | 7,579 | 7,261 | ' | ' |
Prepaid expenses and other current assets | 7,369 | 11,667 | ' | ' |
Total current assets | 424,389 | 443,104 | ' | ' |
Property and equipment, net | 59,912 | 50,749 | ' | ' |
Other intangible assets, net | 211,485 | 246,681 | ' | ' |
Goodwill | 6,022 | 13,794 | ' | ' |
Other assets | 4,927 | 8,801 | ' | ' |
TOTAL | 706,735 | 763,129 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 112,442 | 132,028 | ' | ' |
Accrued expenses and other liabilities | 24,642 | 28,595 | ' | ' |
Accrued interest payable | 4,095 | 4,061 | ' | ' |
Unearned revenues | 5,013 | 4,647 | ' | ' |
Total current liabilities | 146,192 | 169,331 | ' | ' |
Senior subordinated notes payable, net | 150,000 | 150,000 | ' | ' |
Senior credit facility | 8,162 | ' | ' | ' |
Real estate mortgages | 22,844 | 24,202 | ' | ' |
Deferred pension obligation | 9,862 | 14,686 | ' | ' |
Unearned revenues and other long-term liabilities | 14,732 | 14,828 | ' | ' |
Deferred income taxes | 7,410 | 18,842 | ' | ' |
Total long-term liabilities | 213,010 | 222,558 | ' | ' |
Total liabilities | 359,202 | 391,889 | ' | ' |
Total equity | 347,533 | 371,240 | 366,495 | 302,940 |
TOTAL | 706,735 | 763,129 | ' | ' |
Parent | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Intercompany receivable, net | 174,075 | 180,030 | ' | ' |
Prepaid income taxes | 5,141 | ' | ' | ' |
Total current assets | 179,216 | 180,030 | ' | ' |
Investment in subsidiaries | 319,926 | 342,705 | ' | ' |
Other assets | 2,486 | 6,096 | ' | ' |
TOTAL | 501,628 | 528,831 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accrued expenses and other liabilities | ' | 3,530 | ' | ' |
Accrued interest payable | 4,095 | 4,061 | ' | ' |
Total current liabilities | 4,095 | 7,591 | ' | ' |
Senior subordinated notes payable, net | 150,000 | 150,000 | ' | ' |
Total long-term liabilities | 150,000 | 150,000 | ' | ' |
Total liabilities | 154,095 | 157,591 | ' | ' |
Total equity | 347,533 | 371,240 | ' | ' |
TOTAL | 501,628 | 528,831 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | 14,825 | 293 | ' |
Accounts receivable, net | 123,539 | 156,645 | ' | ' |
Inventories | 183,216 | 164,106 | ' | ' |
Deferred income taxes | 13,806 | 11,474 | ' | ' |
Prepaid income taxes | ' | 12,804 | ' | ' |
Prepaid expenses and other current assets | 6,578 | 9,883 | ' | ' |
Total current assets | 327,139 | 369,737 | ' | ' |
Property and equipment, net | 55,046 | 46,278 | ' | ' |
Other intangible assets, net | 177,482 | 208,251 | ' | ' |
Goodwill | 6,022 | 13,794 | ' | ' |
Other assets | 1,822 | 2,097 | ' | ' |
TOTAL | 567,511 | 640,157 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 104,480 | 123,177 | ' | ' |
Accrued expenses and other liabilities | 19,294 | 21,542 | ' | ' |
Unearned revenues | 3,192 | 2,627 | ' | ' |
Intercompany payable, net | 151,253 | 163,644 | ' | ' |
Total current liabilities | 278,219 | 310,990 | ' | ' |
Senior credit facility | 8,162 | ' | ' | ' |
Real estate mortgages | 22,844 | 24,202 | ' | ' |
Deferred pension obligation | 9,792 | 14,580 | ' | ' |
Unearned revenues and other long-term liabilities | 12,064 | 10,216 | ' | ' |
Deferred income taxes | 5,712 | 16,858 | ' | ' |
Total long-term liabilities | 58,574 | 65,856 | ' | ' |
Total liabilities | 336,793 | 376,846 | ' | ' |
Total equity | 230,718 | 263,311 | ' | ' |
TOTAL | 567,511 | 640,157 | ' | ' |
Non Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 29,988 | 40,132 | 23,823 | 19,174 |
Accounts receivable, net | 22,853 | 17,839 | ' | ' |
Inventories | 23,386 | 19,021 | ' | ' |
Investments, at fair value | 15,398 | ' | ' | ' |
Deferred income taxes | 254 | 134 | ' | ' |
Prepaid income taxes | 1,193 | ' | ' | ' |
Prepaid expenses and other current assets | 791 | 1,784 | ' | ' |
Total current assets | 93,863 | 78,910 | ' | ' |
Property and equipment, net | 4,866 | 4,471 | ' | ' |
Other intangible assets, net | 34,003 | 38,430 | ' | ' |
Other assets | 619 | 608 | ' | ' |
TOTAL | 133,351 | 122,419 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | 10,961 | 8,851 | ' | ' |
Accrued expenses and other liabilities | 5,799 | 11,050 | ' | ' |
Unearned revenues | 1,821 | 2,020 | ' | ' |
Intercompany payable, net | 24,997 | 17,882 | ' | ' |
Total current liabilities | 43,578 | 39,803 | ' | ' |
Deferred pension obligation | 70 | 106 | ' | ' |
Unearned revenues and other long-term liabilities | 2,668 | 4,612 | ' | ' |
Deferred income taxes | 2 | ' | ' | ' |
Total long-term liabilities | 2,740 | 4,718 | ' | ' |
Total liabilities | 46,318 | 44,521 | ' | ' |
Total equity | 87,033 | 77,898 | ' | ' |
TOTAL | 133,351 | 122,419 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | -2,999 | ' | ' | -650 |
Intercompany receivable, net | -174,075 | -180,030 | ' | ' |
Prepaid income taxes | 1,245 | -5,543 | ' | ' |
Total current assets | -175,829 | -185,573 | ' | ' |
Investment in subsidiaries | -319,926 | -342,705 | ' | ' |
TOTAL | -495,755 | -528,278 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts payable | -2,999 | ' | ' | ' |
Accrued expenses and other liabilities | -451 | -7,527 | ' | ' |
Intercompany payable, net | -176,250 | -181,526 | ' | ' |
Total current liabilities | -179,700 | -189,053 | ' | ' |
Deferred income taxes | 1,696 | 1,984 | ' | ' |
Total long-term liabilities | 1,696 | 1,984 | ' | ' |
Total liabilities | -178,004 | -187,069 | ' | ' |
Total equity | -317,751 | -341,209 | ' | ' |
TOTAL | ($495,755) | ($528,278) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Jan. 28, 2012 | Oct. 29, 2011 | Jul. 30, 2011 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $207,897 | $214,700 | $204,492 | $255,484 | $251,015 | $229,330 | $203,090 | $259,016 | $222,062 | $242,116 | $208,596 | $282,775 | $882,573 | $942,451 | $955,549 |
Royalty income | 8,182 | 7,421 | 7,213 | 6,835 | 7,330 | 6,918 | 6,347 | 6,507 | 7,386 | 6,304 | 5,839 | 5,514 | 29,651 | 27,102 | 25,043 |
Total revenues | 216,079 | 222,121 | 211,705 | 262,319 | 258,345 | 236,248 | 209,437 | 265,523 | 229,448 | 248,420 | 214,435 | 288,289 | 912,224 | 969,553 | 980,592 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 609,436 | 652,352 | 656,850 |
Gross profit | 74,197 | 71,364 | 68,546 | 88,681 | 84,341 | 75,795 | 69,325 | 87,740 | 72,054 | 82,450 | 72,268 | 96,970 | 302,788 | 317,201 | 323,742 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,716 | 263,854 | 248,618 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,626 | 13,896 | 13,673 |
Impairment on assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,977 | 3,516 | 6,066 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 328,319 | 281,266 | 268,357 |
(Loss) gain on sale of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,162 | 410 | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,369 | 36,345 | 55,385 |
Costs on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,306 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,025 | 14,836 | 16,103 |
Net income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,394 | 21,509 | 37,976 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,615 | 6,708 | 12,459 |
Net (loss) income | -28,247 | -3,022 | -2,830 | 11,320 | 4,387 | 3,180 | -2,442 | 9,676 | 1,783 | 6,509 | 1,847 | 15,378 | -22,779 | 14,801 | 25,517 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 592 | 118 | -4,857 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,187 | 14,919 | 20,660 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in (loss) earnings of subsidiaries, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,779 | 14,801 | 25,517 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,779 | 14,801 | 25,517 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 592 | 118 | -4,857 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,187 | 14,919 | 20,660 |
Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 804,374 | 872,372 | 891,668 |
Royalty income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,612 | 15,048 | 14,089 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 821,986 | 887,420 | 905,757 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 561,895 | 610,558 | 621,670 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,091 | 276,862 | 284,087 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,871 | 235,578 | 223,539 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,860 | 13,125 | 13,034 |
Impairment on assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,549 | 2,744 | 5,066 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 291,280 | 251,447 | 241,639 |
(Loss) gain on sale of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -799 | 410 | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,988 | 25,825 | 42,448 |
Costs on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,306 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,961 | 14,742 | 16,015 |
Net income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46,949 | 11,083 | 25,127 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,356 | 4,625 | 10,299 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32,593 | 6,458 | 14,828 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,310 | -53 | -4,593 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,283 | 6,405 | 10,235 |
Non Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,199 | 70,079 | 63,881 |
Royalty income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,039 | 12,054 | 10,954 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,238 | 82,133 | 74,835 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,541 | 41,794 | 35,180 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,697 | 40,339 | 39,655 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,845 | 28,276 | 25,079 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 766 | 771 | 639 |
Impairment on assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,428 | 772 | 1,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,039 | 29,819 | 26,718 |
(Loss) gain on sale of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,961 | ' | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,619 | 10,520 | 12,937 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 94 | 88 |
Net income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,555 | 10,426 | 12,849 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,741 | 2,083 | 2,160 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,814 | 8,343 | 10,689 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -718 | 171 | -264 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,096 | 8,514 | 10,425 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in (loss) earnings of subsidiaries, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,779 | -14,801 | -25,517 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,779 | -14,801 | -25,517 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -592 | -118 | 4,857 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,187 | ($14,919) | ($20,660) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flow (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | $220 | $76,981 | $712 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -22,243 | -9,840 | -13,132 |
Payment on purchase of operating leases | ' | ' | -904 |
Purchase of investments | -15,437 | ' | ' |
Payment on purchase of intangible assets | ' | -7,000 | -535 |
Proceeds on sale of intangible assets | 4,875 | ' | ' |
Redemption of restricted funds as collateral | ' | ' | 9,369 |
Proceeds in connection with purchase price adjustment | ' | 4,547 | ' |
Proceeds on termination of insurance | 3,559 | ' | ' |
Deposit on sale of intangible asset | ' | 2,625 | ' |
Proceeds on sale of long-lived assets, net | 1,892 | 760 | 2,875 |
Net cash (used in) provided by investing activities | -27,354 | -8,908 | -2,327 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings from senior credit facility | 415,885 | 288,312 | 398,208 |
Payments on senior credit facility | -407,723 | -309,991 | -473,871 |
Payments on senior subordinated notes payable | ' | ' | -105,792 |
Payments on real estate mortgages | -1,385 | -727 | -549 |
Deferred financing fees | -327 | -100 | -103 |
Proceeds from issuance of senior subordinated notes payable | ' | ' | 150,000 |
Debt issuance costs | ' | ' | -3,504 |
Payments on capital leases | -318 | -363 | -381 |
Proceeds from issuance of common stock | ' | ' | 56,000 |
Dividends paid to stockholders | ' | -14,992 | ' |
Stock issuance costs | ' | ' | -3,074 |
Tax benefit from exercise of stock options | 83 | 1,554 | 1,267 |
Proceeds from exercise of stock options | 154 | 1,804 | 4,768 |
Purchase of treasury stock | -6,957 | -2,582 | -15,958 |
Net cash (used in) provided by financing activities | -588 | -37,085 | 7,011 |
Effect of exchange rate changes on cash and cash equivalents | -246 | -147 | 196 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -27,968 | 30,841 | 5,592 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 54,957 | 24,116 | 18,524 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 26,989 | 54,957 | 24,116 |
Parent | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | -8,510 | -1,748 | 23,447 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds on termination of insurance | 3,559 | ' | ' |
Intercompany transactions | 11,917 | 16,111 | -107,350 |
Net cash (used in) provided by investing activities | 15,476 | 16,111 | -107,350 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Payments on senior subordinated notes payable | ' | ' | -105,792 |
Proceeds from issuance of senior subordinated notes payable | ' | ' | 150,000 |
Debt issuance costs | ' | ' | -3,504 |
Proceeds from issuance of common stock | ' | ' | 56,000 |
Dividends paid to stockholders | ' | -14,992 | ' |
Stock issuance costs | ' | ' | -3,074 |
Tax benefit from exercise of stock options | 83 | 1,554 | 1,267 |
Proceeds from exercise of stock options | 154 | 1,804 | 4,768 |
Purchase of treasury stock | -6,957 | -2,582 | -15,958 |
Net cash (used in) provided by financing activities | -6,720 | -14,216 | 83,707 |
Effect of exchange rate changes on cash and cash equivalents | -246 | -147 | 196 |
Guarantors | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | 16,328 | 61,983 | -68,762 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -20,874 | -8,277 | -11,419 |
Payment on purchase of operating leases | ' | ' | -904 |
Payment on purchase of intangible assets | ' | -7,000 | -535 |
Redemption of restricted funds as collateral | ' | ' | 9,369 |
Proceeds in connection with purchase price adjustment | ' | 4,547 | ' |
Proceeds on sale of long-lived assets, net | 1,892 | 410 | ' |
Net cash (used in) provided by investing activities | -18,982 | -10,320 | -3,489 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings from senior credit facility | 415,885 | 288,312 | 398,208 |
Payments on senior credit facility | -407,723 | -309,991 | -473,871 |
Payments on real estate mortgages | -1,385 | -727 | -549 |
Deferred financing fees | -327 | -100 | -103 |
Payments on capital leases | -318 | -363 | -381 |
Intercompany transactions | -18,303 | -14,262 | 149,240 |
Net cash (used in) provided by financing activities | -12,171 | -37,131 | 72,544 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -14,825 | 14,532 | 293 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 14,825 | 293 | ' |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ' | 14,825 | 293 |
Non Guarantors | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | -4,599 | 16,746 | 45,377 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -1,369 | -1,563 | -1,713 |
Purchase of investments | -15,437 | ' | ' |
Proceeds on sale of intangible assets | 4,875 | ' | ' |
Deposit on sale of intangible asset | ' | 2,625 | ' |
Proceeds on sale of long-lived assets, net | ' | 350 | 2,875 |
Net cash (used in) provided by investing activities | -11,931 | 1,412 | 1,162 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transactions | 6,632 | -1,702 | -41,611 |
Net cash (used in) provided by financing activities | 6,632 | -1,702 | -41,611 |
Effect of exchange rate changes on cash and cash equivalents | -246 | -147 | -279 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -10,144 | 16,309 | 4,649 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 40,132 | 23,823 | 19,174 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 29,988 | 40,132 | 23,823 |
Eliminations | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: | -2,999 | ' | 650 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Intercompany transactions | -11,917 | -16,111 | 107,350 |
Net cash (used in) provided by investing activities | -11,917 | -16,111 | 107,350 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany transactions | 11,671 | 15,964 | -107,629 |
Net cash (used in) provided by financing activities | 11,671 | 15,964 | -107,629 |
Effect of exchange rate changes on cash and cash equivalents | 246 | 147 | 279 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -2,999 | ' | 650 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | ' | ' | -650 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ($2,999) | ' | ' |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Deductions | ($100) | ' | ' |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of period | 1,287 | 1,213 | 1,795 |
Charged to expense | -98 | 331 | 93 |
Deductions | -115 | -257 | -675 |
Balance at end of period | 1,074 | 1,287 | 1,213 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of period | 5,317 | 4,591 | 5,098 |
Charged to expense | 1,684 | 775 | 43 |
Adjustment to valuation accounts | -1,003 | -49 | -550 |
Balance at end of period | 5,998 | 5,317 | 4,591 |
Allowance for Uncollectible Customer's Liability for Acceptances | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of period | 24,556 | 26,539 | 24,414 |
Charged to expense | 83,164 | 90,980 | 87,382 |
Deductions | -87,372 | -92,963 | -85,257 |
Balance at end of period | $20,348 | $24,556 | $26,539 |