Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Apr. 04, 2017 | Jul. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PERY | ||
Entity Registrant Name | PERRY ELLIS INTERNATIONAL, INC | ||
Entity Central Index Key | 900,349 | ||
Current Fiscal Year End Date | --01-28 | ||
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 | 15,544,000 | ||
Entity Public Float | $ 267,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 30,695 | $ 31,902 |
Investments, at fair value | 10,921 | 9,782 |
Accounts receivable, net | 140,240 | 132,066 |
Inventories | 151,251 | 182,750 |
Prepaid income taxes | 1,647 | 1,818 |
Prepaid expenses and other current assets | 6,462 | 8,461 |
Total current assets | 341,216 | 366,779 |
Property and equipment, net | 61,835 | 63,908 |
Other intangible assets, net | 187,051 | 187,919 |
Deferred income tax | 334 | 442 |
Other assets | 2,269 | 2,927 |
TOTAL | 592,705 | 621,975 |
Current Liabilities: | ||
Accounts payable | 92,843 | 103,684 |
Accrued expenses and other liabilities | 20,861 | 26,497 |
Accrued interest payable | 1,450 | 1,521 |
Unearned revenues | 2,710 | 4,213 |
Deferred pension obligation | 12,107 | |
Total current liabilities | 117,864 | 148,022 |
Senior subordinated notes payable, net | 49,673 | 49,528 |
Senior credit facility | 22,504 | 61,758 |
Real estate mortgages | 33,591 | 21,318 |
Unearned revenues and other long-term liabilities | 18,271 | 14,853 |
Deferred income taxes | 37,115 | 35,015 |
Total long-term liabilities | 161,154 | 182,472 |
Total liabilities | 279,018 | 330,494 |
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; 15,530,273 shares issued and outstanding as of January 28, 2017 and 15,409,310 shares issued and outstanding as of January 30, 2016 | 155 | 154 |
Additional paid-in-capital | 147,300 | 144,025 |
Retained earnings | 176,327 | 161,810 |
Accumulated other comprehensive loss | (10,095) | (14,508) |
Total equity | 313,687 | 291,481 |
TOTAL | $ 592,705 | $ 621,975 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 28, 2017 | Jan. 30, 2016 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 15,530,273 | 15,409,310 |
Common stock, shares outstanding | 15,530,273 | 15,409,310 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May 30, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Revenues: | |||||||||||||||
Net sales | $ 195,572 | $ 185,298 | $ 193,341 | $ 250,875 | $ 205,464 | $ 196,447 | $ 204,638 | $ 258,257 | $ 209,044 | $ 203,267 | $ 196,010 | $ 249,916 | $ 825,086 | $ 864,806 | $ 858,237 |
Royalty Income | 8,608 | 8,661 | 8,312 | 10,419 | 8,899 | 8,992 | 8,661 | 8,157 | 8,642 | 8,173 | 7,522 | 7,398 | 36,000 | 34,709 | 31,735 |
Total revenues | 204,180 | 193,959 | 201,653 | 261,294 | 214,363 | 205,439 | 213,299 | 266,414 | 217,686 | 211,440 | 203,532 | 257,314 | 861,086 | 899,515 | 889,972 |
Cost of sales | 542,578 | 580,448 | 586,968 | ||||||||||||
Gross profit | 78,490 | 71,103 | 73,831 | 95,084 | 79,730 | 73,295 | 75,942 | 90,100 | 74,568 | 70,307 | 70,464 | 87,665 | 318,508 | 319,067 | 303,004 |
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 280,019 | 275,863 | 268,783 | ||||||||||||
Depreciation and amortization | 14,542 | 13,693 | 12,198 | ||||||||||||
Impairment on assets | 1,451 | 20,604 | |||||||||||||
Impairment on goodwill | 6,022 | ||||||||||||||
Total operating expenses | 296,012 | 316,182 | 280,981 | ||||||||||||
Gain on sale of long-lived assets | 3,779 | 885 | |||||||||||||
Operating (loss) income | 22,496 | 6,664 | 22,908 | ||||||||||||
Costs on early extinguishment of debt | 195 | 5,121 | |||||||||||||
Interest expense | 7,395 | 9,267 | 14,291 | ||||||||||||
Net income (loss) before income taxes | 14,906 | (7,724) | 8,617 | ||||||||||||
Income tax provision (benefit) | 389 | (432) | 45,792 | ||||||||||||
Net income (loss) | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ (42,897) | $ (437) | $ (1,616) | $ 7,775 | $ 14,517 | $ (7,292) | $ (37,175) |
Net income (loss) per share: | |||||||||||||||
Basic | $ 0.60 | $ (0.34) | $ (0.24) | $ 0.96 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.64 | $ (2.90) | $ (0.03) | $ (0.11) | $ 0.53 | $ 0.97 | $ (0.49) | $ (2.50) |
Diluted | $ 0.59 | $ (0.34) | $ (0.24) | $ 0.95 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.62 | $ (2.90) | $ (0.03) | $ (0.11) | $ 0.52 | $ 0.95 | $ (0.49) | $ (2.50) |
Weighted average number of shares outstanding | |||||||||||||||
Basic | 14,936 | 14,968 | 14,856 | ||||||||||||
Diluted | 15,215 | 14,968 | 14,856 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | ||
Net income (loss) | $ 14,517 | $ (7,292) | $ (37,175) | |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net | (2,771) | (2,357) | (3,211) | |
Unrealized gain (loss) on pension liability, net of tax | [1] | 7,368 | 717 | (2,219) |
Unrealized loss on forward contract | (181) | |||
Unrealized (loss) gain on investments | (3) | (16) | 46 | |
Total other comprehensive income (loss) | 4,413 | (1,656) | (5,384) | |
Comprehensive income (loss) | $ 18,930 | $ (8,948) | $ (42,559) | |
[1] | Unrealized gain (loss) on pension liability for the twelve months ended January 28, 2017, January 30, 2016 and January 31, 2015 is net of tax benefit in the amount of $3.8 million, $0.0 million and $0.0 million. See footnote 19 to the consolidated financial statements for further information. |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Unrealized gain (loss) on pension liability, tax benefit | $ 3.8 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Restricted Stock | Stock Appreciation Rights (SARs) | COMMON STOCK | COMMON STOCKRestricted Stock | ADDITIONAL PAID-IN CAPITAL | ADDITIONAL PAID-IN CAPITALRestricted Stock | ADDITIONAL PAID-IN CAPITALStock Appreciation Rights (SARs) | Treasury Stock | ACCUMULATED OTHER COMPREHENSIVE (LOSS ) INCOME | RETAINED EARNINGS |
Beginning Balance (in shares) at Feb. 01, 2014 | 15,901,956 | ||||||||||
Beginning Balance at Feb. 01, 2014 | $ 347,533 | $ 159 | $ 155,522 | $ (6,957) | $ (7,468) | $ 206,277 | |||||
Exercise of stock options and stock appreciation rights | 404 | 404 | |||||||||
Exercise of stock options and stock appreciation rights (in shares) | 36,043 | ||||||||||
Tax benefit of restricted shares and non-qualified stock options | $ (272) | (272) | |||||||||
Restricted shares withheld for income taxes (in shares) | (21,809) | (21,809) | |||||||||
Tax withholding for share-based compensation | $ (351) | $ (351) | |||||||||
Restricted shares and options issued as compensation (in shares) | 212,585 | ||||||||||
Restricted shares and options issued as compensation | $ 6,035 | $ 2 | 6,033 | ||||||||
Net income (loss) | (37,175) | (37,175) | |||||||||
Purchase of treasury stock | (8,773) | (8,773) | |||||||||
Other comprehensive income (loss) | (5,384) | (5,384) | |||||||||
Ending Balance (in shares) at Jan. 31, 2015 | 16,128,775 | ||||||||||
Ending Balance at Jan. 31, 2015 | 302,017 | $ 161 | 161,336 | (15,730) | (12,852) | 169,102 | |||||
Exercise of stock options and stock appreciation rights | $ 1,408 | $ 3 | 1,405 | ||||||||
Exercise of stock options and stock appreciation rights (in shares) | 314,036 | ||||||||||
Restricted shares withheld for income taxes (in shares) | (27,325) | (27,325) | |||||||||
Tax withholding for share-based compensation | (664) | $ (578) | (664) | $ (578) | |||||||
Restricted shares and options issued as compensation (in shares) | 137,674 | ||||||||||
Restricted shares and options issued as compensation | $ 5,196 | $ 1 | 5,195 | ||||||||
Net income (loss) | (7,292) | (7,292) | |||||||||
Purchase of treasury stock | (6,950) | (6,950) | |||||||||
Other comprehensive income (loss) | (1,656) | (1,656) | |||||||||
Retirement of treasury stock | $ (11) | (22,669) | 22,680 | ||||||||
Retirement of treasury stock, shares | (1,143,850) | ||||||||||
Ending Balance (in shares) at Jan. 30, 2016 | 15,409,310 | ||||||||||
Ending Balance at Jan. 30, 2016 | 291,481 | $ 154 | 144,025 | (14,508) | 161,810 | ||||||
Exercise of stock options and stock appreciation rights | $ 73 | 73 | |||||||||
Exercise of stock options and stock appreciation rights (in shares) | 25,272 | ||||||||||
Restricted shares withheld for income taxes (in shares) | (49,387) | (49,387) | |||||||||
Tax withholding for share-based compensation | $ (951) | $ (154) | $ (951) | $ (154) | |||||||
Restricted shares and options issued as compensation (in shares) | 259,013 | ||||||||||
Restricted shares and options issued as compensation | $ 6,459 | $ 2 | 6,457 | ||||||||
Net income (loss) | 14,517 | 14,517 | |||||||||
Purchase of treasury stock | (2,151) | (2,151) | |||||||||
Other comprehensive income (loss) | 4,413 | 4,413 | |||||||||
Retirement of treasury stock | $ (1) | (2,150) | $ 2,151 | ||||||||
Retirement of treasury stock, shares | (113,935) | ||||||||||
Ending Balance (in shares) at Jan. 28, 2017 | 15,530,273 | ||||||||||
Ending Balance at Jan. 28, 2017 | $ 313,687 | $ 155 | $ 147,300 | $ (10,095) | $ 176,327 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ 14,517 | $ (7,292) | $ (37,175) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 14,932 | 14,318 | 12,933 | |
Provision for bad debts | 804 | 528 | 812 | |
Impairment on assets | 1,451 | 20,604 | ||
Impairment on goodwill | 6,022 | |||
Amortization of debt issue costs | 412 | 472 | 645 | |
Amortization of premiums and discounts | 56 | 143 | 413 | |
Amortization of unrealized (gain) loss on pension liability | 464 | 538 | 399 | |
Pension settlement charge | 7,217 | 4,427 | ||
Costs on early extinguishment of debt | 173 | 1,158 | ||
Deferred income taxes | 2,208 | (2,581) | 43,730 | |
Gain on sale of long-lived assets, net | (3,779) | (885) | ||
Share-based compensation | 6,459 | 5,196 | 6,035 | |
Changes in operating assets and liabilities, net of acquisitions | ||||
Accounts receivable, net | (10,880) | 3,078 | 6,459 | |
Inventories | 29,601 | (1,193) | 20,116 | |
Prepaid income taxes | 138 | 4,592 | 1,090 | |
Prepaid expenses and other current assets | 1,891 | (1,399) | 167 | |
Other assets | 140 | 487 | (408) | |
Accounts payable and accrued expenses | (17,089) | (10,342) | 4,202 | |
Accrued interest payable | (71) | (2,524) | (50) | |
Unearned revenues and other liabilities | 2,208 | (1,219) | 210 | |
Deferred pension obligation | (12,337) | (1,069) | (3,550) | |
Net cash provided by operating activities | 42,294 | 30,165 | 55,143 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of property and equipment | (13,273) | (16,150) | (16,733) | |
Purchase of investments | (13,896) | (12,086) | (31,501) | |
Proceeds from investments maturities | 12,746 | 22,197 | 26,592 | |
Proceeds on sale of intangible asset | 2,500 | |||
Proceeds from sale of building | 8,163 | |||
Payment of expenses related to sale of building | (1,887) | |||
Proceeds on termination of life insurance | 245 | |||
Proceeds from note receivable | 250 | 250 | 250 | |
Net cash (used in) provided by investing activities | (14,173) | 2,987 | (21,147) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings from senior credit facility | 311,241 | 408,209 | 234,137 | |
Payments on senior credit facility | (350,495) | (346,451) | (242,299) | |
Payments on senior subordinated notes | (100,000) | |||
Purchase of treasury stock | (2,151) | (6,950) | (8,773) | |
Proceeds from real estate mortgages | 24,139 | |||
Payments on real estate mortgages | (11,768) | (821) | (792) | |
Payments on capital leases | (264) | (262) | (301) | |
Deferred financing fees | (274) | (574) | ||
Proceeds from exercise of stock options | 73 | 1,408 | 404 | |
Tax benefit from exercise of equity instruments | (161) | |||
Net cash used in financing activities | (29,499) | (45,441) | (17,785) | |
Effect of exchange rate changes on cash and cash equivalents | 171 | 644 | 347 | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,207) | (11,645) | 16,558 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 31,902 | 43,547 | 26,989 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 30,695 | 31,902 | 43,547 | |
Cash paid during the period for: | ||||
Interest | 6,998 | 11,176 | 13,283 | |
Income taxes | 1,202 | 718 | 662 | |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||||
Capital lease financing | 810 | |||
Accrued purchases of property and equipment | 446 | 210 | 185 | |
Unrealized (loss) gain on pension liability included in comprehensive (loss) income | [1] | $ 7,368 | $ 717 | $ (2,219) |
[1] | Unrealized gain (loss) on pension liability for the twelve months ended January 28, 2017, January 30, 2016 and January 31, 2015 is net of tax benefit in the amount of $3.8 million, $0.0 million and $0.0 million. See footnote 19 to the consolidated financial statements for further information. |
General
General | 12 Months Ended |
Jan. 28, 2017 | |
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: the global designer lifestyle brand, Perry Ellis ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® cover-ups, ® The periods presented in these financial statements are the fiscal years ended January 28, 2017 (“fiscal 2017”), January 30, 2016 (“fiscal 2016”) and January 31, 2015 (“fiscal 2015”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
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 - wholly-owned USE OF 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 January 28, 2017. The Company’s investments also included certificates of deposit for the fiscal year ended January 30, 2016. All investments are classified as available-for-sale. available-for-sale INVENTORIES - PROPERTY AND EQUIPMENT - straight-line straight-line Asset Class Average Useful Lives in Years Furniture, fixtures and equipment 3-10 Vehicles 5-7 Leasehold improvements 4-15 Buildings and building improvements 10-39 INTANGIBLE ASSETS - 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 - • Level 1 – Quoted prices for identical • Level 2 – Quoted prices for similar • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Determination of Fair Value - 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. 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 or not the derivative 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 - LONG-LIVED ASSETS - The Company recorded a $1.4 million and $2.4 million impairment charge, in fiscal 2017 and fiscal 2016, 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. There was no such impairment charge for fiscal 2015. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations and were related to the Direct-to 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 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 ADVERTISING AND RELATED COSTS - COST OF SALES SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TREASURY STOCK - Treasury stock is recorded at acquisition cost. Gains and losses on disposition are recorded as increases or decreases to additional paid-in paid-in REVENUE RECOGNITION - 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 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 2017, 2016 and 2015, the Company has reduced selling, general and administrative expenses by $7.0 million, $6.6 million and $6.8 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 re-measurement INCOME TAXES - Deferred income taxes result primarily from timing differences in the recognition of expenses for tax for 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, the Company 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 INCOME (LOSS) PER SHARE - The following table sets forth the computation of basic and diluted loss per share: 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) $ 14,517 $ (7,292 ) $ (37,175 ) Denominator: Basic - weighted average shares 14,936 14,968 14,856 Dilutive effect: equity awards 279 — — Diluted - weighted average shares 15,215 14,968 14,856 Basic income (loss) per share $ 0.97 $ (0.49 ) $ (2.50 ) Diluted income (loss) income per share $ 0.95 $ (0.49 ) $ (2.50 ) Antidilutive effect: (1) 471 1,154 1,748 (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 stock-based For fiscal 2017, 2016, and 2015, approximately $6.5 million, $5.2 million and $6.0 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. 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 The following weighted-average 2017 2016 2015 Risk free interest 0.0% 1.5% 2.2 - 2.4% Dividend yield 0.0% 0.0% 0.0% Volatility factors 0.0% 61.4% 62.3% - 63.3% Weighted-average life (years) 0.0 5.0 5.0 RECENT ACCOUNTING PRONOUNCEMENTS - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 , “Revenue from Contracts with Customers.” No. 2014-09 No. 2014-09 In March 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30)” 2015-03 The effect on the condensed consolidating balance sheet as of January 30, 2016, as a result of this change in presentation, is a decrease of ($0.5) million in other assets, and a decrease of ($0.5) million in senior subordinated notes payable. In July 2015, the FASB issued ASU 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory”, last-in, 2015-11 No. 2015-11 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” In March 2016, the FASB issued ASU No. 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, available-for-sale In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing 2014-09, Revenue from Contracts with Customers”, In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients 2014-09, “Revenue from Contracts with Customers”. non-cash In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale available-for-sale In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force),” In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 28, 2017 | |
Accounts Receivable | 3. Accounts Receivable Accounts receivable consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Trade accounts $ 151,370 $ 144,708 Royalties 6,659 5,892 Other receivables 712 1,769 Total 158,741 152,369 Less: Allowances (18,501 ) (20,303 ) Total $ 140,240 $ 132,066 The Company reports accounts receivable at amounts it expects to be collected, less allowances for trade discounts, co-op non-collection |
Inventories
Inventories | 12 Months Ended |
Jan. 28, 2017 | |
Inventories | 4. Inventories Inventories consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Finished goods $ 151,251 $ 182,414 Raw materials and in process — 336 Total $ 151,251 $ 182,750 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 curr
Prepaid expenses and other current assets | 12 Months Ended |
Jan. 28, 2017 | |
Prepaid expenses and other current assets | 5. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Prepaid expenses $ 6,365 $ 8,149 Other current assets 97 312 Total $ 6,462 $ 8,461 |
Investments
Investments | 12 Months Ended |
Jan. 28, 2017 | |
Investments | 6. Investments The Company’s investments include certificates of deposit for the fiscal years ended January 28, 2017 and January 30, 2016. The Company’s investments also include marketable securities for the fiscal year ended January 28, 2017. Certificates of deposit are classified as available-for-sale available-for-sale Investments consisted of the following as of January 28, 2017: Gross Gross Estimated Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Marketable securities $ 3,258 $ — $ (8 ) $ 3,250 Certificates of deposit 7,675 — (4 ) 7,671 Total investments $ 10,933 $ — $ (12 ) $ 10,921 Investments consisted of the following as of January 30, 2016: Gross Gross Estimated Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Certificates of deposit $ 9,791 $ — $ (9 ) $ 9,782 Total investments $ 9,791 $ — $ (9 ) $ 9,782 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 28, 2017 | |
Property and Equipment | 7. Property and Equipment Property and equipment consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Furniture, fixtures and equipment $ 91,639 $ 84,634 Buildings and building improvements 21,359 19,462 Vehicles 523 523 Leasehold improvements 48,799 46,882 Land 9,430 9,430 Total 171,750 160,931 Less: accumulated depreciation and amortization (109,915 ) (97,023 ) Total $ 61,835 $ 63,908 The above table of property and equipment includes assets held under capital leases as of: January 28, January 30, 2017 2016 (in thousands) Furniture, fixtures and equipment $ 810 $ 810 Less: accumulated depreciation and amortization (452 ) (182 ) Total $ 358 $ 628 Depreciation and amortization expense relating to property and equipment amounted to $14.1 million , During the fourth quarter of fiscal 2016, the Company executed a sales agreement, in the amount of $8.2 million, for the sale of its sourcing office building located in Beijing, China. As a result of this transaction, the Company recorded a gain in the amount of $4.5 million, net of expenses of $1.9 million, in the men’s sportswear and swim segment. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Jan. 28, 2017 | |
Other Intangible Assets | 8. Other Intangible Assets Trademarks Trademarks, included in other intangible assets, net, are considered indefinite-lived assets and totaled $184.1 million at January 28, 2017 and January 30, 2016. On March 19, 2015, the Company entered into an agreement to sell the intellectual property of its C&C California brand to a third party. The sales price was $2.5 million, which was collected during the first quarter of fiscal 2016. In connection with this transaction, the Company recorded a loss of ($0.7) million in the licensing segment. On August 1, 2014, the Company entered into a sales agreement, in the amount of $1.3 million, for the sale of Australian, Fiji and New Zealand trademark rights with respect to Jantzen. Payments on the purchase price are due in five installments of $250,000 over a five year period. Interest on the purchase price that remains unpaid will accrue at a rate of 3.5% per annum calculated on an annual basis. The remaining two payments will be paid annually commencing on August 1, 2017, with the final payment to be made on August 1, 2018. As a result of this transaction, the Company recorded a gain of $0.9 million in the licensing segment. 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 primarily estimates the fair value of the trademarks based on (1) the relief from royalty method for our wholesale business and (2) the yield capitalization method for our licensing business. These methodologies assume 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 the Company’s 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 year ended January 30, 2016, the Company determined that the carrying value of certain trademarks exceeded their estimated fair value. Accordingly, the Company recorded a non-cash, pre-tax 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 Based on the annual goodwill impairment analysis performed during the fiscal year ended January 30, 2016, the Company determined that the carrying value exceeded the estimated fair value of goodwill. Accordingly, the Company recorded a non-cash, pre-tax Other Other intangible assets represent customer lists as of: January 28, 2017 January 30, 2016 (in thousands) Customer lists $ 8,450 $ 8,450 Less: accumulated amortization (5,545 ) (4,677 ) Total $ 2,905 $ 3,773 For the years ended January 28, 2017, January 30, 2016, and January 31, 2015, amortization expense relating to customer lists amounted to approximately $0.9 million, respectively. Other intangible assets are amortized over their estimated useful lives of 10 years. Assuming no impairment, the table sets forth the estimated amortization expense for future periods based on recorded amounts as of January 28, 2017: (in thousands) 2018 $ 835 2019 793 2020 734 2021 543 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Jan. 28, 2017 | |
Accrued Expenses and Other Liabilities | 9. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of: January 28, 2017 January 30, 2016 (in thousands) Salaries and commissions $ 2,684 $ 6,476 Royalties 3,868 3,002 Unearned advertising reimbursement 1,242 1,999 Insurance and rent 3,001 2,532 State sales and other taxes 2,218 2,496 Professional fees 560 361 Current portion - real estate mortgages 862 817 Other 6,426 8,814 Total $ 20,861 $ 26,497 |
Senior Subordinated Notes Payab
Senior Subordinated Notes Payable | 12 Months Ended |
Jan. 28, 2017 | |
Senior Subordinated Notes Payable | 10. Senior Subordinated Notes Payable In March 2011, the Company issued $150 million 7 7 8 7 8 On April 6, 2015, the Company elected to call for the partial redemption of $100 million of its $150 million 7 7 8 write-off 7 8 7 8 Certain Covenants. non-compliance |
Senior Credit Facility
Senior Credit Facility | 12 Months Ended |
Jan. 28, 2017 | |
Senior Credit Facility | 11. Senior Credit Facility On April 22, 2015, 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 $200 million. The Credit Facility has been extended through April 30, 2020 (“Maturity Date”). In connection with this amendment and restatement, the Company paid fees in the amount of $0.6 million. These fees will be amortized over the term of the credit facility as interest expense. At January 28, 2017, the Company had outstanding borrowings of $22.5 million under the Credit Facility. At January 30, 2016, the Company had outstanding borrowings of $61.8 million under the Credit Facility. Certain Covenants non-compliance 7 8 Borrowing Base . Interest. Security non-U.S. |
Letter of Credit Facilities
Letter of Credit Facilities | 12 Months Ended |
Jan. 28, 2017 | |
Letter of Credit Facilities | 12. Letter of Credit Facilities As of January 28, 2017, the Company maintained one U.S. dollar letter of credit facility totaling $30.0 million. 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 2017, one letter of credit facility totaling, $0.3 million utilized by the Company’s United Kingdom subsidiary, expired and has not been renewed. During fiscal 2016, a $15.0 million line of credit expired and was not renewed. Amounts under letter of credit facilities consisted of the following as of: January 28, 2017 January 30, 2016 (in thousands) Total letter of credit facilities $ 30,000 $ 30,286 Outstanding letters of credit (10,788 ) (11,395 ) Total credit available $ 19,212 $ 18,891 |
Real Estate Mortgages
Real Estate Mortgages | 12 Months Ended |
Jan. 28, 2017 | |
Real Estate Mortgages | 13. 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 was due on August 1, 2020. 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 In November 2016, the Company paid off its existing real estate mortgage loan and refinanced its main administrative office, warehouse and distribution facility in Miami with a $21.7 million mortgage loan. The loan is due on November 22, 2026. The interest rate is 3.715% per annum. Monthly payments of principal and interest approximate $112,000, based on a 25-year wrote-off In June 2006, the Company entered into a mortgage loan for $15 million secured by the Company’s Tampa facility. The loan was due on January 23, 2019. In January 2014, the Company 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 In November 2016, the Company amended the mortgage loan to increase the amount to $13.2 million. The loan is due on November 22, 2026. The interest rate is 3.715% per annum. Monthly payments of principal and interest approximate $68,000, based on a 25-year The Company used the excess funds generated from the new mortgage loans described above to pay down its senior credit facility. The real estate mortgage loans contain certain covenants. The Company is not aware of any non-compliance The contractual maturities of the real estate mortgages are as follows: Fiscal year ending: Amount (in thousands) 2018 $ 862 2019 896 2020 930 2021 962 2022 1,003 Thereafter 30,087 34,740 Less discount (287 ) Total $ 34,453 |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jan. 28, 2017 | |
Retirement Plan | 14. 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 $1.0 million for the fiscal years ended January 28, 2017, January 30, 2016, and January 31, 2015. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jan. 28, 2017 | |
Benefit Plans | 15. Benefit Plans The Company sponsored two qualified pension plans as a result of the Perry Ellis Menswear acquisition that occurred in June 2003. The plans were frozen and merged as of December 31, 2003. During fiscal 2015, the Board of Directors resolved to terminate the pension plan. As of January 28, 2017, the Company satisfied the regulatory requirements prescribed by the Internal Revenue Service and the Pension Benefit Guaranty Corporation and the distribution of plan assets was completed. The pension plan has been fully terminated. 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 30, 2016, Salant Corporation Retirement Plan FAS 132 Disclosure January 28, January 30, For the fiscal year ended: 2017 2016 (in thousands) Change in benefit obligation Benefit obligation at beginning of plan year $ 30,971 $ 45,829 Service cost 250 250 Interest cost 403 1,349 Actuarial loss (834 ) 1,097 Lump sums plus annuities paid (30,790 ) (17,554 ) Benefit obligation at end of plan year $ — $ 30,971 Change in plan assets Fair value of plan assets at beginning of plan year $ 18,864 $ 36,899 Actual return on plan assets 173 (522 ) Company contributions 11,753 41 Lump sums plus annuities paid (30,790 ) (17,554 ) Fair value of plan assets at end of plan year $ — $ 18,864 Unfunded status at end of plan year $ — $ 12,107 The net unfunded amount is classified as a liability in the caption deferred pension obligation on the consolidated balance sheet. At January 28, 2017, there was no deferred loss included in accumulated other comprehensive loss. At January 30, 2016, the deferred loss included in accumulated other comprehensive loss was $11.1 million before tax and $7.4 million on an after-tax The following table provides the components of net benefit cost for the plans for the fiscal years ended: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Service cost $ 250 $ 250 $ 250 Interest cost 403 1,349 1,635 Expected return on plan assets (262 ) (2,631 ) (2,398 ) Settlement 9,918 4,427 — Amortization of unrecognized net loss 464 538 399 Net periodic benefit cost $ 10,773 $ 3,933 $ (114 ) 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 settlement charges of $9.9 million in fiscal 2017 were the result of lump sum distributions from the plan’s assets following the termination of the plan. The settlement charges of $4.4 million in fiscal 2016 were the result of lump sum distributions from the plan’s assets in fiscal 2016 in anticipation of the plan’s termination in fiscal 2017. The assumptions used in the measurement of the Company’s benefit obligation are shown in the following table for the plan years ended: January 28, January 30, 2017 2016 Discount rate 3.19 % 3.19 % Rate of compensation increase N/A N/A The assumptions used in the measurement of the net periodic benefit cost are as follows: January 28, January 30, 2017 2016 Discount rate 3.19 % 3.05 % Expected return on plan assets 4.25 % 7.50 % Rate of compensation increase N/A N/A The pension plan weighted-average asset allocations by asset category are as follows: Plan Assets January 28, January 30, 2017 2016 Asset category: Debt securities 0.00 % 35.00 % Cash 0.00 % 65.00 % Total 0.00 % 100.00 % 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 primary objectives for the Company’s pension assets are to (1) provide for a reasonable amount of 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 rate of return. The fair value of plan assets by asset category is as follows: Fair Value Measurements At January 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Asset category: Debt securities $ 6,602 $ — $ — $ 6,602 Cash 12,262 — — 12,262 Total $ 18,864 $ — $ — $ 18,864 |
Unearned Revenues and Other Lon
Unearned Revenues and Other Long-Term Liabilities | 12 Months Ended |
Jan. 28, 2017 | |
Unearned Revenues and Other Long-Term Liabilities | 16. Unearned Revenues and Other Long-Term Liabilities Unearned revenues and other long-term liabilities consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Deferred rent long-term $ 12,261 $ 12,848 Long-term incentive compensation 5,763 1,464 Other 247 541 Total $ 18,271 $ 14,853 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Income Taxes | 17. Income Taxes For financial reporting purposes, income (loss) before income tax provision (benefit) includes the following components: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Domestic $ 8,873 $ (19,447 ) $ 1,404 Foreign 6,033 11,723 7,213 Total $ 14,906 $ (7,724 ) $ 8,617 The income tax provision (benefit) consisted of the following components for each of the years ended: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Current income taxes: Federal $ (2,748 ) $ 5 $ 398 State (286 ) 205 505 Foreign 1,215 1,939 1,159 Total current income taxes (1,819 ) 2,149 2,062 Deferred income taxes: Federal 2,147 (2,246 ) 41,225 State (47 ) (617 ) 2,974 Foreign 108 282 (469 ) Total deferred income taxes 2,208 (2,581 ) 43,730 Total $ 389 $ (432 ) $ 45,792 The Company’s effective income tax rate was as follows for each of the years ended: January 28, January 30, January 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % (Decrease) increase resulting from State income taxes, net of federal income tax benefit (1.1 %) 5.2 % (1.7 %) Foreign tax rate differential (9.7 %) 35.9 % (28.8 %) Change in reserves 0.6 % (2.2 %) 3.3 % Change in valuation allowance (8.0 %) (38.6 %) 506.9 % Non-deductible 9.5 % (32.2 %) 14.7 % Prior year tax provision adjustments 2.5 % 1.8 % (0.6 %) Change in deferred rate (0.6 %) 4.1 % (0.4 %) Pension termination benefit (25.2 %) 0.0 % 0.0 % Other (0.4 %) (3.4 %) 3.0 % Total 2.6 % 5.6 % 531.4 % 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: January 28, January 30, 2017 2016 (in thousands) Deferred tax assets: Inventory $ 5,104 $ 6,251 Accounts receivable 1,306 1,295 Accrued expenses 8,208 7,930 Net operating losses 19,294 19,882 Deferred pension obligation — 4,741 Stock compensation 2,882 3,497 Fixed assets 7,474 7,142 Intangible assets 3,122 3,681 Other 4,354 4,434 51,744 58,853 Deferred tax liabilities: Intangible assets (38,869 ) (36,642 ) Prepaid expenses (1,604 ) (1,993 ) (40,473 ) (38,635 ) Valuation allowance (48,052 ) (54,791 ) Net deferred tax liability $ (36,781 ) $ (34,573 ) 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. The balance of the valuation allowance associated with the unrealized losses associated with marketable securities for fiscal 2017 and 2016 was $0.9 million, respectively. During fiscal years 2017 and 2016, the Company realized tax-effected true-up true-up, During fiscal years 2017 and 2016, the Company realized tax-effected During fiscal years 2017 and 2016, the Company realized tax-effected 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 Company had available at January 28, 2017, a net federal operating tax loss carry-forward of approximately $32.2 million and an additional $1.3 million of net operating tax loss carry-forward from stock options, which will benefit additional paid-in The following table reflects the expiration of the remaining federal net operating losses: Fiscal Year (in thousands) 2018 $ 5,386 2019 - 2024 20,893 2025 - 2028 — Thereafter 5,955 $ 32,234 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 the assets are not expected to be fully realized. The balance of the valuation allowance associated with U.S. state net operating losses in states where use is restricted for fiscal 2017 and 2016 was $3.2 million and $2.7 million, respectively. During fiscal 2017, the valuation allowance increased by $0.5 and during fiscal 2016 the valuation allowance did not change. At the end of fiscal 2017, the Company had a $1.3 million deferred tax asset relating to charitable contribution carryovers. These charitable contributions originated in fiscal years 2013 through 2017. Management believes it is more likely than not that the deferred tax asset associated with the charitable contributions that originated in 2013 through 2017 will not be realized during the carryforward period, which begins to expire in fiscal year 2018. The balance of the valuation allowance associated with charitable contributions whose use will be restricted due to carryforward limitations for fiscal 2017 and 2016 was $1.3 million and $1.3 million, respectively. During fiscal 2017 the valuation allowance did not change and during fiscal 2016 the valuation allowance decreased by $0.1 million. At the end of fiscal 2017, the Company maintained a $38.6 million valuation allowance against its remaining domestic deferred tax asset; including, but not limited to, the federal net operating loss carryforward and the U.S. state net operating loss carryforwards, whose utilization is not restricted by factors beyond the Company’s control. The establishment of valuation allowances and development of projected annual effective tax rates requires significant judgment and is impacted by various estimates. Both positive and negative evidence, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. Although the Company recognized pretax earnings during fiscal 2017, by itself that does not represent sufficient positive evidence that its deferred tax asset will be realized to warrant the Company removing the valuation allowances established against the U.S. deferred tax assets. Additionally, the Company’s cumulative pretax results for the past 36 months still remain in a loss position. The Company would be able to remove the valuation allowances in future periods when positive evidence outweighs the negative evidence from the relevant look-back period. However, the actual timing and amount of potential removal of the valuation allowances currently cannot be reliably estimated. The short-term consequence of being unable to record deferred tax benefits may cause the Company’s effective tax rate to change significantly from period to period. The balance of the valuation allowance associated with the remaining deferred tax assets whose utilization is not restricted by factors beyond the Company’s control, for fiscal 2017 and 2016 was $38.6 million and $46.2 million, respectively. During fiscal 2017 and 2016, the valuation allowance decreased by $7.6 million and increased $3.8 million, respectively. Deferred taxes have not been recognized on approximately $79.7 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, $0, and ($0.2) million for fiscal 2017, 2016 and 2015, 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 2017 are open tax years. The statute of limitations related to the Company’s 2011, 2012 and 2013 U.S. federal tax years was extended by agreement with the Internal Revenue Service until June 30, 2018. 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 2006 through 2017, depending on each state’s particular statute of limitation. As of January 28, 2017, the examination by the Internal Revenue Service for the Company’s 2011, 2012, and 2013 U.S. federal tax years is still ongoing. The Company received a Notice of Proposed Adjustment from the Internal Revenue Service which proposed adjustments to taxable income for fiscal 2011, 2012 and 2013 of $6.1 million, $5.3 million and $6.8 million respectively. The Company has not established uncertain tax position reserves related to this matter as the Company believes its positions will be sustained upon appeal or, if necessary, through litigation. Furthermore, various other state and local income tax returns are also under examination by taxing authorities. As of January 30, 2016, the Company had a $1.1 million liability recorded for unrecognized tax benefits, which included interest and penalties of $0.2 million. As of January 28, 2017, the Company had a $1.2 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: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Balance at beginning of period $ 1,091 $ 1,018 $ 841 Additions based on tax positions related to the current year 87 98 80 Deductions based on tax positions related to the current year — — (7 ) Additions for tax positions of prior years 33 123 327 Reductions for tax positions of prior years (29 ) (2 ) (46 ) Reductions due to lapses of statutes of limitations — (49 ) — Settlements — (97 ) (177 ) Balance at end of period $ 1,182 $ 1,091 $ 1,018 The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. During fiscal 2017, there was a $0.1 million increase in interest and penalties, comparatively. For fiscal 2016 and 2015, the Company recognized approximately $0.0 million and $0.1 million in interest and penalties, respectively. The Company had approximately $0.3 million and $0.2 million for the payment of interest and penalties accrued at January 28, 2017 and January 30, 2016, respectively. In the next twelve months it is reasonably possible the Company could resolve the examinations related to the 2011, 2012 and 2013 tax years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Measurements | 18. Fair Value Measurements Accounts receivable, accounts payable, accrued interest payable and accrued expenses short-term Investments. available-for-sale Real estate mortgages. Senior credit facility. Senior subordinated notes payable 7 8 7 8 See footnote 20 to the consolidated financial statements for disclosure of the fair value and line item caption of derivative instruments recorded in the consolidated balance sheets. These estimated fair value amounts have been determined using available market information and appropriate valuation methods. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jan. 28, 2017 | |
Accumulated Other Comprehensive Loss | 19. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, are as follows: Unrealized Foreign Unrealized Unrealized Loss on Currency Translation Loss on Loss on Pension Liability Adjustments, Net Investments Forward Contract Total (in thousands) Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ — $ (14,508 ) Other comprehensive loss before reclassifications (313 ) (2,771 ) (3 ) (181 ) (3,268 ) Amounts reclassified from accumulated other comprehensive loss 7,681 — — — 7,681 Balance, January 28, 2017 $ — $ (9,902 ) $ (12 ) $ (181 ) $ (10,095 ) Unrealized Foreign Unrealized Loss on Currency Translation Gain (Loss) on Pension Liability Adjustments, Net Investments Total (in thousands) Balance, January 31, 2015 $ (8,085 ) $ (4,774 ) $ 7 $ (12,852 ) Other comprehensive loss (income) before reclassifications (4,248 ) (2,357 ) (16 ) (6,621 ) Amounts reclassified from accumulated other comprehensive loss 4,965 — — 4,965 Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ (14,508 ) Unrealized Foreign Unrealized Loss on Currency Translation (Loss) Gain on Pension Liability Adjustments, Net Investments Total (in thousands) Balance, February 1, 2014 $ (5,866 ) $ (1,563 ) $ (39 ) $ (7,468 ) Other comprehensive (loss) income before reclassifications (2,618 ) (3,211 ) 46 (5,783 ) Amounts reclassified from accumulated other comprehensive loss 399 — — 399 Balance, January 31, 2015 $ (8,085 ) $ (4,774 ) $ 7 $ (12,852 ) A summary of the impact on the consolidated statements of operations line items is as follows: January 28, January 30, January 31, Statement of Operations Location 2017 2016 2015 (in thousands) Amortization of defined benefit pension items: Actuarial losses Selling, general and administrative expenses $ 464 $ 538 $ 399 Lump sum settlement Selling, general and administrative expenses 10,977 4,427 — Tax benefit Income tax benefit (3,760 ) — — Total, net of tax $ 7,681 $ 4,965 $ 399 |
Derivative Financial Instrument
Derivative Financial Instrument - Cash Flow Hedges | 12 Months Ended |
Jan. 28, 2017 | |
Derivative Financial Instrument - Cash Flow Hedges | Derivative Financial Instrument – Cash Flow Hedges The Company has a risk management policy to manage foreign currency risk relating to inventory purchases by its subsidiaries that are denominated in foreign currencies. As such, the Company may employ hedging and derivative strategies to limit the effects of changes in foreign currency on its operating income and cash flows. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged. The Company achieves this by closely matching the notional amount, term and conditions of the derivative instrument with the underlying risk being hedged. The Company does not use derivative instruments for trading or speculative purposes. For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents at inception the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company will formally assess at least quarterly whether the financial instruments used in hedging are “highly effective” at offsetting changes in cash flows of the related underlying exposures. For purposes of assessing hedge effectiveness, the Company uses the forward method, and assesses effectiveness based on the changes in both spot and forward points of the hedging instrument. If and when a derivative is no longer expected to be “highly effective,” hedge accounting is discontinued and hedge ineffectiveness, if any, is included in current period earnings. As of January 28, 2017, there was no hedge ineffectiveness. The Company’s United Kingdom subsidiary is exposed to foreign currency risk from inventory purchases. In order to mitigate the financial risk of settlement of inventory at various prices based on movement of the U.S. dollar against the British pound, the Company entered into foreign currency forward exchange contracts (the “Hedging Instruments”). These are formally designated and “highly effective” as cash flow hedges. The Company will hedge approximately 45% of its U.S. dollar denominated purchases. All changes in the Hedging Instruments’ fair value associated with inventory purchases are recorded in equity as a component of accumulated other comprehensive income until the underlying hedged item is reclassified to earnings. The Company records the foreign currency forward exchange contracts at fair value in its Consolidated Balance Sheets. The cash flows from derivative instruments that are designated as cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows subsequent to the date of discontinuance are classified within investing activities. The Company considers the classification of the underlying hedged item’s cash flows in determining the classification for the designated derivative instrument’s cash flows. The Company classifies derivative instrument cash flows from hedges of foreign currency risk on the settlement of inventory as operating activities. The Company’s Hedging Instruments were classified within Level 2 of the fair value hierarchy. The following table summarizes the effects, fair value and balance sheet classification of the Company’s Hedging Instruments. January 28, January 30, Derivatives Designated As Hedging Instruments Balance sheet location 2017 2016 (in thousands) Foreign currency forward exchange contract (inventory purchases) Accounts payable $ 181 $ — Total $ 181 $ — The following table summarizes the effect and classification of the Company’s Hedging Instruments. Statement of January 28, January 30, January 31, Derivatives Designated As Hedging Instruments Operations Location 2017 2016 2015 (in thousands) Foreign currency forward exchange contract (inventory purchases): Gain reclassified from accumulated other comprehensive loss to income Cost of goods sold $ (135 ) $ — $ — At January 28, 2017, the notional amount outstanding of foreign exchange forward contracts was $15.0 million. Such contracts expire through January 2018. There were no outstanding Hedging Instruments at January 30, 2016. At January 28, 2017, accumulated other comprehensive loss included a $0.2 million net deferred loss for Hedging Instruments that are expected to be reclassified during the next 12 months. The net deferred loss will be reclassified from accumulated other comprehensive loss to costs of goods sold when the inventory is sold. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 28, 2017 | |
Related Party Transactions | 21. Related Party Transactions The Company leases approximately 16,000 square feet for administrative offices, and leased approximately 50,000 square feet for warehouse distribution and retail, at facilities owned by its Executive Chairman of the Board, George Feldenkreis. These facilities were designed specifically for use by the Company and were originally leased by the Company under a 10-year 10-year 12-month Rent expense, including insurance and taxes, for these leases amounted to approximately $487,000, or $9.87 per square foot, and $610,000, or $9.25 per square foot, for the years ended, January 30, 2016, and January 31, 2015, respectively. As of October 1, 2014, the Company transitioned its operations out of the warehouse space. In order to minimize the costs associated with an early termination of the lease relating to the warehouse and retail space, the Company engaged a real estate broker to assist it in finding a replacement tenant and agreed to be responsible for the related brokerage fees incurred of approximately $215,000. The retained broker identified a new tenant for the warehouse and retail space that is unrelated to the Company. The Company entered into a lease termination agreement relating to the warehouse and retail space on April 13, 2015. The Company incurred $180,000 of lease termination fees, including costs related to certain tenant improvements such as painting the interior and exterior of the building and improvements to the parking lot, which were agreed upon in order to induce the new tenant to lease the space and allow the Company to terminate the lease prior to its expiration. Because of the termination of the warehouse and retail lease, the basic monthly rent has been reduced to $14,666 and will increase 3% on the first of each of the remaining 12-month During the years ended January 30, 2016 and January 31, 2015, the Company chartered an aircraft from a third party aircraft charter business, who chartered the aircraft from an entity controlled by the Executive Chairman and the Chief Executive Officer. The Company paid $42,000 and $1.6 million for flights related to the aircraft owned by Executive Chairman and the Chief Executive Officer for the years ended January 30, 2016 and January 31, 2015, respectively. There were no payments made in fiscal 2017. 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 direct-to-consumer The Company is a party to an agreement with Sprezzatura Insurance Group LLC. Joseph Hanono, the nephew of the Company’s Chief Executive Officer, is a member of Sprezzatura Insurance Group. The Company paid under this agreement, to this third party $0.8 million $0.9 million and $1.0 million in premiums for property and casualty insurance for the years ended January 28, 2017, January 30, 2016, and January 31, 2015, respectively. The Company appointed Alexandra Wilson, co-founder |
Equity
Equity | 12 Months Ended |
Jan. 28, 2017 | |
Equity | 22. Equity During the third quarter of fiscal 2017, the Board of Directors extended the stock repurchase program to authorize the Company to purchase, from time to time and as market and business conditions warranted, up to $70 million of the Company’s common stock for cash in the open market or in privately negotiated transactions through October 31, 2018. Although the Board of Directors allocated a maximum of $70 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 $60.8 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 10 and 11 to the consolidated financial statements for further information. During fiscal 2017, 2016 and 2015, the Company repurchased shares of its common stock at a cost of $2.2 million, $7.0 million and $8.8 million, respectively. There were no treasury shares outstanding as of January 28, 2017 and January 30, 2016. During fiscal 2017, the Company retired shares of treasury stock recorded at a cost of approximately $2.2 million. Accordingly, the Company reduced common stock and additional paid-in-capital During fiscal 2016, the Company retired shares of treasury stock recorded at a cost of approximately $22.7 million. Accordingly, the Company reduced common stock and additional paid-in-capital |
Stock Options, SARS and Restric
Stock Options, SARS and Restricted Shares | 12 Months Ended |
Jan. 28, 2017 | |
Stock Options, SARS and Restricted Shares | 23. Stock Options, SARS and Restricted Shares In 2005, the Company adopted the 2005 Long-Term Incentive Compensation Plan (the “2005 Plan”). 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 to an aggregate of 4,750,000 shares of common stock. On March 17, 2011, the Board of Directors unanimously adopted 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. On May 20, 2015, the Board of Directors unanimously adopted, subject to shareholder approval at the annual meeting, the Perry Ellis International, Inc. 2015 Long Term Incentive Compensation Plan, which is an amendment and restatement of the 2005 Plan (the “2015 Plan, and collectively with the 2002 Plan and the prior 2005 Plan, as amended, the “Stock Plans”). The amendment was approved by the shareholders at the Company’s 2015 annual meeting. The 2015 Plan extends the term of the 2005 Plan until July 17, 2025 as well as increases the number of shares of common stock reserved for issuance by an additional 1,000,000 shares to an aggregate of 6,250,000 shares. The Stock Plans are designed to serve as an incentive for attracting and retaining qualified and competent employees, officers, directors, consultants, and other persons who provide services to the Company. The 2015 Plan provides for grants of, among other securities, restricted stock, stock appreciation rights or SARS, Incentive Stock Options and Nonstatutory Stock Options. An Incentive Stock Option is an option to purchase common stock, which meets the requirements 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 2015 Plan, but does not meet the definition of an “incentive stock option” under Section 422. The 2015 Plan is administered by the Compensation Committee of the Board of Directors (the “Committee”), which is comprised of two or more non-employee The following table lists information regarding shares under the 2015 Plan as of January 28, 2017: Shares Underlying Outstanding Grants Unvested Shares Available for Grant 2015 Stock Option Plan 373,838 533,346 654,481 During fiscal 2016, the Company granted an aggregate of 8,130 SARs, to be settled in shares of common stock to two new directors. The SARs have an exercise price of $23.38, generally vest over a three-year period and have a seven-year term, at an estimated value, based on the Black-Scholes During fiscal 2015, the Company granted SARS to purchase shares of common stock to certain key employees. The Company awarded an aggregate of 3,501 SARS with an exercise price of $20.12, 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 $38,000, which is being recorded as compensation expense on a straight-line basis over the vesting period of each SAR. Also, during fiscal 2015, the Company granted an aggregate of 5,883, 5,157 and 3,816 SARs, to be settled in shares of common stock, to three directors, respectively. The SARs have an exercise price of $15.49, $17.71 and $24.26, respectively, 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 A summary of the stock option and SARS activity for grants issued under the 2002 Plan and 2015 Plan is as follows: Option and SARS Price Per Share Weighted Average Aggregate Number Weighted Average Remaining Intrinsic Value of Shares Low High Weighted Exercise Price Contractual Life (years) (in thousands) 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 Granted 18,357 $ 15.49 $ 24.26 $ 18.82 Exercised (52,574 ) $ 4.89 $ 20.59 $ 14.42 Cancelled (151,725 ) $ 16.59 $ 28.38 $ 17.25 Outstanding January 31, 2015 1,030,630 $ 17.27 3.49 $ 7,905 Vested or expected to vest 1,030,630 $ 17.27 3.49 $ 7,905 Options and SARS Exercisable 912,273 $ 17.13 2.98 $ 7,238 Granted 8,130 $ 23.38 $ 23.38 $ 23.38 Exercised (487,834 ) $ 4.63 $ 22.46 $ 10.60 Cancelled (8,907 ) $ 18.19 $ 30.00 $ 23.74 Outstanding January 30, 2016 542,019 $ 23.25 2.06 $ 752 Vested or expected to vest 542,019 $ 23.25 2.06 $ 752 Options and SARS Exercisable 516,651 $ 23.41 1.84 $ 729 Granted — $ — $ — $ — Exercised (121,165 ) $ 4.63 $ 24.93 $ 21.04 Cancelled (47,016 ) $ 20.12 $ 28.38 $ 25.38 Outstanding January 28, 2017 373,838 $ 23.70 1.29 $ 915 Vested or expected to vest 373,838 $ 23.70 1.29 $ 915 Options and SARS Exercisable 360,466 $ 23.82 1.13 $ 874 The aggregate intrinsic value for stock options and SARS in the preceding table represents the total pre-tax pre-tax Additional information regarding options and SARS outstanding and exercisable as of January 28, 2017, is as follows: Options and SARS Outstanding Options and SARS Exercisable Weighted Average Remaining Weighted Weighted Range of Number Contractual Life Average Number Average Exercise Prices Outstanding (in years) Exercise Price Exercisable Exercise Price $4.00 - $5.00 31,189 2.15 $ 4.67 31,189 $ 4.67 $15.00 - $21.00 60,349 2.46 $ 18.09 53,669 $ 18.16 $23.00 - $26.00 114,768 0.75 $ 24.82 108,076 $ 24.89 $27.00 - $31.00 167,532 1.09 $ 28.50 167,532 $ 28.50 373,838 360,466 Restricted Stock During fiscal 2017, the Company granted an aggregate of 115,588 shares of restricted stock to certain key employees, which vest primarily over a three-year period, at an estimated value of $2.2 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. Also, during fiscal 2017, the Company awarded to six directors an aggregate of 31,902 shares of restricted stock. The restricted stock awarded vests over a one-year During fiscal 2017, the Company granted performance-based restricted stock to certain key employees. Such stock vests 100% in April 2019, provided that each employee is still an employee of the Company on such date, and that the Company has met certain performance criteria. A total of 184,004 shares of performance-based restricted stock were issued at an estimated value of $3.5 million. During fiscal 2017, of the 337,685 restricted shares that vested, a total of 171,871 shares had 49,387 shares were withheld to cover the employees’ minimum statutory income tax requirements. The estimated value of the withheld shares was $1.0 million. During fiscal 2016, the Company granted an aggregate of 219,566 shares of restricted stock to certain key employees, which vest primarily over a three-year period, at an estimated value of $5.4 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. Also, during fiscal 2016, the Company awarded to five directors an aggregate of 12,840 shares of restricted stock. The restricted stock awarded vests primarily over a three-year period, at an estimated value of $0.3 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. During fiscal 2016, of the 242,968 restricted shares that vested, a total of 91,083 shares had 27,325 shares were withheld to cover the employees’ minimum statutory income tax requirements. The estimated value of the withheld shares was $0.7 million. During fiscal 2015, the Company granted an aggregate of 255,390 shares of restricted stock to certain key employees, with an estimated value of $3.8 million, which vest over a three to five year period. During fiscal 2015, the Company awarded to six directors an aggregate of 18,186 shares of restricted stock, which vest over a three-year period at an estimated value of $0.3 million. During fiscal 2015, of the 223,595 restricted shares that vested, a total of 52,389 shares had 21,809 shares were withheld to cover the employees’ minimum statutory income tax requirements. The estimated value of the withheld shares was $0.4 million. 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: Weighted Weighted Average Restricted Average Remaining Shares Grant Price Vesting Period Unvested as of February 1, 2014 728,322 $ 18.80 2.34 Granted 273,576 Vested (223,595 ) Forfeited (60,992 ) Unvested as of January 31, 2015 717,311 $ 17.18 1.84 Granted 232,406 Vested (242,968 ) Forfeited (94,731 ) Unvested as of January 30, 2016 612,018 $ 19.79 1.55 Granted 331,494 Vested (337,685 ) Forfeited (72,481 ) Unvested as of January 28, 2017 533,346 $ 20.14 1.67 As of January 28, 2017, the total unrecognized compensation cost related to unvested stock options and SARS outstanding under the Stock Plans is approximately $0.1 million. That cost is expected to be recognized over a weighted-average period of 2 years. As of January 28, 2017, the total unrecognized compensation cost related to unvested restricted stock was approximately $7.2 million, which is expected to be recognized over a weighted-average period of 3 years. |
Segment Information
Segment Information | 12 Months Ended |
Jan. 28, 2017 | |
Segment Information | 24. Segment Information The Company has four reportable segments: Men’s Sportswear and Swim, Women’s Sportswear, Direct-to-Consumer States. The Direct-to-Consumer e-commerce The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by the segments. January 28, January 30, January 31, 2017 2016 2015 (in thousands) Revenues: Men’s Sportswear and Swim $ 625,115 $ 640,600 $ 635,182 Women’s Sportswear 107,784 127,692 130,852 Direct-to-Consumer 92,187 96,514 92,203 Licensing 36,000 34,709 31,735 Total revenues $ 861,086 $ 899,515 $ 889,972 Depreciation and amortization Men’s Sportswear and Swim $ 7,633 $ 7,375 $ 6,627 Women’s Sportswear 3,066 2,250 1,903 Direct-to-Consumer 3,608 3,884 3,519 Licensing 235 184 149 Total depreciation and amortization $ 14,542 $ 13,693 $ 12,198 Operating income: Men’s Sportswear and Swim (1) $ 14,708 $ 20,068 $ 3,847 Women’s Sportswear (2) (6,904 ) (9,248 ) 859 Direct-to-Consumer (13,913 ) (11,805 ) (6,675 ) Licensing (3) 28,605 7,649 24,877 Total operating income 22,496 6,664 22,908 Costs on early extinguishment of debt 195 5,121 — Total interest expense 7,395 9,267 14,291 Total net income (loss) before income taxes $ 14,906 $ (7,724 ) $ 8,617 Identifiable assets Men’s Sportswear and Swim $ 276,232 $ 308,572 Women’s Sportswear 39,934 41,721 Direct-to-Consumer 16,358 20,948 Licensing 232,118 224,182 Corporate 28,063 26,552 Total identifiable assets $ 592,705 $ 621,975 (1) Operating income for the Men’s Sportswear and Swim segment for the years ended January 28, 2017 and January 30, 2016 includes a settlement charge related to the pension plan in the amount of $9.9 million and $4.4 million, respectively. See footnote 15 to the consolidated financial statements for further information. Operating income for the Men’s Sportswear and Swim segment for the year ended January 30, 2016 includes a gain on the sale of long lived assets in the amount of $4.5 million. See footnote 7 to the consolidated financial statements for further information. (2) Operating loss for the women’s sportswear segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $6.0 million. See footnote 8 to the consolidated financial statements for further information. (3) Operating income (loss) for the licensing segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $18.2 million and a loss on sale of long-lived assets in the amount of $0.7 million. See footnote 8 to the consolidated financial statements for further information. 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: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Revenues United States $ 752,378 $ 785,493 $ 786,046 International 108,708 114,022 103,926 Total revenues $ 861,086 $ 899,515 $ 889,972 Long-lived assets at years ended, January 28, January 30, 2017 2016 (in thousands) United States $ 214,370 $ 216,847 International 34,516 34,980 Total long-lived assets $ 248,886 $ 251,827 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies | 25. 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 2019. Total royalty payments under these license agreements amounted to approximately $14.4 million, $13.2 million and $13.8 million for the years ended January 28, 2017, January 30, 2016, and January 31, 2015, respectively, and were classified as cost of sales. Under certain licensing agreements, the Company is required to pay certain guaranteed minimum payments. Future minimum payments under these contracts amount to $49.0 million. The Company leases approximately 16,000 square feet for administrative offices, from its Chairman. During fiscal 2015, the Company amended the lease to extend the term for 60 months, beginning July 1, 2014 and expiring June 30, 2019. Beginning July 1, 2014, the basic monthly rent was $14,666, which increases 3% on the first of each of the remaining 12-month 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, Year Ending Amount (in thousands) 2018 $ 21,717 2019 20,793 2020 19,730 2021 19,164 2022 17,245 Thereafter 63,791 Total $ 162,440 Rent expense for these operating leases, including the related party rent payments discussed in footnote 21 to the consolidated financial statements amounted to $26.4 million, $27.2 million, and $26.2 million for the years ended January 28, 2017, January 30, 2016, and January 31, 2015 respectively. Capital lease obligations primarily relate to equipment as indicated in footnote 7 to the consolidated financial statements. The current portion of the capital lease obligation in the amount of $0.3 million is included in accrued expenses and other liabilities. Minimum aggregate annual commitments for the Company’s capital lease obligations are as follows: Year Ending Amount (in thousands) 2018 $ 286 2019 75 Total $ 361 On April 20, 2016, the Company entered into an employment agreement with George Feldenkreis, the Company’s Executive Chairman. The term of the employment agreement shall continue until Mr. Feldenkreis’ death or termination of the employment agreement by the Company or Mr. Feldenkreis. He will be paid a base salary of not less than $750,000 per year during the term of employment and, among other things, a lump sum payment of $1.0 million upon the termination of his employment in most circumstances. Additionally, he is entitled to participate in the Company’s incentive compensation plans. In connection with the terms of this new employment agreement, the Company accelerated the expense recognition related to Mr. Feldenkreis’ outstandingcash incentive and stock based compensation awards. The impact of the acceleration was a $3.7 million charge during fiscal 2017 to selling, general and administrative expenses. On April 20, 2016, the Company entered into an employment agreement with Oscar Feldenkreis, the Company’s Chief Executive Officer. The term of the employment agreement ends on February 2, 2019. Pursuant to the employment agreement, he will be paid a base salary of not less than $1,350,000 per year during the term of his employment with the Company. Additionally, he is 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 receives 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 was a defendant in Joseph T. Cook v. Perry Ellis International, Inc. and Oscar Feldenkreis, Case No. 1:2015-cv-08290 The Company was a defendant in Humberto Ordaz v. Perry Ellis International, Inc., Case No. BC490485 (Cal. Sup. Ct. 2012), involving claims for unpaid wages, missed breaks and related claims, which was originally filed on August 17, 2012 by a former employee in our California administrative offices. The plaintiff sought an unspecified amount of damages. The lawsuit was pleaded but not certified as a class action. The parties reached a settlement on August 12, 2015. The settlement amount was provided for in the Company’s results of operations for fiscal 2015. |
Summarized Quarterly Financial
Summarized Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 28, 2017 | |
Summarized Quarterly Financial Data (Unaudited) | 26. 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 JANUARY 28, 2017 Net Sales $ 250,875 $ 193,341 $ 185,298 $ 195,572 $ 825,086 Royalty Income 10,419 8,312 8,661 8,608 36,000 Total Revenues 261,294 201,653 193,959 204,180 861,086 Gross Profit 95,084 73,831 71,103 78,490 318,508 Net income (loss) 14,250 (3,565 ) (5,165 ) 8,997 14,517 Net income (loss) per share: Basic $ 0.96 ($ 0.24 ) ($ 0.34 ) $ 0.60 0.97 Diluted $ 0.95 ($ 0.24 ) ($ 0.34 ) $ 0.59 0.95 FISCAL YEAR ENDED JANUARY 30, 2016 Net Sales $ 258,257 $ 204,638 $ 196,447 $ 205,464 $ 864,806 Royalty Income 8,157 8,661 8,992 8,899 34,709 Total Revenues 266,414 213,299 205,439 214,363 899,515 Gross Profit 90,100 75,942 73,295 79,730 319,067 Net income (loss) 9,411 (1,281 ) 2,273 (17,695 ) (7,292 ) Net income (loss) per share: Basic $ 0.64 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) Diluted $ 0.62 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) FISCAL YEAR ENDED JANUARY 31, 2015 Net Sales $ 249,916 $ 196,010 $ 203,267 $ 209,044 $ 858,237 Royalty Income 7,398 7,522 8,173 8,642 31,735 Total Revenues 257,314 203,532 211,440 217,686 889,972 Gross Profit 87,665 70,464 70,307 74,568 303,004 Net income (loss) 7,775 (1,616 ) (437 ) (42,897 ) (37,175 ) Net income (loss) per share: Basic $ 0.53 ($ 0.11 ) ($ 0.03 ) ($ 2.90 ) ($ 2.50 ) Diluted $ 0.52 ($ 0.11 ) ($ 0.03 ) ($ 2.90 ) ($ 2.50 ) See footnotes 2 and 8 to the consolidated financial statements for further information regarding the impairments on long-lived assets and/or trademarks that occurred during the fourth quarter ended January 28, 2017 and January 30, 2016. See footnote 18 to the consolidated financial statements for further information regarding the income tax valuation allowance that occurred during the fourth quarter ended January 31, 2015. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Jan. 28, 2017 | |
Condensed Consolidating Financial Statements | 27. 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 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) AS OF JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 2,578 $ 28,117 $ — $ 30,695 Investment, at fair value — — 10,921 — 10,921 Accounts receivable, net — 116,874 23,366 — 140,240 Intercompany receivable, net 85,028 — — (85,028 ) — Inventories — 126,557 24,694 — 151,251 Prepaid income taxes 549 — 25 1,073 1,647 Prepaid expenses and other current assets — 5,584 878 — 6,462 Total current assets 85,577 251,593 88,001 (83,955 ) 341,216 Property and equipment, net — 59,651 2,184 — 61,835 Other intangible assets, net — 154,719 32,332 — 187,051 Deferred income taxes — — 334 — 334 Investment in subsidiaries 279,233 — — (279,233 ) — Other assets — 1,797 472 — 2,269 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 79,600 $ 13,243 $ — $ 92,843 Accrued expenses and other liabilities — 15,543 5,318 — 20,861 Accrued interest payable 1,450 — — — 1,450 Income taxes payable — 623 — (623 ) — Unearned revenues — 2,353 357 — 2,710 Intercompany payable, net — 77,398 15,614 (93,012 ) — Total current liabilities 1,450 175,517 34,532 (93,635 ) 117,864 Senior subordinated notes payable, net 49,673 — — — 49,673 Senior credit facility — 22,504 — — 22,504 Real estate mortgages — 33,591 — — 33,591 Unearned revenues and other long-term liabilities — 17,945 326 — 18,271 Deferred income taxes — 35,419 — 1,696 37,115 Total long-term liabilities 49,673 109,459 326 1,696 161,154 Total liabilities 51,123 284,976 34,858 (91,939 ) 279,018 Total equity 313,687 182,784 88,465 (271,249 ) 313,687 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 30, 2016 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 775 $ 31,127 $ — $ 31,902 Investment, at fair value — — 9,782 — 9,782 Accounts receivable, net — 106,018 26,048 — 132,066 Intercompany receivable, net 74,091 — — (74,091 ) — Inventories — 155,703 27,047 — 182,750 Prepaid income taxes 1,017 — — 801 1,818 Prepaid expenses and other current assets — 7,426 1,035 — 8,461 Total current assets 75,108 269,922 95,039 (73,290 ) 366,779 Property and equipment, net — 61,260 2,648 — 63,908 Other intangible assets, net — 155,587 32,332 — 187,919 Investment in subsidiaries 267,422 — — (267,422 ) — Deferred income taxes — — 442 — 442 Other assets — 2,150 777 — 2,927 TOTAL $ 342,530 $ 488,919 $ 131,238 $ (340,712 ) $ 621,975 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 89,961 $ 13,723 $ — $ 103,684 Accrued expenses and other liabilities — 21,524 4,973 — 26,497 Accrued interest payable 1,521 — — — 1,521 Income taxes payable — 623 272 (895 ) — Unearned revenues — 2,952 1,261 — 4,213 Deferred pension obligation — 12,025 82 — 12,107 Intercompany payable, net — 60,384 21,449 (81,833 ) — Total current liabilities 1,521 187,469 41,760 (82,728 ) 148,022 Senior subordinated notes payable, net 49,528 — — — 49,528 Senior credit facility — 61,758 — — 61,758 Real estate mortgages — 21,318 — — 21,318 Unearned revenues and other long-term liabilities — 14,608 245 — 14,853 Deferred income taxes — 33,319 — 1,696 35,015 Total long-term liabilities 49,528 131,003 245 1,696 182,472 Total liabilities 51,049 318,472 42,005 (81,032 ) 330,494 Total equity 291,481 170,447 89,233 (259,680 ) 291,481 TOTAL $ 342,530 $ 488,919 $ 131,238 $ (340,712 ) $ 621,975 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Non- Parent Only Guarantors Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 729,721 $ 95,365 $ — $ 825,086 Royalty income — 22,656 13,344 — 36,000 Total revenues — 752,377 108,709 — 861,086 Cost of sales — 479,669 62,909 — 542,578 Gross profit — 272,708 45,800 — 318,508 Operating expenses: Selling, general and administrative expenses — 241,510 38,509 — 280,019 Depreciation and amortization — 13,231 1,311 — 14,542 Impairment on long-lived assets — 1,451 — — 1,451 Total operating expenses — 256,192 39,820 — 296,012 Operating income — 16,516 5,980 — 22,496 Costs on early extinguishment of debt — 195 — — 195 Interest expense (income) — 7,448 (53 ) — 7,395 Net income before income taxes — 8,873 6,033 — 14,906 Income tax (benefit) provision — (934 ) 1,323 — 389 Equity in earnings of subsidiaries, net 14,517 — — (14,517 ) — Net income 14,517 9,807 4,710 (14,517 ) 14,517 Other comprehensive income (loss) 4,413 7,368 (2,955 ) (4,413 ) 4,413 Comprehensive income $ 18,930 $ 17,175 $ 1,755 $ (18,930 ) $ 18,930 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Non- Parent Only Guarantors Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 765,102 $ 99,704 $ — $ 864,806 Royalty income — 20,843 13,866 — 34,709 Total revenues — 785,945 113,570 — 899,515 Cost of sales — 518,410 62,038 — 580,448 Gross profit — 267,535 51,532 — 319,067 Operating expenses: Selling, general and administrative expenses — 234,129 41,734 — 275,863 Depreciation and amortization — 12,500 1,193 — 13,693 Impairment on long-lived assets — 19,299 1,305 — 20,604 Impairment of goodwill — 6,022 — — 6,022 Total operating expenses — 271,950 44,232 — 316,182 Loss on sale of long-lived assets — (697 ) 4,476 — 3,779 Operating (loss) income — (5,112 ) 11,776 — 6,664 Costs of early extinguishment of debt — 5,121 — — 5,121 Interest expense — 9,205 62 — 9,267 Net (loss) income before income taxes — (19,438 ) 11,714 — (7,724 ) Income tax (benefit) provision — (2,652 ) 2,220 — (432 ) Equity in earnings of subsidiaries, net (7,292 ) — — 7,292 — Net (loss) income (7,292 ) (16,786 ) 9,494 7,292 (7,292 ) Other comprehensive (loss) income (1,656 ) 717 (2,373 ) 1,656 (1,656 ) Comprehensive (loss) income $ (8,948 ) $ (16,069 ) $ 7,121 $ 8,948 $ (8,948 ) PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME FOR THE YEAR ENDED JANUARY 31, 2015 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 766,934 $ 91,303 $ — $ 858,237 Royalty income — 19,113 12,622 — 31,735 Total revenues — 786,047 103,925 — 889,972 Cost of sales — 529,315 57,653 — 586,968 Gross profit — 256,732 46,272 — 303,004 Operating expenses: Selling, general and administrative expenses — 229,808 38,975 — 268,783 Depreciation and amortization — 11,210 988 — 12,198 Total operating expenses — 241,018 39,963 — 280,981 Gain on sale of long-lived assets — — 885 — 885 Operating income — 15,714 7,194 — 22,908 Interest expense — 14,310 (19 ) — 14,291 Net income before income taxes — 1,404 7,213 — 8,617 Income tax provision — 44,889 903 — 45,792 Equity in (loss) earnings of subsidiaries, net (37,175 ) — — 37,175 — Net (loss) income (37,175 ) (43,485 ) 6,310 37,175 (37,175 ) Other comprehensive loss (5,384 ) (2,219 ) (3,165 ) 5,384 (5,384 ) Comprehensive (loss) income $ (42,559 ) $ (45,704 ) $ 3,145 $ 42,559 $ (42,559 ) PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,207 $ 33,733 $ 8,059 $ (2,705 ) $ 42,294 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (12,105 ) (1,168 ) — (13,273 ) Purchase of investments — — (13,896 ) — (13,896 ) Proceeds from investment maturities — — 12,746 — 12,746 Proceeds from note receivable — — 250 — 250 Intercompany transactions (1,300 ) — — 1,300 — Net cash used in investing activities (1,300 ) (12,105 ) (2,068 ) 1,300 (14,173 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes — — — — — Borrowings from senior credit facility — 311,241 — — 311,241 Payments on senior credit facility — (350,495 ) — — (350,495 ) Payments on real estate mortgages — (11,768 ) — — (11,768 ) Proceeds from refinancing real estate mortgages — 24,139 — — 24,139 Payments on capital leases — (264 ) — — (264 ) Dividends paid to stockholder — — (2,706 ) 2,706 — Deferred financing fees — (274 ) — — (274 ) Purchase of treasury stock (2,151 ) — — — (2,151 ) Proceeds from exercise of stock options 73 — — — 73 Intercompany transactions — 7,596 (6,466 ) (1,130 ) — Net cash used in financing activities (2,078 ) (19,825 ) (9,172 ) 1,576 (29,499 ) Effect of exchange rate changes on cash and cash equivalents 171 — 171 (171 ) 171 NET (DECREASE) INCREASE CASH AND CASH EQUIVALENTS — 1,803 (3,010 ) — (1,207 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 775 31,127 — 31,902 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 2,578 $ 28,117 $ — $ 30,695 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,112 $ 22,571 $ 4,482 $ — $ 30,165 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (14,424 ) (1,726 ) — (16,150 ) Purchase of investments — — (12,086 ) — (12,086 ) Proceeds from investment maturities — — 22,197 — 22,197 Proceeds on sale of intangible assets — 2,500 — — 2,500 Proceeds on sale of building — — 8,163 — 8,163 Payment of expenses related to sale of building — — (1,887 ) — (1,887 ) Proceeds from note receivable — — 250 — 250 Intercompany transactions 101,786 — — (101,786 ) — Net cash provided by (used in) investing activities 101,786 (11,924 ) 14,911 (101,786 ) 2,987 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes (100,000 ) — — — (100,000 ) Borrowings from senior credit facility — 408,209 — — 408,209 Payments on senior credit facility — (346,451 ) — — (346,451 ) Payments on real estate mortgages — (821 ) — — (821 ) Payments on capital leases — (262 ) — — (262 ) Deferred financing fees — (574 ) — — (574 ) Proceeds from exercise of stock options 1,408 — — — 1,408 Purchase of treasury stock (6,950 ) — — — (6,950 ) Intercompany transactions — (100,028 ) (2,402 ) 102,430 — Net cash used in financing activities (105,542 ) (39,927 ) (2,402 ) 102,430 (45,441 ) Effect of exchange rate changes on cash and cash equivalents 644 — 644 (644 ) 644 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS — (29,280 ) 17,635 — (11,645 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 30,055 13,492 — 43,547 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 775 $ 31,127 $ — $ 31,902 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 31, 2015 (amounts in thousands) Parent Only Guarantors Non- Eliminations Consolidated NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 8,285 $ 52,522 $ (626 ) $ (5,038 ) $ 55,143 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (15,748 ) (985 ) — (16,733 ) Purchase of investments — — (31,501 ) — (31,501 ) Proceeds from investments maturities — — 26,592 — 26,592 Proceeds on termination of life insurance 245 — — — 245 Proceeds from note receivable — — 250 — 250 Intercompany transactions (347 ) — — 347 — Net cash used in investing activities (102 ) (15,748 ) (5,644 ) 347 (21,147 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings from senior credit facility — 234,137 — — 234,137 Payments on senior credit facility — (242,299 ) — — (242,299 ) Payments on real estate mortgages — (792 ) — — (792 ) Purchase of treasury stock (8,773 ) — — — (8,773 ) Payments on capital leases — (301 ) — — (301 ) Proceeds from exercise of stock options 404 — — — 404 Tax benefit from exercise of equity instruments (161 ) — — — (161 ) Dividends paid to stockholders — — (8,037 ) 8,037 — Intercompany transactions — 2,536 (2,536 ) — — Net cash used in financing activities (8,530 ) (6,719 ) (10,573 ) 8,037 (17,785 ) Effect of exchange rate changes on cash and cash equivalents 347 — 347 (347 ) 347 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — 30,055 (16,496 ) 2,999 16,558 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — — 29,988 (2,999 ) 26,989 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 30,055 $ 13,492 $ — $ 43,547 |
Schedule II
Schedule II | 12 Months Ended |
Jan. 28, 2017 | |
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 Year Ended January 28, 2017: Allowance for doubtful accounts $ 1,193 804 — (839 ) $ 1,158 Allowance for deferred tax asset $ 54,791 (1,070 ) (5,669 ) — $ 48,052 Allowance for operational chargebacks, returns, and customer markdowns $ 19,110 68,634 — (70,401 ) $ 17,343 Year Ended January 30, 2016: Allowance for doubtful accounts $ 1,181 528 — (516 ) $ 1,193 Allowance for deferred tax asset $ 50,013 3,223 1,555 — $ 54,791 Allowance for operational chargebacks, returns, and customer markdowns $ 19,598 69,610 — (70,098 ) $ 19,110 Year Ended January 31, 2015: Allowance for doubtful accounts $ 1,074 812 — (705 ) $ 1,181 Allowance for deferred tax asset $ 5,998 43,474 541 — $ 50,013 Allowance for operational chargebacks, returns, and customer markdowns $ 20,348 74,399 — (75,149 ) $ 19,598 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION - wholly-owned |
Use of Estimates | USE OF 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 January 28, 2017. The Company’s investments also included certificates of deposit for the fiscal year ended January 30, 2016. All investments are classified as available-for-sale. available-for-sale |
Inventories | INVENTORIES - |
Property and Equipment | PROPERTY AND EQUIPMENT - straight-line straight-line Asset Class Average Useful Lives in Years Furniture, fixtures and equipment 3-10 Vehicles 5-7 Leasehold improvements 4-15 Buildings and building improvements 10-39 |
Intangible Assets | INTANGIBLE ASSETS - |
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 - • Level 1 – Quoted prices for identical • Level 2 – Quoted prices for similar • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Determination of Fair Value - 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. |
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 or not the derivative 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 - |
Long-Lived Assets | LONG-LIVED ASSETS - The Company recorded a $1.4 million and $2.4 million impairment charge, in fiscal 2017 and fiscal 2016, 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. There was no such impairment charge for fiscal 2015. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations and were related to the Direct-to |
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 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 |
Advertising and Related Costs | ADVERTISING AND RELATED COSTS - |
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 paid-in |
Revenue Recognition | REVENUE RECOGNITION - 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 |
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 2017, 2016 and 2015, the Company has reduced selling, general and administrative expenses by $7.0 million, $6.6 million and $6.8 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 re-measurement |
Income Taxes | INCOME TAXES - Deferred income taxes result primarily from timing differences in the recognition of expenses for tax for 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, the Company 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 Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE - The following table sets forth the computation of basic and diluted loss per share: 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) $ 14,517 $ (7,292 ) $ (37,175 ) Denominator: Basic - weighted average shares 14,936 14,968 14,856 Dilutive effect: equity awards 279 — — Diluted - weighted average shares 15,215 14,968 14,856 Basic income (loss) per share $ 0.97 $ (0.49 ) $ (2.50 ) Diluted income (loss) income per share $ 0.95 $ (0.49 ) $ (2.50 ) Antidilutive effect: (1) 471 1,154 1,748 (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 stock-based For fiscal 2017, 2016, and 2015, approximately $6.5 million, $5.2 million and $6.0 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 2017, 2016, and 2015, the Company received cash of $0.07 million, $1.4 million and $0.4 million, respectively, from the exercise of stock options and SARS and realized a tax benefit of approximately ($0.2) million during fiscal 2015, from such exercises. There was no tax benefit from such exercises during fiscal 2017 and 2016. 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 The following weighted-average 2017 2016 2015 Risk free interest 0.0% 1.5% 2.2 - 2.4% Dividend yield 0.0% 0.0% 0.0% Volatility factors 0.0% 61.4% 62.3% - 63.3% Weighted-average life (years) 0.0 5.0 5.0 |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 , “Revenue from Contracts with Customers.” No. 2014-09 No. 2014-09 In March 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30)” 2015-03 The effect on the condensed consolidating balance sheet as of January 30, 2016, as a result of this change in presentation, is a decrease of ($0.5) million in other assets, and a decrease of ($0.5) million in senior subordinated notes payable. In July 2015, the FASB issued ASU 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory”, last-in, 2015-11 No. 2015-11 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” In March 2016, the FASB issued ASU No. 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, available-for-sale In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing 2014-09, Revenue from Contracts with Customers”, In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients 2014-09, “Revenue from Contracts with Customers”. non-cash In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale available-for-sale In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force),” In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Property and Equipment Average Useful Lives | The useful lives are as follows: Asset Class Average Useful Lives in Years Furniture, fixtures and equipment 3-10 Vehicles 5-7 Leasehold improvements 4-15 Buildings and building improvements 10-39 |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted loss per share: 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) $ 14,517 $ (7,292 ) $ (37,175 ) Denominator: Basic - weighted average shares 14,936 14,968 14,856 Dilutive effect: equity awards 279 — — Diluted - weighted average shares 15,215 14,968 14,856 Basic income (loss) per share $ 0.97 $ (0.49 ) $ (2.50 ) Diluted income (loss) income per share $ 0.95 $ (0.49 ) $ (2.50 ) Antidilutive effect: (1) 471 1,154 1,748 (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 2017 2016 2015 Risk free interest 0.0% 1.5% 2.2 - 2.4% Dividend yield 0.0% 0.0% 0.0% Volatility factors 0.0% 61.4% 62.3% - 63.3% Weighted-average life (years) 0.0 5.0 5.0 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Components of Accounts Receivable | Accounts receivable consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Trade accounts $ 151,370 $ 144,708 Royalties 6,659 5,892 Other receivables 712 1,769 Total 158,741 152,369 Less: Allowances (18,501 ) (20,303 ) Total $ 140,240 $ 132,066 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Summary of Inventories | Inventories consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Finished goods $ 151,251 $ 182,414 Raw materials and in process — 336 Total $ 151,251 $ 182,750 |
Prepaid expenses and other cu41
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Prepaid expenses $ 6,365 $ 8,149 Other current assets 97 312 Total $ 6,462 $ 8,461 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Investments | Investments consisted of the following as of January 28, 2017: Gross Gross Estimated Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Marketable securities $ 3,258 $ — $ (8 ) $ 3,250 Certificates of deposit 7,675 — (4 ) 7,671 Total investments $ 10,933 $ — $ (12 ) $ 10,921 Investments consisted of the following as of January 30, 2016: Gross Gross Estimated Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Certificates of deposit $ 9,791 $ — $ (9 ) $ 9,782 Total investments $ 9,791 $ — $ (9 ) $ 9,782 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Summary of Property and Equipment | Property and equipment consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Furniture, fixtures and equipment $ 91,639 $ 84,634 Buildings and building improvements 21,359 19,462 Vehicles 523 523 Leasehold improvements 48,799 46,882 Land 9,430 9,430 Total 171,750 160,931 Less: accumulated depreciation and amortization (109,915 ) (97,023 ) Total $ 61,835 $ 63,908 |
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: January 28, January 30, 2017 2016 (in thousands) Furniture, fixtures and equipment $ 810 $ 810 Less: accumulated depreciation and amortization (452 ) (182 ) Total $ 358 $ 628 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Summary of Other Intangible Assets | Other intangible assets represent customer lists as of: January 28, 2017 January 30, 2016 (in thousands) Customer lists $ 8,450 $ 8,450 Less: accumulated amortization (5,545 ) (4,677 ) Total $ 2,905 $ 3,773 |
Schedule of Estimated Amortization Expense for Future Periods | Assuming no impairment, the table sets forth the estimated amortization expense for future periods based on recorded amounts as of January 28, 2017: (in thousands) 2018 $ 835 2019 793 2020 734 2021 543 |
Accrued Expenses and Other Li45
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following as of: January 28, 2017 January 30, 2016 (in thousands) Salaries and commissions $ 2,684 $ 6,476 Royalties 3,868 3,002 Unearned advertising reimbursement 1,242 1,999 Insurance and rent 3,001 2,532 State sales and other taxes 2,218 2,496 Professional fees 560 361 Current portion - real estate mortgages 862 817 Other 6,426 8,814 Total $ 20,861 $ 26,497 |
Letter of Credit Facilities (Ta
Letter of Credit Facilities (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Amounts under Letter of Credit Facilities | Amounts under letter of credit facilities consisted of the following as of: January 28, 2017 January 30, 2016 (in thousands) Total letter of credit facilities $ 30,000 $ 30,286 Outstanding letters of credit (10,788 ) (11,395 ) Total credit available $ 19,212 $ 18,891 |
Real Estate Mortgages (Tables)
Real Estate Mortgages (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Contractual Maturities of Real Estate Mortgages | The contractual maturities of the real estate mortgages are as follows: Fiscal year ending: Amount (in thousands) 2018 $ 862 2019 896 2020 930 2021 962 2022 1,003 Thereafter 30,087 34,740 Less discount (287 ) Total $ 34,453 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 30, 2016, and ended January 28, 2017, and a statement of the funded status as of January 28, 2017. Salant Corporation Retirement Plan FAS 132 Disclosure January 28, January 30, For the fiscal year ended: 2017 2016 (in thousands) Change in benefit obligation Benefit obligation at beginning of plan year $ 30,971 $ 45,829 Service cost 250 250 Interest cost 403 1,349 Actuarial loss (834 ) 1,097 Lump sums plus annuities paid (30,790 ) (17,554 ) Benefit obligation at end of plan year $ — $ 30,971 Change in plan assets Fair value of plan assets at beginning of plan year $ 18,864 $ 36,899 Actual return on plan assets 173 (522 ) Company contributions 11,753 41 Lump sums plus annuities paid (30,790 ) (17,554 ) Fair value of plan assets at end of plan year $ — $ 18,864 Unfunded status at end of plan year $ — $ 12,107 |
Components of Net Benefit Cost | The following table provides the components of net benefit cost for the plans for the fiscal years ended: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Service cost $ 250 $ 250 $ 250 Interest cost 403 1,349 1,635 Expected return on plan assets (262 ) (2,631 ) (2,398 ) Settlement 9,918 4,427 — Amortization of unrecognized net loss 464 538 399 Net periodic benefit cost $ 10,773 $ 3,933 $ (114 ) |
Pension Plan Weighted Average Asset Allocations | The pension plan weighted-average asset allocations by asset category are as follows: Plan Assets January 28, January 30, 2017 2016 Asset category: Debt securities 0.00 % 35.00 % Cash 0.00 % 65.00 % Total 0.00 % 100.00 % |
Fair Value of Plan Assets by Asset Category | The fair value of plan assets by asset category is as follows: Fair Value Measurements At January 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Asset category: Debt securities $ 6,602 $ — $ — $ 6,602 Cash 12,262 — — 12,262 Total $ 18,864 $ — $ — $ 18,864 |
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: January 28, January 30, 2017 2016 Discount rate 3.19 % 3.19 % 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: January 28, January 30, 2017 2016 Discount rate 3.19 % 3.05 % Expected return on plan assets 4.25 % 7.50 % Rate of compensation increase N/A N/A |
Unearned Revenues and Other L49
Unearned Revenues and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Other Long-Term Liabilities | Unearned revenues and other long-term liabilities consisted of the following as of: January 28, January 30, 2017 2016 (in thousands) Deferred rent long-term $ 12,261 $ 12,848 Long-term incentive compensation 5,763 1,464 Other 247 541 Total $ 18,271 $ 14,853 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Components of Income (Loss) Before Income Tax Provision (Benefit) | For financial reporting purposes, income (loss) before income tax provision (benefit) includes the following components: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Domestic $ 8,873 $ (19,447 ) $ 1,404 Foreign 6,033 11,723 7,213 Total $ 14,906 $ (7,724 ) $ 8,617 |
Income Tax Provision (Benefit) | The income tax provision (benefit) consisted of the following components for each of the years ended: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Current income taxes: Federal $ (2,748 ) $ 5 $ 398 State (286 ) 205 505 Foreign 1,215 1,939 1,159 Total current income taxes (1,819 ) 2,149 2,062 Deferred income taxes: Federal 2,147 (2,246 ) 41,225 State (47 ) (617 ) 2,974 Foreign 108 282 (469 ) Total deferred income taxes 2,208 (2,581 ) 43,730 Total $ 389 $ (432 ) $ 45,792 |
Effective Income Tax Rate | The Company’s effective income tax rate was as follows for each of the years ended: January 28, January 30, January 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % (Decrease) increase resulting from State income taxes, net of federal income tax benefit (1.1 %) 5.2 % (1.7 %) Foreign tax rate differential (9.7 %) 35.9 % (28.8 %) Change in reserves 0.6 % (2.2 %) 3.3 % Change in valuation allowance (8.0 %) (38.6 %) 506.9 % Non-deductible 9.5 % (32.2 %) 14.7 % Prior year tax provision adjustments 2.5 % 1.8 % (0.6 %) Change in deferred rate (0.6 %) 4.1 % (0.4 %) Pension termination benefit (25.2 %) 0.0 % 0.0 % Other (0.4 %) (3.4 %) 3.0 % Total 2.6 % 5.6 % 531.4 % |
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: January 28, January 30, 2017 2016 (in thousands) Deferred tax assets: Inventory $ 5,104 $ 6,251 Accounts receivable 1,306 1,295 Accrued expenses 8,208 7,930 Net operating losses 19,294 19,882 Deferred pension obligation — 4,741 Stock compensation 2,882 3,497 Fixed assets 7,474 7,142 Intangible assets 3,122 3,681 Other 4,354 4,434 51,744 58,853 Deferred tax liabilities: Intangible assets (38,869 ) (36,642 ) Prepaid expenses (1,604 ) (1,993 ) (40,473 ) (38,635 ) Valuation allowance (48,052 ) (54,791 ) Net deferred tax liability $ (36,781 ) $ (34,573 ) |
Expiration of Remaining Federal Net Operating Losses | The following table reflects the expiration of the remaining federal net operating losses: Fiscal Year (in thousands) 2018 $ 5,386 2019 - 2024 20,893 2025 - 2028 — Thereafter 5,955 $ 32,234 |
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: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Balance at beginning of period $ 1,091 $ 1,018 $ 841 Additions based on tax positions related to the current year 87 98 80 Deductions based on tax positions related to the current year — — (7 ) Additions for tax positions of prior years 33 123 327 Reductions for tax positions of prior years (29 ) (2 ) (46 ) Reductions due to lapses of statutes of limitations — (49 ) — Settlements — (97 ) (177 ) Balance at end of period $ 1,182 $ 1,091 $ 1,018 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Changes in Accumulated Other Comprehensive Loss by Component Net of Tax | Changes in accumulated other comprehensive loss by component, net of tax, are as follows: Unrealized Foreign Unrealized Unrealized Loss on Currency Translation Loss on Loss on Pension Liability Adjustments, Net Investments Forward Contract Total (in thousands) Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ — $ (14,508 ) Other comprehensive loss before reclassifications (313 ) (2,771 ) (3 ) (181 ) (3,268 ) Amounts reclassified from accumulated other comprehensive loss 7,681 — — — 7,681 Balance, January 28, 2017 $ — $ (9,902 ) $ (12 ) $ (181 ) $ (10,095 ) Unrealized Foreign Unrealized Loss on Currency Translation Gain (Loss) on Pension Liability Adjustments, Net Investments Total (in thousands) Balance, January 31, 2015 $ (8,085 ) $ (4,774 ) $ 7 $ (12,852 ) Other comprehensive loss (income) before reclassifications (4,248 ) (2,357 ) (16 ) (6,621 ) Amounts reclassified from accumulated other comprehensive loss 4,965 — — 4,965 Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ (14,508 ) Unrealized Foreign Unrealized Loss on Currency Translation (Loss) Gain on Pension Liability Adjustments, Net Investments Total (in thousands) Balance, February 1, 2014 $ (5,866 ) $ (1,563 ) $ (39 ) $ (7,468 ) Other comprehensive (loss) income before reclassifications (2,618 ) (3,211 ) 46 (5,783 ) Amounts reclassified from accumulated other comprehensive loss 399 — — 399 Balance, January 31, 2015 $ (8,085 ) $ (4,774 ) $ 7 $ (12,852 ) |
Summary of Impact on Consolidated Statements of Operations Line Items | A summary of the impact on the consolidated statements of operations line items is as follows: January 28, January 30, January 31, Statement of Operations Location 2017 2016 2015 (in thousands) Amortization of defined benefit pension items: Actuarial losses Selling, general and administrative expenses $ 464 $ 538 $ 399 Lump sum settlement Selling, general and administrative expenses 10,977 4,427 — Tax benefit Income tax benefit (3,760 ) — — Total, net of tax $ 7,681 $ 4,965 $ 399 |
Derivative Financial Instrume52
Derivative Financial Instrument - Cash Flow Hedges (Tables) - Designated as Hedging Instrument | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value and Classification of Hedging Instruments in Balance Sheet and Statement of Operations | The following table summarizes the effects, fair value and balance sheet classification of the Company’s Hedging Instruments. January 28, January 30, Derivatives Designated As Hedging Instruments Balance sheet location 2017 2016 (in thousands) Foreign currency forward exchange contract (inventory purchases) Accounts payable $ 181 $ — Total $ 181 $ — |
Summary of Effect and Classification of Hedging Instruments | The following table summarizes the effect and classification of the Company’s Hedging Instruments. Statement of January 28, January 30, January 31, Derivatives Designated As Hedging Instruments Operations Location 2017 2016 2015 (in thousands) Foreign currency forward exchange contract (inventory purchases): Gain reclassified from accumulated other comprehensive loss to income Cost of goods sold $ (135 ) $ — $ — |
Stock Options, SARS and Restr53
Stock Options, SARS and Restricted Shares (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Information Regarding Shares Under Stock Option Plans | The following table lists information regarding shares under the 2015 Plan as of January 28, 2017: Shares Underlying Outstanding Grants Unvested Shares Available for Grant 2015 Stock Option Plan 373,838 533,346 654,481 |
Summary of Stock Option and Stock Appreciation Rights Activity | A summary of the stock option and SARS activity for grants issued under the 2002 Plan and 2015 Plan is as follows: Option and SARS Price Per Share Weighted Average Aggregate Number Weighted Average Remaining Intrinsic Value of Shares Low High Weighted Exercise Price Contractual Life (years) (in thousands) 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 Granted 18,357 $ 15.49 $ 24.26 $ 18.82 Exercised (52,574 ) $ 4.89 $ 20.59 $ 14.42 Cancelled (151,725 ) $ 16.59 $ 28.38 $ 17.25 Outstanding January 31, 2015 1,030,630 $ 17.27 3.49 $ 7,905 Vested or expected to vest 1,030,630 $ 17.27 3.49 $ 7,905 Options and SARS Exercisable 912,273 $ 17.13 2.98 $ 7,238 Granted 8,130 $ 23.38 $ 23.38 $ 23.38 Exercised (487,834 ) $ 4.63 $ 22.46 $ 10.60 Cancelled (8,907 ) $ 18.19 $ 30.00 $ 23.74 Outstanding January 30, 2016 542,019 $ 23.25 2.06 $ 752 Vested or expected to vest 542,019 $ 23.25 2.06 $ 752 Options and SARS Exercisable 516,651 $ 23.41 1.84 $ 729 Granted — $ — $ — $ — Exercised (121,165 ) $ 4.63 $ 24.93 $ 21.04 Cancelled (47,016 ) $ 20.12 $ 28.38 $ 25.38 Outstanding January 28, 2017 373,838 $ 23.70 1.29 $ 915 Vested or expected to vest 373,838 $ 23.70 1.29 $ 915 Options and SARS Exercisable 360,466 $ 23.82 1.13 $ 874 |
Information Regarding Option and Stock Appreciation Rights Outstanding and Exercisable | Additional information regarding options and SARS outstanding and exercisable as of January 28, 2017, is as follows: Options and SARS Outstanding Options and SARS Exercisable Weighted Average Remaining Weighted Weighted Range of Number Contractual Life Average Number Average Exercise Prices Outstanding (in years) Exercise Price Exercisable Exercise Price $4.00 - $5.00 31,189 2.15 $ 4.67 31,189 $ 4.67 $15.00 - $21.00 60,349 2.46 $ 18.09 53,669 $ 18.16 $23.00 - $26.00 114,768 0.75 $ 24.82 108,076 $ 24.89 $27.00 - $31.00 167,532 1.09 $ 28.50 167,532 $ 28.50 373,838 360,466 |
Summary of Restricted Stock Based Awards | The following table summarizes the restricted stock-based award activity: Weighted Weighted Average Restricted Average Remaining Shares Grant Price Vesting Period Unvested as of February 1, 2014 728,322 $ 18.80 2.34 Granted 273,576 Vested (223,595 ) Forfeited (60,992 ) Unvested as of January 31, 2015 717,311 $ 17.18 1.84 Granted 232,406 Vested (242,968 ) Forfeited (94,731 ) Unvested as of January 30, 2016 612,018 $ 19.79 1.55 Granted 331,494 Vested (337,685 ) Forfeited (72,481 ) Unvested as of January 28, 2017 533,346 $ 20.14 1.67 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Segment Information | The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by the segments. January 28, January 30, January 31, 2017 2016 2015 (in thousands) Revenues: Men’s Sportswear and Swim $ 625,115 $ 640,600 $ 635,182 Women’s Sportswear 107,784 127,692 130,852 Direct-to-Consumer 92,187 96,514 92,203 Licensing 36,000 34,709 31,735 Total revenues $ 861,086 $ 899,515 $ 889,972 Depreciation and amortization Men’s Sportswear and Swim $ 7,633 $ 7,375 $ 6,627 Women’s Sportswear 3,066 2,250 1,903 Direct-to-Consumer 3,608 3,884 3,519 Licensing 235 184 149 Total depreciation and amortization $ 14,542 $ 13,693 $ 12,198 Operating income: Men’s Sportswear and Swim (1) $ 14,708 $ 20,068 $ 3,847 Women’s Sportswear (2) (6,904 ) (9,248 ) 859 Direct-to-Consumer (13,913 ) (11,805 ) (6,675 ) Licensing (3) 28,605 7,649 24,877 Total operating income 22,496 6,664 22,908 Costs on early extinguishment of debt 195 5,121 — Total interest expense 7,395 9,267 14,291 Total net income (loss) before income taxes $ 14,906 $ (7,724 ) $ 8,617 Identifiable assets Men’s Sportswear and Swim $ 276,232 $ 308,572 Women’s Sportswear 39,934 41,721 Direct-to-Consumer 16,358 20,948 Licensing 232,118 224,182 Corporate 28,063 26,552 Total identifiable assets $ 592,705 $ 621,975 (1) Operating income for the Men’s Sportswear and Swim segment for the years ended January 28, 2017 and January 30, 2016 includes a settlement charge related to the pension plan in the amount of $9.9 million and $4.4 million, respectively. See footnote 15 to the consolidated financial statements for further information. Operating income for the Men’s Sportswear and Swim segment for the year ended January 30, 2016 includes a gain on the sale of long lived assets in the amount of $4.5 million. See footnote 7 to the consolidated financial statements for further information. (2) Operating loss for the women’s sportswear segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $6.0 million. See footnote 8 to the consolidated financial statements for further information. (3) Operating income (loss) for the licensing segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $18.2 million and a loss on sale of long-lived assets in the amount of $0.7 million. See footnote 8 to the consolidated financial statements for further information. |
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: January 28, January 30, January 31, 2017 2016 2015 (in thousands) Revenues United States $ 752,378 $ 785,493 $ 786,046 International 108,708 114,022 103,926 Total revenues $ 861,086 $ 899,515 $ 889,972 Long-lived assets at years ended, January 28, January 30, 2017 2016 (in thousands) United States $ 214,370 $ 216,847 International 34,516 34,980 Total long-lived assets $ 248,886 $ 251,827 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Minimum Aggregate Annual Commitments for Company's Non - Cancelable, Unrelated Operating Lease Commitments | Minimum aggregate annual commitments for the Company’s non-cancelable, Year Ending Amount (in thousands) 2018 $ 21,717 2019 20,793 2020 19,730 2021 19,164 2022 17,245 Thereafter 63,791 Total $ 162,440 |
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) 2018 $ 286 2019 75 Total $ 361 |
Summarized Quarterly Financia56
Summarized Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Summarized Quarterly Financial Data | First Second Third Fourth Total Quarter Quarter Quarter Quarter Year (Dollars in thousands, except per share data) FISCAL YEAR ENDED JANUARY 28, 2017 Net Sales $ 250,875 $ 193,341 $ 185,298 $ 195,572 $ 825,086 Royalty Income 10,419 8,312 8,661 8,608 36,000 Total Revenues 261,294 201,653 193,959 204,180 861,086 Gross Profit 95,084 73,831 71,103 78,490 318,508 Net income (loss) 14,250 (3,565 ) (5,165 ) 8,997 14,517 Net income (loss) per share: Basic $ 0.96 ($ 0.24 ) ($ 0.34 ) $ 0.60 0.97 Diluted $ 0.95 ($ 0.24 ) ($ 0.34 ) $ 0.59 0.95 FISCAL YEAR ENDED JANUARY 30, 2016 Net Sales $ 258,257 $ 204,638 $ 196,447 $ 205,464 $ 864,806 Royalty Income 8,157 8,661 8,992 8,899 34,709 Total Revenues 266,414 213,299 205,439 214,363 899,515 Gross Profit 90,100 75,942 73,295 79,730 319,067 Net income (loss) 9,411 (1,281 ) 2,273 (17,695 ) (7,292 ) Net income (loss) per share: Basic $ 0.64 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) Diluted $ 0.62 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) FISCAL YEAR ENDED JANUARY 31, 2015 Net Sales $ 249,916 $ 196,010 $ 203,267 $ 209,044 $ 858,237 Royalty Income 7,398 7,522 8,173 8,642 31,735 Total Revenues 257,314 203,532 211,440 217,686 889,972 Gross Profit 87,665 70,464 70,307 74,568 303,004 Net income (loss) 7,775 (1,616 ) (437 ) (42,897 ) (37,175 ) Net income (loss) per share: Basic $ 0.53 ($ 0.11 ) ($ 0.03 ) ($ 2.90 ) ($ 2.50 ) Diluted $ 0.52 ($ 0.11 ) ($ 0.03 ) ($ 2.90 ) ($ 2.50 ) |
Condensed Consolidating Finan57
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Condensed Consolidating Balance Sheet | PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) AS OF JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 2,578 $ 28,117 $ — $ 30,695 Investment, at fair value — — 10,921 — 10,921 Accounts receivable, net — 116,874 23,366 — 140,240 Intercompany receivable, net 85,028 — — (85,028 ) — Inventories — 126,557 24,694 — 151,251 Prepaid income taxes 549 — 25 1,073 1,647 Prepaid expenses and other current assets — 5,584 878 — 6,462 Total current assets 85,577 251,593 88,001 (83,955 ) 341,216 Property and equipment, net — 59,651 2,184 — 61,835 Other intangible assets, net — 154,719 32,332 — 187,051 Deferred income taxes — — 334 — 334 Investment in subsidiaries 279,233 — — (279,233 ) — Other assets — 1,797 472 — 2,269 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 79,600 $ 13,243 $ — $ 92,843 Accrued expenses and other liabilities — 15,543 5,318 — 20,861 Accrued interest payable 1,450 — — — 1,450 Income taxes payable — 623 — (623 ) — Unearned revenues — 2,353 357 — 2,710 Intercompany payable, net — 77,398 15,614 (93,012 ) — Total current liabilities 1,450 175,517 34,532 (93,635 ) 117,864 Senior subordinated notes payable, net 49,673 — — — 49,673 Senior credit facility — 22,504 — — 22,504 Real estate mortgages — 33,591 — — 33,591 Unearned revenues and other long-term liabilities — 17,945 326 — 18,271 Deferred income taxes — 35,419 — 1,696 37,115 Total long-term liabilities 49,673 109,459 326 1,696 161,154 Total liabilities 51,123 284,976 34,858 (91,939 ) 279,018 Total equity 313,687 182,784 88,465 (271,249 ) 313,687 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF JANUARY 30, 2016 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 775 $ 31,127 $ — $ 31,902 Investment, at fair value — — 9,782 — 9,782 Accounts receivable, net — 106,018 26,048 — 132,066 Intercompany receivable, net 74,091 — — (74,091 ) — Inventories — 155,703 27,047 — 182,750 Prepaid income taxes 1,017 — — 801 1,818 Prepaid expenses and other current assets — 7,426 1,035 — 8,461 Total current assets 75,108 269,922 95,039 (73,290 ) 366,779 Property and equipment, net — 61,260 2,648 — 63,908 Other intangible assets, net — 155,587 32,332 — 187,919 Investment in subsidiaries 267,422 — — (267,422 ) — Deferred income taxes — — 442 — 442 Other assets — 2,150 777 — 2,927 TOTAL $ 342,530 $ 488,919 $ 131,238 $ (340,712 ) $ 621,975 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 89,961 $ 13,723 $ — $ 103,684 Accrued expenses and other liabilities — 21,524 4,973 — 26,497 Accrued interest payable 1,521 — — — 1,521 Income taxes payable — 623 272 (895 ) — Unearned revenues — 2,952 1,261 — 4,213 Deferred pension obligation — 12,025 82 — 12,107 Intercompany payable, net — 60,384 21,449 (81,833 ) — Total current liabilities 1,521 187,469 41,760 (82,728 ) 148,022 Senior subordinated notes payable, net 49,528 — — — 49,528 Senior credit facility — 61,758 — — 61,758 Real estate mortgages — 21,318 — — 21,318 Unearned revenues and other long-term liabilities — 14,608 245 — 14,853 Deferred income taxes — 33,319 — 1,696 35,015 Total long-term liabilities 49,528 131,003 245 1,696 182,472 Total liabilities 51,049 318,472 42,005 (81,032 ) 330,494 Total equity 291,481 170,447 89,233 (259,680 ) 291,481 TOTAL $ 342,530 $ 488,919 $ 131,238 $ (340,712 ) $ 621,975 |
Condensed Consolidating Statement of Comprehensive (Loss) Income | PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Non- Parent Only Guarantors Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 729,721 $ 95,365 $ — $ 825,086 Royalty income — 22,656 13,344 — 36,000 Total revenues — 752,377 108,709 — 861,086 Cost of sales — 479,669 62,909 — 542,578 Gross profit — 272,708 45,800 — 318,508 Operating expenses: Selling, general and administrative expenses — 241,510 38,509 — 280,019 Depreciation and amortization — 13,231 1,311 — 14,542 Impairment on long-lived assets — 1,451 — — 1,451 Total operating expenses — 256,192 39,820 — 296,012 Operating income — 16,516 5,980 — 22,496 Costs on early extinguishment of debt — 195 — — 195 Interest expense (income) — 7,448 (53 ) — 7,395 Net income before income taxes — 8,873 6,033 — 14,906 Income tax (benefit) provision — (934 ) 1,323 — 389 Equity in earnings of subsidiaries, net 14,517 — — (14,517 ) — Net income 14,517 9,807 4,710 (14,517 ) 14,517 Other comprehensive income (loss) 4,413 7,368 (2,955 ) (4,413 ) 4,413 Comprehensive income $ 18,930 $ 17,175 $ 1,755 $ (18,930 ) $ 18,930 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Non- Parent Only Guarantors Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 765,102 $ 99,704 $ — $ 864,806 Royalty income — 20,843 13,866 — 34,709 Total revenues — 785,945 113,570 — 899,515 Cost of sales — 518,410 62,038 — 580,448 Gross profit — 267,535 51,532 — 319,067 Operating expenses: Selling, general and administrative expenses — 234,129 41,734 — 275,863 Depreciation and amortization — 12,500 1,193 — 13,693 Impairment on long-lived assets — 19,299 1,305 — 20,604 Impairment of goodwill — 6,022 — — 6,022 Total operating expenses — 271,950 44,232 — 316,182 Loss on sale of long-lived assets — (697 ) 4,476 — 3,779 Operating (loss) income — (5,112 ) 11,776 — 6,664 Costs of early extinguishment of debt — 5,121 — — 5,121 Interest expense — 9,205 62 — 9,267 Net (loss) income before income taxes — (19,438 ) 11,714 — (7,724 ) Income tax (benefit) provision — (2,652 ) 2,220 — (432 ) Equity in earnings of subsidiaries, net (7,292 ) — — 7,292 — Net (loss) income (7,292 ) (16,786 ) 9,494 7,292 (7,292 ) Other comprehensive (loss) income (1,656 ) 717 (2,373 ) 1,656 (1,656 ) Comprehensive (loss) income $ (8,948 ) $ (16,069 ) $ 7,121 $ 8,948 $ (8,948 ) PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME FOR THE YEAR ENDED JANUARY 31, 2015 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 766,934 $ 91,303 $ — $ 858,237 Royalty income — 19,113 12,622 — 31,735 Total revenues — 786,047 103,925 — 889,972 Cost of sales — 529,315 57,653 — 586,968 Gross profit — 256,732 46,272 — 303,004 Operating expenses: Selling, general and administrative expenses — 229,808 38,975 — 268,783 Depreciation and amortization — 11,210 988 — 12,198 Total operating expenses — 241,018 39,963 — 280,981 Gain on sale of long-lived assets — — 885 — 885 Operating income — 15,714 7,194 — 22,908 Interest expense — 14,310 (19 ) — 14,291 Net income before income taxes — 1,404 7,213 — 8,617 Income tax provision — 44,889 903 — 45,792 Equity in (loss) earnings of subsidiaries, net (37,175 ) — — 37,175 — Net (loss) income (37,175 ) (43,485 ) 6,310 37,175 (37,175 ) Other comprehensive loss (5,384 ) (2,219 ) (3,165 ) 5,384 (5,384 ) Comprehensive (loss) income $ (42,559 ) $ (45,704 ) $ 3,145 $ 42,559 $ (42,559 ) |
Condensed Consolidating Statement of Cash Flows | PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,207 $ 33,733 $ 8,059 $ (2,705 ) $ 42,294 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (12,105 ) (1,168 ) — (13,273 ) Purchase of investments — — (13,896 ) — (13,896 ) Proceeds from investment maturities — — 12,746 — 12,746 Proceeds from note receivable — — 250 — 250 Intercompany transactions (1,300 ) — — 1,300 — Net cash used in investing activities (1,300 ) (12,105 ) (2,068 ) 1,300 (14,173 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes — — — — — Borrowings from senior credit facility — 311,241 — — 311,241 Payments on senior credit facility — (350,495 ) — — (350,495 ) Payments on real estate mortgages — (11,768 ) — — (11,768 ) Proceeds from refinancing real estate mortgages — 24,139 — — 24,139 Payments on capital leases — (264 ) — — (264 ) Dividends paid to stockholder — — (2,706 ) 2,706 — Deferred financing fees — (274 ) — — (274 ) Purchase of treasury stock (2,151 ) — — — (2,151 ) Proceeds from exercise of stock options 73 — — — 73 Intercompany transactions — 7,596 (6,466 ) (1,130 ) — Net cash used in financing activities (2,078 ) (19,825 ) (9,172 ) 1,576 (29,499 ) Effect of exchange rate changes on cash and cash equivalents 171 — 171 (171 ) 171 NET (DECREASE) INCREASE CASH AND CASH EQUIVALENTS — 1,803 (3,010 ) — (1,207 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 775 31,127 — 31,902 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 2,578 $ 28,117 $ — $ 30,695 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Parent Only Guarantors Non- Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,112 $ 22,571 $ 4,482 $ — $ 30,165 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (14,424 ) (1,726 ) — (16,150 ) Purchase of investments — — (12,086 ) — (12,086 ) Proceeds from investment maturities — — 22,197 — 22,197 Proceeds on sale of intangible assets — 2,500 — — 2,500 Proceeds on sale of building — — 8,163 — 8,163 Payment of expenses related to sale of building — — (1,887 ) — (1,887 ) Proceeds from note receivable — — 250 — 250 Intercompany transactions 101,786 — — (101,786 ) — Net cash provided by (used in) investing activities 101,786 (11,924 ) 14,911 (101,786 ) 2,987 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes (100,000 ) — — — (100,000 ) Borrowings from senior credit facility — 408,209 — — 408,209 Payments on senior credit facility — (346,451 ) — — (346,451 ) Payments on real estate mortgages — (821 ) — — (821 ) Payments on capital leases — (262 ) — — (262 ) Deferred financing fees — (574 ) — — (574 ) Proceeds from exercise of stock options 1,408 — — — 1,408 Purchase of treasury stock (6,950 ) — — — (6,950 ) Intercompany transactions — (100,028 ) (2,402 ) 102,430 — Net cash used in financing activities (105,542 ) (39,927 ) (2,402 ) 102,430 (45,441 ) Effect of exchange rate changes on cash and cash equivalents 644 — 644 (644 ) 644 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS — (29,280 ) 17,635 — (11,645 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 30,055 13,492 — 43,547 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 775 $ 31,127 $ — $ 31,902 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 31, 2015 (amounts in thousands) Parent Only Guarantors Non- Eliminations Consolidated NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 8,285 $ 52,522 $ (626 ) $ (5,038 ) $ 55,143 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (15,748 ) (985 ) — (16,733 ) Purchase of investments — — (31,501 ) — (31,501 ) Proceeds from investments maturities — — 26,592 — 26,592 Proceeds on termination of life insurance 245 — — — 245 Proceeds from note receivable — — 250 — 250 Intercompany transactions (347 ) — — 347 — Net cash used in investing activities (102 ) (15,748 ) (5,644 ) 347 (21,147 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings from senior credit facility — 234,137 — — 234,137 Payments on senior credit facility — (242,299 ) — — (242,299 ) Payments on real estate mortgages — (792 ) — — (792 ) Purchase of treasury stock (8,773 ) — — — (8,773 ) Payments on capital leases — (301 ) — — (301 ) Proceeds from exercise of stock options 404 — — — 404 Tax benefit from exercise of equity instruments (161 ) — — — (161 ) Dividends paid to stockholders — — (8,037 ) 8,037 — Intercompany transactions — 2,536 (2,536 ) — — Net cash used in financing activities (8,530 ) (6,719 ) (10,573 ) 8,037 (17,785 ) Effect of exchange rate changes on cash and cash equivalents 347 — 347 (347 ) 347 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — 30,055 (16,496 ) 2,999 16,558 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — — 29,988 (2,999 ) 26,989 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 30,055 $ 13,492 $ — $ 43,547 |
Property and Equipment Average
Property and Equipment Average Useful Lives (Detail) | 12 Months Ended |
Jan. 28, 2017 | |
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 Accoun59
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 28, 2017USD ($)Customershares | Jan. 30, 2016USD ($)Customer$ / shares | Jan. 31, 2015USD ($)Customer$ / shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment on long-lived assets | $ 1,400,000 | $ 2,400,000 | $ 0 |
Advertising and related costs | 16,100,000 | 15,100,000 | 15,200,000 |
Licensee reimbursements | 7,000,000 | 6,600,000 | 6,800,000 |
Compensation expense | 6,500,000 | 5,200,000 | 6,000,000 |
Cash received from exercise of stock options and stock appreciation rights | 70,000 | 1,400,000 | 400,000 |
Tax benefit (expense) from exercise of stock options and stock appreciation rights | $ 0 | $ 0 | $ (200,000) |
Estimated weighted-average fair value per options and stock appreciation rights granted | $ / shares | $ 12.30 | $ 10.22 | |
Number of options granted | shares | 0 | ||
Other assets | $ 2,269,000 | $ 2,927,000 | |
Senior subordinated notes payable, net | $ 49,673,000 | 49,528,000 | |
ASU 2015-03 | Restatement Adjustment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Other assets | (500,000) | ||
Senior subordinated notes payable, net | $ (500,000) | ||
Customer Concentration Risk | Sales Revenue, Net | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of customers accounting for more than ten percent of revenue | Customer | 2 | 3 | 4 |
Customer Concentration Risk | Sales Revenue, Net | Customer 1 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 13.00% | 12.00% | 14.00% |
Customer Concentration Risk | Sales Revenue, Net | Customer 2 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 10.00% | 11.00% | 10.00% |
Customer Concentration Risk | Sales Revenue, Net | Customer 3 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 10.00% | 10.00% | |
Customer Concentration Risk | Sales Revenue, Net | Customer 4 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 10.00% | ||
North America | Geographic Concentration Risk | Sales Revenue, Net | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 91.00% |
Computation of Basic and Dilute
Computation of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May 30, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | ||
Numerator: | ||||||||||||||||
Net income (loss) | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ (42,897) | $ (437) | $ (1,616) | $ 7,775 | $ 14,517 | $ (7,292) | $ (37,175) | |
Denominator: | ||||||||||||||||
Basic - weighted average shares | 14,936 | 14,968 | 14,856 | |||||||||||||
Dilutive effect: equity awards | 279 | |||||||||||||||
Diluted - weighted average shares | 15,215 | 14,968 | 14,856 | |||||||||||||
Basic income (loss) per share | $ 0.60 | $ (0.34) | $ (0.24) | $ 0.96 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.64 | $ (2.90) | $ (0.03) | $ (0.11) | $ 0.53 | $ 0.97 | $ (0.49) | $ (2.50) | |
Diluted income (loss) income per share | $ 0.59 | $ (0.34) | $ (0.24) | $ 0.95 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.62 | $ (2.90) | $ (0.03) | $ (0.11) | $ 0.52 | $ 0.95 | $ (0.49) | $ (2.50) | |
Antidilutive effect | [1] | 471 | 1,154 | 1,748 | ||||||||||||
[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 De
Weighted-Average Assumptions Derived from Black-Scholes Model Used to Determine Fair Value of Stock Options (Detail) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest, minimum | 0.00% | 1.50% | 2.20% |
Risk free interest, maximum | 2.40% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factors, minimum | 0.00% | 61.40% | 62.30% |
Volatility factors, maximum | 63.30% | ||
Weighted-average life (years) | 0 years | 5 years | 5 years |
Components of Accounts Receivab
Components of Accounts Receivable (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 158,741 | $ 152,369 |
Less: Allowances | (18,501) | (20,303) |
Total | 140,240 | 132,066 |
Trade Accounts Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 151,370 | 144,708 |
Royalties Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 6,659 | 5,892 |
Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 712 | $ 1,769 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Inventory [Line Items] | ||
Finished goods | $ 151,251 | $ 182,414 |
Raw materials and in process | 336 | |
Total | $ 151,251 | $ 182,750 |
Prepaid Expenses and Other Cu64
Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Prepaid Expenses And Other Current Assets [Line Items] | ||
Prepaid expenses | $ 6,365 | $ 8,149 |
Other current assets | 97 | 312 |
Total | $ 6,462 | $ 8,461 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Millions | Jan. 28, 2017USD ($) |
Certificates of Deposit | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for sale securities maturing within one year or less | $ 7.7 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Schedule of Investments [Line Items] | ||
Cost | $ 10,933 | $ 9,791 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (12) | (9) |
Estimated Fair Value | 10,921 | 9,782 |
Marketable securities | ||
Schedule of Investments [Line Items] | ||
Cost | 3,258 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (8) | |
Estimated Fair Value | 3,250 | |
Certificates of Deposit | ||
Schedule of Investments [Line Items] | ||
Cost | 7,675 | 9,791 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4) | (9) |
Estimated Fair Value | $ 7,671 | $ 9,782 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 171,750 | $ 160,931 |
Less: accumulated depreciation and amortization | (109,915) | (97,023) |
Total | 61,835 | 63,908 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 91,639 | 84,634 |
Buildings and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 21,359 | 19,462 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total | 523 | 523 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 48,799 | 46,882 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 9,430 | $ 9,430 |
Summary of Property and Equipme
Summary of Property and Equipment Includes Assets Held under Capital Leases (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Furniture, fixtures and equipment | $ 810 | $ 810 |
Less: accumulated depreciation and amortization | (452) | (182) |
Total | $ 358 | $ 628 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense related to property and equipment | $ 14,100 | $ 13,400 | $ 12,000 | |
Proceeds from sale of building | $ 8,163 | 8,163 | ||
Gain on sale of building | 4,500 | |||
Payment of expenses related to sale of building | $ 1,887 | $ 1,887 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 02, 2015USD ($) | Aug. 02, 2014USD ($)Investment | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Intangible Assets [Line Items] | |||||
Asset sales agreement date | Aug. 1, 2014 | Mar. 19, 2015 | |||
Sale of intellectual property, collected during first quarter of fiscal 2016 | $ 2,500,000 | $ 2,500,000 | |||
Sales agreement amount | $ 1,300,000 | ||||
Number of installments | Investment | 5 | ||||
Notes receivable installments payments amount resulting from sale of intangible asset | $ 250,000 | ||||
Notes receivable installments payments description resulting from sale of intangible asset | The remaining two payments will be paid annually commencing on August 1, 2017, with the final payment to be made on August 1, 2018. | ||||
Interest rate on purchase price | 3.50% | ||||
Goodwill | 6,000,000 | ||||
Intangible assets amortized estimated useful lives | 10 years | ||||
Customer Lists | |||||
Intangible Assets [Line Items] | |||||
Amortization expense | $ 900,000 | 900,000 | $ 900,000 | ||
Trademarks | |||||
Intangible Assets [Line Items] | |||||
Trademarks included in other intangible assets, net | $ 184,100,000 | 184,100,000 | |||
Intangible asset impairment charges | 18,200,000 | ||||
Licensing | |||||
Intangible Assets [Line Items] | |||||
Gain (loss) on sale of intangible assets | $ (700,000) | $ 900,000 | (700,000) | ||
Intangible asset impairment charges | $ 18,200,000 |
Intangible Assets (Detail)
Intangible Assets (Detail) - Customer Lists - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Customer lists | $ 8,450 | $ 8,450 |
Less: accumulated amortization | (5,545) | (4,677) |
Total | $ 2,905 | $ 3,773 |
Schedule of Estimated Amortizat
Schedule of Estimated Amortization Expense for Future Periods (Detail) $ in Thousands | Jan. 28, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization expense 2018 | $ 835 |
Estimated amortization expense 2019 | 793 |
Estimated amortization expense 2020 | 734 |
Estimated amortization expense 2021 | $ 543 |
Components of Accrued Expenses
Components of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accrued Expenses And Other Liabilities [Line Items] | ||
Salaries and commissions | $ 2,684 | $ 6,476 |
Royalties | 3,868 | 3,002 |
Unearned advertising reimbursement | 1,242 | 1,999 |
Insurance and rent | 3,001 | 2,532 |
State sales and other taxes | 2,218 | 2,496 |
Professional fees | 560 | 361 |
Current portion - real estate mortgages | 862 | 817 |
Other | 6,426 | 8,814 |
Total | $ 20,861 | $ 26,497 |
Senior Subordinated Notes Pay74
Senior Subordinated Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 06, 2015 | Mar. 31, 2011 | Jan. 28, 2017 | Jan. 30, 2016 | |
Senior Secured Notes [Line Items] | ||||
Payments on senior subordinated notes | $ 100,000 | |||
Costs of early extinguishment of debt | $ (195) | (5,121) | ||
Senior notes amount outstanding | 49,673 | 49,528 | ||
7 7/8% Senior Subordinated Notes Due 2019 | ||||
Senior Secured Notes [Line Items] | ||||
Debt instrument face amount | $ 150,000 | |||
Debt instrument stated interest rate | 7.875% | |||
Debt instrument maturity date | Apr. 1, 2019 | |||
Proceeds from issuance of senior subordinated notes | $ 146,500 | |||
Debt instrument interest rate, effective percentage | 8.00% | |||
Payments on senior subordinated notes | $ 100,000 | |||
Redemption price for the senior subordinated notes | 103.938% | |||
Redemption date | May 6, 2015 | |||
Costs of early extinguishment of debt | $ (5,100) | |||
Senior notes amount outstanding | 49,700 | 49,500 | ||
Debt issuance cost | $ 300 | $ 500 | ||
8 7/8% Senior Subordinated Notes Due 2013 | ||||
Senior Secured Notes [Line Items] | ||||
Debt instrument stated interest rate | 8.875% | |||
Debt instrument maturity date | Sep. 15, 2013 | |||
Retire senior subordinated notes | $ 150,000 |
Senior Credit Facility - Additi
Senior Credit Facility - Additional Information (Detail) - USD ($) | Apr. 22, 2015 | Jan. 28, 2017 | Jan. 30, 2016 |
Level 1 | Senior Subordinated Notes | |||
Line of Credit Facility [Line Items] | |||
Debt instrument stated interest rate | 7.875% | ||
Senior Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility maximum borrowing capacity | $ 200,000,000 | ||
Credit facility expiry date | Apr. 30, 2020 | ||
Credit facility outstanding borrowings | $ 22,500,000 | $ 61,800,000 | |
Amendment and restatement fees | $ 600,000 | ||
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, percentage of eligible inventory loan limit | 80.00% | ||
Credit facility borrowing base calculation, net recovery percentage of eligible inventory | 90.00% | ||
Senior Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowing base calculation, amount of eligible accounts | $ 1,500,000 | ||
Credit facility borrowing base calculation, percentage of eligible finished goods inventory | 70.00% | ||
Credit facility borrowing base calculation, amount of eligible finished goods inventory | $ 125,000,000 | ||
Senior Credit Facility | Maximum | Prime Rate Loans | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 1.00% | ||
Senior Credit Facility | Maximum | Euro Dollar Rate | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 2.00% | ||
Senior Credit Facility | Minimum | Prime Rate Loans | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 0.50% | ||
Senior Credit Facility | Minimum | Euro Dollar Rate | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 1.50% |
Letter of Credit Facilities - A
Letter of Credit Facilities - Additional Information (Detail) - Letter of Credit | Jan. 28, 2017USD ($)CreditFacility | Oct. 29, 2016USD ($) | Jan. 30, 2016USD ($) |
Line of Credit Facility [Line Items] | |||
Number of letter of credit facility | CreditFacility | 1 | ||
Credit facility maximum borrowing capacity | $ 30,000,000 | $ 30,286,000 | |
Line Of Credit, amount expired and not renewed | $ 15,000,000 | ||
United Kingdom Subsidiary | |||
Line of Credit Facility [Line Items] | |||
Line Of Credit, amount expired and not renewed | $ 300,000 |
Letter of Credit Facilities (De
Letter of Credit Facilities (Detail) - Letter of Credit - USD ($) | Jan. 28, 2017 | Jan. 30, 2016 |
Line of Credit Facility [Line Items] | ||
Total letter of credit facilities | $ 30,000,000 | $ 30,286,000 |
Outstanding letters of credit | (10,788,000) | (11,395,000) |
Total credit available | $ 19,212,000 | $ 18,891,000 |
Real Estate Mortgages - Additio
Real Estate Mortgages - Additional Information (Detail) - USD ($) | 1 Months Ended | |||||
Nov. 30, 2016 | Jan. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2010 | Jun. 30, 2006 | Jan. 28, 2017 | |
Debt Instrument [Line Items] | ||||||
Real Estate Mortgage Loan, Ending Balance | $ 34,740,000 | |||||
Mortgages | Miami Facility | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loan | $ 21,700,000 | $ 13,000,000 | ||||
Mortgage loan, maturity date | Nov. 22, 2026 | Aug. 1, 2020 | ||||
Mortgage loan, interest rate | 3.715% | 3.90% | ||||
Monthly payments of principal and interest | $ 112,000 | $ 69,000 | ||||
Maturity Period, based on Amortization | 25 years | 25 years | ||||
Real Estate Mortgage Loan, Ending Balance | 21,400,000 | |||||
Due within a year | $ 536,000 | |||||
Debt costs written off upon payoff of existing loan | $ 200,000 | |||||
Mortgages | Tampa Facility | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loan | $ 13,200,000 | $ 15,000,000 | ||||
Mortgage loan, maturity date | Nov. 22, 2026 | Jan. 23, 2019 | ||||
Mortgage loan, interest rate | 3.715% | 3.25% | ||||
Monthly payments of principal and interest | $ 68,000 | $ 68,000 | ||||
Maturity Period, based on Amortization | 25 years | 20 years | ||||
Real Estate Mortgage Loan, Ending Balance | $ 13,000,000 | |||||
Due within a year | $ 326,000 |
Contractual Maturities of Real
Contractual Maturities of Real Estate Mortgages (Detail) $ in Thousands | Jan. 28, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 862 |
2,019 | 896 |
2,020 | 930 |
2,021 | 962 |
2,022 | 1,003 |
Thereafter | 30,087 |
Long-term Debt, Gross, Total | 34,740 |
Less discount | (287) |
Total | $ 34,453 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan, Percentage of matching contribution | 6.00% | ||
401(k) Plan, eligible age for participation | 21 years | ||
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 | $ 1 | $ 1 | $ 1 |
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan, percentage of discretionary company match | 0.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan, percentage of discretionary company match | 50.00% |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2003CompensationPlan | Jan. 28, 2017USD ($)CompensationPlan | Jan. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of qualified pension plans | CompensationPlan | 2 | 1 | |
Benefit plans, deferred loss included in accumulated other comprehensive loss before tax | $ 0 | $ 11,100,000 | |
Benefit plans, deferred loss included in accumulated other comprehensive loss after tax | 0 | 7,400,000 | |
Settlement and curtailment, Total | (9,900,000) | ||
Settlement | $ (9,918,000) | $ (4,427,000) |
Reconciliation of Changes in Pl
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Change in benefit obligation | |||
Service cost | $ 250 | $ 250 | $ 250 |
Interest cost | 403 | 1,349 | 1,635 |
Change in plan assets | |||
Fair value of plan assets at beginning of plan year | 18,864 | ||
Fair value of plan assets at end of plan year | 18,864 | ||
Salant Corporation Retirement Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of plan year | 30,971 | 45,829 | |
Service cost | 250 | 250 | |
Interest cost | 403 | 1,349 | |
Actuarial loss | (834) | 1,097 | |
Lump sums plus annuities paid | (30,790) | (17,554) | |
Benefit obligation at end of plan year | 30,971 | 45,829 | |
Change in plan assets | |||
Fair value of plan assets at beginning of plan year | 18,864 | 36,899 | |
Actual return on plan assets | 173 | (522) | |
Company contributions | 11,753 | 41 | |
Lump sums plus annuities paid | $ (30,790) | (17,554) | |
Fair value of plan assets at end of plan year | 18,864 | $ 36,899 | |
Unfunded status at end of plan year | $ 12,107 |
Components of Net Benefit Cost
Components of Net Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 250 | $ 250 | $ 250 |
Interest cost | 403 | 1,349 | 1,635 |
Expected return on plan assets | (262) | (2,631) | (2,398) |
Settlement | 9,918 | 4,427 | |
Amortization of unrecognized net loss | 464 | 538 | 399 |
Net periodic benefit cost | $ 10,773 | $ 3,933 | $ (114) |
Assumptions Used in Measurement
Assumptions Used in Measurement of Benefit Obligation (Detail) | Jan. 28, 2017 | Jan. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.19% | 3.19% |
Rate of compensation increase | 0.00% | 0.00% |
Assumptions Used in Measureme85
Assumptions Used in Measurement of Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.19% | 3.05% |
Expected return on plan assets | 4.25% | 7.50% |
Rate of compensation increase | 0.00% | 0.00% |
Pension Plan Weighted Average A
Pension Plan Weighted Average Asset Allocations (Detail) | Jan. 28, 2017 | Jan. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan weighted average asset allocations | 0.00% | 100.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan weighted average asset allocations | 0.00% | 35.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan weighted average asset allocations | 0.00% | 65.00% |
Fair Value of Plan Assets by As
Fair Value of Plan Assets by Asset Category (Detail) $ in Thousands | Jan. 30, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets | $ 18,864 |
Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets | 18,864 |
Debt securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets | 6,602 |
Debt securities | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets | 6,602 |
Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets | 12,262 |
Cash | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets | $ 12,262 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Other Long Term Liabilities [Line Items] | ||
Deferred rent long-term | $ 12,261 | $ 12,848 |
Long-term incentive compensation | 5,763 | 1,464 |
Other | 247 | 541 |
Total | $ 18,271 | $ 14,853 |
Components of Income (Loss) Bef
Components of Income (Loss) Before Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Income Before Income Tax [Line Items] | |||
Domestic | $ 8,873 | $ (19,447) | $ 1,404 |
Foreign | 6,033 | 11,723 | 7,213 |
Net income (loss) before income taxes | $ 14,906 | $ (7,724) | $ 8,617 |
Income Tax Provision (Benefit)
Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Current income taxes: | |||
Federal | $ (2,748) | $ 5 | $ 398 |
State | (286) | 205 | 505 |
Foreign | 1,215 | 1,939 | 1,159 |
Total current income taxes | (1,819) | 2,149 | 2,062 |
Deferred income taxes: | |||
Federal | 2,147 | (2,246) | 41,225 |
State | (47) | (617) | 2,974 |
Foreign | 108 | 282 | (469) |
Total deferred income taxes | 2,208 | (2,581) | 43,730 |
Total | $ 389 | $ (432) | $ 45,792 |
Effective Income Tax Rate (Deta
Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Reconciliation of Effective Income Tax Rate [Line Items] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
(Decrease) increase resulting from State income taxes, net of federal income tax benefit | (1.10%) | 5.20% | (1.70%) |
Foreign tax rate differential | (9.70%) | 35.90% | (28.80%) |
Change in reserves | 0.60% | (2.20%) | 3.30% |
Change in valuation allowance | (8.00%) | (38.60%) | 506.90% |
Non-deductible items | 9.50% | (32.20%) | 14.70% |
Prior year tax provision adjustments | 2.50% | 1.80% | (0.60%) |
Change in deferred rate | (0.60%) | 4.10% | (0.40%) |
Pension termination benefit | (25.20%) | (0.00%) | (0.00%) |
Other | (0.40%) | (3.40%) | 3.00% |
Total | 2.60% | 5.60% | 531.40% |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2004 |
Deferred tax assets: | |||
Inventory | $ 5,104 | $ 6,251 | |
Accounts receivable | 1,306 | 1,295 | |
Accrued expenses | 8,208 | 7,930 | |
Net operating losses | 19,294 | 19,882 | $ 53,500 |
Deferred pension obligation | 4,741 | ||
Stock compensation | 2,882 | 3,497 | |
Fixed assets | 7,474 | 7,142 | |
Intangible assets | 3,122 | 3,681 | |
Other | 4,354 | 4,434 | |
Deferred tax asset | 51,744 | 58,853 | |
Deferred tax liabilities: | |||
Intangible assets | (38,869) | (36,642) | |
Prepaid expenses | (1,604) | (1,993) | |
Deferred Tax Liabilities, Gross | (40,473) | (38,635) | |
Valuation allowance | (48,052) | (54,791) | $ (20,300) |
Net deferred tax liability | $ (36,781) | $ (34,573) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 30, 2010 | Jan. 31, 2004 | |
Income Tax Disclosure [Line Items] | ||||||
Deferred tax asset with realized and unrealized losses associated with marketable securities | $ 1,000,000 | |||||
Valuation allowance | $ 48,052,000 | $ 54,791,000 | $ 20,300,000 | |||
Deferred tax asset, net of valuation allowances | 200,000 | |||||
Net deferred tax assets | 19,294,000 | 19,882,000 | 53,500,000 | |||
Operating tax loss carry-forward | 32,200,000 | |||||
Deferred tax asset | 51,744,000 | 58,853,000 | ||||
Deferred Tax Assets, Valuation Allowance against remaining assets | 38,600,000 | |||||
Unremitted earnings of foreign subsidiaries | 79,700,000 | |||||
Tax savings resulting from deductions associated with the stock option plans | 389,000 | (432,000) | $ 45,792,000 | |||
Unrecognized tax benefits | 1,182,000 | 1,091,000 | 1,018,000 | $ 841,000 | ||
Unrecognized tax benefits, interest and penalties | 300,000 | 200,000 | ||||
Unrecognized tax benefits, interest and penalties recognized in income tax expense | 0 | $ 100,000 | ||||
Unrecognized tax benefits, interest and penalties increase | 100,000 | |||||
Internal Revenue Service (IRS) | ||||||
Income Tax Disclosure [Line Items] | ||||||
Net Operating Losses | $ 56,000,000 | |||||
Year selected for income tax examination year | 2,013 | |||||
Internal Revenue Service (IRS) | Earliest Tax Year | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax years | 2,011 | |||||
Internal Revenue Service (IRS) | Latest Tax Year | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax years | 2,017 | |||||
Internal Revenue Service (IRS) | Tax Year 2011 | ||||||
Income Tax Disclosure [Line Items] | ||||||
Adjustments to taxable income | 6,100,000 | |||||
Internal Revenue Service (IRS) | Tax Year 2012 | ||||||
Income Tax Disclosure [Line Items] | ||||||
Adjustments to taxable income | 5,300,000 | |||||
Internal Revenue Service (IRS) | Tax Year 2013 | ||||||
Income Tax Disclosure [Line Items] | ||||||
Adjustments to taxable income | 6,800,000 | |||||
Marketable securities | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance | 900,000 | 900,000 | ||||
Deferred tax asset losses, expiration of capital loss carryforwards | $ (100,000) | |||||
Charitable contribution carryovers | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance on operating loss carryforwards | 1,300,000 | 1,300,000 | ||||
Decrease in valuation allowance | 0 | 100,000 | ||||
Deferred tax asset | 1,300,000 | |||||
United Kingdom Subsidiary | ||||||
Income Tax Disclosure [Line Items] | ||||||
Net Operating Losses | 600,000 | 100,000 | ||||
Valuation allowance on operating loss carryforwards | 2,300,000 | 2,100,000 | ||||
Decrease in valuation allowance | 700,000 | |||||
Increase in valuation allowance | 200,000 | |||||
Increase in valuation allowance related to loss in current fiscal year | 900,000 | |||||
Hong Kong Subsidiary | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance | 1,200,000 | 1,000,000 | ||||
Net Operating Losses | 100,000 | 200,000 | ||||
Increase in valuation allowance | 200,000 | |||||
Mexican Subsidiary | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance | 600,000 | 600,000 | ||||
Net Operating Losses | 400,000 | 200,000 | ||||
Stock Options | ||||||
Income Tax Disclosure [Line Items] | ||||||
Net deferred tax assets | 1,300,000 | |||||
Tax savings resulting from deductions associated with the stock option plans | 0 | 0 | $ (200,000) | |||
State and Local Jurisdiction | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance on operating loss carryforwards | 3,200,000 | 2,700,000 | ||||
Increase (Decrease) in valuation allowance on operating loss carryforwards | 500,000 | 0 | ||||
Domestic Deferred Tax Asset | ||||||
Income Tax Disclosure [Line Items] | ||||||
Valuation allowance | 38,600,000 | 46,200,000 | ||||
Decrease in valuation allowance | $ 7,600,000 | |||||
Increase in valuation allowance | $ 3,800,000 |
Expiration of Remaining Federal
Expiration of Remaining Federal Net Operating Losses (Detail) - Internal Revenue Service (IRS) $ in Thousands | Jan. 28, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | $ 32,234 |
2,018 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 5,386 |
2019-2024 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | 20,893 |
Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | $ 5,955 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Balance at beginning of period | $ 1,091 | $ 1,018 | $ 841 |
Additions based on tax positions related to the current year | 87 | 98 | 80 |
Deductions based on tax positions related to the current year | (7) | ||
Additions for tax positions of prior years | 33 | 123 | 327 |
Reductions for tax positions of prior years | (29) | (2) | (46) |
Reductions due to lapses of statutes of limitations | (49) | ||
Settlements | (97) | (177) | |
Balance at end of period | $ 1,182 | $ 1,091 | $ 1,018 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amounts of the real estate mortgages | $ 34,453 | |
Senior subordinated notes payable, net | 49,673 | $ 49,528 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amounts of the real estate mortgages | 34,500 | 22,000 |
Level 2 | Senior Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of the 7 7/8% senior subordinated notes payable | $ 50,100 | $ 49,000 |
Debt instrument stated interest rate | 7.875% | 7.875% |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 291,481 | $ 302,017 | $ 347,533 |
Other comprehensive (loss) income before reclassifications | (3,268) | (6,621) | (5,783) |
Amounts reclassified from accumulated other comprehensive loss | 7,681 | 4,965 | 399 |
Ending Balance | 313,687 | 291,481 | 302,017 |
Unrealized (Loss) on Pension Liability | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (7,368) | (8,085) | (5,866) |
Other comprehensive (loss) income before reclassifications | (313) | (4,248) | (2,618) |
Amounts reclassified from accumulated other comprehensive loss | 7,681 | 4,965 | 399 |
Ending Balance | (7,368) | (8,085) | |
Foreign Currency Translation Adjustments, Net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (7,131) | (4,774) | (1,563) |
Other comprehensive (loss) income before reclassifications | (2,771) | (2,357) | (3,211) |
Ending Balance | (9,902) | (7,131) | (4,774) |
Unrealized (Loss) Gain on Investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (9) | 7 | (39) |
Other comprehensive (loss) income before reclassifications | (3) | (16) | 46 |
Ending Balance | (12) | (9) | 7 |
Unrealized Loss on Forward Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive (loss) income before reclassifications | (181) | ||
Ending Balance | (181) | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (14,508) | (12,852) | (7,468) |
Ending Balance | $ (10,095) | $ (14,508) | $ (12,852) |
Summary of Impact on Consolidat
Summary of Impact on Consolidated Statements of Operations Line Items (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expenses | $ 280,019 | $ 275,863 | $ 268,783 |
Income tax (benefit) provision | 389 | (432) | 45,792 |
Total, net of tax | 7,681 | 4,965 | 399 |
Unrealized (Loss) on Pension Liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of tax | 7,681 | 4,965 | 399 |
Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expenses | 464 | 538 | $ 399 |
Reclassification out of Accumulated Other Comprehensive Income | Lump sum settlement | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expenses | 10,977 | $ 4,427 | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized (Loss) on Pension Liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax (benefit) provision | $ (3,760) |
Derivative Financial Instrume99
Derivative Financial Instrument - Cash Flow Hedges - Additional Information (Detail) | Jan. 28, 2017USD ($) | Jan. 28, 2017USD ($) |
Derivative [Line Items] | ||
Cash flow hedge ineffectiveness | $ 0 | |
Foreign currency forward exchange contract loss to be reclassified during next 12 months | 200,000 | $ 200,000 |
Foreign currency forward exchange contract | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative instrument, hedging percentage | 45.00% | |
Notional amount outstanding | $ 15,000,000 | $ 15,000,000 |
Derivative maturity, month and year | 2018-01 |
Fair Value and Balance Sheet Cl
Fair Value and Balance Sheet Classification of Hedging Instruments (Detail) - Designated as Hedging Instrument $ in Thousands | Jan. 28, 2017USD ($) |
Derivatives, Fair Value [Line Items] | |
Derivative financial instrument, fair value | $ 181 |
Foreign currency forward exchange contract | Accounts Payable | Level 2 | |
Derivatives, Fair Value [Line Items] | |
Derivative financial instrument, fair value | $ 181 |
Summary of Effect and Classific
Summary of Effect and Classification of the Company's Hedging Instruments (Detail) $ in Thousands | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Foreign currency forward exchange contract | Designated as Hedging Instrument | Cost of goods sold | Level 2 | |
Derivatives, Fair Value [Line Items] | |
Gain reclassified from accumulated other comprehensive loss to income | $ (135) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Apr. 13, 2015USD ($) | Oct. 01, 2014USD ($) | Jan. 28, 2017USD ($)ft²$ / ft² | Jan. 30, 2016USD ($)Customer$ / ft² | Jan. 31, 2015USD ($)$ / ft² |
Related Party Transaction [Line Items] | |||||
Rent expense | $ 26,400,000 | $ 27,200,000 | $ 26,200,000 | ||
Executive Chairman of the Board | |||||
Related Party Transaction [Line Items] | |||||
Monthly lease rental | $ 41,750 | ||||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | ||||
Term of lease | 10 years | ||||
Term of lease extension | 5 years | ||||
Lease contract beginning date | Jul. 1, 2014 | ||||
Lease contract expiration date | Jun. 30, 2019 | ||||
Rent expense | $ 243,000 | $ 487,000 | $ 610,000 | ||
Rent expense per square foot | $ / ft² | 15.19 | 9.87 | 9.25 | ||
Executive Chairman of the Board | Real Estate Brokerage Fee | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | $ 215,000 | ||||
Executive Chairman of the Board | Lease Termination Fee | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | $ 180,000 | ||||
Executive Chairman of the Board | Administrative Offices | |||||
Related Party Transaction [Line Items] | |||||
Lease arrangements | ft² | 16,000 | ||||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | ||||
Lease contract beginning date | Jul. 1, 2014 | ||||
Lease contract expiration date | Jun. 30, 2019 | ||||
Rent expense | $ 14,666 | ||||
Executive Chairman of the Board | Warehouse distribution and retail | |||||
Related Party Transaction [Line Items] | |||||
Lease arrangements | ft² | 50,000 | ||||
Immediate Family Member of Management or Principal Owner | |||||
Related Party Transaction [Line Items] | |||||
Royalty income earned from Isaco license agreements | $ 2,200,000 | $ 2,100,000 | 2,300,000 | ||
Product purchases from Isaco | 600,000 | 700,000 | 800,000 | ||
Advertising reimbursements from the license agreements | 500,000 | 500,000 | 500,000 | ||
Insurance premiums paid for property and casualty | 800,000 | 900,000 | 1,000,000 | ||
Executive Chairman and Chief Executive Officer | Aircraft Charter | |||||
Related Party Transaction [Line Items] | |||||
Amount paid to third party under agreements | $ 0 | $ 42,000 | 1,600,000 | ||
Gilt | |||||
Related Party Transaction [Line Items] | |||||
Net sales related to Gilt | $ 600,000 | ||||
Number of members | Customer | 8,000,000 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Oct. 31, 2016 | |
Shareholders Equity [Line Items] | ||||
Common stock repurchase program, amount authorized | $ 70,000,000 | |||
Total purchases under common stock repurchase program | $ 60,800,000 | |||
Purchase of treasury stock | $ 2,151,000 | $ 6,950,000 | $ 8,773,000 | |
Treasury stock, shares | 0 | 0 | ||
ADDITIONAL PAID-IN CAPITAL | ||||
Shareholders Equity [Line Items] | ||||
Retirement of treasury stock | $ 2,150,000 | $ 22,669,000 | ||
COMMON STOCK | ||||
Shareholders Equity [Line Items] | ||||
Retirement of treasury stock | 1,000 | 11,000 | ||
Treasury Stock | ||||
Shareholders Equity [Line Items] | ||||
Purchase of treasury stock | 2,151,000 | 6,950,000 | $ 8,773,000 | |
Retirement of treasury stock | $ (2,151,000) | $ (22,680,000) |
Stock Options, SARS and Rest104
Stock Options, SARS and Restricted Shares - Additional Information (Detail) | Mar. 17, 2011shares | Nov. 01, 2014USD ($)$ / sharesshares | Aug. 02, 2014USD ($)$ / sharesshares | May 03, 2014USD ($)$ / sharesshares | Jan. 28, 2017USD ($)Director$ / sharesshares | Jan. 30, 2016USD ($)Director$ / sharesshares | Jan. 31, 2015USD ($)Director$ / sharesshares | Mar. 13, 2008shares | Dec. 31, 2006shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Closing price of stock | $ / shares | $ 23.50 | $ 19.01 | $ 23.91 | ||||||
Total Intrinsic value of stock options and SARS exercised | $ | $ 700,000 | $ 7,400,000 | $ 300,000 | ||||||
Total fair value of stock options and SARS vested | $ | $ 100,000 | $ 1,000,000 | $ 1,900,000 | ||||||
Number of restricted stock vested | shares | 337,685 | 242,968 | 223,595 | ||||||
Number of restricted stock tax withheld | shares | 49,387 | 27,325 | 21,809 | ||||||
Number of restricted stock tax withholding value | $ | $ 1,000,000 | $ 700,000 | $ 400,000 | ||||||
Unrecognized compensation cost related to unvested stock options | $ | 100,000 | ||||||||
Unrecognized compensation cost related to unvested restricted stock | $ | $ 7,200,000 | ||||||||
2015 Long-Term Incentive Compensation Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for grant | shares | 6,250,000 | ||||||||
Increase in number of shares authorized for grant | shares | 1,000,000 | ||||||||
Expiration date of the plan | Jul. 17, 2025 | ||||||||
Percentage of exercise price of incentive stock option granted to a 10% shareholder | 110.00% | ||||||||
2005 Stock Option Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for grant | shares | 5,250,000 | 4,750,000 | 2,250,000 | ||||||
Increase in number of shares authorized for grant | shares | 500,000 | ||||||||
Minimum | 2015 Long-Term Incentive Compensation Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of non-employee directors in compensation committee | Director | 2 | ||||||||
Subject to Withholding | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of restricted stock vested | shares | 171,871 | 91,083 | 52,389 | ||||||
Stock Appreciation Rights (SARs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares awarded | shares | 3,816 | 5,157 | 5,883 | 3,501 | |||||
Vesting period of awards | 3 years | 3 years | 3 years | 3 years | |||||
Award expiration term | 7 years | 7 years | 7 years | 7 years | |||||
Fair value of stock granted | $ | $ 50,000 | $ 50,000 | $ 50,000 | $ 38,000 | |||||
Exercise price per share of shares awarded | $ / shares | $ 24.26 | $ 17.71 | $ 15.49 | $ 20.12 | |||||
Stock Appreciation Rights (SARs) | Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares awarded | shares | 8,130 | ||||||||
Number of directors awarded | Director | 2 | ||||||||
Exercise price per share of shares awarded | $ / shares | $ 23.38 | ||||||||
Vesting period of awards | 3 years | ||||||||
Award expiration term | 7 years | ||||||||
Fair value of stock granted | $ | $ 100,000 | ||||||||
Performance Based Restricted Stock Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares awarded | shares | 115,588 | 219,566 | |||||||
Vesting period of awards | 3 years | 3 years | |||||||
Fair value of stock granted | $ | $ 2,200,000 | $ 5,400,000 | |||||||
Performance Based Restricted Stock Awards | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares awarded | shares | 184,004 | 255,390 | |||||||
Fair value of stock granted | $ | $ 3,800,000 | ||||||||
Value of award granted | $ | $ 3,500,000 | ||||||||
Awards expected vesting percentage | 100.00% | ||||||||
Award vesting date | 2019-04 | ||||||||
Performance Based Restricted Stock Awards | Minimum | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of awards | 3 years | ||||||||
Performance Based Restricted Stock Awards | Maximum | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of awards | 5 years | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted-average period over which unrecognized compensation cost are recognized | 3 years | ||||||||
Restricted Stock | Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares awarded | shares | 31,902 | 12,840 | 18,186 | ||||||
Vesting period of awards | 1 year | 3 years | 3 years | ||||||
Fair value of stock granted | $ | $ 300,000 | ||||||||
Number of directors awarded restricted stock | Director | 6 | 5 | 6 | ||||||
Value of award granted | $ | $ 700,000 | $ 300,000 | |||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted-average period over which unrecognized compensation cost are recognized | 2 years |
Information Regarding Shares Un
Information Regarding Shares Under Stock Option Plans (Detail) - shares | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unvested Restricted Shares | 533,346 | 612,018 | 717,311 | 728,322 |
2015 Long-Term Incentive Compensation Plan | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares Underlying Outstanding Grants | 373,838 | |||
Unvested Restricted Shares | 533,346 | |||
Shares Available for Grant | 654,481 |
Summary of Stock Option and Sto
Summary of Stock Option and Stock Appreciation Rights Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Option and SARS, Number of Shares | ||||
Beginning Balance | 542,019 | 1,030,630 | 1,216,572 | |
Granted | 8,130 | 18,357 | ||
Exercised | (121,165) | (487,834) | (52,574) | |
Cancelled | (47,016) | (8,907) | (151,725) | |
Ending Balance | 373,838 | 542,019 | 1,030,630 | 1,216,572 |
Vested or expected to vest | 373,838 | 542,019 | 1,030,630 | 1,216,572 |
Options and SARS Exercisable | 360,466 | 516,651 | 912,273 | 959,971 |
Option and SARS, Weighted Average Exercise Price | ||||
Beginning Balance | $ 23.25 | $ 17.27 | $ 17.12 | |
Ending Balance | 23.70 | 23.25 | 17.27 | $ 17.12 |
Vested or expected to vest | 23.70 | 23.25 | 17.27 | 17.12 |
Options and SARS Exercisable | $ 23.82 | $ 23.41 | $ 17.13 | $ 16.24 |
Option and SARS, Weighted Average Remaining Contractual Life | ||||
Outstanding | 1 year 3 months 15 days | 2 years 22 days | 3 years 5 months 27 days | 3 years 6 months 22 days |
Vested or expected to vest | 1 year 3 months 15 days | 2 years 22 days | 3 years 5 months 27 days | 3 years 6 months 22 days |
Options and SARS Exercisable | 1 year 1 month 17 days | 1 year 10 months 2 days | 2 years 11 months 23 days | 3 years 6 months 4 days |
Option and SARS, Aggregate Intrinsic Value | ||||
Outstanding | $ 915 | $ 752 | $ 7,905 | $ 3,657 |
Vested or expected to vest | 915 | 752 | 7,905 | 3,657 |
Options and SARS Exercisable | $ 874 | $ 729 | $ 7,238 | $ 3,653 |
Minimum | ||||
Option and SARS, Price Per Share | ||||
Granted | $ 23.38 | $ 15.49 | ||
Exercised | $ 4.63 | 4.63 | 4.89 | |
Cancelled | 20.12 | 18.19 | 16.59 | |
Maximum | ||||
Option and SARS, Price Per Share | ||||
Granted | 23.38 | 24.26 | ||
Exercised | 24.93 | 22.46 | 20.59 | |
Cancelled | 28.38 | 30 | 28.38 | |
Weighted Average | ||||
Option and SARS, Price Per Share | ||||
Granted | 23.38 | 18.82 | ||
Exercised | 21.04 | 10.60 | 14.42 | |
Cancelled | $ 25.38 | $ 23.74 | $ 17.25 |
Information Regarding Option an
Information Regarding Option and Stock Appreciation Rights Outstanding and Exercisable (Detail) | 12 Months Ended |
Jan. 28, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding | shares | 373,838 |
Number Exercisable | shares | 360,466 |
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 | $ 5 |
Number Outstanding | shares | 31,189 |
Weighted Average Remaining Contractual Life (in years) | 2 years 1 month 24 days |
Weighted Average Exercise Price | $ 4.67 |
Number Exercisable | shares | 31,189 |
Weighted Average Exercise Price | $ 4.67 |
Exercise Prices Range Two | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | 15 |
Range of Exercise Prices, upper range | $ 21 |
Number Outstanding | shares | 60,349 |
Weighted Average Remaining Contractual Life (in years) | 2 years 5 months 16 days |
Weighted Average Exercise Price | $ 18.09 |
Number Exercisable | shares | 53,669 |
Weighted Average Exercise Price | $ 18.16 |
Exercise Prices Range Three | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | 23 |
Range of Exercise Prices, upper range | $ 26 |
Number Outstanding | shares | 114,768 |
Weighted Average Remaining Contractual Life (in years) | 9 months |
Weighted Average Exercise Price | $ 24.82 |
Number Exercisable | shares | 108,076 |
Weighted Average Exercise Price | $ 24.89 |
Exercise Prices Range Four | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | 27 |
Range of Exercise Prices, upper range | $ 31 |
Number Outstanding | shares | 167,532 |
Weighted Average Remaining Contractual Life (in years) | 1 year 1 month 2 days |
Weighted Average Exercise Price | $ 28.50 |
Number Exercisable | shares | 167,532 |
Weighted Average Exercise Price | $ 28.50 |
Summary of Restricted Stock Bas
Summary of Restricted Stock Based Awards (Detail) - $ / shares | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Restricted Shares | ||||
Beginning Balance | 612,018 | 717,311 | 728,322 | |
Granted | 331,494 | 232,406 | 273,576 | |
Vested | (337,685) | (242,968) | (223,595) | |
Forfeited | (72,481) | (94,731) | (60,992) | |
Ending Balance | 533,346 | 612,018 | 717,311 | 728,322 |
Weighted Average Grant Price | ||||
Weighted Average Grant Price | $ 20.14 | $ 19.79 | $ 17.18 | $ 18.80 |
Weighted Average Remaining Vesting Period | ||||
Weighted Average Remaining Vesting Period | 1 year 8 months 1 day | 1 year 6 months 18 days | 1 year 10 months 2 days | 2 years 4 months 2 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Jan. 28, 2017Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Revenues Generated by Segments
Revenues Generated by Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May 30, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | $ 204,180 | $ 193,959 | $ 201,653 | $ 261,294 | $ 214,363 | $ 205,439 | $ 213,299 | $ 266,414 | $ 217,686 | $ 211,440 | $ 203,532 | $ 257,314 | $ 861,086 | $ 899,515 | $ 889,972 | |
Total depreciation and amortization | 14,542 | 13,693 | 12,198 | |||||||||||||
Total operating income | 22,496 | 6,664 | 22,908 | |||||||||||||
Costs on early extinguishment of debt | 195 | 5,121 | ||||||||||||||
Total identifiable assets | 592,705 | 621,975 | 592,705 | 621,975 | ||||||||||||
Interest expense | 7,395 | 9,267 | 14,291 | |||||||||||||
Net income (loss) before income taxes | 14,906 | (7,724) | 8,617 | |||||||||||||
Men's Sportswear and Swim | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 625,115 | 640,600 | 635,182 | |||||||||||||
Total depreciation and amortization | 7,633 | 7,375 | 6,627 | |||||||||||||
Total operating income | [1] | 14,708 | 20,068 | 3,847 | ||||||||||||
Total identifiable assets | 276,232 | 308,572 | 276,232 | 308,572 | ||||||||||||
Women's Sportswear | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 107,784 | 127,692 | 130,852 | |||||||||||||
Total depreciation and amortization | 3,066 | 2,250 | 1,903 | |||||||||||||
Total operating income | [2] | (6,904) | (9,248) | 859 | ||||||||||||
Total identifiable assets | 39,934 | 41,721 | 39,934 | 41,721 | ||||||||||||
Direct-to-Consumer | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 92,187 | 96,514 | 92,203 | |||||||||||||
Total depreciation and amortization | 3,608 | 3,884 | 3,519 | |||||||||||||
Total operating income | (13,913) | (11,805) | (6,675) | |||||||||||||
Total identifiable assets | 16,358 | 20,948 | 16,358 | 20,948 | ||||||||||||
Licensing | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 36,000 | 34,709 | 31,735 | |||||||||||||
Total depreciation and amortization | 235 | 184 | 149 | |||||||||||||
Total operating income | [3] | 28,605 | 7,649 | $ 24,877 | ||||||||||||
Total identifiable assets | 232,118 | 224,182 | 232,118 | 224,182 | ||||||||||||
Corporate | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total identifiable assets | $ 28,063 | $ 26,552 | $ 28,063 | $ 26,552 | ||||||||||||
[1] | Operating income for the Men's Sportswear and Swim segment for the years ended January 28, 2017 and January 30, 2016 includes a settlement charge related to the pension plan in the amount of $9.9 million and $4.4 million, respectively. See footnote 15 to the consolidated financial statements for further information. Operating income for the Men's Sportswear and Swim segment for the year ended January 30, 2016 includes a gain on the sale of long lived assets in the amount of $4.5 million. See footnote 7 to the consolidated financial statements for further information. | |||||||||||||||
[2] | Operating loss for the women's sportswear segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $6.0 million. See footnote 8 to the consolidated financial statements for further information. | |||||||||||||||
[3] | Operating income (loss) for the licensing segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $18.2 million and a loss on sale of long-lived assets in the amount of $0.7 million. See footnote 8 to the consolidated financial statements for further information. |
Revenues Generated by Segmen111
Revenues Generated by Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
May 02, 2015 | Aug. 02, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Pension plan settlement charge | $ 7,217 | $ 4,427 | ||
Men's Sportswear and Swim | ||||
Segment Reporting Information [Line Items] | ||||
Pension plan settlement charge | $ 9,900 | 4,400 | ||
Gain (loss) on sale of intangible assets | 4,500 | |||
Women's Sportswear | ||||
Segment Reporting Information [Line Items] | ||||
Impairment on long-lived assets | 6,000 | |||
Licensing | ||||
Segment Reporting Information [Line Items] | ||||
Impairment on long-lived assets | 18,200 | |||
Gain (loss) on sale of intangible assets | $ (700) | $ 900 | $ (700) |
Revenues From External Customer
Revenues From External Customers and Long Lived Assets Excluding Deferred Taxes Related To Continuing Operations In United States and Foreign Countries (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May 30, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Total revenues | $ 204,180 | $ 193,959 | $ 201,653 | $ 261,294 | $ 214,363 | $ 205,439 | $ 213,299 | $ 266,414 | $ 217,686 | $ 211,440 | $ 203,532 | $ 257,314 | $ 861,086 | $ 899,515 | $ 889,972 |
Total long-lived assets | 248,886 | 251,827 | 248,886 | 251,827 | |||||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Total revenues | 752,378 | 785,493 | 786,046 | ||||||||||||
Total long-lived assets | 214,370 | 216,847 | 214,370 | 216,847 | |||||||||||
International | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Total revenues | 108,708 | 114,022 | $ 103,926 | ||||||||||||
Total long-lived assets | $ 34,516 | $ 34,980 | $ 34,516 | $ 34,980 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Apr. 20, 2016USD ($) | Jan. 28, 2017USD ($)ft² | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Sep. 09, 2013USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |||||
License agreements expiry period | Dec. 31, 2019 | ||||
Total royalty payment under license agreement | $ 14,400,000 | $ 13,200,000 | $ 13,800,000 | ||
Rent expense | 26,400,000 | 27,200,000 | 26,200,000 | ||
Capital lease obligation | 300,000 | ||||
Share-based compensation | $ 6,459,000 | 5,196,000 | 6,035,000 | ||
Executive Chairman of the Board | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease contract beginning date | Jul. 1, 2014 | ||||
Lease contract expiration date | Jun. 30, 2019 | ||||
Rent expense | $ 243,000 | $ 487,000 | $ 610,000 | ||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | ||||
Executive Chairman of the Board | Administrative Offices | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease arrangements | ft² | 16,000 | ||||
Lease contract beginning date | Jul. 1, 2014 | ||||
Lease contract expiration date | Jun. 30, 2019 | ||||
Lease term | 60 months | ||||
Rent expense | $ 14,666 | ||||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | ||||
License Agreement | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Future minimum payments | $ 49,000,000 | ||||
Executive Chairman | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Employment agreement, lump sum / severance payment, payable upon the termination | $ 1,000,000 | ||||
Executive Chairman | Selling, General and Administrative Expenses | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Share-based compensation | $ 3,700,000 | ||||
Chief Executive Officer | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Employment agreement expiration date | Feb. 2, 2019 | ||||
President of International Development and Global Licensing | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Employment agreements base salaries | $ 500,000 | ||||
Employment agreement expiration date | Sep. 9, 2018 | ||||
Minimum | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease term | 3 years | ||||
Minimum | Executive Chairman | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Employment agreements base salaries | $ 750,000 | ||||
Minimum | Chief Executive Officer | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Employment agreements base salaries | $ 1,350,000 | ||||
Maximum | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease term | 15 years |
Minimum Aggregate Annual Commit
Minimum Aggregate Annual Commitments For Non-Cancelable, Unrelated Operating Lease Commitments (Detail) $ in Thousands | Jan. 28, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,018 | $ 21,717 |
2,019 | 20,793 |
2,020 | 19,730 |
2,021 | 19,164 |
2,022 | 17,245 |
Thereafter | 63,791 |
Total | $ 162,440 |
Minimum Aggregate Annual Com115
Minimum Aggregate Annual Commitments For Capital Lease Obligations (Detail) $ in Thousands | Jan. 28, 2017USD ($) |
Capital Leased Assets [Line Items] | |
2,018 | $ 286 |
2,019 | 75 |
Total | $ 361 |
Summarized Quarterly Financi116
Summarized Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May 30, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Quarterly Financial Data [Line Items] | |||||||||||||||
Net sales | $ 195,572 | $ 185,298 | $ 193,341 | $ 250,875 | $ 205,464 | $ 196,447 | $ 204,638 | $ 258,257 | $ 209,044 | $ 203,267 | $ 196,010 | $ 249,916 | $ 825,086 | $ 864,806 | $ 858,237 |
Royalty Income | 8,608 | 8,661 | 8,312 | 10,419 | 8,899 | 8,992 | 8,661 | 8,157 | 8,642 | 8,173 | 7,522 | 7,398 | 36,000 | 34,709 | 31,735 |
Total revenues | 204,180 | 193,959 | 201,653 | 261,294 | 214,363 | 205,439 | 213,299 | 266,414 | 217,686 | 211,440 | 203,532 | 257,314 | 861,086 | 899,515 | 889,972 |
Gross profit | 78,490 | 71,103 | 73,831 | 95,084 | 79,730 | 73,295 | 75,942 | 90,100 | 74,568 | 70,307 | 70,464 | 87,665 | 318,508 | 319,067 | 303,004 |
Net income (loss) | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ (42,897) | $ (437) | $ (1,616) | $ 7,775 | $ 14,517 | $ (7,292) | $ (37,175) |
Net income (loss) per share: | |||||||||||||||
Basic | $ 0.60 | $ (0.34) | $ (0.24) | $ 0.96 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.64 | $ (2.90) | $ (0.03) | $ (0.11) | $ 0.53 | $ 0.97 | $ (0.49) | $ (2.50) |
Diluted | $ 0.59 | $ (0.34) | $ (0.24) | $ 0.95 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.62 | $ (2.90) | $ (0.03) | $ (0.11) | $ 0.52 | $ 0.95 | $ (0.49) | $ (2.50) |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Current Assets: | ||||
Cash and cash equivalents | $ 30,695 | $ 31,902 | $ 43,547 | $ 26,989 |
Investment, at fair value | 10,921 | 9,782 | ||
Accounts receivable, net | 140,240 | 132,066 | ||
Inventories | 151,251 | 182,750 | ||
Prepaid income taxes | 1,647 | 1,818 | ||
Prepaid expenses and other current assets | 6,462 | 8,461 | ||
Total current assets | 341,216 | 366,779 | ||
Property and equipment, net | 61,835 | 63,908 | ||
Other intangible assets, net | 187,051 | 187,919 | ||
Deferred income taxes | 334 | 442 | ||
Other assets | 2,269 | 2,927 | ||
TOTAL | 592,705 | 621,975 | ||
Current Liabilities: | ||||
Accounts payable | 92,843 | 103,684 | ||
Accrued expenses and other liabilities | 20,861 | 26,497 | ||
Accrued interest payable | 1,450 | 1,521 | ||
Unearned revenues | 2,710 | 4,213 | ||
Deferred pension obligation | 12,107 | |||
Total current liabilities | 117,864 | 148,022 | ||
Senior subordinated notes payable, net | 49,673 | 49,528 | ||
Senior credit facility | 22,504 | 61,758 | ||
Real estate mortgages | 33,591 | 21,318 | ||
Unearned revenues and other long-term liabilities | 18,271 | 14,853 | ||
Deferred income taxes | 37,115 | 35,015 | ||
Total long-term liabilities | 161,154 | 182,472 | ||
Total liabilities | 279,018 | 330,494 | ||
Total equity | 313,687 | 291,481 | 302,017 | 347,533 |
TOTAL | 592,705 | 621,975 | ||
Parent | ||||
Current Assets: | ||||
Intercompany receivable, net | 85,028 | 74,091 | ||
Prepaid income taxes | 549 | 1,017 | ||
Total current assets | 85,577 | 75,108 | ||
Investment in subsidiaries | 279,233 | 267,422 | ||
TOTAL | 364,810 | 342,530 | ||
Current Liabilities: | ||||
Accrued interest payable | 1,450 | 1,521 | ||
Total current liabilities | 1,450 | 1,521 | ||
Senior subordinated notes payable, net | 49,673 | 49,528 | ||
Total long-term liabilities | 49,673 | 49,528 | ||
Total liabilities | 51,123 | 51,049 | ||
Total equity | 313,687 | 291,481 | ||
TOTAL | 364,810 | 342,530 | ||
Guarantors | ||||
Current Assets: | ||||
Cash and cash equivalents | 2,578 | 775 | 30,055 | |
Accounts receivable, net | 116,874 | 106,018 | ||
Inventories | 126,557 | 155,703 | ||
Prepaid expenses and other current assets | 5,584 | 7,426 | ||
Total current assets | 251,593 | 269,922 | ||
Property and equipment, net | 59,651 | 61,260 | ||
Other intangible assets, net | 154,719 | 155,587 | ||
Other assets | 1,797 | 2,150 | ||
TOTAL | 467,760 | 488,919 | ||
Current Liabilities: | ||||
Accounts payable | 79,600 | 89,961 | ||
Accrued expenses and other liabilities | 15,543 | 21,524 | ||
Income taxes payable | 623 | 623 | ||
Unearned revenues | 2,353 | 2,952 | ||
Deferred pension obligation | 12,025 | |||
Intercompany payable, net | 77,398 | 60,384 | ||
Total current liabilities | 175,517 | 187,469 | ||
Senior credit facility | 22,504 | 61,758 | ||
Real estate mortgages | 33,591 | 21,318 | ||
Unearned revenues and other long-term liabilities | 17,945 | 14,608 | ||
Deferred income taxes | 35,419 | 33,319 | ||
Total long-term liabilities | 109,459 | 131,003 | ||
Total liabilities | 284,976 | 318,472 | ||
Total equity | 182,784 | 170,447 | ||
TOTAL | 467,760 | 488,919 | ||
Non-Guarantors | ||||
Current Assets: | ||||
Cash and cash equivalents | 28,117 | 31,127 | $ 13,492 | 29,988 |
Investment, at fair value | 10,921 | 9,782 | ||
Accounts receivable, net | 23,366 | 26,048 | ||
Inventories | 24,694 | 27,047 | ||
Prepaid income taxes | 25 | |||
Prepaid expenses and other current assets | 878 | 1,035 | ||
Total current assets | 88,001 | 95,039 | ||
Property and equipment, net | 2,184 | 2,648 | ||
Other intangible assets, net | 32,332 | 32,332 | ||
Deferred income taxes | 334 | 442 | ||
Other assets | 472 | 777 | ||
TOTAL | 123,323 | 131,238 | ||
Current Liabilities: | ||||
Accounts payable | 13,243 | 13,723 | ||
Accrued expenses and other liabilities | 5,318 | 4,973 | ||
Income taxes payable | 272 | |||
Unearned revenues | 357 | 1,261 | ||
Deferred pension obligation | 82 | |||
Intercompany payable, net | 15,614 | 21,449 | ||
Total current liabilities | 34,532 | 41,760 | ||
Unearned revenues and other long-term liabilities | 326 | 245 | ||
Total long-term liabilities | 326 | 245 | ||
Total liabilities | 34,858 | 42,005 | ||
Total equity | 88,465 | 89,233 | ||
TOTAL | 123,323 | 131,238 | ||
Eliminations | ||||
Current Assets: | ||||
Cash and cash equivalents | $ (2,999) | |||
Intercompany receivable, net | (85,028) | (74,091) | ||
Prepaid income taxes | 1,073 | 801 | ||
Total current assets | (83,955) | (73,290) | ||
Investment in subsidiaries | (279,233) | (267,422) | ||
TOTAL | (363,188) | (340,712) | ||
Current Liabilities: | ||||
Income taxes payable | (623) | (895) | ||
Intercompany payable, net | (93,012) | (81,833) | ||
Total current liabilities | (93,635) | (82,728) | ||
Deferred income taxes | 1,696 | 1,696 | ||
Total long-term liabilities | 1,696 | 1,696 | ||
Total liabilities | (91,939) | (81,032) | ||
Total equity | (271,249) | (259,680) | ||
TOTAL | $ (363,188) | $ (340,712) |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May 30, 2014 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Revenues: | |||||||||||||||
Net sales | $ 195,572 | $ 185,298 | $ 193,341 | $ 250,875 | $ 205,464 | $ 196,447 | $ 204,638 | $ 258,257 | $ 209,044 | $ 203,267 | $ 196,010 | $ 249,916 | $ 825,086 | $ 864,806 | $ 858,237 |
Royalty Income | 8,608 | 8,661 | 8,312 | 10,419 | 8,899 | 8,992 | 8,661 | 8,157 | 8,642 | 8,173 | 7,522 | 7,398 | 36,000 | 34,709 | 31,735 |
Total revenues | 204,180 | 193,959 | 201,653 | 261,294 | 214,363 | 205,439 | 213,299 | 266,414 | 217,686 | 211,440 | 203,532 | 257,314 | 861,086 | 899,515 | 889,972 |
Cost of sales | 542,578 | 580,448 | 586,968 | ||||||||||||
Gross profit | 78,490 | 71,103 | 73,831 | 95,084 | 79,730 | 73,295 | 75,942 | 90,100 | 74,568 | 70,307 | 70,464 | 87,665 | 318,508 | 319,067 | 303,004 |
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 280,019 | 275,863 | 268,783 | ||||||||||||
Depreciation and amortization | 14,542 | 13,693 | 12,198 | ||||||||||||
Impairment on long-lived assets | 1,451 | 20,604 | |||||||||||||
Impairment of goodwill | 6,022 | ||||||||||||||
Total operating expenses | 296,012 | 316,182 | 280,981 | ||||||||||||
Gain on sale of long-lived assets | 3,779 | 885 | |||||||||||||
Operating (loss) income | 22,496 | 6,664 | 22,908 | ||||||||||||
Costs on early extinguishment of debt | 195 | 5,121 | |||||||||||||
Interest expense (income) | 7,395 | 9,267 | 14,291 | ||||||||||||
Net (loss) income before income taxes | 14,906 | (7,724) | 8,617 | ||||||||||||
Income tax (benefit) provision | 389 | (432) | 45,792 | ||||||||||||
Net (loss) income | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ (42,897) | $ (437) | $ (1,616) | $ 7,775 | 14,517 | (7,292) | (37,175) |
Other comprehensive (loss) income | 4,413 | (1,656) | (5,384) | ||||||||||||
Comprehensive (loss) income | 18,930 | (8,948) | (42,559) | ||||||||||||
Parent | |||||||||||||||
Operating expenses: | |||||||||||||||
Equity in (loss) earnings of subsidiaries, net | 14,517 | (7,292) | (37,175) | ||||||||||||
Net (loss) income | 14,517 | (7,292) | (37,175) | ||||||||||||
Other comprehensive (loss) income | 4,413 | (1,656) | (5,384) | ||||||||||||
Comprehensive (loss) income | 18,930 | (8,948) | (42,559) | ||||||||||||
Guarantors | |||||||||||||||
Revenues: | |||||||||||||||
Net sales | 729,721 | 765,102 | 766,934 | ||||||||||||
Royalty Income | 22,656 | 20,843 | 19,113 | ||||||||||||
Total revenues | 752,377 | 785,945 | 786,047 | ||||||||||||
Cost of sales | 479,669 | 518,410 | 529,315 | ||||||||||||
Gross profit | 272,708 | 267,535 | 256,732 | ||||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 241,510 | 234,129 | 229,808 | ||||||||||||
Depreciation and amortization | 13,231 | 12,500 | 11,210 | ||||||||||||
Impairment on long-lived assets | 1,451 | 19,299 | |||||||||||||
Impairment of goodwill | 6,022 | ||||||||||||||
Total operating expenses | 256,192 | 271,950 | 241,018 | ||||||||||||
Gain on sale of long-lived assets | (697) | ||||||||||||||
Operating (loss) income | 16,516 | (5,112) | 15,714 | ||||||||||||
Costs on early extinguishment of debt | 195 | 5,121 | |||||||||||||
Interest expense (income) | 7,448 | 9,205 | 14,310 | ||||||||||||
Net (loss) income before income taxes | 8,873 | (19,438) | 1,404 | ||||||||||||
Income tax (benefit) provision | (934) | (2,652) | 44,889 | ||||||||||||
Net (loss) income | 9,807 | (16,786) | (43,485) | ||||||||||||
Other comprehensive (loss) income | 7,368 | 717 | (2,219) | ||||||||||||
Comprehensive (loss) income | 17,175 | (16,069) | (45,704) | ||||||||||||
Non-Guarantors | |||||||||||||||
Revenues: | |||||||||||||||
Net sales | 95,365 | 99,704 | 91,303 | ||||||||||||
Royalty Income | 13,344 | 13,866 | 12,622 | ||||||||||||
Total revenues | 108,709 | 113,570 | 103,925 | ||||||||||||
Cost of sales | 62,909 | 62,038 | 57,653 | ||||||||||||
Gross profit | 45,800 | 51,532 | 46,272 | ||||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 38,509 | 41,734 | 38,975 | ||||||||||||
Depreciation and amortization | 1,311 | 1,193 | 988 | ||||||||||||
Impairment on long-lived assets | 1,305 | ||||||||||||||
Total operating expenses | 39,820 | 44,232 | 39,963 | ||||||||||||
Gain on sale of long-lived assets | 4,476 | 885 | |||||||||||||
Operating (loss) income | 5,980 | 11,776 | 7,194 | ||||||||||||
Interest expense (income) | (53) | 62 | (19) | ||||||||||||
Net (loss) income before income taxes | 6,033 | 11,714 | 7,213 | ||||||||||||
Income tax (benefit) provision | 1,323 | 2,220 | 903 | ||||||||||||
Net (loss) income | 4,710 | 9,494 | 6,310 | ||||||||||||
Other comprehensive (loss) income | (2,955) | (2,373) | (3,165) | ||||||||||||
Comprehensive (loss) income | 1,755 | 7,121 | 3,145 | ||||||||||||
Eliminations | |||||||||||||||
Operating expenses: | |||||||||||||||
Equity in (loss) earnings of subsidiaries, net | (14,517) | 7,292 | 37,175 | ||||||||||||
Net (loss) income | (14,517) | 7,292 | 37,175 | ||||||||||||
Other comprehensive (loss) income | (4,413) | 1,656 | 5,384 | ||||||||||||
Comprehensive (loss) income | $ (18,930) | $ 8,948 | $ 42,559 |
Condensed Consolidating Stat119
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 28, 2017 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ 42,294 | $ 30,165 | $ 55,143 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (13,273) | (16,150) | (16,733) | ||
Purchase of investments | (13,896) | (12,086) | (31,501) | ||
Proceeds from investment maturities | 12,746 | 22,197 | 26,592 | ||
Proceeds on sale of intangible assets | $ 2,500 | 2,500 | |||
Proceeds on termination of life insurance | 245 | ||||
Proceeds on sale of building | $ 8,163 | 8,163 | |||
Payment of expenses related to sale of building | (1,887) | (1,887) | |||
Proceeds from note receivable | 250 | 250 | 250 | ||
Net cash (used in) provided by investing activities | (14,173) | 2,987 | (21,147) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Payments on senior subordinated notes | (100,000) | ||||
Borrowings from senior credit facility | 311,241 | 408,209 | 234,137 | ||
Payments on senior credit facility | (350,495) | (346,451) | (242,299) | ||
Payments on real estate mortgages | (11,768) | (821) | (792) | ||
Proceeds from refinancing real estate mortgages | 24,139 | ||||
Payments on capital leases | (264) | (262) | (301) | ||
Deferred financing fees | (274) | (574) | |||
Proceeds from exercise of stock options | 73 | 1,408 | 404 | ||
Purchase of treasury stock | (2,151) | (6,950) | (8,773) | ||
Tax benefit from exercise of equity instruments | (161) | ||||
Net cash used in financing activities | (29,499) | (45,441) | (17,785) | ||
Effect of exchange rate changes on cash and cash equivalents | 171 | 644 | 347 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,207) | (11,645) | 16,558 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 43,547 | 31,902 | 43,547 | 26,989 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 30,695 | 30,695 | 31,902 | 43,547 | |
Parent | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 3,207 | 3,112 | 8,285 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Proceeds on termination of life insurance | 245 | ||||
Intercompany transactions | (1,300) | 101,786 | (347) | ||
Net cash (used in) provided by investing activities | (1,300) | 101,786 | (102) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Payments on senior subordinated notes | (100,000) | ||||
Proceeds from exercise of stock options | 73 | 1,408 | 404 | ||
Purchase of treasury stock | (2,151) | (6,950) | (8,773) | ||
Tax benefit from exercise of equity instruments | (161) | ||||
Net cash used in financing activities | (2,078) | (105,542) | (8,530) | ||
Effect of exchange rate changes on cash and cash equivalents | 171 | 644 | 347 | ||
Guarantors | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 33,733 | 22,571 | 52,522 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (12,105) | (14,424) | (15,748) | ||
Proceeds on sale of intangible assets | 2,500 | ||||
Net cash (used in) provided by investing activities | (12,105) | (11,924) | (15,748) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Borrowings from senior credit facility | 311,241 | 408,209 | 234,137 | ||
Payments on senior credit facility | (350,495) | (346,451) | (242,299) | ||
Payments on real estate mortgages | (11,768) | (821) | (792) | ||
Proceeds from refinancing real estate mortgages | 24,139 | ||||
Payments on capital leases | (264) | (262) | (301) | ||
Deferred financing fees | (274) | (574) | |||
Intercompany transactions | 7,596 | (100,028) | 2,536 | ||
Net cash used in financing activities | (19,825) | (39,927) | (6,719) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,803 | (29,280) | 30,055 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 30,055 | 775 | 30,055 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,578 | 2,578 | 775 | 30,055 | |
Non-Guarantors | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 8,059 | 4,482 | (626) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (1,168) | (1,726) | (985) | ||
Purchase of investments | (13,896) | (12,086) | (31,501) | ||
Proceeds from investment maturities | 12,746 | 22,197 | 26,592 | ||
Proceeds on sale of building | 8,163 | ||||
Payment of expenses related to sale of building | (1,887) | ||||
Proceeds from note receivable | 250 | 250 | 250 | ||
Net cash (used in) provided by investing activities | (2,068) | 14,911 | (5,644) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Dividends paid to stockholder | (2,706) | (8,037) | |||
Intercompany transactions | (6,466) | (2,402) | (2,536) | ||
Net cash used in financing activities | (9,172) | (2,402) | (10,573) | ||
Effect of exchange rate changes on cash and cash equivalents | 171 | 644 | 347 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,010) | 17,635 | (16,496) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $ 13,492 | 31,127 | 13,492 | 29,988 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 28,117 | 28,117 | 31,127 | 13,492 | |
Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | (2,705) | (5,038) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Intercompany transactions | 1,300 | (101,786) | 347 | ||
Net cash (used in) provided by investing activities | 1,300 | (101,786) | 347 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Dividends paid to stockholder | 2,706 | 8,037 | |||
Intercompany transactions | (1,130) | 102,430 | |||
Net cash used in financing activities | 1,576 | 102,430 | 8,037 | ||
Effect of exchange rate changes on cash and cash equivalents | $ (171) | $ (644) | (347) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,999 | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $ (2,999) |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 1,193 | $ 1,181 | $ 1,074 |
Charged to expense | 804 | 528 | 812 |
Deductions | (839) | (516) | (705) |
Balance at end of period | 1,158 | 1,193 | 1,181 |
Valuation Allowance of Deferred Tax Asset | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 54,791 | 50,013 | 5,998 |
Charged to expense | (1,070) | 3,223 | 43,474 |
Adjustment to valuation accounts | (5,669) | 1,555 | 541 |
Balance at end of period | 48,052 | 54,791 | 50,013 |
Allowance for operational chargebacks, returns, and customer markdowns | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 19,110 | 19,598 | 20,348 |
Charged to expense | 68,634 | 69,610 | 74,399 |
Deductions | (70,401) | (70,098) | (75,149) |
Balance at end of period | $ 17,343 | $ 19,110 | $ 19,598 |