Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Mar. 07, 2016 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AEO | ||
Entity Registrant Name | AMERICAN EAGLE OUTFITTERS INC | ||
Entity Central Index Key | 919,012 | ||
Current Fiscal Year End Date | --01-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 180,659,762 | ||
Entity Public Float | $ 3,211,142,684 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 260,067 | $ 410,697 |
Merchandise inventory | 305,178 | 278,972 |
Accounts receivable | 80,912 | 67,894 |
Prepaid expenses and other | 77,218 | 70,477 |
Total current assets | 723,375 | 828,040 |
Property and equipment, at cost, net of accumulated depreciation | 703,586 | 698,227 |
Intangible assets, at cost, net of accumulated amortization | 51,832 | 47,206 |
Goodwill | 17,186 | 13,096 |
Deferred income taxes | 64,927 | 73,137 |
Other assets | 51,340 | 37,202 |
Total assets | 1,612,246 | 1,696,908 |
Current liabilities: | ||
Accounts payable | 182,789 | 191,146 |
Accrued compensation and payroll taxes | 79,302 | 44,884 |
Accrued rent | 77,482 | 78,567 |
Accrued income and other taxes | 22,223 | 33,110 |
Unredeemed gift cards and gift certificates | 48,274 | 47,888 |
Current portion of deferred lease credits | 12,711 | 12,969 |
Other liabilities and accrued expenses | 40,901 | 50,529 |
Total current liabilities | 463,682 | 459,093 |
Non-current liabilities: | ||
Deferred lease credits | 50,104 | 54,516 |
Non-current accrued income taxes | 4,566 | 10,456 |
Other non-current liabilities | 42,518 | 33,097 |
Total non-current liabilities | $ 97,188 | $ 98,069 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 600,000 shares authorized; 249,566 shares issued; 180,135 and 194,516 shares outstanding, respectively | $ 2,496 | $ 2,496 |
Contributed capital | 590,820 | 569,675 |
Accumulated other comprehensive loss, net of tax | (29,868) | (9,944) |
Retained earnings | 1,659,267 | 1,543,085 |
Treasury stock, 69,431 and 55,050 shares, respectively, at cost | (1,171,339) | (965,566) |
Total stockholders' equity | 1,051,376 | 1,139,746 |
Total liabilities and stockholders’ equity | $ 1,612,246 | $ 1,696,908 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 | 0 |
Preferred stock, outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 |
Common stock, shares issued | 249,566,000 | 249,566,000 | 249,566,000 |
Common stock, shares outstanding | 180,135,000 | 194,516,000 | 193,149,000 |
Treasury stock, shares | 69,431,000 | 55,050,000 | 56,417,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement [Abstract] | |||
Total net revenue | $ 3,521,848,000 | $ 3,282,867,000 | $ 3,305,802,000 |
Cost of sales, including certain buying, occupancy and warehousing expenses | 2,219,114,000 | 2,128,193,000 | 2,191,803,000 |
Gross profit | 1,302,734,000 | 1,154,674,000 | 1,113,999,000 |
Selling, general and administrative expenses | 834,700,000 | 806,498,000 | 796,505,000 |
Restructuring charges | 0 | 17,752,000 | |
Loss on impairment of assets | 0 | 33,468,000 | 44,465,000 |
Depreciation and amortization expense | 148,156,000 | 141,191,000 | 131,974,000 |
Operating income | 319,878,000 | 155,765,000 | 141,055,000 |
Other income, net | 1,993,000 | 3,737,000 | 1,022,000 |
Income before income taxes | 321,871,000 | 159,502,000 | 142,077,000 |
Provision for income taxes | 108,580,000 | 70,715,000 | 59,094,000 |
Income from continuing operations | 213,291,000 | 88,787,000 | 82,983,000 |
Discontinued operations, net of tax | 4,847,000 | (8,465,000) | |
Net income | $ 218,138,000 | $ 80,322,000 | $ 82,983,000 |
Basic income per common share: | |||
Income from continuing operations | $ 1.10 | $ 0.46 | $ 0.43 |
Discontinued operations | 0.02 | (0.04) | |
Basic net income per common share | 1.12 | 0.42 | 0.43 |
Diluted income per common share: | |||
Income from continuing operations | 1.09 | 0.46 | 0.43 |
Discontinued operations | 0.02 | (0.04) | |
Diluted net income per common share | $ 1.11 | $ 0.42 | $ 0.43 |
Weighted average common shares outstanding - basic | 194,351 | 194,437 | 192,802 |
Weighted average common shares outstanding - diluted | 196,237 | 195,135 | 194,475 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 218,138 | $ 80,322 | $ 82,983 | ||
Other comprehensive loss: | |||||
Foreign currency translation loss | (19,924) | (22,101) | [1] | (17,140) | [1] |
Other comprehensive loss | (19,924) | (22,101) | (17,140) | ||
Comprehensive income | $ 198,214 | $ 58,221 | $ 65,843 | ||
[1] | Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our subsidiaries. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Contributed Capital | Retained Earnings | Treasury Stock | [1] | Accumulated Other Comprehensive Income (Loss) | ||
Beginning Balance at Feb. 02, 2013 | $ 1,221,187 | $ 2,496 | $ 627,065 | $ 1,553,058 | $ (990,729) | $ 29,297 | |||
Beginning Balance (in shares) at Feb. 02, 2013 | [2] | 192,604,000 | |||||||
Stock awards | 1,184 | 1,184 | |||||||
Repurchase of common stock as part of publicly announced programs (in shares) | [2] | (1,600,000) | |||||||
Repurchase of common stock as part of publicly announced programs | (33,051) | (33,051) | |||||||
Repurchase of common stock from employees (in shares) | [2] | (1,059,000) | |||||||
Repurchase of common stock from employees | $ (23,385) | (23,385) | |||||||
Reissuance of treasury stock (in shares) | 3,204,000 | 3,204,000 | [2] | ||||||
Reissuance of treasury stock | $ 5,215 | (56,706) | 6,090 | 55,831 | |||||
Net income | 82,983 | 82,983 | |||||||
Other comprehensive loss | (17,140) | (17,140) | |||||||
Cash dividends and dividend equivalents ($0.375 per share) | (70,815) | 1,465 | (72,280) | ||||||
Ending Balance at Feb. 01, 2014 | $ 1,166,178 | $ 2,496 | 573,008 | 1,569,851 | (991,334) | 12,157 | |||
Ending Balance (in shares) at Feb. 01, 2014 | 193,149,000 | 193,149,000 | [2] | ||||||
Stock awards | $ 12,372 | 12,372 | |||||||
Repurchase of common stock from employees (in shares) | [2] | (517,000) | |||||||
Repurchase of common stock from employees | $ (7,464) | (7,464) | |||||||
Reissuance of treasury stock (in shares) | 1,884,000 | 1,884,000 | [2] | ||||||
Reissuance of treasury stock | $ 7,741 | (17,988) | (7,503) | 33,232 | |||||
Net income | 80,322 | 80,322 | |||||||
Other comprehensive loss | (22,101) | (22,101) | |||||||
Cash dividends and dividend equivalents ($0.375 per share) | (97,302) | 2,283 | (99,585) | ||||||
Ending Balance at Jan. 31, 2015 | $ 1,139,746 | $ 2,496 | 569,675 | 1,543,085 | (965,566) | (9,944) | |||
Ending Balance (in shares) at Jan. 31, 2015 | 194,516,000 | 194,516,000 | [2] | ||||||
Stock awards | $ 31,937 | 31,937 | |||||||
Repurchase of common stock as part of publicly announced programs (in shares) | [2] | (15,563,000) | |||||||
Repurchase of common stock as part of publicly announced programs | (227,071) | (227,071) | |||||||
Repurchase of common stock from employees (in shares) | [2] | (324,000) | |||||||
Repurchase of common stock from employees | $ (5,163) | (5,163) | |||||||
Reissuance of treasury stock (in shares) | 1,506,000 | 1,506,000 | [2] | ||||||
Reissuance of treasury stock | $ 10,892 | (13,237) | (2,332) | 26,461 | |||||
Net income | 218,138 | 218,138 | |||||||
Other comprehensive loss | (19,924) | (19,924) | |||||||
Cash dividends and dividend equivalents ($0.375 per share) | (97,179) | 2,445 | (99,624) | ||||||
Ending Balance at Jan. 30, 2016 | $ 1,051,376 | $ 2,496 | $ 590,820 | $ 1,659,267 | $ (1,171,339) | $ (29,868) | |||
Ending Balance (in shares) at Jan. 30, 2016 | 180,135,000 | 180,135,000 | [2] | ||||||
[1] | 69,431 shares, 55,050 shares, and 56,417 shares at January 30, 2016, January 31, 2015 and February 1, 2014, respectively. During Fiscal 2015, Fiscal 2014, and Fiscal 2013, 1,506 shares, 1,884 shares, and 3,204 shares, respectively, were reissued from treasury stock for the issuance of share-based payments. | ||||||||
[2] | 600,000 authorized, 249,566 issued and 180,135 outstanding, $0.01 par value common stock at January 30, 2016; 600,000 authorized, 249,566 issued and 194,516 outstanding, $0.01 par value common stock at January 31, 2015; 600,000 authorized, 249,566 issued and 193,149 outstanding, $0.01 par value common stock at February 1, 2014. The Company has 5,000 authorized, with none issued or outstanding, $0.01 par value preferred stock at January 30, 2016, January 31, 2015 and February 1, 2014. |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends and dividend equivalents, Per share | $ 0.50 | $ 0.50 | $ 0.375 |
Common stock, shares authorized | 600,000,000 | 600,000,000 | 600,000,000 |
Common stock, shares issued | 249,566,000 | 249,566,000 | 249,566,000 |
Common stock, shares outstanding | 180,135,000 | 194,516,000 | 193,149,000 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Treasury stock, shares | 69,431,000 | 55,050,000 | 56,417,000 |
Reissuance of treasury stock, shares | 1,506,000 | 1,884,000 | 3,204,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Operating activities: | |||
Net income | $ 218,138,000 | $ 80,322,000 | $ 82,983,000 |
(Gain) loss from discontinued operations, net of tax | (4,847,000) | 8,465,000 | |
Income from continuing operations | 213,291,000 | 88,787,000 | 82,983,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 148,858,000 | 142,351,000 | 134,047,000 |
Share-based compensation | 34,977,000 | 16,070,000 | (6,541,000) |
Deferred income taxes | 4,680,000 | (2,279,000) | 20,100,000 |
Foreign currency transaction loss (gain) | 2,977,000 | (495,000) | 1,378,000 |
Loss on impairment of assets | 0 | 33,468,000 | 44,465,000 |
Gain on sale of assets | (9,422,000) | ||
Changes in assets and liabilities: | |||
Merchandise inventory | (22,259,000) | 8,586,000 | 40,148,000 |
Accounts receivable | (10,093,000) | 3,084,000 | (29,511,000) |
Prepaid expenses and other | (7,027,000) | 14,282,000 | (10,844,000) |
Other assets | (10,017,000) | 6,612,000 | (36,089,000) |
Accounts payable | (3,189,000) | (5,280,000) | 28,568,000 |
Unredeemed gift cards and gift certificates | 755,000 | 1,238,000 | 1,269,000 |
Deferred lease credits | (4,099,000) | (4,528,000) | 583,000 |
Accrued compensation and payroll taxes | 34,234,000 | 20,716,000 | (42,465,000) |
Accrued income and other taxes | (17,615,000) | 24,826,000 | (25,840,000) |
Accrued liabilities | (14,133,000) | (9,012,000) | 27,605,000 |
Total adjustments | 128,627,000 | 249,639,000 | 146,873,000 |
Net cash provided by operating activities from continuing operations | 341,918,000 | 338,426,000 | 229,856,000 |
Investing activities: | |||
Capital expenditures for property and equipment | (153,256,000) | (245,002,000) | (278,499,000) |
Acquisitions and purchase of long-lived assets in business combination | (10,442,000) | (20,751,000) | |
Proceeds from sale of assets | 12,579,000 | ||
Acquisition of intangible assets | (2,382,000) | (1,264,000) | (6,835,000) |
Purchase of available-for-sale securities | (52,065,000) | ||
Sale of available-for-sale securities | 10,002,000 | 162,785,000 | |
Net cash used for investing activities from continuing operations | (153,501,000) | (236,264,000) | (195,365,000) |
Financing activities: | |||
Payments on capital leases and other | (7,635,000) | (7,143,000) | (2,839,000) |
Repurchase of common stock as part of publicly announced programs | (227,071,000) | (33,051,000) | |
Repurchase of common stock from employees | (5,163,000) | (7,464,000) | (23,386,000) |
Net proceeds from stock options exercised | 7,283,000 | 7,305,000 | 6,197,000 |
Excess tax benefit from share-based payments | 657,000 | 742,000 | 8,833,000 |
Cash dividends paid | (97,237,000) | (97,224,000) | (72,280,000) |
Net cash used for financing activities from continuing operations | (329,166,000) | (103,784,000) | (116,526,000) |
Effect of exchange rates on cash | (3,076,000) | (7,578,000) | (8,151,000) |
Cash flows of discontinued operations | |||
Net cash (used for) provided by operating activities | (6,805,000) | 963,000 | |
Net cash (used for) provided by discontinued operations | (6,805,000) | 963,000 | |
Net decrease in cash and cash equivalents | (150,630,000) | (8,237,000) | (90,186,000) |
Cash and cash equivalents - beginning of period | 410,697,000 | 418,933,000 | |
Cash and cash equivalents - end of period | $ 260,067,000 | $ 410,697,000 | $ 418,933,000 |
Business Operations
Business Operations | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Business Operations | 1. Business Operations American Eagle Outfitters, Inc. (the “Company”), a Delaware corporation, operates under the American Eagle Outfitters® (“AEO”) and Aerie® by American Eagle Outfitters® (“Aerie”) brands. The Company operated 77kids by American Eagle Outfitters® (“77kids”) until its exit in Fiscal 2012. Founded in 1977, American Eagle Outfitters is a leading apparel and accessories retailer that operates more than 1,000 retail stores in the U.S. and internationally, online at ae.com and aerie.com and international store locations managed by third-party operators. Through its brands, the Company offers high quality, on-trend clothing, accessories and personal care products at affordable prices. The Company’s online business, AEO Direct, ships to 81 countries worldwide. On November 2, 2015, AEO Inc. acquired Tailgate Clothing Company (“Tailgate”), which owns and operates Tailgate, a vintage, sports-inspired apparel brand with a college town store concept, and Todd Snyder New York, a premium menswear brand. As of January 30, 2016, the Company operated one Tailgate store in Iowa City, Iowa. Tailgate and Todd Snyder product is also sold online at TailgateClothing.com and ToddSnyder.com, respectively. Merchandise Mix The following table sets forth the approximate consolidated percentage of total net revenue from continuing operations attributable to each merchandise group for each of the periods indicated: For the Years Ended January 30, January 31, February 1, 2016 2015 2014 Men’s apparel and accessories 37 % 39 % 40 % Women’s apparel and accessories (excluding Aerie) 54 % 53 % 52 % Aerie 9 % 8 % 8 % Total 100 % 100 % 100 % |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. At January 30, 2016, the Company operated in one reportable segment. The Company exited its 77kids brand in Fiscal 2012. These Consolidated Financial Statements reflect the results of 77kids as discontinued operations for all periods presented. Fiscal Year Our fiscal year ends on the Saturday nearest to January 31. As used herein, “Fiscal 2016” refers to the 52 week period ending January 28, 2017. “Fiscal 2015”, “Fiscal 2014” and “Fiscal 2013” refer to the 52-week periods ended January 30, 2016, January 31, 2015 and February 1, 2014, respectively. “Fiscal 2012” refers to the 53-week period ended February 2, 2013. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, our management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases Leases . Foreign Currency Translation In accordance with Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters Comprehensive Income Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. As of January 30, 2016 and January 31, 2015, the Company held no short-term investments. Refer to Note 3 to the Consolidated Financial Statements for information regarding cash and cash equivalents and investments. Merchandise Inventory Merchandise inventory is valued at the lower of average cost or market, utilizing the retail method. Average cost includes merchandise design and sourcing costs and related expenses. The Company records merchandise receipts at the time which both title and risk of loss for the merchandise transfers to the Company. The Company reviews its inventory levels to identify slow-moving merchandise and generally uses markdowns to clear merchandise. Additionally, the Company estimates a markdown reserve for future planned permanent markdowns related to current inventory. Markdowns may occur when inventory exceeds customer demand for reasons of style, seasonal adaptation, changes in customer preference, lack of consumer acceptance of fashion items, competition, or if it is determined that the inventory in stock will not sell at its currently ticketed price. Such markdowns may have a material adverse impact on earnings, depending on the extent and amount of inventory affected. The Company also estimates a shrinkage reserve for the period between the last physical count and the balance sheet date. The estimate for the shrinkage reserve, based on historical results, can be affected by changes in merchandise mix and changes in actual shrinkage trends. Property and Equipment Property and equipment is recorded on the basis of cost with depreciation computed utilizing the straight-line method over the assets’ estimated useful lives. The useful lives of our major classes of assets are as follows: Buildings 25 years Leasehold improvements Lesser of 10 years or the term of the lease Fixtures and equipment 5 years In accordance with ASC 360, Property, Plant, and Equipment During Fiscal 2014, the Company recorded pre-tax asset impairment charges of $33.5 million that includes $25.1 million for the impairment of 79 retail stores recorded as a loss on impairment of assets in the Consolidated Statements of Operations. Based on the Company’s evaluation of current and future projected performance, it was determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective stores’ assets. Additionally, the Company recorded $8.4 million of impairment charges related to corporate assets. During Fiscal 2013, the Company recorded asset impairment charges of $44.5 million consisting of $25.2 million for the impairment of 69 retail stores and $19.3 million for the Company’s Warrendale, Pennsylvania Distribution Center, recorded as a loss on impairment of assets in the Consolidated Statements of Operations. The retail store impairments were recorded based on the results of the Company’s evaluation of stores that considered performance during the holiday selling season and a significant portfolio review in the fourth quarter of Fiscal 2013 that considered current and future performance projections and strategic real estate initiatives. The Company determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective stores assets. When the Company closes, remodels or relocates a store prior to the end of its lease term, the remaining net book value of the assets related to the store is recorded as a write-off of assets within depreciation and amortization expense. Refer to Note 7 to the Consolidated Financial Statements for additional information regarding property and equipment. Goodwill The Company’s goodwill is primarily related to the acquisition of its importing operations, Canadian, Hong Kong and China businesses and the recent acquisition of Tailgate. In accordance with ASC 350, Intangibles- Goodwill and Other Refer to Note 17 to the Consolidated Financial Statements for additional information on the acquisition of Tailgate. Intangible Assets Intangible assets are recorded on the basis of cost with amortization computed utilizing the straight-line method over the assets’ estimated useful lives. The Company’s intangible assets, which primarily include trademark assets, are amortized over 15 to 25 years. The Company evaluates intangible assets for impairment in accordance with ASC 350 when events or circumstances indicate that the carrying value of the asset may not be recoverable. Such an evaluation includes the estimation of undiscounted future cash flows to be generated by those assets. If the sum of the estimated future undiscounted cash flows are less than the carrying amounts of the assets, then the assets are impaired and are adjusted to their estimated fair value. No intangible asset impairment charges were recorded for all periods presented. Refer to Note 8 to the Consolidated Financial Statements for additional information regarding intangible assets. Deferred Lease Credits Deferred lease credits represent the unamortized portion of construction allowances received from landlords related to the Company’s retail stores. Construction allowances are generally comprised of cash amounts received by the Company from its landlords as part of the negotiated lease terms. The Company records a receivable and a deferred lease credit liability at the lease commencement date (date of initial possession of the store). The deferred lease credit is amortized on a straight-line basis as a reduction of rent expense over the term of the original lease (including the pre-opening build-out period). The receivable is reduced as amounts are received from the landlord. Self-Insurance Liability The Company is self-insured for certain losses related to employee medical benefits and worker’s compensation. Costs for self-insurance claims filed and claims incurred but not reported are accrued based on known claims and historical experience. Management believes that it has adequately reserved for its self-insurance liability, which is capped through the use of stop loss contracts with insurance companies. However, any significant variation of future claims from historical trends could cause actual results to differ from the accrued liability. Co-branded Credit Card and Customer Loyalty Program The Company offers a co-branded credit card (the “AEO Visa Card”) and a private label credit card (the “AEO Credit Card”) under the AEO and Aerie brands. These credit cards are issued by a third-party bank (the “Bank”) in accordance with a credit card agreement (“the Agreement”). The Company has no liability to the Bank for bad debt expense, provided that purchases are made in accordance with the Bank’s procedures. We receive additional funding from the bank based on the Agreement and card activity. We recognize revenue for the additional funding when the amounts are fixed or determinable and collectability is reasonably assured. This revenue is recorded in other revenue, which is a component of total net revenue in our Consolidated Statements of Operations. Once a customer is approved to receive the AEO Visa Card or the AEO Credit Card and the card is activated, the customer is eligible to participate in the credit card rewards program. Customers who make purchases at AEO and Aerie earn discounts in the form of savings certificates when certain purchase levels are reached. Also, AEO Visa Card customers who make purchases at other retailers where the card is accepted earn additional discounts. Savings certificates are valid for 90 days from issuance. Points earned under the credit card rewards program on purchases at AEO and Aerie are accounted for by analogy to ASC 605-25, Revenue Recognition, Multiple Element Arrangements The Company offers its customers the AEREWARDS ® Income Taxes The Company calculates income taxes in accordance with ASC 740, Income Taxes The Company evaluates its income tax positions in accordance with ASC 740 which prescribes a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return, including a decision whether to file or not to file in a particular jurisdiction. Under ASC 740, a tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable based on its technical merits. The calculation of the deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance require management to make estimates and assumptions. The Company believes that its assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income. Revenue Recognition Revenue is recorded for store sales upon the purchase of merchandise by customers. The Company’s e-commerce operation records revenue upon the estimated customer receipt date of the merchandise. Shipping and handling revenues are included in total net revenue. Sales tax collected from customers is excluded from revenue and is included as part of accrued income and other taxes on the Company’s Consolidated Balance Sheets. Revenue is recorded net of estimated and actual sales returns and deductions for coupon redemptions and other promotions. The Company records the impact of adjustments to its sales return reserve quarterly within total net revenue and cost of sales. The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined through the use of historical average return percentages. For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Beginning balance $ 3,249 $ 2,205 $ 4,481 Returns (90,719 ) (79,813 ) (85,871 ) Provisions 90,819 80,857 83,595 Ending balance $ 3,349 $ 3,249 $ 2,205 Revenue is not recorded on the purchase of gift cards. A current liability is recorded upon purchase, and revenue is recognized when the gift card is redeemed for merchandise. Additionally, the Company recognizes revenue on unredeemed gift cards based on an estimate of the amounts that will not be redeemed (“gift card breakage”), determined through historical redemption trends. Gift card breakage revenue is recognized in proportion to actual gift card redemptions as a component of total net revenue. For further information on the Company’s gift card program, refer to the Gift Cards caption below. The Company recognizes royalty revenue generated from its license or franchise agreements based upon a percentage of merchandise sales by the licensee/franchisee. This revenue is recorded as a component of total net revenue when earned. Cost of Sales, Including Certain Buying, Occupancy and Warehousing Expenses Cost of sales consists of merchandise costs, including design, sourcing, importing and inbound freight costs, as well as markdowns, shrinkage and certain promotional costs (collectively "merchandise costs") and buying, occupancy and warehousing costs. Design costs are related to the Company's Design Center operations and include compensation and employee benefit expenses, including salaries, incentives, travel, supplies and samples for our design teams, as well as rent and depreciation for the Company’s Design Center. These costs are included in cost of sales as the respective inventory is sold. Buying, occupancy and warehousing costs consist of compensation, employee benefit expenses and travel for the Company’s buyers and certain senior merchandising executives; rent and utilities related to the Company’s stores, corporate headquarters, distribution centers and other office space; freight from the Company’s distribution centers to the stores; compensation and supplies for the Company’s distribution centers, including purchasing, receiving and inspection costs; and shipping and handling costs related to our e-commerce operation. Gross profit is the difference between total net revenue and cost of sales. Selling, General and Administrative Expenses Selling, general and administrative expenses consist of compensation and employee benefit expenses, including salaries, incentives and related benefits associated with the Company’s stores and corporate headquarters. Selling, general and administrative expenses also include advertising costs, supplies for our stores and home office, communication costs, travel and entertainment, leasing costs and services purchased. Selling, general and administrative expenses do not include compensation, employee benefit expenses and travel for the Company’s design, sourcing and importing teams, the Company’s buyers and the Company’s distribution centers as these amounts are recorded in cost of sales. Advertising Costs Certain advertising costs, including direct mail, in-store photographs and other promotional costs are expensed when the marketing campaign commences. As of January 30, 2016 and January 31, 2015, the Company had prepaid advertising expense of $6.1 million and $6.6 million, respectively. All other advertising costs are expensed as incurred. The Company recognized $104.1 million, $94.2 million and $87.0 million in advertising expense during Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Store Pre-Opening Costs Store pre-opening costs consist primarily of rent, advertising, supplies and payroll expenses. These costs are expensed as incurred. Other Income, Net Other income, net consists primarily of foreign currency transaction gain/loss, interest income/expense and realized investment gains/losses. Gift Cards The value of a gift card is recorded as a current liability upon purchase and revenue is recognized when the gift card is redeemed for merchandise. The Company estimates gift card breakage and recognizes revenue in proportion to actual gift card redemptions as a component of total net revenue. The Company determines an estimated gift card breakage rate by continuously evaluating historical redemption data and the time when there is a remote likelihood that a gift card will be redeemed. The Company recorded gift card breakage of $8.2 million, $7.0 million and $7.3 million during Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Legal Proceedings and Claims The Company is subject to certain legal proceedings and claims arising out of the conduct of its business. In accordance with ASC 450, Contingencies Supplemental Disclosures of Cash Flow Information The table below shows supplemental cash flow information for cash amounts paid during the respective periods: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Cash paid during the periods for: Income taxes $ 116,765 $ 38,501 $ 65,496 Interest $ 1,173 $ 638 $ 387 Segment Information In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company has identified three operating segments (American Eagle Outfitters® Brand retail stores, Aerie® by American Eagle Outfitters® retail stores and AEO Direct) that reflect the Company’s operational structure as well as the business’s internal view of analyzing results and allocating resources. All of the operating segments have been aggregated and are presented as one reportable segment, as permitted by ASC 280. The following tables present summarized geographical information: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Total net revenue: United States $ 3,091,205 $ 2,895,310 $ 2,954,635 Foreign (1) 430,643 387,557 351,167 Total net revenue $ 3,521,848 $ 3,282,867 $ 3,305,802 (1) Amounts represent sales from American Eagle Outfitters and Aerie international retail stores, AEO Direct sales that are billed to and/or shipped to foreign countries and international franchise revenue. January 30, January 31, (In thousands) 2016 2015 Long-lived assets, net: United States $ 692,252 $ 668,105 Foreign 80,352 90,424 Total long-lived assets, net $ 772,604 $ 758,529 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jan. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. Cash and Cash Equivalents The following table summarizes the fair market value of our cash and marketable securities, which are recorded on the Consolidated Balance Sheets: (In thousands) January 30, 2016 January 31, 2015 Cash and cash equivalents: Cash $ 205,359 $ 370,692 Money-market 54,708 40,005 Total cash and cash equivalents $ 260,067 $ 410,697 Proceeds from the sale of available-for-sale securities were $10.0 million and $162.8 million for Fiscal 2014 and Fiscal 2013, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements ASC 820, Fair Value Measurement Disclosures Financial Instruments Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, ASC 820 establishes this three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: · Level 1 — Quoted prices in active markets for identical assets or liabilities. · Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 — Unobservable inputs (i.e., projections, estimates, interpretations, etc.) that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of January 30, 2016 and January 31, 2015, the Company held certain assets that are required to be measured at fair value on a recurring basis. These include cash equivalents and investments. In accordance with ASC 820, the following tables represent the fair value hierarchy for the Company’s financial assets (cash equivalents and investments) measured at fair value on a recurring basis as of January 30, 2016 and January 31, 2015: Fair Value Measurements at January 30, 2016 (In thousands) Carrying Amount Quoted Market Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents Cash $ 205,359 $ 205,359 $ — $ — Money-market 54,708 54,708 — — Total cash and cash equivalents $ 260,067 $ 260,067 $ — $ — Percent to total 100 % 100 % — — Fair Value Measurements at January 31, 2015 (In thousands) Carrying Amount Quoted Market Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents Cash $ 370,692 $ 370,692 $ — $ — Money-market 40,005 40,005 — — Total cash and cash equivalents $ 410,697 $ 410,697 $ — $ — Percent to total 100.0 % 100.0 % — — In the event the Company holds Level 3 investments, a discounted cash flow model is used to value those investments. There were no Level 3 investments at January 30, 2016 or January 31, 2015. Non-Financial Assets The Company’s non-financial assets, which include goodwill, intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial instrument for impairment, a resulting asset impairment would require that the non-financial asset be recorded at the estimated fair value. As a result of the Company’s annual goodwill impairment test performed as of January 30, 2016, the Company concluded that its goodwill was not impaired. Certain long-lived assets were measured at fair value on a nonrecurring basis using Level 3 inputs as defined in ASC 820. During Fiscal 2014 and Fiscal 2013, certain long-lived assets related to the Company’s retail stores and corporate assets were determined to be unable to recover their respective carrying values and were written down to their fair value, resulting in a loss of $33.5 million and 44.5 million, respectively, which is recorded as a loss on impairment of assets within the Consolidated Statements of Operations. The fair value of the impaired assets after the recorded loss is an immaterial amount. The fair value of the Company’s stores were determined by estimating the amount and timing of net future cash flows and discounting them using a risk-adjusted rate of interest. The Company estimates future cash flows based on its experience and knowledge of the market in which the store is located. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 5. Earnings per Share The following is a reconciliation between basic and diluted weighted average shares outstanding: For the Years Ended January 30, January 31, February 1, (In thousands, except per share amounts) 2016 2015 2014 Weighted average common shares outstanding: Basic number of common shares outstanding 194,351 194,437 192,802 Dilutive effect of stock options and non-vested restricted stock 1,886 698 1,673 Dilutive number of common shares outstanding 196,237 195,135 194,475 Equity awards to purchase approximately 13.000, 2.3 million and 1.7 million shares of common stock during the Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively, were outstanding, but were not included in the computation of weighted average diluted common share amounts as the effect of doing so would have been anti-dilutive. Additionally, for Fiscal 2015, approximately 0.7 million of performance-based restricted stock awards were not included in the computation of weighted average diluted common share amounts because the number of shares ultimately issued is contingent on the Company’s performance compared to pre-established performance goals. For Fiscal 2014, approximately 1.9 million of performance-based restricted stock awards were not included in the computation of weighted average diluted common share amounts because the number of shares ultimately issued is contingent on the Company’s performance compared to pre-established performance goals. Refer to Note 12 to the Consolidated Financial Statements for additional information regarding share-based compensation. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Jan. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | 6. Accounts Receivable Accounts receivable are comprised of the following: January 30, January 31, (In thousands) 2016 2015 Franchise and license receivable $ 35,834 $ 24,945 Credit card program receivable 15,880 14,277 Merchandise sell-offs and vendor receivables 14,121 12,953 Gift card receivable 3,629 4,453 Landlord construction allowances 4,382 3,354 Other items 7,066 7,912 Total $ 80,912 $ 67,894 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment Property and equipment consists of the following: January 30, January 31, (In thousands) 2016 2015 Land $ 17,910 $ 19,796 Buildings 204,690 204,190 Leasehold improvements 580,758 571,312 Fixtures and equipment 963,758 852,408 Construction in progress 25,266 42,470 Property and equipment, at cost $ 1,792,382 $ 1,690,176 Less: Accumulated depreciation (1,088,796 ) (991,949 ) Property and equipment, net $ 703,586 $ 698,227 Depreciation expense is summarized as follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Depreciation expense $ 140,616 $ 132,529 $ 116,761 Additionally, during Fiscal 2015, Fiscal 2014 and Fiscal 2013, the Company recorded $4.8 million, $6.4 million and $14.6 million, respectively, related to asset write-offs within depreciation and amortization expense. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 8. Intangible Assets Intangible assets include costs to acquire and register the Company’s trademark assets. During Fiscal 2015, the Company added $5.7 million net intangible assets from the Tailgate acquisition. The following table represents intangible assets as of January 30, 2016 and January 31, 2015: January 30, January 31, (In thousands) 2016 2015 Trademarks, at cost $ 67,398 $ 59,385 Less: Accumulated amortization (15,566 ) (12,179 ) Intangible assets, net $ 51,832 $ 47,206 Amortization expense is summarized as follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Amortization expense $ 3,483 $ 3,465 $ 2,714 The table below summarizes the estimated future amortization expense for intangible assets existing as of January 30, 2016 for the next five Fiscal Years: Future (In thousands) Amortization 2016 $ 3,603 2017 $ 3,595 2018 $ 3,584 2019 $ 3,584 2020 $ 2,911 Refer to Note 17 to the Consolidated Financial Statements for additional information on the acquisition of Tailgate. |
Other Credit Arrangements
Other Credit Arrangements | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Other Credit Arrangements | 9. Other Credit Arrangements In Fiscal 2014, the Company entered into a new Credit Agreement (“Credit Agreement”) for five-year, syndicated, asset-based revolving credit facilities (the “Credit Facilities”). The Credit Agreement provides senior secured revolving credit for loans and letters of credit up to $400 million, subject to customary borrowing base limitations. The Credit Facilities provide increased financial flexibility and take advantage of a favorable credit environment. All obligations under the Credit Facilities are unconditionally guaranteed by certain subsidiaries. The obligations under the Credit Agreement are secured by a first-priority security interest in certain working capital assets of the borrowers and guarantors, consisting primarily of cash, receivables, inventory and certain other assets, and will be further secured by first-priority mortgages on certain real property. As of January 30, 2016, the Company was in compliance with the terms of the Credit Agreement and had $8.0 million outstanding in stand-by letters of credit. No loans were outstanding under the Credit Agreement on January 30, 2016. Additionally, the Company has borrowing agreements with two separate financial institutions under which it may borrow an aggregate of $130.0 million USD for the purposes of trade letter of credit issuances. The availability of any future borrowings under the trade letter of credit facilities is subject to acceptance by the respective financial institutions. As of January 30, 2016, the Company had outstanding trade letters of credit of $0.4 million. |
Leases
Leases | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Leases | 10. Leases The Company leases all store premises, some of its office space and certain information technology and office equipment. The store leases generally have initial terms of 10 years and are classified as operating leases. Most of these store leases provide for base rentals and the payment of a percentage of sales as additional contingent rent when sales exceed specified levels. Additionally, most leases contain construction allowances and/or rent holidays. In recognizing landlord incentives and minimum rent expense, the Company amortizes the items on a straight-line basis over the lease term (including the pre-opening build-out period). A summary of fixed minimum and contingent rent expense for all operating leases follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Store rent: Fixed minimum $ 282,300 $ 279,640 $ 260,668 Contingent 9,035 6,733 6,576 Total store rent, excluding common area maintenance charges, real estate taxes and certain other expenses $ 291,335 $ 286,373 $ 267,244 Offices, distribution facilities, equipment and other 16,063 15,449 17,153 Total rent expense $ 307,398 $ 301,822 $ 284,397 In addition, the Company is typically responsible under its store, office and distribution center leases for tenant occupancy costs, including maintenance costs, common area charges, real estate taxes and certain other expenses. The table below summarizes future minimum lease obligations, consisting of fixed minimum rent, under operating leases in effect at January 30, 2016: (In thousands) Future Minimum Fiscal years: Lease Obligations 2016 $ 285,100 2017 $ 254,677 2018 $ 225,006 2019 $ 194,806 2020 $ 175,643 Thereafter $ 502,147 Total $ 1,637,379 |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Jan. 30, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income | 11. Other Comprehensive Income The accumulated balances of other comprehensive income included as part of the Consolidated Statements of Stockholders’ Equity follow: Accumulated Before Tax Other Tax Benefit Comprehensive (In thousands) Amount (Expense) Income Balance at February 2, 2013 $ 29,297 — $ 29,297 Foreign currency translation loss (1) (17,140 ) — (17,140 ) Balance at February 1, 2014 $ 12,157 — $ 12,157 Foreign currency translation loss (1) (22,101 ) — (22,101 ) Balance at January 31, 2015 $ (9,944 ) — $ (9,944 ) Foreign currency translation loss (1) (14,535 ) — (14,535 ) Loss on long-term intra-entity foreign currency transactions (8,805 ) 3,416 (5,389 ) Balance at January 30, 2016 $ (33,284 ) $ 3,416 $ (29,868 ) (1) Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our subsidiaries . |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payments | 12. Share-Based Payments The Company accounts for share-based compensation under the provisions of ASC 718, Compensation – Stock Compensation ASC 718 requires recognition of compensation cost under a non-substantive vesting period approach for awards containing provisions that accelerate or continue vesting upon retirement. Accordingly, for awards with such provisions, the Company recognizes compensation expense over the period from the grant date to the date retirement eligibility is achieved, if that is expected to occur during the nominal vesting period. Additionally, for awards granted to retirement eligible employees, the full compensation cost of an award must be recognized immediately upon grant. At January 30, 2016, the Company had awards outstanding under three share-based compensation plans, which are described below. Share-based compensation plans 2014 Stock Award and Incentive Plan The 2014 Plan was approved by the stockholders on May 29, 2014. The 2014 Plan authorized 11.5 million shares for issuance, in the form of options, stock appreciation rights (“SARS”), restricted stock, restricted stock units, bonus stock and awards, performance awards, dividend equivalents and other stock based awards. The 2014 Plan provides that the maximum number of shares awarded to any individual may not exceed 4.0 million shares per year for options and SARS and no more than 1.5 million shares may be granted with respect to each of restricted shares of stock and restricted stock units plus any unused carryover limit from the previous year. The 2014 Plan allows the Compensation Committee of the Board to determine which employees receive awards and the terms and conditions of the awards that are mandatory under the 2014 Plan. The 2014 Plan provides for grants to directors who are not officers or employees of the Company, which are not to exceed in value $300,000 in any single calendar year ($500,000 in the first year a person becomes a non-employee director). Through January 30, 2016, approximately 2.4 million shares of restricted stock and approximately 71,000 shares of common stock had been granted under the 2014 Plan to employees and directors. Approximately 50% of the restricted stock awards are performance-based and are earned if the established performance goals are met. The remaining 50% of the restricted stock awards are time-based and 85% vest ratably over three years, 6% cliff vest in one year, 5% cliff vest in two years and 4% cliff vest in three years. 2005 Stock Award and Incentive Plan The 2005 Plan was approved by the stockholders on June 15, 2005. The 2005 Plan authorized 18.4 million shares for issuance, of which 6.4 million shares are available for full value awards in the form of restricted stock awards, restricted stock units or other full value stock awards and 12.0 million shares are available for stock options, SAR, dividend equivalents, performance awards or other non-full value stock awards. The 2005 Plan was subsequently amended in Fiscal 2009 to increase the shares available for grant to 31.9 million without taking into consideration 9.1 million non-qualified stock options, 2.9 million shares of restricted stock and 0.2 million shares of common stock that had been previously granted under the 2005 plan to employees and directors (without considering cancellations as of January 31, 2009 of awards for 2.9 million shares). The 2005 Plan provides that the maximum number of shares awarded to any individual may not exceed 6.0 million shares per year for options and SAR and no more than 4.0 million shares may be granted with respect to each of restricted shares of stock and restricted stock units plus any unused carryover limit from the previous year. The 2005 Plan allows the Compensation Committee of the Board to determine which employees receive awards and the terms and conditions of the awards that are mandatory under the 2005 Plan. The 2005 Plan provides for grants to directors who are not officers or employees of the Company, which are not to exceed 20,000 shares per year (not to be adjusted for stock splits). Through January 30, 2016, 17.1 million non-qualified stock options, 10.4 million shares of restricted stock and 0.4 million shares of common stock had been granted under the 2005 Plan to employees and directors (without considering cancellations to date of awards for 14.0 million shares). Approximately 95% of the options granted under the 2005 Plan vest over three years, 4% vest over one year and 1% vest over five years. Options were granted for ten and seven year terms. Approximately 62% of the restricted stock awards are performance-based and are earned if the Company meets established performance goals. The remaining 38% of the restricted stock awards are time-based and vest over three years. The 2005 Plan terminated on May 29, 2014 with all rights of the awardees and all unexpired awards continuing in force and operation after the termination. 1999 Stock Incentive Plan The 1999 Stock Option Plan (the “1999 Plan”) was approved by the stockholders on June 8, 1999. The 1999 Plan authorized 18.0 million shares for issuance in the form of stock options, stock appreciation rights (“SAR”), restricted stock awards, performance units or performance shares. The 1999 Plan was subsequently amended to increase the shares available for grant to 33.0 million. Additionally, the 1999 Plan provided that the maximum number of shares awarded to any individual may not exceed 9.0 million shares. The 1999 Plan allowed the Compensation Committee to determine which employees and consultants received awards and the terms and conditions of these awards. The 1999 Plan provided for a grant of 1,875 stock options quarterly (not to be adjusted for stock splits) to each director who is not an officer or employee of the Company starting in August 2003. The Company ceased making these quarterly stock option grants in June 2005. Under this plan, 33.2 million non-qualified stock options and 6.7 million shares of restricted stock were granted to employees and certain non-employees (without considering cancellations to date of awards for 9.7 million shares). Approximately 33% of the options granted were to vest over eight years after the date of grant but were accelerated as the Company met annual performance goals. Approximately 34% of the options granted under the 1999 Plan vest over three years, 23% vest over five years and the remaining grants vest over one year. All options expire after 10 years. Performance-based restricted stock was earned if the Company met established performance goals. The 1999 Plan terminated on June 15, 2005 with all rights of the awardees and all unexpired awards continuing in force and operation after the termination. Stock Option Grants The Company grants both time-based and performance-based stock options under the 2005 Plan. Time-based stock option awards vest over the requisite service period of the award or to an employee’s eligible retirement date, if earlier. Performance-based stock option awards vest over three years and are earned if the Company meets pre-established performance goals during each year. A summary of the Company’s stock option activity under all plans for Fiscal 2015 follows: For the Year Ended January 30, 2016 Weighted- Average Weighted- Average Remaining Contractual Aggregate Options Exercise Price Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding - January 31, 2015 2,390 $ 16.28 Granted — — Exercised (1) 458 $ 15.25 Cancelled 720 $ 19.38 Outstanding - January 30, 2016 1,213 $ 14.83 2.2 567 Vested and expected to vest - January 30, 2016 1,206 $ 14.83 2.2 566 Exercisable - January 30, 2016 (2) 497 $ 13.52 3.0 555 (1) Options exercised during Fiscal 2015 ranged in price from $8.09 to $16.49. (2) Options exercisable represent “in-the-money” vested options based upon the weighted average exercise price of vested options compared to the Company’s stock price at January 30, 2016. The weighted-average grant date fair value of stock options granted during Fiscal 2014 and Fiscal 2013 was $3.99 and $4.17, respectively. The aggregate intrinsic value of options exercised during Fiscal 2015, Fiscal 2014 and Fiscal 2013 was $0.4 million, $1.3 million and $3.9 million, respectively. Cash received from the exercise of stock options and the actual tax benefit realized from share-based payments was $7.3 million and ($0.5) million, respectively, for Fiscal 2015. Cash received from the exercise of stock options and the actual tax benefit realized from share-based payments was $7.3 million and $(0.5) million, respectively, for Fiscal 2014. Cash received from the exercise of stock options and the actual tax benefit realized from share-based payments was $6.2 million and $8.7 million, respectively, for Fiscal 2013. The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: For the Years Ended January 31, Black-Scholes Option Valuation Assumptions 2015 Risk-free interest rates (1) 1.5% Dividend yield 3.1% Volatility factors of the expected market price of the Company's common stock (2) 41.2% Weighted-average expected term (3) 4.5 years Expected forfeiture rate (4) 8.0% (1) Based on the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected life of our stock options. (2) Based on a combination of historical volatility of the Company’s common stock and implied volatility. (3) Represents the period of time options are expected to be outstanding. The weighted average expected option terms were determined based on historical experience. (4) Based on historical experience. As of January 30, 2016, there was $0.2 million of unrecognized compensation expense related to nonvested stock option awards that is expected to be recognized over a weighted average period of 1.2 years. Restricted Stock Grants Time-based restricted stock awards are comprised of time-based restricted stock units. These awards vest over three years.Time-based restricted stock units receive dividend equivalents in the form of additional time-based restricted stock units, which are subject to the same restrictions and forfeiture provisions as the original award. Performance-based restricted stock awards include performance-based restricted stock units. These awards cliff vest at the end of a three year period based upon the Company’s achievement of pre-established goals throughout the term of the award. Performance-based restricted stock units receive dividend equivalents in the form of additional performance-based restricted stock units, which are subject to the same restrictions and forfeiture provisions as the original award. The grant date fair value of all restricted stock awards is based on the closing market price of the Company’s common stock on the date of grant. A summary of the activity of the Company’s restricted stock is presented in the following tables: Time-Based Restricted Stock Units Performance-Based For the year ended For the year ended January 30, 2016 January 30, 2016 (Shares in thousands) Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested - January 31, 2015 1,596 $ 15.95 2,435 $ 16.02 Granted 1,147 14.95 1,241 15.00 Vested (591 ) 16.97 (166 ) 14.77 Cancelled/Forfeited (217 ) 14.83 (901 ) 14.85 Nonvested - January 30, 2016 1,935 15.17 2,609 16.02 As of January 30, 2016, there was $14.3 million of unrecognized compensation expense related to nonvested time-based restricted stock unit awards that is expected to be recognized over a weighted average period of 1.7 years. Based on current probable performance, there is $9.4 million of unrecognized compensation expense related to performance-based restricted stock unit awards which will be recognized as achievement of performance goals is probable over a one to three year period. As of January 30, 2016, the Company had 6.0 million shares available for all equity grants. |
Retirement Plan and Employee St
Retirement Plan and Employee Stock Purchase Plan | 12 Months Ended |
Jan. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plan and Employee Stock Purchase Plan | 13. Retirement Plan and Employee Stock Purchase Plan The Company maintains a profit sharing and 401(k) plan (the “Retirement Plan”). Under the provisions of the Retirement Plan, full-time employees and part-time employees are automatically enrolled to contribute 3% of their salary if they have attained 20½ years of age. In addition, full-time employees need to have completed 60 days of service and part-time employees must complete 1,000 hours worked to be eligible. Individuals can decline enrollment or can contribute up to 50% of their salary to the 401(k) plan on a pretax basis, subject to IRS limitations. After one year of service, the Company will match 100% of the first 3% of pay plus an additional 25% of the next 3% of pay that is contributed to the plan. Contributions to the profit sharing plan, as determined by the Board, are discretionary. The Company recognized $10.6 million, $10.5 million and $9.6 million in expense during Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively, in connection with the Retirement Plan. The Employee Stock Purchase Plan is a non-qualified plan that covers all full-time employees and part-time employees who are at least 18 years old and have completed 60 days of service. Contributions are determined by the employee, with the Company matching 15% of the investment up to a maximum investment of $100 per pay period. These contributions are used to purchase shares of Company stock in the open market. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The components of income before income taxes from continuing operations were: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 U.S. $ 289,697 $ 193,167 $ 157,669 Foreign 32,174 (33,665 ) (15,592 ) Total $ 321,871 $ 159,502 $ 142,077 The significant components of the Company’s deferred tax assets and liabilities were as follows: January 30, January 31, (In thousands) 2016 2015 Deferred tax assets: Rent $ 27,281 $ 28,323 Employee compensation and benefits 23,840 9,609 Deferred compensation 21,187 16,109 Foreign tax credits 20,567 15,546 Accruals not currently deductible 10,907 15,213 Inventories 9,659 6,939 State tax credits 6,902 7,595 Net operating loss 6,891 9,179 Other 12,745 11,476 Gross deferred tax assets 139,979 119,989 Valuation allowance (7,720 ) (10,563 ) Total deferred tax assets $ 132,259 $ 109,426 Deferred tax liabilities: Property and equipment $ (59,386 ) $ (28,285 ) Other (7,946 ) (8,004 ) Total deferred tax liabilities $ (67,332 ) $ (36,289 ) Total deferred tax assets, net $ 64,927 $ 73,137 The net decrease in deferred tax assets and liabilities was primarily due to an increase in the deferred tax assets for compensation and benefits offset by an increase in the deferred tax liability for property and equipment basis differences. Additionally, there was a decrease to the valuation allowance related to foreign deferred tax assets. As of January 30, 2016, the Company had deferred tax assets related to state and foreign net operating loss carryovers of $1.7 million and $5.2 million, respectively that could be utilized to reduce future years’ tax liabilities. A portion of these net operating loss carryovers begin expiring in the year 2018 and some have an indefinite carryforward period. Management believes it is more likely than not that a portion of the state and foreign net operating loss carryovers will not reduce future years’ tax liabilities in certain jurisdictions. As such a valuation allowance of $5.0 million has been recorded on the deferred tax assets related to the cumulative state and foreign net operating loss carryovers. We also provided for a valuation allowance of approximately $2.7 million related to other foreign deferred tax assets. The Company has foreign tax credit carryovers in the amount of $20.6 million and $19.3 million as of January 30, 2016 and January 31, 2015, respectively. The foreign tax credit carryovers begin to expire in Fiscal 2020 to the extent not utilized. No valuation allowance has been recorded on the foreign tax credit carryovers as the Company believes it is more likely than not that the foreign tax credits will be utilized prior to expiration. The Company has state income tax credit carryforwards of $6.9 million (net of federal tax) and $7.6 million (net of federal tax) as of January 30, 2016 and January 31, 2015, respectively. These income tax credits can be utilized to offset future state income taxes and have a carryforward period of 10 to16 years. They will begin to expire in Fiscal 2022. Significant components of the provision for income taxes from continuing operations were as follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Current: Federal $ 86,122 $ 66,229 $ 29,794 Foreign taxes 3,836 (792 ) (50 ) State 13,032 9,447 9,162 Total current 102,990 74,884 38,906 Deferred: Federal $ 5,606 $ (1,178 ) $ 20,611 Foreign taxes (1,977 ) (85 ) 695 State 1,961 (2,906 ) (1,118 ) Total deferred 5,590 (4,169 ) 20,188 Provision for income taxes $ 108,580 $ 70,715 $ 59,094 As a result of additional tax deductions related to share-based payments, tax benefits have been recognized as contributed capital for Fiscal 2015, Fiscal 2014 and Fiscal 2013 in the amounts of $(0.5) million, $(0.5) million and $8.7 million, respectively. U.S. income taxes have not been provided on the undistributed earnings of the Company’s foreign subsidiaries, as the Company intends to indefinitely reinvest the undistributed foreign earnings outside of the United States. As of January 30, 2016, the unremitted earnings of the Company’s foreign subsidiaries were approximately $23.4 million (USD). Upon distribution of the earnings in the form of dividends or otherwise, the Company would be subject to income and withholding taxes offset by foreign tax credits. Determination of the amount of unrecognized deferred U.S. income tax liability on these unremitted earnings is not practicable because of the complexities associated with this hypothetical calculation. The following table summarizes the activity related to our unrecognized tax benefits: For the Years Ended (In thousands) January 30, 2016 January 31, 2015 February 1, 2014 Unrecognized tax benefits, beginning of the year balance $ 12,609 $ 14,601 $ 17,250 Increases in current period tax positions 2,727 2,166 2,294 Increases in tax positions of prior periods — — 440 Settlements — (73 ) — Lapse of statute of limitations (516 ) (471 ) (453 ) Decreases in tax positions of prior periods (9,072 ) (3,614 ) (4,930 ) Unrecognized tax benefits, end of the year balance $ 5,748 $ 12,609 $ 14,601 As of January 30, 2016, the gross amount of unrecognized tax benefits was $5.7 million, of which $4.6 million would affect the effective income tax rate if recognized. The gross amount of unrecognized tax benefits as of January 31, 2015 was $12.6 million, of which $9.1 million would affect the effective income tax rate if recognized. Unrecognized tax benefits decreased by $6.9 million during Fiscal 2015, decreased $2.0 million during Fiscal 2014 and decreased by $2.6 million during Fiscal 2013. The unrecognized tax benefit changes were primarily related to federal and state income tax settlements and other changes in income tax reserves. Over the next twelve months the Company believes it is reasonably possible the unrecognized tax benefits could decrease by as much as $2.8 million as the result of federal and state tax settlements, statute of limitations lapses, and other changes to the reserves. The Company records accrued interest and penalties related to unrecognized tax benefits in income tax expense. Accrued interest and penalties related to unrecognized tax benefits included in the Consolidated Balance Sheet were $1.3 million and $1.6 million as of January 30, 2016 and January 31, 2015, respectively. An immaterial amount of interest and penalties were recognized in the provision for income taxes during Fiscal 2015, Fiscal 2014 and Fiscal 2013. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Internal Revenue Service (“IRS”) examination of the Company’s U.S. federal income tax return for the tax year ended February 1, 2014 was completed during Fiscal 2015. Accordingly, all years prior to the tax year ended January 31, 2015 are no longer subject to U.S. federal income tax examinations by tax authorities. Additionally, the Company is participating in the IRS’s Compliance Assurance Process (CAP) for the tax years ended January 31, 2015 and January 30, 2016. The Company does not anticipate that any adjustments will result in a material change to its financial position, results of operations or cash flows. With respect to state and local jurisdictions and countries outside of the United States, with limited exceptions, generally, the Company and its subsidiaries are no longer subject to income tax audits for tax years before 2009. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been provided for any adjustments that are expected to result from these years. A reconciliation between the statutory federal income tax rate and the effective income tax rate from continuing operations follows: For the Years Ended January 30, January 31, February 1, 2016 2015 2014 Federal income tax rate 35 % 35 % 35 % State income taxes, net of federal income tax effect 3 4 4 Valuation allowance changes, net (1 ) 6 4 Tax settlements (1 ) (1 ) (2 ) Other (2 ) — 1 34 % 44 % 42 % |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 30, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 15. Discontinued Operations In Fiscal 2012, the Company exited the 77kids business. In connection with the exit of the 77kids business, the Company became secondarily liable for obligations under lease agreements for 21 store leases assumed by the third party purchaser. In Fiscal 2014, the third party purchaser did not fulfill its obligations under the leases, resulting in the Company becoming primarily liable. The Company was required to make rental and lease termination payments and received reimbursement from the $11.5 million stand-by letter of credit provided by the third party purchaser. The cash outflow for the remaining lease termination costs was paid in Fiscal 2015. In accordance with ASC 460, Guarantees (“ASC 460”), as the Company became primarily liable under the leases upon the third party purchaser’s default, the estimated remaining amounts to terminate the lease agreements were accrued in our Consolidated Financial Statements related to these guarantees. A rollforward of the liabilities recognized in the Consolidated Balance Sheets is as follows: January 30, (In thousands) 2016 Accrued liability as of January 31, 2015 $ 14,636 Add: Costs incurred — Less: Cash payments (6,805 ) Less: Adjustments (1) (7,831 ) Accrued liability as of January 30, 2016 $ — (1) Adjustments resulting from favorably settling lease termination obligations during Fiscal 2015. The tables below present the significant components of 77kids’ results included in Loss from Discontinued Operations on the Consolidated Statements of Operations for the years ended January 30, 2016, January 31, 2015 and February 1, 2014. For the Years Ended January 30, 2016 January 31, 2015 February 1, 2014 Total net revenue $ — $ — $ — Gain (Loss) from discontinued operations, before income taxes $ 7,831 $ (13,673 ) $ — Income tax benefit (2,984 ) 5,208 — Gain (Loss) from discontinued operations, net of tax $ 4,847 $ (8,465 ) $ — Gain (Loss) per common share from discontinued operations: Basic $ 0.02 $ (0.04 ) $ — Diluted $ 0.02 $ (0.04 ) $ — |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jan. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | 16. Restructuring Charges During Fiscal 2014, the Company undertook restructuring aimed at strengthening the store portfolio and reducing corporate overhead, including severance and office space consolidation. These changes are aimed at driving efficiencies and aligning investments in areas that help fuel the business. There we no restructuring charges in Fiscal 2015. Costs associated with restructuring activities are recorded when incurred. A summary of costs recognized within Restructuring Charges on the Consolidated Income Statement for Fiscal 2014 are included in the table as follows. For the year ended January 31, (In thousands) 2015 Cash restructuring charges Office space consolidation charges $ 8,571 Severance and related employee costs 7,816 Other corporate items 1,365 Total restructuring charges $ 17,752 A rollforward of the liabilities recognized in the Consolidated Balance Sheet is as follows: January 30, (In thousands) 2016 Accrued liability as of January 31, 2015 $ 12,456 Add: Costs incurred, excluding non-cash charges — Less: Cash payments (10,015 ) Accrued liability as of January 30, 2016 $ 2,441 |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 17. Acquisitions During Fiscal 2015, the Company completed the acquisition of Tailgate, which owns and operates Tailgate, a vintage, sports-inspired apparel brand with a college town store concept, and Todd Snyder New York, a premium menswear brand, for total consideration of $13.5 million, of which $10.4 million was paid in cash. The total purchase price was allocated to the net tangible and intangible assets acquired based on their estimated fair values. Such estimated fair values require management to make estimates and judgments, especially with respect to intangible assets. The Company’s valuation of intangible assets, including deferred income taxes, is subject to finalization in Fiscal 2016. The preliminary allocation of the purchase price to the fair value of assets acquired is as follows: (In thousands) Merchandise inventory $ 4,078 Intangible assets and goodwill 10,121 Other current assets 4,231 Other liabilities (4,974 ) Total purchase price $ 13,456 Results of operations of Tailgate have been included in our Consolidated Statements of Operations since the November 1, 2015 acquisition date. Pro forma results of the acquired business have not been presented as the results were not material to our Consolidated Financial Statements for all years presented and would not have been material had the acquisition occurred at the beginning of Fiscal 2015. |
Quarterly Financial Information
Quarterly Financial Information - Unaudited | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information - Unaudited | 18. Quarterly Financial Information — Unaudited The sum of the quarterly EPS amounts may not equal the full year amount as the computations of the weighted average shares outstanding for each quarter and the full year are calculated independently. Fiscal 2015 Quarters Ended May 2, August 1, October 31, January 30, (In thousands, except per share amounts) 2015 2015 2015 2016 Total net revenue $ 699,520 $ 797,428 $ 919,072 $ 1,105,828 Gross profit $ 262,212 $ 285,039 $ 367,532 $ 387,951 Income from continuing operations 29,055 33,265 69,265 81,706 Gain from discontinued operations, net of tax — — 4,847 — Net income $ 29,055 $ 33,265 $ 74,112 $ 81,706 Basic per common share amounts: Income from continuing operations $ 0.15 $ 0.17 $ 0.35 $ 0.42 Loss from discontinued operations, net of tax — — 0.03 — Basic net income per common share $ 0.15 $ 0.17 $ 0.38 $ 0.42 Diluted per common share amounts: Income from continuing operations $ 0.15 $ 0.17 0.35 $ 0.42 Loss from discontinued operations, net of tax — — 0.03 — Diluted net income per common share $ 0.15 $ 0.17 $ 0.38 $ 0.42 Fiscal 2014 Quarters Ended May 3, August 2, November 1, January 31, (In thousands, except per share amounts) 2014 2014 2014 2015 Total net revenue $ 646,129 $ 710,595 $ 854,290 $ 1,071,853 Gross profit $ 225,845 $ 237,547 $ 315,472 $ 375,810 Income from continuing operations 3,866 5,813 9,035 70,073 Loss from discontinued operations, net of tax — — — (8,465 ) Net income $ 3,866 $ 5,813 $ 9,035 $ 61,608 Basic per common share amounts: Income from continuing operations $ 0.02 $ 0.03 $ 0.05 $ 0.36 Loss from discontinued operations, net of tax — — — (0.04 ) Basic net income per common share $ 0.02 $ 0.03 $ 0.05 $ 0.32 Diluted per common share amounts: Income from continuing operations $ 0.02 $ 0.03 $ 0.05 $ 0.36 Loss from discontinued operations, net of tax — — — (0.04 ) Diluted net income per common share $ 0.02 $ 0.03 $ 0.05 $ 0.32 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. At January 30, 2016, the Company operated in one reportable segment. The Company exited its 77kids brand in Fiscal 2012. These Consolidated Financial Statements reflect the results of 77kids as discontinued operations for all periods presented. |
Fiscal Year | Fiscal Year Our fiscal year ends on the Saturday nearest to January 31. As used herein, “Fiscal 2016” refers to the 52 week period ending January 28, 2017. “Fiscal 2015”, “Fiscal 2014” and “Fiscal 2013” refer to the 52-week periods ended January 30, 2016, January 31, 2015 and February 1, 2014, respectively. “Fiscal 2012” refers to the 53-week period ended February 2, 2013. |
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, our management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases Leases . |
Foreign Currency Translation | Foreign Currency Translation In accordance with Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters Comprehensive Income |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. As of January 30, 2016 and January 31, 2015, the Company held no short-term investments. Refer to Note 3 to the Consolidated Financial Statements for information regarding cash and cash equivalents and investments. |
Merchandise Inventory | Merchandise Inventory Merchandise inventory is valued at the lower of average cost or market, utilizing the retail method. Average cost includes merchandise design and sourcing costs and related expenses. The Company records merchandise receipts at the time which both title and risk of loss for the merchandise transfers to the Company. The Company reviews its inventory levels to identify slow-moving merchandise and generally uses markdowns to clear merchandise. Additionally, the Company estimates a markdown reserve for future planned permanent markdowns related to current inventory. Markdowns may occur when inventory exceeds customer demand for reasons of style, seasonal adaptation, changes in customer preference, lack of consumer acceptance of fashion items, competition, or if it is determined that the inventory in stock will not sell at its currently ticketed price. Such markdowns may have a material adverse impact on earnings, depending on the extent and amount of inventory affected. The Company also estimates a shrinkage reserve for the period between the last physical count and the balance sheet date. The estimate for the shrinkage reserve, based on historical results, can be affected by changes in merchandise mix and changes in actual shrinkage trends. |
Property and Equipment | Property and Equipment Property and equipment is recorded on the basis of cost with depreciation computed utilizing the straight-line method over the assets’ estimated useful lives. The useful lives of our major classes of assets are as follows: Buildings 25 years Leasehold improvements Lesser of 10 years or the term of the lease Fixtures and equipment 5 years In accordance with ASC 360, Property, Plant, and Equipment During Fiscal 2014, the Company recorded pre-tax asset impairment charges of $33.5 million that includes $25.1 million for the impairment of 79 retail stores recorded as a loss on impairment of assets in the Consolidated Statements of Operations. Based on the Company’s evaluation of current and future projected performance, it was determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective stores’ assets. Additionally, the Company recorded $8.4 million of impairment charges related to corporate assets. During Fiscal 2013, the Company recorded asset impairment charges of $44.5 million consisting of $25.2 million for the impairment of 69 retail stores and $19.3 million for the Company’s Warrendale, Pennsylvania Distribution Center, recorded as a loss on impairment of assets in the Consolidated Statements of Operations. The retail store impairments were recorded based on the results of the Company’s evaluation of stores that considered performance during the holiday selling season and a significant portfolio review in the fourth quarter of Fiscal 2013 that considered current and future performance projections and strategic real estate initiatives. The Company determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective stores assets. When the Company closes, remodels or relocates a store prior to the end of its lease term, the remaining net book value of the assets related to the store is recorded as a write-off of assets within depreciation and amortization expense. Refer to Note 7 to the Consolidated Financial Statements for additional information regarding property and equipment. |
Goodwill | Goodwill The Company’s goodwill is primarily related to the acquisition of its importing operations, Canadian, Hong Kong and China businesses and the recent acquisition of Tailgate. In accordance with ASC 350, Intangibles- Goodwill and Other Refer to Note 17 to the Consolidated Financial Statements for additional information on the acquisition of Tailgate. |
Intangible Assets | Intangible Assets Intangible assets are recorded on the basis of cost with amortization computed utilizing the straight-line method over the assets’ estimated useful lives. The Company’s intangible assets, which primarily include trademark assets, are amortized over 15 to 25 years. The Company evaluates intangible assets for impairment in accordance with ASC 350 when events or circumstances indicate that the carrying value of the asset may not be recoverable. Such an evaluation includes the estimation of undiscounted future cash flows to be generated by those assets. If the sum of the estimated future undiscounted cash flows are less than the carrying amounts of the assets, then the assets are impaired and are adjusted to their estimated fair value. No intangible asset impairment charges were recorded for all periods presented. Refer to Note 8 to the Consolidated Financial Statements for additional information regarding intangible assets. |
Deferred Lease Credits | Deferred Lease Credits Deferred lease credits represent the unamortized portion of construction allowances received from landlords related to the Company’s retail stores. Construction allowances are generally comprised of cash amounts received by the Company from its landlords as part of the negotiated lease terms. The Company records a receivable and a deferred lease credit liability at the lease commencement date (date of initial possession of the store). The deferred lease credit is amortized on a straight-line basis as a reduction of rent expense over the term of the original lease (including the pre-opening build-out period). The receivable is reduced as amounts are received from the landlord. |
Self-Insurance Liability | Self-Insurance Liability The Company is self-insured for certain losses related to employee medical benefits and worker’s compensation. Costs for self-insurance claims filed and claims incurred but not reported are accrued based on known claims and historical experience. Management believes that it has adequately reserved for its self-insurance liability, which is capped through the use of stop loss contracts with insurance companies. However, any significant variation of future claims from historical trends could cause actual results to differ from the accrued liability. |
Co-branded Credit Card and Customer Loyalty Program | Co-branded Credit Card and Customer Loyalty Program The Company offers a co-branded credit card (the “AEO Visa Card”) and a private label credit card (the “AEO Credit Card”) under the AEO and Aerie brands. These credit cards are issued by a third-party bank (the “Bank”) in accordance with a credit card agreement (“the Agreement”). The Company has no liability to the Bank for bad debt expense, provided that purchases are made in accordance with the Bank’s procedures. We receive additional funding from the bank based on the Agreement and card activity. We recognize revenue for the additional funding when the amounts are fixed or determinable and collectability is reasonably assured. This revenue is recorded in other revenue, which is a component of total net revenue in our Consolidated Statements of Operations. Once a customer is approved to receive the AEO Visa Card or the AEO Credit Card and the card is activated, the customer is eligible to participate in the credit card rewards program. Customers who make purchases at AEO and Aerie earn discounts in the form of savings certificates when certain purchase levels are reached. Also, AEO Visa Card customers who make purchases at other retailers where the card is accepted earn additional discounts. Savings certificates are valid for 90 days from issuance. Points earned under the credit card rewards program on purchases at AEO and Aerie are accounted for by analogy to ASC 605-25, Revenue Recognition, Multiple Element Arrangements The Company offers its customers the AEREWARDS ® |
Income Taxes | Income Taxes The Company calculates income taxes in accordance with ASC 740, Income Taxes The Company evaluates its income tax positions in accordance with ASC 740 which prescribes a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return, including a decision whether to file or not to file in a particular jurisdiction. Under ASC 740, a tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable based on its technical merits. The calculation of the deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance require management to make estimates and assumptions. The Company believes that its assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income. |
Revenue Recognition | Revenue Recognition Revenue is recorded for store sales upon the purchase of merchandise by customers. The Company’s e-commerce operation records revenue upon the estimated customer receipt date of the merchandise. Shipping and handling revenues are included in total net revenue. Sales tax collected from customers is excluded from revenue and is included as part of accrued income and other taxes on the Company’s Consolidated Balance Sheets. Revenue is recorded net of estimated and actual sales returns and deductions for coupon redemptions and other promotions. The Company records the impact of adjustments to its sales return reserve quarterly within total net revenue and cost of sales. The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined through the use of historical average return percentages. For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Beginning balance $ 3,249 $ 2,205 $ 4,481 Returns (90,719 ) (79,813 ) (85,871 ) Provisions 90,819 80,857 83,595 Ending balance $ 3,349 $ 3,249 $ 2,205 Revenue is not recorded on the purchase of gift cards. A current liability is recorded upon purchase, and revenue is recognized when the gift card is redeemed for merchandise. Additionally, the Company recognizes revenue on unredeemed gift cards based on an estimate of the amounts that will not be redeemed (“gift card breakage”), determined through historical redemption trends. Gift card breakage revenue is recognized in proportion to actual gift card redemptions as a component of total net revenue. For further information on the Company’s gift card program, refer to the Gift Cards caption below. The Company recognizes royalty revenue generated from its license or franchise agreements based upon a percentage of merchandise sales by the licensee/franchisee. This revenue is recorded as a component of total net revenue when earned. |
Cost of Sales, Including Certain Buying, Occupancy and Warehousing Expenses | Cost of Sales, Including Certain Buying, Occupancy and Warehousing Expenses Cost of sales consists of merchandise costs, including design, sourcing, importing and inbound freight costs, as well as markdowns, shrinkage and certain promotional costs (collectively "merchandise costs") and buying, occupancy and warehousing costs. Design costs are related to the Company's Design Center operations and include compensation and employee benefit expenses, including salaries, incentives, travel, supplies and samples for our design teams, as well as rent and depreciation for the Company’s Design Center. These costs are included in cost of sales as the respective inventory is sold. Buying, occupancy and warehousing costs consist of compensation, employee benefit expenses and travel for the Company’s buyers and certain senior merchandising executives; rent and utilities related to the Company’s stores, corporate headquarters, distribution centers and other office space; freight from the Company’s distribution centers to the stores; compensation and supplies for the Company’s distribution centers, including purchasing, receiving and inspection costs; and shipping and handling costs related to our e-commerce operation. Gross profit is the difference between total net revenue and cost of sales. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses consist of compensation and employee benefit expenses, including salaries, incentives and related benefits associated with the Company’s stores and corporate headquarters. Selling, general and administrative expenses also include advertising costs, supplies for our stores and home office, communication costs, travel and entertainment, leasing costs and services purchased. Selling, general and administrative expenses do not include compensation, employee benefit expenses and travel for the Company’s design, sourcing and importing teams, the Company’s buyers and the Company’s distribution centers as these amounts are recorded in cost of sales. |
Advertising Costs | Advertising Costs Certain advertising costs, including direct mail, in-store photographs and other promotional costs are expensed when the marketing campaign commences. As of January 30, 2016 and January 31, 2015, the Company had prepaid advertising expense of $6.1 million and $6.6 million, respectively. All other advertising costs are expensed as incurred. The Company recognized $104.1 million, $94.2 million and $87.0 million in advertising expense during Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. |
Store Pre-Opening Costs | Store Pre-Opening Costs Store pre-opening costs consist primarily of rent, advertising, supplies and payroll expenses. These costs are expensed as incurred. |
Other Income, Net | Other Income, Net Other income, net consists primarily of foreign currency transaction gain/loss, interest income/expense and realized investment gains/losses. |
Gift Cards | Gift Cards The value of a gift card is recorded as a current liability upon purchase and revenue is recognized when the gift card is redeemed for merchandise. The Company estimates gift card breakage and recognizes revenue in proportion to actual gift card redemptions as a component of total net revenue. The Company determines an estimated gift card breakage rate by continuously evaluating historical redemption data and the time when there is a remote likelihood that a gift card will be redeemed. The Company recorded gift card breakage of $8.2 million, $7.0 million and $7.3 million during Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. |
Legal Proceedings and Claims | Legal Proceedings and Claims The Company is subject to certain legal proceedings and claims arising out of the conduct of its business. In accordance with ASC 450, Contingencies |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information The table below shows supplemental cash flow information for cash amounts paid during the respective periods: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Cash paid during the periods for: Income taxes $ 116,765 $ 38,501 $ 65,496 Interest $ 1,173 $ 638 $ 387 |
Segment Information | Segment Information In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company has identified three operating segments (American Eagle Outfitters® Brand retail stores, Aerie® by American Eagle Outfitters® retail stores and AEO Direct) that reflect the Company’s operational structure as well as the business’s internal view of analyzing results and allocating resources. All of the operating segments have been aggregated and are presented as one reportable segment, as permitted by ASC 280. The following tables present summarized geographical information: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Total net revenue: United States $ 3,091,205 $ 2,895,310 $ 2,954,635 Foreign (1) 430,643 387,557 351,167 Total net revenue $ 3,521,848 $ 3,282,867 $ 3,305,802 (1) Amounts represent sales from American Eagle Outfitters and Aerie international retail stores, AEO Direct sales that are billed to and/or shipped to foreign countries and international franchise revenue. January 30, January 31, (In thousands) 2016 2015 Long-lived assets, net: United States $ 692,252 $ 668,105 Foreign 80,352 90,424 Total long-lived assets, net $ 772,604 $ 758,529 |
Business Operations (Tables)
Business Operations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidated Percentage of Net Sales from Continuing Operations Attributable to Each Merchandise Group | The following table sets forth the approximate consolidated percentage of total net revenue from continuing operations attributable to each merchandise group for each of the periods indicated: For the Years Ended January 30, January 31, February 1, 2016 2015 2014 Men’s apparel and accessories 37 % 39 % 40 % Women’s apparel and accessories (excluding Aerie) 54 % 53 % 52 % Aerie 9 % 8 % 8 % Total 100 % 100 % 100 % |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Useful Lives of Major Classes of Assets | The useful lives of our major classes of assets are as follows: Buildings 25 years Leasehold improvements Lesser of 10 years or the term of the lease Fixtures and equipment 5 years |
Sales Return Reserve | The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined through the use of historical average return percentages. For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Beginning balance $ 3,249 $ 2,205 $ 4,481 Returns (90,719 ) (79,813 ) (85,871 ) Provisions 90,819 80,857 83,595 Ending balance $ 3,349 $ 3,249 $ 2,205 |
Supplemental Cash Flow Information for Cash Amounts Paid | The table below shows supplemental cash flow information for cash amounts paid during the respective periods: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Cash paid during the periods for: Income taxes $ 116,765 $ 38,501 $ 65,496 Interest $ 1,173 $ 638 $ 387 |
Summary of Geographical Information | The following tables present summarized geographical information: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Total net revenue: United States $ 3,091,205 $ 2,895,310 $ 2,954,635 Foreign (1) 430,643 387,557 351,167 Total net revenue $ 3,521,848 $ 3,282,867 $ 3,305,802 (1) Amounts represent sales from American Eagle Outfitters and Aerie international retail stores, AEO Direct sales that are billed to and/or shipped to foreign countries and international franchise revenue. January 30, January 31, (In thousands) 2016 2015 Long-lived assets, net: United States $ 692,252 $ 668,105 Foreign 80,352 90,424 Total long-lived assets, net $ 772,604 $ 758,529 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Fair Market Values for Cash and Marketable Securities | The following table summarizes the fair market value of our cash and marketable securities, which are recorded on the Consolidated Balance Sheets: (In thousands) January 30, 2016 January 31, 2015 Cash and cash equivalents: Cash $ 205,359 $ 370,692 Money-market 54,708 40,005 Total cash and cash equivalents $ 260,067 $ 410,697 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Financial Assets (Cash Equivalents and Investments) Measured at Fair Value on Recurring Basis | In accordance with ASC 820, the following tables represent the fair value hierarchy for the Company’s financial assets (cash equivalents and investments) measured at fair value on a recurring basis as of January 30, 2016 and January 31, 2015: Fair Value Measurements at January 30, 2016 (In thousands) Carrying Amount Quoted Market Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents Cash $ 205,359 $ 205,359 $ — $ — Money-market 54,708 54,708 — — Total cash and cash equivalents $ 260,067 $ 260,067 $ — $ — Percent to total 100 % 100 % — — Fair Value Measurements at January 31, 2015 (In thousands) Carrying Amount Quoted Market Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents Cash $ 370,692 $ 370,692 $ — $ — Money-market 40,005 40,005 — — Total cash and cash equivalents $ 410,697 $ 410,697 $ — $ — Percent to total 100.0 % 100.0 % — — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Between Basic and Diluted Weighted Average Shares Outstanding | The following is a reconciliation between basic and diluted weighted average shares outstanding: For the Years Ended January 30, January 31, February 1, (In thousands, except per share amounts) 2016 2015 2014 Weighted average common shares outstanding: Basic number of common shares outstanding 194,351 194,437 192,802 Dilutive effect of stock options and non-vested restricted stock 1,886 698 1,673 Dilutive number of common shares outstanding 196,237 195,135 194,475 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Receivables [Abstract] | |
Accounts receivable | Accounts receivable are comprised of the following: January 30, January 31, (In thousands) 2016 2015 Franchise and license receivable $ 35,834 $ 24,945 Credit card program receivable 15,880 14,277 Merchandise sell-offs and vendor receivables 14,121 12,953 Gift card receivable 3,629 4,453 Landlord construction allowances 4,382 3,354 Other items 7,066 7,912 Total $ 80,912 $ 67,894 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following: January 30, January 31, (In thousands) 2016 2015 Land $ 17,910 $ 19,796 Buildings 204,690 204,190 Leasehold improvements 580,758 571,312 Fixtures and equipment 963,758 852,408 Construction in progress 25,266 42,470 Property and equipment, at cost $ 1,792,382 $ 1,690,176 Less: Accumulated depreciation (1,088,796 ) (991,949 ) Property and equipment, net $ 703,586 $ 698,227 |
Depreciation Expense | Depreciation expense is summarized as follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Depreciation expense $ 140,616 $ 132,529 $ 116,761 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | The following table represents intangible assets as of January 30, 2016 and January 31, 2015: January 30, January 31, (In thousands) 2016 2015 Trademarks, at cost $ 67,398 $ 59,385 Less: Accumulated amortization (15,566 ) (12,179 ) Intangible assets, net $ 51,832 $ 47,206 |
Amortization Expense | Amortization expense is summarized as follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Amortization expense $ 3,483 $ 3,465 $ 2,714 |
Estimated Future Amortization Expense | The table below summarizes the estimated future amortization expense for intangible assets existing as of January 30, 2016 for the next five Fiscal Years: Future (In thousands) Amortization 2016 $ 3,603 2017 $ 3,595 2018 $ 3,584 2019 $ 3,584 2020 $ 2,911 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Summary of Fixed Minimum and Contingent Rent Expense | A summary of fixed minimum and contingent rent expense for all operating leases follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Store rent: Fixed minimum $ 282,300 $ 279,640 $ 260,668 Contingent 9,035 6,733 6,576 Total store rent, excluding common area maintenance charges, real estate taxes and certain other expenses $ 291,335 $ 286,373 $ 267,244 Offices, distribution facilities, equipment and other 16,063 15,449 17,153 Total rent expense $ 307,398 $ 301,822 $ 284,397 |
Future Minimum Lease Obligations, Consisting of Fixed Minimum Rent, Under Operating Leases | The table below summarizes future minimum lease obligations, consisting of fixed minimum rent, under operating leases in effect at January 30, 2016: (In thousands) Future Minimum Fiscal years: Lease Obligations 2016 $ 285,100 2017 $ 254,677 2018 $ 225,006 2019 $ 194,806 2020 $ 175,643 Thereafter $ 502,147 Total $ 1,637,379 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Equity [Abstract] | |
Accumulated Balances of Other Comprehensive Income | The accumulated balances of other comprehensive income included as part of the Consolidated Statements of Stockholders’ Equity follow: Accumulated Before Tax Other Tax Benefit Comprehensive (In thousands) Amount (Expense) Income Balance at February 2, 2013 $ 29,297 — $ 29,297 Foreign currency translation loss (1) (17,140 ) — (17,140 ) Balance at February 1, 2014 $ 12,157 — $ 12,157 Foreign currency translation loss (1) (22,101 ) — (22,101 ) Balance at January 31, 2015 $ (9,944 ) — $ (9,944 ) Foreign currency translation loss (1) (14,535 ) — (14,535 ) Loss on long-term intra-entity foreign currency transactions (8,805 ) 3,416 (5,389 ) Balance at January 30, 2016 $ (33,284 ) $ 3,416 $ (29,868 ) (1) Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our subsidiaries . |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity under all plans for Fiscal 2015 follows: For the Year Ended January 30, 2016 Weighted- Average Weighted- Average Remaining Contractual Aggregate Options Exercise Price Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding - January 31, 2015 2,390 $ 16.28 Granted — — Exercised (1) 458 $ 15.25 Cancelled 720 $ 19.38 Outstanding - January 30, 2016 1,213 $ 14.83 2.2 567 Vested and expected to vest - January 30, 2016 1,206 $ 14.83 2.2 566 Exercisable - January 30, 2016 (2) 497 $ 13.52 3.0 555 (1) Options exercised during Fiscal 2015 ranged in price from $8.09 to $16.49. (2) Options exercisable represent “in-the-money” vested options based upon the weighted average exercise price of vested options compared to the Company’s stock price at January 30, 2016. |
Black-Scholes Option Valuation Assumptions | The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: For the Years Ended January 31, Black-Scholes Option Valuation Assumptions 2015 Risk-free interest rates (1) 1.5% Dividend yield 3.1% Volatility factors of the expected market price of the Company's common stock (2) 41.2% Weighted-average expected term (3) 4.5 years Expected forfeiture rate (4) 8.0% (1) Based on the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected life of our stock options. (2) Based on a combination of historical volatility of the Company’s common stock and implied volatility. (3) Represents the period of time options are expected to be outstanding. The weighted average expected option terms were determined based on historical experience. (4) Based on historical experience. |
Summary of Restricted Stock Activity | A summary of the activity of the Company’s restricted stock is presented in the following tables: Time-Based Restricted Stock Units Performance-Based For the year ended For the year ended January 30, 2016 January 30, 2016 (Shares in thousands) Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested - January 31, 2015 1,596 $ 15.95 2,435 $ 16.02 Granted 1,147 14.95 1,241 15.00 Vested (591 ) 16.97 (166 ) 14.77 Cancelled/Forfeited (217 ) 14.83 (901 ) 14.85 Nonvested - January 30, 2016 1,935 15.17 2,609 16.02 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes from Continuing Operations | The components of income before income taxes from continuing operations were: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 U.S. $ 289,697 $ 193,167 $ 157,669 Foreign 32,174 (33,665 ) (15,592 ) Total $ 321,871 $ 159,502 $ 142,077 |
Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities were as follows: January 30, January 31, (In thousands) 2016 2015 Deferred tax assets: Rent $ 27,281 $ 28,323 Employee compensation and benefits 23,840 9,609 Deferred compensation 21,187 16,109 Foreign tax credits 20,567 15,546 Accruals not currently deductible 10,907 15,213 Inventories 9,659 6,939 State tax credits 6,902 7,595 Net operating loss 6,891 9,179 Other 12,745 11,476 Gross deferred tax assets 139,979 119,989 Valuation allowance (7,720 ) (10,563 ) Total deferred tax assets $ 132,259 $ 109,426 Deferred tax liabilities: Property and equipment $ (59,386 ) $ (28,285 ) Other (7,946 ) (8,004 ) Total deferred tax liabilities $ (67,332 ) $ (36,289 ) Total deferred tax assets, net $ 64,927 $ 73,137 |
Components of Provision for Income Taxes from Continuing Operations | Significant components of the provision for income taxes from continuing operations were as follows: For the Years Ended January 30, January 31, February 1, (In thousands) 2016 2015 2014 Current: Federal $ 86,122 $ 66,229 $ 29,794 Foreign taxes 3,836 (792 ) (50 ) State 13,032 9,447 9,162 Total current 102,990 74,884 38,906 Deferred: Federal $ 5,606 $ (1,178 ) $ 20,611 Foreign taxes (1,977 ) (85 ) 695 State 1,961 (2,906 ) (1,118 ) Total deferred 5,590 (4,169 ) 20,188 Provision for income taxes $ 108,580 $ 70,715 $ 59,094 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits: For the Years Ended (In thousands) January 30, 2016 January 31, 2015 February 1, 2014 Unrecognized tax benefits, beginning of the year balance $ 12,609 $ 14,601 $ 17,250 Increases in current period tax positions 2,727 2,166 2,294 Increases in tax positions of prior periods — — 440 Settlements — (73 ) — Lapse of statute of limitations (516 ) (471 ) (453 ) Decreases in tax positions of prior periods (9,072 ) (3,614 ) (4,930 ) Unrecognized tax benefits, end of the year balance $ 5,748 $ 12,609 $ 14,601 |
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations | A reconciliation between the statutory federal income tax rate and the effective income tax rate from continuing operations follows: For the Years Ended January 30, January 31, February 1, 2016 2015 2014 Federal income tax rate 35 % 35 % 35 % State income taxes, net of federal income tax effect 3 4 4 Valuation allowance changes, net (1 ) 6 4 Tax settlements (1 ) (1 ) (2 ) Other (2 ) — 1 34 % 44 % 42 % |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Rollforward of Liabilities Recognized in Consolidated Balance Sheet | A rollforward of the liabilities recognized in the Consolidated Balance Sheet is as follows: January 30, (In thousands) 2016 Accrued liability as of January 31, 2015 $ 12,456 Add: Costs incurred, excluding non-cash charges — Less: Cash payments (10,015 ) Accrued liability as of January 30, 2016 $ 2,441 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures | The tables below present the significant components of 77kids’ results included in Loss from Discontinued Operations on the Consolidated Statements of Operations for the years ended January 30, 2016, January 31, 2015 and February 1, 2014. For the Years Ended January 30, 2016 January 31, 2015 February 1, 2014 Total net revenue $ — $ — $ — Gain (Loss) from discontinued operations, before income taxes $ 7,831 $ (13,673 ) $ — Income tax benefit (2,984 ) 5,208 — Gain (Loss) from discontinued operations, net of tax $ 4,847 $ (8,465 ) $ — Gain (Loss) per common share from discontinued operations: Basic $ 0.02 $ (0.04 ) $ — Diluted $ 0.02 $ (0.04 ) $ — |
Segment, Discontinued Operations | |
Rollforward of Liabilities Recognized in Consolidated Balance Sheet | A rollforward of the liabilities recognized in the Consolidated Balance Sheets is as follows: January 30, (In thousands) 2016 Accrued liability as of January 31, 2015 $ 14,636 Add: Costs incurred — Less: Cash payments (6,805 ) Less: Adjustments (1) (7,831 ) Accrued liability as of January 30, 2016 $ — (1) Adjustments resulting from favorably settling lease termination obligations during Fiscal 2015. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Summary of Costs Recognized Within Restructuring Charges on Consolidated Income Statement | . A summary of costs recognized within Restructuring Charges on the Consolidated Income Statement for Fiscal 2014 are included in the table as follows For the year ended January 31, (In thousands) 2015 Cash restructuring charges Office space consolidation charges $ 8,571 Severance and related employee costs 7,816 Other corporate items 1,365 Total restructuring charges $ 17,752 |
Rollforward of Liabilities Recognized in Consolidated Balance Sheet | A rollforward of the liabilities recognized in the Consolidated Balance Sheet is as follows: January 30, (In thousands) 2016 Accrued liability as of January 31, 2015 $ 12,456 Add: Costs incurred, excluding non-cash charges — Less: Cash payments (10,015 ) Accrued liability as of January 30, 2016 $ 2,441 |
Acquisitions - (Tables)
Acquisitions - (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Business Combinations [Abstract] | |
Preliminary Purchase Price Allocation to the Fair Value of Assets Acquired | The preliminary allocation of the purchase price to the fair value of assets acquired is as follows: (In thousands) Merchandise inventory $ 4,078 Intangible assets and goodwill 10,121 Other current assets 4,231 Other liabilities (4,974 ) Total purchase price $ 13,456 |
Quarterly Financial Informati43
Quarterly Financial Information - Unaudited (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The sum of the quarterly EPS amounts may not equal the full year amount as the computations of the weighted average shares outstanding for each quarter and the full year are calculated independently. Fiscal 2015 Quarters Ended May 2, August 1, October 31, January 30, (In thousands, except per share amounts) 2015 2015 2015 2016 Total net revenue $ 699,520 $ 797,428 $ 919,072 $ 1,105,828 Gross profit $ 262,212 $ 285,039 $ 367,532 $ 387,951 Income from continuing operations 29,055 33,265 69,265 81,706 Gain from discontinued operations, net of tax — — 4,847 — Net income $ 29,055 $ 33,265 $ 74,112 $ 81,706 Basic per common share amounts: Income from continuing operations $ 0.15 $ 0.17 $ 0.35 $ 0.42 Loss from discontinued operations, net of tax — — 0.03 — Basic net income per common share $ 0.15 $ 0.17 $ 0.38 $ 0.42 Diluted per common share amounts: Income from continuing operations $ 0.15 $ 0.17 0.35 $ 0.42 Loss from discontinued operations, net of tax — — 0.03 — Diluted net income per common share $ 0.15 $ 0.17 $ 0.38 $ 0.42 Fiscal 2014 Quarters Ended May 3, August 2, November 1, January 31, (In thousands, except per share amounts) 2014 2014 2014 2015 Total net revenue $ 646,129 $ 710,595 $ 854,290 $ 1,071,853 Gross profit $ 225,845 $ 237,547 $ 315,472 $ 375,810 Income from continuing operations 3,866 5,813 9,035 70,073 Loss from discontinued operations, net of tax — — — (8,465 ) Net income $ 3,866 $ 5,813 $ 9,035 $ 61,608 Basic per common share amounts: Income from continuing operations $ 0.02 $ 0.03 $ 0.05 $ 0.36 Loss from discontinued operations, net of tax — — — (0.04 ) Basic net income per common share $ 0.02 $ 0.03 $ 0.05 $ 0.32 Diluted per common share amounts: Income from continuing operations $ 0.02 $ 0.03 $ 0.05 $ 0.36 Loss from discontinued operations, net of tax — — — (0.04 ) Diluted net income per common share $ 0.02 $ 0.03 $ 0.05 $ 0.32 |
Business Operations - Additiona
Business Operations - Additional Information (Detail) | 12 Months Ended |
Jan. 30, 2016StoreCountry | |
Nature Of Operations [Line Items] | |
Number of retail stores | 1,000 |
Number of countries company operates in | Country | 81 |
Tailgate Clothing Company | |
Nature Of Operations [Line Items] | |
Date of acquisition | Nov. 2, 2015 |
Tailgate Store | Tailgate Clothing Company | |
Nature Of Operations [Line Items] | |
Number of retail stores | 1 |
Consolidated Percentage of Tota
Consolidated Percentage of Total Net Revenue from Continuing Operations Attributable to Each Merchandise Group (Detail) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Product Information [Line Items] | |||
Percentage of total net revenue | 100.00% | 100.00% | 100.00% |
Men's apparel and accessories | |||
Product Information [Line Items] | |||
Percentage of total net revenue | 37.00% | 39.00% | 40.00% |
Women's apparel and accessories (excluding Aerie) | |||
Product Information [Line Items] | |||
Percentage of total net revenue | 54.00% | 53.00% | 52.00% |
Aerie | |||
Product Information [Line Items] | |||
Percentage of total net revenue | 9.00% | 8.00% | 8.00% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Jan. 30, 2016USD ($)Segment | Jan. 31, 2015USD ($)Store | Feb. 01, 2014USD ($)Store | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Short-term investments | $ 0 | $ 0 | ||
Asset impairment charges | 0 | $ 33,468,000 | $ 44,465,000 | |
Finite-lived impairment charges | 0 | 0 | 0 | |
Prepaid advertising expense | 6,100,000 | 6,600,000 | ||
Advertising expense | 104,100,000 | 94,200,000 | 87,000,000 | |
Revenue related to gift card breakage | $ 8,200,000 | 7,000,000 | 7,300,000 | |
Number of operating segments | Segment | 3 | |||
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Finite lived intangibles, useful life | 15 years | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Finite lived intangibles, useful life | 25 years | |||
Noncash Corporate Office And Other Asset Impairments Charges | ||||
Significant Accounting Policies [Line Items] | ||||
Asset impairment charges | 8,400,000 | |||
Warrendale facility | ||||
Significant Accounting Policies [Line Items] | ||||
Asset impairment charges | 19,300,000 | |||
Retail Stores | ||||
Significant Accounting Policies [Line Items] | ||||
Asset impairment charges | $ 25,100,000 | $ 25,200,000 | ||
Number of stores impaired | Store | 79 | 69 |
Useful Lives of Major Classes o
Useful Lives of Major Classes of Assets (Detail) | 12 Months Ended |
Jan. 30, 2016 | |
Buildings | |
Property, Plant and Equipment, Estimated Useful Lives, Lease Terms [Line Items] | |
Useful lives in asset class | 25 years |
Leasehold Improvements | |
Property, Plant and Equipment, Estimated Useful Lives, Lease Terms [Line Items] | |
Useful lives in asset class | Lesser of 10 years or the term of the lease |
Fixtures and equipment | |
Property, Plant and Equipment, Estimated Useful Lives, Lease Terms [Line Items] | |
Useful lives in asset class | 5 years |
Useful Lives of Major Classes48
Useful Lives of Major Classes of Assets (Parenthetical) (Detail) | 12 Months Ended |
Jan. 30, 2016 | |
Maximum | Leasehold Improvements | |
Property, Plant and Equipment, Estimated Useful Lives, Lease Terms [Line Items] | |
Useful lives in asset class | 10 years |
Sales Return Reserve (Detail)
Sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 3,249 | $ 2,205 | $ 4,481 |
Returns | (90,719) | (79,813) | (85,871) |
Provisions | 90,819 | 80,857 | 83,595 |
Ending balance | $ 3,349 | $ 3,249 | $ 2,205 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information for Cash Amounts Paid (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash paid during the periods for: | |||
Income taxes | $ 116,765 | $ 38,501 | $ 65,496 |
Interest | $ 1,173 | $ 638 | $ 387 |
Summary of Geographical Informa
Summary of Geographical Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total net revenue | $ 1,105,828 | $ 919,072 | $ 797,428 | $ 699,520 | $ 1,071,853 | $ 854,290 | $ 710,595 | $ 646,129 | $ 3,521,848 | $ 3,282,867 | $ 3,305,802 | |
Long-lived assets, net: | ||||||||||||
United States | 692,252 | 668,105 | ||||||||||
Foreign | 80,352 | 90,424 | 80,352 | 90,424 | ||||||||
Total long-lived assets, net | $ 772,604 | $ 758,529 | 772,604 | 758,529 | ||||||||
United States | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total net revenue | 3,091,205 | 2,895,310 | 2,954,635 | |||||||||
Foreign | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Total net revenue | [1] | $ 430,643 | $ 387,557 | $ 351,167 | ||||||||
[1] | Amounts represent sales from American Eagle Outfitters and Aerie international retail stores, AEO Direct sales that are billed to and/or shipped to foreign countries and international franchise revenue |
Fair Market Values for Cash and
Fair Market Values for Cash and Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Cash and cash equivalents: | ||
Cash and cash equivalents | $ 260,067 | $ 410,697 |
Cash | ||
Cash and cash equivalents: | ||
Cash and cash equivalents | 205,359 | 370,692 |
Money-market | ||
Cash and cash equivalents: | ||
Cash and cash equivalents | $ 54,708 | $ 40,005 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 10,002 | $ 162,785 |
Fair Value Hierarchy for Financ
Fair Value Hierarchy for Financial Assets (Cash Equivalents and Investments) Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 260,067 | $ 410,697 |
Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 205,359 | 370,692 |
Money-market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 54,708 | 40,005 |
Fair Value, Measurements, Recurring | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 260,067 | $ 410,697 |
Carrying Amount, Percent to total | 100.00% | 100.00% |
Fair Value, Measurements, Recurring | Carrying Amount | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 205,359 | $ 370,692 |
Fair Value, Measurements, Recurring | Carrying Amount | Money-market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 54,708 | 40,005 |
Fair Value, Measurements, Recurring | Fair Value | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 260,067 | $ 410,697 |
Fair Value, Percent to total | 100.00% | 100.00% |
Fair Value, Measurements, Recurring | Fair Value | Cash | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 205,359 | $ 370,692 |
Fair Value, Measurements, Recurring | Fair Value | Money-market | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 54,708 | $ 40,005 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Fair Value Disclosures [Abstract] | |||
Loss on impairment of assets | $ 0 | $ 33,468,000 | $ 44,465,000 |
Reconciliation Between Basic an
Reconciliation Between Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Weighted average common shares outstanding: | |||
Basic number of common shares outstanding | 194,351 | 194,437 | 192,802 |
Dilutive effect of stock options and non-vested restricted stock | 1,886 | 698 | 1,673 |
Dilutive number of common shares outstanding | 196,237 | 195,135 | 194,475 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Common stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares that were not included in the computation of weighted average diluted common share amounts as the effect of doing so would have been anti-dilutive | 13 | 2,300,000 | 1,700,000 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares that were not included in the computation of weighted average diluted common share amounts as the effect of doing so would have been anti-dilutive | 700,000 | 1,900,000 |
Accounts Receivable (Detail)
Accounts Receivable (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Receivables [Abstract] | ||
Franchise and license receivable | $ 35,834 | $ 24,945 |
Credit card program receivable | 15,880 | 14,277 |
Merchandise sell-offs and vendor receivables | 14,121 | 12,953 |
Gift card receivable | 3,629 | 4,453 |
Landlord construction allowances | 4,382 | 3,354 |
Other items | 7,066 | 7,912 |
Total | $ 80,912 | $ 67,894 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property Plant And Equipment [Abstract] | ||
Land | $ 17,910 | $ 19,796 |
Buildings | 204,690 | 204,190 |
Leasehold improvements | 580,758 | 571,312 |
Fixtures and equipment | 963,758 | 852,408 |
Construction in progress | 25,266 | 42,470 |
Property and equipment, at cost | 1,792,382 | 1,690,176 |
Less: Accumulated depreciation | (1,088,796) | (991,949) |
Property and equipment, net | $ 703,586 | $ 698,227 |
Depreciation Expense (Detail)
Depreciation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 140,616 | $ 132,529 | $ 116,761 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property Plant And Equipment [Abstract] | |||
Asset write-offs | $ 4.8 | $ 6.4 | $ 14.6 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 51,832 | $ 47,206 |
Tailgate Clothing Company | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 5,700 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Finite Lived Intangible Assets Net [Abstract] | ||
Trademarks, at cost | $ 67,398 | $ 59,385 |
Less: Accumulated amortization | (15,566) | (12,179) |
Intangible assets, net | $ 51,832 | $ 47,206 |
Amortization Expense (Detail)
Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 3,483 | $ 3,465 | $ 2,714 |
Estimated Future Amortization E
Estimated Future Amortization Expense (Detail) $ in Thousands | Jan. 30, 2016USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,016 | $ 3,603 |
2,017 | 3,595 |
2,018 | 3,584 |
2,019 | 3,584 |
2,020 | $ 2,911 |
Other Credit Arrangements - Add
Other Credit Arrangements - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2015USD ($) | Jan. 30, 2016USD ($)Entity | |
Line Of Credit Facility [Line Items] | ||
Borrowing agreements, number of financial institutions | Entity | 2 | |
Credit Facilities | Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility, expiration period | 5 years | |
Borrowing agreements with financial institutions | $ 400,000,000 | |
Stand-by Letters of Credit | Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Letters of credit outstanding amount | $ 8,000,000 | |
Credit Agreement Loans | Credit Agreement | ||
Line Of Credit Facility [Line Items] | ||
Outstanding borrowings | 0 | |
Demand letter of credit facilities | Borrowing Agreements | ||
Line Of Credit Facility [Line Items] | ||
Borrowing agreements with financial institutions | 130,000,000 | |
Outstanding borrowings | $ 400,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Initial terms of store leases | 10 years |
Summary of Fixed Minimum and Co
Summary of Fixed Minimum and Contingent Rent Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Store rent: | |||
Fixed minimum | $ 282,300 | $ 279,640 | $ 260,668 |
Contingent | 9,035 | 6,733 | 6,576 |
Total store rent, excluding common area maintenance charges, real estate taxes and certain other expenses | 291,335 | 286,373 | 267,244 |
Offices, distribution facilities, equipment and other | 16,063 | 15,449 | 17,153 |
Total rent expense | $ 307,398 | $ 301,822 | $ 284,397 |
Future Minimum Lease Obligation
Future Minimum Lease Obligation, Consisting of Fixed Minimum Rent under Operating Leases (Detail) $ in Thousands | Jan. 30, 2016USD ($) |
Future Minimum Lease Obligations | |
2,016 | $ 285,100 |
2,017 | 254,677 |
2,018 | 225,006 |
2,019 | 194,806 |
2,020 | 175,643 |
Thereafter | 502,147 |
Total | $ 1,637,379 |
Accumulated Balances of Other C
Accumulated Balances of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||||
Before Tax Amount | ||||||
Beginning Balance | $ (9,944) | $ 12,157 | $ 29,297 | |||
Foreign currency translation loss | [1] | (22,101) | (17,140) | |||
Foreign currency translation loss | [1] | (14,535) | ||||
Loss on long-term intra-entity foreign currency transactions | (8,805) | |||||
Ending Balance | (33,284) | (9,944) | 12,157 | |||
Tax Benefit (Expense) | ||||||
Beginning Balance | 0 | 0 | 0 | |||
Foreign currency translation loss | [1] | 0 | 0 | |||
Foreign currency translation loss | [1] | 0 | ||||
Loss on long-term intra-entity foreign currency transactions | 3,416 | |||||
Ending Balance | 3,416 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss) | ||||||
Beginning Balance | (9,944) | 12,157 | 29,297 | |||
Foreign currency translation loss | (19,924) | (22,101) | [1] | (17,140) | [1] | |
Foreign currency translation loss | [1] | (14,535) | ||||
Loss on long-term intra-entity foreign currency transactions | (5,389) | |||||
Ending Balance | $ (29,868) | $ (9,944) | $ 12,157 | |||
[1] | Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our subsidiaries. |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | May. 29, 2014USD ($)shares | Jun. 15, 2005shares | Jun. 08, 1999shares | Jan. 30, 2016USD ($)CompensationPlanshares | Jan. 31, 2015USD ($)$ / shares | Feb. 01, 2014USD ($)$ / shares | Jan. 31, 2009shares | Jun. 15, 2005shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-based compensation | $ | $ 34,977,000 | $ 16,070,000 | $ (6,541,000) | |||||
Share-based compensation, net of tax | $ | $ 23,200,000 | 9,900,000 | 4,100,000 | |||||
Number of share-based compensation plans | CompensationPlan | 3 | |||||||
Stock awards | $ | $ 31,937,000 | $ 12,372,000 | $ 1,184,000 | |||||
Shares available for all equity grants | 6,000,000 | |||||||
Cancellations of awards | 720,000 | |||||||
Weighted-average grant date fair value of stock options granted | $ / shares | $ 3.99 | $ 4.17 | ||||||
Aggregate intrinsic value of options exercised | $ | $ 400,000 | $ 1,300,000 | $ 3,900,000 | |||||
Net proceeds from stock options exercised | $ | 7,283,000 | 7,305,000 | 6,197,000 | |||||
Tax benefit realized from stock option exercises | $ | $ 500,000 | $ 500,000 | $ 8,700,000 | |||||
2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Authorized shares under the plan | 11,500,000 | |||||||
Shares of common stock granted | 71,000 | |||||||
2014 Stock Award and Incentive Plan | Director | In any single calendar year | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock awards | $ | $ 300,000 | |||||||
2014 Stock Award and Incentive Plan | Director | In the first year a person becomes a non-employee director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock awards | $ | $ 500,000 | |||||||
2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of common stock granted | 400,000 | 200,000 | ||||||
Authorized shares under the plan prior to amendment | 18,400,000 | 18,400,000 | ||||||
Shares available for all equity grants | 31,900,000 | |||||||
Stock options granted | 17,100,000 | 9,100,000 | ||||||
Cancellations of awards | 14,000,000 | |||||||
2005 Stock Award and Incentive Plan | Director | Maximum | Annual | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock options granted | 20,000 | |||||||
1999 Stock Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Authorized shares under the plan | 33,000,000 | 33,000,000 | ||||||
Maximum number of options that may be granted to any individual | 9,000,000 | |||||||
Authorized shares under the plan prior to amendment | 18,000,000 | |||||||
Stock options granted | 33,200,000 | |||||||
Expiration period | 10 years | |||||||
1999 Stock Incentive Plan | Group 1 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 33.00% | |||||||
Vesting period | 8 years | |||||||
1999 Stock Incentive Plan | Group2 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 34.00% | |||||||
Vesting period | 3 years | |||||||
1999 Stock Incentive Plan | Group3 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 23.00% | |||||||
Vesting period | 5 years | |||||||
1999 Stock Incentive Plan | Group4 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
1999 Stock Incentive Plan | Director | Quarterly | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock options granted | 1,875 | |||||||
Stock options, SAR, dividend equivalents, performance awards or other non-full value stock awards | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Maximum number of options that may be granted to any individual | 4,000,000 | |||||||
Stock options, SAR, dividend equivalents, performance awards or other non-full value stock awards | 2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Maximum number of options that may be granted to any individual | 6,000,000 | |||||||
Authorized shares under the plan prior to amendment | 12,000,000 | 12,000,000 | ||||||
Restricted stock awards, restricted stock units or other full value stock awards | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Maximum number of options that may be granted to any individual | 1,500,000 | |||||||
Restricted stock awards, restricted stock units or other full value stock awards | 2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Maximum number of options that may be granted to any individual | 4,000,000 | |||||||
Authorized shares under the plan prior to amendment | 6,400,000 | 6,400,000 | ||||||
Restricted Stock | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 2,400,000 | |||||||
Restricted Stock | 2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 10,400,000 | 2,900,000 | ||||||
Shares cancelled | 2,900,000 | |||||||
Restricted Stock | 1999 Stock Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 6,700,000 | |||||||
Shares cancelled | 9,700,000 | |||||||
Performance-Based Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 1,241,000 | |||||||
Vesting period | 3 years | |||||||
Shares cancelled | 901,000 | |||||||
Unrecognized compensation expense related to nonvested time-based restricted stock unit awards | $ | $ 9,400,000 | |||||||
Performance-Based Restricted Stock Units | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, weighted average period | 3 years | |||||||
Performance-Based Restricted Stock Units | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, weighted average period | 1 year | |||||||
Performance-Based Restricted Stock Units | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 50.00% | |||||||
Performance-Based Restricted Stock Units | 2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 62.00% | |||||||
Time-based restricted stock awards | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 50.00% | |||||||
Employee Stock Option | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense | $ | $ 200,000 | |||||||
Unrecognized compensation expense, weighted average period | 1 year 2 months 12 days | |||||||
Employee Stock Option | 2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 4.00% | |||||||
Vesting period | 1 year | |||||||
Employee Stock Option | 2005 Stock Award and Incentive Plan | Group 1 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 95.00% | |||||||
Vesting period | 3 years | |||||||
Expiration period | 10 years | |||||||
Employee Stock Option | 2005 Stock Award and Incentive Plan | Group2 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 1.00% | |||||||
Vesting period | 5 years | |||||||
Expiration period | 7 years | |||||||
Time Based Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 1,147,000 | |||||||
Vesting period | 3 years | |||||||
Shares cancelled | 217,000 | |||||||
Unrecognized compensation expense, weighted average period | 1 year 8 months 12 days | |||||||
Unrecognized compensation expense related to nonvested time-based restricted stock unit awards | $ | $ 14,300,000 | |||||||
Time Based Restricted Stock Units | 2005 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 38.00% | |||||||
Vesting period | 3 years | |||||||
Vest Ratably | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 85.00% | |||||||
Vesting period | 3 years | |||||||
Cliff Vest 1 | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 6.00% | |||||||
Vesting period | 1 year | |||||||
Cliff Vest 2 | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 5.00% | |||||||
Vesting period | 2 years | |||||||
Cliff Vest 3 | 2014 Stock Award and Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of shares vested | 4.00% | |||||||
Vesting period | 3 years |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 30, 2016USD ($)$ / sharesshares | ||
Options | ||
Outstanding - beginning of period | shares | 2,390 | |
Exercised | shares | 458 | [1] |
Cancelled | shares | 720 | |
Outstanding- end of period | shares | 1,213 | |
Vested and expected to vest-end of period | shares | 1,206 | |
Exercisable-end of period | shares | 497 | [2] |
Weighted-Average Exercise Price | ||
Outstanding-beginning of period | $ / shares | $ 16.28 | |
Exercised | $ / shares | 15.25 | [1] |
Cancelled | $ / shares | 19.38 | |
Outstanding-end of period | $ / shares | 14.83 | |
Vested and expected to vest-end of period | $ / shares | 14.83 | |
Exercisable-end of period | $ / shares | $ 13.52 | [2] |
Weighted-Average Remaining Contractual Term (In years) | ||
Outstanding-end of period | 2 years 2 months 12 days | |
Vested and expected to vest-end of period | 2 years 2 months 12 days | |
Exercisable-end of period | 3 years | [2] |
Aggregate Intrinsic Value | ||
Outstanding-end of period | $ | $ 567 | |
Vested and expected to vest-end of period | $ | 566 | |
Exercisable-end of period | $ | $ 555 | [2] |
[1] | Options exercised during Fiscal 2015 ranged in price from $8.09 to $16.49. | |
[2] | Options exercisable represent “in-the-money” vested options based upon the weighted average exercise price of vested options compared to the Company’s stock price at January 30, 2016. |
Summary of Stock Option Activ73
Summary of Stock Option Activity (Parenthetical) (Detail) | 12 Months Ended |
Jan. 30, 2016$ / shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options exercised, exercise price range, lower limit | $ 8.09 |
Options exercised, exercise price range, upper limit | $ 16.49 |
Black-Scholes Option Valuation
Black-Scholes Option Valuation Assumptions (Detail) | 12 Months Ended | |
Jan. 30, 2016 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rates | 1.50% | [1] |
Dividend yield | 3.10% | [2] |
Volatility factors of the expected market price of the Company's common stock | 41.20% | |
Weighted-average expected term | 4 years 6 months | [3] |
Expected forfeiture rate | 8.00% | [4] |
[1] | Based on the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected life of our stock options. | |
[2] | Based on a combination of historical volatility of the Company’s common stock and implied volatility. | |
[3] | Represents the period of time options are expected to be outstanding. The weighted average expected option terms were determined based on historical experience. | |
[4] | Based on historical experience. |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) shares in Thousands | 12 Months Ended |
Jan. 30, 2016$ / sharesshares | |
Time Based Restricted Stock Units | |
Shares | |
Nonvested - beginning of period | shares | 1,596 |
Granted | shares | 1,147 |
Vested | shares | (591) |
Cancelled/Forfeited | shares | (217) |
Nonvested - end of period | shares | 1,935 |
Weighted-Average Grant Date Fair Value | |
Nonvested - beginning of period | $ / shares | $ 15.95 |
Granted | $ / shares | 14.95 |
Vested | $ / shares | 16.97 |
Cancelled/Forfeited | $ / shares | 14.83 |
Nonvested - end of period | $ / shares | $ 15.17 |
Performance-Based Restricted Stock Units | |
Shares | |
Nonvested - beginning of period | shares | 2,435 |
Granted | shares | 1,241 |
Vested | shares | (166) |
Cancelled/Forfeited | shares | (901) |
Nonvested - end of period | shares | 2,609 |
Weighted-Average Grant Date Fair Value | |
Nonvested - beginning of period | $ / shares | $ 16.02 |
Granted | $ / shares | 15 |
Vested | $ / shares | 14.77 |
Cancelled/Forfeited | $ / shares | 14.85 |
Nonvested - end of period | $ / shares | $ 16.02 |
Retirement Plan and Employee 76
Retirement Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee contribution percentage | 3.00% | ||
Years of age attained | 20 years 6 months | ||
Compensation expense | $ 10,600,000 | $ 10,500,000 | $ 9,600,000 |
First 3 Percent of Each Participant's Contributions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution to defined contribution plan | 100.00% | ||
Next 3 Percent of Each Participant's Contributions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution to defined contribution plan | 25.00% | ||
Full-time employees | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Periods of service to be eligible | 60 days | ||
Part-time employees | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Periods of service to be eligible | 1000 hours | ||
Defined Contribution Pension Plan 401k | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee contribution percentage | 50.00% | ||
Employee Stock Purchase Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Periods of service to be eligible | 60 days | ||
Employee Stock Purchase Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching investment per pay period | $ 100 | ||
Employee Stock Purchase Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Qualifying age | 18 years | ||
Matching percent of investment | 15.00% |
Components of Income Before Inc
Components of Income Before Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 289,697 | $ 193,167 | $ 157,669 |
Foreign | 32,174 | (33,665) | (15,592) |
Total | $ 321,871 | $ 159,502 | $ 142,077 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Deferred tax assets: | ||
Rent | $ 27,281 | $ 28,323 |
Employee compensation and benefits | 23,840 | 9,609 |
Deferred compensation | 21,187 | 16,109 |
Foreign tax credits | 20,567 | 15,546 |
Accruals not currently deductible | 10,907 | 15,213 |
Inventories | 9,659 | 6,939 |
State tax credits | 6,902 | 7,595 |
Net operating loss | 6,891 | 9,179 |
Other | 12,745 | 11,476 |
Gross deferred tax assets | 139,979 | 119,989 |
Valuation allowance | (7,720) | (10,563) |
Total deferred tax assets | 132,259 | 109,426 |
Deferred tax liabilities: | ||
Property and equipment | (59,386) | (28,285) |
Other | (7,946) | (8,004) |
Total deferred tax liabilities | (67,332) | (36,289) |
Total deferred tax assets, net | $ 64,927 | $ 73,137 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Taxes [Line Items] | ||||
Net operating loss | $ 6,891,000 | $ 9,179,000 | ||
Net operating loss expiration year | 2,018 | |||
Valuation allowance | $ 7,720,000 | 10,563,000 | ||
Foreign tax credit carryovers | $ 20,600,000 | 19,300,000 | ||
Foreign tax credit carryovers expiration date | 2,020 | |||
Deferred tax asset related to State income tax credit carryforwards, net of federal tax | $ 6,900,000 | 7,600,000 | ||
Deferred tax asset related to State income tax credit, net of federal tax, minimum carryforwards years | 10 years | |||
Deferred tax asset related to State income tax credit, net of federal tax, maximum carryforwards years | 16 years | |||
Deferred tax asset related to State income tax credit carryforwards, net of federal tax, expiration period begins | 2,022 | |||
Tax benefits recognized as contributed capital | $ (500,000) | (500,000) | $ 8,700,000 | |
Unremitted earnings of foreign subsidiaries | 23,400,000 | |||
Unrecognized tax benefits | 5,748,000 | 12,609,000 | 14,601,000 | $ 17,250,000 |
Unrecognized tax benefits that would affect effective income tax rate if recognized | 4,600,000 | 9,100,000 | ||
Increased decreased in unrecognized tax benefits | (6,900,000) | (2,000,000) | $ (2,600,000) | |
Reasonably possible amount of reduction in unrecognized tax benefit over the next twelve months | 2,800,000 | |||
Accrued interest and penalties related to unrecognized tax benefits | 1,300,000 | $ 1,600,000 | ||
State | ||||
Income Taxes [Line Items] | ||||
Net operating loss | 1,700,000 | |||
Foreign | ||||
Income Taxes [Line Items] | ||||
Net operating loss | 5,200,000 | |||
Deferred Tax Asset Operating Loss Carryforwards State and Foreign | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 5,000,000 | |||
Deferred Tax Assets, Other, Foreign | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 2,700,000 | |||
Deferred Tax Asset Tax Credit Carryforwards Foreign | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | $ 0 |
Components of Provision for Inc
Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Current: | |||
Federal | $ 86,122 | $ 66,229 | $ 29,794 |
Foreign taxes | 3,836 | (792) | (50) |
State | 13,032 | 9,447 | 9,162 |
Total current | 102,990 | 74,884 | 38,906 |
Deferred: | |||
Federal | 5,606 | (1,178) | 20,611 |
Foreign taxes | (1,977) | (85) | 695 |
State | 1,961 | (2,906) | (1,118) |
Total deferred | 4,680 | (2,279) | 20,100 |
Provision for income taxes | 108,580 | 70,715 | 59,094 |
Continuing Operations | |||
Deferred: | |||
Total deferred | $ 5,590 | $ (4,169) | $ 20,188 |
Activity Related to Unrecognize
Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning of the year balance | $ 12,609 | $ 14,601 | $ 17,250 |
Increases in current period tax positions | 2,727 | 2,166 | 2,294 |
Increases in tax positions of prior periods | 440 | ||
Settlements | (73) | ||
Lapse of statute of limitations | (516) | (471) | (453) |
Decreases in tax positions of prior periods | (9,072) | (3,614) | (4,930) |
Unrecognized tax benefits, end of the year balance | $ 5,748 | $ 12,609 | $ 14,601 |
Reconciliation Between Statutor
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from continuing Operations (Detail) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax effect | 3.00% | 4.00% | 4.00% |
Valuation allowance changes, net | (1.00%) | 6.00% | 4.00% |
Tax settlements | (1.00%) | (1.00%) | (2.00%) |
Other | (2.00%) | 1.00% | |
Effective Income Tax Rate Reconciliation, Percent, Total | 34.00% | 44.00% | 42.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - Segment, Discontinued Operations $ in Millions | 12 Months Ended | |
Jan. 31, 2015USD ($) | Feb. 02, 2013Store | |
Restructuring Cost And Reserve [Line Items] | ||
Number of stores leases | Store | 21 | |
Reimbursement received | $ | $ 11.5 |
Rollforward of Liabilities Reco
Rollforward of Liabilities Recognized in Consolidated Balance Sheet Discontinued Operations (Detail) $ in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Accrued liability as of January 31, 2015 | $ 12,456 |
Less: Cash payments | (10,015) |
Accrued liability as of January 30, 2016 | 2,441 |
Segment, Discontinued Operations | |
Restructuring Cost And Reserve [Line Items] | |
Accrued liability as of January 31, 2015 | 14,636 |
Less: Cash payments | (6,805) |
Less: Adjustments | $ (7,831) |
Significant Components of 77kid
Significant Components of 77kids Results Included in Gain from Discontinued Operations on Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Total net revenue | $ 1,105,828 | $ 919,072 | $ 797,428 | $ 699,520 | $ 1,071,853 | $ 854,290 | $ 710,595 | $ 646,129 | $ 3,521,848 | $ 3,282,867 | $ 3,305,802 |
Gain (Loss) from discontinued operations, net of tax | $ 4,847 | $ (8,465) | |||||||||
Gain (Loss) per common share from discontinued operations: | |||||||||||
Basic | $ 0.03 | $ (0.04) | $ 0.02 | $ (0.04) | |||||||
Diluted | $ 0.03 | $ (0.04) | $ 0.02 | $ (0.04) | |||||||
Segment, Discontinued Operations | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) from discontinued operations, before income taxes | $ 7,831 | $ (13,673) | |||||||||
Income tax benefit | (2,984) | 5,208 | |||||||||
Gain (Loss) from discontinued operations, net of tax | $ 4,847 | $ (8,465) | |||||||||
Gain (Loss) per common share from discontinued operations: | |||||||||||
Basic | $ 0.02 | $ (0.04) | |||||||||
Diluted | $ 0.02 | $ (0.04) |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Restructuring And Related Activities [Abstract] | ||
Restructuring charges | $ 0 | $ 17,752,000 |
Summary of Costs Recognized Wit
Summary of Costs Recognized Within Restructuring Charges on Consolidated Income Statement (Detail) - USD ($) | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Cash restructuring charges | ||
Office space consolidation charges | $ 8,571,000 | |
Severance and related employee costs | 7,816,000 | |
Other corporate items | 1,365,000 | |
Total restructuring charges | $ 0 | $ 17,752,000 |
Rollforward of Liabilities Re88
Rollforward of Liabilities Recognized in Consolidated Balance Sheets (Detail) - USD ($) | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Restructuring And Related Activities [Abstract] | ||
Accrued liability as of January 31, 2015 | $ 12,456,000 | |
Add: Costs incurred, excluding non-cash charges | 0 | $ 17,752,000 |
Less: Cash payments | (10,015,000) | |
Accrued liability as of January 30, 2016 | $ 2,441,000 | $ 12,456,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - Tailgate Clothing Company $ in Millions | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Total purchase consideration | $ 13.5 |
Cash payments to acquire businesses | $ 10.4 |
Acquisitions - Preliminary Purc
Acquisitions - Preliminary Purchase Price Allocation (Details) $ in Thousands | Jan. 30, 2016USD ($) |
Business Combinations [Abstract] | |
Merchandise inventory | $ 4,078 |
Intangible assets and goodwill | 10,121 |
Other current assets | 4,231 |
Other liabilities | (4,974) |
Total purchase price | $ 13,456 |
Quarterly Financial Informati91
Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total net revenue | $ 1,105,828 | $ 919,072 | $ 797,428 | $ 699,520 | $ 1,071,853 | $ 854,290 | $ 710,595 | $ 646,129 | $ 3,521,848 | $ 3,282,867 | $ 3,305,802 |
Gross profit | 387,951 | 367,532 | 285,039 | 262,212 | 375,810 | 315,472 | 237,547 | 225,845 | 1,302,734 | 1,154,674 | 1,113,999 |
Income from continuing operations | 81,706 | 69,265 | 33,265 | 29,055 | 70,073 | 9,035 | 5,813 | 3,866 | 213,291 | 88,787 | 82,983 |
Discontinued operations, net of tax | 4,847 | (8,465) | 4,847 | (8,465) | |||||||
Net income | $ 81,706 | $ 74,112 | $ 33,265 | $ 29,055 | $ 61,608 | $ 9,035 | $ 5,813 | $ 3,866 | $ 218,138 | $ 80,322 | $ 82,983 |
Basic per common share amounts: | |||||||||||
Income from continuing operations | $ 0.42 | $ 0.35 | $ 0.17 | $ 0.15 | $ 0.36 | $ 0.05 | $ 0.03 | $ 0.02 | $ 1.10 | $ 0.46 | $ 0.43 |
Discontinued operations | 0.03 | (0.04) | 0.02 | (0.04) | |||||||
Basic net income per common share | 0.42 | 0.38 | 0.17 | 0.15 | 0.32 | 0.05 | 0.03 | 0.02 | 1.12 | 0.42 | 0.43 |
Diluted per common share amounts: | |||||||||||
Income from continuing operations | 0.42 | 0.35 | 0.17 | 0.15 | 0.36 | 0.05 | 0.03 | 0.02 | 1.09 | 0.46 | 0.43 |
Discontinued operations | 0.03 | (0.04) | 0.02 | (0.04) | |||||||
Diluted net income per common share | $ 0.42 | $ 0.38 | $ 0.17 | $ 0.15 | $ 0.32 | $ 0.05 | $ 0.03 | $ 0.02 | $ 1.11 | $ 0.42 | $ 0.43 |