Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 03, 2019 | Sep. 05, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | HIBBETT SPORTS INC | |
Entity Central Index Key | 0001017480 | |
Current Fiscal Year End Date | --02-01 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 17,629,584 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 3, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Address, State or Province | AL |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 97,790 | $ 61,756 |
Receivables, net | 8,574 | 9,470 |
Inventories, net | 270,563 | 280,287 |
Other current assets | 5,711 | 16,343 |
Total current assets | 382,638 | 367,856 |
Property and equipment, net | 103,864 | 115,394 |
Operating right-of-use assets | 218,443 | 0 |
Finance right-of-use assets, net | 1,691 | 0 |
Goodwill | 19,661 | 23,133 |
Trade name intangible asset | 32,400 | 32,400 |
Deferred income taxes, net | 6,846 | 2,278 |
Other assets, net | 4,068 | 5,004 |
Total Assets | 769,611 | 546,065 |
Current Liabilities: | ||
Accounts payable | 124,859 | 107,315 |
Operating lease liabilities | 57,232 | 0 |
Credit facilities | 17,000 | 35,000 |
Finance/capital lease obligations | 896 | 1,017 |
Accrued payroll expenses | 15,014 | 13,929 |
Deferred rent | 0 | 5,838 |
Other accrued expenses | 17,706 | 10,174 |
Total current liabilities | 232,707 | 173,273 |
Operating lease liabilities | 184,927 | 0 |
Finance/capital lease obligations | 1,149 | 1,994 |
Deferred rent | 0 | 19,522 |
Unrecognized tax benefits | 1,184 | 1,401 |
Other liabilities | 9,699 | 13,826 |
Total liabilities | 429,666 | 210,016 |
Stockholders' Investment: | ||
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $.01 par value, 80,000,000 shares authorized, 39,125,222 and 38,983,232 shares issued at August 3, 2019 and February 2, 2019, respectively | 391 | 390 |
Paid-in capital | 186,947 | 185,752 |
Retained earnings | 776,677 | 759,677 |
Treasury stock, at cost; 21,375,638 and 20,686,242 shares repurchased at August 3, 2019 and February 2, 2019, respectively | (624,070) | (609,770) |
Total stockholders' investment | 339,945 | 336,049 |
Total Liabilities and Stockholders' Investment | $ 769,611 | $ 546,065 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 03, 2019 | Feb. 02, 2019 |
Stockholders' Investment: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 39,125,222 | 38,983,232 |
Treasury stock, shares (in shares) | 21,375,638 | 20,686,242 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Unaudited Condensed Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 252,440 | $ 211,123 | $ 595,735 | $ 485,830 |
Cost of goods sold | 176,067 | 144,772 | 400,759 | 322,706 |
Gross margin | 76,373 | 66,351 | 194,976 | 163,124 |
Store operating, selling and administrative expenses | 80,334 | 61,965 | 154,373 | 123,869 |
Depreciation and amortization | 7,680 | 6,271 | 14,903 | 12,519 |
Operating (loss) income | (11,641) | (1,885) | 25,700 | 26,736 |
Interest expense, net | (73) | (167) | (29) | (111) |
(Loss) income before provision for income taxes | (11,568) | (1,718) | 25,729 | 26,847 |
(Benefit) provision for income taxes | (2,790) | (496) | 6,650 | 6,560 |
Net (loss) income | $ (8,778) | $ (1,222) | $ 19,079 | $ 20,287 |
Basic (loss) earnings per share (in dollars per share) | $ (0.49) | $ (0.06) | $ 1.05 | $ 1.07 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.49) | $ (0.06) | $ 1.05 | $ 1.06 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 17,906 | 18,823 | 18,107 | 18,896 |
Diluted (in shares) | 17,906 | 18,823 | 18,220 | 19,079 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Cash Flows From Operating Activities: | ||
Net income | $ 19,079 | $ 20,287 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,903 | 12,519 |
Stock-based compensation | 906 | 2,653 |
Other non-cash adjustments to net income | 9,861 | 415 |
Changes in operating assets and liabilities: | ||
Inventories, net | 8,769 | 6,060 |
Prepaid expenses and other | 3,114 | (118) |
Accounts payable | 17,544 | 19,131 |
Other assets and liabilities | (32) | 1,580 |
Net cash provided by operating activities | 74,144 | 62,527 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (5,873) | (7,993) |
Other, net | 254 | 172 |
Net cash used in investing activities | (5,619) | (7,821) |
Cash Flows From Financing Activities: | ||
Repayments under credit facilities, net | (18,000) | 0 |
Cash used for stock repurchases | (13,745) | (8,432) |
Net payments on finance/capital lease obligations | (481) | (319) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 290 | 508 |
Other, net | (555) | (416) |
Net cash used in financing activities | (32,491) | (8,659) |
Net increase in cash and cash equivalents | 36,034 | 46,047 |
Cash and cash equivalents, beginning of period | 61,756 | 73,544 |
Cash and cash equivalents, end of period | $ 97,790 | $ 119,591 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Stockholders Equity Investment - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance-beginning of period at Feb. 03, 2018 | $ 389 | $ 180,536 | $ 731,901 | $ (593,230) | $ 319,596 |
Balance-beginning of period (in shares) at Feb. 03, 2018 | 38,863 | 19,910 | |||
Unaudited Condensed Statements of Stockholders Investment [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | 20,287 | $ 0 | 20,287 |
Issuance of shares through the Company's equity plans | $ 0 | 508 | 0 | $ 0 | 508 |
Issuance of shares through the Company's equity plans (in shares) | 91 | 0 | |||
Adjustment for adoption of accounting standard | $ 0 | 0 | (645) | $ 0 | (645) |
Purchase of shares under the stock repurchase program | $ 0 | 0 | 0 | $ (8,432) | (8,432) |
Purchase of shares under the stock repurchase program (in shares) | 0 | 358 | |||
Settlement of net share equity awards | $ 0 | 0 | 0 | $ (416) | (416) |
Settlement of net share equity awards (in shares) | 0 | 19 | |||
Stock-based compensation | $ 0 | 2,653 | 0 | $ 0 | 2,653 |
Balance-end of period at Aug. 04, 2018 | $ 389 | 183,697 | 751,543 | $ (602,078) | 333,551 |
Balance-end of period (in shares) at Aug. 04, 2018 | 38,954 | 20,287 | |||
Balance-beginning of period at May. 05, 2018 | $ 389 | 182,630 | 752,765 | $ (594,101) | 341,683 |
Balance-beginning of period (in shares) at May. 05, 2018 | 38,946 | 19,951 | |||
Unaudited Condensed Statements of Stockholders Investment [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | (1,222) | $ 0 | (1,222) |
Issuance of shares through the Company's equity plans | $ 0 | 150 | 0 | 0 | 150 |
Issuance of shares through the Company's equity plans (in shares) | 8 | ||||
Purchase of shares under the stock repurchase program | $ 0 | 0 | 0 | $ (7,977) | (7,977) |
Purchase of shares under the stock repurchase program (in shares) | 336 | ||||
Stock-based compensation | 0 | 917 | 0 | $ 0 | 917 |
Balance-end of period at Aug. 04, 2018 | $ 389 | 183,697 | 751,543 | $ (602,078) | 333,551 |
Balance-end of period (in shares) at Aug. 04, 2018 | 38,954 | 20,287 | |||
Balance-beginning of period at Feb. 02, 2019 | $ 390 | 185,752 | 759,677 | $ (609,770) | 336,049 |
Balance-beginning of period (in shares) at Feb. 02, 2019 | 38,983 | 20,686 | |||
Unaudited Condensed Statements of Stockholders Investment [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | 19,079 | $ 0 | 19,079 |
Issuance of shares through the Company's equity plans | $ 1 | 289 | 0 | $ 0 | 290 |
Issuance of shares through the Company's equity plans (in shares) | 142 | 0 | |||
Adjustment for adoption of accounting standard | $ 0 | 0 | (2,080) | $ 0 | (2,080) |
Purchase of shares under the stock repurchase program | $ 0 | 0 | 0 | $ (13,745) | (13,745) |
Purchase of shares under the stock repurchase program (in shares) | 0 | 660 | |||
Settlement of net share equity awards | $ 0 | 0 | 0 | $ (556) | (556) |
Settlement of net share equity awards (in shares) | 0 | 29 | |||
Stock-based compensation | $ 0 | 906 | 0 | $ 0 | 906 |
Balance-end of period at Aug. 03, 2019 | $ 391 | 186,947 | 776,677 | $ (624,070) | 339,945 |
Balance-end of period (in shares) at Aug. 03, 2019 | 39,125 | 21,376 | |||
Balance-beginning of period at May. 04, 2019 | $ 391 | 186,462 | 785,454 | $ (615,125) | 357,182 |
Balance-beginning of period (in shares) at May. 04, 2019 | 39,101 | 20,945 | |||
Unaudited Condensed Statements of Stockholders Investment [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | (8,778) | $ 0 | (8,778) |
Issuance of shares through the Company's equity plans | $ 0 | 86 | 0 | $ 0 | 86 |
Issuance of shares through the Company's equity plans (in shares) | 24 | 0 | |||
Purchase of shares under the stock repurchase program | $ 0 | 0 | 0 | $ (8,946) | (8,946) |
Purchase of shares under the stock repurchase program (in shares) | 0 | 430 | |||
Stock-based compensation | $ 0 | 399 | 0 | $ 0 | 399 |
Balance-end of period at Aug. 03, 2019 | $ 391 | $ 186,947 | $ 776,677 | $ (624,070) | $ 339,945 |
Balance-end of period (in shares) at Aug. 03, 2019 | 39,125 | 21,376 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Aug. 03, 2019 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 1. Basis of Presentation and Accounting Policies The accompanying unaudited condensed consolidated financial statements of Hibbett Sports, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of February 2, 2019, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to “we,” “our,” “us” and the “Company” refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019 filed on April 18, 2019. The unaudited condensed consolidated financial statements have been prepared on a basis consistent in all material respects with the accounting policies described in our 2019 Annual Report, except as described in Note 4, Leases Acquisition We acquired City Gear, LLC (City Gear) on November 5, 2018 with an effective date of November 4, 2018 for approximately $88.0 million, including $86.8 million of cash paid. ( See Note 3, Acquisition Property and Equipment Property and equipment are recorded at cost and at February 2, 2019 included assets acquired through capital leases. At August 3, 2019, finance lease assets are shown as right-of-use (ROU) assets and are excluded from property and equipment. ( See Note 4, Leases Property and equipment as of August 3, 2019 and February 2, 2019 consists of the following (in thousands): August 3, 2019 February 2, 2019 Land $ 7,277 $ 7,277 Buildings 21,347 21,311 Buildings under capital lease - 3,363 Equipment 95,098 96,402 Equipment under capital lease - 678 Automobiles under capital lease - 1,829 Furniture and fixtures 35,541 36,980 Leasehold improvements 101,394 101,572 Construction in progress 1,202 2,080 Total property and equipment 261,859 271,492 Less: accumulated depreciation and amortization 157,995 156,098 Total property and equipment, net $ 103,864 $ 115,394 Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers Retail Store Sales Retail Store Orders Layaways Digital Channel Sales Loyalty Programs Gift Cards The net deferred revenue liability for gift cards, customer orders and layaways at August 3, 2019 and February 2, 2019 was $8.4 million and $7.5 million, respectively, and is recognized in accounts payable on our unaudited condensed consolidated balance sheets. Gift card breakage income is recognized in net sales in proportion to the redemption pattern of rights exercised by the customer and was not material in any period presented. During the 13 weeks and 26 weeks ended August 3, 2019, $0.6 million and $1.2 million of gift card deferred revenue from prior periods was realized, respectively. Return Sales Revenues disaggregated by major product categories are as follows (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Footwear $ 152,468 $ 119,062 $ 367,543 $ 277,650 Apparel 66,597 55,896 146,154 120,260 Equipment 33,375 36,165 82,038 87,920 Total $ 252,440 $ 211,123 $ 595,735 $ 485,830 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Aug. 03, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Standards that were adopted We adopted Accounting Standards Update (ASU) 2016-02, Topic 842, Leases We elected the package of practical expedients, which among other things, does not require reassessment of lease classification. We did not elect to use hindsight in determining the lease term of existing contracts at the effective date. We also elected the short-term lease recognition exemption for all our leases. For those leases that qualified as short-term, we did not recognize ROU assets or lease liabilities at adoption. We have lease agreements with non-lease components that relate to the lease components. We elected not to separate the non-lease components for store lease assets. We elected to separate the non-lease components for office and transportation equipment lease assets. The adoption of ASU 2016-02 had a material impact on our unaudited condensed consolidated balance. Adoption of the standard resulted in the recognition of operating and finance lease ROU assets and operating and finance lease liabilities of $234.0 million and $265.6 million, respectively, and a reduction to retained earnings of $2.1 million, net of tax, as of February 3, 2019. The operating lease ROU assets recorded at transition include the impact of net unfavorable lease rights of approximately $2.0 million, deferred rent of approximately $25.4 million, and the impairment of ROU assets recognized in retained earnings as of February 3, 2019 of approximately $3.4 million. The adoption did not have a material impact on our unaudited condensed consolidated statement of operations or statement of cash flows. See Note 4, Leases Standards that are not yet adopted In August 2018, the Financial Accounting Standards Board (FASB) issued ASU No. 2018-15, Intangibles – Goodwill and Other-Internal-Use Software In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses Targeted Transition Relief We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations. As of August 3, 2019, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our operations. |
Acquisition
Acquisition | 6 Months Ended |
Aug. 03, 2019 | |
Acquisition [Abstract] | |
Acquisition | 3. Acquisition On November 5, 2018, through our wholly-owned subsidiary, Hibbett Sporting Goods, Inc., we acquired City Gear, a Tennessee limited liability company. Under the Purchase Agreement, we agreed to acquire all the outstanding warrants and equity interests, other than certain preferred membership interests, of City Gear, a privately held city specialty retailer. The purchase price was $88.0 million (Purchase Price) in cash payable at the closing of the transaction (Closing), subject to customary adjustments for City Gear’s cash on hand and net working capital as of the Closing date. The Purchase Agreement provided that a portion of the Purchase Price be used at Closing to pay off and redeem the outstanding preferred membership interests in City Gear as well as certain other outstanding indebtedness. In addition, the aggregate consideration payable to the Sellers in connection with the transaction includes two contingent payments (Earnout) based on City Gear’s achievement of certain EBITDA thresholds (as defined in the Purchase Agreement) for the 52-week periods ended February 1, 2020 and January 30, 2021, respectively. The aggregate amount of the Earnout, if any, will not exceed $25.0 million. The acquisition provides us with substantially greater scale in the athletic specialty market and is an extension of our strategy to provide high demand, branded products to underserved markets. During the 13 weeks and 26 weeks ended August 3, 2019, we incurred $7.6 million and $9.2 million in acquisition-related expenses, respectively, excluding acquisition-related interest expense. The following table summarizes the preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date of November 4, 2018. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are based on estimates and assumptions and are subject to revisions, which may result in adjustments to the preliminary values presented below, when management’s estimates are finalized (in thousands): As Reported February 2, 2019 As Revised August 3, 2019 Adjustments Assets Acquired: Current assets: Receivables $ 3,168 $ 3,732 $ 564 Inventories 44,807 44,807 - Prepaid expense, other current and intangible assets 2,716 2,689 (27 ) Total current assets 50,691 51,228 537 Goodwill 23,133 19,661 (3,472 ) Property and equipment 16,530 16,530 - Long-term intangible assets 33,601 33,503 (98 ) Deposits and other assets 567 567 - Deferred tax asset 24 638 614 Total assets $ 124,546 $ 122,127 $ (2,419 ) Liabilities Assumed: Current liabilities: Accounts payable $ 23,615 $ 23,615 $ - Other accrued expenses and intangible liabilities 3,366 3,526 160 Total current liabilities 26,981 27,141 160 Other long-term liabilities and intangible liabilities 2,613 3,234 621 Total liabilities 29,594 30,375 781 Total purchase price $ 94,952 $ 91,752 $ (3,200 ) Cash paid at closing $ 86,837 $ 86,837 $ - Fair value of contingent earnout 9,200 6,000 (3,200 ) Net working capital and debt-like items adjustment (1,085 ) (1,085 ) - $ 94,952 $ 91,752 $ (3,200 ) There were no adjustments recorded in the 13 weeks ended August 3, 2019 to the preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of November 4, 2018. The adjustments recorded in the 26 weeks ended August 3, 2019 to the preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of November 4, 2018 were due to refinement of management’s appraisals and estimates during the period. Measurement period adjustments are calculated as if they were known at the acquisition date but are recognized during the quarter they became determined. The provisional fair values of lease-to-market intangibles and the contingent earnout were adjusted during the 26 weeks ended August 3, 2019 when third party valuation services were updated. The provisional fair value of tenant allowance receivables related to contributions from landlords was adjusted during the 26 weeks ended August 3, 2019 when the assessment of amounts and likelihood of collection were updated. The adjustments recorded did not have a material impact on results reported in prior reporting periods. We are still in the process of completing our fair market valuations and the purchase price allocation related to the evaluation of certain tax liabilities, but the purchase price allocation is substantially complete as of August 3, 2019. Goodwill is calculated as the excess of the purchase price over the net assets acquired and represents the value of City Gear’s brand, our expansion in the city specialty market and expected synergies resulting from the acquisition. Goodwill is amortized for tax purposes. Intangible assets and liabilities represent two separately identified assets and one liability. First, we identified the City Gear tradename as an indefinite-lived intangible asset with a fair value of $32.4 million. The tradename is not subject to amortization but will be evaluated at least annually for impairment. Second, we recognized an intangible asset of $1.4 million for favorable City Gear leases and a liability of $3.4 million for unfavorable City Gear leases (as compared to prevailing markets). Under ASU Topic 842, these intangible lease assets and lease liabilities became a component of the ROU asset as of February 3, 2019. ( See Note 2, Recent Accounting Pronouncements The results of operations of City Gear are included in our results of operations beginning on November 5, 2018. From February 3, 2019 through August 3, 2019, City Gear generated net sales of $101.5 million. Also, $1.0 million related to the amortization of the step-up of the inventory value related to purchase accounting was included in gross margin for the 26 weeks ended August 3, 2019. The following unaudited consolidated pro forma summary has been prepared by adjusting the Company’s historical data to give effect to the City Gear acquisition as if it had occurred on January 29, 2017 (the beginning of Hibbett’s fiscal year ended February 3, 2018). Ended August 4, 2018 (in thousands, except per share data) 13 Weeks 26 Weeks Net sales $ 254,592 $ 588,588 Net (loss) income $ (2,805 ) $ 24,701 Basic earnings per share $ (0.15 ) $ 1.31 Diluted earnings per share $ (0.15 ) $ 1.29 The results for the 13 weeks and 26 weeks ended August 4, 2018 have been primarily adjusted to include: • the pro forma impact of amortization of intangible assets; • the depreciation of property and equipment, based on purchase price allocations; • the pro forma impact of additional interest expense relating to the acquisition; • the pro forma impact of acquisition-related costs incurred by the Company directly attributable to the transaction; and • the pro forma tax effect of income taxes on the above adjustments. Results have been adjusted to exclude the impact of acquisition-related expenses and purchase accounting adjustments incurred by the Company that are directly attributable to the transaction. The pro forma financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are based on estimates derived from currently available information and not indicative of the results of operations that would have occurred if the City Gear acquisition had been completed on the date indicated. They do not reflect the effect of costs or synergies that are expected to result from the integration of the City Gear acquisition. |
Leases
Leases | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Leases | 4. Leases We lease all our retail store locations; nearly all of which are operating leases. Store leases typically provide for initial terms of five to ten years. Many of our store leases contain the following provisions: • scheduled increases in rent payments over the lease term, • tenant inducements, • free rent periods, • contingent rent based on net sales in excess of stipulated amounts, • renewal options at our discretion, and • payments for common area maintenance, insurance and real estate taxes, most of which are variable in nature. Our store leases typically contain one or more options for us to renew the lease beyond the initial five to ten year term. In addition, most of our store leases contain provisions that allow for early termination between the third and fifth year of the term if predetermined sales levels are not met, or upon the occurrence of other specified contingent events. When we have the option to extend the lease term (including by not exercising an available termination option) or purchase the leased asset, and it is reasonably certain that we will do so, we consider these options in determining the classification and measurement of the lease. However, generally at store lease commencement, it is not reasonably certain that we will exercise an extension or purchase option. When considering contingent termination provisions, we generally consider both the likelihood of the contingency occurring in addition to the economic factors we consider when assessing any other termination or renewal option. We also lease certain office space, office equipment and transportation equipment under operating and finance leases. Generally, these leases have initial terms of two to six years. We determine whether a contract is or contains a lease at contract inception. Beginning in Fiscal 2020, operating lease liabilities are recognized based on the present value of remaining fixed lease payments over the lease term. Operating lease ROU assets are recognized based on the calculated lease liability, as adjusted for lease prepayments, initial direct costs and landlord incentives. Because the implicit rate is generally not readily determinable for our leases, we use our estimated incremental borrowing rate as the discount rate for the leases when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over a similar term as the lease term. Operating lease cost for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred. None of our leases contain material residual value guarantees or material restrictive covenants. ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall Store operating lease cost and logistics-related transportation equipment operating lease cost are included in cost of goods sold in the unaudited condensed consolidated statement of operations. Office equipment and other transportation equipment operating lease cost is included in store operating, selling and administrative expenses in the unaudited condensed consolidated statement of operations. 13 Weeks Ended August 3, 2019 26 Weeks Ended August 3, 2019 Operating lease cost $ 18,404 $ 35,542 Finance lease cost: Amortization of assets 223 460 Interest on lease liabilities 58 123 Variable lease cost (281 ) 104 $ 18,404 $ 36,229 Short-term lease cost was immaterial. Finance right-of-use assets on the face of the unaudited condensed consolidated balance sheet for the period ended August 3, 2019 are shown net of accumulated amortization of $0.4 million. The following table provides supplemental balance sheet information as of August 3, 2019, related to leases: Weighted average remaining lease term (in years): Operating leases 5 Finance leases 3 Weighted average discount rate: Operating leases 4.2 % Finance leases 13.5 % The following table provides supplemental cash flow and other information related to leases for the 26 weeks ended August 3, 2019 (in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,225 Operating cash flows from finance leases $ 123 Financing cash flows from finance leases $ 481 ROU assets obtained in exchange for lease liabilities, net Operating leases $ 19,416 Finance leases $ - Maturities of lease liabilities as of August 3, 2019 (in thousands): Operating Finance Total Remainder of Fiscal 2020 $ 30,905 $ 579 $ 31,484 Fiscal 2021 68,345 869 69,214 Fiscal 2022 54,803 383 55,186 Fiscal 2023 40,049 343 40,392 Fiscal 2024 27,267 240 27,507 Thereafter 47,798 23 47,821 Total minimum lease payments 269,167 2,437 271,604 Less amount representing interest 27,008 392 27,400 $ 242,159 $ 2,045 $ 244,204 As of August 3, 2019, we have entered into operating leases of approximately $3.6 million related to future store locations that have not yet commenced. Prior to the adoption of ASC 842, we had entered into capital leases for certain property. At February 2, 2019, total capital lease obligations were $3.0 million, of which $1.0 million was included in short-term capital lease obligations and $2.0 million was included in long-term capital lease obligations on our unaudited condensed consolidated balance sheet. As previously disclosed in our 2019 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments due under non-cancelable capital and operating leases as of February 2, 2019 were as follows: Capital Operating Total Fiscal 2020 $ 1,259 $ 68,002 $ 69,261 Fiscal 2021 951 58,666 59,617 Fiscal 2022 451 46,683 47,134 Fiscal 2023 408 34,011 34,419 Fiscal 2024 306 22,426 22,732 Thereafter 217 40,181 40,398 Total minimum lease payments 3,592 269,969 273,561 Less amount representing interest 581 - 581 $ 3,011 $ 269,969 $ 272,980 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Aug. 03, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments We utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: Level I Level II Level III The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of August 3, 2019 and February 2, 2019 (in thousands): August 3, 2019 February 2, 2019 Level I Level II Level III Level I Level II Level III Short-term investments $ 95 $ - $ - $ 158 $ - $ - Long-term investments 2,588 - - 2,377 - - Short-term contingent earnout - - 6,998 Long-term contingent earnout - - 6,672 - - 9,200 Total investments $ 2,683 $ - $ 13,670 $ 2,535 $ - $ 9,200 Short-term investments are reported in other current assets on our unaudited condensed consolidated balance sheets. Long-term investments are reported in other assets on our unaudited condensed consolidated balance sheets. Short-term contingent earnout is reported in other accrued expenses on our unaudited condensed consolidated balance sheets. Long-term contingent earnout is reported in other liabilities on our unaudited condensed consolidated balance sheets. The short-term and long-term contingent earnouts represent the fair value of potential additional payments outlined in the Purchase Agreement to the members and warrant holders of City Gear if certain financial goals are achieved over the next two fiscal years (Fiscal 2020 and Fiscal 2021). The total earnout was valued using a Monte Carlo simulation analysis in a risk-neutral framework with assumptions for volatility, risk-free rate and dividend yield. The earnout is re-valued each quarter and any change in valuation is recognized in our statements of operations. As a result of the revaluation for the 13 weeks and 26 weeks ended August 3, 2019, an increase of $7.1 million and $7.7 million was recognized in store operating, selling and administrative expenses, respectively. Subsequent to February 2, 2019, we made a $3.2 million adjustment to the acquisition date contingent earnout valuation from $9.2 million to $6.0 million. The impact of this measurement period adjustment flowed through goodwill in the quarter ended May 4, 2019. |
Debt
Debt | 6 Months Ended |
Aug. 03, 2019 | |
Debt [Abstract] | |
Debt | 6. Debt In October 2018, we entered into amended agreements with Bank of America, N.A. and Regions Bank providing for an aggregate amount of credit available to us under each line of credit of $50.0 million for the purpose of financing a portion of the cash purchase price payable in the acquisition of City Gear. The terms of the Bank of America facility allow for borrowings up to $50.0 million with an interest rate agreed upon between the lender and us at the time a loan is made. The terms of the Regions Bank facility allow for borrowings up to $50.0 million with an interest rate at one-month LIBOR plus 1.5%. Both facilities are unsecured, due on demand and expire in October 2021. Under the provisions of both facilities, we do not pay commitment fees. However, both are subject to negative pledge agreements that, among other things, restrict liens or transfers of assets including inventory, tangible or intangible personal property and land and land improvements. There were 91 and 182 days during the 13 weeks and 26 weeks ended August 3, 2019, where we incurred borrowings against our credit facilities with Bank of America and Regions Bank for an average borrowing of $21.7 million and $26.3 million, respectively, and maximum borrowing of $26.0 million and $35.0 million, respectively. The average interest rate during the 13 weeks and 26 weeks ended August 3, 2019 was 3.91% and 3.95%, respectively. At August 3, 2019, a total of $83.0 million was available to us from these facilities. There were 95 days during the 52 weeks ended February 2, 2019, where we incurred borrowings against these credit facilities for an average and maximum borrowing of $45.4 million and $75.0 million, respectively, and an average interest rate of 3.70%. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Aug. 03, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation The compensation costs that have been charged against income for the 13 weeks and 26 weeks ended August 3, 2019 and August 4, 2018 were as follows (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Stock-based compensation expense by type: Stock options $ - $ 17 $ 92 $ 177 Restricted stock units 354 849 716 2,372 Employee stock purchases 21 28 51 57 Director deferred compensation 24 23 47 47 Total stock-based compensation expense 399 917 906 2,653 Income tax benefit recognized 89 225 203 593 Stock-based compensation expense, net of income tax $ 310 $ 692 $ 703 $ 2,060 Expense for restricted stock units is shown net of forfeitures of $0.5 million and $1.8 million for the 13 weeks and 26 weeks ended August 3, 2019, respectively. Expense for restricted stock units is shown net of forfeitures of $0.1 million for both the 13 weeks and 26 weeks ended August 4, 2018. In the 13 weeks and 26 weeks ended August 3, 2019 and August 4, 2018, we granted the following equity awards: 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Stock options -- -- 16,798 19,994 Restricted stock unit awards 31,573 -- 222,594 169,572 Performance-based restricted stock unit awards -- -- 34,300 44,700 Deferred stock units 1,288 1,023 2,315 2,002 At August 3, 2019, the total compensation costs related to nonvested restricted stock unit awards not yet recognized was $6.7 million and the weighted-average period over which such awards are expected to be recognized was 2.7 years. There were no compensation costs related to nonvested stock options at August 3, 2019. Under the 2012 Non-Employee Director Equity Plan (2012 Plan), no shares of our common stock were awarded during the 13 weeks ended August 3, 2019 and August 4, 2018. A total of 13,858 and 4,435 shares of our common stock were awarded during the 26 weeks ended August 3, 2019 and August 4, 2018, respectively, as part of the annual equity award to directors in the first quarter. No stock options were granted during the 13 weeks ended August 3, 2019 and August 4, 2018. The weighted-average grant date fair value of stock options granted during the 26 weeks ended August 3, 2019 and August 4, 2018 was $5.46 and $7.15 per share, respectively. The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Shares purchased 5,628 5,777 15,553 12,331 Average price per share $ 15.47 $ 19.47 $ 13.35 $ 18.34 Weighted average fair value at grant date $ 5.20 $ 5.35 $ 3.89 $ 4.91 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Aug. 03, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. Earnings Per Share The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Weighted-average shares used in basic computations 17,906 18,823 18,107 18,896 Dilutive equity awards - - 113 183 Weighted-average shares used in diluted computations 17,906 18,823 18,220 19,079 During periods of net income, we exclude anti-dilutive options and nonvested stock awards granted to certain employees from the computation of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by period end. During periods of net loss, no effect is given for anti-dilutive options or nonvested stock awards. |
Stock Repurchase Activity
Stock Repurchase Activity | 6 Months Ended |
Aug. 03, 2019 | |
Stock Repurchase Activity [Abstract] | |
Stock Repurchase Activity | 9. Stock Repurchase Activity In November 2018, the Board of Directors (Board) authorized the extension of our Stock Repurchase Program (Program) of $300.0 million to repurchase our common stock through January 29, 2022. The Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization. During the 13 weeks ended August 3, 2019, we repurchased 429,964 shares of our common stock at a cost of $8.9 million under the Program. During the 26 weeks ended August 3, 2019, we repurchased 659,964 shares of our common stock at a cost of $13.7 million under the Program and acquired 29,432 shares from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.6 million. During the 13 weeks ended August 4, 2018, we repurchased 336,302 shares of our common stock at a cost of $8.0 million under the Program. During the 26 weeks ended August 4, 2018, we repurchased 357,836 shares of our common stock at a cost of $8.4 million under the Program and acquired 18,765 shares from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.4 million. As of August 3, 2019, we had approximately $174.2 million remaining under the Program for stock repurchases. Subsequent to August 3, 2019, we have repurchased 120,000 shares of our common stock at a cost of $2.0 million under the program as of September 5, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 03, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Annual Bonuses and Equity Incentive Awards. Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance. At both August 3, 2019 and February 2, 2019, there was $3.9 million of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets. In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our “named executive officers” as determined in accordance with Item 402(a) of Regulation S-K. The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time. These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, In May 2019, our President and CEO, Jeffry Rosenthal, entered into a Retirement Agreement (Agreement) with the Company. The Agreement provides, among other things, a salary continuation of $0.6 million payable after his effective retirement date in equal installments over one year and a lump sum cash payment equal to the number of outstanding equity awards granted to Mr. Rosenthal (which terminated effective May 10, 2019) multiplied by a computed value defined in the Agreement, but not less than $1.0 million. At August 3, 2019, $2.4 million was accrued under the Agreement and is included in accrued payroll expenses on our unaudited condensed consolidated balance sheet. Legal Proceedings and Other Contingencies. If we believe that a loss is both probable and estimable for a particular matter, the loss is accrued in accordance with the requirements of ASC Topic 450, Contingencies |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 03, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes Our effective tax rate is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income for the full year and record a quarterly income tax provision (benefit) in accordance with the anticipated annual effective rate and adjust for discrete items. We update the estimates of the taxable income throughout the year as new information becomes available, including year-to-date financial results. This process often results in a change to our expected effective tax rate for the year. When this occurs, we adjust the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. At August 3, 2019, we had a liability of $1.2 million associated with unrecognized tax benefits. We file income tax returns in the U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2017 or by most state taxing jurisdictions for years prior to Fiscal 2016. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Aug. 03, 2019 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Acquisition | Acquisition We acquired City Gear, LLC (City Gear) on November 5, 2018 with an effective date of November 4, 2018 for approximately $88.0 million, including $86.8 million of cash paid. ( See Note 3, Acquisition |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and at February 2, 2019 included assets acquired through capital leases. At August 3, 2019, finance lease assets are shown as right-of-use (ROU) assets and are excluded from property and equipment. ( See Note 4, Leases Property and equipment as of August 3, 2019 and February 2, 2019 consists of the following (in thousands): August 3, 2019 February 2, 2019 Land $ 7,277 $ 7,277 Buildings 21,347 21,311 Buildings under capital lease - 3,363 Equipment 95,098 96,402 Equipment under capital lease - 678 Automobiles under capital lease - 1,829 Furniture and fixtures 35,541 36,980 Leasehold improvements 101,394 101,572 Construction in progress 1,202 2,080 Total property and equipment 261,859 271,492 Less: accumulated depreciation and amortization 157,995 156,098 Total property and equipment, net $ 103,864 $ 115,394 |
Revenue Recognition | Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers Retail Store Sales Retail Store Orders Layaways Digital Channel Sales Loyalty Programs Gift Cards The net deferred revenue liability for gift cards, customer orders and layaways at August 3, 2019 and February 2, 2019 was $8.4 million and $7.5 million, respectively, and is recognized in accounts payable on our unaudited condensed consolidated balance sheets. Gift card breakage income is recognized in net sales in proportion to the redemption pattern of rights exercised by the customer and was not material in any period presented. During the 13 weeks and 26 weeks ended August 3, 2019, $0.6 million and $1.2 million of gift card deferred revenue from prior periods was realized, respectively. Return Sales Revenues disaggregated by major product categories are as follows (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Footwear $ 152,468 $ 119,062 $ 367,543 $ 277,650 Apparel 66,597 55,896 146,154 120,260 Equipment 33,375 36,165 82,038 87,920 Total $ 252,440 $ 211,123 $ 595,735 $ 485,830 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Property and Equipment | Property and equipment as of August 3, 2019 and February 2, 2019 consists of the following (in thousands): August 3, 2019 February 2, 2019 Land $ 7,277 $ 7,277 Buildings 21,347 21,311 Buildings under capital lease - 3,363 Equipment 95,098 96,402 Equipment under capital lease - 678 Automobiles under capital lease - 1,829 Furniture and fixtures 35,541 36,980 Leasehold improvements 101,394 101,572 Construction in progress 1,202 2,080 Total property and equipment 261,859 271,492 Less: accumulated depreciation and amortization 157,995 156,098 Total property and equipment, net $ 103,864 $ 115,394 |
Disaggregation of Revenue | Revenues disaggregated by major product categories are as follows (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Footwear $ 152,468 $ 119,062 $ 367,543 $ 277,650 Apparel 66,597 55,896 146,154 120,260 Equipment 33,375 36,165 82,038 87,920 Total $ 252,440 $ 211,123 $ 595,735 $ 485,830 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Acquisition [Abstract] | |
Fair Value of Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date of November 4, 2018. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are based on estimates and assumptions and are subject to revisions, which may result in adjustments to the preliminary values presented below, when management’s estimates are finalized (in thousands): As Reported February 2, 2019 As Revised August 3, 2019 Adjustments Assets Acquired: Current assets: Receivables $ 3,168 $ 3,732 $ 564 Inventories 44,807 44,807 - Prepaid expense, other current and intangible assets 2,716 2,689 (27 ) Total current assets 50,691 51,228 537 Goodwill 23,133 19,661 (3,472 ) Property and equipment 16,530 16,530 - Long-term intangible assets 33,601 33,503 (98 ) Deposits and other assets 567 567 - Deferred tax asset 24 638 614 Total assets $ 124,546 $ 122,127 $ (2,419 ) Liabilities Assumed: Current liabilities: Accounts payable $ 23,615 $ 23,615 $ - Other accrued expenses and intangible liabilities 3,366 3,526 160 Total current liabilities 26,981 27,141 160 Other long-term liabilities and intangible liabilities 2,613 3,234 621 Total liabilities 29,594 30,375 781 Total purchase price $ 94,952 $ 91,752 $ (3,200 ) Cash paid at closing $ 86,837 $ 86,837 $ - Fair value of contingent earnout 9,200 6,000 (3,200 ) Net working capital and debt-like items adjustment (1,085 ) (1,085 ) - $ 94,952 $ 91,752 $ (3,200 ) |
Unaudited Consolidated Pro Forma Summary | The following unaudited consolidated pro forma summary has been prepared by adjusting the Company’s historical data to give effect to the City Gear acquisition as if it had occurred on January 29, 2017 (the beginning of Hibbett’s fiscal year ended February 3, 2018). Ended August 4, 2018 (in thousands, except per share data) 13 Weeks 26 Weeks Net sales $ 254,592 $ 588,588 Net (loss) income $ (2,805 ) $ 24,701 Basic earnings per share $ (0.15 ) $ 1.31 Diluted earnings per share $ (0.15 ) $ 1.29 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Net Lease Cost | Office equipment and other transportation equipment operating lease cost is included in store operating, selling and administrative expenses in the unaudited condensed consolidated statement of operations. 13 Weeks Ended August 3, 2019 26 Weeks Ended August 3, 2019 Operating lease cost $ 18,404 $ 35,542 Finance lease cost: Amortization of assets 223 460 Interest on lease liabilities 58 123 Variable lease cost (281 ) 104 $ 18,404 $ 36,229 |
Supplemental Balance Sheet Information | The following table provides supplemental balance sheet information as of August 3, 2019, related to leases: Weighted average remaining lease term (in years): Operating leases 5 Finance leases 3 Weighted average discount rate: Operating leases 4.2 % Finance leases 13.5 % |
Supplemental Cash Flow and Other Information Related to Leases | Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,225 Operating cash flows from finance leases $ 123 Financing cash flows from finance leases $ 481 ROU assets obtained in exchange for lease liabilities, net Operating leases $ 19,416 Finance leases $ - |
Maturities of Lease Liabilities | Maturities of lease liabilities as of August 3, 2019 (in thousands): Operating Finance Total Remainder of Fiscal 2020 $ 30,905 $ 579 $ 31,484 Fiscal 2021 68,345 869 69,214 Fiscal 2022 54,803 383 55,186 Fiscal 2023 40,049 343 40,392 Fiscal 2024 27,267 240 27,507 Thereafter 47,798 23 47,821 Total minimum lease payments 269,167 2,437 271,604 Less amount representing interest 27,008 392 27,400 $ 242,159 $ 2,045 $ 244,204 |
Future Lease Payments Under Non-Cancelable Leases | As previously disclosed in our 2019 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments due under non-cancelable capital and operating leases as of February 2, 2019 were as follows: Capital Operating Total Fiscal 2020 $ 1,259 $ 68,002 $ 69,261 Fiscal 2021 951 58,666 59,617 Fiscal 2022 451 46,683 47,134 Fiscal 2023 408 34,011 34,419 Fiscal 2024 306 22,426 22,732 Thereafter 217 40,181 40,398 Total minimum lease payments 3,592 269,969 273,561 Less amount representing interest 581 - 581 $ 3,011 $ 269,969 $ 272,980 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Assets Measured on Recurring Basis | The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of August 3, 2019 and February 2, 2019 (in thousands): August 3, 2019 February 2, 2019 Level I Level II Level III Level I Level II Level III Short-term investments $ 95 $ - $ - $ 158 $ - $ - Long-term investments 2,588 - - 2,377 - - Short-term contingent earnout - - 6,998 Long-term contingent earnout - - 6,672 - - 9,200 Total investments $ 2,683 $ - $ 13,670 $ 2,535 $ - $ 9,200 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation Expense | The compensation costs that have been charged against income for the 13 weeks and 26 weeks ended August 3, 2019 and August 4, 2018 were as follows (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Stock-based compensation expense by type: Stock options $ - $ 17 $ 92 $ 177 Restricted stock units 354 849 716 2,372 Employee stock purchases 21 28 51 57 Director deferred compensation 24 23 47 47 Total stock-based compensation expense 399 917 906 2,653 Income tax benefit recognized 89 225 203 593 Stock-based compensation expense, net of income tax $ 310 $ 692 $ 703 $ 2,060 |
Equity Awards Granted During The Period | In the 13 weeks and 26 weeks ended August 3, 2019 and August 4, 2018, we granted the following equity awards: 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Stock options -- -- 16,798 19,994 Restricted stock unit awards 31,573 -- 222,594 169,572 Performance-based restricted stock unit awards -- -- 34,300 44,700 Deferred stock units 1,288 1,023 2,315 2,002 |
Employee Stock Purchases During The Period | The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Shares purchased 5,628 5,777 15,553 12,331 Average price per share $ 15.47 $ 19.47 $ 13.35 $ 18.34 Weighted average fair value at grant date $ 5.20 $ 5.35 $ 3.89 $ 4.91 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares Outstanding | The following table sets forth the weighted average common shares outstanding (in thousands): 13 Weeks Ended 26 Weeks Ended August 3, August 4, August 3, August 4, Weighted-average shares used in basic computations 17,906 18,823 18,107 18,896 Dilutive equity awards - - 113 183 Weighted-average shares used in diluted computations 17,906 18,823 18,220 19,079 |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies (Details) $ in Thousands | Nov. 05, 2018USD ($) | Aug. 03, 2019USD ($) | Aug. 04, 2018USD ($) | Aug. 03, 2019USD ($) | Aug. 04, 2018USD ($) | Feb. 02, 2019USD ($)Store |
Property and Equipment [Abstract] | ||||||
Total property and equipment | $ 261,859 | $ 261,859 | $ 271,492 | |||
Less: accumulated depreciation and amortization | 157,995 | 157,995 | 156,098 | |||
Total property and equipment, net | 103,864 | $ 103,864 | $ 115,394 | |||
Revenue Recognition [Abstract] | ||||||
Days allowed for entire purchase price for merchandise placed on layaway | 30 days | |||||
Total | 252,440 | $ 211,123 | $ 595,735 | $ 485,830 | ||
Minimum [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Number of store closures | Store | 90 | |||||
Customer Loyalty Programs [Member] | ||||||
Revenue Recognition [Abstract] | ||||||
Net deferred revenue liability | 2,400 | 2,400 | $ 2,200 | |||
Gift Cards [Member] | ||||||
Revenue Recognition [Abstract] | ||||||
Net deferred revenue liability | 8,400 | 8,400 | 7,500 | |||
Revenue recognized from contract liability | 600 | 1,200 | ||||
Sales Returns [Member] | ||||||
Revenue Recognition [Abstract] | ||||||
Revenue recognized from contract liability | 900 | |||||
Land [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 7,277 | 7,277 | 7,277 | |||
Buildings [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 21,347 | 21,347 | 21,311 | |||
Buildings Under Capital Lease [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 0 | 0 | 3,363 | |||
Equipment [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 95,098 | 95,098 | 96,402 | |||
Equipment Under Capital Lease [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 0 | 0 | 678 | |||
Automobiles Under Capital Lease [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 0 | 0 | 1,829 | |||
Furniture and Fixtures [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 35,541 | 35,541 | 36,980 | |||
Leasehold Improvements [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 101,394 | 101,394 | 101,572 | |||
Construction in Progress [Member] | ||||||
Property and Equipment [Abstract] | ||||||
Total property and equipment | 1,202 | 1,202 | $ 2,080 | |||
Footwear [Member] | ||||||
Revenue Recognition [Abstract] | ||||||
Total | 152,468 | 119,062 | 367,543 | 277,650 | ||
Apparel [Member] | ||||||
Revenue Recognition [Abstract] | ||||||
Total | 66,597 | 55,896 | 146,154 | 120,260 | ||
Sports Equipment [Member] | ||||||
Revenue Recognition [Abstract] | ||||||
Total | $ 33,375 | $ 36,165 | $ 82,038 | $ 87,920 | ||
City Gear [Member] | ||||||
Acquisition [Abstract] | ||||||
Purchase price | $ 88,000 | |||||
Cash paid for acquisition | $ 86,800 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Adoption of ASU Consolidated Balance Sheet [Abstract] | |||||
Right-of-use assets | $ 218,443 | $ 218,443 | $ 0 | ||
Lease liabilities | 242,159 | 242,159 | |||
Impairment of ROU | 100 | 900 | |||
Inventories, net | 270,563 | 270,563 | 280,287 | ||
Other current assets | 5,711 | 5,711 | 16,343 | ||
Accounts payable | 124,859 | 124,859 | 107,315 | ||
Other accrued expenses | 17,706 | 17,706 | 10,174 | ||
Net sales | 252,440 | $ 211,123 | 595,735 | $ 485,830 | |
Cost of goods sold | 176,067 | 144,772 | 400,759 | 322,706 | |
Gross margin | 76,373 | 66,351 | 194,976 | 163,124 | |
Store operating, selling and administrative expenses | 80,334 | 61,965 | 154,373 | 123,869 | |
Income/(Loss) before provision for income taxes | (11,568) | (1,718) | 25,729 | 26,847 | |
Provision for income taxes | (2,790) | (496) | 6,650 | 6,560 | |
Net income (loss) | $ (8,778) | $ (1,222) | $ 19,079 | $ 20,287 | |
Diluted earnings/(loss) per share (in dollars per share) | $ (0.49) | $ (0.06) | $ 1.05 | $ 1.06 | |
Accounting Standards Update 2016-02 [Member] | |||||
Adoption of ASU Consolidated Balance Sheet [Abstract] | |||||
Right-of-use assets | 234,000 | ||||
Lease liabilities | 265,600 | ||||
Cumulative effect adjustment to opening retained earnings | 2,080 | ||||
Liability for unfavorable leases | 2,000 | ||||
Deferred rent | 25,400 | ||||
Impairment of ROU | $ 3,400 |
Acquisition (Details)
Acquisition (Details) $ / shares in Units, $ in Thousands | Nov. 05, 2018USD ($)Payments | Aug. 03, 2019USD ($)$ / shares | Aug. 04, 2018USD ($) | Aug. 03, 2019USD ($)$ / shares | Aug. 04, 2018USD ($) | Feb. 02, 2019USD ($) |
Acquisition [Abstract] | ||||||
Net sales | $ 252,440 | $ 211,123 | $ 595,735 | $ 485,830 | ||
Current assets: | ||||||
Goodwill | 19,661 | 19,661 | $ 23,133 | |||
Pro Forma - Unaudited [Abstract] | ||||||
Net sales | 254,592 | 588,588 | ||||
Net (loss) income | $ (2,805) | $ 24,701 | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ (0.15) | $ 1.31 | ||||
Diluted earnings per share (in dollars per share) | $ / shares | $ (0.15) | $ 1.29 | ||||
Adjustments [Member] | ||||||
Current liabilities: | ||||||
Fair value of contingent earnout | $ 3,200 | $ 3,200 | ||||
City Gear [Member] | ||||||
Acquisition [Abstract] | ||||||
Purchase price, cash payable | $ 88,000 | |||||
Number of contingent payments | Payments | 2 | |||||
Maximum amount of contingent payments | $ 25,000 | |||||
Acquisition related expenses | 7,600 | 9,200 | ||||
Intangible asset for favorable leases | 1,400 | |||||
Liability for unfavorable leases | 3,400 | |||||
Net sales | 101,500 | |||||
Amortization of step-up inventory | 1,000 | |||||
Current assets: | ||||||
Receivables | 3,732 | 3,732 | ||||
Inventories | 44,807 | 44,807 | ||||
Prepaid expense, other current and intangible assets | 2,689 | 2,689 | ||||
Total current assets | 51,228 | 51,228 | ||||
Goodwill | 19,661 | 19,661 | ||||
Property and equipment | 16,530 | 16,530 | ||||
Long-term intangible assets | 33,503 | 33,503 | ||||
Deposits and other assets | 567 | 567 | ||||
Deferred tax asset | 638 | 638 | ||||
Total assets | 122,127 | 122,127 | ||||
Current liabilities: | ||||||
Accounts payable | 23,615 | 23,615 | ||||
Other accrued expenses and intangible liabilities | 3,526 | 3,526 | ||||
Total current liabilities | 27,141 | 27,141 | ||||
Other long-term liabilities and intangible liabilities | 3,234 | 3,234 | ||||
Total liabilities | 30,375 | 30,375 | ||||
Total purchase price | 91,752 | 91,752 | ||||
Cash paid at closing | 86,837 | |||||
Fair value of contingent earnout | 6,000 | 6,000 | ||||
Net working capital and debt-like items adjustment | (1,085) | |||||
City Gear [Member] | Trade Names [Member] | ||||||
Acquisition [Abstract] | ||||||
Indefinite-lived intangible asset fair value | $ 32,400 | |||||
City Gear [Member] | As Reported [Member] | ||||||
Current assets: | ||||||
Receivables | 3,168 | |||||
Inventories | 44,807 | |||||
Prepaid expense, other current and intangible assets | 2,716 | |||||
Total current assets | 50,691 | |||||
Goodwill | 23,133 | |||||
Property and equipment | 16,530 | |||||
Long-term intangible assets | 33,601 | |||||
Deposits and other assets | 567 | |||||
Deferred tax asset | 24 | |||||
Total assets | 124,546 | |||||
Current liabilities: | ||||||
Accounts payable | 23,615 | |||||
Other accrued expenses and intangible liabilities | 3,366 | |||||
Total current liabilities | 26,981 | |||||
Other long-term liabilities and intangible liabilities | 2,613 | |||||
Total liabilities | 29,594 | |||||
Total purchase price | 94,952 | |||||
Cash paid at closing | 86,837 | |||||
Fair value of contingent earnout | 9,200 | |||||
Net working capital and debt-like items adjustment | $ (1,085) | |||||
City Gear [Member] | Adjustments [Member] | ||||||
Current assets: | ||||||
Receivables | 564 | 564 | ||||
Inventories | 0 | 0 | ||||
Prepaid expense, other current and intangible assets | (27) | (27) | ||||
Total current assets | 537 | 537 | ||||
Goodwill | (3,472) | (3,472) | ||||
Property and equipment | 0 | 0 | ||||
Long-term intangible assets | (98) | (98) | ||||
Deposits and other assets | 0 | 0 | ||||
Deferred tax asset | 614 | 614 | ||||
Total assets | (2,419) | (2,419) | ||||
Current liabilities: | ||||||
Accounts payable | 0 | 0 | ||||
Other accrued expenses and intangible liabilities | 160 | 160 | ||||
Total current liabilities | 160 | 160 | ||||
Other long-term liabilities and intangible liabilities | 621 | 621 | ||||
Total liabilities | 781 | 781 | ||||
Total purchase price | (3,200) | (3,200) | ||||
Cash paid at closing | 0 | |||||
Fair value of contingent earnout | $ (3,200) | (3,200) | ||||
Net working capital and debt-like items adjustment | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Operating leases [Abstract] | ||||
Assets impairment charges | $ 100 | $ 900 | ||
Net Lease Cost [Abstract] | ||||
Operating lease cost | 18,404 | 35,542 | ||
Finance lease cost [Abstract] | ||||
Amortization of assets | 223 | 460 | ||
Interest on lease liabilities | 58 | 123 | ||
Variable lease cost | (281) | 104 | ||
Total net lease cost | $ 18,404 | $ 36,229 | ||
Weighted average remaining lease term (in years) [Abstract] | ||||
Operating leases | 5 years | 5 years | ||
Finance leases | 3 years | 3 years | ||
Weighted average discount rate [Abstract] | ||||
Operating leases | 4.20% | 4.20% | ||
Finance leases | 13.50% | 13.50% | ||
Cash paid for amounts included in measurement of lease liabilities [Abstract] | ||||
Operating cash flows from operating leases | $ 35,225 | |||
Operating cash flows from finance leases | 123 | |||
Financing cash flows from finance leases | 481 | $ 319 | ||
ROU assets obtained in exchange for lease liabilities, net [Abstract] | ||||
Operating leases | 19,416 | |||
Finance leases | 0 | |||
Operating Leases [Abstract] | ||||
Remainder of Fiscal 2020 | $ 30,905 | 30,905 | ||
Fiscal 2021 | 68,345 | 68,345 | ||
Fiscal 2022 | 54,803 | 54,803 | ||
Fiscal 2023 | 40,049 | 40,049 | ||
Fiscal 2024 | 27,267 | 27,267 | ||
Thereafter | 47,798 | 47,798 | ||
Total minimum lease payments | 269,167 | 269,167 | ||
Less amount representing interest | 27,008 | 27,008 | ||
Total lease obligations | 242,159 | 242,159 | ||
Operating leases, not yet commenced | 3,600 | 3,600 | ||
Finance Leases [Abstract] | ||||
Remainder of Fiscal 2020 | 579 | 579 | ||
Fiscal 2021 | 869 | 869 | ||
Fiscal 2022 | 383 | 383 | ||
Fiscal 2023 | 343 | 343 | ||
Fiscal 2024 | 240 | 240 | ||
Thereafter | 23 | 23 | ||
Total minimum lease payments | 2,437 | 2,437 | ||
Less amount representing interest | 392 | 392 | ||
Total lease obligations | 2,045 | 2,045 | ||
Total Lease Liabilities Payments Due [Abstract] | ||||
Remainder of Fiscal 2020 | 31,484 | 31,484 | ||
Fiscal 2021 | 69,214 | 69,214 | ||
Fiscal 2022 | 55,186 | 55,186 | ||
Fiscal 2023 | 40,392 | 40,392 | ||
Fiscal 2024 | 27,507 | 27,507 | ||
Thereafter | 47,821 | 47,821 | ||
Total minimum lease payments | 271,604 | 271,604 | ||
Less amount representing interest | 27,400 | 27,400 | ||
Total lease obligations | $ 244,204 | $ 244,204 | ||
Total capital lease obligation | $ 3,000 | |||
Capital lease obligations, short-term | 1,017 | |||
Capital lease obligations, long-term | 1,994 | |||
Future minimum payments under capital leases [Abstract] | ||||
Fiscal 2020 | 1,259 | |||
Fiscal 2021 | 951 | |||
Fiscal 2022 | 451 | |||
Fiscal 2023 | 408 | |||
Fiscal 2024 | 306 | |||
Thereafter | 217 | |||
Total minimum lease payments | 3,592 | |||
Less amount representing interest | 581 | |||
Present value of total minimum lease payments | 3,011 | |||
Future minimum payments under operating leases [Abstract] | ||||
Fiscal 2020 | 68,002 | |||
Fiscal 2021 | 58,666 | |||
Fiscal 2022 | 46,683 | |||
Fiscal 2023 | 34,011 | |||
Fiscal 2024 | 22,426 | |||
Thereafter | 40,181 | |||
Total minimum lease payments | 269,969 | |||
Less amount representing interest | 0 | |||
Present value of total minimum lease payments | 269,969 | |||
Total future lease payments under capital and operating leases [Abstract] | ||||
Fiscal 2020 | 69,261 | |||
Fiscal 2021 | 59,617 | |||
Fiscal 2022 | 47,134 | |||
Fiscal 2023 | 34,419 | |||
Fiscal 2024 | 22,732 | |||
Thereafter | 40,398 | |||
Total minimum lease payments | 273,561 | |||
Less amount representing interest | 581 | |||
Present value of total minimum lease payments | $ 272,980 | |||
Minimum [Member] | ||||
Operating leases [Abstract] | ||||
Lease term | 5 years | 5 years | ||
Lease early termination term | 3 years | |||
Minimum [Member] | Office & Transportation Equipment [Member] | ||||
Operating leases [Abstract] | ||||
Lease term | 2 years | 2 years | ||
Maximum [Member] | ||||
Operating leases [Abstract] | ||||
Lease term | 10 years | 10 years | ||
Lease early termination term | 5 years | |||
Maximum [Member] | Office & Transportation Equipment [Member] | ||||
Operating leases [Abstract] | ||||
Lease term | 6 years | 6 years |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Aug. 03, 2019 | Aug. 03, 2019 | Feb. 02, 2019 | |
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Increase in store operating, selling and administrative expense due to revaluation | $ 7,100 | $ 7,700 | |
Adjustments [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Contingent earnout valuation | 3,200 | 3,200 | |
Recurring [Member] | Level I [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Short-term investments | 95 | 95 | $ 158 |
Long-term investments | 2,588 | 2,588 | 2,377 |
Short-term contingent earnout | 0 | 0 | 0 |
Long-term contingent earnout | 0 | 0 | 0 |
Total investments | 2,683 | 2,683 | 2,535 |
Recurring [Member] | Level II [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Short-term investments | 0 | 0 | 0 |
Long-term investments | 0 | 0 | 0 |
Short-term contingent earnout | 0 | 0 | 0 |
Long-term contingent earnout | 0 | 0 | 0 |
Total investments | 0 | 0 | 0 |
Recurring [Member] | Level III [Member] | |||
Assets Measured at Fair Value on Recurring Basis [Abstract] | |||
Short-term investments | 0 | 0 | 0 |
Long-term investments | 0 | 0 | 0 |
Short-term contingent earnout | 6,998 | 6,998 | 0 |
Long-term contingent earnout | 6,672 | 6,672 | 9,200 |
Total investments | $ 13,670 | $ 13,670 | $ 9,200 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Aug. 03, 2019 | Aug. 03, 2019 | Feb. 02, 2019 | Oct. 31, 2018 | |
Credit facility [Abstract] | ||||
Number of days where borrowings incurred against facilities | 91 days | 182 days | 95 days | |
Average borrowings outstanding | $ 21.7 | $ 26.3 | $ 45.4 | |
Maximum borrowings outstanding | $ 26 | $ 35 | $ 75 | |
Average interest rate on outstanding borrowings | 3.91% | 3.95% | 3.70% | |
Available borrowings under credit facilities | $ 83 | $ 83 | ||
Regions LOC [Member] | ||||
Credit facility [Abstract] | ||||
Maximum borrowing capacity under renewed facility | $ 50 | |||
Expiration date of renewed facility | Oct. 31, 2021 | |||
Regions LOC [Member] | LIBOR [Member] | ||||
Credit facility [Abstract] | ||||
Basis spread on variable interest rate | 1.50% | |||
Debt instrument, term of variable rate | 1 month | |||
Bank of America LOC [Member] | ||||
Credit facility [Abstract] | ||||
Maximum borrowing capacity under renewed facility | $ 50 | |||
Expiration date of renewed facility | Oct. 31, 2021 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Stock-based compensation expense by type [Abstract] | ||||
Stock options | $ 0 | $ 17 | $ 92 | $ 177 |
Restricted stock units | 354 | 849 | 716 | 2,372 |
Employee stock purchases | 21 | 28 | 51 | 57 |
Director deferred compensation | 24 | 23 | 47 | 47 |
Total stock-based compensation expense | 399 | 917 | 906 | 2,653 |
Income tax benefit recognized | 89 | 225 | 203 | 593 |
Stock-based compensation expense, net of income tax | $ 310 | $ 692 | $ 703 | $ 2,060 |
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | ||||
Shares granted (in shares) | 0 | 0 | 13,858 | 4,435 |
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ 5.46 | $ 7.15 | ||
Employee Stock Purchase Plan, Shares and Average Price Per Share [Abstract] | ||||
Shares purchased (in shares) | 5,628 | 5,777 | 15,553 | 12,331 |
Average price per share (in dollars per share) | $ 15.47 | $ 19.47 | $ 13.35 | $ 18.34 |
Weighted average fair value at grant date (in dollars per share) | $ 5.20 | $ 5.35 | $ 3.89 | $ 4.91 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | ||||
Shares granted (in shares) | 0 | 0 | 16,798 | 19,994 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | ||||
Shares granted (in shares) | 31,573 | 0 | 222,594 | 169,572 |
Total compensation costs related to nonvested awards not yet recognized | $ 6,700 | $ 6,700 | ||
Weighted-average period over which nonvested awards are expected to be recognized | 2 years 8 months 12 days | |||
Value of restricted stock unit forfeited | $ 500 | $ 100 | $ 1,800 | $ 100 |
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | ||||
Shares granted (in shares) | 0 | 0 | 34,300 | 44,700 |
Deferred Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | ||||
Shares granted (in shares) | 1,288 | 1,023 | 2,315 | 2,002 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average shares used in basic computations (in shares) | 17,906 | 18,823 | 18,107 | 18,896 |
Dilutive equity awards (in shares) | 0 | 0 | 113 | 183 |
Weighted-average shares used in diluted computations (in shares) | 17,906 | 18,823 | 18,220 | 19,079 |
Stock Repurchase Activity (Deta
Stock Repurchase Activity (Details) - USD ($) $ in Thousands | Sep. 05, 2019 | Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | Nov. 30, 2018 |
Stock Repurchase Program [Abstract] | |||||||
Cost of repurchased common stock | $ 8,946 | $ 7,977 | $ 13,745 | $ 8,432 | |||
Shares of common stock repurchased to date (in shares) | 21,375,638 | 21,375,638 | 20,686,242 | ||||
Value of common stock repurchased to date | $ 624,070 | $ 624,070 | $ 609,770 | ||||
Program [Member] | |||||||
Stock Repurchase Program [Abstract] | |||||||
Stock repurchase program, authorized amount | $ 300,000 | ||||||
Stock repurchase program expiration date | Jan. 29, 2022 | ||||||
Repurchased common stock (in shares) | 429,964 | 336,302 | 659,964 | 357,836 | |||
Cost of repurchased common stock | $ 8,900 | $ 8,000 | $ 13,700 | $ 8,400 | |||
Number of restricted stock unit awards repurchased to satisfy tax withholding requirements (in shares) | 29,432 | 18,765 | |||||
Tax withholding requirements | $ 600 | $ 400 | |||||
Remaining amount available under stock repurchase program | $ 174,200 | $ 174,200 | |||||
Subsequent Event [Member] | Program [Member] | |||||||
Stock Repurchase Program [Abstract] | |||||||
Repurchased common stock (in shares) | 120,000 | ||||||
Cost of repurchased common stock | $ 2,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Aug. 03, 2019 | May 31, 2019 | Feb. 02, 2019 | |
Annual Bonuses and Equity Incentive Awards [Abstract] | |||
Annual bonus related expenses included in accrued payroll expenses | $ 3.9 | $ 3.9 | |
Accrued compensation | $ 2.4 | ||
Jeffry Rosenthal [Member] | |||
Annual Bonuses and Equity Incentive Awards [Abstract] | |||
Salary continuation payable | $ 0.6 | ||
Maximum term of salary continuation | 1 year | ||
Jeffry Rosenthal [Member] | Maximum [Member] | |||
Annual Bonuses and Equity Incentive Awards [Abstract] | |||
Cash lump sum payment | $ 1 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Aug. 03, 2019USD ($) |
Income Taxes [Abstract] | |
Unrecognized tax benefits that would affect effective income tax rate | $ 1.2 |