Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 06, 2015 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | TRUE | ||
AmendmentDescription | This Amendment No. 1 to our Annual Report on Form 10-K (“Form 10-K/A) is being filed to amend our Annual Report on Form 10-K for the year ended January 31, 2015 (“Form 10-Kâ€), which was originally filed with the Securities and Exchange Commission (the “SECâ€) on March 17, 2015. We are amending Part II, Item 8 in this Form 10-K/A to revise Note 10 to the Consolidated Financial statements of Zumiez Inc. (the “Companyâ€) to reflect a correction to certain rent expense and executory costs disclosed in Note 10 for the year ended January 31, 2015. We are also amending Part I, Item 1A to correct the same amounts disclosed in the Risk Factors. These changes do not affect the consolidated balance sheets as of January 31, 2015 and February 1, 2014, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended January 31, 2015. For the convenience of the reader, this Amendment No. 1 amends in its entirety the original filing of the Annual Report on Form 10-K. This Amendment No. 1 does not reflect events occurring after the March 17, 2015 original filing date of the Company’s Annual Report on Form 10-K for the year ended January 31, 2015 or modify or update those disclosures set forth in that Annual Report on Form 10-K, except to reflect the revision to Note 10 and the Risk Factors. | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ZUMZ | ||
Entity Registrant Name | Zumiez Inc | ||
Entity Central Index Key | 1318008 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 29,417,024 | ||
Entity Public Float | $602,237,794 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $20,862 | $19,634 |
Marketable securities | 133,782 | 97,521 |
Receivables | 12,653 | 10,294 |
Inventories | 93,850 | 87,182 |
Prepaid expenses and other | 11,651 | 10,021 |
Deferred tax assets | 6,965 | 5,194 |
Total current assets | 279,763 | 229,846 |
Fixed assets, net | 135,642 | 127,343 |
Goodwill | 55,852 | 64,195 |
Intangible assets, net | 13,062 | 17,970 |
Long-term other assets | 9,386 | 4,049 |
Total long-term assets | 213,942 | 213,557 |
Total assets | 493,705 | 443,403 |
Current liabilities | ||
Trade accounts payable | 32,094 | 18,343 |
Accrued payroll and payroll taxes | 13,047 | 10,581 |
Income taxes payable | 4,651 | 4,696 |
Deferred rent and tenant allowances | 7,083 | 6,478 |
Other liabilities | 24,572 | 21,276 |
Total current liabilities | 81,447 | 61,374 |
Long-term deferred rent and tenant allowances | 42,553 | 37,658 |
Long-term deferred tax liabilities | 5,738 | 4,649 |
Long-term debt and other liabilities | 4,443 | 4,068 |
Total long-term liabilities | 52,734 | 46,375 |
Total liabilities | 134,181 | 107,749 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity | ||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 50,000 shares authorized; 29,418 shares issued and outstanding at January 31, 2015 and 29,619 shares issued and outstanding at February 1, 2014 | 129,094 | 114,983 |
Accumulated other comprehensive income | -11,278 | 4,710 |
Retained earnings | 241,708 | 215,961 |
Total shareholders' equity | 359,524 | 335,654 |
Total liabilities and shareholders' equity | $493,705 | $443,403 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 29,418 | 29,619 |
Common stock, shares outstanding | 29,418 | 29,619 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $811,551 | $724,337 | $669,393 |
Cost of goods sold | 524,468 | 462,577 | 428,109 |
Gross profit | 287,083 | 261,760 | 241,284 |
Selling, general and administrative expenses | 215,512 | 188,918 | 172,742 |
Operating profit | 71,571 | 72,842 | 68,542 |
Interest income, net | 637 | 711 | 1,410 |
Other (expense) income, net | -557 | -1,589 | 327 |
Earnings before income taxes | 71,651 | 71,964 | 70,279 |
Provision for income taxes | 28,459 | 26,016 | 28,115 |
Net income | $43,192 | $45,948 | $42,164 |
Basic earnings per share | $1.50 | $1.54 | $1.37 |
Diluted earnings per share | $1.47 | $1.52 | $1.35 |
Weighted average shares used in computation of earnings per share: | |||
Basic | 28,871 | 29,810 | 30,742 |
Diluted | 29,288 | 30,206 | 31,273 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $43,192 | $45,948 | $42,164 |
Other comprehensive (loss) income, net of tax and reclassification adjustments: | |||
Foreign currency translation | -15,995 | -1,231 | 6,040 |
Net change in unrealized gain/loss on available-for-sale investments | 7 | -69 | -165 |
Other comprehensive (loss) income, net | -15,988 | -1,300 | 5,875 |
Comprehensive income | $27,204 | $44,648 | $48,039 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Retained Earnings [Member] |
In Thousands | ||||
Beginning Balance at Jan. 28, 2012 | $272,277 | $99,412 | $135 | $172,730 |
Beginning Balance, shares at Jan. 28, 2012 | 31,170 | |||
Net income | 42,164 | 42,164 | ||
Other comprehensive income (loss), net | 5,875 | 5,875 | ||
Issuance and exercise of stock-based compensation, including net tax benefit | 2,952 | 2,952 | ||
Issuance and exercise of stock-based compensation, including net tax benefit, shares | 209 | |||
Stock-based compensation expense | 5,996 | 5,996 | ||
Repurchase of common stock | -25,843 | -25,843 | ||
Repurchase of common stock, shares | -1,265 | |||
Ending Balance at Feb. 02, 2013 | 303,421 | 108,360 | 6,010 | 189,051 |
Ending Balance, shares at Feb. 02, 2013 | 30,114 | |||
Net income | 45,948 | 45,948 | ||
Other comprehensive income (loss), net | -1,300 | -1,300 | ||
Issuance and exercise of stock-based compensation, including net tax benefit | 2,529 | 2,529 | ||
Issuance and exercise of stock-based compensation, including net tax benefit, shares | 344 | |||
Stock-based compensation expense | 4,094 | 4,094 | ||
Repurchase of common stock | -19,038 | -19,038 | ||
Repurchase of common stock, shares | -839 | |||
Ending Balance at Feb. 01, 2014 | 335,654 | 114,983 | 4,710 | 215,961 |
Ending Balance, shares at Feb. 01, 2014 | 29,619 | 29,619 | ||
Net income | 43,192 | 43,192 | ||
Other comprehensive income (loss), net | -15,988 | -15,988 | ||
Issuance and exercise of stock-based compensation, including net tax benefit | 6,591 | 6,591 | ||
Issuance and exercise of stock-based compensation, including net tax benefit, shares | 557 | |||
Stock-based compensation expense | 7,520 | 7,520 | ||
Repurchase of common stock | -17,445 | -17,445 | ||
Repurchase of common stock, shares | -758 | -758 | ||
Ending Balance at Jan. 31, 2015 | $359,524 | $129,094 | ($11,278) | $241,708 |
Ending Balance, shares at Jan. 31, 2015 | 29,418 | 29,418 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (Common Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Common Stock [Member] | |||
Issuance and exercise of stock-based compensation, net tax benefit | $1,355 | $1,232 | $2,094 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities: | |||
Net income | $43,192 | $45,948 | $42,164 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 29,167 | 26,596 | 22,957 |
Deferred taxes | -610 | -978 | -1,630 |
Stock-based compensation expense | 7,520 | 4,094 | 5,996 |
Excess tax benefit from stock-based compensation | -1,355 | -1,232 | -2,094 |
Lease termination costs | -55 | 405 | 1,397 |
Other | 1,164 | 1,842 | 389 |
Changes in operating assets and liabilities: | |||
Receivables | -2,990 | -739 | -2,568 |
Inventories | -10,850 | -9,968 | -2,987 |
Prepaid expenses and other | -4,702 | -1,789 | -1,125 |
Trade accounts payable | 14,744 | 1,714 | -5,626 |
Accrued payroll and payroll taxes | 2,718 | -426 | 1,207 |
Income taxes payable | -23 | -1,484 | 1,843 |
Deferred rent and tenant allowances | 5,937 | 2,367 | 5,469 |
Other liabilities | 6,080 | 544 | 833 |
Net cash provided by operating activities | 89,937 | 66,894 | 66,225 |
Cash flows from investing activities: | |||
Additions to fixed assets | -35,758 | -35,969 | -41,070 |
Acquisitions, net of cash acquired | -70,711 | ||
Purchases of marketable securities and other investments | -125,971 | -124,129 | -121,003 |
Sales and maturities of marketable securities and other investments | 87,856 | 110,479 | 191,705 |
Net cash used in investing activities | -73,873 | -49,619 | -41,079 |
Cash flows from financing activities: | |||
Proceeds from long-term debt and revolving credit facilities | 6,943 | 4,182 | |
Payments on long-term debt, revolving credit facilities, and other liabilities | -9,009 | -4,488 | -258 |
Repurchase of common stock | -19,557 | -17,556 | -25,213 |
Proceeds from exercise of stock-based compensation, net of withholding tax payments | 6,335 | 1,397 | 858 |
Excess tax benefit from stock-based compensation | 1,355 | 1,232 | 2,094 |
Net cash used in financing activities | -13,933 | -15,233 | -22,519 |
Effect of exchange rate changes on cash and cash equivalents | -903 | 13 | 173 |
Net increase in cash and cash equivalents | 1,228 | 2,055 | 2,800 |
Cash and cash equivalents, beginning of period | 19,634 | 17,579 | 14,779 |
Cash and cash equivalents, end of period | 20,862 | 19,634 | 17,579 |
Supplemental disclosure on cash flow information: | |||
Cash paid during the period for income taxes | 28,770 | 28,105 | 27,840 |
Accrual for purchases of fixed assets | 2,372 | 1,491 | 1,942 |
Accrual for repurchase of common stock | $2,112 | $630 |
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation |
Nature of Business—Zumiez Inc., including its wholly-owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading multi-channel specialty retailer of apparel, footwear, accessories and hardgoods rooted in youth culture as expressed through music, art, fashion and action sports lifestyle for young men and women. At January 31, 2015, we operated 603 stores; 550 in the United States (“U.S.”), 35 in Canada and 18 in Europe. We operate under the names Zumiez and Blue Tomato. Additionally, we operate ecommerce websites at www.zumiez.com and www.blue-tomato.com. | |
Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The fiscal years ended January 31, 2015 and February 1, 2013 were 52-week periods. The fiscal year ended February 2, 2013 was a 53-week period. | |
Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. | |
Correction of an Error—Included in cost of goods sold for the fiscal year ended February 1, 2014 was a $2.7 million benefit representing the correction of an error in prior periods related to our calculation to account for rent expense on a straight-line basis. The correction was not material to any previously reported financial period or to the fiscal year ended February 1, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||||||
Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. | |||||||||||||
Fair Value of Financial Instruments—We disclose the estimated fair value of our financial instruments. Financial instruments are generally defined as cash, evidence of ownership interest in an entity or a contractual obligation that both conveys to one entity a right to receive cash or other financial instruments from another entity and imposes on the other entity the obligation to deliver cash or other financial instruments to the first entity. Our financial instruments, other than those presented in Note 11, “Fair Value Measurements,” include cash and cash equivalents, receivables, payables and other liabilities. The carrying amounts of cash and cash equivalents, receivables, payables and other liabilities approximate fair value because of the short-term nature of these instruments. | |||||||||||||
Cash and Cash Equivalents—We consider all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. | |||||||||||||
Concentration of Risk—We maintain our cash and cash equivalents in accounts with major financial institutions in the form of demand deposits, money market accounts and state and local municipal securities. Deposits in these financial institutions may exceed the amount of federal deposit insurance provided on such deposits. We have not experienced any losses on our deposits of cash and cash equivalents. | |||||||||||||
Marketable Securities—Our marketable securities primarily consist of state and local municipal securities and variable-rate demand notes. Variable-rate demand notes are considered highly liquid. Although the variable-rate demand notes have long-term nominal maturity dates, the interest rates generally reset weekly. Despite the long-term nature of the underlying securities of the variable-rate demand notes, we have the ability to quickly liquidate these securities, which have an embedded put option that allows the bondholder to sell the security at par plus accrued interest. | |||||||||||||
Investments are considered to be impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, we evaluate information about the underlying investment that is publicly available such as analyst reports, applicable industry data and other pertinent information and assess our intent and ability to hold the security. For fixed-income securities, we also evaluate whether we have plans to sell the security or it is more likely than not we will be required to sell the security before recovery. The investment would be written down to its fair value at the time the impairment is deemed to have occurred and a new cost basis is established. Future adverse changes in market conditions, continued poor operating results of underlying investments or other factors could result in further losses that may not be reflected in an investment’s current carrying value, possibly requiring an additional impairment charge in the future. | |||||||||||||
Inventories—Merchandise inventories are valued at the lower of cost or fair market value. The cost of merchandise inventories are based upon an average cost methodology. Merchandise inventories may include items that have been written down to our best estimate of their net realizable value. Our decisions to write-down our merchandise inventories are based on their current rate of sale, the age of the inventory, the profitability of the inventory and other factors. We have reserved for inventory at January 31, 2015 and February 1, 2014 in the amounts of $3.7 million and $2.9 million. The inventory reserve includes inventory whose estimated market value is below cost and an estimate for inventory shrinkage. We estimate an inventory shrinkage reserve for anticipated losses for the period. Shrinkage refers to a reduction in inventory due to shoplifting, employee theft and other matters. The inventory related to these reserves is not marked up in subsequent periods. | |||||||||||||
Fixed Assets—Fixed assets primarily consist of leasehold improvements, fixtures, land, buildings, computer equipment, software and store equipment. Fixed assets are stated at cost less accumulated depreciation utilizing the straight-line method over the assets’ estimated useful lives. The useful lives of our major classes of fixed assets are as follows: | |||||||||||||
Leasehold improvements | Lesser of 10 years or the term of the lease | ||||||||||||
Fixtures | 3 to 7 years | ||||||||||||
Computer equipment, software, store equipment & other | 3 to 5 years | ||||||||||||
Buildings and building and land improvements | 15 to 39 years | ||||||||||||
The cost and related accumulated depreciation of assets sold or otherwise disposed of is removed from the accounts and the related gain or loss is recorded in selling, general and administrative expenses on the consolidated statements of income. | |||||||||||||
Valuation of Long-Lived Assets—We review the carrying value of long-lived assets for impairment when factors and circumstances indicate that the carrying values may not be recoverable. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered impaired, the impairment recognized is measured by comparing projected discounted cash flow of the asset to the asset carrying values. The estimation of future cash flows from operating activities requires significant judgments of factors that include future sales, gross profit and operating expenses. Impairment charges are included in selling, general and administrative expenses on the consolidated statements of income. | |||||||||||||
Goodwill—Goodwill represents the excess of purchase price over the fair value of acquired tangible and identifiable intangible net assets. We test goodwill for impairment on an annual basis or more frequently if indicators of impairment are present. We perform our annual impairment measurement test on the first day of the fourth quarter. Events that may trigger an early impairment review include significant changes in the current business climate, future expectations of economic conditions, declines in our operating results of our reporting units, or an expectation that the carrying amount may not be recoverable. | |||||||||||||
We have an option to test goodwill for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. If it is more likely than not that the fair value of the reporting unit is less than the carrying amount or if we choose not to perform the qualitative assessment, we perform a quantitative two-step impairment test. The first step compares the fair value of the reporting unit with its carrying amount of net assets, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of impairment loss, if any. The second step includes estimating the fair value of the reporting unit by taking all of the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. | |||||||||||||
We generally determine the fair value of each of our reporting units based on a blended analysis of the present value of future discounted cash flows and market valuation approach using a multiple of an average annual earnings. Key assumptions used in this calculation include revenue growth, operating expenses, long-term rate of growth and the probability of the reporting unit, working capital impacts and a discount rate that we believe a buyer would assume when determining a purchase price for the reporting unit. Estimates of revenue growth and operating expenses are based on internal projections considering a reporting unit’s past performance and forecasted growth, local market economics and the local business environment impacting the reporting unit’s performance. These estimates are highly subjective judgments and can be significantly impacted by changes in the business or economic conditions. | |||||||||||||
Intangible Assets—Our intangible assets consist of trade names and trademarks with indefinite lives and certain definite-lived intangible assets. We test our indefinite-lived intangible assets for impairment on an annual basis, or more frequently if indicators of impairment are present. We test our indefinite-lived assets by estimating the fair value of the asset and comparing that to the carrying value, an impairment loss is recorded for the amount that carrying value exceeds the estimated fair value. The fair value of the trade names and trademarks is determined using the relief from royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. The assumptions used in this method requires management judgment and estimates in forecasting future sales, expenses, discount rates, and royalty rates. | |||||||||||||
Definite-lived intangible assets, which consist of developed technology and customer relationships, are amortized using the straight-line method over their estimated useful lives. Additionally, we test the definite-lived intangible assets when facts and circumstances indicate that the carrying values may not be recoverable. We first assess the recoverability of our definite-lived intangible assets by comparing the undiscounted cash flows of the definite-lived asset less its carrying value. If the undiscounted cash flows are less than the carrying value, we then determine the estimated fair value of our definite-lived asset by taking the estimated future operating cash flows derived from the operation to which the asset relates over its remaining useful life, using a discounted cash flow analysis and comparing it to the carrying value. Any impairment would be measured as the difference between the carrying amount and the estimated fair value. Changes in any of these estimates, projections and assumptions could have a material effect of the fair value of these assets in future measurement periods and result in an impairment which could materially affect our results of operations. | |||||||||||||
Deferred Rent, Rent Expense and Tenant Allowances—We lease our stores and certain corporate and other operating facilities under operating leases. A majority of our leases provide for ongoing co-tenancy requirements or early cancellation clauses that would further lower rental rates, or permit lease terminations, or both, in the event that co-tenants cease to operate for specific periods or if certain sales levels are not met in specific periods. Most of the store leases require payment of a specified minimum rent and a contingent rent based on a percentage of the store’s net sales in excess of a specified threshold, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. Most of the lease agreements have defined escalating rent provisions, which are straight-lined over the term of the related lease. We recognize rent expense over the term of the lease, plus the construction period prior to occupancy of the retail location. For certain locations, we receive tenant allowances and report these amounts as a liability, which is amortized as a reduction to rent expense over the term of the lease. | |||||||||||||
Claims and Contingencies—We are subject to various claims and contingencies related to lawsuits, insurance, regulatory and other matters arising out of the normal course of business. We accrue a liability if the likelihood of an adverse outcome is probable and the amount is estimable. If the likelihood of an adverse outcome is only reasonably possible (as opposed to probable), or if an estimate is not determinable, we provide disclosure of a material claim or contingency in the Notes to the Consolidated Financial Statements. | |||||||||||||
Revenue Recognition—Sales are recognized upon purchase at our retail store locations. For our ecommerce sales, revenue is recognized upon estimated delivery to the customer. Taxes collected from our customers are recorded on a net basis. We record the sale of gift cards as a current liability and recognize revenue when a customer redeems a gift card. Additionally, the portion of gift cards that will not be redeemed (“gift card breakage”) is recognized in net sales after 24 months, at which time the likelihood of redemption is considered remote based on our historical redemption patterns. For the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, we recorded net sales related to gift card breakage income of $0.9 million, $0.8 million and $0.7 million. Revenue is recorded net of estimated and actual sales returns and deductions for promotions. We accrue for estimated sales returns by customers based on historical sales return results. The allowance for sales returns at January 31, 2015 and February 1, 2014 was $2.0 million and $1.6 million. | |||||||||||||
We have a customer loyalty program, the Zumiez Stash, which allows members to earn points for purchases or performance of certain activities. The points can be redeemed for a broad range of rewards, including product and experiential rewards. Points earned for purchases are recorded as a reduction of net sales based on the fair value of the points at the time the points are earned and the revenue is recognized upon redemption of points for rewards. Points earned for the performance of activities are recorded as marketing expense based on the estimated cost of the points. | |||||||||||||
Cost of Goods Sold—Cost of goods sold consists of branded merchandise costs and our private label merchandise costs including design, sourcing, importing and inbound freight costs. Our cost of goods sold also includes shrinkage, buying, occupancy, ecommerce fulfillment, distribution and warehousing costs (including associated depreciation) and freight costs for store merchandise transfers. Cash consideration received from vendors is reported as a reduction of cost of goods sold if the inventory has sold, a reduction of the carrying value of the inventory if the inventory is still on hand, or a reduction of selling, general and administrative expense if the amounts are reimbursements of specific, incremental and identifiable costs of selling the vendors’ products. | |||||||||||||
Shipping Revenue and Costs—We include shipping revenue related to ecommerce sales in net sales and the related freight cost is charged to cost of goods sold. | |||||||||||||
Selling, General and Administrative Expense—Selling, general and administrative expenses consist primarily of store personnel wages and benefits, administrative staff and infrastructure expenses, freight costs for merchandise shipments from the distribution centers to the stores, store supplies, depreciation on fixed assets at the home office and stores, facility expenses, training expenses and advertising and marketing costs. Credit card fees, insurance, public company expenses, legal expenses, amortization of intangibles assets and other miscellaneous operating costs are also included in selling, general and administrative expenses. | |||||||||||||
Advertising—We expense advertising costs as incurred, except for catalog costs, which are expensed once the catalog is mailed. Advertising expenses are net of sponsorships and vendor reimbursements. Advertising expense was $9.4 million, $8.7 million and $6.0 million for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. | |||||||||||||
Future Incentive Payments—In conjunction with our acquisition of Blue Tomato during the fiscal year ended February 2, 2013, there is the possibility of future incentive payments to the sellers and certain employees of Blue Tomato in an aggregate amount of up to 22.1 million Euros ($25.0 million, using the exchange rate as of January 31, 2015) to the extent that certain financial metrics are met and the sellers and certain employees remain employed with Blue Tomato through April 2015. We estimate future incentive payments based on internal projections of future Blue Tomato financial performance. | |||||||||||||
Stock-Based Compensation—We account for stock-based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. Stock-based compensation expense is attributed to earnings using an accelerated method for stock options and a straight-line method for restricted stock. We estimate forfeitures of stock-based awards based on historical experience and expected future activity. | |||||||||||||
The fair value of restricted stock awards is measured based on the closing price of our common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model based on the following assumptions: | |||||||||||||
Volatility—This is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate. We use actual daily historical changes in the market value of our stock equal to the expected term of the option. | |||||||||||||
Risk-free interest rate—This is the U.S. Treasury rate as of the grant date having a term equal to the expected term of the option. | |||||||||||||
Expected term—The expected term was calculated using the simplified method. Under this method, the expected term is equal to the sum of the weighted average vesting term plus the original contractual term divided by two. We have elected this method as we have concluded that we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time our equity shares have been publicly traded. | |||||||||||||
Dividend yield—We do not have plans to pay dividends in the foreseeable future. | |||||||||||||
The following weighted-average assumptions were used to estimate the fair value of stock options granted: | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Volatility rate | 63.7 | % | 66.4 | % | 66.7 | % | |||||||
Weighted-average expected life (in years) | 6.25 | 6.25 | 6.25 | ||||||||||
Weighted-average risk-free interest rate | 1.9 | % | 1.1 | % | 1.1 | % | |||||||
Weighted-average fair value per share of stock options granted | $ | 15.26 | $ | 15.07 | $ | 19.4 | |||||||
Common Stock Share Repurchases—We may repurchase shares of our common stock under authorizations made from time to time by our Board of Directors. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the consolidated financial statements. Instead, the value of repurchased shares is deducted from retained earnings. | |||||||||||||
Income Taxes—We use the asset and liability method of accounting for income taxes. Using this method, deferred tax assets and liabilities are recorded based on the differences between the financial reporting and tax basis of assets and liabilities. The deferred tax assets and liabilities are calculated using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, it is determined that it is more likely than not that all or some portion of the deferred tax benefit will not to be realized. | |||||||||||||
We regularly evaluate the likelihood of realizing the benefit for income tax positions that we have taken in various federal, state and foreign filings by considering all relevant facts, circumstances and information available. If we believe it is more likely than not that our position will be sustained, we recognize a benefit at the largest amount that we believe is cumulatively greater than 50% likely to be realized. Interest and penalties related to income tax matters are classified as a component of income tax expense. Unrecognized tax benefits are recorded in other liabilities and long-term debt and other liabilities on the consolidated balance sheets. | |||||||||||||
Our tax provision for interim periods is determined using an estimate of our annual effective rate, adjusted for discrete items, if any, that are taken into account in the relevant period. As the fiscal year progresses, we periodically refine our estimate based on actual events and earnings by jurisdiction. This ongoing estimation process can result in changes to our expected effective tax rate for the full fiscal year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that our year-to-date provision equals our expected annual rate. | |||||||||||||
Earnings per Share—Basic earnings per share is based on the weighted average number of common shares outstanding during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. Diluted earnings per share is based on the weighted average number of common shares and common share equivalents outstanding during the period. Common share equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options, employee stock purchase plan funds held to acquire stock and non-vested restricted stock. Potentially anti-dilutive securities not included in the calculation of diluted earnings per share are options to purchase common stock where the option exercise price is greater than the average market price of our common stock during the period reported. | |||||||||||||
Foreign Currency Translation—Assets and liabilities denominated in foreign currencies were translated into U.S. dollars, the reporting currency, at the exchange rate prevailing at the balance sheet date. Revenue and expenses denominated in foreign currencies were translated into U.S. dollars at the monthly average exchange rate for the period and the translation adjustments are reported as an element of accumulated other comprehensive income on the consolidated balance sheets. | |||||||||||||
Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. | |||||||||||||
Recently Adopted Accounting Standards— In August 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance which provides details on when and how to disclose going concern uncertainties. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year and to provide certain footnote disclosures if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued guidance which requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The guidance allows for a prospective adoption to all awards granted or modified after the effective date or retrospective adoption to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statement and to all new or modified awards thereafter. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted. We early adopted this guidance for the fiscal quarter ended August 2, 2014 and the adoption did not have a material impact on our consolidated financial statements. | |||||||||||||
In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We will adopt this guidance for the fiscal quarter ending April 29, 2017. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our financial position, results of operations and cash flows. | |||||||||||||
In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations, as well as requiring new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted for disposals that have not been reported in financial statements previously issued. We will adopt this guidance for the fiscal quarter ending May 2, 2015 and we do not expect the adoption will have a material impact on our consolidated financial statements. |
Business_Combination
Business Combination | 12 Months Ended |
Jan. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination | 3. Business Combination |
Blue Tomato—On July 4, 2012, we acquired 100% of the outstanding stock of Blue Tomato for cash consideration of 59.5 million Euros ($74.8 million). Blue Tomato is a leading European multi-channel retailer for board sports and related apparel and footwear and the acquisition allows us to enter into the European marketplace. | |
In addition, there is the possibility of future incentive payments to the sellers and certain employees of Blue Tomato in an aggregate amount of up to 22.1 million Euros ($25.0 million, using the exchange rate as of January 31, 2015) to the extent that certain financial metrics are met related to (i) the obtainment of certain EBITDA performance of Blue Tomato for the twelve months ending April 30, 2015 and (ii) the opening and performance of certain defined incremental stores in the European market by April 30, 2015. The payout of the financial incentive payments requires that the sellers and certain employees remain employed with Blue Tomato through April 30, 2015. Of the 22.1 million Euros future incentive payments, 17.1 million Euros ($19.4 million) is payable in cash, while 5.0 million Euros ($5.7 million) is payable in shares of our common stock. Our future incentive payments calculation requires estimates of future Blue Tomato performance, including forecasting future sales, gross profit, operating expenses, number of new stores and capital expenditures. We account for the estimated future incentive payments as compensation expense, which is included in selling, general and administrative expense on the consolidated statements of income, and recognize this amount ratably over the term of service through April 2015. | |
At January 31, 2015, we estimated that it was probable that Blue Tomato will achieve the metrics related to the opening and performance of certain defined incremental stores and we will be obligated to pay 6.0 million Euros ($6.8 million) for future incentive payments of which 3.0 million Euros ($3.4 million) will be payable in cash and 3.0 million Euros ($3.4 million) will be payable in shares of our common stock. This was primarily due to strong performance in the European operations, driven by a $15.7 million or 32.4% increase in net sales during fiscal 2014 compared to fiscal 2013, increased performance of certain incremental stores, and strengthening macro-economic factors. Our Blue Tomato operations are seasonal, with the largest portion of net sales and net income occurring in the fourth fiscal quarter. As a result of strong performance in the fourth quarter of fiscal 2014, driven by sales of winter related goods, we estimated at January 31, 2015 that the Blue Tomato business will achieve the metrics related to the opening and performance of certain defined incremental stores. For the fiscal year ended January 31, 2015, we recorded an expense for future incentive payments of $6.4 million. | |
At February 1, 2014, we estimated that we would not be obligated for future incentive payments and reversed $5.8 million of previously recorded expense associated with the future incentive payments. We determined in the fourth quarter of fiscal 2013 based on the internal projections, which considered historical performance, forecasted store openings and macro-economic factors, that the financial metrics were not expected to be met to achieve the payout of the financial incentive payments. Due to the difficult retail environment in fiscal 2013 and the fiscal 2014 outlook, we did not anticipate we would be obligated to pay a portion of the future incentive payments. For the fiscal year ended February 2, 2013, we recorded an expense for future incentive payments of $2.3 million. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets | ||||||||||||
The following tables summarize the changes in the carrying amount of goodwill (in thousands): | |||||||||||||
Balance as of February 2, 2013 | $ | 64,576 | |||||||||||
Effects of foreign currency translation | (381 | ) | |||||||||||
Balance as of February 1, 2014 | 64,195 | ||||||||||||
Effects of foreign currency translation | (8,343 | ) | |||||||||||
Balance as of January 31, 2015 | $ | 55,852 | |||||||||||
There was no impairment of goodwill for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. | |||||||||||||
The following table summarizes the gross carrying amount, accumulated amortization and the net carrying amount of intangible assets (in thousands): | |||||||||||||
January 31, 2015 | |||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||
Amount | Amortization | Assets, Net | |||||||||||
Intangible assets not subject to amortization: | |||||||||||||
Trade names and trademarks | $ | 12,226 | $ | — | $ | 12,226 | |||||||
Intangible assets subject to amortization: | |||||||||||||
Developed technology | 3,396 | 2,925 | 471 | ||||||||||
Customer relationships | 2,516 | 2,151 | 365 | ||||||||||
Total intangible assets | $ | 18,138 | $ | 5,076 | $ | 13,062 | |||||||
1-Feb-14 | |||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||
Amount | Amortization | Assets, Net | |||||||||||
Intangible assets not subject to amortization: | |||||||||||||
Trade names and trademarks | $ | 14,615 | $ | — | $ | 14,615 | |||||||
Intangible assets subject to amortization: | |||||||||||||
Developed technology | 4,060 | 2,143 | 1,917 | ||||||||||
Customer relationships | 3,008 | 1,570 | 1,438 | ||||||||||
Total intangible assets | $ | 21,683 | $ | 3,713 | $ | 17,970 | |||||||
There was no impairment of intangible assets for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. | |||||||||||||
Amortization expense of intangible assets for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2015 was $2.3 million, $2.3 million and $1.3 million. Amortization expense of intangible assets is recorded in selling, general and administrative expense on the consolidated statements of income. The future amortization expense of intangible assets will be $0.8 million in fiscal 2015. |
Cash_Cash_Equivalents_and_Mark
Cash, Cash Equivalents and Marketable Securities | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | 5. Cash, Cash Equivalents and Marketable Securities | ||||||||||||||||||||||||
The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): | |||||||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 10,251 | $ | — | $ | — | $ | 10,251 | |||||||||||||||||
Money market funds | 7,061 | — | — | 7,061 | |||||||||||||||||||||
State and local government securities | 3,550 | — | — | 3,550 | |||||||||||||||||||||
Total cash and cash equivalents | 20,862 | — | — | 20,862 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 102,888 | 73 | (186 | ) | 102,775 | ||||||||||||||||||||
Variable-rate demand notes | 31,830 | — | — | 31,830 | |||||||||||||||||||||
Total marketable securities | $ | 134,718 | $ | 73 | $ | (186 | ) | $ | 134,605 | ||||||||||||||||
Less: Long-term marketable securities (1) | (823 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 133,782 | |||||||||||||||||||||||
1-Feb-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 17,973 | $ | — | $ | — | $ | 17,973 | |||||||||||||||||
Money market funds | 1,211 | — | — | 1,211 | |||||||||||||||||||||
State and local government securities | 450 | — | — | 450 | |||||||||||||||||||||
Total cash and cash equivalents | 19,634 | — | — | 19,634 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 72,968 | 64 | (191 | ) | 72,841 | ||||||||||||||||||||
Variable-rate demand notes | 25,505 | — | — | 25,505 | |||||||||||||||||||||
Total marketable securities | $ | 98,473 | $ | 64 | $ | (191 | ) | $ | 98,346 | ||||||||||||||||
Less: Long-term marketable securities (1) | (825 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 97,521 | |||||||||||||||||||||||
-1 | At January 31, 2015 and February 1, 2014, we held one auction rate security, classified as available-for-sale marketable securities and included in long-term other assets on the consolidated balance sheets. | ||||||||||||||||||||||||
All of our available-for-sale securities, excluding our auction rate security, have an effective maturity date of two years or less and may be liquidated, at our discretion, prior to maturity. | |||||||||||||||||||||||||
The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): | |||||||||||||||||||||||||
31-Jan-15 | |||||||||||||||||||||||||
Less Than Twelve Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | $ | 27,701 | $ | (9 | ) | $ | 823 | $ | (177 | ) | $ | 28,524 | $ | (186 | ) | ||||||||||
Total marketable securities | $ | 27,701 | $ | (9 | ) | $ | 823 | $ | (177 | ) | $ | 28,524 | $ | (186 | ) | ||||||||||
1-Feb-14 | |||||||||||||||||||||||||
Less Than Twelve Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | $ | 26,637 | $ | (15 | ) | $ | 2,081 | $ | (176 | ) | $ | 28,718 | $ | (191 | ) | ||||||||||
Total marketable securities | $ | 26,637 | $ | (15 | ) | $ | 2,081 | $ | (176 | ) | $ | 28,718 | $ | (191 | ) | ||||||||||
We did not record a realized loss for other-than-temporary impairments during the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. |
Receivables
Receivables | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Receivables | 6. Receivables | ||||||||
Receivables consisted of the following (in thousands): | |||||||||
January 31, 2015 | February 1, 2014 | ||||||||
Credit cards receivable | $ | 7,781 | $ | 5,299 | |||||
Tenant allowances receivable | 1,555 | 1,391 | |||||||
Other receivables | 3,317 | 3,604 | |||||||
Receivables | $ | 12,653 | $ | 10,294 | |||||
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Fixed Assets | 7. Fixed Assets | ||||||||||||
Fixed assets consisted of the following (in thousands): | |||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||
Leasehold improvements | $ | 151,703 | $ | 136,953 | |||||||||
Fixtures | 75,683 | 74,333 | |||||||||||
Buildings, land and building and land improvements | 28,087 | 27,786 | |||||||||||
Computer equipment, software, store equipment and other | 33,803 | 27,704 | |||||||||||
Fixed assets, at cost | 289,276 | 266,776 | |||||||||||
Less: Accumulated depreciation | (153,634 | ) | (139,433 | ) | |||||||||
Fixed assets, net | $ | 135,642 | $ | 127,343 | |||||||||
Depreciation expense on fixed assets is recognized on our consolidated income statement as follows (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Cost of goods sold | $ | 1,230 | $ | 1,086 | $ | 875 | |||||||
Selling, general and administrative expenses | 23,513 | 21,281 | 18,506 | ||||||||||
Depreciation expense | $ | 24,743 | $ | 22,367 | $ | 19,381 | |||||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Liabilities | 8. Other Liabilities | ||||||||
Other liabilities consisted of the following (in thousands): | |||||||||
January 31, 2015 | February 1, 2014 | ||||||||
Accrued payables | $ | 4,993 | $ | 7,026 | |||||
Unredeemed gift cards | 4,980 | 4,410 | |||||||
Accrued indirect taxes | 4,691 | 3,592 | |||||||
Deferred revenue | 3,632 | 1,677 | |||||||
Future incentive payments | 3,096 | — | |||||||
Allowance for sales returns | 1,986 | 1,582 | |||||||
Accrued legal settlement | — | 1,250 | |||||||
Other current liabilities | 1,194 | 1,739 | |||||||
Other liabilities | $ | 24,572 | $ | 21,276 | |||||
Revolving_Credit_Facilities_an
Revolving Credit Facilities and Debt | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Revolving Credit Facilities and Debt | 9. Revolving Credit Facilities and Debt | ||||||||
We maintain a secured credit agreement with Wells Fargo Bank, N.A., which provides us with a secured revolving credit facility until September 1, 2016 of up to $25.0 million, which, pursuant to an accordion feature, may be increased to $35.0 million at our discretion. The secured revolving credit facility provides for the issuance of a standby letter of credit in an amount not to exceed $5.0 million outstanding at any time and with a term not to exceed 365 days. The commercial line of credit provides for the issuance of a commercial letter of credit in an amount not to exceed $10.0 million and with terms not to exceed 120 days. The amount of borrowings available at any time under our secured revolving credit facility is reduced by the amount of standby and commercial letters of credit outstanding at that time. The secured revolving credit facility bears interest at the Daily Three Month LIBOR rate plus 1.00%. The credit agreement contains a number of restrictions and covenants that generally limit our ability to, among other things, (1) incur additional debt, (2) undergo a change in ownership and (3) enter into certain transactions. The credit agreement also contains financial covenants that require us to meet certain specified financial tests and ratios, including, a maximum net income after taxes of not less than one dollar on a trailing four-quarter basis provided, that, there shall be added to net income all charges for impairment of goodwill and other intangibles and up to an aggregate of $5.0 million of store asset impairment, and a minimum quick ratio of 1.25. The quick ratio is defined as our cash and near cash equivalents plus certain defined receivables divided by the borrowings outstanding. Our accounts receivable, general intangibles, inventory and equipment have been pledged to secure our obligations under the credit agreement. We must also provide financial information and statements to our lender. We were in compliance with all such covenants at January 31, 2015. There were no borrowings outstanding under the secured revolving credit facility at January 31, 2015 and February 1, 2014. We had open commercial letters of credit outstanding under our secured revolving credit facility at January 31, 2015 and February 1, 2014 of $0.3 million. | |||||||||
Additionally, we have revolving lines of credit of up to 9.0 million Euros and other long-term debt, the proceeds of which are used to fund certain international operations. The revolving lines of credit bears interest at 1.60%-1.65%. There were no borrowings outstanding under these revolving lines of credit at January 31, 2015 and February 1, 2014. Long-term debt obligations are as follows (in thousands): | |||||||||
January 31, 2015 | February 1, 2014 | ||||||||
Debt obligations | $ | — | $ | 1,933 | |||||
Less: Current portion of debt obligations (1) | — | (325 | ) | ||||||
Total long-term debt obligations (2) | $ | — | $ | 1,608 | |||||
-1 | The current portion of debt obligations is recorded in other liabilities on the consolidated balance sheets. | ||||||||
-2 | The long-term portion of debt obligations is recorded in long-term debt and other liabilities on the consolidated balance sheets. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | 10. Commitments and Contingencies | ||||||||||||
Operating Leases—Total rent expense is as follows (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Minimum rent expense (1) | $ | 62,336 | $ | 51,131 | $ | 47,279 | |||||||
Contingent rent expense | 2,219 | 2,312 | 2,705 | ||||||||||
Total rent expense (2) | $ | 64,555 | $ | 53,443 | $ | 49,984 | |||||||
-1 | Included in minimum rent expense for the fiscal year ended February 1, 2014 is a benefit of $2.7 million representing the correction of an error related to our calculation to account for rent expense on a straight-line basis. | ||||||||||||
-2 | Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $35.6 million, $32.0 million, and $28.0 million for the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013. | ||||||||||||
Future minimum lease payments at January 31, 2015 are as follows (in thousands): | |||||||||||||
Fiscal 2015 | $ | 61,452 | |||||||||||
Fiscal 2016 | 60,191 | ||||||||||||
Fiscal 2017 | 56,120 | ||||||||||||
Fiscal 2018 | 50,686 | ||||||||||||
Fiscal 2019 | 43,842 | ||||||||||||
Thereafter | 151,473 | ||||||||||||
Total (1) | $ | 423,764 | |||||||||||
-1 | Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations. | ||||||||||||
Purchase Commitments—At January 31, 2015 and February 1, 2014, we had outstanding purchase orders to acquire merchandise from vendors of $192.9 million and $132.6 million. We have an option to cancel these commitments with no notice prior to shipment, except for certain private label purchase orders in which we are obligated to repay contractual amounts upon cancellation. | |||||||||||||
Litigation—We are involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. We have made accruals with respect to these matters, where appropriate, which are reflected in our consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if we believe settlement is in the best interest of our shareholders. | |||||||||||||
On February 15, 2013, a putative class action lawsuit, Robert Steele v. Zumiez Inc., was filed against the Company in the Superior Court of the State of California, County of San Francisco. The lawsuit purported to be brought on behalf of a class of all persons who are employed, or who have worked as, assistant store managers for the Company in the State of California from February 15, 2009 through the date of certification of the class in the lawsuit. The lawsuit alleged causes of action for failure to pay overtime wages, failure to pay wages for work done off-the-clock, failure to provide meal periods and rest breaks (and to pay meal and rest period premiums), failure to pay terminated employees all wages due at the time of termination, failure to provide employees with accurate itemized wage statements, failure to reimburse employees for business expenses and unfair business practices and declaratory relief. On November 12, 2013, the parties in the Steele case agreed to a conditional settlement in the amount of $1.3 million. A hearing was held on November 24, 2014 and the settlement was approved by the Court. The settlement was paid in the quarter ended January 31, 2015. | |||||||||||||
Insurance Reserves—We use a combination of third-party insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits. We maintain reserves for our self-insured losses, which are estimated based on historical claims experience and actuarial and other assumptions. The self-insurance reserve at January 31, 2015 and February 1, 2014 was $1.8 million and $1.7 million. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Measurements | 11. Fair Value Measurements | ||||||||||||
We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities; | ||||||||||||
• | Level 2—Quoted prices for similar assets or liabilities in active markets or inputs that are observable; and | ||||||||||||
• | Level 3—Inputs that are unobservable. | ||||||||||||
The following tables summarize assets measured at fair value on a recurring basis (in thousands): | |||||||||||||
January 31, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 7,061 | $ | — | $ | — | |||||||
State and local government securities | — | 3,550 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 101,952 | — | ||||||||||
Variable-rate demand notes | — | 31,830 | — | ||||||||||
Long-term other assets: | |||||||||||||
State and local government securities | — | — | 823 | ||||||||||
Equity investments | — | — | 123 | ||||||||||
Total | $ | 7,061 | $ | 137,332 | $ | 946 | |||||||
1-Feb-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 1,211 | $ | — | $ | — | |||||||
State and local government securities | — | 450 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 72,016 | — | ||||||||||
Variable-rate demand notes | — | 25,505 | — | ||||||||||
Long-term other assets: | |||||||||||||
State and local government securities | — | — | 825 | ||||||||||
Equity investments | — | — | 147 | ||||||||||
Total | $ | 1,211 | $ | 97,971 | $ | 972 | |||||||
Our policy is to recognize transfers into and transfers out of hierarchy levels as of the actual date of the event or change in circumstances that caused the transfer. | |||||||||||||
The Level 2 marketable securities primarily include state and local municipal securities and variable-rate demand notes. Fair values are based on quoted market prices for similar assets or liabilities or determined using inputs that use readily observable market data that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. We review the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believe that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. We monitor security-specific valuation trends and we make inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. | |||||||||||||
Assets measured at fair value on a nonrecurring basis include items such as long-lived assets resulting from impairment, if deemed necessary. There were no material assets measured at fair value on a nonrecurring basis for the fiscal years ended January 31, 2015 and February 1, 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Stockholders' Equity | 12. Stockholders’ Equity | ||||||||||||
Share Repurchase— In November 2012, we publicly announced that our Board of Directors authorized us to repurchase $22.0 million of our common stock. This repurchase program was completed in December 2012. In December 2012, our Board of Directors authorized a stock repurchase program that provided for the repurchase of up to an additional $20.0 million of outstanding common stock and $7.5 million of outstanding common stock was repurchased under that program. In December 2013, the Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $30.0 million of outstanding common stock. This stock repurchase program replaces the existing stock repurchase program that was authorized in December 2012, which had $12.5 million remaining of the authorized amount to repurchase shares under that program and was set to expire on February 1, 2014. On December 10, 2014 our Board of Directors superseded and replaced this program with a new $30.0 million share repurchase program that is expected to continue through January 30, 2016, unless the time period is extended or shortened by the Board of Directors. | |||||||||||||
The following table summarizes common stock repurchase activity during the fiscal year ended January 31, 2015 (in thousands except average price per repurchased shares): | |||||||||||||
Number of shares repurchased | 758 | ||||||||||||
Average price per share of repurchased shares (with commission) | $ | 23.03 | |||||||||||
Total cost of shares repurchased | $ | 17,445 | |||||||||||
At January 31, 2015, there remains $30.0 million available to repurchase shares under the current share repurchase program. | |||||||||||||
Accumulated Other Comprehensive Income (Loss)—The component of accumulated other comprehensive income (loss) and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive income (loss) into net income is as follows (in thousands): | |||||||||||||
Foreign | Net | Accumulated | |||||||||||
currency | unrealized | other | |||||||||||
translation | gains | comprehensive | |||||||||||
adjustments | (losses) on | income (loss) | |||||||||||
available- | |||||||||||||
for-sale | |||||||||||||
investments | |||||||||||||
Balance at January 28, 2012 | $ | (19 | ) | $ | 154 | $ | 135 | ||||||
Other comprehensive income (loss) before reclassifications, net of tax (1) | 6,040 | (79 | ) | 5,961 | |||||||||
Reclassifications recorded in: | |||||||||||||
Other (expense) income, net | — | (141 | ) | (141 | ) | ||||||||
Provision for income taxes | — | 55 | 55 | ||||||||||
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | — | (86 | ) | (86 | ) | ||||||||
Other comprehensive income (loss), net | 6,040 | (165 | ) | 5,875 | |||||||||
Balance at February 2, 2013 | 6,021 | (11 | ) | 6,010 | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax (1) | (1,231 | ) | (92 | ) | (1,323 | ) | |||||||
Reclassifications recorded in: | |||||||||||||
Other (expense) income, net | — | 28 | 28 | ||||||||||
Provision for income taxes | — | (5 | ) | (5 | ) | ||||||||
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | — | 23 | 23 | ||||||||||
Other comprehensive income (loss), net | (1,231 | ) | (69 | ) | (1,300 | ) | |||||||
Balance at February 1, 2014 | 4,790 | (80 | ) | 4,710 | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax (1) | (15,995 | ) | 6 | (15,989 | ) | ||||||||
Reclassifications recorded in: | |||||||||||||
Other (expense) income, net | — | 2 | 2 | ||||||||||
Provision for income taxes | — | (1 | ) | (1 | ) | ||||||||
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | — | 1 | 1 | ||||||||||
Other comprehensive income (loss), net | (15,995 | ) | 7 | (15,988 | ) | ||||||||
Balance at January 31, 2015 | $ | (11,205 | ) | $ | (73 | ) | $ | (11,278 | ) | ||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of less than $0.1 million for the fiscal year ended January 31, 2015 and $0.1 million for the fiscal years ended February 1, 2014 and February 2, 2013 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive income (loss). Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity_Awards
Equity Awards | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Equity Awards | 13. Equity Awards | ||||||||||||||||
General—We maintain several equity incentive plans under which we may grant incentive stock options, nonqualified stock options, stock bonuses, restricted stock awards, restricted stock units and stock appreciation rights to employees (including officers), non-employee directors and consultants. | |||||||||||||||||
Stock-Based Compensation—Total stock-based compensation expense is recognized on our consolidated income statements as follows (in thousands): | |||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||
Cost of goods sold | $ | 1,048 | $ | 990 | $ | 1,033 | |||||||||||
Selling, general and administrative expenses (1) | 6,472 | 3,104 | 4,963 | ||||||||||||||
Total stock-based compensation expense | $ | 7,520 | $ | 4,094 | $ | 5,996 | |||||||||||
-1 | Included in stock-based compensation expense recognized in selling, general and administrative expenses is $3.1 million of expense associated with the estimated future incentive payments payable in shares of our common stock for the fiscal year ended January 31, 2015 and is a $0.9 million benefit associated with the reversal of the estimated future incentive payments payable in shares of our common stock associated with the Blue Tomato acquisition for the fiscal year ended February 1, 2014. | ||||||||||||||||
At January 31, 2015, there was $6.1 million of total unrecognized compensation cost related to unvested stock options and restricted stock. This cost has a weighted-average recognition period of 1.1 years. | |||||||||||||||||
Restricted Stock—The following table summarizes restricted stock activity (in thousands, except grant date weighted-average fair value): | |||||||||||||||||
Restricted | Grant Date | Intrinsic | |||||||||||||||
Stock | Weighted- | Value (1) | |||||||||||||||
Average Fair | |||||||||||||||||
Value | |||||||||||||||||
Outstanding at January 28, 2012 | 503 | $ | 16.79 | ||||||||||||||
Granted | 154 | $ | 33.98 | ||||||||||||||
Vested | (236 | ) | $ | 15.21 | |||||||||||||
Forfeited | (39 | ) | $ | 24.03 | |||||||||||||
Outstanding at February 2, 2013 | 382 | $ | 23.97 | ||||||||||||||
Granted | 198 | $ | 25.45 | ||||||||||||||
Vested | (193 | ) | $ | 19.54 | |||||||||||||
Forfeited | (26 | ) | $ | 27.27 | |||||||||||||
Outstanding at February 1, 2014 | 361 | $ | 26.91 | ||||||||||||||
Granted | 176 | $ | 25.76 | ||||||||||||||
Vested | -154 | $ | 26.31 | ||||||||||||||
Forfeited | (40 | ) | $ | 27.14 | |||||||||||||
Outstanding at January 31, 2015 | 343 | $ | 26.56 | $ | 12,783 | ||||||||||||
-1 | Intrinsic value for restricted stock is defined as the market value of the outstanding restricted stock on the last business day of the fiscal year. | ||||||||||||||||
The following table summarizes additional information related to restricted stock activity (in thousands): | |||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||
Vest-date fair value of restricted stock vested | $ | 3,916 | $ | 4,981 | $ | 8,174 | |||||||||||
Stock Options—The following table summarizes stock option activity (in thousands, except grant date weighted-average exercise price and weighted-average remaining contractual life): | |||||||||||||||||
Stock Options | Grant Date | Weighted-Average | Intrinsic | ||||||||||||||
Weighted- | Remaining | Value (1) | |||||||||||||||
Average Exercise | Contractual Life | ||||||||||||||||
Price | (in Years) | ||||||||||||||||
Outstanding at January 28, 2012 | 888 | $ | 16.18 | ||||||||||||||
Granted | 55 | $ | 31.79 | ||||||||||||||
Exercised | (74 | ) | $ | 8.53 | |||||||||||||
Forfeited | (49 | ) | $ | 20.91 | |||||||||||||
Outstanding at February 2, 2013 | 820 | $ | 17.62 | ||||||||||||||
Granted | 47 | $ | 24.81 | ||||||||||||||
Exercised | (152 | ) | $ | 6.64 | |||||||||||||
Forfeited | (24 | ) | $ | 35.96 | |||||||||||||
Outstanding at February 1, 2014 | 691 | $ | 19.86 | ||||||||||||||
Granted | 31 | $ | 25.49 | ||||||||||||||
Exercised | (397 | ) | $ | 14.82 | |||||||||||||
Forfeited | (74 | ) | $ | 32.63 | |||||||||||||
Outstanding at January 31, 2015 | 251 | $ | 24.76 | 4.4 | $ | 3,154 | |||||||||||
Exercisable at January 31, 2015 | 180 | $ | 24.14 | 2.9 | $ | 2,387 | |||||||||||
Vested or expected to vest at January 31, 2015 (2) | 220 | $ | 24.27 | 4 | $ | 3,153 | |||||||||||
-1 | Intrinsic value for stock options is defined as the difference between the market price of our common stock on the last business day of the fiscal year and the weighted average exercise price of in-the-money options outstanding at the end of the fiscal year. | ||||||||||||||||
-2 | Includes outstanding vested options as well as outstanding, non-vested options after a forfeiture rate is applied. | ||||||||||||||||
The following table summarizes additional information related to stock option activity (in thousands): | |||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 6,756 | $ | 3,408 | $ | 1,655 | |||||||||||
Vest-date fair value of stock options | $ | 83 | $ | 2,024 | $ | 4,881 | |||||||||||
The following table summarizes outstanding and exercisable options by exercise price at January 31, 2015: | |||||||||||||||||
Options Outstanding | Options | ||||||||||||||||
Exercisable | |||||||||||||||||
Exercise Price | Number of | Weighted-Average | Number of Options | ||||||||||||||
Options | Remaining | (in thousands) | |||||||||||||||
(in thousands) | Contractual Life | ||||||||||||||||
Under $ 10.00 | 45 | 2.9 | 45 | ||||||||||||||
$ 10.01-$ 20.00 | 8 | 5.2 | 8 | ||||||||||||||
$ 20.01-$ 30.00 | 103 | 6.7 | 39 | ||||||||||||||
$ 30.01-$ 40.00 | 95 | 2.5 | 88 | ||||||||||||||
Total | 251 | 180 | |||||||||||||||
Employee Stock Purchase Plan—We offer an Employee Stock Purchase Plan (the “ESPP”) for eligible employees to purchase our common stock at a 15% discount of the lesser of fair market value of the stock on the first business day or the last business day of the offering period, subject to maximum contribution thresholds. The number of shares issued under our ESPP was less than 0.1 million for each of the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 14. Income Taxes | ||||||||||||
The components of earnings before income taxes are (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
United States | $ | 80,449 | $ | 71,288 | $ | 75,054 | |||||||
Foreign | (8,798 | ) | 676 | (4,775 | ) | ||||||||
Total earnings before income taxes | $ | 71,651 | $ | 71,964 | $ | 70,279 | |||||||
The components of the provision for income taxes are (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 24,639 | $ | 22,925 | $ | 24,002 | |||||||
State and local | 3,386 | 3,544 | 4,689 | ||||||||||
Foreign | 1,044 | 525 | 1,054 | ||||||||||
Total current | 29,069 | 26,994 | 29,745 | ||||||||||
Deferred: | |||||||||||||
Federal | 1,706 | 629 | 551 | ||||||||||
State and local | 291 | 74 | (370 | ) | |||||||||
Foreign | (2,607 | ) | (1,681 | ) | (1,811 | ) | |||||||
Total deferred | (610 | ) | (978 | ) | (1,630 | ) | |||||||
Provision for income taxes | $ | 28,459 | $ | 26,016 | $ | 28,115 | |||||||
The reconciliation of the income tax provision at the U.S. federal statutory rate to our effective income tax rate is as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Expected U.S. federal income taxes at statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal effect | 3.4 | 3.3 | 4.4 | ||||||||||
Other | 1.3 | (2.2 | ) | 0.6 | |||||||||
Effective tax rate | 39.7 | % | 36.1 | % | 40 | % | |||||||
The components of deferred income taxes are (in thousands): | |||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred rent | $ | 18,832 | $ | 16,779 | |||||||||
Employee benefits, including stock based compensation | 3,595 | 5,967 | |||||||||||
Net operating losses | 3,053 | 2,045 | |||||||||||
Accrued liabilities | 1,971 | 2,507 | |||||||||||
Inventory | 1,351 | 672 | |||||||||||
Other | 1,508 | 1,251 | |||||||||||
Total deferred tax assets | 30,310 | 29,221 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (21,197 | ) | (19,937 | ) | |||||||||
Goodwill and other intangibles | (6,424 | ) | (7,463 | ) | |||||||||
Other | (693 | ) | (543 | ) | |||||||||
Total deferred tax liabilities | (28,314 | ) | (27,943 | ) | |||||||||
Net deferred tax assets | $ | 1,996 | $ | 1,278 | |||||||||
Reported as: | |||||||||||||
Current deferred tax assets | $ | 6,965 | $ | 5,194 | |||||||||
Long-term deferred tax assets (included in long-term other assets) | 769 | 733 | |||||||||||
Current deferred income tax liabilities (included in other liabilities) | — | — | |||||||||||
Long-term deferred tax liabilities | (5,738 | ) | (4,649 | ) | |||||||||
Net deferred tax assets | $ | 1,996 | $ | 1,278 | |||||||||
At January 31, 2015 and February 1, 2014, we had $12.1 million and $8.0 million of foreign net operating loss carryovers that could be utilized to reduce future years’ tax liabilities. The tax- effected foreign net operating loss carryovers were $3.0 million and $2.0 million at January 31, 2015 and February 1, 2014. The net operating loss carryovers have an indefinite carryfoward period and currently will not expire. | |||||||||||||
At each reporting date, we consider new evidence, both positive and negative, that could impact our view with regards to future realization of deferred tax assets. At January 31, 2015, we recorded a valuation allowance of less than $0.1 million. During the fiscal year ended February 1, 2014, we reversed the valuation allowance previously recorded on the deferred tax assets based on our reassessment of the amount of the deferred tax assets that are more likely than not to be realized. The net change in the total valuation allowance was an increase of less than $0.1 million and a decrease of $0.4 million for the fiscal years ended January 31, 2015 and February 1, 2014. | |||||||||||||
We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Our U.S. federal income tax returns are no longer subject to examination for years before fiscal 2011, with few exceptions, we are no longer subject to U.S. state examinations for years before fiscal 2010 and we are no longer subject to examination for all foreign income tax returns before fiscal 2009. |
Earnings_per_Share_Basic_and_D
Earnings per Share, Basic and Diluted | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings per Share, Basic and Diluted | 15. Earnings per Share, Basic and Diluted | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Net income | $ | 43,192 | $ | 45,948 | $ | 42,164 | |||||||
Weighted average common shares for basic earnings per share | 28,871 | 29,810 | 30,742 | ||||||||||
Dilutive effect of stock options and restricted stock | 417 | 396 | 531 | ||||||||||
Weighted average common shares for diluted earnings per share | 29,288 | 30,206 | 31,273 | ||||||||||
Basic earnings per share | $ | 1.5 | $ | 1.54 | $ | 1.37 | |||||||
Diluted earnings per share | $ | 1.47 | $ | 1.52 | $ | 1.35 | |||||||
Total anti-dilutive common stock options not included in the calculation of diluted earnings per share were 0.1 million, 0.2 million and 0.2 million for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions |
The Zumiez Foundation is a charitable based nonprofit organization focused on meeting various needs of the under-privileged. Our Chairman of the Board is also the President of the Zumiez Foundation. We committed charitable contributions to the Zumiez Foundation of $0.7 million for each of the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. We have accrued charitable contributions payable to the Zumiez Foundation of $0.6 million at January 31, 2015 and February 1, 2014. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting | 17. Segment Reporting | ||||||||||||
The following table is a summary of product categories as a percentage of merchandise sales: | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Men’s Apparel | 34 | % | 34 | % | 36 | % | |||||||
Accessories | 20 | % | 19 | % | 19 | % | |||||||
Footwear | 19 | % | 22 | % | 23 | % | |||||||
Hardgoods | 14 | % | 13 | % | 11 | % | |||||||
Junior’s Apparel | 13 | % | 12 | % | 11 | % | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
The following tables present summarized geographical information (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Net sales (1): | |||||||||||||
United States | $ | 708,279 | $ | 644,362 | $ | 618,958 | |||||||
Foreign | 103,272 | 79,975 | 50,435 | ||||||||||
Total net sales | $ | 811,551 | $ | 724,337 | $ | 669,393 | |||||||
January 31, 2015 | February 1, 2014 | ||||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 122,003 | $ | 111,595 | |||||||||
Foreign | 23,025 | 18,092 | |||||||||||
Total long-lived assets | $ | 145,028 | $ | 129,687 | |||||||||
-1 | Net sales are allocated based on the location in which the sale was fulfilled. Store sales are allocated based on the location of the store and ecommerce sales are allocated to the U.S. for sales on www.zumiez.com and to foreign for sales on www.blue-tomato.com. |
Nature_of_Business_and_Basis_o1
Nature of Business and Basis of Presentation (Policies) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Fiscal Year | Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The fiscal years ended January 31, 2015 and February 1, 2013 were 52-week periods. The fiscal year ended February 2, 2013 was a 53-week period. | ||||||||||||
Basis of Presentation | Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. | ||||||||||||
Correction of an Error | Correction of an Error—Included in cost of goods sold for the fiscal year ended February 1, 2014 was a $2.7 million benefit representing the correction of an error in prior periods related to our calculation to account for rent expense on a straight-line basis. The correction was not material to any previously reported financial period or to the fiscal year ended February 1, 2014. | ||||||||||||
Use of Estimates | Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. | ||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments—We disclose the estimated fair value of our financial instruments. Financial instruments are generally defined as cash, evidence of ownership interest in an entity or a contractual obligation that both conveys to one entity a right to receive cash or other financial instruments from another entity and imposes on the other entity the obligation to deliver cash or other financial instruments to the first entity. Our financial instruments, other than those presented in Note 11, “Fair Value Measurements,” include cash and cash equivalents, receivables, payables and other liabilities. The carrying amounts of cash and cash equivalents, receivables, payables and other liabilities approximate fair value because of the short-term nature of these instruments. | ||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents—We consider all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. | ||||||||||||
Concentration of Risk | Concentration of Risk—We maintain our cash and cash equivalents in accounts with major financial institutions in the form of demand deposits, money market accounts and state and local municipal securities. Deposits in these financial institutions may exceed the amount of federal deposit insurance provided on such deposits. We have not experienced any losses on our deposits of cash and cash equivalents. | ||||||||||||
Marketable Securities | Marketable Securities—Our marketable securities primarily consist of state and local municipal securities and variable-rate demand notes. Variable-rate demand notes are considered highly liquid. Although the variable-rate demand notes have long-term nominal maturity dates, the interest rates generally reset weekly. Despite the long-term nature of the underlying securities of the variable-rate demand notes, we have the ability to quickly liquidate these securities, which have an embedded put option that allows the bondholder to sell the security at par plus accrued interest. | ||||||||||||
Investments are considered to be impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, we evaluate information about the underlying investment that is publicly available such as analyst reports, applicable industry data and other pertinent information and assess our intent and ability to hold the security. For fixed-income securities, we also evaluate whether we have plans to sell the security or it is more likely than not we will be required to sell the security before recovery. The investment would be written down to its fair value at the time the impairment is deemed to have occurred and a new cost basis is established. Future adverse changes in market conditions, continued poor operating results of underlying investments or other factors could result in further losses that may not be reflected in an investment’s current carrying value, possibly requiring an additional impairment charge in the future. | |||||||||||||
Inventories | Inventories—Merchandise inventories are valued at the lower of cost or fair market value. The cost of merchandise inventories are based upon an average cost methodology. Merchandise inventories may include items that have been written down to our best estimate of their net realizable value. Our decisions to write-down our merchandise inventories are based on their current rate of sale, the age of the inventory, the profitability of the inventory and other factors. We have reserved for inventory at January 31, 2015 and February 1, 2014 in the amounts of $3.7 million and $2.9 million. The inventory reserve includes inventory whose estimated market value is below cost and an estimate for inventory shrinkage. We estimate an inventory shrinkage reserve for anticipated losses for the period. Shrinkage refers to a reduction in inventory due to shoplifting, employee theft and other matters. The inventory related to these reserves is not marked up in subsequent periods. | ||||||||||||
Fixed Assets | Fixed Assets—Fixed assets primarily consist of leasehold improvements, fixtures, land, buildings, computer equipment, software and store equipment. Fixed assets are stated at cost less accumulated depreciation utilizing the straight-line method over the assets’ estimated useful lives. The useful lives of our major classes of fixed assets are as follows: | ||||||||||||
Leasehold improvements | Lesser of 10 years or the term of the lease | ||||||||||||
Fixtures | 3 to 7 years | ||||||||||||
Computer equipment, software, store equipment & other | 3 to 5 years | ||||||||||||
Buildings and building and land improvements | 15 to 39 years | ||||||||||||
The cost and related accumulated depreciation of assets sold or otherwise disposed of is removed from the accounts and the related gain or loss is recorded in selling, general and administrative expenses on the consolidated statements of income. | |||||||||||||
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets—We review the carrying value of long-lived assets for impairment when factors and circumstances indicate that the carrying values may not be recoverable. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered impaired, the impairment recognized is measured by comparing projected discounted cash flow of the asset to the asset carrying values. The estimation of future cash flows from operating activities requires significant judgments of factors that include future sales, gross profit and operating expenses. Impairment charges are included in selling, general and administrative expenses on the consolidated statements of income. | ||||||||||||
Goodwill | Goodwill—Goodwill represents the excess of purchase price over the fair value of acquired tangible and identifiable intangible net assets. We test goodwill for impairment on an annual basis or more frequently if indicators of impairment are present. We perform our annual impairment measurement test on the first day of the fourth quarter. Events that may trigger an early impairment review include significant changes in the current business climate, future expectations of economic conditions, declines in our operating results of our reporting units, or an expectation that the carrying amount may not be recoverable. | ||||||||||||
We have an option to test goodwill for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. If it is more likely than not that the fair value of the reporting unit is less than the carrying amount or if we choose not to perform the qualitative assessment, we perform a quantitative two-step impairment test. The first step compares the fair value of the reporting unit with its carrying amount of net assets, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of impairment loss, if any. The second step includes estimating the fair value of the reporting unit by taking all of the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. | |||||||||||||
We generally determine the fair value of each of our reporting units based on a blended analysis of the present value of future discounted cash flows and market valuation approach using a multiple of an average annual earnings. Key assumptions used in this calculation include revenue growth, operating expenses, long-term rate of growth and the probability of the reporting unit, working capital impacts and a discount rate that we believe a buyer would assume when determining a purchase price for the reporting unit. Estimates of revenue growth and operating expenses are based on internal projections considering a reporting unit’s past performance and forecasted growth, local market economics and the local business environment impacting the reporting unit’s performance. These estimates are highly subjective judgments and can be significantly impacted by changes in the business or economic conditions. | |||||||||||||
Intangible Assets | Intangible Assets—Our intangible assets consist of trade names and trademarks with indefinite lives and certain definite-lived intangible assets. We test our indefinite-lived intangible assets for impairment on an annual basis, or more frequently if indicators of impairment are present. We test our indefinite-lived assets by estimating the fair value of the asset and comparing that to the carrying value, an impairment loss is recorded for the amount that carrying value exceeds the estimated fair value. The fair value of the trade names and trademarks is determined using the relief from royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. The assumptions used in this method requires management judgment and estimates in forecasting future sales, expenses, discount rates, and royalty rates. | ||||||||||||
Definite-lived intangible assets, which consist of developed technology and customer relationships, are amortized using the straight-line method over their estimated useful lives. Additionally, we test the definite-lived intangible assets when facts and circumstances indicate that the carrying values may not be recoverable. We first assess the recoverability of our definite-lived intangible assets by comparing the undiscounted cash flows of the definite-lived asset less its carrying value. If the undiscounted cash flows are less than the carrying value, we then determine the estimated fair value of our definite-lived asset by taking the estimated future operating cash flows derived from the operation to which the asset relates over its remaining useful life, using a discounted cash flow analysis and comparing it to the carrying value. Any impairment would be measured as the difference between the carrying amount and the estimated fair value. Changes in any of these estimates, projections and assumptions could have a material effect of the fair value of these assets in future measurement periods and result in an impairment which could materially affect our results of operations. | |||||||||||||
Deferred Rent, Rent Expense and Tenant Allowances | Deferred Rent, Rent Expense and Tenant Allowances—We lease our stores and certain corporate and other operating facilities under operating leases. A majority of our leases provide for ongoing co-tenancy requirements or early cancellation clauses that would further lower rental rates, or permit lease terminations, or both, in the event that co-tenants cease to operate for specific periods or if certain sales levels are not met in specific periods. Most of the store leases require payment of a specified minimum rent and a contingent rent based on a percentage of the store’s net sales in excess of a specified threshold, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. Most of the lease agreements have defined escalating rent provisions, which are straight-lined over the term of the related lease. We recognize rent expense over the term of the lease, plus the construction period prior to occupancy of the retail location. For certain locations, we receive tenant allowances and report these amounts as a liability, which is amortized as a reduction to rent expense over the term of the lease. | ||||||||||||
Claims and Contingencies | Claims and Contingencies—We are subject to various claims and contingencies related to lawsuits, insurance, regulatory and other matters arising out of the normal course of business. We accrue a liability if the likelihood of an adverse outcome is probable and the amount is estimable. If the likelihood of an adverse outcome is only reasonably possible (as opposed to probable), or if an estimate is not determinable, we provide disclosure of a material claim or contingency in the Notes to the Consolidated Financial Statements. | ||||||||||||
Revenue Recognition | Revenue Recognition—Sales are recognized upon purchase at our retail store locations. For our ecommerce sales, revenue is recognized upon estimated delivery to the customer. Taxes collected from our customers are recorded on a net basis. We record the sale of gift cards as a current liability and recognize revenue when a customer redeems a gift card. Additionally, the portion of gift cards that will not be redeemed (“gift card breakage”) is recognized in net sales after 24 months, at which time the likelihood of redemption is considered remote based on our historical redemption patterns. For the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, we recorded net sales related to gift card breakage income of $0.9 million, $0.8 million and $0.7 million. Revenue is recorded net of estimated and actual sales returns and deductions for promotions. We accrue for estimated sales returns by customers based on historical sales return results. The allowance for sales returns at January 31, 2015 and February 1, 2014 was $2.0 million and $1.6 million. | ||||||||||||
We have a customer loyalty program, the Zumiez Stash, which allows members to earn points for purchases or performance of certain activities. The points can be redeemed for a broad range of rewards, including product and experiential rewards. Points earned for purchases are recorded as a reduction of net sales based on the fair value of the points at the time the points are earned and the revenue is recognized upon redemption of points for rewards. Points earned for the performance of activities are recorded as marketing expense based on the estimated cost of the points. | |||||||||||||
Cost of Goods Sold | Cost of Goods Sold—Cost of goods sold consists of branded merchandise costs and our private label merchandise costs including design, sourcing, importing and inbound freight costs. Our cost of goods sold also includes shrinkage, buying, occupancy, ecommerce fulfillment, distribution and warehousing costs (including associated depreciation) and freight costs for store merchandise transfers. Cash consideration received from vendors is reported as a reduction of cost of goods sold if the inventory has sold, a reduction of the carrying value of the inventory if the inventory is still on hand, or a reduction of selling, general and administrative expense if the amounts are reimbursements of specific, incremental and identifiable costs of selling the vendors’ products. | ||||||||||||
Shipping Revenue and Costs | Shipping Revenue and Costs—We include shipping revenue related to ecommerce sales in net sales and the related freight cost is charged to cost of goods sold. | ||||||||||||
Selling, General and Administrative Expense | Selling, General and Administrative Expense—Selling, general and administrative expenses consist primarily of store personnel wages and benefits, administrative staff and infrastructure expenses, freight costs for merchandise shipments from the distribution centers to the stores, store supplies, depreciation on fixed assets at the home office and stores, facility expenses, training expenses and advertising and marketing costs. Credit card fees, insurance, public company expenses, legal expenses, amortization of intangibles assets and other miscellaneous operating costs are also included in selling, general and administrative expenses. | ||||||||||||
Advertising | Advertising—We expense advertising costs as incurred, except for catalog costs, which are expensed once the catalog is mailed. Advertising expenses are net of sponsorships and vendor reimbursements. Advertising expense was $9.4 million, $8.7 million and $6.0 million for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. | ||||||||||||
Future Incentive Payments | Future Incentive Payments—In conjunction with our acquisition of Blue Tomato during the fiscal year ended February 2, 2013, there is the possibility of future incentive payments to the sellers and certain employees of Blue Tomato in an aggregate amount of up to 22.1 million Euros ($25.0 million, using the exchange rate as of January 31, 2015) to the extent that certain financial metrics are met and the sellers and certain employees remain employed with Blue Tomato through April 2015. We estimate future incentive payments based on internal projections of future Blue Tomato financial performance. | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation—We account for stock-based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. Stock-based compensation expense is attributed to earnings using an accelerated method for stock options and a straight-line method for restricted stock. We estimate forfeitures of stock-based awards based on historical experience and expected future activity. | ||||||||||||
The fair value of restricted stock awards is measured based on the closing price of our common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model based on the following assumptions: | |||||||||||||
Volatility—This is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate. We use actual daily historical changes in the market value of our stock equal to the expected term of the option. | |||||||||||||
Risk-free interest rate—This is the U.S. Treasury rate as of the grant date having a term equal to the expected term of the option. | |||||||||||||
Expected term—The expected term was calculated using the simplified method. Under this method, the expected term is equal to the sum of the weighted average vesting term plus the original contractual term divided by two. We have elected this method as we have concluded that we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time our equity shares have been publicly traded. | |||||||||||||
Dividend yield—We do not have plans to pay dividends in the foreseeable future. | |||||||||||||
The following weighted-average assumptions were used to estimate the fair value of stock options granted: | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Volatility rate | 63.7 | % | 66.4 | % | 66.7 | % | |||||||
Weighted-average expected life (in years) | 6.25 | 6.25 | 6.25 | ||||||||||
Weighted-average risk-free interest rate | 1.9 | % | 1.1 | % | 1.1 | % | |||||||
Weighted-average fair value per share of stock options granted | $ | 15.26 | $ | 15.07 | $ | 19.4 | |||||||
Common Stock Share Repurchases | Common Stock Share Repurchases—We may repurchase shares of our common stock under authorizations made from time to time by our Board of Directors. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the consolidated financial statements. Instead, the value of repurchased shares is deducted from retained earnings. | ||||||||||||
Income Taxes | Income Taxes—We use the asset and liability method of accounting for income taxes. Using this method, deferred tax assets and liabilities are recorded based on the differences between the financial reporting and tax basis of assets and liabilities. The deferred tax assets and liabilities are calculated using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, it is determined that it is more likely than not that all or some portion of the deferred tax benefit will not to be realized. | ||||||||||||
We regularly evaluate the likelihood of realizing the benefit for income tax positions that we have taken in various federal, state and foreign filings by considering all relevant facts, circumstances and information available. If we believe it is more likely than not that our position will be sustained, we recognize a benefit at the largest amount that we believe is cumulatively greater than 50% likely to be realized. Interest and penalties related to income tax matters are classified as a component of income tax expense. Unrecognized tax benefits are recorded in other liabilities and long-term debt and other liabilities on the consolidated balance sheets. | |||||||||||||
Our tax provision for interim periods is determined using an estimate of our annual effective rate, adjusted for discrete items, if any, that are taken into account in the relevant period. As the fiscal year progresses, we periodically refine our estimate based on actual events and earnings by jurisdiction. This ongoing estimation process can result in changes to our expected effective tax rate for the full fiscal year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that our year-to-date provision equals our expected annual rate. | |||||||||||||
Earnings per Share | Earnings per Share—Basic earnings per share is based on the weighted average number of common shares outstanding during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. Diluted earnings per share is based on the weighted average number of common shares and common share equivalents outstanding during the period. Common share equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options, employee stock purchase plan funds held to acquire stock and non-vested restricted stock. Potentially anti-dilutive securities not included in the calculation of diluted earnings per share are options to purchase common stock where the option exercise price is greater than the average market price of our common stock during the period reported. | ||||||||||||
Foreign Currency Translation | Foreign Currency Translation—Assets and liabilities denominated in foreign currencies were translated into U.S. dollars, the reporting currency, at the exchange rate prevailing at the balance sheet date. Revenue and expenses denominated in foreign currencies were translated into U.S. dollars at the monthly average exchange rate for the period and the translation adjustments are reported as an element of accumulated other comprehensive income on the consolidated balance sheets. | ||||||||||||
Segment Reporting | Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. | ||||||||||||
Recent Accounting Standards | Recently Adopted Accounting Standards— In August 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance which provides details on when and how to disclose going concern uncertainties. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year and to provide certain footnote disclosures if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. | ||||||||||||
In June 2014, the FASB issued guidance which requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The guidance allows for a prospective adoption to all awards granted or modified after the effective date or retrospective adoption to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statement and to all new or modified awards thereafter. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted. We early adopted this guidance for the fiscal quarter ended August 2, 2014 and the adoption did not have a material impact on our consolidated financial statements. | |||||||||||||
In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We will adopt this guidance for the fiscal quarter ending April 29, 2017. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our financial position, results of operations and cash flows. | |||||||||||||
In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations, as well as requiring new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted for disposals that have not been reported in financial statements previously issued. We will adopt this guidance for the fiscal quarter ending May 2, 2015 and we do not expect the adoption will have a material impact on our consolidated financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Useful Lives of Major Classes of Fixed Assets | The useful lives of our major classes of fixed assets are as follows: | ||||||||||||
Leasehold improvements | Lesser of 10 years or the term of the lease | ||||||||||||
Fixtures | 3 to 7 years | ||||||||||||
Computer equipment, software, store equipment & other | 3 to 5 years | ||||||||||||
Buildings and building and land improvements | 15 to 39 years | ||||||||||||
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted | The following weighted-average assumptions were used to estimate the fair value of stock options granted: | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Volatility rate | 63.7 | % | 66.4 | % | 66.7 | % | |||||||
Weighted-average expected life (in years) | 6.25 | 6.25 | 6.25 | ||||||||||
Weighted-average risk-free interest rate | 1.9 | % | 1.1 | % | 1.1 | % | |||||||
Weighted-average fair value per share of stock options granted | $ | 15.26 | $ | 15.07 | $ | 19.4 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Summary of Changes in Carrying Amount of Goodwill | The following tables summarize the changes in the carrying amount of goodwill (in thousands): | ||||||||||||
Balance as of February 2, 2013 | $ | 64,576 | |||||||||||
Effects of foreign currency translation | (381 | ) | |||||||||||
Balance as of February 1, 2014 | 64,195 | ||||||||||||
Effects of foreign currency translation | (8,343 | ) | |||||||||||
Balance as of January 31, 2015 | $ | 55,852 | |||||||||||
Summary of Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Intangible Assets | The following table summarizes the gross carrying amount, accumulated amortization and the net carrying amount of intangible assets (in thousands): | ||||||||||||
January 31, 2015 | |||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||
Amount | Amortization | Assets, Net | |||||||||||
Intangible assets not subject to amortization: | |||||||||||||
Trade names and trademarks | $ | 12,226 | $ | — | $ | 12,226 | |||||||
Intangible assets subject to amortization: | |||||||||||||
Developed technology | 3,396 | 2,925 | 471 | ||||||||||
Customer relationships | 2,516 | 2,151 | 365 | ||||||||||
Total intangible assets | $ | 18,138 | $ | 5,076 | $ | 13,062 | |||||||
1-Feb-14 | |||||||||||||
Gross Carrying | Accumulated | Intangible | |||||||||||
Amount | Amortization | Assets, Net | |||||||||||
Intangible assets not subject to amortization: | |||||||||||||
Trade names and trademarks | $ | 14,615 | $ | — | $ | 14,615 | |||||||
Intangible assets subject to amortization: | |||||||||||||
Developed technology | 4,060 | 2,143 | 1,917 | ||||||||||
Customer relationships | 3,008 | 1,570 | 1,438 | ||||||||||
Total intangible assets | $ | 21,683 | $ | 3,713 | $ | 17,970 | |||||||
Cash_Cash_Equivalents_and_Mark1
Cash, Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities | The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): | ||||||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 10,251 | $ | — | $ | — | $ | 10,251 | |||||||||||||||||
Money market funds | 7,061 | — | — | 7,061 | |||||||||||||||||||||
State and local government securities | 3,550 | — | — | 3,550 | |||||||||||||||||||||
Total cash and cash equivalents | 20,862 | — | — | 20,862 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 102,888 | 73 | (186 | ) | 102,775 | ||||||||||||||||||||
Variable-rate demand notes | 31,830 | — | — | 31,830 | |||||||||||||||||||||
Total marketable securities | $ | 134,718 | $ | 73 | $ | (186 | ) | $ | 134,605 | ||||||||||||||||
Less: Long-term marketable securities (1) | (823 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 133,782 | |||||||||||||||||||||||
1-Feb-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 17,973 | $ | — | $ | — | $ | 17,973 | |||||||||||||||||
Money market funds | 1,211 | — | — | 1,211 | |||||||||||||||||||||
State and local government securities | 450 | — | — | 450 | |||||||||||||||||||||
Total cash and cash equivalents | 19,634 | — | — | 19,634 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 72,968 | 64 | (191 | ) | 72,841 | ||||||||||||||||||||
Variable-rate demand notes | 25,505 | — | — | 25,505 | |||||||||||||||||||||
Total marketable securities | $ | 98,473 | $ | 64 | $ | (191 | ) | $ | 98,346 | ||||||||||||||||
Less: Long-term marketable securities (1) | (825 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 97,521 | |||||||||||||||||||||||
-1 | At January 31, 2015 and February 1, 2014, we held one auction rate security, classified as available-for-sale marketable securities and included in long-term other assets on the consolidated balance sheets. | ||||||||||||||||||||||||
Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position | The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): | ||||||||||||||||||||||||
31-Jan-15 | |||||||||||||||||||||||||
Less Than Twelve Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | $ | 27,701 | $ | (9 | ) | $ | 823 | $ | (177 | ) | $ | 28,524 | $ | (186 | ) | ||||||||||
Total marketable securities | $ | 27,701 | $ | (9 | ) | $ | 823 | $ | (177 | ) | $ | 28,524 | $ | (186 | ) | ||||||||||
1-Feb-14 | |||||||||||||||||||||||||
Less Than Twelve Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | $ | 26,637 | $ | (15 | ) | $ | 2,081 | $ | (176 | ) | $ | 28,718 | $ | (191 | ) | ||||||||||
Total marketable securities | $ | 26,637 | $ | (15 | ) | $ | 2,081 | $ | (176 | ) | $ | 28,718 | $ | (191 | ) | ||||||||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Summary of Receivables | Receivables consisted of the following (in thousands): | ||||||||
January 31, 2015 | February 1, 2014 | ||||||||
Credit cards receivable | $ | 7,781 | $ | 5,299 | |||||
Tenant allowances receivable | 1,555 | 1,391 | |||||||
Other receivables | 3,317 | 3,604 | |||||||
Receivables | $ | 12,653 | $ | 10,294 | |||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Summary of Fixed Assets | Fixed assets consisted of the following (in thousands): | ||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||
Leasehold improvements | $ | 151,703 | $ | 136,953 | |||||||||
Fixtures | 75,683 | 74,333 | |||||||||||
Buildings, land and building and land improvements | 28,087 | 27,786 | |||||||||||
Computer equipment, software, store equipment and other | 33,803 | 27,704 | |||||||||||
Fixed assets, at cost | 289,276 | 266,776 | |||||||||||
Less: Accumulated depreciation | (153,634 | ) | (139,433 | ) | |||||||||
Fixed assets, net | $ | 135,642 | $ | 127,343 | |||||||||
Summary of Depreciation Expense | Depreciation expense on fixed assets is recognized on our consolidated income statement as follows (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Cost of goods sold | $ | 1,230 | $ | 1,086 | $ | 875 | |||||||
Selling, general and administrative expenses | 23,513 | 21,281 | 18,506 | ||||||||||
Depreciation expense | $ | 24,743 | $ | 22,367 | $ | 19,381 | |||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summary of Other Liabilities | Other liabilities consisted of the following (in thousands): | ||||||||
January 31, 2015 | February 1, 2014 | ||||||||
Accrued payables | $ | 4,993 | $ | 7,026 | |||||
Unredeemed gift cards | 4,980 | 4,410 | |||||||
Accrued indirect taxes | 4,691 | 3,592 | |||||||
Deferred revenue | 3,632 | 1,677 | |||||||
Future incentive payments | 3,096 | — | |||||||
Allowance for sales returns | 1,986 | 1,582 | |||||||
Accrued legal settlement | — | 1,250 | |||||||
Other current liabilities | 1,194 | 1,739 | |||||||
Other liabilities | $ | 24,572 | $ | 21,276 | |||||
Revolving_Credit_Facilities_an1
Revolving Credit Facilities and Debt (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Long-Term Debt Obligations | Long-term debt obligations are as follows (in thousands): | ||||||||
January 31, 2015 | February 1, 2014 | ||||||||
Debt obligations | $ | — | $ | 1,933 | |||||
Less: Current portion of debt obligations (1) | — | (325 | ) | ||||||
Total long-term debt obligations (2) | $ | — | $ | 1,608 | |||||
-1 | The current portion of debt obligations is recorded in other liabilities on the consolidated balance sheets. | ||||||||
-2 | The long-term portion of debt obligations is recorded in long-term debt and other liabilities on the consolidated balance sheets. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Total Rent Expense | Total rent expense is as follows (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Minimum rent expense (1) | $ | 62,336 | $ | 51,131 | $ | 47,279 | |||||||
Contingent rent expense | 2,219 | 2,312 | 2,705 | ||||||||||
Total rent expense (2) | $ | 64,555 | $ | 53,443 | $ | 49,984 | |||||||
-1 | Included in minimum rent expense for the fiscal year ended February 1, 2014 is a benefit of $2.7 million representing the correction of an error related to our calculation to account for rent expense on a straight-line basis. | ||||||||||||
-2 | Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $35.6 million, $32.0 million, and $28.0 million for the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013. | ||||||||||||
Schedule of Future Minimum Commitments on all Leases | Future minimum lease payments at January 31, 2015 are as follows (in thousands): | ||||||||||||
Fiscal 2015 | $ | 61,452 | |||||||||||
Fiscal 2016 | 60,191 | ||||||||||||
Fiscal 2017 | 56,120 | ||||||||||||
Fiscal 2018 | 50,686 | ||||||||||||
Fiscal 2019 | 43,842 | ||||||||||||
Thereafter | 151,473 | ||||||||||||
Total (1) | $ | 423,764 | |||||||||||
-1 | Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Assets Measured at Fair Value on a Recurring Basis | The following tables summarize assets measured at fair value on a recurring basis (in thousands): | ||||||||||||
January 31, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 7,061 | $ | — | $ | — | |||||||
State and local government securities | — | 3,550 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 101,952 | — | ||||||||||
Variable-rate demand notes | — | 31,830 | — | ||||||||||
Long-term other assets: | |||||||||||||
State and local government securities | — | — | 823 | ||||||||||
Equity investments | — | — | 123 | ||||||||||
Total | $ | 7,061 | $ | 137,332 | $ | 946 | |||||||
1-Feb-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 1,211 | $ | — | $ | — | |||||||
State and local government securities | — | 450 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 72,016 | — | ||||||||||
Variable-rate demand notes | — | 25,505 | — | ||||||||||
Long-term other assets: | |||||||||||||
State and local government securities | — | — | 825 | ||||||||||
Equity investments | — | — | 147 | ||||||||||
Total | $ | 1,211 | $ | 97,971 | $ | 972 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Common Stock Repurchase Activity | The following table summarizes common stock repurchase activity during the fiscal year ended January 31, 2015 (in thousands except average price per repurchased shares): | ||||||||||||
Number of shares repurchased | 758 | ||||||||||||
Average price per share of repurchased shares (with commission) | $ | 23.03 | |||||||||||
Total cost of shares repurchased | $ | 17,445 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The component of accumulated other comprehensive income (loss) and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive income (loss) into net income is as follows (in thousands): | ||||||||||||
Foreign | Net | Accumulated | |||||||||||
currency | unrealized | other | |||||||||||
translation | gains | comprehensive | |||||||||||
adjustments | (losses) on | income (loss) | |||||||||||
available- | |||||||||||||
for-sale | |||||||||||||
investments | |||||||||||||
Balance at January 28, 2012 | $ | (19 | ) | $ | 154 | $ | 135 | ||||||
Other comprehensive income (loss) before reclassifications, net of tax (1) | 6,040 | (79 | ) | 5,961 | |||||||||
Reclassifications recorded in: | |||||||||||||
Other (expense) income, net | — | (141 | ) | (141 | ) | ||||||||
Provision for income taxes | — | 55 | 55 | ||||||||||
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | — | (86 | ) | (86 | ) | ||||||||
Other comprehensive income (loss), net | 6,040 | (165 | ) | 5,875 | |||||||||
Balance at February 2, 2013 | 6,021 | (11 | ) | 6,010 | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax (1) | (1,231 | ) | (92 | ) | (1,323 | ) | |||||||
Reclassifications recorded in: | |||||||||||||
Other (expense) income, net | — | 28 | 28 | ||||||||||
Provision for income taxes | — | (5 | ) | (5 | ) | ||||||||
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | — | 23 | 23 | ||||||||||
Other comprehensive income (loss), net | (1,231 | ) | (69 | ) | (1,300 | ) | |||||||
Balance at February 1, 2014 | 4,790 | (80 | ) | 4,710 | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax (1) | (15,995 | ) | 6 | (15,989 | ) | ||||||||
Reclassifications recorded in: | |||||||||||||
Other (expense) income, net | — | 2 | 2 | ||||||||||
Provision for income taxes | — | (1 | ) | (1 | ) | ||||||||
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | — | 1 | 1 | ||||||||||
Other comprehensive income (loss), net | (15,995 | ) | 7 | (15,988 | ) | ||||||||
Balance at January 31, 2015 | $ | (11,205 | ) | $ | (73 | ) | $ | (11,278 | ) | ||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of less than $0.1 million for the fiscal year ended January 31, 2015 and $0.1 million for the fiscal years ended February 1, 2014 and February 2, 2013 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive income (loss). Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity_Awards_Tables
Equity Awards (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Total Stock-Based Compensation Expense | Total stock-based compensation expense is recognized on our consolidated income statements as follows (in thousands): | ||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||
Cost of goods sold | $ | 1,048 | $ | 990 | $ | 1,033 | |||||||||||
Selling, general and administrative expenses (1) | 6,472 | 3,104 | 4,963 | ||||||||||||||
Total stock-based compensation expense | $ | 7,520 | $ | 4,094 | $ | 5,996 | |||||||||||
-1 | Included in stock-based compensation expense recognized in selling, general and administrative expenses is $3.1 million of expense associated with the estimated future incentive payments payable in shares of our common stock for the fiscal year ended January 31, 2015 and is a $0.9 million benefit associated with the reversal of the estimated future incentive payments payable in shares of our common stock associated with the Blue Tomato acquisition for the fiscal year ended February 1, 2014. | ||||||||||||||||
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity (in thousands, except grant date weighted-average fair value): | ||||||||||||||||
Restricted | Grant Date | Intrinsic | |||||||||||||||
Stock | Weighted- | Value (1) | |||||||||||||||
Average Fair | |||||||||||||||||
Value | |||||||||||||||||
Outstanding at January 28, 2012 | 503 | $ | 16.79 | ||||||||||||||
Granted | 154 | $ | 33.98 | ||||||||||||||
Vested | (236 | ) | $ | 15.21 | |||||||||||||
Forfeited | (39 | ) | $ | 24.03 | |||||||||||||
Outstanding at February 2, 2013 | 382 | $ | 23.97 | ||||||||||||||
Granted | 198 | $ | 25.45 | ||||||||||||||
Vested | (193 | ) | $ | 19.54 | |||||||||||||
Forfeited | (26 | ) | $ | 27.27 | |||||||||||||
Outstanding at February 1, 2014 | 361 | $ | 26.91 | ||||||||||||||
Granted | 176 | $ | 25.76 | ||||||||||||||
Vested | -154 | $ | 26.31 | ||||||||||||||
Forfeited | (40 | ) | $ | 27.14 | |||||||||||||
Outstanding at January 31, 2015 | 343 | $ | 26.56 | $ | 12,783 | ||||||||||||
-1 | Intrinsic value for restricted stock is defined as the market value of the outstanding restricted stock on the last business day of the fiscal year. | ||||||||||||||||
Summary of Additional Information Related to Restricted Stock Activity | The following table summarizes additional information related to restricted stock activity (in thousands): | ||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||
Vest-date fair value of restricted stock vested | $ | 3,916 | $ | 4,981 | $ | 8,174 | |||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity (in thousands, except grant date weighted-average exercise price and weighted-average remaining contractual life): | ||||||||||||||||
Stock Options | Grant Date | Weighted-Average | Intrinsic | ||||||||||||||
Weighted- | Remaining | Value (1) | |||||||||||||||
Average Exercise | Contractual Life | ||||||||||||||||
Price | (in Years) | ||||||||||||||||
Outstanding at January 28, 2012 | 888 | $ | 16.18 | ||||||||||||||
Granted | 55 | $ | 31.79 | ||||||||||||||
Exercised | (74 | ) | $ | 8.53 | |||||||||||||
Forfeited | (49 | ) | $ | 20.91 | |||||||||||||
Outstanding at February 2, 2013 | 820 | $ | 17.62 | ||||||||||||||
Granted | 47 | $ | 24.81 | ||||||||||||||
Exercised | (152 | ) | $ | 6.64 | |||||||||||||
Forfeited | (24 | ) | $ | 35.96 | |||||||||||||
Outstanding at February 1, 2014 | 691 | $ | 19.86 | ||||||||||||||
Granted | 31 | $ | 25.49 | ||||||||||||||
Exercised | (397 | ) | $ | 14.82 | |||||||||||||
Forfeited | (74 | ) | $ | 32.63 | |||||||||||||
Outstanding at January 31, 2015 | 251 | $ | 24.76 | 4.4 | $ | 3,154 | |||||||||||
Exercisable at January 31, 2015 | 180 | $ | 24.14 | 2.9 | $ | 2,387 | |||||||||||
Vested or expected to vest at January 31, 2015 (2) | 220 | $ | 24.27 | 4 | $ | 3,153 | |||||||||||
-1 | Intrinsic value for stock options is defined as the difference between the market price of our common stock on the last business day of the fiscal year and the weighted average exercise price of in-the-money options outstanding at the end of the fiscal year. | ||||||||||||||||
-2 | Includes outstanding vested options as well as outstanding, non-vested options after a forfeiture rate is applied. | ||||||||||||||||
Summary of Additional Information Related to Stock Option Activity | The following table summarizes additional information related to stock option activity (in thousands): | ||||||||||||||||
Fiscal Year Ended | |||||||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 6,756 | $ | 3,408 | $ | 1,655 | |||||||||||
Vest-date fair value of stock options | $ | 83 | $ | 2,024 | $ | 4,881 | |||||||||||
Summary of Outstanding and Exercisable Options | The following table summarizes outstanding and exercisable options by exercise price at January 31, 2015: | ||||||||||||||||
Options Outstanding | Options | ||||||||||||||||
Exercisable | |||||||||||||||||
Exercise Price | Number of | Weighted-Average | Number of Options | ||||||||||||||
Options | Remaining | (in thousands) | |||||||||||||||
(in thousands) | Contractual Life | ||||||||||||||||
Under $ 10.00 | 45 | 2.9 | 45 | ||||||||||||||
$ 10.01-$ 20.00 | 8 | 5.2 | 8 | ||||||||||||||
$ 20.01-$ 30.00 | 103 | 6.7 | 39 | ||||||||||||||
$ 30.01-$ 40.00 | 95 | 2.5 | 88 | ||||||||||||||
Total | 251 | 180 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Earnings before Income Taxes | The components of earnings before income taxes are (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
United States | $ | 80,449 | $ | 71,288 | $ | 75,054 | |||||||
Foreign | (8,798 | ) | 676 | (4,775 | ) | ||||||||
Total earnings before income taxes | $ | 71,651 | $ | 71,964 | $ | 70,279 | |||||||
Components of Provision for Income Taxes | The components of the provision for income taxes are (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 24,639 | $ | 22,925 | $ | 24,002 | |||||||
State and local | 3,386 | 3,544 | 4,689 | ||||||||||
Foreign | 1,044 | 525 | 1,054 | ||||||||||
Total current | 29,069 | 26,994 | 29,745 | ||||||||||
Deferred: | |||||||||||||
Federal | 1,706 | 629 | 551 | ||||||||||
State and local | 291 | 74 | (370 | ) | |||||||||
Foreign | (2,607 | ) | (1,681 | ) | (1,811 | ) | |||||||
Total deferred | (610 | ) | (978 | ) | (1,630 | ) | |||||||
Provision for income taxes | $ | 28,459 | $ | 26,016 | $ | 28,115 | |||||||
Reconciliation of Effective Income Tax Rate to U.S. Federal Statutory Rate | The reconciliation of the income tax provision at the U.S. federal statutory rate to our effective income tax rate is as follows: | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Expected U.S. federal income taxes at statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal effect | 3.4 | 3.3 | 4.4 | ||||||||||
Other | 1.3 | (2.2 | ) | 0.6 | |||||||||
Effective tax rate | 39.7 | % | 36.1 | % | 40 | % | |||||||
Components of Deferred Income Taxes | The components of deferred income taxes are (in thousands): | ||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred rent | $ | 18,832 | $ | 16,779 | |||||||||
Employee benefits, including stock based compensation | 3,595 | 5,967 | |||||||||||
Net operating losses | 3,053 | 2,045 | |||||||||||
Accrued liabilities | 1,971 | 2,507 | |||||||||||
Inventory | 1,351 | 672 | |||||||||||
Other | 1,508 | 1,251 | |||||||||||
Total deferred tax assets | 30,310 | 29,221 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (21,197 | ) | (19,937 | ) | |||||||||
Goodwill and other intangibles | (6,424 | ) | (7,463 | ) | |||||||||
Other | (693 | ) | (543 | ) | |||||||||
Total deferred tax liabilities | (28,314 | ) | (27,943 | ) | |||||||||
Net deferred tax assets | $ | 1,996 | $ | 1,278 | |||||||||
Reported as: | |||||||||||||
Current deferred tax assets | $ | 6,965 | $ | 5,194 | |||||||||
Long-term deferred tax assets (included in long-term other assets) | 769 | 733 | |||||||||||
Current deferred income tax liabilities (included in other liabilities) | — | — | |||||||||||
Long-term deferred tax liabilities | (5,738 | ) | (4,649 | ) | |||||||||
Net deferred tax assets | $ | 1,996 | $ | 1,278 | |||||||||
Earnings_per_Share_Basic_and_D1
Earnings per Share, Basic and Diluted (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Net income | $ | 43,192 | $ | 45,948 | $ | 42,164 | |||||||
Weighted average common shares for basic earnings per share | 28,871 | 29,810 | 30,742 | ||||||||||
Dilutive effect of stock options and restricted stock | 417 | 396 | 531 | ||||||||||
Weighted average common shares for diluted earnings per share | 29,288 | 30,206 | 31,273 | ||||||||||
Basic earnings per share | $ | 1.5 | $ | 1.54 | $ | 1.37 | |||||||
Diluted earnings per share | $ | 1.47 | $ | 1.52 | $ | 1.35 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary of Product Categories as a Percentage of Merchandise Sales | The following table is a summary of product categories as a percentage of merchandise sales: | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Men’s Apparel | 34 | % | 34 | % | 36 | % | |||||||
Accessories | 20 | % | 19 | % | 19 | % | |||||||
Footwear | 19 | % | 22 | % | 23 | % | |||||||
Hardgoods | 14 | % | 13 | % | 11 | % | |||||||
Junior’s Apparel | 13 | % | 12 | % | 11 | % | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Summary of Net Sales by Geographical Area | The following tables present summarized geographical information (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, 2015 | February 1, 2014 | February 2, 2013 | |||||||||||
Net sales (1): | |||||||||||||
United States | $ | 708,279 | $ | 644,362 | $ | 618,958 | |||||||
Foreign | 103,272 | 79,975 | 50,435 | ||||||||||
Total net sales | $ | 811,551 | $ | 724,337 | $ | 669,393 | |||||||
-1 | Net sales are allocated based on the location in which the sale was fulfilled. Store sales are allocated based on the location of the store and ecommerce sales are allocated to the U.S. for sales on www.zumiez.com and to foreign for sales on www.blue-tomato.com. | ||||||||||||
Summary of Long-lived Assets by Geographical Area | |||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 122,003 | $ | 111,595 | |||||||||
Foreign | 23,025 | 18,092 | |||||||||||
Total long-lived assets | $ | 145,028 | $ | 129,687 | |||||||||
Nature_of_Business_and_Basis_o2
Nature of Business and Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Store | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 603 | |
Correction of an error description | Correction of an Error-Included in cost of goods sold for the fiscal year ended February 1, 2014 was a $2.7 million benefit representing the correction of an error in prior periods related to our calculation to account for rent expense on a straight-line basis. | |
Correction of an error amount | ($2.70) | |
United States [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 550 | |
Canada [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 35 | |
Europe [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 18 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2015 |
USD ($) | USD ($) | USD ($) | EUR (€) | |
Segment | ||||
Accounting Policies [Abstract] | ||||
Original maturity period for cash equivalents | Three months or less | |||
Inventory valuation reserve | $3.70 | $2.90 | ||
Gift card breakage period | 24 months | |||
Gift card breakage income | 0.9 | 0.8 | 0.7 | |
Allowance for sales returns | 2 | 1.6 | ||
Advertising expenses | 9.4 | 8.7 | 6 | |
Maximum future incentive payment to the sellers and certain employees of Blue Tomato | $25 | € 22.10 | ||
Threshold recognized in uncertain tax positions | Cumulatively greater than 50% | |||
Number of reportable segment | 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Summary of Useful Lives of Major Classes of Fixed Assets (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Lesser of 10 years or the term of the lease |
Minimum [Member] | Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Computer equipment, software, store equipment & other [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Buildings and building and land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Maximum [Member] | Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Maximum [Member] | Computer equipment, software, store equipment & other [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Maximum [Member] | Buildings and building and land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 39 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility rate | 63.70% | 66.40% | 66.70% |
Weighted-average expected life (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Weighted-average risk-free interest rate | 1.90% | 1.10% | 1.10% |
Weighted-average fair value per share of stock options granted | $15.26 | $15.07 | $19.40 |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Jul. 04, 2012 | Jul. 04, 2012 | Jan. 31, 2015 | Feb. 02, 2013 | Jan. 31, 2015 | Jul. 04, 2012 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
USD ($) | EUR (€) | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | Blue Tomato [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | Europe [Member] | Forecast [Member] | Forecast [Member] | ||||
USD ($) | USD ($) | EUR (€) | ||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of outstanding equity acquired | 100.00% | |||||||||||
Cash consideration for acquisition of outstanding equity | $74,800,000 | € 59,500,000 | ||||||||||
Maximum future incentive payment to the sellers and certain employees of Blue Tomato | 25,000,000 | 22,100,000 | 25,000,000 | 22,100,000 | 6,800,000 | 6,000,000 | ||||||
Maximum future incentive payment payable in cash to the sellers and certain employees of Blue Tomato | 3,096,000 | 19,400,000 | 17,100,000 | 3,400,000 | 3,000,000 | |||||||
Maximum future incentive payment payable in common stock to the sellers and certain employees of Blue Tomato | 5,700,000 | 5,000,000 | 3,400,000 | 3,000,000 | ||||||||
Increase in sales revenue | 15,700,000 | |||||||||||
Increase in sales revenue percentage | 32.40% | |||||||||||
Estimated future incentive payments expense | 6,400,000 | 2,300,000 | ||||||||||
Reversal of estimated future incentive payments | $5,800,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $64,195 | $64,576 |
Effects of foreign currency translation | -8,343 | -381 |
Ending Balance | $55,852 | $64,195 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of goodwill | $0 | $0 | $0 |
Impairment of intangible assets | 0 | 0 | 0 |
Amortization expense of intangible assets | 2,300,000 | 2,300,000 | 1,300,000 |
Future amortization expense of intangible assets in fiscal 2015 | $800,000 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Summary of Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Intangible Assets (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $18,138 | $21,683 |
Accumulated Amortization | 5,076 | 3,713 |
Intangible Assets, Net | 13,062 | 17,970 |
Developed technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,396 | 4,060 |
Accumulated Amortization | 2,925 | 2,143 |
Intangible Assets, Net | 471 | 1,917 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,516 | 3,008 |
Accumulated Amortization | 2,151 | 1,570 |
Intangible Assets, Net | 365 | 1,438 |
Trade names and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,226 | 14,615 |
Intangible Assets, Net | $12,226 | $14,615 |
Cash_Cash_Equivalents_and_Mark2
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | $134,718 | $98,473 | ||
Gross Unrealized Holding Gains, Marketable securities | 73 | 64 | ||
Gross Unrealized Holding Losses, Marketable securities | -186 | -191 | ||
Estimated Fair Value, Marketable securities | 134,605 | 98,346 | ||
Less: Long-term marketable securities | -823 | -825 | ||
Total current marketable securities | 133,782 | 97,521 | ||
Amortized Cost, Cash and cash equivalents | 20,862 | 19,634 | 17,579 | 14,779 |
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | 20,862 | 19,634 | ||
State and local government securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 102,888 | 72,968 | ||
Gross Unrealized Holding Gains, Marketable securities | 73 | 64 | ||
Gross Unrealized Holding Losses, Marketable securities | -186 | -191 | ||
Estimated Fair Value, Marketable securities | 102,775 | 72,841 | ||
Amortized Cost, Cash and cash equivalents | 3,550 | 450 | ||
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | 3,550 | 450 | ||
Variable-rate demand notes [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 31,830 | 25,505 | ||
Estimated Fair Value, Marketable securities | 31,830 | 25,505 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 10,251 | 17,973 | ||
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | 10,251 | 17,973 | ||
Money market funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 7,061 | 1,211 | ||
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | $7,061 | $1,211 |
Cash_Cash_Equivalents_and_Mark3
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Parenthetical) (Detail) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Security | Security | |
Cash and Cash Equivalents [Abstract] | ||
Number of auction rate securities held | 1 | 1 |
Cash_Cash_Equivalents_and_Mark4
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Cash and Cash Equivalents [Abstract] | |||
Effective maturity period | Two years or less | ||
Realized loss for other-than-temporary impairments | $0 | $0 | $0 |
Cash_Cash_Equivalents_and_Mark5
Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | $27,701 | $26,637 |
Marketable securities, Fair Value, 12 Months or Greater | 823 | 2,081 |
Marketable securities, Fair Value, Total | 28,524 | 28,718 |
Marketable securities, Unrealized Losses, Less Than 12 Months | -9 | -15 |
Marketable securities, Unrealized Losses, 12 Months or Greater | -177 | -176 |
Marketable securities, Unrealized Losses, Total | -186 | -191 |
State and local government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 27,701 | 26,637 |
Marketable securities, Fair Value, 12 Months or Greater | 823 | 2,081 |
Marketable securities, Fair Value, Total | 28,524 | 28,718 |
Marketable securities, Unrealized Losses, Less Than 12 Months | -9 | -15 |
Marketable securities, Unrealized Losses, 12 Months or Greater | -177 | -176 |
Marketable securities, Unrealized Losses, Total | ($186) | ($191) |
Receivables_Summary_of_Receiva
Receivables - Summary of Receivables (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Credit cards receivable | $7,781 | $5,299 |
Tenant allowances receivable | 1,555 | 1,391 |
Other receivables | 3,317 | 3,604 |
Receivables | $12,653 | $10,294 |
Fixed_Assets_Summary_of_Fixed_
Fixed Assets - Summary of Fixed Assets (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $289,276 | $266,776 |
Less: Accumulated depreciation | -153,634 | -139,433 |
Fixed assets, net | 135,642 | 127,343 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 151,703 | 136,953 |
Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 75,683 | 74,333 |
Buildings, land and building and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 28,087 | 27,786 |
Computer equipment, software, store equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $33,803 | $27,704 |
Fixed_Assets_Summary_of_Deprec
Fixed Assets - Summary of Depreciation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Depreciation And Amortization Expenses [Line Items] | |||
Depreciation expense | $24,743 | $22,367 | $19,381 |
Cost of goods sold [Member] | |||
Depreciation And Amortization Expenses [Line Items] | |||
Depreciation expense | 1,230 | 1,086 | 875 |
Selling, general and administrative expenses [Member] | |||
Depreciation And Amortization Expenses [Line Items] | |||
Depreciation expense | $23,513 | $21,281 | $18,506 |
Other_Liabilities_Summary_of_O
Other Liabilities - Summary of Other Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued payables | $4,993 | $7,026 |
Unredeemed gift cards | 4,980 | 4,410 |
Accrued indirect taxes | 4,691 | 3,592 |
Deferred revenue | 3,632 | 1,677 |
Future incentive payments | 3,096 | |
Allowance for sales returns | 1,986 | 1,582 |
Accrued legal settlement | 1,250 | |
Other current liabilities | 1,194 | 1,739 |
Other liabilities | $24,572 | $21,276 |
Revolving_Credit_Facility_and_
Revolving Credit Facility and Debt - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | |
Commercial letters of credit [Member] | U.S. revolving credit facility [Member] | U.S. revolving credit facility [Member] | U.S. revolving credit facility [Member] | U.S. revolving credit facility [Member] | U.S. revolving credit facility [Member] | European revolving credit facility [Member] | European revolving credit facility [Member] | European revolving credit facility [Member] | |
USD ($) | USD ($) | USD ($) | Commercial letters of credit [Member] | Commercial letters of credit [Member] | Standby letters of credit [Member] | USD ($) | EUR (€) | USD ($) | |
USD ($) | USD ($) | USD ($) | |||||||
Line of Credit Facility [Line Items] | |||||||||
Revolving credit facility | $25,000,000 | € 9,000,000 | |||||||
Maximum borrowing capacity under revolving credit facility | 10,000,000 | 35,000,000 | 5,000,000 | ||||||
Maximum term for letters of credit | 120 days | 365 days | |||||||
Revolving line of credit interest rate | Three Month LIBOR rate plus 1.00% | 1.60%-1.65% | 1.60%-1.65% | ||||||
Store asset impairment revolving credit facility covenant | 5,000,000 | ||||||||
Minimum quick ratio revolving credit facility covenant | 1.25 | ||||||||
Outstanding borrowings under revolving lines of credit | 0 | 0 | 0 | 0 | |||||
Commercial letters of credit outstanding | $300,000 | $300,000 |
Revolving_Credit_Facility_and_1
Revolving Credit Facility and Debt - Summary of Long-Term Debt Obligation (Detail) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Debt obligations | $1,933 |
Less: Current portion of debt obligations | -325 |
Total long-term debt obligations | $1,608 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Total Rent Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum rent expense | $62,336 | $51,131 | $47,279 |
Contingent rent expense | 2,219 | 2,312 | 2,705 |
Total rent expense | $64,555 | $53,443 | $49,984 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Total Rent Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||
Real estate taxes, insurance, common area maintenance charges and other executory costs | $35.60 | $32 | $28 |
Correction of an error amount | ($2.70) |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Commitments on all Leases (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2015 | $61,452 |
Fiscal 2016 | 60,191 |
Fiscal 2017 | 56,120 |
Fiscal 2018 | 50,686 |
Fiscal 2019 | 43,842 |
Thereafter | 151,473 |
Total | $423,764 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Nov. 12, 2013 | Jan. 31, 2015 | Feb. 01, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |||
Outstanding purchase orders | $192.90 | $132.60 | |
Settlement agreement | 1.3 | ||
Self-insurance reserve | $1.80 | $1.70 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $133,782 | $97,521 |
Long-term other assets | 9,386 | 4,049 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 7,061 | 1,211 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,061 | 1,211 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 137,332 | 97,971 |
Level 2 [Member] | State and local government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,550 | 450 |
Marketable securities | 101,952 | 72,016 |
Level 2 [Member] | Variable-rate demand notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 31,830 | 25,505 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 946 | 972 |
Level 3 [Member] | State and local government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term other assets | 823 | 825 |
Level 3 [Member] | Equity investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term other assets | $123 | $147 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Dec. 10, 2014 | Nov. 30, 2012 |
Equity [Abstract] | |||||
Shares authorized to purchase under stock repurchase program, value | $30 | $20 | $30 | $22 | |
Common stock repurchased value | 7.5 | ||||
Stock repurchase program expiration date | 30-Jan-16 | 1-Feb-14 | |||
Remaining value of shares authorized to purchase under stock repurchase program | $12.50 | $30 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Common Stock Repurchase Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Equity [Abstract] | |||
Number of shares repurchased | 758 | ||
Average price per share of repurchased shares (with commission) | $23.03 | ||
Total cost of shares repurchased | $17,445 | $19,038 | $25,843 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $4,710 | $6,010 | $135 |
Other comprehensive income (loss) before reclassifications, net of tax | -15,989 | -1,323 | 5,961 |
Other (expense) income, net | -557 | -1,589 | 327 |
Provision for income taxes | -28,459 | -26,016 | -28,115 |
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | 1 | 23 | -86 |
Other comprehensive income (loss), net | -15,988 | -1,300 | 5,875 |
Ending Balance | -11,278 | 4,710 | 6,010 |
Reclassifications [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other (expense) income, net | 2 | 28 | -141 |
Provision for income taxes | -1 | -5 | 55 |
Foreign currency translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 4,790 | 6,021 | -19 |
Other comprehensive income (loss) before reclassifications, net of tax | -15,995 | -1,231 | 6,040 |
Other comprehensive income (loss), net | -15,995 | -1,231 | 6,040 |
Ending Balance | -11,205 | 4,790 | 6,021 |
Net unrealized gains (losses) on available-for-sale investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -80 | -11 | 154 |
Other comprehensive income (loss) before reclassifications, net of tax | 6 | -92 | -79 |
Total reclassifications from accumulated other comprehensive income (loss), net of taxes | 1 | 23 | -86 |
Other comprehensive income (loss), net | 7 | -69 | -165 |
Ending Balance | -73 | -80 | -11 |
Net unrealized gains (losses) on available-for-sale investments [Member] | Reclassifications [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other (expense) income, net | 2 | 28 | -141 |
Provision for income taxes | ($1) | ($5) | $55 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Foreign currency translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, tax | $0 | $0 | $0 |
Net unrealized gains (losses) on available-for-sale investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, tax | 100,000 | 100,000 | 100,000 |
Accumulated Other Comprehensive Income (loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, tax | $100,000 | $100,000 | $100,000 |
Equity_Awards_Summary_of_Total
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $7,520 | $4,094 | $5,996 |
Cost of goods sold [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,048 | 990 | 1,033 |
Selling, general and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $6,472 | $3,104 | $4,963 |
Equity_Awards_Summary_of_Total1
Equity Awards - Summary of Total Stock-Based Compensation Expense (Parenthetical) (Detail) (Selling, general and administrative expenses [Member], Blue Tomato [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Selling, general and administrative expenses [Member] | Blue Tomato [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation benefit recognized | $3.10 | $0.90 |
Equity_Awards_Additional_Infor
Equity Awards - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total unrecognized compensation cost related to unvested stock options and restricted stock | $6.10 | ||
Weighted-average recognition period related to unvested stock options and restricted stock | 1 year 1 month 6 days | ||
Number of shares issued under ESPP | 0.1 | 0.1 | 0.1 |
Percentage of discount on purchase of common stock through ESPP | 15.00% |
Equity_Awards_Summary_of_Restr
Equity Awards - Summary of Restricted Stock Activity (Detail) (Restricted stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock, Beginning Balance | 361 | 382 | 503 |
Restricted Stock, Granted | 176 | 198 | 154 |
Restricted Stock, Vested | -154 | -193 | -236 |
Restricted Stock, Forfeited | -40 | -26 | -39 |
Restricted Stock, Ending Balance | 343 | 361 | 382 |
Grant Date Weighted-Average Fair Value, Beginning Balance | $26.91 | $23.97 | $16.79 |
Grant Date Weighted-Average Fair Value, Granted | $25.76 | $25.45 | $33.98 |
Grant Date Weighted-Average Fair Value, Vested | $26.31 | $19.54 | $15.21 |
Grant Date Weighted-Average Fair Value, Forfeited | $27.14 | $27.27 | $24.03 |
Grant Date Weighted-Average Fair Value, Ending Balance | $26.56 | $26.91 | $23.97 |
Intrinsic Value, Ending Balance | $12,783 |
Equity_Awards_Summary_of_Addit
Equity Awards - Summary of Additional Information Related to Restricted Stock Activity (Detail) (Restricted stock [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vest-date fair value of restricted stock vested | $3,916 | $4,981 | $8,174 |
Equity_Awards_Summary_of_Stock
Equity Awards - Summary of Stock Option Activity (Detail) (Stock options [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options, Outstanding, Beginning Balance | 691 | 820 | 888 |
Stock Options, Granted | 31 | 47 | 55 |
Stock Options, Exercised | -397 | -152 | -74 |
Stock Options, Forfeited | -74 | -24 | -49 |
Stock Options, Outstanding, Ending Balance | 251 | 691 | 820 |
Grant Date Weighted-Average Exercise Price, Outstanding, Beginning Balance | $19.86 | $17.62 | $16.18 |
Stock Options, Exercisable, Ending Balance | 180 | ||
Grant Date Weighted-Average Exercise Price, Granted | $25.49 | $24.81 | $31.79 |
Stock Options, Vested or expected to vest, Ending Balance | 220 | ||
Grant Date Weighted-Average Exercise Price, Exercised | $14.82 | $6.64 | $8.53 |
Grant Date Weighted-Average Exercise Price, Forfeited | $32.63 | $35.96 | $20.91 |
Grant Date Weighted-Average Exercise Price, Outstanding, Ending Balance | $24.76 | $19.86 | $17.62 |
Grant Date Weighted-Average Exercise Price, Exercisable, Ending Balance | $24.14 | ||
Grant Date Weighted-Average Exercise Price, Vested or expected to vest, Ending Balance | $24.27 | ||
Weighted-Average Remaining Contractual Life (in Years), Outstanding, Ending Balance | 4 years 4 months 24 days | ||
Weighted-Average Remaining Contractual Life (in Years), Exercisable, Ending Balance | 2 years 10 months 24 days | ||
Weighted-Average Remaining Contractual Life (in Years), Vested or Expected to Vest, Ending Balance | 4 years | ||
Intrinsic Value, Outstanding, Ending Balance | $3,154 | ||
Intrinsic Value, Exercisable, Ending Balance | 2,387 | ||
Intrinsic Value, Vested or expected to vest | $3,153 |
Equity_Awards_Summary_of_Addit1
Equity Awards - Summary of Additional Information Related to Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Aggregate intrinsic value of stock options exercised | $6,756 | $3,408 | $1,655 |
Vest-date fair value of stock options | $83 | $2,024 | $4,881 |
Equity_Awards_Summary_of_Outst
Equity Awards - Summary of Outstanding and Exercisable Options (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 251 |
Number of Options Exercisable | 180 |
Exercise price range one [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower Range Limit | $0 |
Upper Range Limit | $10 |
Number of Options Outstanding | 45 |
Weighted Average Remaining Contractual Life, Options Outstanding | 2 years 10 months 24 days |
Number of Options Exercisable | 45 |
Exercise price range two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower Range Limit | $10.01 |
Upper Range Limit | $20 |
Number of Options Outstanding | 8 |
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 2 months 12 days |
Number of Options Exercisable | 8 |
Exercise price range three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower Range Limit | $20.01 |
Upper Range Limit | $30 |
Number of Options Outstanding | 103 |
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 8 months 12 days |
Number of Options Exercisable | 39 |
Exercise price range four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower Range Limit | $30.01 |
Upper Range Limit | $40 |
Number of Options Outstanding | 95 |
Weighted Average Remaining Contractual Life, Options Outstanding | 2 years 6 months |
Number of Options Exercisable | 88 |
Income_Taxes_Components_of_Ear
Income Taxes - Components of Earnings before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
United States | $80,449 | $71,288 | $75,054 |
Foreign | -8,798 | 676 | -4,775 |
Earnings before income taxes | $71,651 | $71,964 | $70,279 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||
Federal | $24,639 | $22,925 | $24,002 |
State and local | 3,386 | 3,544 | 4,689 |
Foreign | 1,044 | 525 | 1,054 |
Total current | 29,069 | 26,994 | 29,745 |
Deferred: | |||
Federal | 1,706 | 629 | 551 |
State and local | 291 | 74 | -370 |
Foreign | -2,607 | -1,681 | -1,811 |
Total deferred | -610 | -978 | -1,630 |
Provision for income taxes | $28,459 | $26,016 | $28,115 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Income Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Expected U.S. federal income taxes at statutory rates | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal effect | 3.40% | 3.30% | 4.40% |
Other | 1.30% | -2.20% | 0.60% |
Effective tax rate | 39.70% | 36.10% | 40.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Taxes (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Deferred rent | $18,832 | $16,779 |
Employee benefits, including stock based compensation | 3,595 | 5,967 |
Net operating losses | 3,053 | 2,045 |
Accrued liabilities | 1,971 | 2,507 |
Inventory | 1,351 | 672 |
Other | 1,508 | 1,251 |
Total deferred tax assets | 30,310 | 29,221 |
Deferred tax liabilities: | ||
Property and equipment | -21,197 | -19,937 |
Goodwill and other intangibles | -6,424 | -7,463 |
Other | -693 | -543 |
Total deferred tax liabilities | -28,314 | -27,943 |
Net deferred tax assets | 1,996 | 1,278 |
Reported as: | ||
Current deferred tax assets | 6,965 | 5,194 |
Long-term deferred tax assets (included in long-term other assets) | 769 | 733 |
Current deferred income tax liabilities (included in other liabilities) | 0 | 0 |
Long-term deferred tax liabilities | -5,738 | -4,649 |
Net deferred tax assets | $1,996 | $1,278 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Jan. 31, 2015 | |
Valuation Allowance [Line Items] | ||
Foreign net operating loss carryovers | $8,000,000 | $12,100,000 |
Tax- effected foreign net operating loss carryovers | 2,045,000 | 3,053,000 |
Increase (decrease) in total valuation allowance | -400,000 | |
Maximum [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation allowance related to net operating losses and other deferred tax assets | 100,000 | |
Increase (decrease) in total valuation allowance | $100,000 |
Earnings_per_Share_Basic_and_D2
Earnings per Share, Basic and Diluted - Computation of Basic and Diluted Earnings per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||
Net income | $43,192 | $45,948 | $42,164 |
Weighted average common shares for basic earnings per share | 28,871 | 29,810 | 30,742 |
Dilutive effect of stock options and restricted stock | 417 | 396 | 531 |
Weighted average common shares for diluted earnings per share | 29,288 | 30,206 | 31,273 |
Basic earnings per share | $1.50 | $1.54 | $1.37 |
Diluted earnings per share | $1.47 | $1.52 | $1.35 |
Earnings_per_Share_Basic_and_D3
Earnings per Share, Basic and Diluted - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||
Total anti-dilutive common stock options not included in the calculation of diluted earnings per share | 0.1 | 0.2 | 0.2 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Related Party Transactions [Abstract] | |||
Related party expenses | $0.70 | $0.70 | $0.70 |
Payable to related party | $0.60 | $0.60 |
Segment_Reporting_Summary_of_P
Segment Reporting - Summary of Product Categories as a Percentage of Merchandise Sales (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 100.00% | 100.00% | 100.00% |
Men's apparel [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 34.00% | 34.00% | 36.00% |
Accessories [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 20.00% | 19.00% | 19.00% |
Footwear [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 19.00% | 22.00% | 23.00% |
Hardgoods [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 14.00% | 13.00% | 11.00% |
Junior's apparel [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 13.00% | 12.00% | 11.00% |
Segment_Reporting_Summary_of_N
Segment Reporting - Summary of Net Sales by Geographical Area (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Net sales : | |||
Total net sales | $811,551 | $724,337 | $669,393 |
United States [Member] | |||
Net sales : | |||
Total net sales | 708,279 | 644,362 | 618,958 |
Foreign [Member] | |||
Net sales : | |||
Total net sales | $103,272 | $79,975 | $50,435 |
Segment_Reporting_Summary_of_L
Segment Reporting - Summary of Long-lived Assets by Geographical Area (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Long-lived assets: | ||
Total long-lived assets | $145,028 | $129,687 |
United States [Member] | ||
Long-lived assets: | ||
Total long-lived assets | 122,003 | 111,595 |
Foreign [Member] | ||
Long-lived assets: | ||
Total long-lived assets | $23,025 | $18,092 |