Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 01, 2021 | May 27, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Ollie’s Bargain Outlet Holdings, Inc. | |
Entity Central Index Key | 0001639300 | |
Current Fiscal Year End Date | --01-29 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | May 1, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-37501 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0848819 | |
Entity Address, Address Line One | 6295 Allentown Boulevard | |
Entity Address, Address Line Two | Suite 1 | |
Entity Address, City or Town | Harrisburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17112 | |
City Area Code | 717 | |
Local Phone Number | 657-2300 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | OLLI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 65,284,739 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Condensed Consolidated Statements of Income [Abstract] | ||
Net sales | $ 452,492 | $ 349,363 |
Cost of sales | 269,882 | 208,997 |
Gross profit | 182,610 | 140,366 |
Selling, general and administrative expenses | 104,370 | 89,720 |
Depreciation and amortization expenses | 4,484 | 3,944 |
Pre-opening expenses | 2,535 | 3,722 |
Operating income | 71,221 | 42,980 |
Interest income, net | (25) | (83) |
Income before income taxes | 71,246 | 43,063 |
Income tax expense | 16,026 | 9,607 |
Net income | $ 55,220 | $ 33,456 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.84 | $ 0.53 |
Diluted (in dollars per share) | $ 0.84 | $ 0.51 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 65,503 | 63,061 |
Diluted (in shares) | 66,119 | 65,242 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 472,167 | $ 447,126 | $ 119,351 |
Inventories | 355,193 | 353,704 | 343,755 |
Accounts receivable | 363 | 621 | 4,146 |
Prepaid expenses and other assets | 5,526 | 7,316 | 5,184 |
Total current assets | 833,249 | 808,767 | 472,436 |
Property and equipment, net of accumulated depreciation of $104,236, $82,322 and $98,627, respectively | 142,354 | 138,712 | 135,214 |
Operating lease right-of-use assets | 390,111 | 380,546 | 357,553 |
Goodwill | 444,850 | 444,850 | 444,850 |
Trade name | 230,559 | 230,559 | 230,559 |
Other assets | 2,368 | 2,421 | 2,499 |
Total assets | 2,043,491 | 2,005,855 | 1,643,111 |
Current liabilities: | |||
Current portion of long-term debt | 327 | 328 | 300 |
Accounts payable | 90,378 | 117,217 | 56,642 |
Income taxes payable | 26,051 | 10,960 | 13,811 |
Current portion of operating lease liabilities | 61,589 | 64,732 | 61,002 |
Accrued expenses and other | 76,675 | 90,559 | 58,666 |
Total current liabilities | 255,020 | 283,796 | 190,421 |
Revolving credit facility | 0 | 0 | 0 |
Long-term debt | 610 | 656 | 576 |
Deferred income taxes | 65,817 | 65,064 | 59,194 |
Long-term operating lease liabilities | 335,398 | 321,454 | 298,736 |
Other long-term liabilities | 4 | 4 | 5 |
Total liabilities | 656,849 | 670,974 | 548,932 |
Stockholders' equity: | |||
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued | 0 | 0 | 0 |
Common stock - 500,000 shares authorized at $0.001 par value; 66,349, 63,859 and 66,165 shares issued, respectively | 66 | 66 | 64 |
Additional paid-in capital | 655,069 | 648,949 | 617,188 |
Retained earnings | 781,487 | 726,267 | 517,027 |
Treasury - common stock, at cost; 813, 698 and 702 shares, respectively | (49,980) | (40,401) | (40,100) |
Total stockholders' equity | 1,386,642 | 1,334,881 | 1,094,179 |
Total liabilities and stockholders' equity | $ 2,043,491 | $ 2,005,855 | $ 1,643,111 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Assets | |||
Property and equipment, accumulated depreciation and amortization | $ 104,236 | $ 98,627 | $ 82,322 |
Stockholders' equity: | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 66,349,000 | 66,165,000 | 63,859,000 |
Treasury - common stock (in shares) | 813,000 | 702,000 | 698,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at Feb. 01, 2020 | $ 64 | $ (40,100) | $ 615,350 | $ 483,571 | $ 1,058,885 |
Beginning balance (in shares) at Feb. 01, 2020 | 63,712 | ||||
Beginning balance (in shares) at Feb. 01, 2020 | (698) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | $ 0 | $ 0 | 1,319 | 0 | 1,319 |
Proceeds from stock options exercised | $ 0 | $ 0 | 1,318 | 0 | 1,318 |
Proceeds from stock options exercised (in shares) | 100 | 0 | |||
Vesting of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Vesting of restricted stock (in shares) | 64 | 0 | |||
Common shares withheld for taxes | $ 0 | $ 0 | (799) | 0 | (799) |
Common shares withheld for taxes (in shares) | (17) | 0 | |||
Net income | $ 0 | $ 0 | 0 | 33,456 | 33,456 |
Ending balance at May. 02, 2020 | $ 64 | $ (40,100) | 617,188 | 517,027 | 1,094,179 |
Ending balance (in shares) at May. 02, 2020 | 63,859 | ||||
Ending balance (in shares) at May. 02, 2020 | (698) | ||||
Beginning balance at Jan. 30, 2021 | $ 66 | $ (40,401) | 648,949 | 726,267 | 1,334,881 |
Beginning balance (in shares) at Jan. 30, 2021 | 66,165 | ||||
Beginning balance (in shares) at Jan. 30, 2021 | (702) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | $ 0 | $ 0 | 2,020 | 0 | 2,020 |
Proceeds from stock options exercised | $ 0 | $ 0 | 5,258 | 0 | 5,258 |
Proceeds from stock options exercised (in shares) | 144 | 0 | |||
Vesting of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Vesting of restricted stock (in shares) | 53 | 0 | |||
Common shares withheld for taxes | $ 0 | $ 0 | (1,158) | 0 | (1,158) |
Common shares withheld for taxes (in shares) | (13) | 0 | |||
Shares repurchased | $ 0 | $ (9,579) | 0 | 0 | (9,579) |
Shares repurchased (in shares) | 0 | (111) | |||
Net income | $ 0 | $ 0 | 0 | 55,220 | 55,220 |
Ending balance at May. 01, 2021 | $ 66 | $ (49,980) | $ 655,069 | $ 781,487 | $ 1,386,642 |
Ending balance (in shares) at May. 01, 2021 | 66,349 | ||||
Ending balance (in shares) at May. 01, 2021 | (813) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 55,220 | $ 33,456 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 5,859 | 5,339 |
Amortization of debt issuance costs | 64 | 64 |
(Gain) loss on sale of assets | (27) | 34 |
Deferred income tax provision (benefit) | 753 | (207) |
Stock-based compensation expense | 2,020 | 1,319 |
Changes in operating assets and liabilities: | ||
Inventories | (1,489) | (8,574) |
Accounts receivable | 258 | (1,306) |
Prepaid expenses and other assets | 1,779 | 352 |
Accounts payable | (27,311) | (4,575) |
Income taxes payable | 15,091 | 9,905 |
Accrued expenses and other liabilities | (12,094) | 5,563 |
Net cash provided by operating activities | 40,123 | 41,370 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (9,463) | (12,391) |
Proceeds from sale of property and equipment | 51 | 17 |
Net cash used in investing activities | (9,412) | (12,374) |
Cash flows from financing activities: | ||
Repayments on finance leases | (191) | (114) |
Proceeds from stock option exercises | 5,258 | 1,318 |
Common shares withheld for taxes | (1,158) | (799) |
Payment for shares repurchased | (9,579) | 0 |
Net cash (used in) provided by financing activities | (5,670) | 405 |
Net increase in cash and cash equivalents | 25,041 | 29,401 |
Cash and cash equivalents at the beginning of the period | 447,126 | 89,950 |
Cash and cash equivalents at the end of the period | 472,167 | 119,351 |
Cash paid during the period for: | ||
Interest | 82 | 87 |
Income taxes | 182 | 7 |
Non-cash investing activities: | ||
Accrued purchases of property and equipment | $ 2,554 | $ 500 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
May 01, 2021 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | (1) Organization and Summary of Significant Accounting Policies (a) Description of Business Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories. Since its first store opened in 1982, the Company has grown to 397 retail locations in 25 states as of May 1, 2021. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and West Virginia. (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31 of the following calendar year. References to the thirteen weeks ended May 1, 2021 and May 2, 2020 refer to the thirteen weeks from January 31, 2021 to May 1, 2021 and from February 2, 2020 to May 2, 2020, respectively. References to “2020” refer to the fiscal year ended January 30, 2021 and references to “2021” refer to the fiscal year ending January 29, 2022. Both periods consist of 52 weeks. (c) Basis of Presentation T he accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of May 1, 2021 and May 2, 2020, and the condensed consolidated statements of income, stockholders’ equity and cash flows for the thirteen weeks ended May 1, 2021 and May 2, 2020 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2021 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The Company’s balance sheet as of January 30, 2021 , presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2021 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2020 and footnotes thereto included in the Annual Report . For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment. (d) Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs which are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect the Company’s assumptions. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and its credit facilities. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. (f) I The outbreak of the novel coronavirus COVID-19, which was declared a global pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies. The outbreak of COVID-19 and related measures to quell the outbreak have impacted the Company’s inventory supply chain, operations and customer demand. The Company’s stores and distribution centers have continued to operate as an essential business during the COVID-19 pandemic and the Company is committed to maintaining a safe work and shopping environment. The Company is experiencing labor pressures in its stores and distribution centers as well as supply chain disruptions due to the ongoing impacts of COVID-19 and related measures. |
Net Sales
Net Sales | 3 Months Ended |
May 01, 2021 | |
Net Sales [Abstract] | |
Net Sales | (2) Net Sales Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. Revenue Recognition Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. . At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands): Thirteen weeks ended May 1, 2021 May 2, 2020 Beginning balance $ 8,113 $ 8,254 Revenue deferred 4,073 3,425 Revenue recognized (3,659 ) (2,402 ) Ending balance $ 8,527 $ 9,277 Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands): Thirteen weeks ended May 1, 2021 May 2, 2020 Beginning balance $ 1,902 $ 1,679 Gift card issuances 1,130 344 Gift card redemption and breakage (1,214 ) (506 ) Ending balance $ 1,818 $ 1,517 |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
May 01, 2021 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | (3) Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units. The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Thirteen weeks ended May 1, 2021 May 2, 2020 Net income $ 55,220 $ 33,456 Weighted average number of common shares outstanding – Basic 65,503 63,061 Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units 616 2,181 Weighted average number of common shares outstanding – Diluted 66,119 65,242 Earnings per common share – Basic $ 0.84 $ 0.53 Earnings per common share – Diluted $ 0.84 $ 0.51 The effect of the weighted average assumed exercise of stock options outstanding totaling and for the weeks ended May and May respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. The effect of weighted average non-vested restricted stock units outstanding totaling and for the weeks ended May and May respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 01, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (4) Commitments and Contingencies Commitments The Company accounts for leases in accordance with Accounting Standards Update (“ASU”) 2016-02 Leases , which was adopted as of February 3, 2019 Pursuant to the adoption of the new standard, the Company elected the practical expedients upon transition that did not require it to reassess existing contracts to determine if they contain leases under the new definition of a lease, or to reassess historical lease classification or initial direct costs. The Company also adopted the practical expedient to not separate lease and non-lease components for new leases after adoption of the new standard. In addition, the Company applied a policy election to exclude leases with an initial term of 12 months or less from balance sheet recognition. The Company did not adopt the hindsight practical expedient and, therefore, will continue to utilize lease terms determined under previous lease guidance . Ollie’s generally leases its stores, offices and distribution facilities under operating leases that expire at various dates through 2034 These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a of annual sales. A majority of the Company’s leases also require a payment for all or a portion of common-area maintenance, insurance, real estate taxes, water and sewer costs and repairs, on a fixed or variable payment basis, the cost of which, for leases existing as of the adoption of ASU 2016-02 is charged to the related expense category rather than being accounted for as rent expense. For leases entered into after the adoption of ASU 2016-02 the Company accounts for lease components together with non-lease components as a single component for all classes of underlying assets. Most of the leases contain options to renew for to successive periods. The Company is generally not reasonably certain to exercise renewal options; therefore, the options are not considered in determining the lease term, and associated potential option payments are excluded from the lease payments. Ollie’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Store and office lease costs are classified in selling, general and administrative expenses and distribution center lease costs are classified in cost of sales on the condensed consolidated statements of income. The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of May 1, 2021 (in thousands): 2021 $ 54,445 2022 83,232 2023 81,416 2024 63,644 2025 48,410 Thereafter 119,966 Total undiscounted lease payments (1) 451,113 Less: Imputed interest (54,126 ) Total lease obligations 396,987 Less: Current obligations under leases (61,589 ) Long-term lease obligations $ 335,398 (1) Lease obligations exclude $40.6 million of minimum lease payments for leases signed, but not commenced. The following table summarizes other information related to the Company’s operating leases as of and for the respective periods (dollars in thousands): Thirteen weeks ended May 1, 2021 May 2, 2020 Cash paid for operating leases $ 27,478 $ 18,627 Operating lease cost 20,841 18,583 Variable lease cost 1,608 998 Non-cash right-of-use assets obtained in exchange for lease obligations 21,508 18,060 Weighted-average remaining lease term 6.6 years 7.0 Weighted-average discount rate 3.9 % 4.4 % Marketing Commitment The Company has entered into an agreement with Valassis Communications, Inc. for marketing services. This agreement has a guaranteed spend commitment of $ million over a period ending May 28, 2022 Related Party Leases The Company has entered into non-cancelable operating leases with related parties for office and store locations that expire at various dates through 2033 Ollie’s made . Contingencies From time to time the Company may be involved in claims and legal actions that arise in the ordinary course of its business. The Company cannot predict the outcome of any litigation or suit to which it is a party. However, the Company does not believe that an unfavorable decision of any of the current claims or legal actions against it, individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity or capital resources. |
Accrued Expenses and Other
Accrued Expenses and Other | 3 Months Ended |
May 01, 2021 | |
Accrued Expenses and Other [Abstract] | |
Accrued Expenses and Other | (5) Accrued Expenses and Other Accrued expenses and other consists of the following (in thousands): May 1, 2021 May 2, 2020 January 30, 2021 Compensation and benefits $ 18,238 $ 8,032 $ 32,943 Deferred revenue 10,345 10,794 10,015 Sales and use taxes 8,010 8,130 6,487 Insurance 6,304 4,412 6,318 Freight 5,934 4,412 7,180 Real estate related 5,826 4,895 5,753 Advertising 4,201 3,382 4,325 Other 17,817 14,609 17,538 $ 76,675 $ 58,666 $ 90,559 |
Debt Obligations and Financing
Debt Obligations and Financing Arrangements | 3 Months Ended |
May 01, 2021 | |
Debt Obligations and Financing Arrangements [Abstract] | |
Debt Obligations and Financing Arrangements | (6) Debt Obligations and Financing Arrangements Long-term debt consists of and January 30, 2021 The Company’s credit facility (the “Credit Facility”) provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”). Loans under the Revolving Credit Facility mature on May 22, 2024. In addition, the Company may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to terms and conditions set out in the Credit Facility. The interest rates for the Credit Facility are calculated as follows: for Base Rate Loans, the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or the Eurodollar Rate plus 1.0%, plus the Applicable Margin, or, for Eurodollar Loans, the Eurodollar Rate plus the Applicable Margin. The Applicable Margin will vary from 0.00% to 0.50% for a Base Rate Loan and 1.00% to 1.50% for a Eurodollar Loan, based on availability under the Credit Facility. The Eurodollar Rate is subject to a 0% floor. Under the terms of the Revolving Credit Facility, as of May 1, 2021, the Company could borrow up to 90.0% of the most recent appraised value (valued at cost, discounted for the current net orderly liquidation value) of its eligible inventory, as defined, up to $100.0 million. As of May 1, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility, with $91.1 million of borrowing availability, outstanding letters of credit commitments of $8.7 million and $0.2 million of rent reserves. The Revolving Credit Facility also contains a variable unused line fee ranging from 0.125% to 0.250% per annum. The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The financial covenant is a consolidated fixed charge coverage ratio test of at least 1.0 to 1.0 applicable during a covenant period, based on reference to availability. The Company was in compliance with all terms of the Credit Facility during the thirteen weeks ended . The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s condensed consolidated balance sheet as of May 1, 2021, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions that are a party to the Credit Facility, subject to material exceptions including proforma compliance with the applicable conditions described in the Credit Facility. |
Income Taxes
Income Taxes | 3 Months Ended |
May 01, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | (7) Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for discrete events occurring in a particular period. The effective tax rates for the thirteen weeks ended May 1, 2021 and May 2, 2020 were and , respectively. The effective tax rates in the the impact of excess tax benefits related to stock-based compensation. These discrete tax benefits totaled and in the thirteen weeks ended May 1, 2021 and May 2, 2020 respectively. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
May 01, 2021 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | (8) Equity Incentive Plans During 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering, no additional equity grants will be made under the 2012 Plan. In connection with its initial public offering, the Company adopted the 2015 equity incentive plan (the “2015 Plan”) pursuant to which the Company’s Board of Directors may grant stock options, restricted shares or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of May 1, 2021, there were 2,563,311 shares available for grant under the 2015 Plan. Stock Options The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. A summary of the Company’s stock option activity and related information for the thirteen weeks ended May 1, 2021 follows: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at January 30 2021 1,244,235 $ 42.39 Granted 268,411 86.06 Forfeited (23,133 ) 56.94 Exercised (143,664 ) 36.60 Outstanding at May 1 2021 1,345,849 51.46 7.5 Exercisable at May 1 2021 551,196 34.06 5.4 The weighted average grant date fair value per option for options granted during the thirteen weeks ended May 1, 2021 and May 2, 2020 was and respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table: Thirteen weeks ended May 1, 2021 May 2, 2020 Risk-free interest rate 1.34 % 0.77 % Expected dividend yield – – Expected life (years) 6.25 years 6.25 years Expected volatility 38.38 % 30.49 % The expected life of stock options is estimated using the “simplified method,” as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses its historical information since its initial public offering as well as comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Restricted Stock Units Restricted stock units (“RSUs”) are issued at a value not less than the fair value of the common stock on the date of the grant. RSUs outstanding vest ratably over four years or cliff vest in one A summary of the Company’s RSU activity and related information for the thirteen weeks ended May 1, 2021 is as follows: Number of shares Weighted average grant date fair value Non-vested balance at January 30 2021 148,838 $ 52.28 Granted 49,571 86.03 Forfeited (4,181 ) 54.58 Vested (53,286 ) 42.17 Non-vested balance at May 1 2021 140,942 67.90 Stock-Based Compensation Expense The compensation cost for stock options and RSUs which have been recorded within selling, general and administrative expenses related to the Company’s equity incentive plans was $ million and $ million for the weeks ended and , respectively. As of May 1, 2021, there was $24.6 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 3.1 years. Compensation costs related to awards are recognized using the straight-line method. |
Common Stock
Common Stock | 3 Months Ended |
May 01, 2021 | |
Common Stock [Abstract] | |
Common Stock | (9) Common Stock Common Stock The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 per value per share; to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for using the cost method. Share Repurchase Program On December 15, 2020, the Board of Directors of the Company authorized the repurchase of up to $100.00 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program. Both of these authorizations are authorized to be executed through January 2023. Shares under both authorizations may be purchased from time to time in open market transactions (including blocks), privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, issuer self-tender offers or any combination of the foregoing. The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the market price of the Company’s shares, general market and economic conditions, and other corporate considerations. In addition, the authorizations are subject to extension or earlier termination by the Board of Directors at any time. During the thirteen weeks ended May 1, 2021, the Company repurchased 110,622 shares of its common stock for $9.6 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash generated from operations. As of May 1, 2021, the Company had $190.4 million remaining under its share repurchase authorization. There can be no assurance that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be discontinued at any time. |
Subsequent Event
Subsequent Event | 3 Months Ended |
May 01, 2021 | |
Subsequent Event [Abstract] | |
Subsequent Event | (10) Subsequent Event In |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 01, 2021 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Fiscal Year | (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31 of the following calendar year. References to the thirteen weeks ended May 1, 2021 and May 2, 2020 refer to the thirteen weeks from January 31, 2021 to May 1, 2021 and from February 2, 2020 to May 2, 2020, respectively. References to “2020” refer to the fiscal year ended January 30, 2021 and references to “2021” refer to the fiscal year ending January 29, 2022. Both periods consist of 52 weeks. |
Basis of Presentation | (c) Basis of Presentation T he accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of May 1, 2021 and May 2, 2020, and the condensed consolidated statements of income, stockholders’ equity and cash flows for the thirteen weeks ended May 1, 2021 and May 2, 2020 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2021 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The Company’s balance sheet as of January 30, 2021 , presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2021 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2020 and footnotes thereto included in the Annual Report . |
Segment Reporting | For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment. |
Use of Estimates | (d) Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Disclosures | (e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs which are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect the Company’s assumptions. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and its credit facilities. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. |
Net Sales (Policies)
Net Sales (Policies) | 3 Months Ended |
May 01, 2021 | |
Net Sales [Abstract] | |
Net Sales | Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. |
Net Sales (Tables)
Net Sales (Tables) | 3 Months Ended |
May 01, 2021 | |
Net Sales [Abstract] | |
Reconciliation of Liabilities for Ollie's Army Loyalty Program and Gift Cards | Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. . At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands): Thirteen weeks ended May 1, 2021 May 2, 2020 Beginning balance $ 8,113 $ 8,254 Revenue deferred 4,073 3,425 Revenue recognized (3,659 ) (2,402 ) Ending balance $ 8,527 $ 9,277 Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands): Thirteen weeks ended May 1, 2021 May 2, 2020 Beginning balance $ 1,902 $ 1,679 Gift card issuances 1,130 344 Gift card redemption and breakage (1,214 ) (506 ) Ending balance $ 1,818 $ 1,517 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
May 01, 2021 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Thirteen weeks ended May 1, 2021 May 2, 2020 Net income $ 55,220 $ 33,456 Weighted average number of common shares outstanding – Basic 65,503 63,061 Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units 616 2,181 Weighted average number of common shares outstanding – Diluted 66,119 65,242 Earnings per common share – Basic $ 0.84 $ 0.53 Earnings per common share – Diluted $ 0.84 $ 0.51 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
May 01, 2021 | |
Commitments and Contingencies [Abstract] | |
Maturity of Operating Lease Liabilities | The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of May 1, 2021 (in thousands): 2021 $ 54,445 2022 83,232 2023 81,416 2024 63,644 2025 48,410 Thereafter 119,966 Total undiscounted lease payments (1) 451,113 Less: Imputed interest (54,126 ) Total lease obligations 396,987 Less: Current obligations under leases (61,589 ) Long-term lease obligations $ 335,398 (1) Lease obligations exclude $40.6 million of minimum lease payments for leases signed, but not commenced. |
Other Information Related to Operating Leases | The following table summarizes other information related to the Company’s operating leases as of and for the respective periods (dollars in thousands): Thirteen weeks ended May 1, 2021 May 2, 2020 Cash paid for operating leases $ 27,478 $ 18,627 Operating lease cost 20,841 18,583 Variable lease cost 1,608 998 Non-cash right-of-use assets obtained in exchange for lease obligations 21,508 18,060 Weighted-average remaining lease term 6.6 years 7.0 Weighted-average discount rate 3.9 % 4.4 % |
Accrued Expenses and Other (Tab
Accrued Expenses and Other (Tables) | 3 Months Ended |
May 01, 2021 | |
Accrued Expenses and Other [Abstract] | |
Accrued Expenses and Other | Accrued expenses and other consists of the following (in thousands): May 1, 2021 May 2, 2020 January 30, 2021 Compensation and benefits $ 18,238 $ 8,032 $ 32,943 Deferred revenue 10,345 10,794 10,015 Sales and use taxes 8,010 8,130 6,487 Insurance 6,304 4,412 6,318 Freight 5,934 4,412 7,180 Real estate related 5,826 4,895 5,753 Advertising 4,201 3,382 4,325 Other 17,817 14,609 17,538 $ 76,675 $ 58,666 $ 90,559 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
May 01, 2021 | |
Equity Incentive Plans [Abstract] | |
Stock Option Activity | A summary of the Company’s stock option activity and related information for the thirteen weeks ended May 1, 2021 follows: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at January 30 2021 1,244,235 $ 42.39 Granted 268,411 86.06 Forfeited (23,133 ) 56.94 Exercised (143,664 ) 36.60 Outstanding at May 1 2021 1,345,849 51.46 7.5 Exercisable at May 1 2021 551,196 34.06 5.4 |
Weighted Average Assumptions | The weighted average grant date fair value per option for options granted during the thirteen weeks ended May 1, 2021 and May 2, 2020 was and respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table: Thirteen weeks ended May 1, 2021 May 2, 2020 Risk-free interest rate 1.34 % 0.77 % Expected dividend yield – – Expected life (years) 6.25 years 6.25 years Expected volatility 38.38 % 30.49 % |
RSU Activity | A summary of the Company’s RSU activity and related information for the thirteen weeks ended May 1, 2021 is as follows: Number of shares Weighted average grant date fair value Non-vested balance at January 30 2021 148,838 $ 52.28 Granted 49,571 86.03 Forfeited (4,181 ) 54.58 Vested (53,286 ) 42.17 Non-vested balance at May 1 2021 140,942 67.90 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
May 01, 2021LocationStateSegment | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Number of retail locations | Location | 397 |
Number of states in which retail locations are located | State | 25 |
Number of operating segments | Segment | 1 |
Net Sales (Details)
Net Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Net Sales [Abstract] | ||
Maximum redemption period for discount awards | 45 days | |
Ollie's Army Loyalty Program Liability [Abstract] | ||
Beginning balance | $ 8,113 | $ 8,254 |
Revenue deferred | 4,073 | 3,425 |
Revenue recognized | (3,659) | (2,402) |
Ending balance | 8,527 | 9,277 |
Gift Card Liability [Abstract] | ||
Beginning balance | 1,902 | 1,679 |
Gift card issuances | 1,130 | 344 |
Gift card redemption and breakage | (1,214) | (506) |
Ending balance | $ 1,818 | $ 1,517 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Earnings per Common Share [Abstract] | ||
Net income | $ 55,220 | $ 33,456 |
Weighted average number of common shares outstanding - Basic (in shares) | 65,503,000 | 63,061,000 |
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares) | 616,000 | 2,181,000 |
Weighted average number of common shares outstanding - Diluted (in shares) | 66,119,000 | 65,242,000 |
Earnings per common share - Basic (in dollars per share) | $ 0.84 | $ 0.53 |
Earnings per common share - Diluted (in dollars per share) | $ 0.84 | $ 0.51 |
Stock Options [Member] | ||
Earnings per Common Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 295,100 | 721,692 |
Non-vested Restricted Stock Units [Member] | ||
Earnings per Common Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 47,792 |
Commitments and Contingencies,
Commitments and Contingencies, Operating Leases (Details) $ in Thousands | 3 Months Ended | |||
May 01, 2021USD ($)Option | May 02, 2020USD ($) | Jan. 30, 2021USD ($) | ||
Commitments [Abstract] | ||||
Renewal term of leases | 5 years | |||
Maturity of Operating Lease Liabilities [Abstract] | ||||
2021 | $ 54,445 | |||
2022 | 83,232 | |||
2023 | 81,416 | |||
2024 | 63,644 | |||
2025 | 48,410 | |||
Thereafter | 119,966 | |||
Total undiscounted lease payments | [1] | 451,113 | ||
Less: Imputed interest | (54,126) | |||
Total lease obligations | 396,987 | |||
Less: Current obligations under leases | (61,589) | $ (61,002) | $ (64,732) | |
Long-term lease obligations | 335,398 | 298,736 | $ 321,454 | |
Minimum lease payments for leases signed, but not commenced | 40,600 | |||
Other Information Related to Operating Leases [Abstract] | ||||
Cash paid for operating leases | 27,478 | 18,627 | ||
Operating lease cost | 20,841 | 18,583 | ||
Variable lease cost | 1,608 | 998 | ||
Non-cash right-of-use assets obtained in exchange for lease obligations | $ 21,508 | $ 18,060 | ||
Weighted-average remaining lease term | 6 years 7 months 6 days | 7 years | ||
Weighted-average discount rate | 3.90% | 4.40% | ||
Minimum [Member] | ||||
Commitments [Abstract] | ||||
Number of options to renew operating leases | Option | 3 | |||
Maximum [Member] | ||||
Commitments [Abstract] | ||||
Number of options to renew operating leases | Option | 5 | |||
[1] | Lease obligations exclude $40.6 million of minimum lease payments for leases signed, but not commenced. |
Commitments and Contingencies_2
Commitments and Contingencies, Marketing Commitment (Details) - Marketing Commitment [Member] $ in Millions | 3 Months Ended |
May 01, 2021USD ($) | |
Marketing Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | |
Guaranteed spend commitment | $ 23 |
Term of agreement | 2 years |
Commitments and Contingencies_3
Commitments and Contingencies, Related Party Leases (Details) - Operating Leases for Office and Store Locations with Related Parties [Member] $ in Millions | 3 Months Ended | |
May 01, 2021USD ($)Lease | May 02, 2020USD ($) | |
Related Party Leases [Abstract] | ||
Number of non-cancelable operating leases with related parties | Lease | 5 | |
Payments to related parties | $ | $ 0.4 | $ 0.4 |
Accrued Expenses and Other (Det
Accrued Expenses and Other (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Accrued Expenses and Other [Abstract] | |||
Compensation and benefits | $ 18,238 | $ 32,943 | $ 8,032 |
Deferred revenue | 10,345 | 10,015 | 10,794 |
Sales and use taxes | 8,010 | 6,487 | 8,130 |
Insurance | 6,304 | 6,318 | 4,412 |
Freight | 5,934 | 7,180 | 4,412 |
Real estate related | 5,826 | 5,753 | 4,895 |
Advertising | 4,201 | 4,325 | 3,382 |
Other | 17,817 | 17,538 | 14,609 |
Total accrued expenses and other | $ 76,675 | $ 90,559 | $ 58,666 |
Debt Obligations and Financin_2
Debt Obligations and Financing Arrangements (Details) $ in Millions | 3 Months Ended |
May 01, 2021USD ($) | |
Credit Facility [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Maximum borrowing capacity | $ 150 |
Credit Facility [Member] | Minimum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Consolidated fixed charge coverage ratio | 1 |
Credit Facility [Member] | Federal Funds Effective Rate [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Basis spread | 0.50% |
Credit Facility [Member] | Eurodollar Rate [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Basis spread | 1.00% |
Interest rate floor | 0.00% |
Credit Facility [Member] | Eurodollar Rate [Member] | Minimum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Basis spread | 1.00% |
Credit Facility [Member] | Eurodollar Rate [Member] | Maximum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Basis spread | 1.50% |
Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Basis spread | 0.00% |
Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Basis spread | 0.50% |
Revolving Credit Facility [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Term of facility | 5 years |
Maximum borrowing capacity | $ 100 |
Maturity date | May 22, 2024 |
Outstanding borrowings | $ 0 |
Borrowing availability | 91.1 |
Outstanding letters of credit commitments | 8.7 |
Rent reserves | $ 0.2 |
Revolving Credit Facility [Member] | Minimum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Variable unused line fee percentage | 0.125% |
Revolving Credit Facility [Member] | Maximum [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Percentage of most recent appraised value of eligible inventory | 90.00% |
Variable unused line fee percentage | 0.25% |
Sub-Facility for Letters of Credit [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Maximum borrowing capacity | $ 45 |
Sub-Facility for Swingline Loans [Member] | |
Debt Obligations and Financing Arrangements [Abstract] | |
Maximum borrowing capacity | $ 25 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Income Taxes [Abstract] | ||
Effective income tax rate | 22.50% | 22.30% |
Excess tax benefits related to stock-based compensation | $ (2.1) | $ (1.2) |
Equity Incentive Plans, Equity
Equity Incentive Plans, Equity Incentive Plans (Details) | 3 Months Ended |
May 01, 2021shares | |
2012 Plan [Member] | Stock Options [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting period | 5 years |
Expiration period | 10 years |
2012 Plan [Member] | Stock Options [Member] | Year 1 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 2 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 3 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 4 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2012 Plan [Member] | Stock Options [Member] | Year 5 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 20.00% |
2015 Plan [Member] | |
Equity Incentive Plans [Abstract] | |
Number of shares authorized for issuance (in shares) | 5,250,000 |
Number of shares available for grant (in shares) | 2,563,311 |
2015 Plan [Member] | Stock Options [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting period | 4 years |
Expiration period | 10 years |
2015 Plan [Member] | Stock Options [Member] | Year 1 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
2015 Plan [Member] | Stock Options [Member] | Year 2 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
2015 Plan [Member] | Stock Options [Member] | Year 3 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
2015 Plan [Member] | Stock Options [Member] | Year 4 [Member] | |
Equity Incentive Plans [Abstract] | |
Vesting percentage | 25.00% |
Equity Incentive Plans, Stock O
Equity Incentive Plans, Stock Option Activity (Details) - Stock Options [Member] | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Number of Options [Roll Forward] | |
Outstanding at beginning of period (in shares) | shares | 1,244,235 |
Granted (in shares) | shares | 268,411 |
Forfeited (in shares) | shares | (23,133) |
Exercised (in shares) | shares | (143,664) |
Outstanding at end of period (in shares) | shares | 1,345,849 |
Exercisable at end of period (in shares) | shares | 551,196 |
Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 42.39 |
Granted (in dollars per share) | $ / shares | 86.06 |
Forfeited (in dollars per share) | $ / shares | 56.94 |
Exercised (in dollars per share) | $ / shares | 36.60 |
Outstanding at end of period (in dollars per share) | $ / shares | 51.46 |
Exercisable at end of period (in dollars per share) | $ / shares | $ 34.06 |
Weighted Average Remaining Contractual Term [Abstract] | |
Outstanding at end of period | 7 years 6 months |
Exercisable at end of period | 5 years 4 months 24 days |
Equity Incentive Plans, Weighte
Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Equity Incentive Plans [Abstract] | ||
Weighted average grant date fair value per option granted (in dollars per share) | $ 34 | $ 13.13 |
Risk-free interest rate | 1.34% | 0.77% |
Expected dividend yield | 0.00% | 0.00% |
Expected life | 6 years 3 months | 6 years 3 months |
Expected volatility | 38.38% | 30.49% |
Equity Incentive Plans, RSU Act
Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member] | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Equity Incentive Plans [Abstract] | |
Vesting period | 4 years |
Number of Shares [Roll Forward] | |
Non-vested at beginning of period (in shares) | shares | 148,838 |
Granted (in shares) | shares | 49,571 |
Forfeited (in shares) | shares | (4,181) |
Vested (in shares) | shares | (53,286) |
Non-vested at end of period (in shares) | shares | 140,942 |
Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 52.28 |
Granted (in dollars per share) | $ / shares | 86.03 |
Forfeited (in dollars per share) | $ / shares | 54.58 |
Vested (in dollars per share) | $ / shares | 42.17 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 67.90 |
Minimum [Member] | |
Equity Incentive Plans [Abstract] | |
Cliff vesting period | 1 year |
Maximum [Member] | |
Equity Incentive Plans [Abstract] | |
Cliff vesting period | 4 years |
Equity Incentive Plans, Stock-B
Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Stock-Based Compensation Expense [Abstract] | ||
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements | $ 24.6 | |
Weighted average period to recognize stock-based compensation expense | 3 years 1 month 6 days | |
Selling, General and Administrative Expenses [Member] | ||
Stock-Based Compensation Expense [Abstract] | ||
Compensation expense | $ 2 | $ 1.3 |
Common Stock, Common Stock (Det
Common Stock, Common Stock (Details) | 3 Months Ended | ||
May 01, 2021Vote / shares$ / sharesshares | Jan. 30, 2021$ / sharesshares | May 02, 2020$ / sharesshares | |
Common Stock [Abstract] | |||
Common stock, number of votes per share | Vote / shares | 1 | ||
Common stock, shares authorized (in shares) | shares | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Share Repurchase
Common Stock, Share Repurchase Program (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 01, 2021 | Mar. 16, 2021 | Dec. 15, 2020 | |
Share Repurchase Program [Abstract] | |||
Amount of shares repurchased | $ 9,579 | ||
Share Repurchase Program [Member] | |||
Share Repurchase Program [Abstract] | |||
Authorized repurchase of common stock | $ 100,000 | ||
Increase in authorized repurchase of common stock | $ 100,000 | ||
Number of shares repurchased (in shares) | 110,622 | ||
Amount of shares repurchased | $ 9,600 | ||
Remaining authorized repurchase of common stock | $ 190,400 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
May 31, 2021 | May 01, 2021 | |
Share Repurchase Program [Abstract] | ||
Amount of shares repurchased | $ 9,579 | |
Share Repurchase Program [Member] | ||
Share Repurchase Program [Abstract] | ||
Number of shares repurchased (in shares) | 110,622 | |
Amount of shares repurchased | $ 9,600 | |
Remaining authorized repurchase of common stock | $ 190,400 | |
Subsequent Event [Member] | Share Repurchase Program [Member] | ||
Share Repurchase Program [Abstract] | ||
Number of shares repurchased (in shares) | 251,948 | |
Amount of shares repurchased | $ 20,000 | |
Remaining authorized repurchase of common stock | $ 170,400 |