Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Apr. 08, 2016 | May. 02, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | OLLI | ||
Entity Registrant Name | Ollie's Bargain Outlet Holdings, Inc. | ||
Entity Central Index Key | 1,639,300 | ||
Current Fiscal Year End Date | --01-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 59,954,240 | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 30,259 | $ 21,952 |
Inventories | 190,608 | 169,872 |
Accounts receivable | 183 | 318 |
Deferred income taxes | 4,166 | |
Prepaid expenses and other assets | 2,756 | 1,969 |
Total current assets | 223,806 | 198,277 |
Property and equipment, net of accumulated depreciation of $28,270 and $19,403, respectively | 39,292 | 33,926 |
Goodwill | 444,850 | 444,850 |
Trade name and other intangible assets, net of accumulated amortization of $1,259 and $1,060, respectively | 233,354 | 233,625 |
Other assets | 4,023 | 6,453 |
Total assets | 945,325 | 917,131 |
Current liabilities: | ||
Current portion of long-term debt | 5,018 | 7,794 |
Accounts payable | 52,075 | 50,498 |
Income taxes payable | 4,102 | 4,702 |
Accrued expenses | 35,573 | 27,640 |
Total current liabilities | 96,768 | 90,634 |
Revolving credit facility | 0 | 0 |
Long-term debt | 194,936 | 313,493 |
Deferred income taxes | 87,171 | 93,256 |
Other long-term liabilities | 4,501 | 2,913 |
Total liabilities | $ 383,376 | $ 500,296 |
Stockholders' equity: | ||
Preferred stock - 50,000 and 0 shares authorized, respectively, at $0.001 par value; no shares issued | ||
Common stock, Value | $ 59 | |
Additional paid-in capital | 536,315 | $ 393,078 |
Retained earnings | 25,661 | 23,738 |
Treasury - common stock, at cost; 9 and 3 shares, respectively | (86) | (29) |
Total stockholders' equity | 561,949 | 416,835 |
Total liabilities and stockholders' equity | $ 945,325 | 917,131 |
Common Stock Class A [Member] | ||
Stockholders' equity: | ||
Common stock, Value | $ 48 | |
Common Stock Class B [Member] | ||
Stockholders' equity: | ||
Common stock, Value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property and equipment, accumulated depreciation | $ 28,270 | $ 19,403 |
Trade name and other intangible assets, accumulated amortization | $ 1,259 | $ 1,060 |
Preferred stock, Shares authorized | 50,000,000 | 0 |
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, Shares issued | 0 | 0 |
Common stock, Shares authorized | 500,000,000 | 0 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Shares issued | 58,807,000 | 0 |
Treasury stock, Shares | 9,000 | 3,000 |
Common Stock Class A [Member] | ||
Common stock, Shares authorized | 0 | 85,000,000 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Shares issued | 0 | 48,203,000 |
Common Stock Class B [Member] | ||
Common stock, Shares authorized | 0 | 8,750,000 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Shares issued | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 243,402 | $ 174,565 | $ 181,933 | $ 162,470 | $ 200,665 | $ 150,005 | $ 152,910 | $ 134,395 | $ 762,370 | $ 637,975 | $ 540,718 |
Cost of sales | 459,506 | 384,465 | 323,908 | ||||||||
Gross profit | 98,839 | 69,924 | 70,058 | 64,043 | 79,308 | 59,595 | 59,192 | 55,415 | 302,864 | 253,510 | 216,810 |
Selling, general and administrative expenses | 209,783 | 178,832 | 153,807 | ||||||||
Depreciation and amortization expenses | 7,172 | 6,987 | 8,011 | ||||||||
Pre-opening expenses | 6,337 | 4,910 | 4,833 | ||||||||
Operating income | 79,572 | 62,781 | 50,159 | ||||||||
Interest expense, net | 15,416 | 18,432 | 17,493 | ||||||||
Loss on extinguishment of debt | 6,710 | 671 | 1,848 | ||||||||
Income before income taxes | 57,446 | 43,678 | 30,818 | ||||||||
Income tax expense | 21,607 | 16,763 | 11,277 | ||||||||
Net income | $ 16,064 | $ 6,762 | $ 6,352 | $ 6,661 | $ 12,008 | $ 4,851 | $ 5,728 | $ 4,328 | $ 35,839 | $ 26,915 | $ 19,541 |
Earnings per common share: | |||||||||||
Basic | $ 0.27 | $ 0.12 | $ 0.13 | $ 0.14 | $ 0.25 | $ 0.10 | $ 0.12 | $ 0.09 | $ 0.67 | $ 0.56 | $ 0.40 |
Diluted | $ 0.26 | $ 0.11 | $ 0.12 | $ 0.13 | $ 0.24 | $ 0.10 | $ 0.12 | $ 0.09 | $ 0.64 | $ 0.55 | $ 0.40 |
Weighted average common shares outstanding: | |||||||||||
Basic | 53,835 | 48,202 | 48,519 | ||||||||
Diluted | 55,796 | 48,609 | 48,519 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Common Stock Class A [Member]Common Stock [Member] |
Beginning Balance at Feb. 02, 2013 | $ 467,356 | $ 463,698 | $ 3,605 | $ 53 | ||
Beginning Balance, shares at Feb. 02, 2013 | 53,203,000 | |||||
Stock-based compensation expense | 3,440 | 3,440 | ||||
Repurchase of common stock | (46,198) | (43,470) | (2,723) | $ (5) | ||
Repurchase of common stock, shares | (5,000,000) | |||||
Net income | 19,541 | 19,541 | ||||
Ending Balance at Feb. 01, 2014 | 444,139 | 423,668 | 20,423 | $ 48 | ||
Ending Balance, shares at Feb. 01, 2014 | 48,203,000 | |||||
Stock-based compensation expense | 3,761 | 3,761 | ||||
Dividend paid | (57,951) | (34,351) | (23,600) | |||
Purchase of treasury stock | (29) | $ (29) | ||||
Purchase of treasury stock, shares | (3,000) | |||||
Net income | 26,915 | 26,915 | ||||
Ending Balance at Jan. 31, 2015 | 416,835 | $ (29) | 393,078 | 23,738 | $ 48 | |
Ending Balance, shares at Jan. 31, 2015 | (3,000) | 48,203,000 | ||||
Stock-based compensation expense | 5,035 | 5,035 | ||||
Proceeds from stock options exercised | $ 2,271 | $ 1 | 2,270 | |||
Proceeds from stock options exercised, shares | 339,650 | 335,000 | 5,000 | |||
Excess tax benefit related to exercises of stock options | $ 1,068 | 1,068 | ||||
Conversion of Class A and Class B common stock to a single class of common stock | $ 48 | $ (48) | ||||
Conversion of Class A and Class B common stock to a single class of common stock, shares | 48,208,000 | (48,208,000) | ||||
Proceeds from issuance of common stock, net of expenses | 149,806 | $ 10 | 149,796 | |||
Proceeds from issuance of common stock, net of expenses, shares | 10,264,000 | |||||
Dividend paid | (48,848) | (14,932) | (33,916) | |||
Purchase of treasury stock | (57) | $ (57) | ||||
Purchase of treasury stock, shares | (6,000) | |||||
Net income | 35,839 | 35,839 | ||||
Ending Balance at Jan. 30, 2016 | $ 561,949 | $ 59 | $ (86) | $ 536,315 | $ 25,661 | |
Ending Balance, shares at Jan. 30, 2016 | 58,807,000 | (9,000) |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid, per share | $ 1.01 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 35,839 | $ 26,915 | $ 19,541 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property and equipment | 8,913 | 8,051 | 8,104 |
Amortization of debt issuance costs | 1,273 | 1,471 | 1,403 |
Amortization of original issue discount | 436 | 579 | 643 |
Loss on extinguishment of debt | 6,710 | 671 | 1,848 |
Amortization of intangibles | 428 | 734 | 1,387 |
Gain on disposal of assets | (14) | (28) | |
Deferred income tax benefit | (1,731) | (3,419) | (3,213) |
Deferred rent expense | 1,873 | 1,144 | 1,268 |
Stock-based compensation expense | 5,035 | 3,761 | 3,440 |
Excess tax benefit related to exercises of stock options | (1,068) | ||
Changes in operating assets and liabilities: | |||
Inventories | (20,736) | (23,654) | (20,598) |
Accounts receivable | 135 | 21 | (62) |
Prepaid expenses and other assets | (730) | 3,220 | (446) |
Accounts payable | 1,543 | 13,113 | 321 |
Income taxes payable | 468 | (2,330) | 3,425 |
Accrued expenses and other liabilities | 7,460 | 1,579 | 2,680 |
Net cash provided by operating activities | 45,848 | 31,842 | 19,713 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (14,203) | (14,110) | (9,597) |
Acquisition of intangible assets | (157) | ||
Proceeds from sale of property and equipment | 23 | 103 | 43 |
Net cash used in investing activities | (14,337) | (14,007) | (9,554) |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 858,053 | 674,457 | 471,891 |
Repayments on revolving credit facility | (858,053) | (674,457) | (471,891) |
Borrowings on term loan | 200,000 | 59,592 | 47,756 |
Repayments on term loan and capital leases | (324,076) | (7,612) | (2,750) |
Proceeds from issuance of common stock, net of expenses | 149,806 | ||
Proceeds from stock option exercises | 2,271 | ||
Excess tax benefit related to exercises of stock options | 1,068 | ||
Payment of debt issuance costs | (3,368) | (2,049) | (1,401) |
Payment of dividend | (48,848) | (57,951) | |
Repurchase of common stock | (46,198) | ||
Purchase of treasury stock | (57) | (29) | |
Net cash used in financing activities | (23,204) | (8,049) | (2,593) |
Net increase in cash and cash equivalents | 8,307 | 9,786 | 7,566 |
Cash and cash equivalents at the beginning of the period | 21,952 | 12,166 | 4,600 |
Cash and cash equivalents at the end of the period | 30,259 | 21,952 | 12,166 |
Supplemental disclosure of cash flow information: | |||
Interest | 13,829 | 19,867 | 13,355 |
Income taxes | 22,824 | 22,703 | 11,096 |
Non-cash investing activities: | |||
Accrued purchases of property and equipment | $ 402 | $ 437 | $ 458 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | (1) Organization and Summary of Significant Accounting Policies (a) Description of Business On September 28, 2012, Ollie’s Bargain Outlet Holdings, Inc. (formerly known as Bargain Holdings, Inc.) acquired Bargain Parent, Inc. and its subsidiary Ollie’s Holdings, Inc. and its sole operating subsidiary, Ollie’s Bargain Outlet, Inc. for $700.0 million in cash. The acquisition was financed through approximately $462.6 million in equity investment and approximately $250.0 million in various debt financing and Bargain Holdings, Inc. was formed to complete the acquisition by its majority shareholder, CCMP Capital Advisors, LLC and affiliates. On March 23, 2015, Bargain Holdings, Inc. changed its name to Ollie’s Bargain Outlet Holdings, Inc. Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries are collectively referenced to as the Company or Ollie’s. Since the first store opened in 1982, the Company has grown to 203 Ollie’s Bargain Outlet retail locations as of January 30, 2016. Ollie’s Bargain Outlet retail locations are currently located in 17 states (Alabama, Connecticut, Delaware, Georgia, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia). 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. Stock split On June 17, 2015, the Company effected a stock split of its common stock at a ratio of 115 shares for every share previously held. All common stock share and common stock per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the stock split. Initial Public Offering On July 15, 2015, the Company priced its initial public offering (“IPO”) of 8,925,000 shares of its common stock. In addition, on July 17, 2015, the underwriters of the IPO exercised their option to purchase an additional 1,338,750 shares of common stock from the Company. As a result, 10,263,750 shares of common stock were issued and sold by the Company at a price of $16.00 per share. As a result of the IPO, the Company received net proceeds of $153.1 million, after deducting the underwriting fees of $11.1 million. The Company used the net proceeds from the IPO to pay off outstanding borrowings under the Revolving Credit Facility and a portion of the outstanding principal balance of the Term Loan. See Note 5, “Debt Obligations and Financing Arrangements.” (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearest to January 31st. References to the fiscal year ended January 30, 2016 refer to the period from February 1, 2015 to January 30, 2016 (“Fiscal 2015”). References to the fiscal year ended January 31, 2015 refer to the period from February 2, 2014 to January 31, 2015 (“Fiscal 2014”). References to the fiscal year end February 1, 2014 refer to the period from February 3, 2013 to February 1, 2014 (“Fiscal 2013”). (c) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions have been eliminated in consolidation. (d) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. 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 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, U.S. GAAP establishes a three-level • 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 that are observable or can be corroborated by observable market data. • Level 3 inputs are less observable and reflect the Company’s assumptions. Ollie’s financial instruments consist of cash, accounts receivable, accounts payable and the Company’s term loan. The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s term loan facility approximates its fair value because the interest rates are adjusted regularly based on current market conditions. (f) Cash and Cash Equivalents The Company considers cash on hand in stores, bank deposits, credit card receivables, and all highly liquid investments with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within one to two business days of the original sales transaction. (g) Concentration of Credit Risk Financial instruments which potentially subject the Company to a concentration of credit risk are cash. Ollie’s currently maintains its day-to-day (h) Inventories Inventories are stated at the lower of cost or market determined using the retail inventory method on a first-in, first-out basis. The cost of inventories includes the merchandise cost, transportation costs, and certain distribution and storage costs. Such costs are thereafter expensed as cost of sales upon the sale of the merchandise. The retail inventory method uses estimates for shrink and markdowns to calculate ending inventory. These estimates made by management could significantly impact the ending inventory valuation at cost and the resulting gross margin. (i) Property and Equipment Property and equipment are stated at original cost less accumulated depreciation and amortization. Depreciation and amortization are calculated over the estimated useful lives of the related assets, or in the case of leasehold improvements, the lesser of the useful lives or the remaining term of the lease. Expenditures for additions, renewals, and betterments are capitalized; expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on the straight-line method for financial reporting purposes. The useful lives for the purpose of computing depreciation and amortization are as follows: Software 3 years Automobiles 5 years Computer equipment 5 years Furniture, fixtures, and equipment 7-10 years Leasehold improvements Lesser of lease term or useful life (j) Goodwill/Intangible Assets The Company amortizes intangible assets over their useful lives unless it determines such lives to be indefinite. Goodwill and intangible assets having indefinite useful lives are not amortized to earnings, but instead are subject to annual impairment testing or more frequently if events or circumstances indicate that the value of goodwill or intangible assets having indefinite useful lives might be impaired. Entities have an option to perform a qualitative assessment to determine whether further impairment testing on goodwill is necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative test. The goodwill quantitative impairment test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after the allocation is the implied fair value of the reporting unit goodwill. Fair value of the sole reporting unit for the most recent quantitative test was determined utilizing a combination of valuation methods including both the income approach (including a discounted cash flow analysis) and market approaches (including prior transaction method and comparable public company multiples). The fair value estimates utilized in the impairment testing reflect the use of Level 3 inputs. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If an entity believes, as a result of its qualitative assessment, that it is more-likely than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The Company has selected the fiscal month ending date of October as the annual impairment testing date. For the fiscal years ended January 30, 2016 and January 31, 2015, the Company completed a qualitative impairment test. For the fiscal year ended February 1, 2014, the Company completed a quantitative impairment test. Based upon the procedures described above, no impairment of goodwill existed. The Company is also required to perform impairment tests annually or more frequently if events or circumstances indicate that the value of its nonamortizing intangible assets might be impaired. The Company’s nonamortizing intangible assets as of January 30, 2016 and January 31, 2015 consisted of a tradename. Entities have an option to perform a qualitative assessment to determine whether further impairment testing of nonamortizing intangible assets is necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative test. The Company performs the quantitative impairment test using the discounted cash flow method based on management’s projections to determine the fair value of the asset. The carrying amount of the asset is then compared to the fair value. If the carrying amount is greater than fair value, an impairment loss is recorded for the amount that fair value is less than the carrying amount. If an entity believes, as a result of its qualitative assessment, that it is more-likely than-not that the fair value is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. For the fiscal years ended January 30, 2016 and January 31, 2015, the Company completed a qualitative impairment test. For the fiscal year ended February 1, 2014, the Company completed a quantitative test. Based upon the procedures described above, no impairment of the tradename existed. Intangible assets with determinable useful lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. (k) Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. (l) Stock-Based Compensation The Company measures the cost of employee services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. Ollie’s recognizes stock-based compensation expense based on estimated grant date fair value using the Black-Scholes option-pricing model which is recorded on a straight-line basis over the vesting period for the entire reward. Excess tax benefits of awards related to stock option exercises are reflected as financing cash inflows. (m) Revenue Recognition Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. The total allowance for returns was $0.2 million as of January 30, 2016, January 31, 2015 and February 1, 2014. The following table provides a reconciliation of the activity related to the Company’s sales returns allowance (in thousands): Fiscal year ended January 30, January 31, February 1, Beginning balance $ 247 $ 207 $ 207 Provisions 30,835 27,292 24,236 Sales returns (30,835 ) (27,252 ) (24,236 ) Ending balance $ 247 $ 247 $ 207 (n) Cost of Sales Cost of sales includes merchandise cost, transportation costs, inventory markdowns, shrink, and distribution, warehousing, and storage costs. (o) Selling, General and Administrative Expenses Selling, general and administrative expenses are comprised of payroll and benefits for stores, field support, and support center employees. Selling, general and administrative expense also includes marketing and advertising expense, occupancy costs for stores and the store support center, insurance, corporate infrastructure and other selling, general and administrative expenses. (p) Advertising Costs Advertising costs primarily consist of newspaper circulars, email campaigns, media broadcasts and prominent advertising at professional and collegiate sporting events and are charged to expense the first time the advertising occurs. Advertising expense for the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014 was $25.8 million, $23.1 million and $19.7 million, respectively. (q) Operating Leases The Company leases all of its store locations, distribution centers and office facilities. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions – or some combination of these items. For leases of store locations and the store support center, the Company recognizes rent expense in selling, general and administrative expenses. For leases of distribution centers, the Company recognizes rent expense within cost of sales. All rent expense is recorded on a straight-line basis over the accounting lease term, which includes lease renewals determined to be reasonably assured. Additionally, the commencement date of the accounting lease term reflects the earlier of the date the Company becomes legally obligated for the lease payments or the date the Company takes possession of the building for initial construction and setup. The excess rent expense over the actual cash paid for rent is accounted for as deferred rent. Leasehold improvement allowances received from landlords and other lease incentives are recorded as deferred rent liabilities and are recognized in selling, general and administrative expenses on a straight-line basis over the accounting lease term. (r) Pre-Opening Costs Pre-opening costs (costs of opening new stores and distribution facilities, including grand opening promotions, payroll, travel, training, and store setup costs) are expensed as incurred. (s) Debt Issuance Costs and Original Issue Discount Debt issuance costs and original issue discount are amortized to interest expense using the effective interest method, over the life of the related debt. As of January 30, 2016 and January 31, 2015, debt issuance costs, net of accumulated amortization, were $3.6 million and $6.1 million and the amortization expense was $1.3 million and $1.5 million, respectively. The original issue discount, net of accumulated amortization, were $0.1 million and $2.8 million for the fiscal years ended January 30, 2016 and January 31, 2015, and the amortization expense was $0.4 million and $0.6 million, respectively. The write off of unamortized debt issuance and original issue discount costs recorded in loss on extinguishment of debt on the consolidated statements of income and totaled $6.7 million, $0.7 million and $1.8 million, respectively, for the years ended January 30, 2016, January 31, 2015 and February 1, 2014. (t) Self-Insurance Under a number of the Company’s insurance programs, which include the Company’s employee health insurance program, its workers’ compensation and general liability insurance programs, the Company is liable for a portion of its losses. Ollie’s is self-insured for certain losses related to the company sponsored employee health insurance program. The Company estimates the accrued liabilities for its self-insurance programs using historical claims experience and loss reserves. To limit the Company’s exposure to losses, a stop-loss third-party (u) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Ollie’s files consolidated federal and state income tax returns. For years before 2011, the Company is no longer subject to U.S. federal income tax examinations. State income tax returns are filed in various state tax jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three to four years depending on the state. (v) 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. The following table summarizes those effects for the diluted net income per common share calculation (in thousands, except per share amounts): Fiscal year ended January 30, January 31, February 1, Net income $ 35,839 $ 26,915 $ 19,541 Weighted average number of common shares outstanding – Basic 53,835 48,202 48,519 Incremental shares from the assumed exercise of outstanding stock options 1,961 407 — Weighted average number of common shares outstanding - Diluted 55,796 48,609 48,519 Earnings per common share – Basic $ 0.67 $ 0.56 $ 0.40 Earnings per common share - Diluted $ 0.64 $ 0.55 $ 0.40 Weighted average stock option shares totaling 651,400, 2,971,140 and 5,230,200 as of January 30, 2016, January 31, 2015, and February 1, 2014, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. (w) Recent Accounting Pronouncements Revenue In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes Leases In February 2016, the FASB issued ASU 2016-02, Leases Stock Compensation In March 2016, the FASB issued ASU 2016-09, Stock Compensation, (x) Reclassification Certain prior-year amounts have been reclassified to conform to current-year presentation. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (2) Property and Equipment Property and equipment consists of the following (in thousands): Fiscal year ended January 30, January 31, Furniture, fixtures, and equipment $ 58,713 $ 45,770 Leasehold improvements 7,530 6,336 Automobiles 1,319 1,223 67,562 53,329 Less accumulated depreciation (28,270 ) (19,403 ) $ 39,292 $ 33,926 Depreciation and amortization expense of property and equipment was $8.9 million, $8.1 million, and $8.1 million for the fiscal years ended January 30, 2016, January 31, 2015, and February 1, 2014, respectively, of which $7.2 million, $7.0 million, and $8.0 million, respectively, is included in the depreciation and amortization expenses on the consolidated statements of income. The remainder, as it relates to the Company’s distribution centers, is included within cost of sales on the consolidated statements of income. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (3) Goodwill and Other Intangible Assets Goodwill and other intangible assets consist of the following (in thousands): Fiscal year ended January 30, January 31, Non-amortizing intangible assets: Goodwill $ 444,850 $ 444,850 Tradename 230,559 230,402 Amortizing intangible assets: Favorable leases 4,054 4,085 Customer database — 198 Accumulated amortization: Favorable leases (1,259 ) (906 ) Customer database — (154 ) $ 678,204 $ 678,475 Amortization expense of intangible assets was $0.4 million, $0.7 million, and $1.4 million, respectively, for the fiscal years ended January 30, 2016, January 31, 2015, and February 1, 2014, including $0.4 million each fiscal year, charged to rent expense for favorable leases. Estimated amortization expense of intangible assets during the next five fiscal years and thereafter is shown below (in thousands): Fiscal year ending: January 28, 2017 $ 376 February 3, 2018 338 February 2, 2019 335 February 1, 2020 310 January 30, 2021 281 Thereafter 1,155 Total remaining amortization $ 2,795 Favorable lease intangible assets are being amortized on a straight-line basis over their respective lease terms plus assumed option renewal periods (weighted average remaining life of approximately 9.4 and 10.1 years as of January 30, 2016 and January 31, 2015, respectively). |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (4) Accrued Expenses Accrued expenses consists of the following (in thousands): Fiscal year ended January 30, January 31, Accrued compensation and benefits $ 10,775 $ 8,307 Sales and use taxes 2,278 1,273 Accrued real estate related 2,659 1,631 Accrued insurance 2,605 2,134 Accrued advertising 3,519 3,421 Accrued freight 3,620 2,766 Other 10,117 8,108 $ 35,573 $ 27,640 |
Debt Obligations and Financing
Debt Obligations and Financing Arrangements | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Obligations and Financing Arrangements | (5) Debt Obligations and Financing Arrangements Long-term debt consists of the following (in thousands): Fiscal year ended January 30, January 31, Term loan $ 199,888 $ 321,287 Capital lease 66 — Total debt 199,954 321,287 Less: current portion (5,018 ) (7,794 ) Long-term debt $ 194,936 $ 313,493 As of January 30, 2016, the scheduled principal payments of debt are as follows (in thousands): Fiscal year ending: January 28, 2017 $ 5,018 February 3, 2018 5,019 February 2, 2019 10,029 February 1, 2020 10,000 January 30, 2021 170,000 Total cash principal payments 200,066 Less: Unamortized original issue discount (112 ) Total cash principal payments, net $ 199,954 On September 28, 2012, the Company entered into two credit agreements with a total value of $300.0 million. The $300.0 million was comprised of a $75.0 million revolving credit facility (“Credit Facility”) and a $225.0 million term loan (“Term Loan”). The Credit Facility has Manufacturers and Traders Trust Company (“M&T Bank”) as administrative agent, and certain financial institutions as lenders. The Term Loan has Jefferies Finance LLC (“Jefferies”) as administrative agent, and certain financial institutions as lenders. As part of the Term Loan, the Company was required to pay a $2.5 million original issue discount. On February 26, 2013, the Company entered into a First Amendment to the Term Loan (“First Amendment”) which allowed the Company to borrow an additional principal amount of $50.0 million. The proceeds received were net of a soft call premium of $2.2 million, of which $1.8 million was recorded as additional original issue discount and $0.4 million was recognized as loss on extinguishment of debt on the date of the amendment. The primary purpose of this additional term loan borrowing was a $46.2 million repurchase of 4,999,625 shares of Class A Common Stock from the Company’s majority shareholder as consented by the original Term Loan lenders. In addition, various arrangement fees and legal fees totaling $1.6 million were incurred in connection with this amendment, of which $1.1 million were recorded as deferred financing fees and $0.5 million were recognized in selling, general and administrative expense on the date of the amendment. In connection with this amendment, $1.1 million of debt issuance cost and $0.4 million of original issue discount were accelerated on the date of the amendment and included in loss on extinguishment of debt. On April 11, 2014, the Company entered into a Second Amendment to the Term Loan (“Amended Term Loan”) which allowed the Company to borrow an additional principal amount of $60.0 million. The primary purpose of the additional term loan borrowing was to distribute $58.0 million as a cash dividend to common shareholders as consented by the original Term Loan lenders. The total dividend amount was recorded as a reduction of retained earnings of $23.6 million to reduce the retained earnings balance as of the dividend date to zero and the additional $34.4 million was recorded as a reduction of additional paid-in capital. The proceeds received were net of $2.0 million, of which $1.3 million was recognized as deferred financing fees, $0.4 million was recorded as additional original issue discount, and $0.3 million was recognized as selling, general and administrative expenses. In connection with this amendment, $0.4 million of debt issuance cost and $0.2 million of original issue discount were accelerated on the date of the amendment and included in loss on extinguishment of debt. On May 27, 2015, the Company amended the Term Loan and Revolving Credit Facility to, among other things, increase the size of the Revolving Credit Facility from $75.0 million to $125.0 million and to permit a dividend to holders of the Company’s outstanding common stock. On May 27, 2015, the Company borrowed $50.0 million under the Revolving Credit Facility and the proceeds were used to pay an aggregate cash dividend of $48.8 million to holders of outstanding common stock. The total dividend amount was recorded as a reduction of retained earnings of $33.9 million to reduce the retained earnings balance as of the dividend date to zero and the additional $14.9 million was recorded as a reduction of additional paid-in capital. The Amended Term Loan was payable in 27 consecutive quarterly payments of $0.8 million to be made on the last business day of each fiscal quarter beginning with February 1, 2013, with the remaining unpaid principal balance of the Amended Term Loan along with all accrued and unpaid interest to be paid by September 28, 2019. The Amended Term Loan provided for an “Excess Cash Flow” payment, as defined, to be made on or before 125 days from the end of the Company’s fiscal year of each year beginning with the fiscal year ended February 1, 2014. The Excess Cash Flow payment for the fiscal year ended January 31, 2015 was $4.4 million and was included in current portion of long-term debt as of January 31, 2015. In July 2015, the Company repaid $50.0 million on the Revolving Credit Facility and $103.1 million of principal on the Amended Term Loan using proceeds from the IPO. In connection with this repayment of debt, $1.5 million of debt issuance costs and $0.8 million of original issue discount were written off and included in loss on extinguishment of debt. On January 29, 2016, the Company completed a transaction, in which it refinanced the Senior Secured Credit Facility with the proceeds of the New Credit Facilities. The New Credit Facilities consisting of the $200.0 million New Term Loan and the $100.0 million New Revolving Credit Facility which includes a $25.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans. The proceeds of the New Term Loan together with cash on hand were used to repay the existing Senior Secured Credit Facilities. The Company incurred various arrangement fees and legal fees totaling $2.1 million, of which $2.0 million was recognized as deferred financing fees and $0.1 million was recognized as selling, general and administrative expenses. In connection with the termination of the Senior Secured Credit Facilities, $2.9 million of debt issuance cost and $1.4 million of original issue discount were accelerated on the date of the amendment and included in the loss on extinguishment of debt. Loans under the New Credit Facilities mature on January 29, 2021. The interest rates for the New Credit Facilities are not subject to a floor and are calculated as 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 0.75% to 1.25% for a Base Rate Loan and 1.75% to 2.25% for a Eurodollar Loan, based on reference to the total leverage ratio. The New Credit Facilities mature on January 29, 2021. As of January 30, 2016, the New Term Loan Facility is subject to amortization with principal payable in quarterly installments of $1.25 million to be made on the last business day of each fiscal quarter prior to maturity commencing on April 29, 2016. The quarterly installment payments increase after fiscal year ended February 3, 2018 to $2.5 million. The remaining initial aggregate advances under the New Term Loan Facility are payable at maturity. Under the terms of the New Revolving Credit Facility, as of January 30, 2016, 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 January 30, 2016, Ollie’s had $200 million of outstanding borrowings on the New Term Loan Facility and no outstanding borrowings under the New Revolving Credit Facility, with $97.4 million of borrowing availability, letter of credit commitments of $2.4 million and $0.2 million of rent reserves. The interest rate on the outstanding borrowings under the New Term Loan Facility was 2.25% plus the 30-day Eurodollar Rate, or 2.68%. The New Revolving Credit Facility also contains a variable unused line fee ranging from 0.250% to 0.375% per annum. The Company incurred unused line fees of $0.4 million, $0.2 million and $0.2 million for fiscal years 2015, 2014 and 2013, respectively. The New Credit Facilities are collateralized by the Company’s assets and equity and contain financial covenants, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreements. The Company was in compliance with all terms of the New Credit Facilities as of the fiscal year ended January 30, 2016. The provisions of the New Credit Facilities restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of January 30, 2016, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions party to the Company’s New Credit Facilities, subject to certain exceptions. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes The components of income tax provision (benefit) are as follows (in thousands): Fiscal year ended January 30, January 31, February 1, Current: Federal $ 19,625 $ 16,760 $ 11,501 State 3,713 3,422 2,989 23,338 20,182 14,490 Deferred: Federal (849 ) (2,114 ) (2,122 ) State (882 ) (1,305 ) (1,091 ) (1,731 ) (3,419 ) (3,213 ) Income tax expense $ 21,607 $ 16,763 $ 11,277 A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal year ended January 30, January 31, February 1, Statutory federal rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 3.2 3.2 4.0 Other (0.6 ) 0.2 (2.4 ) 37.6 % 38.4 % 36.6 % Deferred income taxes reflect the effect of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the carrying amounts used for income tax reporting purposes. Significant components of deferred tax assets and liabilities are as follows (in thousands): Fiscal year ended January 30, January 31, Deferred tax assets: Inventory reserves $ 1,236 $ 858 Deferred rent 1,815 1,091 Stock-based compensation 4,753 3,254 Other 3,918 3,163 Total deferred tax assets 11,722 8,366 Deferred tax liabilities: Tradename (89,669 ) (90,138 ) Depreciation (8,217 ) (6,250 ) Leases (1,007 ) (1,051 ) Noncompetition agreements — (17 ) Total deferred tax liabilities (98,893 ) (97,456 ) Net deferred tax liabilities $ (87,171 ) $ (89,090 ) In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income and the scheduled reversal of deferred liabilities over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences as of January 30, 2016 and January 31, 2015. Ollie’s has no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s consolidated balance sheets as of January 30, 2016 or January 31, 2015, and has not recognized any material uncertain tax positions or interest or penalties related to income taxes in the consolidated statements of income for the fiscal years ended January 30, 2016, January 31, 2015 or February 1, 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (7) Commitments and Contingencies Ollie’s leases all of its store, office, and distribution facilities under operating leases that expire at various dates through 2031. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a percentage of annual sales. A majority of the Company’s leases also require a payment for all or a portion of insurance, real estate taxes, water and sewer costs, and repairs, the cost of which is charged to the related expense category rather than being accounted for as rent expense. Most of the leases contain multiple renewal options, under which Ollie’s may extend the lease terms for five years. Minimum rents on operating leases, including agreements with step rents, are charged to expense on a straight-line basis over the lease term. Rent expense on all operating leases consisted of the following (in thousands): Fiscal year ended January 30, January 31, February 1, Minimum annual rentals $ 32,263 $ 28,707 $ 25,133 Contingent rentals 123 78 140 $ 32,386 $ 28,785 $ 25,273 The following is a schedule by year of future minimum rental payments required under non-cancelable operating leases, including option renewal periods that are reasonably assured, that have initial or remaining lease terms in excess of one year as of January 30, 2016 (in thousands): Fiscal year ending: January 28, 2017 $ 39,490 February 3, 2018 38,242 February 2, 2019 35,254 February 1, 2020 30,391 January 30, 2021 24,430 Thereafter 54,226 Total minimum lease payments $ 222,033 Ollie’s is subject to litigation in the normal course of business. The Company does not believe such actions, either individually or collectively, will have a significant impact on Ollie’s financial position or results of operations. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | (8) Equity Incentive Plan 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 IPO, no additional equity grants will be made under the 2012 Plan. In connection with the IPO, 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. The exercise price for stock options is determined at the fair value on 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. The Company uses authorized and unissued shares to satisfy share award exercises. As of January 30, 2016, there were 4,668,150 shares available for grant under the 2015 Plan. A summary of the Company’s stock option activity and related information follows for the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014 (in thousands, except share and per share amounts): Number of Weighted Weighted Aggregate Outstanding at February 2, 2013 5,152,575 $ 6.48 Granted 379,500 6.48 Forfeited (253,000 ) 6.48 Outstanding at February 1, 2014 5,279,075 6.48 Granted 920,000 7.68 Forfeited (188,600 ) 6.57 Outstanding at January 31, 2015 6,010,475 6.66 Granted 1,403,500 13.61 Forfeited (82,500 ) 7.91 Exercised (339,650 ) 6.69 Outstanding at January 30, 2016 6,991,825 8.04 7.4 $ 100,060 Exercisable at January 30, 2016 3,013,125 6.55 6.8 $ 47,622 The compensation cost which has been recorded within selling, general & administrative expense for the Company’s equity incentive plans was $5.0 million, $3.8 million and $3.4 million for fiscal years 2015, 2014 and 2013, respectively. The Company recognized $1.9 million, $1.4 million and $1.3 million in income tax benefit in the fiscal years 2015, 2014 and 2013, respectively in the consolidated statements of income for share-based award compensation. As of January 30, 2016, January 31, 2015 and February 1, 2014, there was $13.3 million, $11.8 million and $12.8 million, respectively, of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the 2012 and 2015 Plans. That cost is expected to be recognized over a weighted average period of 2.9 years, 3.9 years and 4.2 years for the years ended January 30, 2016, January 31, 2015 and February 1, 2014. Awards with graded vesting are recognized using the straight-line method. In April 2014 the Company entered into an additional term loan borrowing of $60.0 million. The proceeds were used for a cash dividend to the stockholders of the Company (see Note 5). In lieu of a pro-rata share of the cash dividend, the option exercise price was reduced to $7.49 from $8.70 for all options issued prior to the dividend declaration date. Also, in May 2015 the Company borrowed $50.0 million under the Revolving Credit Facility to pay an aggregate cash dividend of $48.8 million to stockholders (see Note 5). The option exercise price was reduced by approximately $1.00 per share for all options issued prior to the dividend declaration date related to the dilutive effect of the dividend. The 2012 Plan includes provisions that require equitable adjustment to the outstanding option awards in the event of certain equity transactions including stock splits, recapitalizations, or dividends, among others, therefore the revision to the exercise price had no accounting impact. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including the fair value of the Company’s common stock and for stock options, the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgement. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has no 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. Since the Company’s shares are not publicly traded, for stock price volatility, the Company uses 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. The weighted average grant date fair value per option for options granted during the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014 was $5.05, $3.57 and $3.38, 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: Fiscal Year Ended January 30, January 31, February 1, Risk-free interest rate 1.99% 2.22% 1.54% Expected dividend yield — — — Expected term (years) 6.25 years 6.5 years 6.5 years Expected volatility 31.56% 34.80% 36.35% |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 30, 2016 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | (9) Employee Benefit Plans Ollie’s sponsors a defined contribution plan, qualified under Internal Revenue Code (IRC) Section 401(k), for the benefit of employees. An employee becomes eligible to participate in the Plan upon attaining at least 21 years of age and completing three months of full-time employment. An employee may elect to contribute annual compensation up to the maximum allowable under the IRC. The Company assumes all administrative costs of the Plan and matches the employee’s contribution up to 25% of the first 6% of their annual compensation. The portion that the Company matches is vested ratably over six years. The employer matching contributions to the Plan were $0.2 million for the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014. In addition to the regular matching contribution, the Company may elect to make a discretionary matching contribution. Discretionary contributions shall be allocated as a percentage of compensation of eligible participants for the Plan year. There were no discretionary contributions for the fiscal year ended January 30, 2016 and discretionary contributions were $0.3 million and $0.2 million for the fiscal years ended January 31, 2015 and February 1, 2014, respectively. |
Common Stock
Common Stock | 12 Months Ended |
Jan. 30, 2016 | |
Equity [Abstract] | |
Common Stock | (10) Common Stock The Company and its shareholders have entered into a Stockholders Agreement dated September 28, 2012, which provide for, among others, certain covenants and conditions, information, first refusal, take along, come along and rights of participation. In connection with the July 2015 IPO, the Company amended its existing Stockholders Agreement, which a number of provisions, including provisions relating to the election of directors and certain transfer restrictions were automatically terminated. Immediately prior to the IPO, the Company amended and restated its certificate of incorporation to reflect the conversion of all Class B common stock to Class A common stock. In addition, all shares of Class A common stock were recapitalized into a single class of common stock. As part of the IPO, the Company increased its authorized common stock shares to 500,000,000 at $0.001 par value per share and authorized 50,000,000 shares of preferred stock at $0.001 par value per share. During the fiscal year ended January 31, 2015, the Company repurchased 2,875 Class A common stock shares from a shareholder for $9.99 per share. During the fiscal year ended January 30, 2016, the Company repurchased 5,750 Class A common stock shares from a shareholder for $9.99 per share. The Company records the value of its common stock held in treasury at cost. |
Transactions with Affiliates an
Transactions with Affiliates and Related Parties | 12 Months Ended |
Jan. 30, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates and Related Parties | (11) Transactions with Affiliates and Related Parties The Company has entered into five non-cancelable operating leases with related parties for office and store locations. The annual lease payments approximate $1.2 million and such payments are payable through 2023. During the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014, the Company paid $0.2 million, $0.2 million and $0.1 million, respectively, for the use of an airplane owned by a related party. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | (12) 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. The following table summarizes the percentage of net sales by merchandise category for each year presented: Fiscal Year Ended Sales by merchandise category: January 30, January 31, February 1, Food 13.2 % 12.5 % 9.0 % Housewares 13.1 14.7 14.8 Books and stationery 11.5 10.9 12.0 Bed and bath 10.1 10.1 9.9 Floor coverings 8.6 9.6 10.7 Hardware 5.2 5.1 5.5 Toys 4.9 5.1 6.2 Other 33.4 32.0 31.9 100.0 % 100.0 % 100.0 % |
Quarterly results of Operations
Quarterly results of Operations and Seasonality | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly results of Operations and Seasonality | (13) Quarterly results of Operations and Seasonality (Unaudited) Quarterly financial results for the fiscal year end January 30, 2016 and January 31, 2015 were as follows (in thousands, except for per share data): Fiscal year 2015 (1) Fiscal year 2014 Fourth Third Second First Fourth Third Second First Net sales $ 243,402 $ 174,565 $ 181,933 $ 162,470 $ 200,665 $ 150,005 $ 152,910 $ 134,395 Gross profit 98,839 69,924 70,058 64,043 79,308 59,595 59,192 55,415 Net income 16,064 6,762 6,352 6,661 12,008 4,851 5,728 4,328 Basic earnings per common share $ 0.27 $ 0.12 $ 0.13 $ 0.14 $ 0.25 $ 0.10 $ 0.12 $ 0.09 Diluted earnings per common share $ 0.26 $ 0.11 $ 0.12 $ 0.13 $ 0.24 $ 0.10 $ 0.12 $ 0.09 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year end due to rounding. The Company’s business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the holiday sales season. To prepare for the holiday sales season, Ollie’s must order and keep in stock more merchandise than is carried during other times of the year and generally engage in additional marketing efforts. The Company expects inventory levels, along with accounts payable and accrued expenses, to reach their highest levels in the third and fourth fiscal quarter in anticipation of increased net sales during the holiday sales season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On February 18, 2016, the Company completed a secondary offering of 7,873,063 shares of common stock. Included in the 7,873,063 shares of common stock of the secondary offering was 1,152,500 options which were exercised and sold by certain directors, officers and employees. In addition on February 19, 2016, the underwriters exercised their option to purchase an additional 1,180,959 shares of the Company’s common stock. As a result 9,054,022 shares of common stock were sold by certain selling stockholders at a price of $19.75 per share. The Company did not sell any shares in or receive any proceeds from the secondary offering, except for proceeds from the exercise of stock options of $7.5 million. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) | 12 Months Ended |
Jan. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) | Schedule I - Condensed Financial Information of Registrant Ollie’s Bargain Outlet Holdings, Inc. (parent company only) Condensed Balance Sheets (In thousands) January 30, January 31, Assets Total current assets $ — $ — Long-term assets: Investment in subsidiaries 561,949 416,835 Total assets $ 561,949 $ 416,835 Liabilities and stockholders’ equity Total current liabilities $ — $ — Total long-term liabilities — — Total liabilities — — Stockholders’ equity: Common stock 59 48 Additional paid-in capital 536,315 393,078 Retained earnings 25,661 23,738 Treasury stock, at cost (86 ) (29 ) Total stockholders’ equity 561,949 416,835 Total liabilities and stockholders’ equity $ 561,949 $ 416,835 See accompanying notes. Schedule I - Condensed Financial Information of Registrant Ollie’s Bargain Outlet Holdings, Inc. (parent company only) Condensed Statements of Income (In thousands) Fiscal year ended January 30, January 31, February 1, Net sales $ — — $ — Cost of sales — — — Gross profit — — — Selling, general and administrative expenses — — — Depreciation and amortization expenses — — — Pre-opening expenses — — — Operating income — — — Interest expense, net — — — Income before income taxes and equity in net income of subsidiaries — — — Income tax expense — — — Income before equity in net income of subsidiaries — — — Net income of subsidiaries 35,839 26,915 19,541 Net income $ 35,839 26,915 $ 19,541 See accompanying notes. Schedule I - Condensed Financial Information of Registrant Ollie’s Bargain Outlet Holdings, Inc. (parent company only) Notes to Condensed Financial Statements 1. Basis of presentation In the parent-company-only financial statements, Ollie’s Bargain Outlet Holdings, Inc.’s (the Company) investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The parent-company-only financial statements should be read in conjunction with the Company’s consolidated financial statements. A condensed statement of cash flows was not presented because Ollie’s Bargain Outlet Holdings, Inc. had no cash flow activities during fiscal 2015, fiscal 2014 or fiscal 2013. 2. Guarantees and restrictions Ollie’s Bargain Outlet, Inc., a subsidiary of the Company, had $200.0 million outstanding under the New Term Loan Facilities, as of January 30, 2016. Under the terms of the New Term Loan Facilities, Bargain Parent, Inc. has guaranteed the payment of all principal and interest. In the event of a default under the New Credit Facilities, Bargain Parent, Inc. will be directly liable to the debt holders. The New Term Loan Facilities matures on January 29, 2021. As of January 30, 2016, Ollie’s Bargain Outlet, Inc. also has $97.4 million available for borrowing under the New Revolving Credit Facility. Bargain Parent, Inc. has guaranteed all obligations under the New Revolving Credit Facility. In the event of default under the New Revolving Credit Facility, Bargain Parent, Inc. will be directly liable to the debt holders. The New Revolving Credit Facility matures on January 29, 2021. The New Credit Facilities are collateralized by the Company’s assets and equity and contain financial covenants, as well as certain business covenants, including restrictions on dividend payments, that the Company must comply with during the term of such agreements. The Company was in compliance with all terms of such agreements during and as of the year ended January 30, 2016. The provisions of the New Credit Facilities restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of January 30, 2016, from being used to pay any dividends or make other restricted payments without prior written consent from the lenders under the New Credit Facilities, subject to certain exceptions. |
Organization and Summary of S23
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | (a) Description of Business On September 28, 2012, Ollie’s Bargain Outlet Holdings, Inc. (formerly known as Bargain Holdings, Inc.) acquired Bargain Parent, Inc. and its subsidiary Ollie’s Holdings, Inc. and its sole operating subsidiary, Ollie’s Bargain Outlet, Inc. for $700.0 million in cash. The acquisition was financed through approximately $462.6 million in equity investment and approximately $250.0 million in various debt financing and Bargain Holdings, Inc. was formed to complete the acquisition by its majority shareholder, CCMP Capital Advisors, LLC and affiliates. On March 23, 2015, Bargain Holdings, Inc. changed its name to Ollie’s Bargain Outlet Holdings, Inc. Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries are collectively referenced to as the Company or Ollie’s. Since the first store opened in 1982, the Company has grown to 203 Ollie’s Bargain Outlet retail locations as of January 30, 2016. Ollie’s Bargain Outlet retail locations are currently located in 17 states (Alabama, Connecticut, Delaware, Georgia, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia). 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. Stock split On June 17, 2015, the Company effected a stock split of its common stock at a ratio of 115 shares for every share previously held. All common stock share and common stock per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the stock split. Initial Public Offering On July 15, 2015, the Company priced its initial public offering (“IPO”) of 8,925,000 shares of its common stock. In addition, on July 17, 2015, the underwriters of the IPO exercised their option to purchase an additional 1,338,750 shares of common stock from the Company. As a result, 10,263,750 shares of common stock were issued and sold by the Company at a price of $16.00 per share. As a result of the IPO, the Company received net proceeds of $153.1 million, after deducting the underwriting fees of $11.1 million. The Company used the net proceeds from the IPO to pay off outstanding borrowings under the Revolving Credit Facility and a portion of the outstanding principal balance of the Term Loan. See Note 5, “Debt Obligations and Financing Arrangements.” |
Fiscal Year | (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearest to January 31st. References to the fiscal year ended January 30, 2016 refer to the period from February 1, 2015 to January 30, 2016 (“Fiscal 2015”). References to the fiscal year ended January 31, 2015 refer to the period from February 2, 2014 to January 31, 2015 (“Fiscal 2014”). References to the fiscal year end February 1, 2014 refer to the period from February 3, 2013 to February 1, 2014 (“Fiscal 2013”). |
Principles of Consolidation | (c) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions have been eliminated in consolidation. |
Use of Estimates | (d) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. 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 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, U.S. GAAP establishes a three-level • 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 that are observable or can be corroborated by observable market data. • Level 3 inputs are less observable and reflect the Company’s assumptions. Ollie’s financial instruments consist of cash, accounts receivable, accounts payable and the Company’s term loan. The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s term loan facility approximates its fair value because the interest rates are adjusted regularly based on current market conditions. |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents The Company considers cash on hand in stores, bank deposits, credit card receivables, and all highly liquid investments with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within one to two business days of the original sales transaction. |
Concentration of Credit Risk | (g) Concentration of Credit Risk Financial instruments which potentially subject the Company to a concentration of credit risk are cash. Ollie’s currently maintains its day-to-day |
Inventories | (h) Inventories Inventories are stated at the lower of cost or market determined using the retail inventory method on a first-in, first-out basis. The cost of inventories includes the merchandise cost, transportation costs, and certain distribution and storage costs. Such costs are thereafter expensed as cost of sales upon the sale of the merchandise. The retail inventory method uses estimates for shrink and markdowns to calculate ending inventory. These estimates made by management could significantly impact the ending inventory valuation at cost and the resulting gross margin. |
Property and Equipment | (i) Property and Equipment Property and equipment are stated at original cost less accumulated depreciation and amortization. Depreciation and amortization are calculated over the estimated useful lives of the related assets, or in the case of leasehold improvements, the lesser of the useful lives or the remaining term of the lease. Expenditures for additions, renewals, and betterments are capitalized; expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on the straight-line method for financial reporting purposes. The useful lives for the purpose of computing depreciation and amortization are as follows: Software 3 years Automobiles 5 years Computer equipment 5 years Furniture, fixtures, and equipment 7-10 years Leasehold improvements Lesser of lease term or useful life |
Goodwill/Intangible Assets | (j) Goodwill/Intangible Assets The Company amortizes intangible assets over their useful lives unless it determines such lives to be indefinite. Goodwill and intangible assets having indefinite useful lives are not amortized to earnings, but instead are subject to annual impairment testing or more frequently if events or circumstances indicate that the value of goodwill or intangible assets having indefinite useful lives might be impaired. Entities have an option to perform a qualitative assessment to determine whether further impairment testing on goodwill is necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative test. The goodwill quantitative impairment test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after the allocation is the implied fair value of the reporting unit goodwill. Fair value of the sole reporting unit for the most recent quantitative test was determined utilizing a combination of valuation methods including both the income approach (including a discounted cash flow analysis) and market approaches (including prior transaction method and comparable public company multiples). The fair value estimates utilized in the impairment testing reflect the use of Level 3 inputs. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If an entity believes, as a result of its qualitative assessment, that it is more-likely than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The Company has selected the fiscal month ending date of October as the annual impairment testing date. For the fiscal years ended January 30, 2016 and January 31, 2015, the Company completed a qualitative impairment test. For the fiscal year ended February 1, 2014, the Company completed a quantitative impairment test. Based upon the procedures described above, no impairment of goodwill existed. The Company is also required to perform impairment tests annually or more frequently if events or circumstances indicate that the value of its nonamortizing intangible assets might be impaired. The Company’s nonamortizing intangible assets as of January 30, 2016 and January 31, 2015 consisted of a tradename. Entities have an option to perform a qualitative assessment to determine whether further impairment testing of nonamortizing intangible assets is necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative test. The Company performs the quantitative impairment test using the discounted cash flow method based on management’s projections to determine the fair value of the asset. The carrying amount of the asset is then compared to the fair value. If the carrying amount is greater than fair value, an impairment loss is recorded for the amount that fair value is less than the carrying amount. If an entity believes, as a result of its qualitative assessment, that it is more-likely than-not that the fair value is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. For the fiscal years ended January 30, 2016 and January 31, 2015, the Company completed a qualitative impairment test. For the fiscal year ended February 1, 2014, the Company completed a quantitative test. Based upon the procedures described above, no impairment of the tradename existed. Intangible assets with determinable useful lives are amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. |
Impairment of Long-Lived Assets | (k) Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Stock-Based Compensation | (l) Stock-Based Compensation The Company measures the cost of employee services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. Ollie’s recognizes stock-based compensation expense based on estimated grant date fair value using the Black-Scholes option-pricing model which is recorded on a straight-line basis over the vesting period for the entire reward. Excess tax benefits of awards related to stock option exercises are reflected as financing cash inflows. |
Revenue Recognition | (m) Revenue Recognition Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. The total allowance for returns was $0.2 million as of January 30, 2016, January 31, 2015 and February 1, 2014. The following table provides a reconciliation of the activity related to the Company’s sales returns allowance (in thousands): Fiscal year ended January 30, January 31, February 1, Beginning balance $ 247 $ 207 $ 207 Provisions 30,835 27,292 24,236 Sales returns (30,835 ) (27,252 ) (24,236 ) Ending balance $ 247 $ 247 $ 207 |
Cost of Sales | (n) Cost of Sales Cost of sales includes merchandise cost, transportation costs, inventory markdowns, shrink, and distribution, warehousing, and storage costs. |
Selling, General and Administrative Expenses | (o) Selling, General and Administrative Expenses Selling, general and administrative expenses are comprised of payroll and benefits for stores, field support, and support center employees. Selling, general and administrative expense also includes marketing and advertising expense, occupancy costs for stores and the store support center, insurance, corporate infrastructure and other selling, general and administrative expenses. |
Advertising Costs | (p) Advertising Costs Advertising costs primarily consist of newspaper circulars, email campaigns, media broadcasts and prominent advertising at professional and collegiate sporting events and are charged to expense the first time the advertising occurs. Advertising expense for the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014 was $25.8 million, $23.1 million and $19.7 million, respectively. |
Operating Leases | (q) Operating Leases The Company leases all of its store locations, distribution centers and office facilities. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions – or some combination of these items. For leases of store locations and the store support center, the Company recognizes rent expense in selling, general and administrative expenses. For leases of distribution centers, the Company recognizes rent expense within cost of sales. All rent expense is recorded on a straight-line basis over the accounting lease term, which includes lease renewals determined to be reasonably assured. Additionally, the commencement date of the accounting lease term reflects the earlier of the date the Company becomes legally obligated for the lease payments or the date the Company takes possession of the building for initial construction and setup. The excess rent expense over the actual cash paid for rent is accounted for as deferred rent. Leasehold improvement allowances received from landlords and other lease incentives are recorded as deferred rent liabilities and are recognized in selling, general and administrative expenses on a straight-line basis over the accounting lease term. |
Pre-Opening Costs | (r) Pre-Opening Costs Pre-opening costs (costs of opening new stores and distribution facilities, including grand opening promotions, payroll, travel, training, and store setup costs) are expensed as incurred. |
Debt Issuance Costs and Original Issue Discount | (s) Debt Issuance Costs and Original Issue Discount Debt issuance costs and original issue discount are amortized to interest expense using the effective interest method, over the life of the related debt. As of January 30, 2016 and January 31, 2015, debt issuance costs, net of accumulated amortization, were $3.6 million and $6.1 million and the amortization expense was $1.3 million and $1.5 million, respectively. The original issue discount, net of accumulated amortization, were $0.1 million and $2.8 million for the fiscal years ended January 30, 2016 and January 31, 2015, and the amortization expense was $0.4 million and $0.6 million, respectively. The write off of unamortized debt issuance and original issue discount costs recorded in loss on extinguishment of debt on the consolidated statements of income and totaled $6.7 million, $0.7 million and $1.8 million, respectively, for the years ended January 30, 2016, January 31, 2015 and February 1, 2014. |
Self-Insurance Liabilities | (t) Self-Insurance Under a number of the Company’s insurance programs, which include the Company’s employee health insurance program, its workers’ compensation and general liability insurance programs, the Company is liable for a portion of its losses. Ollie’s is self-insured for certain losses related to the company sponsored employee health insurance program. The Company estimates the accrued liabilities for its self-insurance programs using historical claims experience and loss reserves. To limit the Company’s exposure to losses, a stop-loss third-party |
Income Taxes | (u) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Ollie’s files consolidated federal and state income tax returns. For years before 2011, the Company is no longer subject to U.S. federal income tax examinations. State income tax returns are filed in various state tax jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three to four years depending on the state. |
Earnings per Common Share | (v) 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. The following table summarizes those effects for the diluted net income per common share calculation (in thousands, except per share amounts): Fiscal year ended January 30, January 31, February 1, Net income $ 35,839 $ 26,915 $ 19,541 Weighted average number of common shares outstanding – Basic 53,835 48,202 48,519 Incremental shares from the assumed exercise of outstanding stock options 1,961 407 — Weighted average number of common shares outstanding - Diluted 55,796 48,609 48,519 Earnings per common share – Basic $ 0.67 $ 0.56 $ 0.40 Earnings per common share - Diluted $ 0.64 $ 0.55 $ 0.40 Weighted average stock option shares totaling 651,400, 2,971,140 and 5,230,200 as of January 30, 2016, January 31, 2015, and February 1, 2014, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. |
Recent Accounting Pronouncements | (w) Recent Accounting Pronouncements Revenue In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes Leases In February 2016, the FASB issued ASU 2016-02, Leases Stock Compensation In March 2016, the FASB issued ASU 2016-09, Stock Compensation, |
Reclassification | (x) Reclassification Certain prior-year amounts have been reclassified to conform to current-year presentation. |
Organization and Summary of S24
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Useful Lives for Purpose of Computing Depreciation and Amortization | The useful lives for the purpose of computing depreciation and amortization are as follows: Software 3 years Automobiles 5 years Computer equipment 5 years Furniture, fixtures, and equipment 7-10 years Leasehold improvements Lesser of lease term or useful life |
Reconciliation of Activity Related to Sales Returns Allowance | The following table provides a reconciliation of the activity related to the Company’s sales returns allowance (in thousands): Fiscal year ended January 30, January 31, February 1, Beginning balance $ 247 $ 207 $ 207 Provisions 30,835 27,292 24,236 Sales returns (30,835 ) (27,252 ) (24,236 ) Ending balance $ 247 $ 247 $ 207 |
Summary of Effects for Diluted Net Income per Common Share Calculation | The following table summarizes those effects for the diluted net income per common share calculation (in thousands, except per share amounts): Fiscal year ended January 30, January 31, February 1, Net income $ 35,839 $ 26,915 $ 19,541 Weighted average number of common shares outstanding – Basic 53,835 48,202 48,519 Incremental shares from the assumed exercise of outstanding stock options 1,961 407 — Weighted average number of common shares outstanding - Diluted 55,796 48,609 48,519 Earnings per common share – Basic $ 0.67 $ 0.56 $ 0.40 Earnings per common share - Diluted $ 0.64 $ 0.55 $ 0.40 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following (in thousands): Fiscal year ended January 30, January 31, Furniture, fixtures, and equipment $ 58,713 $ 45,770 Leasehold improvements 7,530 6,336 Automobiles 1,319 1,223 67,562 53,329 Less accumulated depreciation (28,270 ) (19,403 ) $ 39,292 $ 33,926 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consist of the following (in thousands): Fiscal year ended January 30, January 31, Non-amortizing intangible assets: Goodwill $ 444,850 $ 444,850 Tradename 230,559 230,402 Amortizing intangible assets: Favorable leases 4,054 4,085 Customer database — 198 Accumulated amortization: Favorable leases (1,259 ) (906 ) Customer database — (154 ) $ 678,204 $ 678,475 |
Schedule of Estimated Amortization Expense of Intangible Assets | Estimated amortization expense of intangible assets during the next five fiscal years and thereafter is shown below (in thousands): Fiscal year ending: January 28, 2017 $ 376 February 3, 2018 338 February 2, 2019 335 February 1, 2020 310 January 30, 2021 281 Thereafter 1,155 Total remaining amortization $ 2,795 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consists of the following (in thousands): Fiscal year ended January 30, January 31, Accrued compensation and benefits $ 10,775 $ 8,307 Sales and use taxes 2,278 1,273 Accrued real estate related 2,659 1,631 Accrued insurance 2,605 2,134 Accrued advertising 3,519 3,421 Accrued freight 3,620 2,766 Other 10,117 8,108 $ 35,573 $ 27,640 |
Debt Obligations and Financin28
Debt Obligations and Financing Arrangements (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands): Fiscal year ended January 30, January 31, Term loan $ 199,888 $ 321,287 Capital lease 66 — Total debt 199,954 321,287 Less: current portion (5,018 ) (7,794 ) Long-term debt $ 194,936 $ 313,493 |
Scheduled Principal Payments of Debt | As of January 30, 2016, the scheduled principal payments of debt are as follows (in thousands): Fiscal year ending: January 28, 2017 $ 5,018 February 3, 2018 5,019 February 2, 2019 10,029 February 1, 2020 10,000 January 30, 2021 170,000 Total cash principal payments 200,066 Less: Unamortized original issue discount (112 ) Total cash principal payments, net $ 199,954 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Provision (Benefit) | The components of income tax provision (benefit) are as follows (in thousands): Fiscal year ended January 30, January 31, February 1, Current: Federal $ 19,625 $ 16,760 $ 11,501 State 3,713 3,422 2,989 23,338 20,182 14,490 Deferred: Federal (849 ) (2,114 ) (2,122 ) State (882 ) (1,305 ) (1,091 ) (1,731 ) (3,419 ) (3,213 ) Income tax expense $ 21,607 $ 16,763 $ 11,277 |
Reconciliation of Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal year ended January 30, January 31, February 1, Statutory federal rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 3.2 3.2 4.0 Other (0.6 ) 0.2 (2.4 ) 37.6 % 38.4 % 36.6 % |
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): Fiscal year ended January 30, January 31, Deferred tax assets: Inventory reserves $ 1,236 $ 858 Deferred rent 1,815 1,091 Stock-based compensation 4,753 3,254 Other 3,918 3,163 Total deferred tax assets 11,722 8,366 Deferred tax liabilities: Tradename (89,669 ) (90,138 ) Depreciation (8,217 ) (6,250 ) Leases (1,007 ) (1,051 ) Noncompetition agreements — (17 ) Total deferred tax liabilities (98,893 ) (97,456 ) Net deferred tax liabilities $ (87,171 ) $ (89,090 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Rent Expense | Rent expense on all operating leases consisted of the following (in thousands): Fiscal year ended January 30, January 31, February 1, Minimum annual rentals $ 32,263 $ 28,707 $ 25,133 Contingent rentals 123 78 140 $ 32,386 $ 28,785 $ 25,273 |
Schedule of Future Minimum Rental Payments Required Under Non-cancelable Operating Leases | The following is a schedule by year of future minimum rental payments required under non-cancelable operating leases, including option renewal periods that are reasonably assured, that have initial or remaining lease terms in excess of one year as of January 30, 2016 (in thousands): Fiscal year ending: January 28, 2017 $ 39,490 February 3, 2018 38,242 February 2, 2019 35,254 February 1, 2020 30,391 January 30, 2021 24,430 Thereafter 54,226 Total minimum lease payments $ 222,033 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information follows for the fiscal years ended January 30, 2016, January 31, 2015 and February 1, 2014 (in thousands, except share and per share amounts): Number of Weighted Weighted Aggregate Outstanding at February 2, 2013 5,152,575 $ 6.48 Granted 379,500 6.48 Forfeited (253,000 ) 6.48 Outstanding at February 1, 2014 5,279,075 6.48 Granted 920,000 7.68 Forfeited (188,600 ) 6.57 Outstanding at January 31, 2015 6,010,475 6.66 Granted 1,403,500 13.61 Forfeited (82,500 ) 7.91 Exercised (339,650 ) 6.69 Outstanding at January 30, 2016 6,991,825 8.04 7.4 $ 100,060 Exercisable at January 30, 2016 3,013,125 6.55 6.8 $ 47,622 |
Summary of Weighted Average Assumptions | 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: Fiscal Year Ended January 30, January 31, February 1, Risk-free interest rate 1.99% 2.22% 1.54% Expected dividend yield — — — Expected term (years) 6.25 years 6.5 years 6.5 years Expected volatility 31.56% 34.80% 36.35% |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Percentage of Net Sales By Merchandise Category | The following table summarizes the percentage of net sales by merchandise category for each year presented: Fiscal Year Ended Sales by merchandise category: January 30, January 31, February 1, Food 13.2 % 12.5 % 9.0 % Housewares 13.1 14.7 14.8 Books and stationery 11.5 10.9 12.0 Bed and bath 10.1 10.1 9.9 Floor coverings 8.6 9.6 10.7 Hardware 5.2 5.1 5.5 Toys 4.9 5.1 6.2 Other 33.4 32.0 31.9 100.0 % 100.0 % 100.0 % |
Quarterly results of Operatio33
Quarterly results of Operations and Seasonality (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Results | Quarterly financial results for the fiscal year end January 30, 2016 and January 31, 2015 were as follows (in thousands, except for per share data): Fiscal year 2015 (1) Fiscal year 2014 Fourth Third Second First Fourth Third Second First Net sales $ 243,402 $ 174,565 $ 181,933 $ 162,470 $ 200,665 $ 150,005 $ 152,910 $ 134,395 Gross profit 98,839 69,924 70,058 64,043 79,308 59,595 59,192 55,415 Net income 16,064 6,762 6,352 6,661 12,008 4,851 5,728 4,328 Basic earnings per common share $ 0.27 $ 0.12 $ 0.13 $ 0.14 $ 0.25 $ 0.10 $ 0.12 $ 0.09 Diluted earnings per common share $ 0.26 $ 0.11 $ 0.12 $ 0.13 $ 0.24 $ 0.10 $ 0.12 $ 0.09 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year end due to rounding. |
Organization and Summary of S34
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | Jan. 30, 2016USD ($)LocationStates | Jul. 17, 2015$ / sharesshares | Jul. 15, 2015USD ($)shares | Jun. 17, 2015shares | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | Sep. 28, 2012USD ($) | Jan. 30, 2016USD ($)LocationStatesshares | Jan. 31, 2015USD ($)shares | Feb. 01, 2014USD ($)shares |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Sole operating subsidiary acquired amount in cash | $ 700,000,000 | |||||||||
Acquisition financed through equity method investment amount | 462,600,000 | |||||||||
Various debt financing cost | $ 250,000,000 | |||||||||
Number of retail locations | Location | 203 | 203 | ||||||||
Retail locations currently located states | States | 17 | 17 | ||||||||
Common stock, Stock split | shares | 115 | |||||||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | |||||||
Advertising expense | $ 25,800,000 | $ 23,100,000 | $ 19,700,000 | |||||||
Debt issuance costs, net of accumulated amortization | 3,600,000 | 6,100,000 | 3,600,000 | 6,100,000 | ||||||
Amortization expense of debt issuance costs | 1,273,000 | 1,471,000 | 1,403,000 | |||||||
Original issue discount, net of accumulated amortization | 112,000 | 2,800,000 | 112,000 | 2,800,000 | ||||||
Amortization expense of original issue discount | 436,000 | 579,000 | 643,000 | |||||||
Loss on extinguishment of debt | $ 6,710,000 | $ 671,000 | $ 1,848,000 | |||||||
Antidilutive securities excluded from computation of earnings per share | shares | 651,400 | 2,971,140 | 5,230,200 | |||||||
Trade Names [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Impairment of intangible assets | 0 | 0 | 0 | |||||||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Limitation and remain subject to examination for varying periods | 3 years | |||||||||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Limitation and remain subject to examination for varying periods | 4 years | |||||||||
Allowance for Sales Returns [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Allowance for returns | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | ||||
Common Stock [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Shares issued during period, Shares | shares | 10,263,750 | 10,264,000 | ||||||||
Shares issued price per share | $ / shares | $ 16 | |||||||||
IPO [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Shares issued during period, Shares | shares | 8,925,000 | |||||||||
Net proceeds after deducting underwriting fees | $ 153,100,000 | |||||||||
Underwriting fees | $ 11,100,000 | |||||||||
Over-Allotment Option [Member] | ||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Shares issued during period, Shares | shares | 1,338,750 |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies - Useful Lives for Purpose of Computing Depreciation and Amortization (Detail) | 12 Months Ended |
Jan. 30, 2016 | |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Furniture, fixtures, and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 7 years |
Furniture, fixtures, and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | Lesser of lease term or useful life |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies - Reconciliation of Activity Related to Sales Returns Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Regulatory Assets [Abstract] | |||
Beginning balance | $ 247 | $ 207 | $ 207 |
Provisions | 30,835 | 27,292 | 24,236 |
Sales returns | (30,835) | (27,252) | (24,236) |
Ending balance | $ 247 | $ 247 | $ 207 |
Organization and Summary of S37
Organization and Summary of Significant Accounting Policies - Summary of Effects for Diluted Net Income per Common Share Calculation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 16,064 | $ 6,762 | $ 6,352 | $ 6,661 | $ 12,008 | $ 4,851 | $ 5,728 | $ 4,328 | $ 35,839 | $ 26,915 | $ 19,541 |
Weighted average number of common shares outstanding - Basic | 53,835 | 48,202 | 48,519 | ||||||||
Incremental shares from the assumed exercise of outstanding stock options | 1,961 | 407 | |||||||||
Weighted average number of common shares outstanding - Diluted | 55,796 | 48,609 | 48,519 | ||||||||
Earnings per common share - Basic | $ 0.27 | $ 0.12 | $ 0.13 | $ 0.14 | $ 0.25 | $ 0.10 | $ 0.12 | $ 0.09 | $ 0.67 | $ 0.56 | $ 0.40 |
Earnings per common share - Diluted | $ 0.26 | $ 0.11 | $ 0.12 | $ 0.13 | $ 0.24 | $ 0.10 | $ 0.12 | $ 0.09 | $ 0.64 | $ 0.55 | $ 0.40 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 67,562 | $ 53,329 |
Less accumulated depreciation | (28,270) | (19,403) |
Property, plant and equipment, net | 39,292 | 33,926 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 58,713 | 45,770 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,530 | 6,336 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,319 | $ 1,223 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 8.9 | $ 8.1 | $ 8.1 |
Depreciation And Amortization Expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 7.2 | $ 7 | $ 8 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Goodwill And Other Intangible Assets [Line Items] | ||
Goodwill | $ 444,850 | $ 444,850 |
Tradename | 230,559 | 230,402 |
Finite lived intangible assets, accumulated amortization | (1,259) | (1,060) |
Intangible Assets, Net (Including Goodwill) | 678,204 | 678,475 |
Favorable Leases [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 4,054 | 4,085 |
Finite lived intangible assets, accumulated amortization | $ (1,259) | (906) |
Customer Database [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 198 | |
Finite lived intangible assets, accumulated amortization | $ (154) |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 428 | $ 734 | $ 1,387 |
Favorable Leases [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 400 | $ 400 | $ 400 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 4 months 24 days | 10 years 1 month 6 days |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Jan. 30, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |
January 28, 2017 | $ 376 |
February 3, 2018 | 338 |
February 2, 2019 | 335 |
February 1, 2020 | 310 |
January 30, 2021 | 281 |
Thereafter | 1,155 |
Total remaining amortization | $ 2,795 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 10,775 | $ 8,307 |
Sales and use taxes | 2,278 | 1,273 |
Accrued real estate related | 2,659 | 1,631 |
Accrued insurance | 2,605 | 2,134 |
Accrued advertising | 3,519 | 3,421 |
Accrued freight | 3,620 | 2,766 |
Other | 10,117 | 8,108 |
Total accrued expenses | $ 35,573 | $ 27,640 |
Debt Obligations and Financin44
Debt Obligations and Financing Arrangements - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Debt Disclosure [Abstract] | ||
Term loan | $ 199,888 | $ 321,287 |
Capital lease | 66 | |
Total cash principal payments, net | 199,954 | 321,287 |
Less: current portion | (5,018) | (7,794) |
Long-term debt | 194,936 | 313,493 |
Total debt | $ 199,954 | $ 321,287 |
Debt Obligations and Financin45
Debt Obligations and Financing Arrangements - Scheduled Principal Payments of Debt (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Long-term Debt, Fiscal Year Maturity | ||
January 28, 2017 | $ 5,018 | |
February 3, 2018 | 5,019 | |
February 2, 2019 | 10,029 | |
February 1, 2020 | 10,000 | |
January 30, 2021 | 170,000 | |
Total cash principal payments | 200,066 | |
Less: Unamortized original issue discount | (112) | $ (2,800) |
Total cash principal payments, net | $ 199,954 | $ 321,287 |
Debt Obligations and Financin46
Debt Obligations and Financing Arrangements - Additional Information (Detail) | Jan. 30, 2016USD ($) | Jan. 29, 2016USD ($) | May. 27, 2015USD ($) | Apr. 11, 2014USD ($) | Feb. 26, 2013USD ($)shares | Feb. 01, 2013USD ($) | Sep. 28, 2012USD ($)Agreement | Jul. 31, 2015USD ($) | May. 31, 2015USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | May. 26, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||||||||||
Number of credit agreements | Agreement | 2 | ||||||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||||||
Payment of original issue discount | 2,500,000 | ||||||||||||
Loss on extinguishment of debt | $ 6,710,000 | $ 671,000 | $ 1,848,000 | ||||||||||
Retained earnings balance as of dividend date | $ 25,661,000 | 25,661,000 | 23,738,000 | ||||||||||
Dividend recorded as a reduction of additional paid-in capital | 48,848,000 | 57,951,000 | |||||||||||
Additional Original debt issue discount | 112,000 | 112,000 | 2,800,000 | ||||||||||
Borrowings under the credit agreement | 858,053,000 | 674,457,000 | 471,891,000 | ||||||||||
Excess cash flow payments | 5,018,000 | 5,018,000 | 7,794,000 | ||||||||||
Repayments on revolving credit facility | $ 858,053,000 | 674,457,000 | 471,891,000 | ||||||||||
Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt issuance costs written off | $ 1,500,000 | ||||||||||||
Debt original issue discount written off | 800,000 | ||||||||||||
Term Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum borrowing capacity | 225,000,000 | ||||||||||||
Term Loan [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Additional principal amount allowed | $ 50,000,000 | ||||||||||||
Debt Issuance cost | 2,200,000 | ||||||||||||
Additional original issue discount | 1,800,000 | ||||||||||||
Loss on extinguishment of debt | 400,000 | ||||||||||||
Amount available under Term Loan to distribute cash dividend to common shareholders | $ 46,200,000 | ||||||||||||
Share repurchase | shares | 4,999,625 | ||||||||||||
Debt issuance costs | $ 2,000,000 | $ 1,600,000 | |||||||||||
Deferred debt financing fees recognized | 1,300,000 | 1,100,000 | |||||||||||
Debt issuance costs recognized in general and administrative expenses | 300,000 | 500,000 | |||||||||||
Dividend recorded as a reduction of retained earnings | 23,600,000 | ||||||||||||
Retained earnings balance as of dividend date | 0 | ||||||||||||
Dividend recorded as a reduction of additional paid-in capital | 34,400,000 | ||||||||||||
Additional Original debt issue discount | 400,000 | ||||||||||||
Repayments on term loan | 103,100,000 | ||||||||||||
New Term Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility | $ 200,000,000 | ||||||||||||
Debt instrument, quarterly payment, principal | 1,250,000 | ||||||||||||
Debt instrument, quarterly payment, commencing date | Apr. 29, 2016 | ||||||||||||
Debt instrument, increase in principal quarterly payment, | $ 2,500,000 | ||||||||||||
Interest rate on outstanding borrowings | 2.68% | ||||||||||||
New Term Loan [Member] | 30-Day Eurodollar Rate [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility interest rate | 2.25% | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 75,000,000 | ||||||||||||
Credit Facility maximum borrowing capacity | $ 125,000,000 | $ 75,000,000 | |||||||||||
Borrowings under the credit agreement | 50,000,000 | $ 50,000,000 | |||||||||||
Payment of cash dividend | 48,800,000 | $ 48,800,000 | |||||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Dividend recorded as a reduction of retained earnings | 33,900,000 | ||||||||||||
Retained earnings balance as of dividend date | 0 | ||||||||||||
Dividend recorded as a reduction of additional paid-in capital | $ 14,900,000 | ||||||||||||
Repayments on revolving credit facility | $ 50,000,000 | ||||||||||||
Term Loan, Second Amendment [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Description regarding additional principal amount allowed under Term Loan | The primary purpose of the additional term loan borrowing was to distribute $58.0 million as a cash dividend to common shareholders as consented by the original Term Loan lenders. | ||||||||||||
Term Loan, Second Amendment [Member] | Term Loan [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Additional principal amount allowed | 60,000,000 | ||||||||||||
Amount available under Term Loan to distribute cash dividend to common shareholders | 58,000,000 | ||||||||||||
Increase in debt issuance cost | 400,000 | ||||||||||||
Increase in original issue discount | $ 200,000 | ||||||||||||
Debt Instrument, Frequency of Periodic Payment | 27 consecutive quarterly payments | ||||||||||||
Debt Instrument, Periodic Payment | $ 800,000 | ||||||||||||
Excess cash flow payments | 4,400,000 | ||||||||||||
Term Loan Amendment [Member] | Term Loan [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Increase in debt issuance cost | 1,100,000 | ||||||||||||
Increase in original issue discount | $ 400,000 | ||||||||||||
New Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | |||||||||||
Credit Facility | $ 200 | 100,000,000 | $ 200 | ||||||||||
Credit Facility maximum borrowing capacity, percentage | 90.00% | 90.00% | |||||||||||
Borrowings available under credit facility | $ 97,400,000 | $ 97,400,000 | |||||||||||
Letter of credit commitments | 2,400,000 | 2,400,000 | |||||||||||
Rent reserves | $ 200,000 | 200,000 | |||||||||||
Unused line of credit fees | $ 400,000 | $ 200,000 | $ 200,000 | ||||||||||
New Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility, variable unused line fee | 0.25% | ||||||||||||
New Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility, variable unused line fee | 0.375% | ||||||||||||
New Revolving Credit Facility [Member] | Letters of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility current borrowing capacity | 25,000,000 | ||||||||||||
New Revolving Credit Facility [Member] | Swingline Loans Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility current borrowing capacity | 25,000,000 | ||||||||||||
Senior Secured Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt issuance costs | 2,100,000 | ||||||||||||
Deferred debt financing fees recognized | 2,000,000 | ||||||||||||
Debt issuance costs recognized in general and administrative expenses | 100,000 | ||||||||||||
Increase in debt issuance cost | 2,900,000 | ||||||||||||
Increase in original issue discount | $ 1,400,000 | ||||||||||||
Credit facility maturity date | Jan. 29, 2021 | ||||||||||||
Interest rate for the New Credit Facilities | The interest rates for the New Credit Facilities are not subject to a floor and are calculated as 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 0.75% to 1.25% for a Base Rate Loan and 1.75% to 2.25% for a Eurodollar Loan, based on reference to the total leverage ratio. | ||||||||||||
Senior Secured Credit Facility [Member] | Federal Funds Effective [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility interest rate | 0.50% | ||||||||||||
Senior Secured Credit Facility [Member] | Eurodollar [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Credit Facility interest rate | 1.00% | ||||||||||||
Senior Secured Credit Facility [Member] | Eurodollar [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Applicable margin | 1.75% | ||||||||||||
Senior Secured Credit Facility [Member] | Eurodollar [Member] | Maximum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Applicable margin | 2.25% | ||||||||||||
Senior Secured Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Applicable margin | 0.75% | ||||||||||||
Senior Secured Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Applicable margin | 1.25% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Components of income tax expense (benefit) | |||
Current federal income tax expense (benefit) | $ 19,625 | $ 16,760 | $ 11,501 |
Current state income tax expense (benefit) | 3,713 | 3,422 | 2,989 |
Current income tax expense (benefit) | 23,338 | 20,182 | 14,490 |
Deferred federal income tax expense (benefit) | (849) | (2,114) | (2,122) |
Deferred state income tax expense (benefit) | (882) | (1,305) | (1,091) |
Deferred income tax expense (benefit) | (1,731) | (3,419) | (3,213) |
Income tax expense | $ 21,607 | $ 16,763 | $ 11,277 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Effective income tax rate reconciliation | |||
Statutory federal rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 3.20% | 3.20% | 4.00% |
Other | (0.60%) | 0.20% | (2.40%) |
Effective income tax rate | 37.60% | 38.40% | 36.60% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Deferred tax assets: | ||
Inventory reserves | $ 1,236 | $ 858 |
Deferred rent | 1,815 | 1,091 |
Stock-based compensation | 4,753 | 3,254 |
Other | 3,918 | 3,163 |
Total deferred tax assets | 11,722 | 8,366 |
Deferred tax liabilities: | ||
Depreciation | (8,217) | (6,250) |
Leases | (1,007) | (1,051) |
Total deferred tax liabilities | (98,893) | (97,456) |
Net deferred tax liabilities | (87,171) | (89,090) |
Trade Names [Member] | ||
Deferred tax liabilities: | ||
Intangibles | $ (89,669) | (90,138) |
Noncompetition Agreements [Member] | ||
Deferred tax liabilities: | ||
Intangibles | $ (17) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease terms | 5 years |
Commitments and Contingencies51
Commitments and Contingencies - Schedule of Rent Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum annual rentals | $ 32,263 | $ 28,707 | $ 25,133 |
Contingent rentals | 123 | 78 | 140 |
Operating Leases, Rent Expense, Net, Total | $ 32,386 | $ 28,785 | $ 25,273 |
Commitments and Contingencies52
Commitments and Contingencies - Schedule of Future Minimum Rental Payments Required Under Non-cancelable Operating Leases (Detail) $ in Thousands | Jan. 30, 2016USD ($) |
Operating leases, future minimum payments due, fiscal year maturity | |
January 28, 2017 | $ 39,490 |
February 3, 2018 | 38,242 |
February 2, 2019 | 35,254 |
February 1, 2020 | 30,391 |
January 30, 2021 | 24,430 |
Thereafter | 54,226 |
Total minimum lease payments | $ 222,033 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May. 27, 2015 | May. 31, 2015 | Apr. 30, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jul. 15, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Income tax benefit | $ (21,607) | $ (16,763) | $ (11,277) | |||||
Proceeds from issuance of debt | $ 60,000 | 200,000 | 59,592 | 47,756 | ||||
Option exercise price | $ 7.49 | |||||||
Option exercise price | $ 8.70 | |||||||
Borrowings under the credit agreement | $ 858,053 | $ 674,457 | $ 471,891 | |||||
Option exercise price reduced per share | $ 1 | |||||||
Weighted average grant date fair value per option for options granted | $ 5.05 | $ 3.57 | $ 3.38 | |||||
Revolving Credit Facility [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Borrowings under the credit agreement | $ 50,000 | $ 50,000 | ||||||
Payment of cash dividend | $ 48,800 | $ 48,800 | ||||||
Share Based Award Compensation [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Income tax benefit | $ 1,900 | $ 1,400 | $ 1,300 | |||||
Selling, General and Administrative Expenses [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation cost | 5,000 | 3,800 | $ 3,400 | |||||
2012 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period for options | 5 years | |||||||
Options granted, expiration period | 10 years | |||||||
Common stock available for grant | 0 | |||||||
2012 Plan [Member] | Annual Vesting [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage of options | 20.00% | |||||||
2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period for options | 4 years | |||||||
Options granted, expiration period | 10 years | |||||||
Common stock available for grant | 4,668,150 | |||||||
2015 Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized for issuance under equity incentive plan | 5,250,000 | |||||||
2015 Plan [Member] | Annual Vesting [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage of options | 25.00% | |||||||
2012 and 2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted | $ 13,300 | $ 11,800 | $ 12,800 | |||||
Cost expected to be recognized over weighted average period | 2 years 10 months 24 days | 3 years 10 months 24 days | 4 years 2 months 12 days |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Stock Option Activity and Related Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of options, Outstanding, Beginning Balance | 6,010,475 | 5,279,075 | 5,152,575 |
Number of options, Granted | 1,403,500 | 920,000 | 379,500 |
Number of options, Forfeited | (82,500) | (188,600) | (253,000) |
Number of options, Exercised | (339,650) | ||
Number of options, Outstanding, Ending Balance | 6,991,825 | 6,010,475 | 5,279,075 |
Weighted average exercise price, Outstanding, Beginning Balance | $ 6.66 | $ 6.48 | $ 6.48 |
Number of options, Exercisable | 3,013,125 | ||
Weighted average exercise price, Granted | $ 13.61 | 7.68 | 6.48 |
Weighted average exercise price, Forfeited | 7.91 | 6.57 | 6.48 |
Weighted average exercise price, Exercised | 6.69 | ||
Weighted average exercise price, Outstanding, Ending Balance | 8.04 | $ 6.66 | $ 6.48 |
Weighted average exercise price, Exercisable | $ 6.55 | ||
Weighted average remaining contractual term (years), Outstanding | 7 years 4 months 24 days | ||
Weighted average remaining contractual term (years), Exercisable | 6 years 9 months 18 days | ||
Aggregate intrinsic value outstanding | $ 100,060 | ||
Aggregate intrinsic value exercisable | $ 47,622 |
Equity Incentive Plan - Summa55
Equity Incentive Plan - Summary of Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.99% | 2.22% | 1.54% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (years) | 6 years 3 months | 6 years 6 months | 6 years 6 months |
Expected volatility | 31.56% | 34.80% | 36.35% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer matching contributions | $ 200,000 | $ 200,000 | $ 200,000 |
Employee's contribution, Maximum | 25.00% | ||
Employer matching contributions, percent of employee's annual compensation, maximum | 6.00% | ||
Employer matching contributions, vesting period | 6 years | ||
Discretionary contributions | $ 0 | $ 300,000 | $ 200,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - $ / shares | Jan. 30, 2016 | Jul. 15, 2015 | Jan. 31, 2015 |
Common Stock [Line Items] | |||
Common stock, Shares authorized | 500,000,000 | 500,000,000 | 0 |
Common stock, Par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, Shares authorized | 50,000,000 | 50,000,000 | 0 |
Preferred stock, Par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock Class A [Member] | |||
Common Stock [Line Items] | |||
Common stock, Shares authorized | 0 | 85,000,000 | |
Common stock, Par value | $ 0.001 | $ 0.001 | |
Common stock share | 5,750 | 2,875 | |
Common stock, share price | $ 9.99 | $ 9.99 |
Transactions with Affiliates 58
Transactions with Affiliates and Related Parties - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016USD ($)Lease | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Operating Leases From Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Number of non-cancelable operating leases with related parties | Lease | 5 | ||
Rent payments to related parties | $ 1.2 | ||
Use of Airplane [Member] | |||
Related Party Transaction [Line Items] | |||
Payment to related party | $ 0.2 | $ 0.2 | $ 0.1 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Jan. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment Reporting - Percentage
Segment Reporting - Percentage of Net Sales by Merchandise Category (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Food [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 13.20% | 12.50% | 9.00% |
Housewares [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 13.10% | 14.70% | 14.80% |
Books And Stationery [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 11.50% | 10.90% | 12.00% |
Bed And Bath [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 10.10% | 10.10% | 9.90% |
Floor Coverings [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 8.60% | 9.60% | 10.70% |
Hardware [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 5.20% | 5.10% | 5.50% |
Toys [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 4.90% | 5.10% | 6.20% |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 33.40% | 32.00% | 31.90% |
Sales Revenue, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales percentage | 100.00% | 100.00% | 100.00% |
Quarterly Results of Operatio61
Quarterly Results of Operations and Seasonality - Summary of Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 243,402 | $ 174,565 | $ 181,933 | $ 162,470 | $ 200,665 | $ 150,005 | $ 152,910 | $ 134,395 | $ 762,370 | $ 637,975 | $ 540,718 |
Gross profit | 98,839 | 69,924 | 70,058 | 64,043 | 79,308 | 59,595 | 59,192 | 55,415 | 302,864 | 253,510 | 216,810 |
Net income | $ 16,064 | $ 6,762 | $ 6,352 | $ 6,661 | $ 12,008 | $ 4,851 | $ 5,728 | $ 4,328 | $ 35,839 | $ 26,915 | $ 19,541 |
Basic earnings per common share | $ 0.27 | $ 0.12 | $ 0.13 | $ 0.14 | $ 0.25 | $ 0.10 | $ 0.12 | $ 0.09 | $ 0.67 | $ 0.56 | $ 0.40 |
Diluted earnings per common share | $ 0.26 | $ 0.11 | $ 0.12 | $ 0.13 | $ 0.24 | $ 0.10 | $ 0.12 | $ 0.09 | $ 0.64 | $ 0.55 | $ 0.40 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 19, 2016 | Feb. 18, 2016 | Jul. 17, 2015 | Jan. 30, 2016 |
Subsequent Event [Line Items] | ||||
Proceeds from secondary offering | $ 149,806,000 | |||
Stock options exercised, shares | 339,650 | |||
Proceeds from exercise of stock options | $ 2,271,000 | |||
Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued during period, Shares | 10,263,750 | 10,264,000 | ||
Shares issued price per share | $ 16 | |||
Stock options exercised, shares | 335,000 | |||
Over-Allotment Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued during period, Shares | 1,338,750 | |||
Subsequent Events [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued during period, Shares | 7,873,063 | |||
Stock options exercised, shares | 1,152,500 | |||
Proceeds from exercise of stock options | $ 7,500,000 | |||
Subsequent Events [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued during period, Shares | 9,054,022 | |||
Shares issued price per share | $ 19.75 | |||
Proceeds from secondary offering | $ 0 | |||
Subsequent Events [Member] | Over-Allotment Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued during period, Shares | 1,180,959 |
Schedule I - Condensed Financ63
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Assets | ||||
Total current assets | $ 223,806 | $ 198,277 | ||
Long-term assets: | ||||
Total assets | 945,325 | 917,131 | ||
Liabilities and stockholders' equity | ||||
Total current liabilities | 96,768 | 90,634 | ||
Total liabilities | 383,376 | 500,296 | ||
Stockholders' equity: | ||||
Common stock | 59 | |||
Additional paid-in capital | 536,315 | 393,078 | ||
Retained earnings | 25,661 | 23,738 | ||
Treasury stock, at cost | 86 | 29 | ||
Total stockholders' equity | 561,949 | 416,835 | $ 444,139 | $ 467,356 |
Total liabilities and stockholders' equity | 945,325 | 917,131 | ||
Ollie's Bargain Outlet, Inc. [Member] | ||||
Assets | ||||
Total current assets | 0 | 0 | ||
Long-term assets: | ||||
Investment in subsidiaries | 561,949 | 416,835 | ||
Total assets | 561,949 | 416,835 | ||
Liabilities and stockholders' equity | ||||
Total current liabilities | 0 | 0 | ||
Total long-term liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Stockholders' equity: | ||||
Common stock | 59 | 48 | ||
Additional paid-in capital | 536,315 | 393,078 | ||
Retained earnings | 25,661 | 23,738 | ||
Treasury stock, at cost | (86) | (29) | ||
Total stockholders' equity | 561,949 | 416,835 | ||
Total liabilities and stockholders' equity | $ 561,949 | $ 416,835 |
Schedule I - Condensed Financ64
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net sales | $ 243,402 | $ 174,565 | $ 181,933 | $ 162,470 | $ 200,665 | $ 150,005 | $ 152,910 | $ 134,395 | $ 762,370 | $ 637,975 | $ 540,718 |
Cost of sales | 459,506 | 384,465 | 323,908 | ||||||||
Gross profit | 98,839 | 69,924 | 70,058 | 64,043 | 79,308 | 59,595 | 59,192 | 55,415 | 302,864 | 253,510 | 216,810 |
Selling, general and administrative expenses | 209,783 | 178,832 | 153,807 | ||||||||
Depreciation and amortization expenses | 7,172 | 6,987 | 8,011 | ||||||||
Pre-opening expenses | 6,337 | 4,910 | 4,833 | ||||||||
Operating income | 79,572 | 62,781 | 50,159 | ||||||||
Interest expense, net | 15,416 | 18,432 | 17,493 | ||||||||
Income before income taxes and equity in net income of subsidiaries | 57,446 | 43,678 | 30,818 | ||||||||
Income tax expense | 21,607 | 16,763 | 11,277 | ||||||||
Net income | $ 16,064 | $ 6,762 | $ 6,352 | $ 6,661 | $ 12,008 | $ 4,851 | $ 5,728 | $ 4,328 | 35,839 | 26,915 | 19,541 |
Ollie's Bargain Outlet, Inc. [Member] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization expenses | 0 | 0 | 0 | ||||||||
Pre-opening expenses | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Income before income taxes and equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income before equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Net income of subsidiaries | 35,839 | 26,915 | 19,541 | ||||||||
Net income | $ 35,839 | $ 26,915 | $ 19,541 |
Schedule I - Condensed Financ65
Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) - Additional Information (Detail) | 12 Months Ended |
Jan. 30, 2016USD ($) | |
New Revolving Credit Facility [Member] | |
Credit Facility maximum borrowing capacity | $ 100,000,000 |
Ollie's Bargain Outlet, Inc. [Member] | New Revolving Credit Facility [Member] | |
Credit Facility maximum borrowing capacity | $ 97,400,000 |
Debt instrument maturity date | Jan. 29, 2021 |
New Term Loan [Member] | Ollie's Bargain Outlet, Inc. [Member] | |
Non controlling interest, outstanding amount | $ 200,000,000 |
Debt instrument maturity date | Jan. 29, 2021 |